<PAGE> PAGE 1
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<PAGE> PAGE 2
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011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 34045
074 C000600 0
074 D000600 156279
074 E000600 1256
074 F000600 0
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074 H000600 0
074 I000600 9293
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074 L000600 2849
074 M000600 0
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<PAGE> PAGE 21
074 O000600 5512
074 P000600 0
074 Q000600 0
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074 R020600 0
074 R030600 0
074 R040600 2178
074 S000600 0
074 T000600 196032
074 U010600 98973
074 U020600 0
074 V010600 1.98
074 V020600 0.00
074 W000600 0.0000
074 X000600 621
074 Y000600 0
075 A000600 0
075 B000600 74678
076 000600 0.00
083 A000600 N
083 B000600 0
084 A000600 N
084 B000600 0
085 A000600 N
085 B000600 N
015 A000701 STATE STREET BANK & TRUST COMPANY
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02266
015 C040701 8600
015 E010701 X
015 A000702 BANKERS TRUST CO.
015 B000702 S
015 C010702 NEW YORK
015 C020702 NY
015 C030702 10015
015 E010702 X
015 A000703 BANK OF NEW YORK
015 B000703 S
015 C010703 NEW YORK
015 C020703 NY
015 C030703 10006
015 E010703 X
015 A000704 THE CHASE MANHATTAN CORP.
015 B000704 S
015 C010704 NEW YORK
015 C020704 NY
015 C030704 10006
015 E010704 X
015 A000705 MORGAN GUARANTY BANK & TRUST CO.
<PAGE> PAGE 22
015 B000705 S
015 C010705 NEW YORK
015 C020705 NY
015 C030705 10015
015 E010705 X
015 A000706 NATIONSBANK OF NORTH CAROLINA
015 B000706 S
015 C010706 CHARLOTTE
015 C020706 NC
015 C030706 28255
015 E010706 X
015 A000707 PNC BANK, NA
015 B000707 S
015 C010707 PITTSBURGH
015 C020707 PA
015 C030707 15265
015 E010707 X
024 000700 N
025 D000701 0
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 1392
028 A020700 7
028 A030700 0
028 A040700 106
028 B010700 1303
028 B020700 7
028 B030700 0
028 B040700 51
028 C010700 925
028 C020700 8
028 C030700 0
028 C040700 155
028 D010700 3804
028 D020700 9
028 D030700 0
028 D040700 84
028 E010700 394
028 E020700 10
028 E030700 0
028 E040700 173
028 F010700 224
028 F020700 21
028 F030700 0
028 F040700 240
028 G010700 8042
<PAGE> PAGE 23
028 G020700 62
028 G030700 0
028 G040700 809
028 H000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 1
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.400
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
<PAGE> PAGE 24
055 A000700 Y
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 25000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 5.2
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 92.9
062 O000700 0.0
062 P000700 0.0
062 Q000700 6.7
062 R000700 0.0
063 A000700 0
063 B000700 7.5
064 A000700 N
064 B000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
<PAGE> PAGE 25
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 Y
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 Y
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 25250
071 B000700 15499
071 C000700 0
071 D000700 150
072 A000700 12
072 B000700 717
072 C000700 0
072 D000700 0
072 E000700 0
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072 M000700 3
072 N000700 27
072 O000700 1
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072CC020700 394
072DD010700 670
<PAGE> PAGE 26
072DD020700 10
072EE000700 0
073 A010700 0.6600
073 A020700 0.6300
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 905
074 C000700 0
074 D000700 17512
074 E000700 0
074 F000700 0
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074 L000700 84
074 M000700 0
074 N000700 18501
074 O000700 100
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074 R030700 0
074 R040700 823
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074 T000700 17578
074 U010700 1745
074 U020700 54
074 V010700 9.77
074 V020700 9.77
074 W000700 0.0000
074 X000700 88
074 Y000700 0
075 A000700 0
075 B000700 10353
076 000700 0.00
083 A000700 N
083 B000700 0
084 A000700 N
084 B000700 0
085 A000700 Y
085 B000700 N
SIGNATURE STEVE KEANE
TITLE ASST. GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912763
<NAME> Federated Total Return Bond Series
<SERIES>
<NUMBER> 011
<NAME> Federated Total Return Bond Fund - IS Shares
<S> <C>
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<PERIOD-END> Oct-31-1999
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<GROSS-ADVISORY-FEES> 551,737
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<GROSS-EXPENSE> 1,373,069
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<PER-SHARE-NAV-BEGIN> 10.900
<PER-SHARE-NII> 0.630
<PER-SHARE-GAIN-APPREC> (0.700)
<PER-SHARE-DIVIDEND> (0.630)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.180
<EXPENSE-RATIO> 0.35
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912763
