FEDERATED LARGE CAP GROWTH FUND
(A Portfolio of Federated Equity Funds)
Supplement to the Prospectus dated December 31, 1999
On page 14 of the prospectus, in the section entitled "The Fund's Portfolio
Managers are:," please replace the biography of Salvatore Esposito with the
following:
"ANGELA AUCHEY
Angela Auchey has been a Portfolio Manager of the Fund since September
2000. Ms. Auchey joined Federated in July 1997 as an Investment Analyst. She was
promoted to Senior Investment Analyst in July 1999 and to Assistant Vice
President of the Fund's investment adviser in July 2000. She was previously
employed by SunTrust Capital Markets, serving as Manager of Investment
Strategies from 1996 through June 1997 and as Investment Strategies Consultant
from 1994 to 1996. Ms. Auchey earned a B.S. from Jacksonville University and an
M.B.A. in finance from Georgia State University."
James E. Grefenstette will remain as a Portfolio Manager of the Fund.
September 30, 2000
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