Federated Managed Volatility Fund

A Portfolio of Federated Equity Funds

CLASS A SHARES (TICKER FVOAX)
CLASS C SHARES (TICKER FVOCX)
INSTITUTIONAL SHARES (TICKER FVOIX)

SUPPLEMENT TO SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 31, 2017

Effective May 1, 2017, please remove all references to Michael T. Dieschbourg in the documents listed above.

April 27, 2017

Federated Managed Volatility Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Q453801 (4/17)

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