FEDERATED EQUITY FUNDS
NSAR-A, 1998-06-29
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<PAGE>      PAGE  1
000 A000000 04/30/98
000 C000000 0000745968
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 FEDERATED EQUITY FUNDS
001 B000000 811-4017
001 C000000 4122888515
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  4
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 C020300 FEDERATED CAPITAL APPRECIATION FUND
007 C030300 N
007 C010400  4
007 C020400 FEDERATED AGGRESSIVE GROWTH FUND
007 C030400 N
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 SERVICES COMPANY
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
<PAGE>      PAGE  2
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02266
012 C04AA01 8600
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 LEHMAN BROS. INC.
020 B000001 13-3443395
020 C000001    108
020 A000002 JEFFERIES & CO., INC.
020 B000002 95-2622900
020 C000002     85
020 A000003 CS FIRST BOSTON CORP.
020 B000003 13-5659485
020 C000003     85
020 A000004 PRUDENTIAL SECURITIES INC.
020 B000004 22-2347336
020 C000004     81
020 A000005 MORGAN STANLEY & CO., INC.
020 B000005 13-2655998
020 C000005     75
020 A000006 BEAR STEARNS & CO., INC.
020 B000006 13-3299429
020 C000006     54
020 A000007 DONALDSON LUFKIN & JENRETTE
020 B000007 13-2741729
020 C000007     54
020 A000008 NATIONSBANC MONTGOMERY SECURITIES
020 B000008 94-1701676
020 C000008     52
020 A000009 JANNEY MONTGOMERY SCOTT, INC.
020 B000009 23-0731260
020 C000009     43
020 A000010 CJ LAWRENCE/ DEUTSCHE BANK
020 B000010 13-2730828
020 C000010     39
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022 A000001 BT SECURITIES CORP.
022 B000001 13-4941247
022 C000001   3877175
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022 A000002 C.J. LAWRENCE/DEUTSCHE BANK
