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<PAGE> PAGE 1
000 A000000 04/30/97
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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
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<PAGE> PAGE 9
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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 23
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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Federated Growth Strategies Fund
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Federated Growth Strategies Fund
Class B Shares
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Federated Growth Strategies Fund
Class C Shares
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</TABLE>
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Federated Small Cap Strategies Fund
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<PERIOD-END> Apr-30-1997
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<INVESTMENTS-AT-VALUE> 134,403,867
<RECEIVABLES> 1,559,687
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<OTHER-ITEMS-ASSETS> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,548,856
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,634,105
<NET-ASSETS> 122,029,828
<DIVIDEND-INCOME> 1,032,030
<INTEREST-INCOME> 306,009
<OTHER-INCOME> 0
<EXPENSES-NET> 813,174
<NET-INVESTMENT-INCOME> 524,865
<REALIZED-GAINS-CURRENT> 7,554,053
<APPREC-INCREASE-CURRENT> 1,823,531
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 6,319,819
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<NUMBER-OF-SHARES-SOLD> 115,548
<NUMBER-OF-SHARES-REDEEMED> 28,420
<SHARES-REINVESTED> 23,161
<NET-CHANGE-IN-ASSETS> 18,500,021
<ACCUMULATED-NII-PRIOR> 81,626
<ACCUMULATED-GAINS-PRIOR> 6,790,026
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 895,398
<AVERAGE-NET-ASSETS> 124,888,542
<PER-SHARE-NAV-BEGIN> 97.010
<PER-SHARE-NII> 0.440
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<PER-SHARE-DIVIDEND> 0.390
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<EXPENSE-RATIO> 1.25
<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> 6-Mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 104,769,762
<INVESTMENTS-AT-VALUE> 134,403,867
<RECEIVABLES> 1,559,687
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<TOTAL-ASSETS> 135,981,106
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 1,597,910
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,043,932
<SHARES-COMMON-STOCK> 112,014
<SHARES-COMMON-PRIOR> 65,863
<ACCUMULATED-NII-CURRENT> 156,303
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,548,856
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,634,105
<NET-ASSETS> 11,060,451
<DIVIDEND-INCOME> 1,032,030
<INTEREST-INCOME> 306,009
<OTHER-INCOME> 0
<EXPENSES-NET> 813,174
<NET-INVESTMENT-INCOME> 524,865
<REALIZED-GAINS-CURRENT> 7,554,053
<APPREC-INCREASE-CURRENT> 1,823,531
<NET-CHANGE-FROM-OPS> 9,902,449
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11
<DISTRIBUTIONS-OF-GAINS> 426,677
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,090
<NUMBER-OF-SHARES-REDEEMED> 11,112
<SHARES-REINVESTED> 4,173
<NET-CHANGE-IN-ASSETS> 18,500,021
<ACCUMULATED-NII-PRIOR> 81,626
<ACCUMULATED-GAINS-PRIOR> 6,790,026
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 464,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 895,398
<AVERAGE-NET-ASSETS> 124,888,542
<PER-SHARE-NAV-BEGIN> 96.700
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 7.510
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 5.540
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<PER-SHARE-NAV-END> 98.740
<EXPENSE-RATIO> 2.01
<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> 6-Mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 104,769,762
<INVESTMENTS-AT-VALUE> 134,403,867
<RECEIVABLES> 1,559,687
<ASSETS-OTHER> 17,552
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 135,981,106
<PAYABLE-FOR-SECURITIES> 1,533,541
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64,369
<TOTAL-LIABILITIES> 1,597,910
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,043,932
<SHARES-COMMON-STOCK> 13,078
<SHARES-COMMON-PRIOR> 7,334
<ACCUMULATED-NII-CURRENT> 156,303
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,548,856
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,634,105
<NET-ASSETS> 1,292,917
<DIVIDEND-INCOME> 1,032,030
<INTEREST-INCOME> 306,009
<OTHER-INCOME> 0
<EXPENSES-NET> 813,174
<NET-INVESTMENT-INCOME> 524,865
<REALIZED-GAINS-CURRENT> 7,554,053
<APPREC-INCREASE-CURRENT> 1,823,531
<NET-CHANGE-FROM-OPS> 9,902,449
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 48,727
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,084
<NUMBER-OF-SHARES-REDEEMED> 791
<SHARES-REINVESTED> 451
<NET-CHANGE-IN-ASSETS> 18,500,021
<ACCUMULATED-NII-PRIOR> 81,626
<ACCUMULATED-GAINS-PRIOR> 6,790,026
