- --------------------------------------------------------------------------------
FEDERATED
- --------------------------------------------------------------------------------
INTERMEDIATE
- --------------------------------------------------------------------------------
MUNICIPAL
- --------------------------------------------------------------------------------
TRUST
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
NOVEMBER 30, 1994
---------------------------------------------------
---------------------------------------------------
---------------------------------------------------
---------------------------------------------------
FEDERATED SECURITIES CORP.
(LOGO)
- ---------------------------------------------
Distributor
A subsidiary of FEDERATED INVESTORS
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
458810108
458810207
8010413 (1/95)
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders for Federated
Intermediate Municipal Trust (formerly, Intermediate Municipal Trust) (the
"Fund"), a portfolio of Intermediate Municipal Trust, for the six-month period
ended November 30, 1994. The report begins with the Investment Review, which is
a brief commentary on the municipal market from the Fund's portfolio manager.
Following the Investment Review are Financial Statements containing the Fund's
Portfolio of Investments. In addition, Financial Highlights have been included
for Institutional Shares and Institutional Service Shares.
The Fund pursues current income that is exempt from federal regular income tax
by investing in a diversified portfolio of municipal securities.* As of November
30, 1994, the Fund was primarily invested in issues from 26 states.
Over the report period, the Fund paid shareholders a total of $7.2 million in
dividends. Total net assets stood at $251.1 million at the period's end.
In today's atmosphere, the tax-free earning power of Federated Intermediate
Municipal Trust could mean more than ever. We will continue to update you on the
Fund's performance, and we welcome your questions, comments, or suggestions.
Sincerely,
Glen R. Johnson
President
January 16, 1995
* Income may be subject to federal alternative minimum tax and state and local
taxes.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
For the six months ended November 30, 1994, the intermediate, fixed-income
securities markets exhibited marked levels of volatility, as the yield curves in
the taxable and tax-exempt sectors both rose and became flatter, albeit to a
varying extent. From May 31, 1994 to November 30, 1994, seven-year Treasury note
yields rose from 6.95% to 7.85%, while "AA" municipal general obligation rates
rose from 5.15% to 5.75%. During this time, the yield spread between seven-year
and one-year maturities decreased by 55 basis points for Treasury issues and by
10 basis points for "AA" municipal issues.
The above-average performance of intermediate municipal bonds to intermediate
Treasury notes reflected the 44% decline in municipal bond issuance for the six
months ended November 30, 1994, compared to the same period in 1993. This
relative lack of origination was led by the 73% reduction in "refunding"
issuance as higher nominal and real interest rates prevailed.
From May 31, 1994 to November 30, 1994, net assets of the Fund decreased from
$304.4 million to $251.1 million. Reflecting the rise of market rates, the
30-day yield of the Fund increased from 4.45% to 5.02%. The Fund augmented its
defensive investment posture by increasing the average coupon rate of the
portfolio holdings from 6.18% to 6.52%. The portfolio effective maturity was
reduced, through security sales, from 6.71 years to 6.18 years. These actions
shortened the portfolio duration from 5.33 years to 4.86 years.
During the six months ended November 30, 1994, the Fund maintained a high
quality portfolio. The credit quality of the Fund's holdings, expressed as a
percent of aggregate market value as of November 30, 1994 was: 36.4% in "AAA"
issues; 58.8% in "AA" issues; 4.7% in "A" issues; and 0.1% in the highest
quality tax-exempt, short-term issues.
In determining the creditworthiness of issues for possible investment by the
Fund, the investment adviser concentrates on a variety of economic and financial
parameters. Demographic constitution, income distribution, industry
concentration, provision of governmental services, debt authorization, and
management/investment practices and policies are weighed when an assessment of
general obligation issues is made. For revenue obligations, cash generation,
product/service pricing elasticity, competition & industry make-up, debt
structure, debt service coverage, financial flexibility, and contingent
liabilities become subject to scrutiny.
