MERRILL LYNCH ADJUSTABLE RATE SECURITIES FUND INC
485BXT, 2000-08-31
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    As filed with the Securities and Exchange Commission on August 31, 2000
                                            Securities Act File No. 33-40332
                                     Investment Company Act File No. 811-6304

                        ------------------------------

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549
                        -------------------------------

                                   FORM N-1A
          REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [x]
                       Pre-Effective Amendment No. [ ]
                      Post Effective Amendment No. 13 [x]

                                    and/or

      REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [x]
                             Amendment No. 14 [x]

                       (Check appropriate box or boxes)
                        -------------------------------

             Merrill Lynch Adjustable Rate Securities Fund, Inc.*
              (Exact Name Of Registrant As Specified In Charter)

             800 Scudders Mill Road, Plainsboro, New Jersey 08536
                   (Address Of Principal Executive Offices)

      Registrant's Telephone Number, Including Area Code: (609) 282-2800

                                Terry K. Glenn
              Merrill Lynch Adjustable Rate Securities Fund, Inc.
                            800 Scudders Mill Road
                         Plainsboro, New Jersey 08536
       Mailing Address: P. O. Box 9011, Princeton, New Jersey 08543-9011
                    (Name And Address Of Agent For Service)
                        -------------------------------

                                  Copies to:
     Counsel for the Fund:
   BROWN & WOOD LLP                           Michael J. Hennewinkel, Esq.
   One World Trade Center                  MERRILL LYNCH INVESTMENT MANAGERS
  New York, New York 10048-0557                      P.O. Box 9011
 Attention: Thomas R. Smith, Jr., Esq.       Princeton, New Jersey 08543-9011
       Frank P. Bruno, Esq.

                        -------------------------------

It is proposed that this filing will become effective (check appropriate box):

               [ ] immediately upon filing pursuant to paragraph (b)
               [x] on September 29, 2000 pursuant to paragraph (b)
               [ ] 60 days after filing pursuant to paragraph (a)(1)
               [ ] on (date) pursuant to paragraph (a)(1)
               [ ] 75 days after filing pursuant to paragraph (a)(2)
               [ ] on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

               [x] this post-effective amendment designates a new effective
                   date for a previously filed post-effective amendment.

                        -------------------------------

 Title of Securities Being Registered: Common Stock, par value $.10 per share.

                        -------------------------------

*  Subject to receiving shareholder approval of a change in its investment
   objective, the Fund will change its name to Merrill Lynch U.S. Short Term
   Government Fund, Inc.



<PAGE>
Parts A, B and C of the Registrant's Post-Effective Amendment No. 12 under the
Securities Act of 1933, as amended, and Amendment No. 13 under the Investment
Company Act of 1940 (Parts A, B and C referred to hereinafter as the
"Amendment"), filed on July 5, 2000, are being incorporated by reference
herein and this Post-Effective Amendment is being filed for the sole purpose
of delaying the effectiveness of the above-referenced Amendment until
September 29, 2000.



<PAGE>

                                  SIGNATURES

     Pursuant to the requirements of the Securities Act and the Investment
Company Act, the Registrant certifies that it meets all the requirements for
effectiveness of this Registration Statement pursuant to Rule 485(b) under the
Securities Act and has duly caused this registration statement to be signed on
its behalf by the undersigned, duly authorized, in the Township of Plainsboro,
and State of New Jersey, on the 31st day of August, 2000.

                     MERRILL LYNCH ADJUSTABLE RATE SECURITIES FUND, INC.
                                    (Registrant)


                     By     /s/ DONALD C. BURKE
                       ------------------------------------------------
                       (Donald C. Burke, Vice President and Treasurer)

     Pursuant to the requirements of the Securities Act, this Registration
Statement has been signed below by the following persons in the capacities and
on the date(s) indicated.
<TABLE>
<CAPTION>

                 Signature                                     Title                          Date
                 ---------                                     -----                          ----
<S>                                              <C>                                          <C>

              TERRY K. GLENN*                    President and Director
--------------------------------------------      (Principal Executive Officer)
             (Terry K. Glenn)


             DONALD C. BURKE*                    Vice President and Treasurer
--------------------------------------------     (Principal Financial and
             (Donald C. Burke)                       Accounting Officer)


                JOE GRILLS*                      Director
--------------------------------------------
               (Joe Grills)


               WALTER MINTZ*                     Director
--------------------------------------------
              (Walter Mintz)


         ROBERT S. SALOMON, JR. *                Director
--------------------------------------------
         (Robert S. Salomon, Jr.)


             MELVIN R. SEIDEN*                   Director
--------------------------------------------
            (Melvin R. Seiden)


           STEPHEN B. SWENSRUD*                  Director
--------------------------------------------
           (Stephen B. Swensrud)


              ARTHUR ZEIKEL*                     Director
--------------------------------------------
              (Arthur Zeikel)


   *By:          /S/ DONALD C. BURKE                                                          August 31, 2000
          ----------------------------------
        (Donald C. Burke, Attorney-in-Fact)

</TABLE>





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