<PAGE>      PAGE  3
022 B000002 00-0000000
022 C000002     36569
022 D000002     50048
022 A000003 BEAR, STEARNS SECURITIES CORP.
022 B000003 13-3299429
022 C000003     44662
022 D000003     29942
022 A000004 CANTOR, FITZGERALD SECURITIES CORP.
022 B000004 13-2698893
022 C000004     45640
022 D000004     11158
022 A000005 MERRILL LYNCH PIERCE FENNER SMITH INC.
022 B000005 13-5674085
022 C000005     27611
022 D000005     10483
022 A000006 MORGAN STANLEY & CO.,INC.
022 B000006 13-2655998
022 C000006     18054
022 D000006     17849
022 A000007 ROBERTSON, STEPHENS & CO., L.P.
022 B000007 94-2524501
022 C000007     21113
022 D000007     11894
022 A000008 LEHMAN BROS. INC.
022 B000008 13-2518466
022 C000008     20856
022 D000008     12144
022 A000009 NATIONBANC MONTGOMERY SECURITIES
022 B000009 94-3191429
022 C000009     21103
022 D000009      5642
022 A000010 JEFFERIES & CO., INC.
022 B000010 95-2638166
022 C000010     16351
022 D000010      8792
023 C000000    4261379
023 D000000     266010
026 A000000 Y
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026 E000000 Y
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026 H000000 Y
027  000000 Y
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 Y
<PAGE>      PAGE  4
041  00AA00 Y
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
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
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
062 J00AA00   0.0
062 K00AA00   0.0
062 L00AA00   0.0
062 M00AA00   0.0
062 N00AA00   0.0
062 O00AA00   0.0
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
<PAGE>      PAGE  5
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 N
077 C000000 N
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 C00AA00    85000
081 A00AA00 Y
081 B00AA00 270
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
<PAGE>      PAGE  6
086 F010000      0
086 F020000      0
015 A000101 STATE STREET BANK AND TRUST COMPANY
015 B000101 C
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015 C020101 MA
015 C030101 02266
015 C040101 8600
015 E010101 X
015 A000102 PNC BANK, NA
015 B000102 S
015 C010102 PITTSBURGH
015 C020102 PA
015 C030102 15265
015 E010102 X
015 A000103 NATIONSBANK OF NORTH CAROLINA
015 B000103 S
015 C010103 CHARLOTTE
015 C020103 NC
015 C030103 28255
015 E010103 X
015 A000104 MORGAN GUARANTY BANK & TRUST CO.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10015
015 E010104 X
015 A000105 THE CHASE MANHATTAN CORPORATION
015 B000105 S
015 C010105 NEW YORK
015 C020105 NY
015 C030105 10006
015 E010105 X
015 A000106 BANK OF NEW YORK
015 B000106 S
015 C010106 NEW YORK
015 C020106 NY
015 C030106 10006
015 E010106 X
015 A000107 BANKERS TRUST CO.
015 B000107 S
015 C010107 NEW YORK
015 C020107 NY
015 C030107 10015
015 E010107 X
024  000100 Y
025 A000101 BANK OF NEW YORK
025 C000101 E
025 D000101    3119
025 A000102 BANK AMERICA
025 C000102 E
<PAGE>      PAGE  7
025 D000102    5321
025 A000103 MELLON BANK
025 C000103 E
025 D000103    6322
025 A000104 MERRILL LYNCH
025 C000104 E
025 D000104    6792
025 A000105 MORGAN STANLEY & CO., INC.
025 C000105 E
025 D000105    7383
025 A000106 ETRADE GROUP
025 C000106 E
025 D000106    2693
025 A000107 TRAVELERS GROUP
025 C000107 E
025 D000107    5402
025 A000108 DELETE
025 D000108       0
025 A000109 DELETE
025 D000109       0
025 A000110 DELETE
025 D000110       0
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025 D000112       0
025 D000113       0
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025 D000116       0
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028 A020100     82387
028 A030100         0
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028 B020100      2839
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028 C010100     72044
028 C020100        44
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028 E020100         1
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<PAGE>      PAGE  8
028 F040100     53115
028 G010100    379112
028 G020100     85271
028 G030100         0
028 G040100    303785
028 H000100    134022
029  000100 Y
030 A000100   2438
030 B000100  5.50
030 C000100  0.00
031 A000100   2345
031 B000100      0
032  000100     93
033  000100      0
034  000100 Y
035  000100     77
036 A000100 N
036 B000100      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    229
044  000100      0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.750
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
<PAGE>      PAGE  9
048 J020100 0.000
048 K010100        0
048 K020100 0.000
055 A000100 N
055 B000100 N
056  000100 N
057  000100 N
070 A010100 Y
070 A020100 Y
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
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
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    404999
071 B000100    349204
071 C000100    570345
071 D000100   61
072 A000100  6
072 B000100      602
072 C000100     1657
072 D000100        0
<PAGE>      PAGE  10
072 E000100        0
072 F000100     2181
072 G000100      219
072 H000100        0
072 I000100      727
072 J000100       21
072 K000100        0
072 L000100       23
072 M000100        2
072 N000100       31
072 O000100       13
072 P000100        0
072 Q000100       56
072 R000100        8
