<PAGE> PAGE 1
000 B000000 10/31/1999
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007 C010300 3
007 C020300 FEDERATED CAPITAL APPRECIATION FUND
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007 C010400 4
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007 C010500 5
007 C020500 FEDERATED LARGE CAP GROWTH FUND
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007 C010600 6
007 C020600 FEDERATED COMMUNICATIONS TECHNOLOGY FUND
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007 C010700 7
007 C010800 8
007 C010900 9
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<PAGE> PAGE 2
008 D04AA01 3779
010 A00AA01 FEDERATED SERVICES COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 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
055 B000100 N
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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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<PAGE> PAGE 22
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<PAGE> PAGE 23
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057 000400 N
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070 E020400 N
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070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
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070 J020400 N
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070 M020400 N
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<PAGE> PAGE 24
070 O020400 N
070 P010400 N
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<PAGE> PAGE 25
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015 A000501 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 26
015 C010504 NEW YORK
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015 A000505 THE CHASE MANHATTAN CORPORATION
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015 A000506 BANK OF NEW YORK
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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015 A000601 STATE STREET BANK AND TRUDT COMPANY
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015 A000604 MORGAN GUARANTY BANK & TRUST CO.
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015 C030604 10015
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015 A000605 THE CHASE MANHATTAN CORPORATION
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<PAGE> PAGE 31
015 B000606 S
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> FEDERATED EQUITY FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> FEDERATED EQUITY FUNDS
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<NAME> FEDERATED LARGE CAP GROWTH FUND- CLASS A
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
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<NAME> FEDERATED LARGE CAP GROWTH FUND- CLASS B
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[AVG-DEBT-OUTSTANDING] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
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<NAME> FEDERATED LARGE CAP GROWTH FUND- CLASS C
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
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<NAME> FEDERATED COMMUNICATIONS TECH FUND- CLASS A
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[AVG-DEBT-OUTSTANDING] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
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<NAME> FEDERATED COMMUNICATIONS TECH FUND- CLASS B
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 063
<NAME> FEDERATED COMMUNICATIONS TECH FUND- CLASS C
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 033
<NAME> FEDERATED CAPITAL APPRECIATION FUND - CLASS C
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
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
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<ACCUMULATED-NET-GAINS> 21,598,781
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,717,964
<NET-ASSETS> 106,528,270
<DIVIDEND-INCOME> 3,675,297
<INTEREST-INCOME> 743,668
<OTHER-INCOME> 0
<EXPENSES-NET> (4,292,630)
<NET-INVESTMENT-INCOME> 126,335
<REALIZED-GAINS-CURRENT> 21,987,600
<APPREC-INCREASE-CURRENT> 70,472,545
<NET-CHANGE-FROM-OPS> 92,586,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,217,536)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,203,365
<NUMBER-OF-SHARES-REDEEMED> (702,195)
<SHARES-REINVESTED> 100,461
<NET-CHANGE-IN-ASSETS> 167,763,292
<ACCUMULATED-NII-PRIOR> 86,568
<ACCUMULATED-GAINS-PRIOR> 9,389,140
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,172,794
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,292,630
<AVERAGE-NET-ASSETS> 74,655,854
<PER-SHARE-NAV-BEGIN> 18.620
<PER-SHARE-NII> (0.070)
<PER-SHARE-GAIN-APPREC> 7.360
