<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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074 H000600 0
074 I000600 2743
074 J000600 0
074 K000600 0
074 L000600 2017
074 M000600 0
074 N000600 56839
074 O000600 12198
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 166
<PAGE> PAGE 21
074 S000600 0
074 T000600 44475
074 U010600 22155
074 U020600 0
074 V010600 2.01
074 V020600 0.00
074 W000600 0.0000
074 X000600 135
074 Y000600 0
075 A000600 0
075 B000600 16101
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.
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
<PAGE> PAGE 22
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 195
028 A020700 0
028 A030700 0
028 A040700 6
028 B010700 406
028 B020700 8
028 B030700 0
028 B040700 46
028 C010700 447
028 C020700 8
028 C030700 0
028 C040700 839
028 D010700 494
028 D020700 6
028 D030700 0
028 D040700 154
028 E010700 718
028 E020700 6
028 E030700 0
028 E040700 25
028 F010700 4338
028 F020700 6
028 F030700 0
028 F040700 121
028 G010700 6598
028 G020700 34
028 G030700 0
028 G040700 1191
028 H000700 0
037 000700 N
038 000700 0
039 000700 N
<PAGE> PAGE 23
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 0
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
055 A000700 Y
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
<PAGE> PAGE 24
060 B000700 Y
061 000700 25000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 4.1
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 98.4
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.9
062 R000700 0.0
063 A000700 0
063 B000700 5.9
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
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
<PAGE> PAGE 25
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 10829
071 B000700 5389
071 C000700 6253
071 D000700 86
072 A000700 6
072 B000700 214
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 12
072 G000700 77
072 H000700 0
072 I000700 25
072 J000700 2
072 K000700 0
072 L000700 12
072 M000700 1
072 N000700 11
072 O000700 0
072 P000700 0
072 Q000700 28
072 R000700 4
072 S000700 0
072 T000700 8
072 U000700 0
072 V000700 0
072 W000700 2
072 X000700 182
072 Y000700 173
072 Z000700 205
072AA000700 30
072BB000700 0
072CC010700 0
072CC020700 53
072DD010700 199
072DD020700 0
072EE000700 0
073 A010700 0.3400
073 A020700 0.3200
073 B000700 0.0000
073 C000700 0.0000
074 A000700 33
<PAGE> PAGE 26
074 B000700 435
074 C000700 0
074 D000700 10587
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 49
074 M000700 1
074 N000700 11105
074 O000700 398
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 53
074 S000700 0
074 T000700 10654
074 U010700 1059
074 U020700 3
074 V010700 10.03
074 V020700 10.03
074 W000700 0.0000
074 X000700 70
074 Y000700 0
075 A000700 0
075 B000700 6185
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 Series, Inc.
<SERIES>
<NUMBER> 051
<NAME> Federated Limited Duration Fund Class IS
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Mar-31-1999
<INVESTMENTS-AT-COST> 60,344,820
<INVESTMENTS-AT-VALUE> 60,095,653
<RECEIVABLES> 639,907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,105
<TOTAL-ASSETS> 60,738,665
<PAYABLE-FOR-SECURITIES> 1,702,993
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 443,159
<TOTAL-LIABILITIES> 2,146,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,844,331
<SHARES-COMMON-STOCK> 4,748,415
<SHARES-COMMON-PRIOR> 2,955,053
<ACCUMULATED-NII-CURRENT> 14,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,504)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (249,167)
<NET-ASSETS> 47,778,285
<DIVIDEND-INCOME> 10,937
<INTEREST-INCOME> 1,474,438
<OTHER-INCOME> 0
<EXPENSES-NET> (94,252)
<NET-INVESTMENT-INCOME> 1,391,123
<REALIZED-GAINS-CURRENT> 932
<APPREC-INCREASE-CURRENT> (693,553)
<NET-CHANGE-FROM-OPS> 698,502
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,045,462)
<DISTRIBUTIONS-OF-GAINS> (2,462)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,046,834
<NUMBER-OF-SHARES-REDEEMED> (626,754)
<SHARES-REINVESTED> 13,282
<NET-CHANGE-IN-ASSETS> 16,468,474
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (15,312)
<OVERDISTRIB-NII-PRIOR> (4,693)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88,806
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 329,045
<AVERAGE-NET-ASSETS> 33,463,134
<PER-SHARE-NAV-BEGIN> 10.230
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> (0.170)
<PER-SHARE-DIVIDEND> (0.310)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.060
<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, Inc.
