N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-4539

 

(Investment Company Act File Number)

 

 

Federated Adjustable Rate Securities Fund

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 08/31/18

 

 

Date of Reporting Period: Quarter ended 11/30/17

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

 

 

Federated Adjustable Rate Securities Fund
Portfolio of Investments
November 30, 2017 (unaudited)
Principal
Amount
or Shares 		    Value
    ADJUSTABLE RATE MORTGAGES—53.3%1  
    Federal Home Loan Mortgage Corporation ARM—15.5%  
$1,579,952   2.997%, 4/1/2034 $1,636,172
3,177,593   3.089%, 11/1/2036 3,284,859
3,131,959   3.094%, 2/1/2035 3,317,619
5,101,033   3.110%, 7/1/2034 5,263,307
2,256,255   3.170%, 7/1/2038 2,350,576
1,917,032   3.261%, 11/1/2034 2,028,355
1,996,488   3.348%, 12/1/2034 2,107,285
2,022   3.350%, 9/1/2020 2,025
2,155,260   3.353%, 8/1/2035 2,282,797
2,690,400   3.442%, 10/1/2033 2,785,549
2,904,291   3.489%, 7/1/2036 3,057,954
1,095,830   3.490%, 2/1/2036 1,155,754
1,890,546   3.533%, 4/1/2037 1,998,203
1,966,029   3.538%, 5/1/2035 2,070,660
2,833,062   3.667%, 7/1/2035 2,998,445
    TOTAL 36,339,560
    Federal National Mortgage Association ARM—37.6%  
2,705,375   2.144%, 3/1/2044 2,724,544
1,609,024   2.194%, 7/1/2042 1,623,878
561,057   2.394%, 7/1/2036 578,607
1,253,645   2.623%, 12/1/2034 1,308,292
17,162   2.750%, 2/1/2019 17,237
482,578   2.764%, 5/1/2035 501,104
3,317   2.795%, 2/1/2020 3,323
2,334,984   2.830%, 5/1/2039 2,419,415
885,093   2.835%, 9/1/2033 909,101
429,229   2.840%, 12/1/2033 450,897
329,722   2.864%, 11/1/2035 341,197
1,163,574   2.917%, 10/1/2033 1,196,838
1,708,591   2.930%, 2/1/2033 1,794,511
3,380,826   2.970%, 8/1/2034 3,491,182
1,787,838   2.983%, 8/1/2034 1,848,538
3,302,393   2.995%, 1/1/2044 3,395,124
1,527,679   3.006%, 6/1/2034 1,585,537
1,947,289   3.033%, 10/1/2034 2,015,670
8,963   3.048%, 5/1/2018 8,961
3,908,444   3.068%, 1/1/2039 4,107,458
1,705,649   3.081%, 10/1/2037 1,749,637
2,929,613   3.097%, 5/1/2036 3,083,468
290,401   3.106%, 12/1/2040 303,905
710,133   3.111%, 1/1/2035 748,570
1,690,397   3.118%, 7/1/2035 1,782,275
302,067   3.121%, 5/1/2038 314,679
3,107,592   3.153%, 7/1/2034 3,278,792
905,904   3.154%, 6/1/2035 957,460
1
Principal
Amount
or Shares 		    Value
    ADJUSTABLE RATE MORTGAGES—continued1  
    Federal National Mortgage Association ARM—continued  
$1,502,173   3.159%, 10/1/2035 $1,587,237
1,508,237   3.162%, 7/1/2035 1,589,908
300,120   3.186%, 12/1/2034 312,985
4,134,605   3.199%, 5/1/2035 4,332,144
790,798   3.215%, 6/1/2033 833,076
938,932   3.255%, 5/1/2035 980,692
379,688   3.258%, 7/1/2035 396,613
4,837,986   3.274%, 8/1/2039 5,049,550
577,119   3.278%, 10/1/2035 606,043
928,058   3.301%, 7/1/2034 979,415
