FEDERATED EQUITY FUNDS
NSAR-B, 1996-01-02
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<PAGE>      PAGE  1
000 B000000 10/31/95
000 C000000 0000745968
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FEDERATED EQUITY FUNDS
001 B000000 811-4017
001 C000000 4122886690
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 FEDERATED GROWTH STRATEGIES FUND
007 C030100 N
007 C010200  2
007 C020200 FEDERATED SMALL CAP STRATEGIES FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 FEDERATED MANAGEMENT
008 B00AA01 A
008 C00AA01 801-34610
008 D01AA01 PITTSBURGH
008 D02AA01 PA
008 D03AA01 15222
008 D04AA01 3779
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15661
<PAGE>      PAGE  2
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02266
012 C04AA01 8600
013 A00AA01 ERNST & YOUNG
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   20
019 C00AA00 LIBERTFMLY
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001     84
020 A000002 AUTRANET, INC.
020 B000002 13-2961507
020 C000002     81
020 A000003 CS FIRST BOSTON CORP.
020 B000003 13-5659485
020 C000003     80
020 A000004 JANNEY MONTGOMERY SCOTT, INC.
020 B000004 23-0731260
020 C000004     60
020 A000005 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000005 13-2625874
020 C000005     48
020 A000006 LEHMAN BROTHERS, INC.
020 B000006 13-2518466
020 C000006     47
020 A000007 BEAR, STEARNS & CO.
020 B000007 13-4946705
020 C000007     43
020 A000008 CANTOR, FITZGERALD SECURITIES CORP.
020 B000008 13-2698893
020 C000008     42
020 A000009 MORGAN STANLEY & CO., INC.
020 B000009 13-2655998
020 C000009     41
020 A000010 LYNCH, JONES & RYAN, INC.
020 B000010 13-2765182
020 C000010     38
021  000000     1003
022 A000001 MORGAN GUARANTY TRUST CO. OF NEW YORK
022 B000001 13-5123346
<PAGE>      PAGE  3
022 C000001   4440210
022 D000001      2988
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002     23751
022 D000002     29496
022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003     16129
022 D000003     17516
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004      6200
022 D000004     13627
022 A000005 BEAR, STEARNS & CO., INC.
022 B000005 13-3299429
022 C000005      7550
022 D000005      7194
022 A000006 DONALDSON, LUFKIN & JENRETTE SEC. CORP.
022 B000006 13-2741729
022 C000006      5573
022 D000006      2920
022 A000007 PAINEWEBBER, INC.
022 B000007 13-2638166
022 C000007      2503
022 D000007      5813
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008      2940
022 D000008      4347
022 A000009 MONTGOMERY SECURITIES
022 B000009 94-1701676
022 C000009      4734
022 D000009      2430
022 A000010 FORTRESS UTILITY TRUST
022 B000010 25-1537064
022 C000010         0
022 D000010      6846
023 C000000    4529905
023 D000000     110583
026 A000000 Y
026 B000000 Y
026 C000000 Y
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026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027  000000 Y
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<PAGE>      PAGE  4
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036 A00AA00 N
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 Y
041  00AA00 Y
045  00AA00 Y
046  00AA00 N
047  00AA00 Y
048  00AA00  0.750
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048 B01AA00        0
048 B02AA00 0.000
048 C01AA00        0
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048 G01AA00        0
048 G02AA00 0.000
048 H01AA00        0
048 H02AA00 0.000
048 I01AA00        0
048 I02AA00 0.000
048 J01AA00        0
048 J02AA00 0.000
048 K01AA00        0
048 K02AA00 0.000
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059  00AA00 Y
<PAGE>      PAGE  5
060 A00AA00 Y
060 B00AA00 Y
061  00AA00      500
062 A00AA00 N
062 B00AA00   0.0
062 C00AA00   0.0
062 D00AA00   0.0
062 E00AA00   0.0
062 F00AA00   0.0
062 G00AA00   0.0
062 H00AA00   0.0
062 I00AA00   0.0
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062 K00AA00   0.0
062 L00AA00   0.0
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062 P00AA00   0.0
062 Q00AA00   0.0
062 R00AA00   0.0
063 A00AA00   0
063 B00AA00  0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067  00AA00 N
068 A00AA00 N
068 B00AA00 N
069  00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 I000000 Y
077 P000000 Y
078  000000 N
080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 B00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00       85