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 464,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 895,398
<AVERAGE-NET-ASSETS> 124,888,542
<PER-SHARE-NAV-BEGIN> 96.760
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 7.570
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 5.540
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 98.860
<EXPENSE-RATIO> 2.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> Federated Equity Funds
Federated Aggressive Growth Fund
Class A Shares
<PERIOD-TYPE> 5-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 3,140,804
<INVESTMENTS-AT-VALUE> 3,087,996
<RECEIVABLES> 33,373
<ASSETS-OTHER> 445
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,121,814
<PAYABLE-FOR-SECURITIES> 97,564
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,891
<TOTAL-LIABILITIES> 122,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,207,161
<SHARES-COMMON-STOCK> 101,492
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,587)
<ACCUMULATED-NET-GAINS> (142,407)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (52,808)
<NET-ASSETS> 933,430
<DIVIDEND-INCOME> 9,228
<INTEREST-INCOME> 3,939
<OTHER-INCOME> 0
<EXPENSES-NET> 23,824
<NET-INVESTMENT-INCOME> (10,657)
<REALIZED-GAINS-CURRENT> (142,407)
<APPREC-INCREASE-CURRENT> (52,808)
<NET-CHANGE-FROM-OPS> (205,872)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,722
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 369,553
<NUMBER-OF-SHARES-REDEEMED> 268,080
<SHARES-REINVESTED> 19
<NET-CHANGE-IN-ASSETS> 2,999,359
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,364
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215,300
<AVERAGE-NET-ASSETS> 2,356,999
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.030)
<PER-SHARE-GAIN-APPREC> (0.760)
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.200
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> Federated Equity Funds
Federated Aggressive Growth Fund
Class B Shares
<PERIOD-TYPE> 5-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 3,140,804
<INVESTMENTS-AT-VALUE> 3,087,996
<RECEIVABLES> 33,373
<ASSETS-OTHER> 445
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,121,814
<PAYABLE-FOR-SECURITIES> 97,564
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,891
<TOTAL-LIABILITIES> 122,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,207,161
<SHARES-COMMON-STOCK> 209,839
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,587)
<ACCUMULATED-NET-GAINS> (142,407)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (52,808)
<NET-ASSETS> 1,929,550
<DIVIDEND-INCOME> 9,228
<INTEREST-INCOME> 3,939
<OTHER-INCOME> 0
<EXPENSES-NET> 23,824
<NET-INVESTMENT-INCOME> (10,657)
<REALIZED-GAINS-CURRENT> (142,407)
<APPREC-INCREASE-CURRENT> (52,808)
<NET-CHANGE-FROM-OPS> (205,872)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 165
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 215,310
<NUMBER-OF-SHARES-REDEEMED> 5,488
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 2,999,359
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,364
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215,300
<AVERAGE-NET-ASSETS> 2,356,999
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.040)
<PER-SHARE-GAIN-APPREC> (0.760)
<PER-SHARE-DIVIDEND> 0.000
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.200
<EXPENSE-RATIO> 2.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 043
<NAME> Federated Equity Funds
Federated Aggressive Growth Fund
Class C Shares
<PERIOD-TYPE> 5-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 3,140,804
<INVESTMENTS-AT-VALUE> 3,087,996
<RECEIVABLES> 33,373
<ASSETS-OTHER> 445
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,121,814
<PAYABLE-FOR-SECURITIES> 97,564
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,891
<TOTAL-LIABILITIES> 122,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,207,161
<SHARES-COMMON-STOCK> 14,886
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,587)
<ACCUMULATED-NET-GAINS> (142,407)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (52,808)
<NET-ASSETS> 136,379
<DIVIDEND-INCOME> 9,228
<INTEREST-INCOME> 3,939
<OTHER-INCOME> 0
<EXPENSES-NET> 23,824
<NET-INVESTMENT-INCOME> (10,657)
<REALIZED-GAINS-CURRENT> (142,407)
<APPREC-INCREASE-CURRENT> (52,808)
<NET-CHANGE-FROM-OPS> (205,872)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,163
<NUMBER-OF-SHARES-REDEEMED> 11,281
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 2,999,359
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,364
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215,300
<AVERAGE-NET-ASSETS> 2,356,999
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.060)
<PER-SHARE-GAIN-APPREC> (0.780)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.160
<EXPENSE-RATIO> 2.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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