FEDERATED EQUITY INCOME FUND INC
NSAR-A, 1997-12-01
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Federated Equity Income Fund                   
                                Class A                                        
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,303,379,483                                  
<INVESTMENTS-AT-VALUE>          1,611,553,425                                  
<RECEIVABLES>                   34,724,828                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            116,132                                        
<TOTAL-ASSETS>                  1,646,394,385                                  
<PAYABLE-FOR-SECURITIES>        19,497,392                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       1,994,875                                      
<TOTAL-LIABILITIES>             21,492,267                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,302,901,074                                  
<SHARES-COMMON-STOCK>           35,084,816                                     
<SHARES-COMMON-PRIOR>           27,656,479                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          722,006                                        
<ACCUMULATED-NET-GAINS>         14,549,108                                     
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        308,173,942                                    
<NET-ASSETS>                    645,092,652                                    
<DIVIDEND-INCOME>               17,415,274                                     
<INTEREST-INCOME>               4,798,089                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  9,910,684                                      
<NET-INVESTMENT-INCOME>         12,302,679                                     
<REALIZED-GAINS-CURRENT>        14,916,777                                     
<APPREC-INCREASE-CURRENT>       226,470,306                                    
<NET-CHANGE-FROM-OPS>           253,689,762                                    
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       6,261,233                                      
<DISTRIBUTIONS-OF-GAINS>        14,108,266                                     
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         10,196,913                                     
<NUMBER-OF-SHARES-REDEEMED>     3,623,287                                      
<SHARES-REINVESTED>             854,711                                        
<NET-CHANGE-IN-ASSETS>          584,903,918                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       33,924,551                                     
<OVERDISTRIB-NII-PRIOR>         819,524                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,049,247                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 9,910,684                                      
<AVERAGE-NET-ASSETS>            1,343,471,106                                  
<PER-SHARE-NAV-BEGIN>           15.590                                         
<PER-SHARE-NII>                 0.200                                          
<PER-SHARE-GAIN-APPREC>         3.260                                          
<PER-SHARE-DIVIDEND>            0.200                                          
<PER-SHARE-DISTRIBUTIONS>       0.460                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             18.390                                         
<EXPENSE-RATIO>                 1.06                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated Equity Income Fund                   
                                Class B                                        
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,303,379,483                                  
<INVESTMENTS-AT-VALUE>          1,611,553,425                                  
<RECEIVABLES>                   34,724,828                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            116,132                                        
<TOTAL-ASSETS>                  1,646,394,385                                  
<PAYABLE-FOR-SECURITIES>        19,497,392                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       1,994,875                                      
<TOTAL-LIABILITIES>             21,492,267                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,302,901,074                                  
<SHARES-COMMON-STOCK>           39,620,705                                     
<SHARES-COMMON-PRIOR>           26,847,803                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          722,006                                        
<ACCUMULATED-NET-GAINS>         14,549,108                                     
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        308,173,942                                    
<NET-ASSETS>                    728,905,943                                    
<DIVIDEND-INCOME>               17,415,274                                     
<INTEREST-INCOME>               4,798,089                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  9,910,684                                      
<NET-INVESTMENT-INCOME>         12,302,679                                     
<REALIZED-GAINS-CURRENT>        14,916,777                                     
<APPREC-INCREASE-CURRENT>       226,470,306                                    
<NET-CHANGE-FROM-OPS>           253,689,762                                    
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       4,028,105                                      
<DISTRIBUTIONS-OF-GAINS>        14,502,703                                     
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         13,638,297                                     
<NUMBER-OF-SHARES-REDEEMED>     1,835,011                                      
<SHARES-REINVESTED>             969,616                                        
<NET-CHANGE-IN-ASSETS>          584,903,918                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       33,924,551                                     
<OVERDISTRIB-NII-PRIOR>         819,524                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,049,247                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 9,910,684                                      
<AVERAGE-NET-ASSETS>            1,343,471,106                                  
<PER-SHARE-NAV-BEGIN>           15.590                                         
<PER-SHARE-NII>                 0.140                                          
<PER-SHARE-GAIN-APPREC>         3.260                                          
<PER-SHARE-DIVIDEND>            0.130                                          
<PER-SHARE-DISTRIBUTIONS>       0.460                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             18.400                                         
<EXPENSE-RATIO>                 1.81                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   003                                            
