STRONG CONSERVATIVE EQUITY FUNDS INC
NSAR-B, 1998-12-28
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<PAGE>      PAGE  1
000 B000000 10/31/98
000 C000000 901539
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 STRONG CONSERVATIVE EQUITY FUNDS, INC.
001 B000000 811-7656
001 C000000 4145777306
002 A000000 P.O.BOX 2936
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53201
002 D020000 2936
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 STRONG AMERICAN UTILITIES FUND
007 C030100 N
007 C010200  2
007 C020200 STRONG EQUITY INCOME FUND
007 C030200 N
007 C010300  3
007 C020300 STRONG GROWTH & INCOME FUND
007 C030300 N
007 C010400  4
007 C020400 STRONG BLUE CHIP 100 FUND
007 C030400 N
007 C010500  5
007 C020500 STRONG LIMITED RESOURCES FUND
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
011 A00AA01 STRONG FUNDS DISTRIBUTORS, INC.
011 B00AA01 8-10724
011 C01AA01 MILWAUKEE
011 C02AA01 WI
011 C03AA01 53201
011 C04AA01 2936
012 A00AA01 STRONG CAPITAL MANAGEMENT, INC.
012 B00AA01 84-1599
<PAGE>      PAGE  2
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53201
012 C04AA01 2936
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
014 A00AA01 STRONG FUNDS DISTRIBUTORS, INC.
014 B00AA01 8-32608
014 A00AA02 W.H. REAVES & COMPANY, INC.
014 B00AA02 8-22142
018  00AA00 Y
019 A00AA00 Y
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019 C00AA00 STRONGFUND
020 A000001 W.H. REAVES & COMPANY, INC.
020 C000001    411
020 A000002 MORGAN STANLEY, DEAN WITTER & COMPANY
020 C000002    236
020 A000003 GOLDMAN, SACHS & COMPANY
020 C000003    190
020 A000004 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
020 C000004    111
020 A000005 LEHMAN BROTHERS, INC.
020 C000005     79
020 A000006 SANFORD C. BERNSTEIN & COMPANY, INC.
020 C000006     70
020 A000007 BEAR, STEARNS & COMPANY, INC.
020 C000007     69
020 A000008 INSTINET CORPORATION
020 C000008     67
020 A000009 ALEX BROWN & SONS, INC.
020 C000009     59
020 A000010 SALOMON SMITH BARNEY, INC.
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022 A000001 MORGAN STANLEY, DEAN WITTER & COMPANY
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022 C000004     11199
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022 A000005 ELAN INVESTMENT SERVICES, INC.
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<PAGE>      PAGE  3
022 D000005      6158
022 A000006 J.P. MORGAN SECURITIES, INC.
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022 A000007 ALEX BROWN & SONS, INC.
022 C000007      1214
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022 A000008 CS FIRST BOSTON CORPORATION
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022 A000010 LEHMAN BROTHERS, INC.
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023 D000000      47707
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080 A00AA00 NATIONAL UNION FIRE INSURANCE CO.
080 B00AA00 GREAT AMERICAN INSURANCE CO.
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008 D010101 MILWAUKEE
008 D020101 WI
008 D030101 53201
008 D040101 2936
008 A000102 W.H. REAVES & COMPANY, INC.
008 B000102 S
008 C000102 801-13457
008 D010102 JERSEY CITY
008 D020102 NJ
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<PAGE>      PAGE  6
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008 D010201 MILWAUKEE
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025 A000201 CITIGROUP, INC.
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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008 A000301 STRONG CAPITAL MANAGEMENT, INC.
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008 C000301 801-10724
008 D010301 MILWAUKEE
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008 D030301 53201
008 D040301 2936
025 A000301 CITIGROUP, INC.
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008 A000401 STRONG CAPITAL MANAGEMENT, INC.
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<PAGE>      PAGE  14
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SIGNATURE   DANA RUSSART                                 
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE>		6
<CIK>		0000901539
<NAME>		"Strong Conservative Equity Funds, Inc."
<SERIES>		
   <NUMBER>		4
   <NAME>		Strong Blue Chip 100 Fund
<MULTIPLIER>		1,000
       		
