Federated Fixed Income Securities, Inc.

Federated Municipal Ultrashort Fund

CLASS A SHARES (TICKER FMUUX)

Federated Institutional Trust

Federated Government Ultrashort Duration Fund

CLASS A SHARES (TICKER FGUAX)

Federated Total Return Series, Inc.

Federated Ultrashort Bond Fund

CLASS A SHARES (TICKER FULAX)
SERVICE SHARES (TICKER FULBX)

SUPPLEMENT TO CURRENT PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION

Subject to approval by the Boards of Trustees/Directors (“Boards”) of the above referenced funds (“Funds”), the Funds propose the following changes which are anticipated to become effective on or about December 1, 2019:

1. Class A Shares Sales Load and Breakpoints–

The Funds expect to eliminate the current maximum 2% sales charge (load) imposed on Class A Share purchases (as a percentage of offering price) and all breakpoint discounts.

2. Shareholder Service Fees/Account Administration Fees–

The Funds anticipate reducing payments to financial intermediaries from 0.35% to 0.15% of average net assets on their respective Class A Shares. On the Service Shares of Federated Ultrashort Bond Fund, payments to financial intermediaries are expected to be reduced from 0.25% to 0.10% of average net assets.

3. Rule 12b-1 Fees–

The Funds expect to eliminate the Rule 12b-1 fees paid pursuant to the Funds' Rule 12b-1 Plan on their respective Class A Shares and on the Service Shares of Federated Ultrashort Bond Fund.

October 1, 2019

Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

Q454882 (10/19)