081 A00AA00 Y
081 B00AA00  80
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
<PAGE>      PAGE  6
085 A00AA00 Y
085 B00AA00 N
015 A000101 STATE STREET BANK AND TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02266
015 C040101 8600
015 E010101 X
015 A000102 BANKERS TRUST CO.
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10015
015 E010102 X
015 A000103 BANK OF NEW YORK
015 B000103 S
015 C010103 NEW YORK
015 C020103 NY
015 C030103 10006
015 E010103 X
015 A000104 CHEMICAL BANK & TRUST CO.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10006
015 E010104 X
015 A000105 MARINE MIDLAND BANK
015 B000105 S
015 C010105 NEW YORK
015 C020105 NY
015 C030105 10015
015 E010105 X
015 A000106 NATIONSBANC CAPITAL MARKETS, INC.
015 B000106 S
015 C010106 RICHMOND
015 C020106 VA
015 C030106 23261
015 E010106 X
015 A000107 NATIONSBANK OF NORTH CAROLINA
015 B000107 S
015 C010107 CHARLOTTE
015 C020107 NC
015 C030107 28255
015 E010107 X
015 A000108 PNC BANK, NA
015 B000108 S
015 C010108 PITTSBURGH
015 C020108 PA
015 C030108 15265
015 E010108 X
<PAGE>      PAGE  7
015 A000109 SECURITY PACIFIC NATIONAL TRUST CO.
015 B000109 S
015 C010109 NEW YORK
015 C020109 NY
015 C030109 10006
015 E010109 X
024  000100 Y
025 A000101 BANK OF NEW YORK
025 B000101 13-4941102
025 C000101 E
025 D000101    4545
025 A000102 CITICORP SECURITIES MARKETS, INC.
025 B000102 13-5266470
025 C000102 E
025 D000102    4568
025 A000103 LEHMAN BROTHERS, INC.
025 B000103 13-2518466
025 C000103 E
025 D000103    2371
025 A000104 NATIONSBANK
025 C000104 E
025 D000104    2957
025 A000105 SUN AMERICA
025 C000105 E
025 D000105    5037
025 A000106 TRAVELERS
025 C000106 E
025 D000106    3263
025 D000107       0
025 D000108       0
028 A010100      6140
028 A020100         0
028 A030100         0
028 A040100     18292
028 B010100     10461
028 B020100       245
028 B030100         0
028 B040100     16189
028 C010100      7818
028 C020100         0
028 C030100         0
028 C040100     11840
028 D010100      4342
028 D020100         0
028 D030100         0
028 D040100     12459
028 E010100     25221
028 E020100       206
028 E030100         0
028 E040100     26256
028 F010100      7336
<PAGE>      PAGE  8
028 F020100         0
028 F030100         0
028 F040100     12036
028 G010100     61318
028 G020100       451
028 G030100         0
028 G040100     97072
028 H000100      1216
029  000100 Y
030 A000100     12
030 B000100  5.50
030 C000100  0.00
031 A000100      1
031 B000100      0
032  000100     11
033  000100      0
042 A000100   0
042 B000100   0
042 C000100 100
042 D000100   0
042 E000100   0
042 F000100   0
042 G000100   0
042 H000100   0
043  000100      1
044  000100      0
049  000100 N
050  000100 N
051  000100 N
052  000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 Y
055 B000100 N
056  000100 N
057  000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
<PAGE>      PAGE  9
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100    308315
071 B000100    426153
071 C000100    246344
071 D000100  125
072 A000100 12
072 B000100     1533
072 C000100     4085
072 D000100        0
072 E000100        0
072 F000100     1959
072 G000100      198
072 H000100        0
072 I000100      197
072 J000100       64
072 K000100        0
072 L000100       27
072 M000100        7
072 N000100       56
072 O000100       12
072 P000100        0
072 Q000100       71
072 R000100       18
072 S000100        8
072 T000100      654
072 U000100        0
072 V000100        0
072 W000100       17
072 X000100     3288
072 Y000100      407
<PAGE>      PAGE  10
072 Z000100     2737
072AA000100    60836
072BB000100     9366
072CC010100     8029
072CC020100        0
072DD010100     3142
072DD020100        0
072EE000100     9575
073 A010100   0.0000
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100        0
074 B000100    12310
074 C000100        0
074 D000100        0
074 E000100    12963
074 F000100   226968
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100     3776
074 K000100        0
074 L000100      533
074 M000100        0
074 N000100   256550
074 O000100     5592
074 P000100        0
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      446
074 S000100        0
074 T000100   250512
074 U010100     9499
074 U020100       53
074 V010100     0.00
074 V020100     0.00
074 W000100   0.0000
074 X000100     6360
074 Y000100        0
075 A000100        0
075 B000100   263940
076  000100     0.00
015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02266
015 C040201 8600
<PAGE>      PAGE  11
015 E010201 X
024  000200 N
025 D000201       0
025 D000202       0
025 D000203       0
025 D000204       0
025 D000205       0
025 D000206       0
025 D000207       0
025 D000208       0
028 A010200         0
028 A020200         0
028 A030200         0
028 A040200         0
028 B010200         0
028 B020200         0
028 B030200         0
028 B040200         0
028 C010200         0
028 C020200         0
028 C030200         0
028 C040200         0
028 D010200         0
028 D020200         0
028 D030200         0
028 D040200         0
028 E010200         0
028 E020200         0
028 E030200         0
028 E040200         0
028 F010200         1
028 F020200         0
028 F030200         0
028 F040200         0
028 G010200         1
028 G020200         0
028 G030200         0
028 G040200         0
028 H000200         0
029  000200 Y
030 A000200      0
030 B000200  5.50
030 C000200  0.00
031 A000200      0
031 B000200      0
032  000200      0
033  000200      0
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200   0
<PAGE>      PAGE  12
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200      0
044  000200      0
049  000200 N
050  000200 N
051  000200 N
052  000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056  000200 N
057  000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
<PAGE>      PAGE  13
071 A000200         0
071 B000200         0
071 C000200         0
071 D000200    0
072 A000200  2
072 B000200        0
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200        0
072 G000200        0
072 H000200        0
072 I000200        0
072 J000200        0
072 K000200        0
072 L000200        0
072 M000200        0
072 N000200        0
072 O000200        0
072 P000200        0
072 Q000200        0
072 R000200        0
072 S000200        0
072 T000200        0
072 U000200        0
072 V000200        0
072 W000200        0
072 X000200        0
072 Y000200        0
072 Z000200        0
072AA000200        0
072BB000200        0
072CC010200        0
072CC020200        0
072DD010200        0
072DD020200        0
072EE000200        0
073 A010200   0.0000
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200        1
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074 C000200        0
074 D000200        0