<SERIES>
<NUMBER> 052
<NAME> Federated Limited Duration Fund Class SS
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Mar-31-1999
<INVESTMENTS-AT-COST> 60,344,820
<INVESTMENTS-AT-VALUE> 60,095,653
<RECEIVABLES> 639,907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,105
<TOTAL-ASSETS> 60,738,665
<PAYABLE-FOR-SECURITIES> 1,702,993
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 443,159
<TOTAL-LIABILITIES> 2,146,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,844,331
<SHARES-COMMON-STOCK> 1,074,822
<SHARES-COMMON-PRIOR> 1,164,189
<ACCUMULATED-NII-CURRENT> 14,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,504)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (249,167)
<NET-ASSETS> 10,814,228
<DIVIDEND-INCOME> 10,937
<INTEREST-INCOME> 1,474,438
<OTHER-INCOME> 0
<EXPENSES-NET> (94,252)
<NET-INVESTMENT-INCOME> 1,391,123
<REALIZED-GAINS-CURRENT> 932
<APPREC-INCREASE-CURRENT> (693,553)
<NET-CHANGE-FROM-OPS> 698,502
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (326,115)
<DISTRIBUTIONS-OF-GAINS> (662)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 558,707
<NUMBER-OF-SHARES-REDEEMED> (660,022)
<SHARES-REINVESTED> 11,948
<NET-CHANGE-IN-ASSETS> 16,468,474
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (15,312)
<OVERDISTRIB-NII-PRIOR> (4,693)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88,806
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 329,045
<AVERAGE-NET-ASSETS> 11,061,722
<PER-SHARE-NAV-BEGIN> 10.230
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.170)
<PER-SHARE-DIVIDEND> (0.300)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.060
<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> 071
<NAME> Federated Mortgage Fund Class IS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Mar-31-1999
<INVESTMENTS-AT-COST> 11,005,382
<INVESTMENTS-AT-VALUE> 11,022,182
<RECEIVABLES> 48,938
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 34,072
<TOTAL-ASSETS> 11,105,192
<PAYABLE-FOR-SECURITIES> 398,124
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52,908
<TOTAL-LIABILITIES> 451,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,620,967
<SHARES-COMMON-STOCK> 1,058,867
<SHARES-COMMON-PRIOR> 516,921
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,800
<NET-ASSETS> 10,654,160
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 214,351
<OTHER-INCOME> 0
<EXPENSES-NET> 9,273
<NET-INVESTMENT-INCOME> 205,078
<REALIZED-GAINS-CURRENT> 30,105
<APPREC-INCREASE-CURRENT> (53,274)
<NET-CHANGE-FROM-OPS> 181,909
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (198,876)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 656,162
<NUMBER-OF-SHARES-REDEEMED> (117,580)
<SHARES-REINVESTED> 3,364
<NET-CHANGE-IN-ASSETS> 5,432,316
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (13,712)
<OVERDISTRIB-NII-PRIOR> (5,764)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 181,730
<AVERAGE-NET-ASSETS> 6,170,086
<PER-SHARE-NAV-BEGIN> 10.110
<PER-SHARE-NII> 0.340
<PER-SHARE-GAIN-APPREC> (0.080)
<PER-SHARE-DIVIDEND> (0.340)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.030
<EXPENSE-RATIO> 0.30
[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> 072
<NAME> Federated Mortgage Fund Class SS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Mar-31-1999
<INVESTMENTS-AT-COST> 11,005,382
<INVESTMENTS-AT-VALUE> 11,022,182
<RECEIVABLES> 48,938
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 34,072
<TOTAL-ASSETS> 11,105,192
<PAYABLE-FOR-SECURITIES> 398,124
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52,908
<TOTAL-LIABILITIES> 451,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,620,967
<SHARES-COMMON-STOCK> 3,285
<SHARES-COMMON-PRIOR> 1,526
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,800
<NET-ASSETS> 32,951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 214,351
<OTHER-INCOME> 0
<EXPENSES-NET> 9,273
<NET-INVESTMENT-INCOME> 205,078
<REALIZED-GAINS-CURRENT> 30,105
<APPREC-INCREASE-CURRENT> (53,274)
<NET-CHANGE-FROM-OPS> 181,909
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (438)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,246
<NUMBER-OF-SHARES-REDEEMED> (520)
<SHARES-REINVESTED> 33
<NET-CHANGE-IN-ASSETS> 5,432,316
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (13,712)
<OVERDISTRIB-NII-PRIOR> (5,764)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 181,730