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.820)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.090
<EXPENSE-RATIO> 2.02
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 031
<NAME> FEDERATED CAPITAL APPRECIATION FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 273,226,852
<INVESTMENTS-AT-VALUE> 387,944,816
<RECEIVABLES> 8,858,104
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,375
<TOTAL-ASSETS> 396,806,295
<PAYABLE-FOR-SECURITIES> 14,354,237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 974,222
<TOTAL-LIABILITIES> 15,328,459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,161,091
<SHARES-COMMON-STOCK> 10,335,796
<SHARES-COMMON-PRIOR> 8,467,452
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,598,781
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,717,964
<NET-ASSETS> 262,083,173
<DIVIDEND-INCOME> 3,675,297
<INTEREST-INCOME> 743,668
<OTHER-INCOME> 0
<EXPENSES-NET> (4,292,630)
<NET-INVESTMENT-INCOME> 126,335
<REALIZED-GAINS-CURRENT> 21,987,600
<APPREC-INCREASE-CURRENT> 70,472,545
<NET-CHANGE-FROM-OPS> 92,586,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (589,166)
<DISTRIBUTIONS-OF-GAINS> (6,933,468)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,965,271
<NUMBER-OF-SHARES-REDEEMED> (2,264,150)
<SHARES-REINVESTED> 167,223
<NET-CHANGE-IN-ASSETS> 167,763,292
<ACCUMULATED-NII-PRIOR> 86,568
<ACCUMULATED-GAINS-PRIOR> 9,389,140
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,172,794
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,292,630
<AVERAGE-NET-ASSETS> 206,124,588
<PER-SHARE-NAV-BEGIN> 18.730
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 7.460
<PER-SHARE-DIVIDEND> (0.070)
<PER-SHARE-DISTRIBUTIONS> (0.820)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.360
<EXPENSE-RATIO> 1.27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 013
<NAME> FEDERATED GROWTH STATEGIES - CLASS C
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 657,460,137
<INVESTMENTS-AT-VALUE> 981,217,036
<RECEIVABLES> 18,673,702
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 999,890,738
<PAYABLE-FOR-SECURITIES> 13,741,812
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,134,543
<TOTAL-LIABILITIES> 15,876,355
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,102,825
<SHARES-COMMON-STOCK> 821,892
<SHARES-COMMON-PRIOR> 549,804
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,154,659
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 323,756,899
<NET-ASSETS> 30,096,229
<DIVIDEND-INCOME> 2,713,692
<INTEREST-INCOME> 790,619
<OTHER-INCOME> 0
<EXPENSES-NET> (10,866,374)
<NET-INVESTMENT-INCOME> (7,362,063)
<REALIZED-GAINS-CURRENT> 133,571,596
<APPREC-INCREASE-CURRENT> 226,084,937
<NET-CHANGE-FROM-OPS> 352,294,470
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,396,438
<NUMBER-OF-SHARES-REDEEMED> (2,124,350)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 382,833,676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12,053,756)
<GROSS-ADVISORY-FEES> 5,935,062
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,881,513
<AVERAGE-NET-ASSETS> 19,731,224
<PER-SHARE-NAV-BEGIN> 23.020
<PER-SHARE-NII> (0.470)
<PER-SHARE-GAIN-APPREC> 14.070
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 36.620
<EXPENSE-RATIO> 1.97
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 011
<NAME> FEDERATED GROWTH STRATEGIES - CLASS A
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 657,460,137
<INVESTMENTS-AT-VALUE> 981,217,036
<RECEIVABLES> 18,673,702
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 999,890,738
<PAYABLE-FOR-SECURITIES> 13,741,812
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,134,543
<TOTAL-LIABILITIES> 15,876,355
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,102,825
<SHARES-COMMON-STOCK> 20,606,831
<SHARES-COMMON-PRIOR> 21,698,833
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,154,659
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 323,756,899
<NET-ASSETS> 776,827,552
<DIVIDEND-INCOME> 2,713,692
<INTEREST-INCOME> 790,619
<OTHER-INCOME> 0
<EXPENSES-NET> (10,866,374)
<NET-INVESTMENT-INCOME> (7,362,063)
<REALIZED-GAINS-CURRENT> 133,571,596
<APPREC-INCREASE-CURRENT> 226,084,937
<NET-CHANGE-FROM-OPS> 352,294,470
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,859,585
<NUMBER-OF-SHARES-REDEEMED> (22,951,587)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 382,833,676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12,053,756)
<GROSS-ADVISORY-FEES> 5,935,062
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,881,513
<AVERAGE-NET-ASSETS> 648,018,248
<PER-SHARE-NAV-BEGIN> 23.530
<PER-SHARE-NII> (0.025)
<PER-SHARE-GAIN-APPREC> 14.420
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 37.700