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
<PAGE>      PAGE  14
074 K000200        0
074 L000200        0
074 M000200        0
074 N000200        1
074 O000200        0
074 P000200        0
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200        0
074 S000200        0
074 T000200        1
074 U010200       30
074 U020200       60
074 V010200     0.00
074 V020200     0.00
074 W000200   0.0000
074 X000200       15
074 Y000200        0
075 A000200        0
075 B000200        1
076  000200     0.00
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                                        
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Oct-31-1995                                    
<PERIOD-END>                    Oct-31-1995                                    
<INVESTMENTS-AT-COST>           214,807,541                                    
<INVESTMENTS-AT-VALUE>          252,241,217                                    
<RECEIVABLES>                   4,308,790                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  256,550,007                                    
<PAYABLE-FOR-SECURITIES>        5,592,077                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       445,660                                        
<TOTAL-LIABILITIES>             6,037,737                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        161,711,242                                    
<SHARES-COMMON-STOCK>           9,499,332                                      
<SHARES-COMMON-PRIOR>           15,063,856                                     
<ACCUMULATED-NII-CURRENT>       100,869                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         51,266,162                                     
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        37,433,997                                     
<NET-ASSETS>                    249,109,599                                    
<DIVIDEND-INCOME>               4,084,557                                      
<INTEREST-INCOME>               1,533,321                                      
<OTHER-INCOME>                  0                                              
<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>       3,142,465                                      
<DISTRIBUTIONS-OF-GAINS>        9,574,950                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         3,574,020                                      
<NUMBER-OF-SHARES-REDEEMED>     9,466,879                                      
<SHARES-REINVESTED>             328,335                                        
<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                                    
<PER-SHARE-NAV-BEGIN>           21.280                                         
<PER-SHARE-NII>                 0.240                                          
<PER-SHARE-GAIN-APPREC>         5.640                                          
<PER-SHARE-DIVIDEND>            0.260                                          
<PER-SHARE-DISTRIBUTIONS>       0.680                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             26.220                                         
<EXPENSE-RATIO>                 1.10                                           
<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>                   12-MOS                                         
<FISCAL-YEAR-END>               Oct-31-1995                                    
<PERIOD-END>                    Oct-31-1995                                    
<INVESTMENTS-AT-COST>           214,807,541                                    
<INVESTMENTS-AT-VALUE>          252,241,217                                    
<RECEIVABLES>                   4,308,790                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  256,550,007                                    
<PAYABLE-FOR-SECURITIES>        5,592,077                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       445,660                                        
<TOTAL-LIABILITIES>             6,037,737                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        161,711,242                                    
<SHARES-COMMON-STOCK>           51,294                                         
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       100,869                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         51,266,162                                     
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        37,433,997                                     
<NET-ASSETS>                    1,345,476                                      
<DIVIDEND-INCOME>               4,084,557                                      
<INTEREST-INCOME>               1,533,321                                      
<OTHER-INCOME>                  0                                              
<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>         63,517                                         
<NUMBER-OF-SHARES-REDEEMED>     12,223                                         
<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                                    
<PER-SHARE-NAV-BEGIN>           25.510                                         
<PER-SHARE-NII>                 (0.020)                                        
<PER-SHARE-GAIN-APPREC>         0.740                                          
<PER-SHARE-DIVIDEND>            0.000                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             26.230                                         
<EXPENSE-RATIO>                 2.04                                           
<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>                   12-MOS                                         
<FISCAL-YEAR-END>               Oct-31-1995                                    
<PERIOD-END>                    Oct-31-1995                                    
<INVESTMENTS-AT-COST>           214,807,541                                    
<INVESTMENTS-AT-VALUE>          252,241,217                                    
<RECEIVABLES>                   4,308,790                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  256,550,007                                    
<PAYABLE-FOR-SECURITIES>        5,592,077                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       445,660                                        
<TOTAL-LIABILITIES>             6,037,737                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        161,711,242                                    
<SHARES-COMMON-STOCK>           2,181                                          
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       100,869                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         51,266,162                                     
