WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> Federated Equity Funds
<SERIES>
<NUMBER> 032
<NAME> Federated Capital Appreciation Fund - Class B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-2000
<PERIOD-END> Oct-31-2000
<INVESTMENTS-AT-COST> 765,577,000
<INVESTMENTS-AT-VALUE> 923,746,637
<RECEIVABLES> 29,830,103
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 953,576,740
<PAYABLE-FOR-SECURITIES> 6,265,318
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,818,478
<TOTAL-LIABILITIES> 8,083,796
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 732,091,552
<SHARES-COMMON-STOCK> 9,314,786
<SHARES-COMMON-PRIOR> 4,246,644
<ACCUMULATED-NII-CURRENT> 297
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 54,824,310
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 158,576,785
<NET-ASSETS> 266,173,544
<DIVIDEND-INCOME> 6,809,166
<INTEREST-INCOME> 3,569,473
<OTHER-INCOME> 0
<EXPENSES-NET> (9,387,893)
<NET-INVESTMENT-INCOME> 990,746
<REALIZED-GAINS-CURRENT> 55,127,569
<APPREC-INCREASE-CURRENT> 15,417,901
<NET-CHANGE-FROM-OPS> 71,536,216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (5,803,301)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,849,950
<NUMBER-OF-SHARES-REDEEMED> (991,926)
<SHARES-REINVESTED> 210,118
<NET-CHANGE-IN-ASSETS> 564,015,108
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 21,975,044
<OVERDISTRIB-NII-PRIOR> (376,263)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,707,785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,407,715
<AVERAGE-NET-ASSETS> 193,160,226
<PER-SHARE-NAV-BEGIN> 25.090
<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> 28.580
<EXPENSE-RATIO> 1.99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