072 S000100        2
072 T000100      228
072 U000100        0
072 V000100        0
072 W000100      167
072 X000100     3678
072 Y000100       18
072 Z000100    -1401
072AA000100    35008
072BB000100        0
072CC010100    42146
072CC020100        0
072DD010100        0
072DD020100        0
072EE000100   113187
073 A010100   0.0000
073 A020100   0.0000
073 B000100   6.3900
073 C000100   0.0000
074 A000100     5552
074 B000100    22205
074 C000100        0
074 D000100        0
074 E000100        0
074 F000100   646724
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100    21140
074 K000100        0
074 L000100     2724
074 M000100        0
074 N000100   698345
074 O000100    18992
074 P000100        0
074 Q000100        0
074 R010100        0
<PAGE>      PAGE  11
074 R020100        0
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074 R040100     1063
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074 U010100    20866
074 U020100     3107
074 V010100    28.38
074 V020100    26.18
074 W000100   0.0000
074 X000100    25602
074 Y000100        0
075 A000100        0
075 B000100   586358
076  000100     0.00
015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02266
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015 E010201 X
015 A000202 PNC BANK, NA
015 B000202 S
015 C010202 PITTSBURGH
015 C020202 PA
015 C030202 15265
015 E010202 X
015 A000203 NATIONSBANK OF NORTH CAROLINA
015 B000203 S
015 C010203 CHARLOTTE
015 C020203 NC
015 C030203 28255
015 E010203 X
015 A000204 MORGAN GUARANTY BANK & TRUST CO.
015 B000204 S
015 C010204 NEW YORK
015 C020204 NY
015 C030204 10015
015 E010204 X
015 A000205 THE CHASE MANHATTAN CORPORATION
015 B000205 S
015 C010205 NEW YORK
015 C020205 NY
015 C030205 10006
015 E010205 X
015 A000206 BANK OF NEW YORK
015 B000206 S
015 C010206 NEW YORK
015 C020206 NY
015 C030206 10006
<PAGE>      PAGE  12
015 E010206 X
015 A000207 BANKERS TRUST CO.
015 B000207 S
015 C010207 NEW YORK
015 C020207 NY
015 C030207 10015
015 E010207 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     34550
028 A020200        45
028 A030200         0
028 A040200     20120
028 B010200     61514
028 B020200         0
028 B030200         0
028 B040200     40500
028 C010200     50320
028 C020200         0
028 C030200         0
028 C040200     42146
028 D010200     75856
028 D020200         0
028 D030200         0
028 D040200     61020
028 E010200     70344
028 E020200         0
028 E030200         0
028 E040200     69702
028 F010200     63562
028 F020200         0
028 F030200         0
028 F040200     48213
028 G010200    356146
028 G020200        45
028 G030200         0
028 G040200    281701
028 H000200    106628
029  000200 Y
030 A000200   3739
030 B000200  5.50
030 C000200  0.00
031 A000200   3674
031 B000200      0
<PAGE>      PAGE  13
032  000200     66
033  000200      0
034  000200 Y
035  000200    441
036 A000200 N
036 B000200      0
042 A000200   0
042 B000200   0
042 C000200 100
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200    882
044  000200      0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.750
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 N
057  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
<PAGE>      PAGE  14
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
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 N
070 L010200 Y
070 L020200 N
070 M010200 Y
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
071 A000200    220956
071 B000200    146212
071 C000200    377152
071 D000200   39
072 A000200  6
072 B000200      449
072 C000200      440
072 D000200        0
072 E000200        0
072 F000200     1415
072 G000200      150
072 H000200        0
072 I000200      725
072 J000200       15
072 K000200        0
072 L000200       19
072 M000200        4
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072 O000200        1
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<PAGE>      PAGE  15
072 Q000200       57
072 R000200        8
072 S000200        2
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072 Z000200    -2424
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072EE000200       53
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074 O000200     6762
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074 U020200    14137
074 V010200    20.26
074 V020200    19.95
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<PAGE>      PAGE  16
075 A000200        0
075 B000200   380577
076  000200     0.00
015 A000301 STATE STREET BANK AND TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02266
015 C040301 8600
015 E010301 X
015 A000302 PNC BANK, NA
015 B000302 S
015 C010302 PITTSBURGH
015 C020302 PA
015 C030302 15265
015 E010302 X
015 A000303 NATIONSBANK OF NORTH CAROLINA
015 B000303 S
015 C010303 CHARLOTTE
015 C020303 NC
015 C030303 28255
015 E010303 X
015 A000304 MORGAN GUARANTY BANK & TRUST CO.
015 B000304 S
015 C010304 NEW YORK
015 C020304 NY
015 C030304 10015
015 E010304 X
015 A000305 THE CHASE MANHATTAN CORPORATION
015 B000305 S
015 C010305 NEW YORK
015 C020305 NY
015 C030305 10006
015 E010305 X
015 A000306 BANK OF NEW YORK
015 B000306 S
015 C010306 NEW YORK
015 C020306 NY
015 C030306 10006
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015 A000307 BANKERS TRUST CO.