<S>		<C>       
<PERIOD-TYPE>		year
<FISCAL-YEAR-END>		Oct-31-1998
<PERIOD-START>		Nov-01-1997
<PERIOD-END>		Oct-31-1998
<INVESTMENTS-AT-COST>		82847
<INVESTMENTS-AT-VALUE>		90044
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>		6
<CIK>		0000901539
<NAME>		"Strong Conservative Equity Funds, Inc."
<SERIES>		
   <NUMBER>		2
   <NAME>		Strong Equity Income Fund
<MULTIPLIER>		1,000
       		
<S>		<C>       
<PERIOD-TYPE>		year
<FISCAL-YEAR-END>		Oct-31-1998
<PERIOD-START>		Nov-01-1997
<PERIOD-END>		Oct-31-1998
<INVESTMENTS-AT-COST>		135674
<INVESTMENTS-AT-VALUE>		171125
<RECEIVABLES>		666
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<OTHER-ITEMS-ASSETS>		0
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<PAYABLE-FOR-SECURITIES>		985
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<PAID-IN-CAPITAL-COMMON>		136132
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<SHARES-COMMON-PRIOR>		8492
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<ACCUMULATED-NET-GAINS>		(897)
<OVERDISTRIBUTION-GAINS>		0
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<DIVIDEND-INCOME>		2592
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<REALIZED-GAINS-CURRENT>		(473)
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<DISTRIBUTIONS-OF-INCOME>		(1075)
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<NUMBER-OF-SHARES-REDEEMED>		(4278)
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<AVG-DEBT-PER-SHARE>		0
        		


</TABLE>

<TABLE> <S> <C>

<ARTICLE>		6
<CIK>		0000901539
<NAME>		"Strong Conservative Equity Funds, Inc."
<SERIES>		
   <NUMBER>		3
   <NAME>		Strong Growth & Income Fund
<MULTIPLIER>		1,000
       		
<S>		<C>       
<PERIOD-TYPE>		year
<FISCAL-YEAR-END>		Oct-31-1998
<PERIOD-START>		Nov-01-1997
<PERIOD-END>		Oct-31-1998
<INVESTMENTS-AT-COST>		322189
<INVESTMENTS-AT-VALUE>		397965
<RECEIVABLES>		2321
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<OTHER-ITEMS-ASSETS>		0
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<PAYABLE-FOR-SECURITIES>		1532
<SENIOR-LONG-TERM-DEBT>		0
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<TOTAL-LIABILITIES>		1620
<SENIOR-EQUITY>		0
<PAID-IN-CAPITAL-COMMON>		330939
<SHARES-COMMON-STOCK>		21295
<SHARES-COMMON-PRIOR>		13883
<ACCUMULATED-NII-CURRENT>		19
<OVERDISTRIBUTION-NII>		0
<ACCUMULATED-NET-GAINS>		0
<OVERDISTRIBUTION-GAINS>		(7845)
<ACCUM-APPREC-OR-DEPREC>		75,775
<NET-ASSETS>		398888
<DIVIDEND-INCOME>		3830
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<REALIZED-GAINS-CURRENT>		(7055)
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<DISTRIBUTIONS-OF-GAINS>		(9938)
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<ACCUMULATED-NII-PRIOR>		56
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<EXPENSE-RATIO>		1.1
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<AVG-DEBT-PER-SHARE>		0
        		


</TABLE>

<TABLE> <S> <C>

<ARTICLE>		6	
<CIK>		0000901539	
<NAME>		"Strong Conservative Equity Funds, Inc."	
<SERIES>			
<NUMBER>		5	
<NAME>		Strong Limited Resources Fund	
<MULTIPLIER>		1000	
       			
