WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 023
<NAME> Federated Small Cap Strategies Fund - Class C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 374,446,298
<INVESTMENTS-AT-VALUE> 408,258,374
<RECEIVABLES> 2,816,671
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 20,128
<TOTAL-ASSETS> 411,095,173
<PAYABLE-FOR-SECURITIES> 233,663
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 418,882
<TOTAL-LIABILITIES> 652,545
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 344,085,236
<SHARES-COMMON-STOCK> 1,636,178
<SHARES-COMMON-PRIOR> 1,761,910
<ACCUMULATED-NII-CURRENT> (2,878,970)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35,424,286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,812,076
<NET-ASSETS> 31,010,829
<DIVIDEND-INCOME> 593,145
<INTEREST-INCOME> 594,330
<OTHER-INCOME> 0
<EXPENSES-NET> (4,066,445)
<NET-INVESTMENT-INCOME> (2,878,970)
<REALIZED-GAINS-CURRENT> 39,460,136
<APPREC-INCREASE-CURRENT> (20,599,174)
<NET-CHANGE-FROM-OPS> 15,981,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 911,252
<NUMBER-OF-SHARES-REDEEMED> (1,036,984)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,875,453
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,035,850)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,686,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,070,062
<AVERAGE-NET-ASSETS> 36,669,713
<PER-SHARE-NAV-BEGIN> 18.200
<PER-SHARE-NII> (0.190)
<PER-SHARE-GAIN-APPREC> 0.940
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 18.950
<EXPENSE-RATIO> 2.110
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
