FEDERATED SHORT TERM MUNICIPAL TRUST
NSAR-A, 1998-03-02
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<PAGE>      PAGE  1
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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SIGNATURE   S. ELLIOT COHAN                              
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Federated Short-Term Municipal Trust           
                                Institutional Shares                           
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Jun-30-1998                                    
<PERIOD-END>                    Dec-31-1997                                    
<INVESTMENTS-AT-COST>           185,420,621                                    
<INVESTMENTS-AT-VALUE>          188,545,425                                    
<RECEIVABLES>                   2,388,882                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  190,934,307                                    
<PAYABLE-FOR-SECURITIES>        3,531,955                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       735,831                                        
<TOTAL-LIABILITIES>             4,267,786                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        189,305,379                                    
<SHARES-COMMON-STOCK>           17,256,473                                     
<SHARES-COMMON-PRIOR>           20,492,519                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (2,253)                                        
<ACCUMULATED-NET-GAINS>         (5,761,409)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        3,124,804                                      
<NET-ASSETS>                    177,878,679                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               5,012,600                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  506,937                                        
<NET-INVESTMENT-INCOME>         4,505,663                                      
<REALIZED-GAINS-CURRENT>        193,012                                        
<APPREC-INCREASE-CURRENT>       878,815                                        
<NET-CHANGE-FROM-OPS>           5,577,490                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       4,340,207                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         3,226,992                                      
<NUMBER-OF-SHARES-REDEEMED>     6,619,705                                      
<SHARES-REINVESTED>             156,667                                        
<NET-CHANGE-IN-ASSETS>          (30,259,995)                                   
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (5,954,420)                                    
<OVERDISTRIB-NII-PRIOR>         (2,252)                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           424,773                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 919,458                                        
<AVERAGE-NET-ASSETS>            208,194,136                                    
<PER-SHARE-NAV-BEGIN>           10.260                                         
<PER-SHARE-NII>                 0.220                                          
<PER-SHARE-GAIN-APPREC>         0.050                                          
<PER-SHARE-DIVIDEND>            0.220                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.310                                         
<EXPENSE-RATIO>                 0.47                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated Short-Term Municipal Trust           
                                Institutional Service Shares                   
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Jun-30-1998                                    
<PERIOD-END>                    Dec-31-1997                                    
<INVESTMENTS-AT-COST>           185,420,621                                    
<INVESTMENTS-AT-VALUE>          188,545,425                                    
<RECEIVABLES>                   2,388,882                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  190,934,307                                    
<PAYABLE-FOR-SECURITIES>        3,531,955                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       735,831                                        
<TOTAL-LIABILITIES>             4,267,786                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        189,305,379                                    
<SHARES-COMMON-STOCK>           852,536                                        
<SHARES-COMMON-PRIOR>           658,922                                        
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (2,253)                                        
<ACCUMULATED-NET-GAINS>         (5,761,409)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        3,124,804                                      
<NET-ASSETS>                    8,787,842                                      
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               5,012,600                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  506,937                                        
<NET-INVESTMENT-INCOME>         4,505,663                                      
<REALIZED-GAINS-CURRENT>        193,012                                        
<APPREC-INCREASE-CURRENT>       878,815                                        
<NET-CHANGE-FROM-OPS>           5,577,490                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       165,457                                        
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         324,289                                        
<NUMBER-OF-SHARES-REDEEMED>     139,095                                        
<SHARES-REINVESTED>             8,420                                          
<NET-CHANGE-IN-ASSETS>          (30,259,995)                                   
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (5,954,420)                                    
<OVERDISTRIB-NII-PRIOR>         (2,252)                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           424,773                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 919,458                                        
<AVERAGE-NET-ASSETS>            208,194,136                                    
<PER-SHARE-NAV-BEGIN>           10.260                                         
<PER-SHARE-NII>                 0.210                                          
<PER-SHARE-GAIN-APPREC>         0.050                                          
<PER-SHARE-DIVIDEND>            0.210                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.310                                         
<EXPENSE-RATIO>                 0.72                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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