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        37,433,997                                     
<NET-ASSETS>                    57,195                                         
<DIVIDEND-INCOME>               4,084,557                                      
<INTEREST-INCOME>               1,533,321                                      
<OTHER-INCOME>                  0                                              
<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                                    
<PER-SHARE-NAV-BEGIN>           25.510                                         
<PER-SHARE-NII>                 (0.020)                                        
<PER-SHARE-GAIN-APPREC>         0.730                                          
<PER-SHARE-DIVIDEND>            0.000                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             26.220                                         
<EXPENSE-RATIO>                 2.05                                           
<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>                   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                                            
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  899                                            
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       0                                              
<TOTAL-LIABILITIES>             0                                              
<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                                              
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  0                                              
<NET-INVESTMENT-INCOME>         0                                              
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           0                                              
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       0                                              
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         0                                              
<NUMBER-OF-SHARES-REDEEMED>     0                                              
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          0                                              
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           0                                              
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 0                                              
<AVERAGE-NET-ASSETS>            700                                            
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.000                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.000                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.000                                         
<EXPENSE-RATIO>                 0.00                                           
<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>                   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                                            
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  899                                            
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       0                                              
<TOTAL-LIABILITIES>             0                                              
<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                                              
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  0                                              
<NET-INVESTMENT-INCOME>         0                                              
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           0                                              
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       0                                              
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         0                                              
<NUMBER-OF-SHARES-REDEEMED>     0                                              
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          0                                              
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           0                                              
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 0                                              
<AVERAGE-NET-ASSETS>            700                                            
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.000                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.000                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.000                                         
<EXPENSE-RATIO>                 0.00                                           
<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>                   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                                            
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  899                                            
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       0                                              
<TOTAL-LIABILITIES>             0                                              
<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>                    299                                            
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  0                                              
<NET-INVESTMENT-INCOME>         0                                              
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           0                                              
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       0                                              
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         0                                              
<NUMBER-OF-SHARES-REDEEMED>     0                                              
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          0                                              
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           0                                              
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 0                                              
<AVERAGE-NET-ASSETS>            700                                            
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.000                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.000                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.000                                         
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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