EXHIBIT 17

KNOW  ALL  PERSONS  BY  THESE  PRESENTS  that  the  undersigned  Shareholders of
Federated Technology Fund, a portfolio of Federated Equity Funds (the  "Trust"),
hereby  designate  and  appoint  C. Grant Anderson, Maureen Ferguson, M. Allison
Miller, Shannon McDowell and Erin  Dugan,  as  proxies  to  act  at  the Special
Meeting of Shareholders (the "Special Meeting") to be held on February 29, 2008,
at  5800  Corporate  Drive,  Pittsburgh, Pennsylvania, 15237-7000, at 2:00  p.m.
(Eastern Time) and at any adjournment thereof.

The attorneys named will vote the shares represented by this proxy in accordance
with the choices made on this  ballot.   IF  NO  CHOICE IS INDICATED, THIS PROXY
WILL BE VOTED "FOR" APPROVAL OF PROPOSAL 1. DISCRETIONARY  AUTHORITY  IS  HEREBY
CONFERRED AS TO ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY
ADJOURNMENT THEREOF.

THIS  PROXY  IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF FEDERATED EQUITY
FUNDS, THIS PROXY,  WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED
BY THE UNDERSIGNED SHAREHOLDER.   IF  NO  DIRECTION  IS MADE, THIS PROXY WILL BE
VOTED "FOR" THE PROPOSAL.


   1. To approve or disapprove a proposed Agreement and Plan of Reorganization
      pursuant to which Federated MDT Small Cap Growth Fund ("MDT Fund"), a
      portfolio of Federated MDT Series, would acquire all of the assets of
      Federated Technology Fund ("Technology Fund") in exchange for Class A
      Shares, Class B Shares and Class C Shares of MDT Fund to be distributed
      pro rata by Technology Fund in complete liquidation and termination of
      Technology Fund;.

                         FOR               [   ]
                         AGAINST           [   ]
                         ABSTAIN           [   ]












                                           YOUR VOTE IS IMPORTANT
                                           Please complete, sign and return
                                           this card as soon as possible.



                                           Dated


                                           Signature


                                           Signature (Joint Owners)


Please  sign  this  proxy  exactly  as your name appears on  the  books  of  the
Corporation.  Joint owners should each  sign  personally.   Directors  and other
fiduciaries should indicate the capacity in which they sign, and where more than
one name appears, a majority must sign.  If a corporation, this signature should
be that of an authorized officer who should state his or her title.

   YOU MAY ALSO VOTE YOUR SHARES BY TOUCHTONE PHONE BY CALLING 1-800-690-6903
                  OR THROUGH THE INTERNET AT WWW.PROXYVOTE.COM










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