FEDERATED LIMITED DURATION FUND
A Portfolio of Federated Total Return Series, Inc.
Institutional Shares
Institutional Service Shares
Supplement to Prospectuses dated November 30, 1998
Robert K. Kinsey is no longer a Portfolio Manager of this Fund. Accordingly,
under the subsection entitled "Portfolio Manager's Background" on page 15,
please delete the second paragraph and replace it with the following
information:
"Robert E. Cauley has been the Fund's Portfolio Manager since March 1999.
Mr. Cauley joined Federated in 1996 as a Senior Investment Analyst and an
Assistant Vice President of the Fund's Adviser and has been a Portfolio
Manager since 1997. Mr. Cauley has been a Vice President of the Adviser
since 1999. Mr. Cauley was a member of the Asset-Backed Structuring Group
at Lehman Brothers Holding, Inc. from 1994 to 1996. Mr. Cauley earned his
M.S.I.A. concentrating in Financing and Economics, from Carnegie Mellon
University."
Randall S. Bauer remains as Portfolio Manager of the Fund and Mark E. Durbiano
remain as Portfolio Manager of high yield corporate bonds asset category of the
Fund.
April 30, 1999
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
1-800-341-7400
Cusip 31428Q408
31428Q309
G01744-05 (4/99)