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015 C010307 NEW YORK
015 C020307 NY
015 C030307 10015
015 E010307 X
024  000300 Y
025 A000301 MORGAN STANLEY & CO.,INC.
025 C000301 E
025 D000301    4124
025 A000302 TRAVELERS CORP.
<PAGE>      PAGE  17
025 C000302 E
025 D000302    2851
025 D000303       0
025 D000304       0
025 D000305       0
025 D000306       0
025 D000307       0
025 D000308       0
028 A010300      3387
028 A020300         0
028 A030300         0
028 A040300      1770
028 B010300      5567
028 B020300      9193
028 B030300         0
028 B040300      1989
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028 C020300         0
028 C030300         0
028 C040300      1984
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028 D020300         0
028 D030300         0
028 D040300      1516
028 E010300      7228
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028 E030300         0
028 E040300       885
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028 G020300      9235
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029  000300 Y
030 A000300   1209
030 B000300  5.50
030 C000300  0.00
031 A000300   1169
031 B000300      0
032  000300     41
033  000300      0
034  000300 Y
035  000300     61
036 A000300 N
036 B000300      0
042 A000300   0
042 B000300   0
<PAGE>      PAGE  18
042 C000300 100
042 D000300   0
042 E000300   0
042 F000300   0
042 G000300   0
042 H000300   0
043  000300    120
044  000300      0
045  000300 Y
046  000300 N
047  000300 Y
048  000300  0.750
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048 A020300 0.000
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048 B020300 0.000
048 C010300        0
048 C020300 0.000
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048 E020300 0.000
048 F010300        0
048 F020300 0.000
048 G010300        0
048 G020300 0.000
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048 H020300 0.000
048 I010300        0
048 I020300 0.000
048 J010300        0
048 J020300 0.000
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055 A000300 N
055 B000300 N
056  000300 N
057  000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
<PAGE>      PAGE  19
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300     70720
071 B000300     58598
071 C000300    178240
071 D000300   33
072 A000300  6
072 B000300      383
072 C000300     1232
072 D000300        0
072 E000300        0
072 F000300      684
072 G000300       92
072 H000300        0
072 I000300      228
072 J000300        8
072 K000300        0
072 L000300       19
072 M000300        2
072 N000300       40
072 O000300        3
072 P000300        0
072 Q000300       40
072 R000300        7
072 S000300        2
072 T000300      120
072 U000300        0
072 V000300        0
072 W000300       75
072 X000300     1320
<PAGE>      PAGE  20
072 Y000300       48
072 Z000300      343
072AA000300     8872
072BB000300        0
072CC010300    18809
072CC020300        0
072DD010300      683
072DD020300       28
072EE000300    17246
073 A010300   0.0500
073 A020300   0.0400
073 B000300   2.3300
073 C000300   2.3300
074 A000300       58
074 B000300     9205
074 C000300        0
074 D000300     7899
074 E000300    13468
074 F000300   185281
074 G000300        0
074 H000300        0
074 I000300        0
074 J000300        0
074 K000300        0
074 L000300      940
074 M000300        0
074 N000300   216851
074 O000300     4806
074 P000300        0
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300      123
074 S000300        0
074 T000300   211922
074 U010300     8084
074 U020300     1967
074 V010300    20.58
074 V020300    20.50
074 W000300   0.0000
074 X000300     7872
074 Y000300        0
075 A000300        0
075 B000300   183826
076  000300     0.00
015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02266
<PAGE>      PAGE  21
015 C040401 8600
015 E010401 X
015 A000402 PNC BANK, NA
015 B000402 S
015 C010402 PITTSBURGH
015 C020402 PA
015 C030402 15265
015 E010402 X
015 A000403 NATIONSBANK OF NORTH CAROLINA
015 B000403 S
015 C010403 CHARLOTTE
015 C020403 NC
015 C030403 28255
015 E010403 X
015 A000404 MORGAN GUARANTY BANK & TRUST CO.
015 B000404 S
015 C010404 NEW YORK
015 C020404 NY
015 C030404 10015
015 E010404 X
015 A000405 THE CHASE MANHATTAN CORPORATION
015 B000405 S
015 C010405 NEW YORK
015 C020405 NY
015 C030405 10006
015 E010405 X
015 A000406 BANK OF NEW YORK
015 B000406 S
015 C010406 NEW YORK
015 C020406 NY
015 C030406 10006
015 E010406 X
015 A000407 BANKERS TRUST CO.
015 B000407 S
015 C010407 NEW YORK
015 C020407 NY
015 C030407 10015
015 E010407 X
024  000400 Y
025 A000401 MORGAN STANLEY DEAN WITTER DISCOVER
025 C000401 E
025 D000401     252
025 A000402 DELETE
025 D000402       0
025 D000403       0
025 D000404       0
025 D000405       0
025 D000406       0
025 D000407       0
025 D000408       0
028 A010400      2278
<PAGE>      PAGE  22
028 A020400         0
028 A030400         0
028 A040400       572
028 B010400      3270
028 B020400         3
028 B030400         0
028 B040400      1113
028 C010400      2155
028 C020400         0
028 C030400         0
028 C040400      1205
028 D010400      2204
028 D020400         0
028 D030400         0
028 D040400       407
028 E010400      3785
028 E020400         0
028 E030400         0
028 E040400       444
028 F010400      5396
028 F020400         0
028 F030400         0
028 F040400      1006
028 G010400     19088
028 G020400         3
028 G030400         0
028 G040400      4747
028 H000400     16553
029  000400 Y
030 A000400    604
030 B000400  5.50
030 C000400  0.00
031 A000400    583
031 B000400      0
032  000400     22
033  000400      0
034  000400 Y
035  000400     18
036 A000400 N
036 B000400      0
042 A000400   0
042 B000400   0
042 C000400 100
