0000771524 farsf:S000009087Member farsf:C000024691Member 2011-11-01 2012-10-31 0000771524 farsf:S000009087Member 2011-11-01 2012-10-31 0000771524 farsf:S000009087Member farsf:C000024692Member 2011-11-01 2012-10-31 0000771524 2011-11-01 2012-10-31 0000771524 farsf:S000009087Member rr:AfterTaxesOnDistributionsMember farsf:C000024691Member 2011-11-01 2012-10-31 0000771524 farsf:S000009087Member rr:AfterTaxesOnDistributionsAndSalesMember farsf:C000024691Member 2011-11-01 2012-10-31 0000771524 farsf:S000009087Member farsf:BOfMerrillLynchOneYearUsTreasuryNoteIndexMember 2011-11-01 2012-10-31 pure iso4217:USD 2012-09-30 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFEDERATEDADJUSTABLERATESECURITIESFUND column period compact * ~</div> Example 552 579 0.0161 Federated Adjustable Rate Securities Fund (the "Fund") Shareholder Fees (fees paid directly from your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 35% of the average value of its portfolio. FederatedInvestors.com 0.0141 0 0 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFEDERATEDADJUSTABLERATESECURITIESFUND column period compact * ~</div> 485BPOS FEDERATED ADJUSTABLE RATE SECURITIES FUND This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) or Service Shares (SS) of the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE What are the Fund's Main Investment Strategies? The Fund's IS class total return for the nine-month period from January 1, 2012 to September 30, 2012, was 1.41%. Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.70% (quarter ended September 30, 2006). Its lowest quarterly return was (0.42)% (quarter ended June 30, 2004). Average Annual Total Return Table In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for IS class, and after-tax returns for the SS class will differ from those shown for the IS class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan. (For the Period Ended December 31, 2011) The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. 1-800-341-7400 -0.0036 -0.0016 102 107 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFEDERATEDADJUSTABLERATESECURITIESFUNDBarChart column period compact * ~</div> 0000771524 2012-10-25 2012-08-31 RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE RISK/RETURN SUMMARY: FEES AND EXPENSES Portfolio Turnover The Fund is intended to provide investment income from securities paying interest at rates that increase or decrease in response to changes in market interest rates. The Fund's overall strategy is therefore to invest in a portfolio of adjustable-rate securities, including adjustable-rate, mortgage-backed securities (ARMs) and floating-rate, collateralized mortgage obligations (CMOs) issued or guaranteed by U.S. government agencies and government sponsored enterprises (GSEs). As a fundamental investment policy, the Fund invests at least 65% of the value of its total assets in a professionally managed portfolio of U.S. government securities consisting primarily of adjustable and floating rate mortgage securities which are issued or guaranteed by the U.S. government, its agencies or instrumentalities. The Fund may also invest in ARMs and floating-rate CMOs that are not issued or guaranteed by a GSE but that are rated by a nationally recognized statistical rating organization (NRSRO) in one of its two highest categories. Under normal circumstances, the Fund may also invest up to 20% of its assets in fixed-rate, mortgage-backed securities and other fixed-rate securities. The Fund's investment strategy will depend primarily on the types of ARMs and CMOs available in the market. Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. Because the Fund refers to adjustable rate investments in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to invest, under normal circumstances, less than 80 percent of its assets in adjustable rate securities. For purposes of this limitation, an adjustable rate security includes any fixed-income security that requires periodic changes in its interest rate based upon changes in a recognized index interest rate or another method of determining prevailing interest rates. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include: <ul type="square"><li style="margin-left: +5px">Interest Rate Risk. Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. </li></ul> <ul type="square"><li style="margin-left:+5px">Prepayment Risk. When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. </li></ul> <ul type="square"><li style="margin-left:+5px">Credit Risk. It is possible that interest or principal on securities will not be paid when due. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance. </li></ul> <ul type="square"><li style="margin-left:+5px">Liquidity Risk. The non-government, mortgage-backed securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. </li></ul> <ul type="square"><li style="margin-left:+5px">MBS Risk. A rise in interest rates may cause the value of MBS held by the Fund to decline. Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government. A non-agency MBS is subject to the risk that the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. government or a GSE. The Fund's investments in collateralized mortgage obligations (CMOs) may entail greater market, prepayment and liquidity risks than other MBS. </li></ul> The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. November 1, 2013 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan. 2006-09-30 0.017 lowest quarterly return 2004-06-30 0 0 0 0 0.01 0.0105 318 334 0.031 0.0416 0.0116 0.0293 0.0196 0.0193 0.0269 0.0249 2012-10-29 2012-10-31 false The Fund's investment objective is to provide current income consistent with minimal volatility of principal. What are the Main Risks of Investing in the Fund? Performance: Bar Chart and Table Risk/Return Bar Chart The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged over the stated periods, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. Federated Adjustable Rate Securities Fund - IS Class up to but not including the later of (the "Termination Date"): (a) November 1, 2013; or (b) the date of the Fund's next effective Prospectus. 0.35 The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. After-tax returns are shown only for IS class, and after-tax returns for the SS class will differ from those shown for the IS class. The Fund's IS class total return for the nine-month period highest quarterly return -0.0042 0 0 0 0 0.006 0.006 0 0.0005 0.004 0.004 0.0064 0.0089 1225 1283 0.0134 0.0239 0.043 0.055 0.0417 0.0172 0.0116 0.0082 0.0075 0.0091 0.0057 0.0333 0.024 0.023 0.0309 0.0255 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFEDERATEDADJUSTABLERATESECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFEDERATEDADJUSTABLERATESECURITIESFUND column period compact * ~</div> The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any) paid by the Fund's IS and SS classes (after the voluntary waivers and/or reimbursements) will not exceed 0.64% and 0.89% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) November 1, 2013; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The BofA Merrill Lynch 1-Year U.S. Treasury Note Index is an unmanaged index tracking one-year U.S. government securities.