Federated Equity Income Fund, Inc.

PORTFOLIO AS OF MARCH 29, 2019 CURRENT NET ASSETS - $941,525,223 Principal Amount or Shares Value COMMON STOCKS - 95.0% Communication Services - 7.0% 587,961 AT&T, Inc. $18,438,457 473,872 Corp., Class A 18,945,403 232,549 Lions Gate Entertainment Corp. 3,511,490 182,607 News Corp., Inc. 2,271,631 58,721 Nippon Telegraph & Telephone Corp. 2,495,959 86,742 Sinclair Broadcast Group, Inc. 3,337,832 349,587 Telekom Austria AG 2,542,477 248,981 Verizon Communications, Inc. 14,722,246 TOTAL 66,265,495 Consumer Discretionary - 6.2% 52,335 Carnival Corp. 2,654,431 21,953 Columbia Sportswear Co. 2,287,064 129,434 D. R. Horton, Inc. 5,355,979 110,648 DSW, Inc., Class A 2,458,599 168,704 eBay, Inc. 6,265,667 39,507 Foot Locker, Inc. 2,394,124 11,912 Home Depot, Inc. 2,285,794 164,100 Isuzu Motors Ltd. 2,164,900 55,274 McDonald's Corp. 10,496,533 24,646 Royal Caribbean Cruises Ltd. 2,824,924 98,800 Suzuki Motor Corp. 4,381,858 51,906 TJX Cos., Inc. 2,761,918 65,041 Tapestry, Inc. 2,113,182 38,319 Toyota Motor Credit Corp., ADR 4,522,408 30,590 Tractor Supply Co. 2,990,478 19,878 Yum! Brands, Inc. 1,984,023 TOTAL 57,941,882 Consumer Staples - 6.6% 110,660 British American Tobacco PLC 4,616,801 200,389 Coty, Inc. - CL A 2,304,473 29,168 Kimberly-Clark Corp. 3,613,915 238,631 Kroger Co. 5,870,323 35,791 Medifast, Inc. 4,565,142 62,925 , Inc. 3,141,216 45,624 Nu Skin Enterprises, Inc., Class A 2,183,565 156,188 Philip Morris International, Inc. 13,805,457 127,591 , Inc. 8,072,683 142,029 WalMart, Inc. 13,852,088 TOTAL 62,025,663 Energy - 9.7% 40,413 Chevron Corp. 4,978,073 68,596 Cimarex Energy Co. 4,794,860 147,463 ConocoPhillips 9,841,681 182,176 Devon Energy Corp. 5,749,475 199,854 Equinor ASA, ADR 4,390,792 90,878 Exxon Mobil Corp. 7,342,942

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Principal Amount or Shares Value 135,540 Hess Corp. 8,163,574 92,861 HollyFrontier Corp. 4,575,262 306,843 Marathon Oil Corp. 5,127,347 61,424 Marathon Petroleum Corp. 3,676,226 141,271 PBF Energy, Inc. 4,399,179 162,454 Patterson-UTI Energy, Inc. 2,277,605 43,935 Phillips 66 4,181,294 223,273 RPC, Inc. 2,547,545 271,778 Repsol SA, ADR 4,641,968 112,201 Royal Dutch Shell PLC, ADR, Class A 7,022,661 90,359 Valero Energy Corp. 7,665,154 TOTAL 91,375,638 Financials - 18.3% 109,807 Aflac, Inc. 5,490,350 83,727 Allstate Corp. 7,885,409 89,935 Artisan Partners Asset Management, Inc. 2,263,664 484,076 Aviva PLC 2,608,537 974,624 of America Corp. 26,889,876 59,727 Capital One Financial Corp. 4,879,099 170,001 Citigroup, Inc. 10,577,462 103,990 Comerica, Inc. 7,624,547 71,793 Discover 5,108,790 47,607 East West Bancorp, Inc. 2,283,708 37,259 Evercore, Inc., Class A 3,390,569 22,310 Goldman Sachs Group, Inc. 4,283,297 141,057 Hartford Financial Services Group, Inc. 7,013,354 550,620 , Inc. 6,981,862 277,965 JPMorgan Chase & Co. 28,138,397 89,221 Kemper Corp. 6,793,287 80,072 LPL Investment Holdings, Inc. 5,577,015 189,138 Morgan Stanley 7,981,623 194,109 Corp. 2,245,841 63,050 PacWest Bancorp 2,371,310 53,532 Popular, Inc. 2,790,623 57,913 Raymond James Financial, Inc. 4,656,784 129,177 , Inc. 3,067,954 183,382 & Co. 8,861,018 51,041 , N.A. 2,317,772 TOTAL 172,082,148 Health Care - 12.9% 54,225 AbbVie, Inc. 4,369,993 55,406 Allergan PLC 8,111,992 57,087 AmerisourceBergen Corp. 4,539,558 14,552 , Inc. 2,764,589 32,935 Anthem, Inc. 9,451,686 146,091 Bristol-Myers Squibb Co. 6,970,002 108,636 Cardinal Health, Inc. 5,230,823 32,700 Eisai Co. Ltd. 1,839,204 74,647 Encompass Health Corp. 4,359,385 91,659 , Inc. 5,958,752 33,448 HCA Healthcare, Inc. 4,360,950 184,959 Johnson & Johnson 25,855,419 50,195 McKesson Corp. 5,875,827 43,707 Medtronic PLC 3,980,834 221,995 Merck & Co., Inc. 18,463,324 100,914 Patterson Cos., Inc. 2,204,971 47,584 Perrigo Co. 2,291,645 107,449 Pfizer, Inc. 4,563,359 TOTAL 121,192,313