042 D000400   0
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400   0
043  000400     46
044  000400      0
045  000400 Y
<PAGE>      PAGE  23
046  000400 N
047  000400 Y
048  000400  1.000
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
055 A000400 Y
055 B000400 N
056  000400 N
057  000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
<PAGE>      PAGE  24
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400     21697
071 B000400      8280
071 C000400     18195
071 D000400   45
072 A000400  6
072 B000400       10
072 C000400       15
072 D000400        0
072 E000400        0
072 F000400       89
072 G000400       92
072 H000400        0
072 I000400       22
072 J000400        4
072 K000400        0
072 L000400        3
072 M000400        2
072 N000400       16
072 O000400        3
072 P000400        0
072 Q000400       38
072 R000400        4
072 S000400        1
072 T000400       46
072 U000400        0
072 V000400        0
072 W000400       38
072 X000400      358
072 Y000400      157
072 Z000400     -177
072AA000400       36
072BB000400        0
072CC010400     3292
072CC020400        0
072DD010400        0
072DD020400        3
072EE000400        0
<PAGE>      PAGE  25
073 A010400   0.0000
073 A020400   0.0000
073 B000400   0.0032
073 C000400   0.0000
074 A000400        0
074 B000400        0
074 C000400        0
074 D000400        0
074 E000400        0
074 F000400    28380
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400      686
074 K000400        0
074 L000400     1214
074 M000400       12
074 N000400    30292
074 O000400      269
074 P000400      240
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400        3
074 S000400        0
074 T000400    29780
074 U010400   602816
074 U020400  1206644
074 V010400    15.19
074 V020400    15.09
074 W000400   0.0000
074 X000400     2927
074 Y000400        0
075 A000400        0
075 B000400    17833
076  000400     0.00
SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 011
   <NAME> FEDERATED GROWTH STRATEGIES FUND, CLASS A
<MULTIPLIER> 1
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 012
   <NAME> FEDERATED GROWTH STRATEGIES FUND, CLASS B
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<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 013
   <NAME> FEDERATED GROWTH STRATEGIES FUND, CLASS C
<MULTIPLIER> 1
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 031
   <NAME> FEDERATED CAPITAL APPRECIATION FUND, CLASS A
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<SENIOR-EQUITY>                                      0
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<OTHER-INCOME>                                       0
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<REALIZED-GAINS-CURRENT>                     8,871,705
<APPREC-INCREASE-CURRENT>                   18,808,999
<NET-CHANGE-FROM-OPS>                       28,024,124
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (682,978)
<DISTRIBUTIONS-OF-GAINS>                  (17,245,708)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        737,875
<NUMBER-OF-SHARES-REDEEMED>                  (392,999)
<SHARES-REINVESTED>                            361,089
<NET-CHANGE-IN-ASSETS>                      39,496,760
<ACCUMULATED-NII-PRIOR>                        439,979
<ACCUMULATED-GAINS-PRIOR>                   20,312,484
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          683,640
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,319,687
<AVERAGE-NET-ASSETS>                       151,582,947
<PER-SHARE-NAV-BEGIN>                            20.08
<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           2.87
<PER-SHARE-DIVIDEND>                            (0.09)
<PER-SHARE-DISTRIBUTIONS>                       (2.33)
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              20.58
<EXPENSE-RATIO>                                   1.26
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 032
   <NAME> FEDERATED CAPITAL APPRECIATION FUND, CLASS B
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
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<INVESTMENTS-AT-VALUE>                     215,851,546
<RECEIVABLES>                                  940,793
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<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             216,850,609
<PAYABLE-FOR-SECURITIES>                     4,806,376
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      122,078
<TOTAL-LIABILITIES>                          4,928,454
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   138,191,770
<SHARES-COMMON-STOCK>                        1,967,486
<SHARES-COMMON-PRIOR>                        1,079,695
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<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      8,934,753
<OVERDISTRIBUTION-GAINS>                             0
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<APPREC-INCREASE-CURRENT>                   18,808,999
<NET-CHANGE-FROM-OPS>                       28,024,124
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (23,333)
<DISTRIBUTIONS-OF-GAINS>                   (2,692,221)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        845,468
<NUMBER-OF-SHARES-REDEEMED>                  (102,114)
<SHARES-REINVESTED>                            144,437
<NET-CHANGE-IN-ASSETS>                      39,496,760
<ACCUMULATED-NII-PRIOR>                        439,979
<ACCUMULATED-GAINS-PRIOR>                   20,312,484
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          683,640
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,319,687
<AVERAGE-NET-ASSETS>                        28,615,242
<PER-SHARE-NAV-BEGIN>                            20.04
