<PAGE> PAGE 1
000 A000000 08/31/98
000 C000000 0000914231
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 EQUITY FUNDS, INC.
001 B000000 811-8100
001 C000000 4145777365
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 8
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 STRONG INDEX 500 FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
<PAGE> PAGE 2
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
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007 C014300 43
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007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
077 A000000 N
078 000000 N
018 000500 Y
019 A000500 Y
019 B000500 49
019 C000500 STRONGFUND
028 A010500 7845
028 A020500 89
<PAGE> PAGE 3
028 A030500 0
028 A040500 1021
028 B010500 9825
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028 B030500 0
028 B040500 1507
028 C010500 4944
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028 C040500 959
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037 000500 Y
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040 000500 N
045 000500 N
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<PAGE> PAGE 4
048 J010500 0
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048 K010500 0
048 K020500 0.000
062 A000500 N
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071 A000500 0
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<PAGE> PAGE 5
072 Z000500 337
072AA000500 160
072BB000500 142
072CC010500 0
072CC020500 8200
072DD010500 83
072DD020500 0
072EE000500 8
073 A010500 0.0285
073 A020500 0.0000
073 B000500 0.0026
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074 A000500 0
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<PAGE> PAGE 6
SIGNATURE JOHN FLANAGAN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914231
<NAME> "Strong Equity Funds, Inc."
<SERIES>
<NUMBER> 5
<NAME> Strong Index 500 Fund
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-START> Mar-01-1998
<PERIOD-END> Feb-28-1999
<INVESTMENTS-AT-COST> 58138401
<INVESTMENTS-AT-VALUE> 62995826
<RECEIVABLES> 135073
<ASSETS-OTHER> 563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63131462
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125574
<TOTAL-LIABILITIES> 125574
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67472339
<SHARES-COMMON-STOCK> 5229707
<SHARES-COMMON-PRIOR> 2438109
<ACCUMULATED-NII-CURRENT> 304946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 86029
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4857426)
<NET-ASSETS> 63005888
<DIVIDEND-INCOME> 371197
<INTEREST-INCOME> 83934
<OTHER-INCOME> 0
<EXPENSES-NET> (118090)
<NET-INVESTMENT-INCOME> 337041
<REALIZED-GAINS-CURRENT> 17900
<APPREC-INCREASE-CURRENT> (8179279)
<NET-CHANGE-FROM-OPS> (7842238)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (82885)
<DISTRIBUTIONS-OF-GAINS> (7666)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3507739
<NUMBER-OF-SHARES-REDEEMED> (722629)
<SHARES-REINVESTED> 6488
<NET-CHANGE-IN-ASSETS> 30909941
<ACCUMULATED-NII-PRIOR> 50790
<ACCUMULATED-GAINS-PRIOR> 75795
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13622
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246542
<AVERAGE-NET-ASSETS> 54283217
<PER-SHARE-NAV-BEGIN> 13.16
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (1.17)
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> 0.4<F1>
<FN>
<F1> Expense ratio without waivers and absorptions would have been 0.9%.
</FN>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