For the six months ended November 30, 1994, an investor in the Fund experienced
a total return of (2.36%) for Institutional Shares and (2.48%) for Institutional
Service Shares.* This result was composed of a 2.49% income and reinvestment
return (net of expenses) for Institutional Shares; 2.37% income and reinvestment
return for Institutional Service Shares; and of 4.85% depreciation in the net
asset value (NAV) per share. These figures are not annualized.
* Performance quoted represents past performance. Investment return and
principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--96.1%
- ------------------------------------------------------------------
ALABAMA--0.6%
---------------------------------------------------
$1,500,000 Alabama Water Pollution Control Authority, 6.35%
State Revolving Fund Loan Bonds (Series 1991)/
(AMBAC Insured), 8/15/2001 AAA $ 1,534,275
--------------------------------------------------- ------------
ARIZONA--6.9%
---------------------------------------------------
2,500,000 Salt River Project, AZ, Agricultural Improvement &
Power District, 5.20% Power Supply Revenue Bonds
(Original Issue Yield: 5.25%), 1/1/2002 Aa 2,366,450
---------------------------------------------------
2,000,000 Salt River Project, AZ, Agricultural Improvement &
Power District, 5.30% Power Supply Revenue Bonds
(Original Issue Yield: 5.25%), 1/1/2002 Aa 1,883,120
---------------------------------------------------
5,000,000 Salt River Project, AZ, Agricultural Improvement &
Power District, 7.10% Electric System Revenue
Bonds, 1/1/2000 AA 5,272,000
---------------------------------------------------
1,000,000 Arizona State Department of Transportation, 5.50%
Revenue Bonds (Series 1992B)/(Original Issue Yield:
5.60%)/(AMBAC Insured), 7/1/2002 Aaa 959,240
---------------------------------------------------
1,500,000 Maricopa County, AZ, 8.20% Revenue Bonds (MBIA
Insured), 12/1/96 Aaa 1,577,340
---------------------------------------------------
1,000,000 Mesa, AZ, 7.125% GO Bonds, 7/1/99 A1 1,051,540
---------------------------------------------------
1,500,000 Phoenix, AZ, 7.40% GO Bonds (Series A), 7/1/2000 AA+ 1,621,905
---------------------------------------------------
2,900,000 Pima County, AZ, Tucson Unified School District #1,
4.80% School Improvement Bonds (Series 1993E)/
(Original Issue Yield: 4.90%)/(FGIC Insured),
7/1/2003 AAA 2,582,827
--------------------------------------------------- ------------
Total 17,314,422
--------------------------------------------------- ------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
ARKANSAS--2.6%
---------------------------------------------------
$4,000,000 North Little Rock, AR, 9.50% Hydro-Electric Revenue
Bonds (Prerefunded), 7/1/95 (@103) Aaa $ 4,235,120
---------------------------------------------------
2,300,000 Pulaski County, AR, Health Facility Board, 5.60%
Revenue Bonds (St. Vincent Infirmary, Sisters of
Charity of Nazareth Health)/(Original Issue Yield:
5.70%)/(MBIA Insured), 11/1/2002 Aaa 2,211,749
--------------------------------------------------- ------------
Total 6,446,869
--------------------------------------------------- ------------
CALIFORNIA--4.6%
---------------------------------------------------
2,250,000 California State Department of Veterans Affairs,
7.80% GO Bonds (Series AV), 10/1/2000 AAA 2,455,897
---------------------------------------------------
2,000,000 Los Angeles, CA, Department of Water & Power, 9.00%
Electric Plant Revenue Bonds, 2/1/2001 AA 2,307,520
---------------------------------------------------
1,800,000 Los Angeles, CA, Department of Water & Power, 9.00%
Electric Plant Revenue Bonds, 6/1/2000 AA 2,061,234
---------------------------------------------------
1,875,000 Los Angeles, CA, Department of Water & Power, 9.00%
Electric Plant Revenue Bonds, 6/1/2001 AA 2,176,387
---------------------------------------------------