<PER-SHARE-NII>                                 (0.02)
<PER-SHARE-GAIN-APPREC>                           2.83
<PER-SHARE-DIVIDEND>                            (0.02)
<PER-SHARE-DISTRIBUTIONS>                       (2.33)
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<PER-SHARE-NAV-END>                              20.50
<EXPENSE-RATIO>                                   2.01
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 033
   <NAME> FEDERATED CAPITAL APPRECIATION FUND, CLASS C
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                      151,128,554
<INVESTMENTS-AT-VALUE>                     215,851,546
<RECEIVABLES>                                  940,793
<ASSETS-OTHER>                                  58,270
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             216,850,609
<PAYABLE-FOR-SECURITIES>                     4,806,376
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      122,078
<TOTAL-LIABILITIES>                          4,928,454
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   138,191,770
<SHARES-COMMON-STOCK>                          256,178
<SHARES-COMMON-PRIOR>                          131,016
<ACCUMULATED-NII-CURRENT>                       72,640
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      8,934,753
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    64,722,992
<NET-ASSETS>                                 5,248,840
<DIVIDEND-INCOME>                            1,232,243
<INTEREST-INCOME>                              382,613
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,271,436)
<NET-INVESTMENT-INCOME>                        343,420
<REALIZED-GAINS-CURRENT>                     8,871,705
<APPREC-INCREASE-CURRENT>                   18,808,999
<NET-CHANGE-FROM-OPS>                       28,024,124
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (4,448)
<DISTRIBUTIONS-OF-GAINS>                     (311,507)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        132,237
<NUMBER-OF-SHARES-REDEEMED>                   (23,457)
<SHARES-REINVESTED>                             16,382
<NET-CHANGE-IN-ASSETS>                      39,496,760
<ACCUMULATED-NII-PRIOR>                        439,979
<ACCUMULATED-GAINS-PRIOR>                   20,312,484
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          683,640
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,319,687
<AVERAGE-NET-ASSETS>                         3,616,989
<PER-SHARE-NAV-BEGIN>                            19.95
<PER-SHARE-NII>                                 (0.02)
<PER-SHARE-GAIN-APPREC>                           2.91
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<PER-SHARE-DISTRIBUTIONS>                       (2.33)
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              20.49
<EXPENSE-RATIO>                                   2.01
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 021
   <NAME> FEDERATED SM, CLASS A
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                      368,463,936
<INVESTMENTS-AT-VALUE>                     445,802,445
<RECEIVABLES>                                3,326,483
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                        12,193,769
<TOTAL-ASSETS>                             461,322,697
<PAYABLE-FOR-SECURITIES>                     6,762,279
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    1,686,482
<TOTAL-LIABILITIES>                          8,448,761
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   372,578,645
<SHARES-COMMON-STOCK>                        8,438,948
<SHARES-COMMON-PRIOR>                        7,193,898
<ACCUMULATED-NII-CURRENT>                  (2,424,373)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      5,439,248
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    77,280,416
<NET-ASSETS>                               170,948,643
<DIVIDEND-INCOME>                              440,166
<INTEREST-INCOME>                              448,582
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (3,313,201)
<NET-INVESTMENT-INCOME>                    (2,424,453)
<REALIZED-GAINS-CURRENT>                     5,486,584
<APPREC-INCREASE-CURRENT>                   30,917,222
<NET-CHANGE-FROM-OPS>                       33,979,353
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                      (20,318)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     15,049,185
<NUMBER-OF-SHARES-REDEEMED>               (13,804,900)
<SHARES-REINVESTED>                                765
<NET-CHANGE-IN-ASSETS>                     108,416,678
<ACCUMULATED-NII-PRIOR>                             80
<ACCUMULATED-GAINS-PRIOR>                        5,454
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,415,474
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,318,110
<AVERAGE-NET-ASSETS>                       143,527,864
<PER-SHARE-NAV-BEGIN>                            18.75
<PER-SHARE-NII>                                 (0.07)
<PER-SHARE-GAIN-APPREC>                           1.61
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<PER-SHARE-DISTRIBUTIONS>                       (0.03)
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              20.26
<EXPENSE-RATIO>                                   1.29
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 022
   <NAME> FEDERATED SMALL CAP FUND, CLASS B
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                      368,463,936
<INVESTMENTS-AT-VALUE>                     445,802,445
<RECEIVABLES>                                3,326,483
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                        12,193,769
<TOTAL-ASSETS>                             461,322,697
