WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 042
<NAME> FEDERATED AGGRESSIVE GROWTH FUND- CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-2000
<PERIOD-END> Oct-31-2000
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<TOTAL-LIABILITIES> 15,579,723
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 491,767,089
<SHARES-COMMON-STOCK> 6,994,460
<SHARES-COMMON-PRIOR> 2,136,105
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (100,920,966)
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<DIVIDEND-INCOME> 38,620
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (5,593,678)
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<APPREC-INCREASE-CURRENT> (133,844,050)
<NET-CHANGE-FROM-OPS> (140,464,733)
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> (454,819)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (1,715,122)
<SHARES-REINVESTED> 15,308
<NET-CHANGE-IN-ASSETS> 318,506,475
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<PER-SHARE-NII> (0.610)
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<PER-SHARE-NAV-END> 20.400
<EXPENSE-RATIO> 2.330
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