<NAME> Federated Total Return Bond Series
<SERIES>
<NUMBER> 012
<NAME> Federated Total Return Bond Fund - SS Shares
<S> <C>
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<DISTRIBUTIONS-OF-INCOME> (940,617)
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<NUMBER-OF-SHARES-SOLD> 2,597,077
<NUMBER-OF-SHARES-REDEEMED> 71,343
<SHARES-REINVESTED> (1,800,528)
<NET-CHANGE-IN-ASSETS> 54,881,851
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (1,778)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 551,737
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<GROSS-EXPENSE> 1,373,069
<AVERAGE-NET-ASSETS> 16,309,503
<PER-SHARE-NAV-BEGIN> 10.900
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> (0.700)
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<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.180
<EXPENSE-RATIO> 0.65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912763
<NAME> Federated Total Return Series
<SERIES>
<NUMBER> 011
<NAME> Federated Limited Duration - IS Shares
<S> <C>
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<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 76,229,664
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<TOTAL-LIABILITIES> 425,870
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<NET-INVESTMENT-INCOME> 3,573,627
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<APPREC-INCREASE-CURRENT> (1,379,505)
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<SHARES-REINVESTED> (1,494,996)
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (4,693)
<OVERDIST-NET-GAINS-PRIOR> (15,312)
<GROSS-ADVISORY-FEES> 224,110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 733,451
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<PER-SHARE-NAV-BEGIN> 10.230
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<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.880
<EXPENSE-RATIO> 0.35
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912763
<NAME> Federated Total Return Series
<SERIES>
<NUMBER> 012
<NAME> Federated Limited Duration - SS Shares
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 76,229,664
<INVESTMENTS-AT-VALUE> 75,294,545
<RECEIVABLES> 699,823
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<TOTAL-ASSETS> 75,994,368
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 425,870
<TOTAL-LIABILITIES> 425,870
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<SHARES-COMMON-PRIOR> 1,164,189
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<ACCUMULATED-NET-GAINS> (573,723)
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<ACCUM-APPREC-OR-DEPREC> (935,119)
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<NET-CHANGE-FROM-OPS> 1,635,711
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<DISTRIBUTIONS-OF-INCOME> (659,954)
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<NUMBER-OF-SHARES-SOLD> 933,821
<NUMBER-OF-SHARES-REDEEMED> 26,571
<SHARES-REINVESTED> (1,238,993)
<NET-CHANGE-IN-ASSETS> 33,444,459
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (4,693)
<OVERDIST-NET-GAINS-PRIOR> (15,312)
<GROSS-ADVISORY-FEES> 224,110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 733,451
<AVERAGE-NET-ASSETS> 10,989,084.000
<PER-SHARE-NAV-BEGIN> 10.230
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> (0.350)
<PER-SHARE-DIVIDEND> (0.600)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.880
<EXPENSE-RATIO> 0.65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912763
<NAME> Federated Total Return Series, Inc.
<SERIES>
<NUMBER> 010
<NAME> Federated Ultrashort Bond Fund
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 203,105,101
<INVESTMENTS-AT-VALUE> 200,872,471
<RECEIVABLES> 2,849,888
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 203,722,359
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<SHARES-COMMON-PRIOR> 9,843
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<ACCUMULATED-NET-GAINS> 370,056
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<ACCUM-APPREC-OR-DEPREC> (2,195,938)
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<DIVIDEND-INCOME> 485,696
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<NUMBER-OF-SHARES-SOLD> 162,741,803
<NUMBER-OF-SHARES-REDEEMED> 1,426,095
<SHARES-REINVESTED> (65,245,181)
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<ACCUMULATED-NII-PRIOR> 1,354
<ACCUMULATED-GAINS-PRIOR> 45,844
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 447,691
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 942,224
<AVERAGE-NET-ASSETS> 74,677,493
<PER-SHARE-NAV-BEGIN> 2.000
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> (0.150)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.980
<EXPENSE-RATIO> 0.77
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912763
<NAME> Federated Total Return Series, Inc.
