FEDERATED ADJUSTABLE RATE SECURITIES FUND

                            Federated Investors Funds
                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7000


                                November 4, 2003


EDGAR Operations Branch
Securities and Exchange Commission
Division of Investment Management
450 Fifth Street, Northwest
Washington, DC  20549

     RE: FEDERATED ADJUSTABLE RATE SECURITIES FUND (the "Fund")
            Institutional Shares
            Institutional Service Shares
           1933 Act File No. 33/2-98491
           1940 Act File No. 811-4539

Dear Sir or Madam:

     Pursuant to Rule 497(j) of the Securities Act of 1933, the above-referenced
Fund hereby certifies that the definitive forms of Prospectuses and Statement of
Additional  Information dated October 31, 2003, that would have been filed under
Rule 497(c),  does not differ from the forms of  Prospectuses  and  Statement of
Additional  Information contained in the most recent Registration  Statement for
the Fund. This Registration Statement was electronically filed under Rule 485(b)
as Post-Effective amendment No. 30 on October 28, 2003.

     If you have any questions regarding this  certification,  please contact me
at (412) 288-2614.

                                                Very truly yours,



                                                /s/ Andrew P. Cross
                                                Andrew P. Cross
                                                Assistant Secretary