WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> Federated Equity Funds
<SERIES>
<NUMBER> 021
<NAME> Federated Small Cap Strategies - Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-2000
<PERIOD-END> Oct-31-2000
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<INVESTMENTS-AT-VALUE> 388,465,946
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<OTHER-ITEMS-ASSETS> 10,283,069
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<PAYABLE-FOR-SECURITIES> 24,384,657
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,919,533
<TOTAL-LIABILITIES> 37,304,190
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 320,382,768
<SHARES-COMMON-STOCK> 8,671,552
<SHARES-COMMON-PRIOR> 7,958,153
<ACCUMULATED-NII-CURRENT> 742
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 1,067,651
<INTEREST-INCOME> 963,778
<OTHER-INCOME> 0
<EXPENSES-NET> (7,627,739)
<NET-INVESTMENT-INCOME> (5,596,310)
<REALIZED-GAINS-CURRENT> 10,187,396
<APPREC-INCREASE-CURRENT> 1,204,103
<NET-CHANGE-FROM-OPS> 5,795,189
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,636,627
<NUMBER-OF-SHARES-REDEEMED> (31,923,228)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,543,915
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,035,850)
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<GROSS-ADVISORY-FEES> 3,198,116
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<PER-SHARE-NII> (0.180)
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<PER-SHARE-NAV-END> 19.080
<EXPENSE-RATIO> 1.350
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