<AVERAGE-NET-ASSETS> 14,435
<PER-SHARE-NAV-BEGIN> 10.110
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> 0.320
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.030
<EXPENSE-RATIO> 0.60
[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 Total Return Bond Fund Class IS
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Mar-31-1999
<INVESTMENTS-AT-COST> 142,993,948
<INVESTMENTS-AT-VALUE> 142,806,354
<RECEIVABLES> 3,248,113
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 17,122
<TOTAL-ASSETS> 146,071,589
<PAYABLE-FOR-SECURITIES> 3,170,037
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 647,556
<TOTAL-LIABILITIES> 3,817,593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,509,322
<SHARES-COMMON-STOCK> 11,969,528
<SHARES-COMMON-PRIOR> 9,033,029
<ACCUMULATED-NII-CURRENT> 17,341
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 914,927
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (187,594)
<NET-ASSETS> 126,035,458
<DIVIDEND-INCOME> 404,903
<INTEREST-INCOME> 3,383,064
<OTHER-INCOME> 0
<EXPENSES-NET> (237,786)
<NET-INVESTMENT-INCOME> 3,550,181
<REALIZED-GAINS-CURRENT> 927,191
<APPREC-INCREASE-CURRENT> (5,175,128)
<NET-CHANGE-FROM-OPS> (697,756)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,110,498)
<DISTRIBUTIONS-OF-GAINS> (203,782)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,100,816
<NUMBER-OF-SHARES-REDEEMED> (3,222,689)
<SHARES-REINVESTED> 58,372
<NET-CHANGE-IN-ASSETS> 30,332,440
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 217,061
<OVERDISTRIB-NII-PRIOR> (1,778)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 245,705
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 609,650
<AVERAGE-NET-ASSETS> 107,951,868
<PER-SHARE-NAV-BEGIN> 10.900
<PER-SHARE-NII> 0.031
<PER-SHARE-GAIN-APPREC> (0.350)
<PER-SHARE-DIVIDEND> (0.310)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.530
<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, Inc.
<SERIES>
<NUMBER> 012
<NAME> Federated Total Return Bond Fund Class SS
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Mar-31-1999
<INVESTMENTS-AT-COST> 142,993,948
<INVESTMENTS-AT-VALUE> 142,806,354
<RECEIVABLES> 3,248,113
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 17,122
<TOTAL-ASSETS> 146,071,589
<PAYABLE-FOR-SECURITIES> 3,170,037
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 647,556
<TOTAL-LIABILITIES> 3,817,593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,509,322
<SHARES-COMMON-STOCK> 1,540,273
<SHARES-COMMON-PRIOR> 1,231,231
<ACCUMULATED-NII-CURRENT> 17,341
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 914,927
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (187,594)
<NET-ASSETS> 16,218,538
<DIVIDEND-INCOME> 404,903
<INTEREST-INCOME> 3,383,064
<OTHER-INCOME> 0
<EXPENSES-NET> (237,786)
<NET-INVESTMENT-INCOME> 3,550,181
<REALIZED-GAINS-CURRENT> 927,191
<APPREC-INCREASE-CURRENT> (5,175,128)
<NET-CHANGE-FROM-OPS> (697,756)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (420,564)
<DISTRIBUTIONS-OF-GAINS> (25,543)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,383,372
<NUMBER-OF-SHARES-REDEEMED> (1,101,179)
<SHARES-REINVESTED> 26,849
<NET-CHANGE-IN-ASSETS> 30,332,440
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 217,061
<OVERDISTRIB-NII-PRIOR> (1,778)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 245,705
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 609,650
<AVERAGE-NET-ASSETS> 15,237,911
<PER-SHARE-NAV-BEGIN> 10.900
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> (0.350)
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.530
<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> 061
<NAME> Federated Ultrashort Bond Fund Class SS
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Mar-31-1999
<INVESTMENTS-AT-COST> 54,908,056
<INVESTMENTS-AT-VALUE> 54,811,730
<RECEIVABLES> 2,016,788
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,904
<TOTAL-ASSETS> 56,839,422
<PAYABLE-FOR-SECURITIES> 12,197,761
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166,189
<TOTAL-LIABILITIES> 12,363,950
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,404,289
<SHARES-COMMON-STOCK> 22,155,030
<SHARES-COMMON-PRIOR> 9,843
<ACCUMULATED-NII-CURRENT> 4,078
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 190,681