FEIF-2

Principal Amount or Shares Value Industrials - 7.1% 625,857 ADT, Inc. 3,999,226 51,374 Caterpillar, Inc. 6,960,663 17,832 Cummins, Inc. 2,815,138 28,836 Deere & Co. 4,609,146 122,374 Delta Air Lines, Inc. 6,320,617 30,334 Expeditors International , Inc. 2,302,351 94,086 Fluor Corp. 3,462,365 11,518 Forward Air Corp. 745,560 367,380 GrafTech International Ltd. 4,698,790 69,955 Healthcare Services Group, Inc. 2,307,815 14,428 International, Inc. 2,292,898 113,524 International Consolidated Airlines Group SA, ADR 1,495,111 21,349 Lockheed Martin Corp. 6,408,116 49,966 Raytheon Co. 9,097,809 20,912 Rockwell Automation, Inc. 3,669,220 39,822 Simpson Manufacturing Co., Inc. 2,360,250 60,783 Southwest Airlines Co. 3,155,246 TOTAL 66,700,321 Information Technology - 11.3% 95,900 Advantest Corp. 2,240,373 20,934 Analog Devices, Inc. 2,203,722 23,537 Apple, Inc. 4,470,853 67,516 , Inc. 2,677,685 24,100 Broadcom, Inc. 7,247,111 401,443 , Inc. 21,673,908 156,412 DXC Technology Co. 10,058,856 22,139 Fidelity National Information Services, Inc. 2,503,921 20,719 IBM Corp. 2,923,451 399,282 Corp. 21,441,443 24,509 KLA-Tencor Corp. 2,926,620 29,494 Corp. 3,478,522 28,545 NXP Semiconductors NV 2,523,092 200,696 Oracle Corp. 10,779,382 80,831 , Inc. 4,609,792 213,500 Ricoh Co. Ltd. 2,238,289 24,066 Instruments, Inc. 2,552,681 TOTAL 106,549,701 Materials - 4.1% 40,047 Albemarle Corp. 3,283,053 228,393 Anglo American PLC, ADR 3,062,750 165,702 CF Industries Holdings, Inc. 6,773,898 144,297 DowDuPont, Inc. 7,692,473 284,583 Freeport-McMoRan, Inc. 3,668,275 52,677 Nucor Corp. 3,073,703 136,086 Owens-, Inc. 2,582,912 71,838 Southern Copper Corp. 2,850,532 123,603 UPM - Kymmene Oyj 3,609,588 33,476 Westlake Chemical Corp. 2,271,681 TOTAL 38,868,865 Real Estate - 4.8% 47,890 Cyrusone, Inc. 2,511,352 35,276 Digital Realty Trust, Inc. 4,197,844 70,971 Duke Realty Corp. 2,170,293 15,821 , Inc. 7,169,444 194,268 Invitation Homes, Inc. 4,726,540 47,108 National Retail Properties, Inc. 2,609,312 84,724 ProLogis, Inc. 6,095,892 42,402 Corp. 2,861,711

FEIF-3

Principal Amount or Shares Value 19,668 Simon Property Group, Inc. 3,583,706 79,715 Sun Communities, Inc. 9,447,822 TOTAL 45,373,916 Utilities - 7.0% 63,819 Co., Inc. 5,344,841 31,584 American Water Works Co., Inc. 3,292,948 48,546 Consolidated Edison Co. 4,117,186 70,708 Dominion Energy, Inc. 5,420,475 76,433 Duke Energy Corp. 6,878,970 40,549 Edison International 2,510,794 104,339 Corp. 5,230,514 33,683 NRG Energy, Inc. 1,430,854 43,808 NextEra Energy, Inc. 8,468,963 89,147 PPL Corp. 2,829,526 62,842 Public Service Enterprises Group, Inc. 3,733,443 32,696 Sempra Energy 4,115,119 102,927 Southern Co. 5,319,267 45,419 UGI Corp. 2,517,121 83,718 , Inc. 4,705,789 TOTAL 65,915,810 TOTAL COMMON STOCKS 894,291,752 INVESTMENT COMPANIES - 5.5% 6,626,311 Affiliated Federated Fund (High Yield) 41,281,919 10,813,668 Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.53%1 10,815,831 TOTAL INVESTMENT COMPANIES 52,097,750 TOTAL INVESTMENT IN SECURITIES $946,389,502

At March 29, 2019, the Fund had the following outstanding futures contracts: Value and Number of Unrealized Description Contracts Notional Value Expiration Date Appreciation 2S&P 500 E-Mini Index Long Futures 92 $13,053,880 June 2019 $205,779

1 7-day net yield. 2 Non-income-producing security.

Note: The categories of investments are shown as a percentage of net assets $941,525,223 at the close of business on March 29, 2019, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. The following acronym is used throughout this portfolio: ADR --American Depositary Receipt

Portfolio holdings are shown as of the date indicated and are unaudited. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed. For more complete information on the fund, visit www.FederatedInvestors.com for a prospectus or a summary prospectus. You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus or summary prospectus, which you should read carefully before investing.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Federated Securities Corp., Distributor (32170) 3/29/2019

FEIF-4