FEDERATED EQUITY FUNDS
AW, 1998-10-09
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                             FEDERATED EQUITY FUNDS

                            Federated Investors Funds
                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7000

                                 October 9, 1998




EDGAR Operations Branch
Securities and Exchange Commission
Division of Investment Management
450 Fifth Street, Northwest
Washington, DC  20549

     RE: FEDERATED EQUITY FUNDS
         Federated Large Cap Growth Fund
         1933 Act File No. 2-91090
         1940 Act File No. 811-4017

Dear Sir or Madam:

      On behalf of FEDERATED EQUITY FUNDS, (the "Registrant"), I hereby submit
this application for withdrawal of Post-Effective Amendment No. 39, which was
filed pursuant to Rule 485(a) under the Securities Act of 1933 (the "Act"), the
Registrant's Registration Statement on Form N-1A.

      The Rule 485(a) filing was made in order to add a new portfolio to the
Registrant, Federated Large Cap Growth Fund. Information that may be considered
material regarding this new portfolio was not included in the filing. The
Registrant intends to re-file the Registration Statement as Post-Effective
Amendment No. 40 pursuant to Rule 485(a) with an automatic effective date 75
days after the date of filing to incorporate this information. Please issue an
order with respect to this application for withdrawal at the earliest date the
Staff deems appropriate.

      Pursuant to the requirements of Rule 478 of the Act, this application for
withdrawal of the Amendment has been signed by the Assistant Secretary of the
Registrant this 9th day of October, 1998.

      If you have any questions regarding this filing, please contact Kary A.
Moore at (412) 288-8635.

                                    Very truly yours,



                                    /s/ Matthew S. Hardin
                                    Matthew S. Hardin
                                    Assistant Secretary, Federated Equity Funds




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