FEDERATED COMMUNICATIONS TECHNOLOGY FUND
A Portfolio of Federated Equity Funds
Supplement to the Statement of Additional Information dated September 13, 1999
Please add the following indexes to the sub-section entitled "Performance
Comparisons" on page 16 of the Statement of Additional Information:
"Merrill Lynch 100 Technology Index
The Merrill Lynch 100 Technology Index is an unmanaged, equally weighted index
of the 100 largest technology stocks, as defined by market capitalization and
trading volume.
NASDAQ Composite Index
The NASDAQ Composite Index (Composite) measures all NASDAQ domestic and non-U.S.
based common stocks listed on The NASDAQ Stock Market. The index is market value
weighted. This means that each company's security affects the index in
proportion to its market value. The market value, which is the last sale price
multiplied by total shares outstanding, is calculated throughout the trading
day, and is related to the total value of the index. Today, the Composite
includes over 5,000 companies, more than most other stock market indexes.
Because it is so broad-based, the Composite is one of the most widely followed
and quoted major market indexes."
November 16, 1999
Cusip 314172818
Cusip 314172792
Cusip 314172784
G02681-03 (11/99)
