WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 033
<NAME> FEDERATED CAPITAL APPRECIATION FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-2000
<PERIOD-END> Apr-30-2000
<INVESTMENTS-AT-COST> 466,316,959
<INVESTMENTS-AT-VALUE> 619,563,871
<RECEIVABLES> 8,770,089
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 628,333,960
<PAYABLE-FOR-SECURITIES> 13,667,909
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 566,272
<TOTAL-LIABILITIES> 14,234,181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 416,138,814
<SHARES-COMMON-STOCK> 942,218
<SHARES-COMMON-PRIOR> 513,278
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,326,033)
<ACCUMULATED-NET-GAINS> 45,991,418
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 153,295,580
<NET-ASSETS> 27,106,906
<DIVIDEND-INCOME> 2,611,755
<INTEREST-INCOME> 912,221
<OTHER-INCOME> 0
<EXPENSES-NET> (3,900,604)
<NET-INVESTMENT-INCOME> (376,628)
<REALIZED-GAINS-CURRENT> 44,799,502
<APPREC-INCREASE-CURRENT> 38,577,616
<NET-CHANGE-FROM-OPS> 83,000,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33)
<DISTRIBUTIONS-OF-GAINS> (702,088)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 846,082
<NUMBER-OF-SHARES-REDEEMED> (433,672)
<SHARES-REINVESTED> 26,530
<NET-CHANGE-IN-ASSETS> 232,621,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 21,975,044
<OVERDISTRIB-NII-PRIOR> (376,263)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,931,143
<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 19,483,700
<PER-SHARE-NAV-BEGIN> 25.070
<PER-SHARE-NII> (0.010)
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<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.310)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 28.770
<EXPENSE-RATIO> 2.01
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