<PAYABLE-FOR-SECURITIES>                     6,762,279
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    1,686,482
<TOTAL-LIABILITIES>                          8,448,761
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   372,578,645
<SHARES-COMMON-STOCK>                       12,352,192
<SHARES-COMMON-PRIOR>                        9,883,938
<ACCUMULATED-NII-CURRENT>                  (2,424,373)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      5,439,248
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    77,280,416
<NET-ASSETS>                               246,379,460
<DIVIDEND-INCOME>                              440,166
<INTEREST-INCOME>                              448,582
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (3,313,201)
<NET-INVESTMENT-INCOME>                    (2,424,453)
<REALIZED-GAINS-CURRENT>                     5,486,584
<APPREC-INCREASE-CURRENT>                   30,917,222
<NET-CHANGE-FROM-OPS>                       33,979,353
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                      (28,441)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      3,459,185
<NUMBER-OF-SHARES-REDEEMED>                  (992,444)
<SHARES-REINVESTED>                              1,513
<NET-CHANGE-IN-ASSETS>                     108,416,678
<ACCUMULATED-NII-PRIOR>                             80
<ACCUMULATED-GAINS-PRIOR>                        5,454
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,415,474
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,318,110
<AVERAGE-NET-ASSETS>                       206,966,885
<PER-SHARE-NAV-BEGIN>                            18.53
<PER-SHARE-NII>                                 (0.13)
<PER-SHARE-GAIN-APPREC>                           1.58
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<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              19.95
<EXPENSE-RATIO>                                   2.04
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 023
   <NAME> FEDERATED SMALL CAP FUND, CLASS C
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                      368,463,936
<INVESTMENTS-AT-VALUE>                     445,802,445
<RECEIVABLES>                                3,326,483
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                        12,193,769
<TOTAL-ASSETS>                             461,322,697
<PAYABLE-FOR-SECURITIES>                     6,762,279
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    1,686,482
<TOTAL-LIABILITIES>                          8,448,761
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   372,578,645
<SHARES-COMMON-STOCK>                        1,784,417
<SHARES-COMMON-PRIOR>                        1,425,159
<ACCUMULATED-NII-CURRENT>                  (2,424,373)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      5,439,248
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    77,280,416
<NET-ASSETS>                                35,545,833
<DIVIDEND-INCOME>                              440,166
<INTEREST-INCOME>                              448,582
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (3,313,201)
<NET-INVESTMENT-INCOME>                    (2,424,453)
<REALIZED-GAINS-CURRENT>                     5,486,584
<APPREC-INCREASE-CURRENT>                   30,917,222
<NET-CHANGE-FROM-OPS>                       33,979,353
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       (4,031)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        574,944
<NUMBER-OF-SHARES-REDEEMED>                  (215,894)
<SHARES-REINVESTED>                                208
<NET-CHANGE-IN-ASSETS>                     108,416,678
<ACCUMULATED-NII-PRIOR>                             80
<ACCUMULATED-GAINS-PRIOR>                        5,454
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,415,474
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,318,110
<AVERAGE-NET-ASSETS>                        30,097,371
<PER-SHARE-NAV-BEGIN>                            18.51
<PER-SHARE-NII>                                 (0.13)
<PER-SHARE-GAIN-APPREC>                           1.57
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                       (0.03)
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              19.92
<EXPENSE-RATIO>                                   2.04
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 041
   <NAME> FEDERATED AGGRESSIVE GROWTH FUND, CLASS A
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                       23,743,523
<INVESTMENTS-AT-VALUE>                      28,379,595
<RECEIVABLES>                                1,900,541
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            12,208
<TOTAL-ASSETS>                              30,292,344
<PAYABLE-FOR-SECURITIES>                       268,600
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      243,788
<TOTAL-LIABILITIES>                            512,388
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    25,285,014
<SHARES-COMMON-STOCK>                          602,816
<SHARES-COMMON-PRIOR>                          311,580
<ACCUMULATED-NII-CURRENT>                    (178,574)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         37,444
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     4,636,072
<NET-ASSETS>                                 9,158,265
<DIVIDEND-INCOME>                               14,639
<INTEREST-INCOME>                               10,182
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (201,465)
<NET-INVESTMENT-INCOME>                      (176,644)
<REALIZED-GAINS-CURRENT>                        35,578
<APPREC-INCREASE-CURRENT>                    3,291,583
<NET-CHANGE-FROM-OPS>                        3,150,517
