0000745968 2015-12-31 2015-12-31 0000745968 fef:S000009733Member 2015-12-31 2015-12-31 2015-12-31 Other 2015-10-31 FEDERATED EQUITY FUNDS 0000745968 false 2016-11-17 2016-11-17 <div>Federated MDT Mid Cap Growth Strategies Fund</div> <p>A Portfolio of Federated Equity Funds</p> <p>CLASS A SHARES (TICKER FGSAX)<br/>CLASS B SHARES (TICKER FGSBX)<br/>CLASS C SHARES (TICKER FGSCX)<br/>CLASS R6 SHARES (TICKER FGSKX)<br/>INSTITUTIONAL SHARES (TICKER FGSIX)</p> <p>SUPPLEMENT TO SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 31, 2015</p> <div>Effective December 29, 2016, Federated MDT Mid Cap Growth Strategies Fund will change its name to "Federated MDT Mid Cap Growth Fund." Accordingly, any and all references to "Federated MDT Mid Cap Growth Strategies Fund" should be deleted and replaced with "Federated MDT Mid Cap Growth Fund." </div> <div>Federated MDT Mid Cap Growth Strategies Fund</div> <p>A Portfolio of Federated Equity Funds</p> <p>CLASS A SHARES (TICKER FGSAX)<br/>CLASS B SHARES (TICKER FGSBX)<br/>CLASS C SHARES (TICKER FGSCX)<br/>CLASS R6 SHARES (TICKER FGSKX)<br/>INSTITUTIONAL SHARES (TICKER FGSIX)</p> <p>SUPPLEMENT TO SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 31, 2015</p> <div>Effective December 29, 2016, Federated MDT Mid Cap Growth Strategies Fund will change its name to "Federated MDT Mid Cap Growth Fund." Accordingly, any and all references to "Federated MDT Mid Cap Growth Strategies Fund" should be deleted and replaced with "Federated MDT Mid Cap Growth Fund." </div>