<EXPENSE-RATIO> 1.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> FEDERATED EQUITY FUNDS
<SERIES>
<NUMBER> 012
<NAME> FEDERATED GROWTH STATEGIES - CLASS B
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 657,460,137
<INVESTMENTS-AT-VALUE> 981,217,036
<RECEIVABLES> 18,673,702
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 999,890,738
<PAYABLE-FOR-SECURITIES> 13,741,812
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,134,543
<TOTAL-LIABILITIES> 15,876,355
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,102,825
<SHARES-COMMON-STOCK> 4,867,245
<SHARES-COMMON-PRIOR> 3,407,883
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,154,659
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 323,756,899
<NET-ASSETS> 177,090,602
<DIVIDEND-INCOME> 2,713,692
<INTEREST-INCOME> 790,619
<OTHER-INCOME> 0
<EXPENSES-NET> (10,866,374)
<NET-INVESTMENT-INCOME> (7,362,063)
<REALIZED-GAINS-CURRENT> 133,571,596
<APPREC-INCREASE-CURRENT> 226,084,937
<NET-CHANGE-FROM-OPS> 352,294,470
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,047,082
<NUMBER-OF-SHARES-REDEEMED> (1,587,720)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 382,833,676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12,053,756)
<GROSS-ADVISORY-FEES> 5,935,062
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,881,513
<AVERAGE-NET-ASSETS> 123,592,166
<PER-SHARE-NAV-BEGIN> 22.880
<PER-SHARE-NII> (0.470)
<PER-SHARE-GAIN-APPREC> 13.970
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 36.380
<EXPENSE-RATIO> 1.99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> Federated Equity Funds, Inc.
<SERIES>
<NUMBER> 021
<NAME> Federated Small Cap Strategies Fund - Class A Shares
<S> <C>
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 342,947,993
<INVESTMENTS-AT-VALUE> 396,265,268
<RECEIVABLES> 6,279,365
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 179,604
<TOTAL-ASSETS> 402,724,237
<PAYABLE-FOR-SECURITIES> 22,974,780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,182,282
<TOTAL-LIABILITIES> 24,157,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 328,191,775
<SHARES-COMMON-STOCK> 7,958,153
<SHARES-COMMON-PRIOR> 9,324,439
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,035,850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,411,250
<NET-ASSETS> 148,982,499
<DIVIDEND-INCOME> 1,729,138
<INTEREST-INCOME> 564,087
<OTHER-INCOME> 0
<EXPENSES-NET> (6,857,062)
<NET-INVESTMENT-INCOME> (4,563,837)
<REALIZED-GAINS-CURRENT> 38,258,310
<APPREC-INCREASE-CURRENT> 43,090,432
<NET-CHANGE-FROM-OPS> 76,784,905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,563,662
<NUMBER-OF-SHARES-REDEEMED> (23,929,948)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,811,543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (42,315,120)
<GROSS-ADVISORY-FEES> 2,903,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,210,407
<AVERAGE-NET-ASSETS> 149,450,615
<PER-SHARE-NAV-BEGIN> 15.260
<PER-SHARE-NII> (0.130)
<PER-SHARE-GAIN-APPREC> 3.590
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 18.720
<EXPENSE-RATIO> 1.31
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> Federated Equity Funds, Inc.
<SERIES>
<NUMBER> 022
<NAME> Federated Small Cap Strategies Fund - Class B Shares
<S> <C>
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 342,947,993
<INVESTMENTS-AT-VALUE> 396,265,268
<RECEIVABLES> 6,279,365
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 179,604
<TOTAL-ASSETS> 402,724,237
<PAYABLE-FOR-SECURITIES> 22,974,780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,182,282
<TOTAL-LIABILITIES> 24,157,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 328,191,775
<SHARES-COMMON-STOCK> 10,835,954
<SHARES-COMMON-PRIOR> 13,043,337
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,035,850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,411,250
<NET-ASSETS> 197,509,387
<DIVIDEND-INCOME> 1,729,138
<INTEREST-INCOME> 564,087
<OTHER-INCOME> 0
<EXPENSES-NET> (6,857,062)
<NET-INVESTMENT-INCOME> (4,563,837)
<REALIZED-GAINS-CURRENT> 38,258,310
<APPREC-INCREASE-CURRENT> 43,090,432
<NET-CHANGE-FROM-OPS> 76,784,905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,562,644
<NUMBER-OF-SHARES-REDEEMED> (4,770,027)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,811,543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (42,315,120)
<GROSS-ADVISORY-FEES> 2,903,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,210,407
<AVERAGE-NET-ASSETS> 202,614,304
<PER-SHARE-NAV-BEGIN> 14.960
<PER-SHARE-NII> (0.270)
<PER-SHARE-GAIN-APPREC> 3.540
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 18.230
<EXPENSE-RATIO> 2.06
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745968
<NAME> Federated Equity Funds, Inc.
