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<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000745968
000 D000000 N
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000 F000000 Y
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010 A00AA01 FEDERATED SERVICES COMPANY
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<PAGE> PAGE 2
011 A00AA01 FEDERATED SECURITIES CORP.
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011 C01AA01 PITTSBURGH
011 C02AA01 PA
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
054 O00AA00 N
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<PAGE> PAGE 6
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080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
070 F020100 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Federated Equity Funds
Federated Growth Strategies Fund
Class A Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 257,414,298
<INVESTMENTS-AT-VALUE> 319,897,938
<RECEIVABLES> 5,050,319
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,948,257
<PAYABLE-FOR-SECURITIES> 1,467,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,073,861
<TOTAL-LIABILITIES> 2,540,861
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 225,680,063
<SHARES-COMMON-STOCK> 11,915,957
<SHARES-COMMON-PRIOR> 9,499,332
<ACCUMULATED-NII-CURRENT> 15,300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,228,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,483,640
<NET-ASSETS> 307,881,776
<DIVIDEND-INCOME> 2,621,704
<INTEREST-INCOME> 883,993
<OTHER-INCOME> 0
<EXPENSES-NET> 3,152,092
<NET-INVESTMENT-INCOME> 353,605
<REALIZED-GAINS-CURRENT> 34,229,221
<APPREC-INCREASE-CURRENT> 25,049,643
<NET-CHANGE-FROM-OPS> 59,632,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 439,174
<DISTRIBUTIONS-OF-GAINS> 50,905,303
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,354,390
<NUMBER-OF-SHARES-REDEEMED> 5,295,894
<SHARES-REINVESTED> 1,358,129
<NET-CHANGE-IN-ASSETS> 71,895,126
<ACCUMULATED-NII-PRIOR> 100,869
<ACCUMULATED-GAINS-PRIOR> 51,266,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,042,918
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,551,287
<AVERAGE-NET-ASSETS> 2,042,918
<PER-SHARE-NAV-BEGIN> 26.220
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 5.010
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 5.390
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.840
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Federated Equity Funds
Federated Growth Strategies Fund
Class B Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 257,414,298
<INVESTMENTS-AT-VALUE> 319,897,938
<RECEIVABLES> 5,050,319
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,948,257
<PAYABLE-FOR-SECURITIES> 1,467,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,073,861
<TOTAL-LIABILITIES> 2,540,861
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 225,680,063
<SHARES-COMMON-STOCK> 423,321
<SHARES-COMMON-PRIOR> 51,294
<ACCUMULATED-NII-CURRENT> 15,300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,228,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,483,640
<NET-ASSETS> 10,858,238
<DIVIDEND-INCOME> 2,621,704
<INTEREST-INCOME> 883,993
<OTHER-INCOME> 0
<EXPENSES-NET> 3,152,092
<NET-INVESTMENT-INCOME> 353,605
<REALIZED-GAINS-CURRENT> 34,229,221
<APPREC-INCREASE-CURRENT> 25,049,643
<NET-CHANGE-FROM-OPS> 59,632,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 314,552
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 479,932
<NUMBER-OF-SHARES-REDEEMED> 120,979
<SHARES-REINVESTED> 13,074
<NET-CHANGE-IN-ASSETS> 71,895,126
<ACCUMULATED-NII-PRIOR> 100,869
<ACCUMULATED-GAINS-PRIOR> 51,266,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,042,918
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,551,287
<AVERAGE-NET-ASSETS> 272,389,067
<PER-SHARE-NAV-BEGIN> 26.230
<PER-SHARE-NII> (0.100)
<PER-SHARE-GAIN-APPREC> 4.910
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 5.390
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.650
<EXPENSE-RATIO> 2.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> Federated Equity Funds
Federated Growth Strategies Fund
Class C Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 257,414,298
<INVESTMENTS-AT-VALUE> 319,897,938
<RECEIVABLES> 5,050,319
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,948,257
<PAYABLE-FOR-SECURITIES> 1,467,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,073,861
<TOTAL-LIABILITIES> 2,540,861
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 225,680,063
<SHARES-COMMON-STOCK> 142,807
<SHARES-COMMON-PRIOR> 2,181
<ACCUMULATED-NII-CURRENT> 15,300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,228,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,483,640
<NET-ASSETS> 3,667,382
<DIVIDEND-INCOME> 2,621,704
<INTEREST-INCOME> 883,993
<OTHER-INCOME> 0
<EXPENSES-NET> 3,152,092
<NET-INVESTMENT-INCOME> 353,605
<REALIZED-GAINS-CURRENT> 34,229,221
<APPREC-INCREASE-CURRENT> 25,049,643