796,580   3.334%, 1/1/2035 833,852
87,075   3.345%, 10/1/2033 91,366
1,627,427   3.345%, 1/1/2036 1,728,381
125,559   3.355%, 2/1/2036 131,896
284,249   3.364%, 12/1/2040 295,641
91,015   3.372%, 4/1/2034 95,451
2,352,051   3.394%, 1/1/2040 2,497,956
1,826,985   3.428%, 2/1/2042 1,940,318
769,630   3.433%, 7/1/2039 814,868
242,276   3.435%, 2/1/2036 255,320
2,082,179   3.452%, 12/1/2039 2,194,148
662,042   3.459%, 11/1/2040 703,111
971,806   3.460%, 11/1/2039 1,032,090
981,955   3.487%, 5/1/2035 1,035,731
1,011,316   3.492%, 7/1/2035 1,065,533
2,227,566   3.522%, 7/1/2035 2,311,962
942,389   3.523%, 6/1/2034 975,705
886,582   3.523%, 10/1/2035 921,378
1,114,745   3.558%, 10/1/2037 1,159,736
482,530   3.695%, 5/1/2036 512,463
7,704,970   3.806%, 8/1/2035 8,109,399
81,771   3.888%, 7/1/2027 86,501
    TOTAL 88,000,669
    Government National Mortgage Association ARM—0.2%  
52,596   2.250%, 11/20/2023 53,413
43,531   2.250%, 10/20/2029 44,582
88,281   2.375%, 1/20/2022 89,098
77,677   2.375%, 2/20/2023 78,598
82,652   2.375%, 3/20/2023 83,648
17,298   2.375%, 1/20/2030 17,723
39,321   2.625%, 5/20/2029 40,208
54,268   2.750%, 7/20/2023 54,940
61,534   2.750%, 9/20/2023 62,318
    TOTAL 524,528
    TOTAL ADJUSTABLE RATE MORTGAGES
(IDENTIFIED COST $124,172,434) 		124,864,757
    ASSET-BACKED SECURITIES—3.4%1  
    Credit Card—2.4%  
5,718,000   Capital One Multi-Asset Execution Trust 2004-B3, Class B3, 1.980%, (1-month USLIBOR +0.730%), 1/18/2022 5,750,200
2
Principal
Amount
or Shares 		    Value
    ASSET-BACKED SECURITIES—continued1  
    Other—1.0%  
$495,740   SMB Private Education Loan Trust 2016-B, Class A1, 1.900%, (1-month USLIBOR +0.650%), 11/15/2023 $496,469
1,752,942   Sofi Professional Loan Program LLC, Class A1, 3.079%, (1-month USLIBOR +1.750%), 8/25/2036 1,802,003
    TOTAL 2,298,472
    TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $7,958,687) 		8,048,672
    COLLATERALIZED MORTGAGE OBLIGATIONS—33.4%1  
    Federal Home Loan Mortgage Corporation—8.8%  
314,646   REMIC 2380 FL, 1.850% (1-month USLIBOR +0.600%), 11/15/2031 317,515
275,088   REMIC 2434 FA, 2.250% (1-month USLIBOR +1.000%), 3/15/2032 280,195
110,232   REMIC 2448 FA, 2.250% (1-month USLIBOR +1.000%), 1/15/2032 112,216
116,629   REMIC 2452 FC, 2.250% (1-month USLIBOR +1.000%), 1/15/2032 118,728
389,824   REMIC 2459 FP, 2.250% (1-month USLIBOR +1.000%), 6/15/2032 396,923
86,456   REMIC 2470 EF, 2.250% (1-month USLIBOR +1.000%), 3/15/2032 88,061
405,589   REMIC 2475 F, 2.250% (1-month USLIBOR +1.000%), 2/15/2032 413,075
329,718   REMIC 2475 FD, 1.800% (1-month USLIBOR +0.550%), 6/15/2031 332,254
267,481   REMIC 2480 NF, 2.250% (1-month USLIBOR +1.000%), 1/15/2032 272,392
85,130   REMIC 2498 AF, 2.250% (1-month USLIBOR +1.000%), 3/15/2032 86,710
