FEDERATED ADJUSTABLE RATE SECURITIES FUND

Federated Investors Funds

4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561

October 31, 2011

EDGAR Operations Branch

U.S. Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, DC 20549

RE: FEDERATED ADJUSTABLE RATE SECURITIES FUND (the “Fund”)

Institutional Shares

Service Shares

1933 Act File No. 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 Statements of Additional Information dated October 31, 2011, that would have been filed under Rule 497(c), do not differ from the forms of Prospectuses and Statements 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. 38 on October 26, 2011.

If you have any questions regarding this certification, please contact me at (412) 288-3810.

Very truly yours,

/s/ Andrew P. Cross

Andrew P. Cross

Assistant Secretary