<PAGE> PAGE 1
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<PAGE> PAGE 2
011 A00AA01 FEDERATED SECURITIES CORP.
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011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
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012 A00AA01 FEDERATED SHAREHOLDER SERVICE COMPANY
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012 C01AA01 BOSTON
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<PAGE> PAGE 3
022 D000001 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 A010100 Y
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
024 000200 Y
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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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
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<NUMBER> 011
<NAME> Federated Equity Funds
Federated Growth Strategies Fund
Class A
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<NET-CHANGE-IN-ASSETS> 30,349,400
<ACCUMULATED-NII-PRIOR> 100,869
<ACCUMULATED-GAINS-PRIOR> 51,266,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 940,146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,573,091
<AVERAGE-NET-ASSETS> 257,587,609
<PER-SHARE-NAV-BEGIN> 26.220
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 4.060
<PER-SHARE-DIVIDEND> 0.040
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<PER-SHARE-NAV-END> 24.880
<EXPENSE-RATIO> 1.09
<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
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 217,074,182
<INVESTMENTS-AT-VALUE> 282,054,674
<RECEIVABLES> 547,210
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,601,884
<PAYABLE-FOR-SECURITIES> 1,655,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,234
<TOTAL-LIABILITIES> 1,740,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,433,838
<SHARES-COMMON-STOCK> 261,369
<SHARES-COMMON-PRIOR> 51,294
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 16,346
<ACCUMULATED-NET-GAINS> 16,463,686
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,980,492
<NET-ASSETS> 6,490,546
<DIVIDEND-INCOME> 1,256,732
<INTEREST-INCOME> 451,207
<OTHER-INCOME> 0
<EXPENSES-NET> 1,387,925
<NET-INVESTMENT-INCOME> 320,014
<REALIZED-GAINS-CURRENT> 16,464,514
<APPREC-INCREASE-CURRENT> 27,546,495
<NET-CHANGE-FROM-OPS> 44,331,023
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 314,552
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 236,159
<NUMBER-OF-SHARES-REDEEMED> 39,158
<SHARES-REINVESTED> 13,074
<NET-CHANGE-IN-ASSETS> 30,349,400
<ACCUMULATED-NII-PRIOR> 100,869
<ACCUMULATED-GAINS-PRIOR> 51,266,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 940,146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,573,091
<AVERAGE-NET-ASSETS> 257,587,609
<PER-SHARE-NAV-BEGIN> 26.230
<PER-SHARE-NII> (0.030)
<PER-SHARE-GAIN-APPREC> 4.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 5.390
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 24.830
<EXPENSE-RATIO> 2.00
<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
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 217,074,182
<INVESTMENTS-AT-VALUE> 282,054,674
<RECEIVABLES> 547,210
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,601,884
<PAYABLE-FOR-SECURITIES> 1,655,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,234
<TOTAL-LIABILITIES> 1,740,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,433,838
<SHARES-COMMON-STOCK> 24,688
<SHARES-COMMON-PRIOR> 2,181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 16,346
<ACCUMULATED-NET-GAINS> 16,463,686
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,980,492
<NET-ASSETS> 612,924
<DIVIDEND-INCOME> 1,256,732
<INTEREST-INCOME> 451,207
<OTHER-INCOME> 0
<EXPENSES-NET> 1,387,925
<NET-INVESTMENT-INCOME> 320,014
<REALIZED-GAINS-CURRENT> 16,464,514
<APPREC-INCREASE-CURRENT> 27,546,495
<NET-CHANGE-FROM-OPS> 44,331,023
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 47,135
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,303
<NUMBER-OF-SHARES-REDEEMED> 1,961
<SHARES-REINVESTED> 2,165
<NET-CHANGE-IN-ASSETS> 30,349,400
<ACCUMULATED-NII-PRIOR> 100,869
<ACCUMULATED-GAINS-PRIOR> 51,266,162
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 940,146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,573,091
<AVERAGE-NET-ASSETS> 257,587,609