<SERIES>
<NUMBER> 023
<NAME> Federated Small Cap Strategies Fund - Class C Shares
<S> <C>
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 342,947,993
<INVESTMENTS-AT-VALUE> 396,265,268
<RECEIVABLES> 6,279,365
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 179,604
<TOTAL-ASSETS> 402,724,237
<PAYABLE-FOR-SECURITIES> 22,974,780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,182,282
<TOTAL-LIABILITIES> 24,157,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 328,191,775
<SHARES-COMMON-STOCK> 1,761,910
<SHARES-COMMON-PRIOR> 2,229,355
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,035,850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,411,250
<NET-ASSETS> 32,075,289
<DIVIDEND-INCOME> 1,729,138
<INTEREST-INCOME> 564,087
<OTHER-INCOME> 0
<EXPENSES-NET> (6,857,062)
<NET-INVESTMENT-INCOME> (4,563,837)
<REALIZED-GAINS-CURRENT> 38,258,310
<APPREC-INCREASE-CURRENT> 43,090,432
<NET-CHANGE-FROM-OPS> 76,784,905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,442,114
<NUMBER-OF-SHARES-REDEEMED> (2,909,559)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,811,543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (42,315,120)
<GROSS-ADVISORY-FEES> 2,903,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,210,407
<AVERAGE-NET-ASSETS> 35,027,490
<PER-SHARE-NAV-BEGIN> 14.950
<PER-SHARE-NII> (0.290)
<PER-SHARE-GAIN-APPREC> 3.540
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 18.200
<EXPENSE-RATIO> 2.06
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
INDEPENDENT AUDITORS' REPORT
To The Trustees of Federated Equity Funds
and the Shareholders of Federated Aggressive Growth Fund:
In planning and performing our audit of the financial statements of Federated
Aggressive Growth Fund (the "Fund") for the year ended October 31, 1999 (on
which we have issued our report dated December 17, 1999), 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, and not to provide assurance on the Fund's internal control.
The management of the Fund 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 any 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 Fund's internal control would not necessarily
disclose all matters in 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 Fund's internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of October 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
December 17, 1999
INDEPENDENT AUDITORS' REPORT
To The Trustees of Federated Equity Funds
and the Shareholders of Federated Capital Appreciation Fund:
In planning and performing our audit of the financial statements of Federated
Capital Appreciation Fund (the "Fund") for the year ended October 31, 1999 (on
which we have issued our report dated December 17, 1999), 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, and not to provide assurance on the Fund's internal control.
The management of the Fund 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 any 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 Fund's internal control would not necessarily
disclose all matters in 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 Fund's internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of October 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
December 17, 1999
Item 77 C -- Submission of Matters to a Vote of Security Holders
An Special Meeting of Shareholders of Federated Equity Funds (Trust) was held
on November 5, 1999. On September 7, 1999, the record date for shareholders
voting at the meeting, there were 79,491,366 total outstanding shares. The
following items were considered by shareholders and the results of their
voting were as follows:
AGENDA ITEM 1
Election of Trustees:
For
Withheld
Authority To
Vote
Thomas G. Bigley
48,710,653
1,327,455
Nicholas P.
Constantakis
48,707,894
1,330,214
John F. Cunningham
48,714,704
1,323,404
J. Christopher Donahue
48,665,494
1,372,614
Charles F. Mansfield, Jr.
48,713,783
1,324,325
John S. Walsh
48,705,907
1,332,201
The following Trustees of the Trust continued their terms as Trustees of
the Trust: John F. Donahue, John T. Conroy, Jr., William J. Copeland,
Lawrence D. Ellis, M.D., Peter E. Madden, John E. Murray, Jr. and
Marjorie P. Smuts.
