Exhibit j under Form N-1A
                                              Exhibit 23 under Item 601/Reg. S-K

               Consent of Ernst & Young LLP, Independent Auditors


We  consent  to the  references  to  our  firm  under  the  captions  "Financial
Highlights"  in  the  Institutional  Shares  and  Institutional  Service  Shares
Prospectuses  and  "Independent   Auditors"  in  the  Institutional  Shares  and
Institutional   Service   Shares   Statement  of   Additional   Information   in
Post-Effective Amendment Number 30 to the Registration Statement (Form N-1A, No.
2-98491),  and to the  incorporation  by  reference  therein of our report dated
October  13, 2003 on the  financial  statements  of  Federated  Adjustable  Rate
Securities Fund included in its Annual Report to shareholders for the year ended
August 31, 2003.


                                                       ERNST & YOUNG LLP

Boston, Massachusetts
October 24, 2003