<PER-SHARE-NAV-BEGIN> 26.220
<PER-SHARE-NII> (0.040)
<PER-SHARE-GAIN-APPREC> 4.040
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 5.390
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 24.830
<EXPENSE-RATIO> 2.00
<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 Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 8,566,626
<INVESTMENTS-AT-VALUE> 10,212,269
<RECEIVABLES> 385,202
<ASSETS-OTHER> 42,620
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,640,091
<PAYABLE-FOR-SECURITIES> 278,445
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,563
<TOTAL-LIABILITIES> 308,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,043,480
<SHARES-COMMON-STOCK> 434,100
<SHARES-COMMON-PRIOR> 30
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (17,135)
<ACCUMULATED-NET-GAINS> 660,095
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,645,643
<NET-ASSETS> 6,101,033
<DIVIDEND-INCOME> 22,190
<INTEREST-INCOME> 18,733
<OTHER-INCOME> 0
<EXPENSES-NET> 48,169
<NET-INVESTMENT-INCOME> (7,246)
<REALIZED-GAINS-CURRENT> 660,095
<APPREC-INCREASE-CURRENT> 1,645,643
<NET-CHANGE-FROM-OPS> 2,298,492
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 9,859
<NUMBER-OF-SHARES-SOLD> 941,591
<NUMBER-OF-SHARES-REDEEMED> 507,617
<SHARES-REINVESTED> 126
<NET-CHANGE-IN-ASSETS> 10,332,083
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,133
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,879
<AVERAGE-NET-ASSETS> 6,700,153
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 4.070
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.050
<EXPENSE-RATIO> 1.34
<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 Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 8,566,626
<INVESTMENTS-AT-VALUE> 10,212,269
<RECEIVABLES> 385,202
<ASSETS-OTHER> 42,620
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,640,091
<PAYABLE-FOR-SECURITIES> 278,445
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,563
<TOTAL-LIABILITIES> 308,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,043,480
<SHARES-COMMON-STOCK> 258,619
<SHARES-COMMON-PRIOR> 30
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (17,135)
<ACCUMULATED-NET-GAINS> 660,095
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,645,643
<NET-ASSETS> 3,631,606
<DIVIDEND-INCOME> 22,190
<INTEREST-INCOME> 18,733
<OTHER-INCOME> 0
<EXPENSES-NET> 48,169
<NET-INVESTMENT-INCOME> (7,246)
<REALIZED-GAINS-CURRENT> 660,095
<APPREC-INCREASE-CURRENT> 1,645,643
<NET-CHANGE-FROM-OPS> 2,298,492
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 284,564
<NUMBER-OF-SHARES-REDEEMED> 25,945
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,332,083
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,133
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,879
<AVERAGE-NET-ASSETS> 6,700,153
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 4.060
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.040
<EXPENSE-RATIO> 2.13
<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 Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 8,566,626
<INVESTMENTS-AT-VALUE> 10,212,269
<RECEIVABLES> 385,202
<ASSETS-OTHER> 42,620
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,640,091
<PAYABLE-FOR-SECURITIES> 278,445
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,563
<TOTAL-LIABILITIES> 308,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,043,480
<SHARES-COMMON-STOCK> 42,717
<SHARES-COMMON-PRIOR> 30
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (17,135)
<ACCUMULATED-NET-GAINS> 660,095
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,645,643
<NET-ASSETS> 599,444
<DIVIDEND-INCOME> 22,190
<INTEREST-INCOME> 18,733
<OTHER-INCOME> 0
<EXPENSES-NET> 48,169
<NET-INVESTMENT-INCOME> (7,246)
<REALIZED-GAINS-CURRENT> 660,095
<APPREC-INCREASE-CURRENT> 1,645,643
<NET-CHANGE-FROM-OPS> 2,298,492
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42,870
<NUMBER-OF-SHARES-REDEEMED> 153
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,332,083
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,133
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,879
<AVERAGE-NET-ASSETS> 6,700,153
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 4.050
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.030
<EXPENSE-RATIO> 2.13
<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 Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 79,915,861