<NET-CHANGE-FROM-OPS> 59,632,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 47,135
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 153,301
<NUMBER-OF-SHARES-REDEEMED> 14,839
<SHARES-REINVESTED> 2,164
<NET-CHANGE-IN-ASSETS> 71,895,126
<ACCUMULATED-NII-PRIOR> 100,869
<ACCUMULATED-GAINS-PRIOR> 51,266,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,042,918
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,551,287
<AVERAGE-NET-ASSETS> 272,389,067
<PER-SHARE-NAV-BEGIN> 26.220
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 4.900
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 5.390
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.680
<EXPENSE-RATIO> 1.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Federated Equity Funds
Federated Small Cap Strategies Fund
Class A
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 58,635,030
<INVESTMENTS-AT-VALUE> 60,572,881
<RECEIVABLES> 1,719,888
<ASSETS-OTHER> 2,779
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,295,548
<PAYABLE-FOR-SECURITIES> 1,259,655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 186,171
<TOTAL-LIABILITIES> 1,445,826
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,721,764
<SHARES-COMMON-STOCK> 1,582,917
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 190,753
<ACCUMULATED-NET-GAINS> 1,380,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,937,851
<NET-ASSETS> 23,242,444
<DIVIDEND-INCOME> 91,437
<INTEREST-INCOME> 93,916
<OTHER-INCOME> 0
<EXPENSES-NET> 361,000
<NET-INVESTMENT-INCOME> (175,647)
<REALIZED-GAINS-CURRENT> 1,375,654
<APPREC-INCREASE-CURRENT> 1,937,851
<NET-CHANGE-FROM-OPS> 3,137,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 9,870
<NUMBER-OF-SHARES-SOLD> 2,243,995
<NUMBER-OF-SHARES-REDEEMED> 661,204
<SHARES-REINVESTED> 126
<NET-CHANGE-IN-ASSETS> 60,849,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 711,649
<AVERAGE-NET-ASSETS> 21,805,586
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 4.750
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.020
<PER-SHARE-NAV-END> 14.680
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Federated Equity Funds
Federated Small Cap Strategies Fund
Class B
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 58,635,030
<INVESTMENTS-AT-VALUE> 60,572,881
<RECEIVABLES> 1,719,888
<ASSETS-OTHER> 2,779
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,295,548
<PAYABLE-FOR-SECURITIES> 1,259,655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 186,171
<TOTAL-LIABILITIES> 1,445,826
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,721,764
<SHARES-COMMON-STOCK> 2,195,987
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 190,753
<ACCUMULATED-NET-GAINS> 1,380,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,937,851
<NET-ASSETS> 32,111,770
<DIVIDEND-INCOME> 91,437
<INTEREST-INCOME> 93,916
<OTHER-INCOME> 0
<EXPENSES-NET> 361,000
<NET-INVESTMENT-INCOME> (175,647)
<REALIZED-GAINS-CURRENT> 1,375,654
<APPREC-INCREASE-CURRENT> 1,937,851
<NET-CHANGE-FROM-OPS> 3,137,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,289,952
<NUMBER-OF-SHARES-REDEEMED> 93,965
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 60,849,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 711,649
<AVERAGE-NET-ASSETS> 21,805,586
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.160)
<PER-SHARE-GAIN-APPREC> 4.780
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.620
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 023
<NAME> Federated Equity Funds
Federated Small Cap Strategies Fund
Class C
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 58,635,030
<INVESTMENTS-AT-VALUE> 60,572,881
<RECEIVABLES> 1,719,888
<ASSETS-OTHER> 2,779
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,295,548
<PAYABLE-FOR-SECURITIES> 1,259,655
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 186,171
<TOTAL-LIABILITIES> 1,445,826
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,721,764
<SHARES-COMMON-STOCK> 376,307
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 190,753
<ACCUMULATED-NET-GAINS> 1,380,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,937,851
<NET-ASSETS> 5,495,508
<DIVIDEND-INCOME> 91,437
<INTEREST-INCOME> 93,916
<OTHER-INCOME> 0
<EXPENSES-NET> 361,000
<NET-INVESTMENT-INCOME> (175,647)
<REALIZED-GAINS-CURRENT> 1,375,654
<APPREC-INCREASE-CURRENT> 1,937,851
<NET-CHANGE-FROM-OPS> 3,137,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 395,842
<NUMBER-OF-SHARES-REDEEMED> 19,535
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 60,849,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 711,649
<AVERAGE-NET-ASSETS> 21,805,586
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.160)
<PER-SHARE-GAIN-APPREC> 4.760
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.600
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Federated Equity Funds
Federated Capital Appreciation Fund
Class A
