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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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054 F00AA00 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
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<NAME> FEDERATED CAPITAL APPRECIATION FUND - CLASS A
<S> <C>
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<TABLE> <S> <C>
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<NAME> FEDERATED EQUITY FUNDS
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<NAME> FEDERATED CAPITAL APPRECIATION FUND - CLASS B
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<NAME> FEDERATED CAPITAL APPRECIATION FUND - CLASS C
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<REALIZED-GAINS-CURRENT> 9,739,436
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<NUMBER-OF-SHARES-SOLD> 224,084
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<TABLE> <S> <C>
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<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
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<NAME> FEDERATED AGGRESSIVE GROWTH FUND- CLASS A
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<NAME> FEDERATED EQUITY FUNDS
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<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 29,341,427
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<PAID-IN-CAPITAL-COMMON> 32,433,203
<SHARES-COMMON-STOCK> 1,606,589
<SHARES-COMMON-PRIOR> 541,240
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,756,919)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,400,156)
<NET-ASSETS> 28,276,128
<DIVIDEND-INCOME> 29,551
<INTEREST-INCOME> 12,874
<OTHER-INCOME> 0
<EXPENSES-NET> (529,105)
<NET-INVESTMENT-INCOME> (486,680)
<REALIZED-GAINS-CURRENT> (2,756,919)
<APPREC-INCREASE-CURRENT> (2,744,645)
<NET-CHANGE-FROM-OPS> (5,988,244)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,978)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,432,908
<NUMBER-OF-SHARES-REDEEMED> (367,697)
<SHARES-REINVESTED> 138
<NET-CHANGE-IN-ASSETS> 15,987,406
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<AVERAGE-NET-ASSETS> 2,042,087
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<PER-SHARE-NII> (0.290)
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To the Shareholders and
Board of Trustees of
Federated Equity Funds, Inc.
In planning and performing our audit of the financial statements of
Federated Equity Funds, Inc. (comprising respectively, Federated
Growth Strategies Fund, Federated Small Cap Strategies Fund, Federated
Capital Appreciation Fund, and Federated Aggressive Growth Fund) for
the year ended October 31, 1998, we considered its internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control.
The management of Federated Equity Funds, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving the
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above at October 31, 1998.
This report is intended solely for the information and use of the
board of trustees and management of the Federated Equity Funds, Inc.,
and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
Boston, Massachusetts
December 21, 1998
ITEM 77Q(a)
MATERIAL AMENDMENTS TO THE REGISTRANT'S CHARTER OR BY-LAWS
A Regular Meeting of the Board of Trustees (the "Trustees") of
Federated Equity Funds (the "Trust") was held May 12-14, 1998.
During this meeting, Amendment No. 7 to the By-Laws was adopted
by the Trustees. This amendment, effective May 12, 1998, replaced
Sections 3 and 6 of the By-Laws in the following manner:
Strike Section 3 - Place of Meeting of Article IV - Shareholders'
Meetings and replace it with the following:
"Section 3. Place of Meeting. Meetings of shareholders of
the Trust or a particular
Series or Class shall be held at such place within or without
The Commonwealth of
Massachusetts as may be fixed from time to time by resolution
of the Trustees."
Strike Section 6 - Place of Meeting of Article V - Trustees'
Meetings and replace it with the following:
"Section 6. Place of Meeting. Meetings of the Trustees shall
be held at such place
within or without The Commonwealth of Massachusetts as fixed
from time to time by
resolution of the Trustees, or as the person or persons
requesting said meeting to be
called may designate, but any meeting may adjourn to any
other place."
This amendment to the By-Laws is incorporated by reference to the
Trust's Post-Effective Amendment No. 41, filed on November 2,
1998. (File Nos. 2-91090 and 811-4017)