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (123,576)
<NET-ASSETS> 44,475,472
<DIVIDEND-INCOME> 34,866
<INTEREST-INCOME> 459,589
<OTHER-INCOME> 0
<EXPENSES-NET> (30,276)
<NET-INVESTMENT-INCOME> 464,179
<REALIZED-GAINS-CURRENT> 144,837
<APPREC-INCREASE-CURRENT> (123,576)
<NET-CHANGE-FROM-OPS> 485,440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (461,455)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,861,510
<NUMBER-OF-SHARES-REDEEMED> (12,775,849)
<SHARES-REINVESTED> 59,526
<NET-CHANGE-IN-ASSETS> 44,375,451
<ACCUMULATED-NII-PRIOR> 1,354
<ACCUMULATED-GAINS-PRIOR> 45,844
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,694
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 180,358
<AVERAGE-NET-ASSETS> 16,100,675
<PER-SHARE-NAV-BEGIN> 10.160
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> (8.170)
<PER-SHARE-DIVIDEND> (0.090)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 2.010
<EXPENSE-RATIO> 0.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
ITEM 77 C
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of Shareholders of Federated Total Return Series, Inc. (the
"Fund") was held on March 23, 1999. On January 22, 1999, the record date for
shareholders voting at the meeting, there were 24,102,378 total outstanding
shares. The following items were considered by shareholders and the results of
their voting were as follows:
Agenda Item 1: To elect Directors.1
For Withheld Authority To Vote
Thomas G. Bigley 18,104,839 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
1 The following Directors of the Fund continued their terms as Directors of
the Fund: John F. Donahue, John T. Conroy, Jr., Lawrence D. Ellis, M.D.,
Peter E. Madden, and Majorie P. Smuts.
Agenda Item 2: To ratify the selection of Ernst & Young LLP as the Fund's
independent auditors.
For Against Abstentions
18,110,860 215 29,642
ITEM 77 D (a)
POLICIES WITH RESPECT TO SECURITY INVESTMENTS
A Meeting of the Board of Directors (the "Directors") of Federated Total
Return Series, Inc.
(the "Corporation") was held on November 17, 1998.
After full discussion, on motion duly made an seconded, the Directors
unamimously, and without shareholder approval, authorized and approved a
proposal to amend the investment policies of Federated Total Return Bond Fund
(the "Fund") as follows:
"The Fund may purchase zero coupon bonds, including pay-in-kind
securities." There are many forms of zero coupon securities. Some
are issued at a discount and are referred to as zero coupon or
capital appreciation bonds. Others are created from interest
bearing bonds by separating the right to receive the bond's coupon
payments from the right to receive the bond's principal due at
maturity, a process known as coupon stripping. Treasury STRIPs, IOs
and POs are the most common forms of stripped zero coupon
securities. In addition, some securities give the issuer the option
to deliver additional securities in place of cash interest payments,
thereby increasing the amount payable at maturity. These are
referred to as pay-in-kind or PIK securities.
ITEM 77D (e)
POLICIES WITH RESPECT TO SECURITY INVESTMENTS
A non-fundamental policy has been established that permits Federated Total
Return Bond Fund (the "Fund") to "invest in mortgage-backed securities
primarily by investing in another mutual fund that owns securities and that is
advised by an affiliate of the adviser. This other mutual fund is managed
independently of the Fund and may incur additional administrative expenses.
The Fund may also invest in such securities directly."
Item 77 Q (e)
EXHIBIT F
to the
Investment Advisory Contract
Federated Ultrashort Bond Fund
For all services rendered by Adviser hereunder, the above-named Fund of
the Corporation shall pay to Adviser and Adviser agrees to accept as full
compensation for all services rendered hereunder, an annual investment
advisory fee equal to .60 of 1% of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net assets of the
Fund shall be accrued daily at the rate of 1/365th of .60 of 1% applied to the
daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of October, 1998.
Federated Management
By /s/ Stephen A. Keen
Name: Stephen A. Keen
Title: Vice President
Federated Total Return Series, Inc.
By: /s/ J. Christopher Donahue
Name: J. Christopher Donahue
Title: Executive Vice President