<INVESTMENTS-AT-VALUE> 111,713,744
<RECEIVABLES> 511,016
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112,224,760
<PAYABLE-FOR-SECURITIES> 3,198,945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,501
<TOTAL-LIABILITIES> 3,479,446
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,319,475
<SHARES-COMMON-STOCK> 1,106,150
<SHARES-COMMON-PRIOR> 1,121,204
<ACCUMULATED-NII-CURRENT> 33,844
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,594,112
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,797,883
<NET-ASSETS> 107,197,162
<DIVIDEND-INCOME> 483,912
<INTEREST-INCOME> 37,643
<OTHER-INCOME> 0
<EXPENSES-NET> 404,449
<NET-INVESTMENT-INCOME> 117,106
<REALIZED-GAINS-CURRENT> 2,594,112
<APPREC-INCREASE-CURRENT> 7,816,619
<NET-CHANGE-FROM-OPS> 10,527,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 88,613
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,780
<NUMBER-OF-SHARES-REDEEMED> 23,028
<SHARES-REINVESTED> 194
<NET-CHANGE-IN-ASSETS> 10,545,056
<ACCUMULATED-NII-PRIOR> 5,448
<ACCUMULATED-GAINS-PRIOR> 74,213,546
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 256,275
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 514,820
<AVERAGE-NET-ASSETS> 102,955,638
<PER-SHARE-NAV-BEGIN> 87.580
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 9.300
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 96.910
<EXPENSE-RATIO> 1.18
<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 Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 79,915,861
<INVESTMENTS-AT-VALUE> 111,713,744
<RECEIVABLES> 511,016
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112,224,760
<PAYABLE-FOR-SECURITIES> 3,198,945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,501
<TOTAL-LIABILITIES> 3,479,446
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,319,475
<SHARES-COMMON-STOCK> 15,754
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 33,844
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,594,112
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,797,883
<NET-ASSETS> 1,526,163
<DIVIDEND-INCOME> 483,912
<INTEREST-INCOME> 37,643
<OTHER-INCOME> 0
<EXPENSES-NET> 404,449
<NET-INVESTMENT-INCOME> 117,106
<REALIZED-GAINS-CURRENT> 2,594,112
<APPREC-INCREASE-CURRENT> 7,816,619
<NET-CHANGE-FROM-OPS> 10,527,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 98
<NUMBER-OF-SHARES-SOLD> 16,172
<NUMBER-OF-SHARES-REDEEMED> 419
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 10,545,056
<ACCUMULATED-NII-PRIOR> 5,448
<ACCUMULATED-GAINS-PRIOR> 74,213,546
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 256,275
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 514,820
<AVERAGE-NET-ASSETS> 102,955,638
<PER-SHARE-NAV-BEGIN> 88.220
<PER-SHARE-NII> (0.040)
<PER-SHARE-GAIN-APPREC> 8.700
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 96.870
<EXPENSE-RATIO> 2.00
<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 Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 79,915,861
<INVESTMENTS-AT-VALUE> 111,713,744
<RECEIVABLES> 511,016
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112,224,760
<PAYABLE-FOR-SECURITIES> 3,198,945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,501
<TOTAL-LIABILITIES> 3,479,446
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,319,475
<SHARES-COMMON-STOCK> 227
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 33,844
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,594,112
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,797,883
<NET-ASSETS> 21,989
<DIVIDEND-INCOME> 483,912
<INTEREST-INCOME> 37,643
<OTHER-INCOME> 0
<EXPENSES-NET> 404,449
<NET-INVESTMENT-INCOME> 117,106
<REALIZED-GAINS-CURRENT> 2,594,112
<APPREC-INCREASE-CURRENT> 7,816,619
<NET-CHANGE-FROM-OPS> 10,527,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 227
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,545,056
<ACCUMULATED-NII-PRIOR> 5,448
<ACCUMULATED-GAINS-PRIOR> 74,213,546
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 256,275
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 514,820
<AVERAGE-NET-ASSETS> 102,955,638
<PER-SHARE-NAV-BEGIN> 88.220
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 8.640
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 96.840
<EXPENSE-RATIO> 1.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>