Exhibit (a)(xxv) under Form N-1A

Exhibit 3(i) under Item 601/Reg. S-K

FEDERATED EQUITY FUNDS

Amendment No. 32

to the

RESTATED AND AMENDED DECLARATION OF TRUST

dated August 15, 1995

This Declaration of Trust is amended as follows:

A.           Strike the first paragraph of Section 5 of Article III from the Declaration of Trust and substitute in its place the following:

"Section 5.  Establishment and Designation of Series or Class.  Without limiting the authority of the Trustees set forth in Article XII, Section 8, inter alia, to establish and designate any additional Series or Class or to modify the rights and preferences of any existing Series or Class, the Series and Classes of the Trust are established and designated as:

Federated Capital Appreciation Fund

Class A Shares

Class B Shares

Class C Shares

Class K Shares

Institutional Shares

Federated InterContinental Fund

Class A Shares

Class B Shares

Class C Shares

Class K Shares

Institutional Shares

Federated International Strategic Value Fund

Class A Shares

Class C Shares

Institutional Shares

Federated Kaufmann Fund

Class A Shares

Class B Shares

Class C Shares

Class K Shares

Federated Kaufmann Large Cap Fund

Class A Shares

Class C Shares

Class K Shares

Institutional Shares

Federated Kaufmann Small Cap Fund

Class A Shares

Class B Shares

Class C Shares

Class K Shares

Federated Market Opportunity Fund

Class A Shares

Class B Shares

Class C Shares

Institutional Shares

Federated Mid Cap Growth Strategies Fund

Class A Shares

Class B Shares

Class C Shares

Class K Shares

Federated Prudent Bear Fund

Class A Shares

Class C Shares

Institutional Shares

Federated Strategic Value Fund

Class A Shares

Class C Shares

Institutional Shares

The undersigned hereby certify that the above-stated Amendment is a true and correct Amendment to the Declaration of Trust, as adopted by the Board of Trustees at a meeting on the 15th day of August, 2008, to become effective on August 21, 2008.

WITNESS the due execution hereof this 15th day of August, 2008.

/s/ John F. Donahue                                                                /s/ Charles F. Mansfield, Jr.

John F. Donahue                                                                Charles F. Mansfield, Jr.

/s/ Thomas G. Bigley                                                                /s/ John E. Murray, Jr.

Thomas G. Bigley                                                                John E. Murray, Jr.

/s/ John T. Conroy, Jr.                                                                /s/ R. James Nicholson

John T. Conroy, Jr.                                                                R. James Nicholson

/s/ Nicholas P. Constantakis                                                                /s/ Thomas M. O’Neill

Nicholas P. Constantakis                                                                Thomas M. O’Neill

/s/ John F. Cunningham                                                                /s/ Marjorie P.Smuts

John F. Cunningham                                                                Marjorie P. Smuts

/s/ J. Christopher Donahue                                                                /s/ John S. Walsh

J. Christopher Donahue                                                                John S. Walsh

/s/ Peter E. Madden                                                                /s/ James F. Will

Peter E. Madden                                                                James. F. Will