AGENDA ITEM 2
To make changes to the Fund's fundamental investment policies:
(a) To amend the Fund's fundamental investment policy regarding
diversification.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,185,550
18,223
420,907
Federated Capital Appreciation Fund
6,727,977
686,959
1,352,171
Federated Growth Strategies Fund
14,180,323
325,629
3,211,302
Federated Large Cap Growth Fund
6,082,834
154,234
2,436,647
Federated Small Cap Strategies Fund
9,454,825
141,464
3,659,065
(b) To amend the Fund's fundamental investment policy regarding borrowing
money and issuing senior securities.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,165,993
35,779
422,908
Federated Capital Appreciation Fund
6,579,806
829,682
1,357,619
Federated Growth Strategies Fund
14,024,566
484,842
3,207,846
Federated Large Cap Growth Fund
5,961,263
238,186
2,474,266
Federated Small Cap Strategies Fund
9,349,533
213,072
3,692,749
(c) To amend the Fund's fundamental investment policy regarding investments
in real estate.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,175,105
30,541
419,034
Federated Capital Appreciation Fund
6,946,523
463,423
1,357,161
Federated Growth Strategies Fund
14,115,683
349,459
3,252,112
Federated Large Cap Growth Fund
6,017,898
200,527
2,455,290
Federated Small Cap Strategies Fund
9,392,209
195,646
3,667,499
(d) To amend the Fund's fundamental investment policy regarding investments
in commodities.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,169,209
37,811
417,660
Federated Growth Strategies Fund
14,034,192
510,830
3,172,232
Federated Large Cap Growth Fund
5,923,742
296,977
2,452,996
Federated Small Cap Strategies Fund
9,321,384
262,628
3,671,342
(e) To amend the Fund's fundamental investment policy regarding underwriting
securities.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,176,983
25,615
422,082
Federated Capital Appreciation Fund
6,935,034
473,821
1,358,252
Federated Growth Strategies Fund
14,039,862
446,742
3,230,650
Federated Large Cap Growth Fund
6,005,617
198,132
2,469,966
Federated Small Cap Strategies Fund
9,394,956
192,822
3,667,576
(f) To amend the Fund's fundamental investment policy regarding lending by
the Fund.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,157,719
48,737
418,224
Federated Capital Appreciation Fund
6,751,451
632,303
1,383,353
Federated Growth Strategies Fund
14,006,658
511,958
3,198,638
Federated Large Cap Growth Fund
5,950,205
258,510
2,465,000
Federated Small Cap Strategies Fund
9,322,094
255,799
3,667,461
(g) To amend the Fund's fundamental investment policy regarding concentration
of the Fund's investments in the securities of companies in the same
industry.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,181,313
22,969
420,398
Federated Growth Strategies Fund
14,112,938
346,045
3,258,271
Federated Large Cap Growth Fund
6,017,558
194,699
2,461,458
Federated Small Cap Strategies Fund
9,398,399
180,973
3,675,982
(h) To amend, and to make non-fundamental, the Fund's fundamental investment
policy regarding buying securities on margin.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,164,210
40,601
419,869
Federated Growth Strategies Fund
13,838,738
597,953
2,280,563
Federated Large Cap Growth Fund
5,896,937
275,029
2,501,749
Federated Small Cap Strategies Fund
9,227,979
289,005
3,738,360
(i) To amend, and to make non-fundamental, the Fund's fundamental investment
policy regarding pledging assets.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Capital Appreciation Fund
6,452,981
950,846
1,363,280
Federated Large Cap Growth Fund
5,936,846
256,888
2,479,981
Federated Small Cap Strategies Fund
9,278,674
277,707
3,698,973
AGENDA ITEM 3
To remove the certain of the Fund's fundamental investment policies.
(a) To remove the Fund's fundamental investment policy regarding selling
securities short.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,154,766
45,338
424,576
Federated Capital Appreciation Fund
6,659,157
698,089
1,409,861
Federated Growth Strategies Fund
13,968,464
544,502
3,204,288
Federated Large Cap Growth Fund
5,927,807
284,012
2,461,896
Federated Small Cap Strategies Fund
9,305,910
253,583
3,695,861
(b) To remove the Fund's fundamental investment policy regarding investing
in oil, gas and minerals.