<S>		<C>	
<PERIOD-TYPE>		year
<FISCAL-YEAR-END>		Oct-31-1998	
<PERIOD-START>		Nov-01-1997	
<PERIOD-END>		Oct-31-1998	
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<RECEIVABLES>		2 	
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<SENIOR-LONG-TERM-DEBT>		0 
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<TOTAL-LIABILITIES>		14 
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		6,285
<SHARES-COMMON-STOCK>		635 
<SHARES-COMMON-PRIOR>		562 
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		(24)
<ACCUMULATED-NET-GAINS>		0 
<OVERDISTRIBUTION-GAINS>		(667)
<ACCUM-APPREC-OR-DEPREC>		(648)
<NET-ASSETS>		4,946 
<DIVIDEND-INCOME>		71 
<INTEREST-INCOME>		12 
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<EXPENSES-NET>		(106)
<NET-INVESTMENT-INCOME>		(23)
<REALIZED-GAINS-CURRENT>		(668)
<APPREC-INCREASE-CURRENT>		(373)
<NET-CHANGE-FROM-OPS>		(1,064)
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		(1)
<DISTRIBUTIONS-OF-GAINS>		(2)
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		570 
<NUMBER-OF-SHARES-REDEEMED>		(497)
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		(399)
<ACCUMULATED-NII-PRIOR>		0 
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<OVERDISTRIB-NII-PRIOR>		0 
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		54 
<INTEREST-EXPENSE>		0 
<GROSS-EXPENSE>		124 
<AVERAGE-NET-ASSETS>		5,335
<PER-SHARE-NAV-BEGIN>		9.51 
<PER-SHARE-NII>		(0.04)
<PER-SHARE-GAIN-APPREC>		(1.68)
<PER-SHARE-DIVIDEND>		0.00 
<PER-SHARE-DISTRIBUTIONS>		0.00 
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<PER-SHARE-NAV-END>		7.79 
<EXPENSE-RATIO>		2.0
<AVG-DEBT-OUTSTANDING>		0
<AVG-DEBT-PER-SHARE>		0
        		
		
		
		
		
		
		
		
		
		
		
		
		
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			


</TABLE>

<TABLE> <S> <C>

<ARTICLE>		6
<CIK>		0000901539
<NAME>		"Strong Conservative Equity Funds, Inc."
<SERIES>		
   <NUMBER>		1
   <NAME>		Strong American Utilities Fund
<MULTIPLIER>		1,000
       		
<S>		<C>       
<PERIOD-TYPE>		year
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<PERIOD-END>		Oct-31-1998
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<OVERDISTRIBUTION-GAINS>		0
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<DIVIDEND-INCOME>		5972
<INTEREST-INCOME>		502
<OTHER-INCOME>		0
<EXPENSES-NET>		(1928)
<NET-INVESTMENT-INCOME>		4546
<REALIZED-GAINS-CURRENT>		8595
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<NET-CHANGE-FROM-OPS>		39563
<EQUALIZATION>		0
<DISTRIBUTIONS-OF-INCOME>		(4541)
<DISTRIBUTIONS-OF-GAINS>		(8984)
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<NUMBER-OF-SHARES-SOLD>		10931
<NUMBER-OF-SHARES-REDEEMED>		(8303)
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<NET-CHANGE-IN-ASSETS>		79,470
<ACCUMULATED-NII-PRIOR>		534
<ACCUMULATED-GAINS-PRIOR>		8378
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<OVERDIST-NET-GAINS-PRIOR>		0
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<PER-SHARE-NAV-BEGIN>		13.97
<PER-SHARE-NII>		0.35
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<RETURNS-OF-CAPITAL>		0
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<EXPENSE-RATIO>		1
<AVG-DEBT-OUTSTANDING>		0
<AVG-DEBT-PER-SHARE>		0
        		


</TABLE>


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