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       (1,113)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        552,795
<NUMBER-OF-SHARES-REDEEMED>                  (261,636)
<SHARES-REINVESTED>                                 77
<NET-CHANGE-IN-ASSETS>                      17,491,234
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        5,250
<OVERDISTRIB-NII-PRIOR>                        (1,930)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           88,825
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                358,278
<AVERAGE-NET-ASSETS>                         5,567,963
<PER-SHARE-NAV-BEGIN>                            13.31
<PER-SHARE-NII>                                 (0.06)
<PER-SHARE-GAIN-APPREC>                           1.94
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              15.19
<EXPENSE-RATIO>                                   1.76
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 042
   <NAME> FEDERATED AGGRESSIVE GROWTH FUND
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                       23,743,523
<INVESTMENTS-AT-VALUE>                      28,379,595
<RECEIVABLES>                                1,900,541
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            12,208
<TOTAL-ASSETS>                              30,292,344
<PAYABLE-FOR-SECURITIES>                       268,600
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      243,788
<TOTAL-LIABILITIES>                            512,388
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    25,285,014
<SHARES-COMMON-STOCK>                        1,206,644
<SHARES-COMMON-PRIOR>                          541,240
<ACCUMULATED-NII-CURRENT>                    (178,574)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         37,444
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     4,636,072
<NET-ASSETS>                                18,207,847
<DIVIDEND-INCOME>                               14,639
<INTEREST-INCOME>                               10,182
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (201,465)
<NET-INVESTMENT-INCOME>                      (176,644)
<REALIZED-GAINS-CURRENT>                        35,578
<APPREC-INCREASE-CURRENT>                    3,291,583
<NET-CHANGE-FROM-OPS>                        3,150,517
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       (1,978)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        717,968
<NUMBER-OF-SHARES-REDEEMED>                   (52,702)
<SHARES-REINVESTED>                                138
<NET-CHANGE-IN-ASSETS>                      17,491,234
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        5,250
<OVERDISTRIB-NII-PRIOR>                        (1,930)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           88,825
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                358,278
<AVERAGE-NET-ASSETS>                        10,778,828
<PER-SHARE-NAV-BEGIN>                            13.27
<PER-SHARE-NII>                                 (0.10)
<PER-SHARE-GAIN-APPREC>                           1.92
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              15.09
<EXPENSE-RATIO>                                   2.51
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
   <NUMBER> 043
   <NAME> FEDERATED AGGRESSIVE GROWTH FUND, CLASS C
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                       23,743,523
<INVESTMENTS-AT-VALUE>                      28,379,595
<RECEIVABLES>                                1,900,541
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            12,208
<TOTAL-ASSETS>                              30,292,344
<PAYABLE-FOR-SECURITIES>                       268,600
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      243,788
<TOTAL-LIABILITIES>                            512,388
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    25,285,014
<SHARES-COMMON-STOCK>                          160,784
<SHARES-COMMON-PRIOR>                           72,511
<ACCUMULATED-NII-CURRENT>                    (178,574)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         37,444
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     4,636,072
<NET-ASSETS>                                 2,413,844
<DIVIDEND-INCOME>                               14,639
<INTEREST-INCOME>                               10,182
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (201,465)
<NET-INVESTMENT-INCOME>                      (176,644)
<REALIZED-GAINS-CURRENT>                        35,578
<APPREC-INCREASE-CURRENT>                    3,291,583
<NET-CHANGE-FROM-OPS>                        3,150,517
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                         (293)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        136,274
<NUMBER-OF-SHARES-REDEEMED>                   (48,021)
<SHARES-REINVESTED>                                 20
<NET-CHANGE-IN-ASSETS>                      17,491,234
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        5,250
<OVERDISTRIB-NII-PRIOR>                        (1,930)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           88,825
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                358,278
<AVERAGE-NET-ASSETS>                         1,486,076
<PER-SHARE-NAV-BEGIN>                            13.20
<PER-SHARE-NII>                                 (0.10)
<PER-SHARE-GAIN-APPREC>                           1.91
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              15.01
<EXPENSE-RATIO>                                   2.51
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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