The simultaneous matching-to-sample procedures that are widely used to study stimulus equivalence in human participants have generally been unsuccessful in animals. However, functional equivalence classes have been demonstrated in pigeons and sea lions using a concurrent repeated reversal discrimination procedure. In this procedure, responding to one set of stimuli is reinforced but responding to a different set is not and the set associated with reinforcement is changed with multiple reversals during the experiment. The experiments reported here were designed to assess whether functional equivalence classes could be demonstrated in rats using similar techniques. Rats were initially trained with two sets of olfactory stimuli (six odors/set). Following many reversals, probe reversal sessions were conducted in which rats were exposed to a subset of the members of each set and, later in the session, the withheld stimuli were introduced. Responding to these delayed probe trials in accord with the reversed contingencies constituted transfer of function. There was some evidence of transfer in Experiment 1, but the effects were relatively weak and variable. Experiment 2 introduced procedural changes and found strong evidence of transfer of function consistent with the formation of functional equivalence classes. These procedures offer a promising strategy to study symbolic behavior in rodents.