Federated Managed Risk Fund

A Portfolio of Federated Equity Funds

CLASS A SHARES (TICKER FDRAX)
INSTITUTIONAL SHARES (TICKER FDRIX)

SUPPLEMENT TO SUMMARY PROSPECTUS DATED december 16, 2013

Under the heading entitled “ Fund Management ,” please delete the information regarding Christopher J. Smith and replace it with the following:

“Chengjun (Chris) Wu, Portfolio Manager, has been the Fund's portfolio manager since April 2014.”

April 8, 2014

Federated Managed Risk 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

Q452104 (4/14)