Fund
For
Against
Abstentions and
Broker Non-Votes
Federated Aggressive Growth Fund
1,169,721
36,916
418,043
Federated Growth Strategies Fund
13,997,610
475,650
3,243,994
Federated Large Cap Growth Fund
5,927,807
284,012
2,461,896
The Definitive Proxy Statement for the Special Meeting held on November 5,
1999, was filed with the Securities and Exchange Commission on September 23,
1999, and is incorporated by reference. (File No. 811-4017)
EXHIBIT - SUB-ITEM 77K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On May 19, 1999, the Fund's Board of Trustees, upon the recommendation of
the Audit Committee of the Board of Trustees, requested and subsequently
accepted the resignation of Ernst & Young LLP ("E&Y") as the Fund's
independent auditors. E&Y's reports on the Fund's financial statements for
the fiscal years ended October 31, 1997 and October 31, 1998, contained no
adverse opinion or disclaimer of opinion nor were they qualified or modified
as to uncertainty, audit scope or accounting principles. During the Fund's
fiscal years ended October 31, 1997 and October 31, 1998, (i) there were no
disagreements with E&Y on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of E&Y, would have caused
it to make reference to the subject matter of the disagreements in connection
with its reports on the financial statements for such years; and (ii) there
were no reportable events of the kind described in Item 304 (a)(1)(v) of
Regulation S-K under the Securities Act of 1934, as amended.
The Fund, by action of its Trustees, upon the recommendation of the Audit
Committee of the Board, has engaged Deloitte & Touche LLP ("DT") as the
independent auditors to audit the Fund's financial statements for the fiscal
year ended October 31, 1999. During the Fund's fiscal years ended October 31,
1997 and October 31, 1998, neither the Fund nor anyone on its behalf has
consulted DT on items which (i) concerned the application of accounting
principles to a specified transaction, either completed or proposed, or the
type of audit opinion that might be rendered on the Fund's financial
statements or (ii) concerned the subject of a disagreement (as defined in
paragraph (a)(1)(iv) of Item 304 of Regulation S-K of reportable events (as
described in the paragraph (a)(1)(v) of said Item 304.
INDEPENDENT AUDITORS' REPORT
To the Trustees of Federated Equity Funds
and the Shareholders of Federated Growth Strategies Fund:
In planning and performing our audit of the financial statements of Federated
Growth Strategies Fund (the "Fund") for the year ended October 31, 1999 (on
which we have issued our report dated December 17, 1999), 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, and not to provide assurance on the Fund's internal control.
The management of the Fund 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 any 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 Fund's internal control would not necessarily
disclose all matters in 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 Fund's internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of October 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
December 17, 1999
INDEPENDENT AUDITORS' REPORT
To The Trustees of Federated Equity Funds
and the Shareholders of Federated Small Cap Strategies Fund:
In planning and performing our audit of the financial statements of Federated
Small Cap Strategies Fund (the "Fund") for the year ended October 31, 1999
(on which we have issued our report dated December 17, 1999), 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, and not to provide assurance on the Fund's
internal control.
The management of the Fund 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 any 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 Fund's internal control would not necessarily
disclose all matters in 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 Fund's internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of October 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
December 17, 1999
INDEPENDENT AUDITORS' REPORT
To the Trustees of Federated Equity Funds
and the Shareholders of Federated Large Cap Growth Fund:
In planning and performing our audit of the financial statements of
Federated Large Cap Growth Fund (the "Fund") for the year ended October 31,
1999 (on which we have issued our report dated December 17, 1999), 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, and not to provide
assurance on the Fund's internal control.
The management of the Fund 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 any 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 Fund's internal control would not necessarily
disclose all matters in 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 Fund's internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of October 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
December 17, 1999
INDEPENDENT AUDITORS' REPORT
To The Trustees of Federated Equity Funds
and the Shareholders of Federated Communications Technology Fund:
In planning and performing our audit of the financial statements of Federated
Communications Technology Fund (the "Fund") for the year ended October 31,
1999 (on which we have issued our report dated December 17, 1999), 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, and not to provide assurance on the Fund's
internal control.
The management of the Fund 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 any 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 Fund's internal control would not necessarily
disclose all matters in 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 Fund's internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of October 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
December 17, 1999
