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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<EXPENSES-NET> 2,881,296
<NET-INVESTMENT-INCOME> 2,736,582
<REALIZED-GAINS-CURRENT> 51,470,307
<APPREC-INCREASE-CURRENT> 8,029,038
<NET-CHANGE-FROM-OPS> 62,235,927
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,756
<NUMBER-OF-SHARES-REDEEMED> 575
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (12,717,415)
<ACCUMULATED-NII-PRIOR> 508,103
<ACCUMULATED-GAINS-PRIOR> 9,371,740
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,958,826
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,288,435
<AVERAGE-NET-ASSETS> 263,940,004
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<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 0.730
<PER-SHARE-DIVIDEND> 0.000
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<PER-SHARE-NAV-END> 26.220
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<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> 2-Mos
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 899
<SHARES-COMMON-STOCK> 30
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 300
<DIVIDEND-INCOME> 0
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<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 700
<PER-SHARE-NAV-BEGIN> 10.000
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Federated Equity Funds
Federated Small Cap Strategies Fund
Class B
<PERIOD-TYPE> 2-Mos
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 899
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<PAID-IN-CAPITAL-COMMON> 899
<SHARES-COMMON-STOCK> 30
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 300
<DIVIDEND-INCOME> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 023
<NAME> Federated Equity Funds
Federated Small Cap Strategies Fund
Class C
<PERIOD-TYPE> 2-Mos
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
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<INVESTMENTS-AT-VALUE> 0
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<PAID-IN-CAPITAL-COMMON> 899
<SHARES-COMMON-STOCK> 30
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 299
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
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<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
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<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 0
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</TABLE>