     <NAME>                     Federated Equity Income Fund                   
                                Class C                                        
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,303,379,483                                  
<INVESTMENTS-AT-VALUE>          1,611,553,425                                  
<RECEIVABLES>                   34,724,828                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            116,132                                        
<TOTAL-ASSETS>                  1,646,394,385                                  
<PAYABLE-FOR-SECURITIES>        19,497,392                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       1,994,875                                      
<TOTAL-LIABILITIES>             21,492,267                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,302,901,074                                  
<SHARES-COMMON-STOCK>           7,489,167                                      
<SHARES-COMMON-PRIOR>           6,514,433                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          722,006                                        
<ACCUMULATED-NET-GAINS>         14,549,108                                     
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        308,173,942                                    
<NET-ASSETS>                    137,700,472                                    
<DIVIDEND-INCOME>               17,415,274                                     
<INTEREST-INCOME>               4,798,089                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  9,910,684                                      
<NET-INVESTMENT-INCOME>         12,302,679                                     
<REALIZED-GAINS-CURRENT>        14,916,777                                     
<APPREC-INCREASE-CURRENT>       226,470,306                                    
<NET-CHANGE-FROM-OPS>           253,689,762                                    
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       910,664                                        
<DISTRIBUTIONS-OF-GAINS>        3,047,014                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         1,664,517                                      
<NUMBER-OF-SHARES-REDEEMED>     889,856                                        
<SHARES-REINVESTED>             200,073                                        
<NET-CHANGE-IN-ASSETS>          584,903,918                                    
<ACCUMULATED-NII-PRIOR>         0                                              
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<OVERDISTRIB-NII-PRIOR>         819,524                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,049,247                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 9,910,684                                      
<AVERAGE-NET-ASSETS>            1,343,471,106                                  
<PER-SHARE-NAV-BEGIN>           15.590                                         
<PER-SHARE-NII>                 0.130                                          
<PER-SHARE-GAIN-APPREC>         3.260                                          
<PER-SHARE-DIVIDEND>            0.130                                          
<PER-SHARE-DISTRIBUTIONS>       0.460                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             18.390                                         
<EXPENSE-RATIO>                 1.81                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   004                                            
     <NAME>                     Federated Equity Income Fund                   
                                Class F                                        
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,303,379,483                                  
<INVESTMENTS-AT-VALUE>          1,611,553,425                                  
<RECEIVABLES>                   34,724,828                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            116,132                                        
<TOTAL-ASSETS>                  1,646,394,385                                  
<PAYABLE-FOR-SECURITIES>        19,497,392                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       1,994,875                                      
<TOTAL-LIABILITIES>             21,492,267                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,302,901,074                                  
<SHARES-COMMON-STOCK>           6,157,008                                      
<SHARES-COMMON-PRIOR>           5,672,243                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          722,006                                        
<ACCUMULATED-NET-GAINS>         14,549,108                                     
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        308,173,942                                    
<NET-ASSETS>                    113,203,051                                    
<DIVIDEND-INCOME>               17,415,274                                     
<INTEREST-INCOME>               4,798,089                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  9,910,684                                      
<NET-INVESTMENT-INCOME>         12,302,679                                     
<REALIZED-GAINS-CURRENT>        14,916,777                                     
<APPREC-INCREASE-CURRENT>       226,470,306                                    
<NET-CHANGE-FROM-OPS>           253,689,762                                    
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,036,955                                      
<DISTRIBUTIONS-OF-GAINS>        2,634,237                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         718,148                                        
<NUMBER-OF-SHARES-REDEEMED>     420,272                                        
<SHARES-REINVESTED>             186,889                                        
<NET-CHANGE-IN-ASSETS>          584,903,918                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       33,924,551                                     
<OVERDISTRIB-NII-PRIOR>         819,524                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,049,247                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 9,910,684                                      
<AVERAGE-NET-ASSETS>            1,343,471,106                                  
<PER-SHARE-NAV-BEGIN>           15.590                                         
<PER-SHARE-NII>                 0.180                                          
<PER-SHARE-GAIN-APPREC>         3.260                                          
<PER-SHARE-DIVIDEND>            0.180                                          
<PER-SHARE-DISTRIBUTIONS>       0.460                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             18.390                                         
<EXPENSE-RATIO>                 1.31                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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