<SERIES>
<NUMBER> 011
<NAME> Federated Mortgage Fund - Class IS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 18,656,145
<INVESTMENTS-AT-VALUE> 18,416,647
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<OTHER-ITEMS-LIABILITIES> 822,470
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<PAID-IN-CAPITAL-COMMON> 17,840,741
<SHARES-COMMON-STOCK> 1,745,020
<SHARES-COMMON-PRIOR> 516,921
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (23,165)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (239,498)
<NET-ASSETS> 17,578,078
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 717,374
<OTHER-INCOME> 0
<EXPENSES-NET> (31,533)
<NET-INVESTMENT-INCOME> 685,841
<REALIZED-GAINS-CURRENT> (9,453)
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,412,675
<NUMBER-OF-SHARES-REDEEMED> 8,852
<SHARES-REINVESTED> (193,428)
<NET-CHANGE-IN-ASSETS> 12,338,829
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (5,764)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41,413
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408,997
<AVERAGE-NET-ASSETS> 10,191,617
<PER-SHARE-NAV-BEGIN> 10.110
<PER-SHARE-NII> 0.670
<PER-SHARE-GAIN-APPREC> (0.350)
<PER-SHARE-DIVIDEND> (0.660)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.770
<EXPENSE-RATIO> 0.30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
November 15, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sirs:
We have read and agree with the comments contained in Sub-Item 77k
of Form N-SAR of the Federated Mortgage Fund.
Very truly yours,
ERNST & YOUNG LLP
November 15, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sirs:
We have read and agree with the comments contained in Sub-Item 77k
of Form N-SAR of the Federated Limited Duration Fund.
Very truly yours,
ERNST & YOUNG LLP
November 15, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sirs:
We have read and agree with the comments contained in Sub-Item 77k
of Form N-SAR of the Federated Total Return Bond Fund.
Very truly yours,
ERNST & YOUNG LLP
November 15, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sirs:
We have read and agree with the comments contained in Sub-Item 77k
of Form N-SAR of the Federated Ultrashort Bond Fund.
Very truly yours,
ERNST & YOUNG LLP
Item 77 C -- Submission of Matters to a Vote of Security Holders
An Annual Meeting of shareholders of Federated Total Return Series, Inc.
(the "Corporation") was held on March 23, 1999. The following items,
which are required to be reported under this Item 77C, were approved as
follows:
AGENDA ITEM 1: To elect Directors.*
SHARES VOTED SHARES VOTED
FOR WITHHELD
________________________________________________________________________
______
Thomas G. Bigley 8,104,839 35,879
Nicholas P. Constantakis 18,138,428 2,290
John F. Cunningham 18,138,428 2,290
J. Christopher Donahue 18,138,428 2,290
Charles F. Mansfield, Jr. 18,138,428 2,290
John E. Murray, Jr. 18,138,428 2,290
John S. Walsh 18,138,428 2,290
AGENDA ITEM 2: To ratify the selection of Ernst & Young LLP as the
Trust's independent auditors.
The results of shareholders voting were as follows:
Shares voted affirmatively ...................18,110,860
Shares voted negatively ............................ 215
Shares abstaining ............................... 29,642
The Definitive Proxy Statement for the Annual Meeting held on March 23,
1999, was filed with the Securities and Exchange Commission on
February 3, 1999, and is incorporated by reference.
(File No. 811-7115)
_________________________
*The following Directors of the Corporation continued their terms:
John F. Donahue, John T. Conroy, Lawrence D. Ellis, M.D., Peter E.
Madden, and Marjorie P. Smuts.
