WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> Federated Equity Funds
<SERIES>
<NUMBER> 022
<NAME> Federated Small Cap Strategies Fund - Class B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-2000
<PERIOD-END> Oct-31-2000
<INVESTMENTS-AT-COST> 332,850,593
<INVESTMENTS-AT-VALUE> 388,465,946
<RECEIVABLES> 20,666,265
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,283,069
<TOTAL-ASSETS> 419,415,280
<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> 10,221,011
<SHARES-COMMON-PRIOR> 10,835,954
<ACCUMULATED-NII-CURRENT> 742
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,112,227
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 55,615,353
<NET-ASSETS> 188,440,134
<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> 2,021,052
<NUMBER-OF-SHARES-REDEEMED> (2,635,995)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,543,915
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,035,850)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,198,116
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,638,061
<AVERAGE-NET-ASSETS> 218,683,433
<PER-SHARE-NAV-BEGIN> 18.230
<PER-SHARE-NII> (0.330)
<PER-SHARE-GAIN-APPREC> 0.540
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 18.440
<EXPENSE-RATIO> 2.100
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