869,696   REMIC 2819 F, 1.650% (1-month USLIBOR +0.400%), 6/15/2034 873,958
341,676   REMIC 3085 UF, 1.700% (1-month USLIBOR +0.450%), 12/15/2035 343,419
251,265   REMIC 3155 PF, 1.600% (1-month USLIBOR +0.350%), 5/15/2036 251,452
790,514   REMIC 3156 HF, 1.735% (1-month USLIBOR +0.485%), 8/15/2035 795,277
181,109   REMIC 3174 FL, 1.600% (1-month USLIBOR +0.350%), 6/15/2036 181,224
291,547   REMIC 3179 FP, 1.630% (1-month USLIBOR +0.380%), 7/15/2036 291,943
274,412   REMIC 3213 GF, 1.680% (1-month USLIBOR +0.430%), 9/15/2036 275,464
242,114   REMIC 3221 FW, 1.670% (1-month USLIBOR +0.420%), 9/15/2036 242,973
1,462,613   REMIC 3284 AF, 1.560% (1-month USLIBOR +0.310%), 3/15/2037 1,461,038
6,691,449   REMIC 3284 BF, 1.550% (1-month USLIBOR +0.300%), 3/15/2037 6,710,401
923,294   REMIC 3380 FP, 1.600% (1-month USLIBOR +0.350%), 11/15/2036 923,136
917,614   REMIC 3550 GF, 2.000% (1-month USLIBOR +0.750%), 7/15/2039 932,571
1,194,250   REMIC 3556 FA, 2.160% (1-month USLIBOR +0.910%), 7/15/2037 1,215,362
532,937   REMIC 3593 CF, 1.850% (1-month USLIBOR +0.600%), 2/15/2036 539,580
3,162,120   REMIC 4149 F, 1.500% (1-month USLIBOR +0.250%), 1/15/2033 3,148,888
    TOTAL 20,604,755
    Federal National Mortgage Association—19.6%  
70,137   REMIC 1995-17 B, 2.948%, 2/25/2025 70,780
356,180   REMIC 2001-32 FA, 1.878% (1-month USLIBOR +0.550%), 7/25/2031 358,897
124,393   REMIC 2001-57 FA, 1.778% (1-month USLIBOR +0.450%), 6/25/2031 125,279
99,856   REMIC 2001-62 FC, 1.978% (1-month USLIBOR +0.650%), 11/25/2031 101,025
130,361   REMIC 2001-71 FS, 1.928% (1-month USLIBOR +0.600%), 11/25/2031 131,686
250,163   REMIC 2002-52 FG, 1.828% (1-month USLIBOR +0.500%), 9/25/2032 251,919
715,024   REMIC 2002-58 FG, 2.328% (1-month USLIBOR +1.000%), 8/25/2032 728,579
116,191   REMIC 2002-60 FH, 2.328% (1-month USLIBOR +1.000%), 8/25/2032 118,394
470,522   REMIC 2002-7 FG, 2.228% (1-month USLIBOR +0.900%), 1/25/2032 479,229
231,255   REMIC 2002-77 FA, 2.283% (1-month USLIBOR +1.000%), 12/18/2032 235,611
96,091   REMIC 2002-77 FG, 0.723% (1-month USLIBOR +0.550%), 12/18/2032 96,939
204,863   REMIC 2002-8 FA, 2.033% (1-month USLIBOR +0.750%), 3/18/2032 208,026
1,600,691   REMIC 2004-28 PF, 1.728% (1-month USLIBOR +0.400%), 3/25/2034 1,603,476
304,531   REMIC 2005-67 FM, 1.678% (1-month USLIBOR +0.350%), 8/25/2035 304,701
1,373,762   REMIC 2006-103 FB, 1.728% (1-month USLIBOR +0.400%), 10/25/2036 1,383,342
382,843   REMIC 2006-11 FB, 1.628% (1-month USLIBOR +0.300%), 3/25/2036 383,210
3
Principal
Amount
or Shares 		    Value
    COLLATERALIZED MORTGAGE OBLIGATIONS—continued1  
    Federal National Mortgage Association—continued  
$528,066   REMIC 2006-20 PF, 1.648% (1-month USLIBOR +0.320%), 11/25/2030 $528,281