EXHIBIT - SUB-ITEM 77K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On May 19, 1999, the Fund's Board of Directors, upon the recommendation of the
Audit Committee of the Board of Directors, requested and subsequently accepted
the resignation of Ernst & Young LLP ("E&Y") as the Fund's independent
auditors. E&Y's reports on the Fund's financial statements for the fiscal
years ended September 30, 1997 and September 30, 1998, contained no adverse
opinion or disclaimer of opinion nor were they qualified or modified as to
uncertainty, audit scope or accounting principles. During the Fund's fiscal
years ended September 30, 1997 and September 30, 1998, (i) there were no
disagreements with E&Y on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of E&Y, would have caused
it to make reference to the subject matter of the disagreements in connection
with its reports on the financial statements for such years; and (ii) there
were no reportable events of the kind described in Item 304(a)(1)(v) of
Regulation S-K under the Securities Act of 1934, as amended.
The Fund, by action of its Directors, upon the recommendation of the Audit
Committee of the Board, has engaged Deloitte & Touche LLP ("D&T") as the
independent auditors to audit the Fund's financial statements for the fiscal
year ending September 30, 1999. During the Fund"s fiscal years ended September
30, 1997 and September 30, 1998, neither the Fund nor anyone on its behalf has
consulted D&T on items which (i) concerned the application of accounting
principles to a specified transaction, either completed or proposed, or the
type of audit opinion that might be rendered on the Fund"s financial
statements of (ii) concerned the subject of a disagreement (as defined in
paragraph (a)(1)(iv) of Item 304 of Regulation S-K) of reportable events (as
described in paragraph (a) (1)(v) of said Item 304).
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Total Return Series, Inc.
and Shareholders of Federated Limited Duration Fund:
In planning and performing our audit of the financial statements of
Federated Limited Duration Fund (the "Fund") for the year ended
September 30, 1999 (on which we have issued our report dated November
12, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
Deloitte & Touche
Boston, Massachusetts
November 12, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Total Return Series, Inc.
and Shareholders of Federated Mortgage Fund:
In planning and performing our audit of the financial statements of
Federated Mortgage Fund (the "Fund") for the year ended September 30,
1999 (on which we have issued our report dated November 12, 1999), we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide
assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
Deloitte & Touche
Boston, Massachusetts
November 12, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Total Return Series, Inc.
and Shareholders of Federated Total Return Bond Fund:
In planning and performing our audit of the financial statements of
Federated Total Return Bond Fund (the "Fund") for the year ended
September 30, 1999 (on which we have issued our report dated November
12, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of September 30, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
Deloitte & Touche
Boston, Massachusetts
November 12, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912763
<NAME> Federated Total Return Series, Inc.
<SERIES>
<NUMBER> 012
<NAME> Federated Mortgage Fund - Class SS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-2000
<INVESTMENTS-AT-COST> 18,656,145
<INVESTMENTS-AT-VALUE> 18,416,647
<RECEIVABLES> 84,203
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,500,850
<PAYABLE-FOR-SECURITIES> 100,302
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 822,470
<TOTAL-LIABILITIES> 922,772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 239,498
<SHARES-COMMON-STOCK> 54,110
<SHARES-COMMON-PRIOR> 1,526
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23,165)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (239,498)
<NET-ASSETS> 17,578,078
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 717,374
<OTHER-INCOME> 0
<EXPENSES-NET> 31,533
<NET-INVESTMENT-INCOME> 685,841
<REALIZED-GAINS-CURRENT> (9,453)
<APPREC-INCREASE-CURRENT> (394,001)
<NET-CHANGE-FROM-OPS> 282,387
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (669,956)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58,881
<NUMBER-OF-SHARES-REDEEMED> 841
<SHARES-REINVESTED> (7,138)
<NET-CHANGE-IN-ASSETS> 12,338,829
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (488,300)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41,413
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408,997
<AVERAGE-NET-ASSETS> 161,624
<PER-SHARE-NAV-BEGIN> 10.110
<PER-SHARE-NII> 0.660
<PER-SHARE-GAIN-APPREC> (0.370)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.770
<EXPENSE-RATIO> 0.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Total Return Series, Inc.
and Shareholders of Federated Ultrashort Bond Fund:
In planning and performing our audit of the financial statements of
Federated Ultrashort Bond Fund (the "Fund") for the year ended
September 30, 1999 (on which we have issued our report dated November
12, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
Deloitte & Touche
Boston, Massachusetts
November 12, 1999