<PERIOD-TYPE> 10-mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 88,523,927
<INVESTMENTS-AT-VALUE> 116,334,501
<RECEIVABLES> 2,012,677
<ASSETS-OTHER> 7,486
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,354,664
<PAYABLE-FOR-SECURITIES> 2,377,731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,758
<TOTAL-LIABILITIES> 2,471,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,949,497
<SHARES-COMMON-STOCK> 1,121,562
<SHARES-COMMON-PRIOR> 1,121,204
<ACCUMULATED-NII-CURRENT> 87,074
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,036,030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,810,574
<NET-ASSETS> 108,804,293
<DIVIDEND-INCOME> 1,197,203
<INTEREST-INCOME> 176,421
<OTHER-INCOME> 0
<EXPENSES-NET> 1,113,888
<NET-INVESTMENT-INCOME> 259,736
<REALIZED-GAINS-CURRENT> 9,100,399
<APPREC-INCREASE-CURRENT> 3,829,310
<NET-CHANGE-FROM-OPS> 13,189,445
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 178,012
<DISTRIBUTIONS-OF-GAINS> 2,209,569
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,891
<NUMBER-OF-SHARES-REDEEMED> 75,039
<SHARES-REINVESTED> 8,506
<NET-CHANGE-IN-ASSETS> 17,682,917
<ACCUMULATED-NII-PRIOR> 5,448
<ACCUMULATED-GAINS-PRIOR> 74,213,546
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 671,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,358,605
<AVERAGE-NET-ASSETS> 107,321,648
<PER-SHARE-NAV-BEGIN> 87.580
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 11.350
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 2.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 97.010
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Federated Equity Funds
Federated Capital Appreciation Fund
Class B
<PERIOD-TYPE> 10-mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 88,523,927
<INVESTMENTS-AT-VALUE> 116,334,501
<RECEIVABLES> 2,012,677
<ASSETS-OTHER> 7,486
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,354,664
<PAYABLE-FOR-SECURITIES> 2,377,731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,758
<TOTAL-LIABILITIES> 2,471,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,949,497
<SHARES-COMMON-STOCK> 65,863
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 87,074
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,036,030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,810,574
<NET-ASSETS> 6,369,220
<DIVIDEND-INCOME> 1,197,203
<INTEREST-INCOME> 176,421
<OTHER-INCOME> 0
<EXPENSES-NET> 1,113,888
<NET-INVESTMENT-INCOME> 259,736
<REALIZED-GAINS-CURRENT> 9,100,399
<APPREC-INCREASE-CURRENT> 3,829,310
<NET-CHANGE-FROM-OPS> 13,189,445
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 98
<DISTRIBUTIONS-OF-GAINS> 89,485
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,529
<NUMBER-OF-SHARES-REDEEMED> 2,621
<SHARES-REINVESTED> 955
<NET-CHANGE-IN-ASSETS> 17,682,917
<ACCUMULATED-NII-PRIOR> 5,448
<ACCUMULATED-GAINS-PRIOR> 74,213,546
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 671,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,358,605
<AVERAGE-NET-ASSETS> 107,321,648
<PER-SHARE-NAV-BEGIN> 88.220
<PER-SHARE-NII> (0.250)
<PER-SHARE-GAIN-APPREC> 10.740
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 2.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 96.700
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 033
<NAME> Federated Equity Funds
Federated Capital Appreciation Fund
Class C
<PERIOD-TYPE> 10-mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 88,523,927
<INVESTMENTS-AT-VALUE> 116,334,501
<RECEIVABLES> 2,012,677
<ASSETS-OTHER> 7,486
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,354,664
<PAYABLE-FOR-SECURITIES> 2,377,731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,758
<TOTAL-LIABILITIES> 2,471,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,949,497
<SHARES-COMMON-STOCK> 7,334
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 87,074
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,036,030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,810,574
<NET-ASSETS> 709,662
<DIVIDEND-INCOME> 1,197,203
<INTEREST-INCOME> 176,421
<OTHER-INCOME> 0
<EXPENSES-NET> 1,113,888
<NET-INVESTMENT-INCOME> 259,736
<REALIZED-GAINS-CURRENT> 9,100,399
<APPREC-INCREASE-CURRENT> 3,829,310
<NET-CHANGE-FROM-OPS> 13,189,445
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 11,319
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,228
<NUMBER-OF-SHARES-REDEEMED> 7
<SHARES-REINVESTED> 113
<NET-CHANGE-IN-ASSETS> 17,682,917
<ACCUMULATED-NII-PRIOR> 5,448
<ACCUMULATED-GAINS-PRIOR> 74,213,546
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 671,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,358,605
<AVERAGE-NET-ASSETS> 107,321,648
<PER-SHARE-NAV-BEGIN> 88.220
<PER-SHARE-NII> (0.250)
<PER-SHARE-GAIN-APPREC> 10.800
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 2.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 96.760
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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