2,168,699   REMIC 2006-49 PF, 1.578% (1-month USLIBOR +0.250%), 4/25/2036 2,162,308
1,325,983   REMIC 2006-65 DF, 1.678% (1-month USLIBOR +0.350%), 7/25/2036 1,326,982
487,990   REMIC 2006-76 QF, 1.728% (1-month USLIBOR +0.400%), 8/25/2036 490,494
500,066   REMIC 2006-8 NF, 1.698% (1-month USLIBOR +0.370%), 3/25/2036 500,855
187,859   REMIC 2006-81 FA, 1.678% (1-month USLIBOR +0.350%), 9/25/2036 188,178
4,608,165   REMIC 2006-W1 2AF1, 1.548% (1-month USLIBOR +0.220%), 2/25/2046 4,566,207
173,986   REMIC 2007-102 FA, 1.898% (1-month USLIBOR +0.570%), 11/25/2037 175,560
400,452   REMIC 2007-16 PF, 1.518% (1-month USLIBOR +0.190%), 3/25/2037 398,187
467,068   REMIC 2007-20 F, 1.588% (1-month USLIBOR +0.260%), 3/25/2037 466,599
353,817   REMIC 2007-67 FB, 1.648% (1-month USLIBOR +0.320%), 7/25/2037 353,510
3,062,687   REMIC 2007-71 WF, 1.778% (1-month USLIBOR +0.450%), 7/25/2037 3,077,587
512,765   REMIC 2007-84 FN, 1.828% (1-month USLIBOR +0.500%), 8/25/2037 515,860
557,816   REMIC 2007-88 FW, 1.878% (1-month USLIBOR +0.550%), 9/25/2037 558,254
452,910   REMIC 2007-88 FY, 1.788% (1-month USLIBOR +0.460%), 9/25/2037 456,155
1,643,292   REMIC 2008-52 FD, 1.678% (1-month USLIBOR +0.350%), 6/25/2036 1,643,278
771,798   REMIC 2008-69 FB, 2.328% (1-month USLIBOR +1.000%), 6/25/2037 792,781
340,916   REMIC 2008-75 DF, 2.578% (1-month USLIBOR +1.250%), 9/25/2038 350,185
3,221,822   REMIC 2009-106 FN, 2.078% (1-month USLIBOR +0.750%), 1/25/2040 3,274,678
1,126,793   REMIC 2009-78 UF, 2.098% (1-month USLIBOR +0.770%), 10/25/2039 1,147,015
2,050,593   REMIC 2009-87 FX, 2.078% (1-month USLIBOR +0.750%), 11/25/2039 2,082,885
2,392,840   REMIC 2009-87 HF, 2.178% (1-month USLIBOR +0.850%), 11/25/2039 2,441,288
1,054,212   REMIC 2010-39 EF, 1.848% (1-month USLIBOR +0.520%), 6/25/2037 1,061,584
4,888,879   REMIC 2011-4 PF, 1.878% (1-month USLIBOR +0.550%), 2/25/2041 4,929,742
5,121,191   REMIC 2012-130 DF, 1.728% (1-month USLIBOR +0.400%), 12/25/2042 5,102,433
793,220   REMIC 2012-99 FB, 1.708% (1-month USLIBOR +0.380%), 9/25/2042 795,341
    TOTAL 45,967,320
    Government National Mortgage Association—4.0%  
5,547,170   REMIC 2012-H24 FC, 1.633% (1-month USLIBOR +0.400%), 10/20/2062 5,519,695
3,756,789   REMIC 2013-H15 FA, 1.773% (1-month USLIBOR +0.540%), 6/20/2063 3,757,172
    TOTAL 9,276,867
    Non-Agency Mortgage-Backed Securities—1.0%  
2,422,890   Sequoia Mortgage Trust 2013-1, Class 1A1, 1.450%, 2/25/2043 2,307,443
    TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $77,635,701) 		78,156,385
    COMMERCIAL MORTGAGE-BACKED SECURITIES—2.5%1  
    Agency Commercial Mortgage-Backed Securities—2.5%  
5,034,559   FHLMC REMIC KS02 A, 1.612% (1-month USLIBOR +0.380%), 8/25/2023 5,033,032
850,838   FHLMC REMIC KF03 A, 1.572% (1-month USLIBOR +0.340%), 1/25/2021 848,715
    TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $5,885,398) 		5,881,747
    MORTGAGE-BACKED SECURITIES—1.0%  
    Federal National Mortgage Association—1.0%  
2,052,992   3.000%, 8/1/2023 2,097,032
245,299   5.000%, 1/1/2024 258,520
    TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $2,373,968) 		2,355,552
4
Principal
Amount
or Shares 		    Value
    U.S. TREASURY—2.5%  
    U.S. Treasury Notes—2.5%  
$6,000,000   United States Treasury Notes, 1.500%, 10/31/2019
(IDENTIFIED COST $5,976,331) 		$5,967,644
    INVESTMENT COMPANY—3.8%  
8,900,674 2 Federated Government Obligations Fund, Premier Shares, 0.97%3
(IDENTIFIED COST $8,900,674) 		8,900,674
    TOTAL INVESTMENT IN SECURITIES—99.9%
(IDENTIFIED COST $232,903,193) 		234,175,431
    OTHER ASSETS AND LIABILITIES - NET—0.1%4 190,830
    TOTAL NET ASSETS—100% $234,366,261
1 Floating/adjustable note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description above.
2 Affiliated holding.
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended November 30, 2017, were as follows:
  Federated
Government
Obligations Fund,
Premier Shares
Balance of Shares Held 8/31/2017 7,022,442
Purchases/Additions 19,594,420
Sales/Reductions (17,716,188)
Balance of Shares Held 11/30/2017 8,900,674
Value $8,900,674
Change in Unrealized Appreciation/Depreciation $NA
Net Realized Gain/(Loss) $NA
Dividend Income $15,503
3 7-day net yield.
4 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at November 30, 2017.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain
5
investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of November 30, 2017, in valuing the Fund's assets carried at fair value:
Valuation Inputs        
  Level 1—
Quoted
Prices 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Adjustable Rate Mortgages $— $124,864,757 $— $124,864,757
Asset-Backed Securities — 8,048,672 — 8,048,672
Collateralized Mortgage Obligations — 78,156,385 — 78,156,385
Commercial Mortgage-Backed Securities — 5,881,747 — 5,881,747
Mortgage-Backed Securities — 2,355,552 — 2,355,552
U.S. Treasury — 5,967,644 — 5,967,644
Investment Company 8,900,674 — — 8,900,674
TOTAL SECURITIES $8,900,674 $225,274,757 $— $234,175,431
The following acronyms are used throughout this portfolio:
ARM —Adjustable Rate Mortgage
FHLMC —Federal Home Loan Mortgage Corporation
LIBOR —London Interbank Offered Rate
REMIC —Real Estate Mortgage Investment Conduit
6

 

 

 

 

 

 

 

Item 2.Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated Adjustable Rate Securities Fund

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date January 23, 2018

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date January 23, 2018

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date January 23, 2018