2,500,000 Northern California Power Agency, 9.50% Revenue
Bonds (Prerefunded), 7/1/95 (@102) Aaa 2,623,325
--------------------------------------------------- ------------
Total 11,624,363
--------------------------------------------------- ------------
DELAWARE--0.4%
---------------------------------------------------
1,000,000 Delaware State, 5.20% GO Bonds (Series 1992B),
7/1/2002 Aa 947,090
--------------------------------------------------- ------------
FLORIDA--7.0%
---------------------------------------------------
3,000,000 Dade County, FL, 10.00% Solid Waste Revenue Bonds
(Prerefunded), 10/1/95 (@102) Aaa 3,188,520
---------------------------------------------------
3,000,000 Florida State Board of Education, 6.00% UT GO
Capital Outlay Bonds (Series 1991B), 6/1/2001 AA 3,041,820
---------------------------------------------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
FLORIDA--CONTINUED
---------------------------------------------------
$2,000,000 Florida State Board of Education, 6.25% Public
Education Capital Outlay Bonds (Series 1991C),
6/1/2001 Aa $ 2,053,600
---------------------------------------------------
5,500,000 Jacksonville, FL, Electric Authority, 6.70%
Electric Revenue Bonds (St. John's River Park Power
Project), 10/1/99 AA 5,675,835
---------------------------------------------------
1,000,000 Miami Beach, FL, HFDA, 5.60% Revenue Bonds (Mount
Sinai Medical Center)/(Original Issue Yield:
5.65%)/(Capital Guaranty), 11/15/2002 Aaa 982,370
---------------------------------------------------
1,500,000 Orlando, FL, Utilities Commission, 5.40% Revenue
Bonds (Series 1992)/(Original Issue Yield: 5.50%),
10/1/2002 Aa1 1,439,730
---------------------------------------------------
1,050,000 Plantation, FL, Water & Sewer Authority, 8.70%
Revenue Bonds (MBIA Insured)/(ETM), 3/1/96 Aaa 1,099,077
--------------------------------------------------- ------------
Total 17,480,952
--------------------------------------------------- ------------
GEORGIA--5.0%
---------------------------------------------------
2,000,000 Georgia Municipal Electric Authority, 6.50% Power
Supply Revenue Bonds (Series U), 1/1/2000 AA 2,058,100
---------------------------------------------------
1,000,000 Georgia Municipal Electric Authority, 6.60% Power
Supply Revenue Bonds (Series U), 1/1/2001 AA 1,032,710
---------------------------------------------------
4,095,000 Georgia Private Colleges & Universities
Authority, 5.60% Revenue Bonds (Series 1992C)/
(Emory University Project), 10/1/2001 AA 4,015,066
---------------------------------------------------
5,000,000 Georgia State, 7.70% GO Bonds, 2/1/2001 AA+ 5,529,850
--------------------------------------------------- ------------
Total 12,635,726
--------------------------------------------------- ------------
HAWAII--5.4%
---------------------------------------------------
3,000,000 City & County of Honolulu, HI, 6.30% GO Bonds
(Series 1991A), 8/1/2001 AA 3,061,740
---------------------------------------------------
2,000,000 Hawaii State, 5.00% GO Bonds (Series CC), 2/1/2003 Aa 1,833,360
---------------------------------------------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
HAWAII--CONTINUED
---------------------------------------------------
$1,000,000 Hawaii State, 5.85% GO Bonds (Series 1991BU)/
(Original Issue Yield: 5.95%), 11/1/2001 AA $ 999,940
---------------------------------------------------
2,000,000 Hawaii State, 6.25% GO Bonds (Series 1992BZ),
10/1/2002 Aa 2,041,960
---------------------------------------------------
5,000,000 Hawaii State, 8.00% GO Bonds (Series 1991BT),
2/1/2001 AA 5,568,550
--------------------------------------------------- ------------
Total 13,505,550
--------------------------------------------------- ------------
ILLINOIS--6.0%
---------------------------------------------------
1,930,000 Chicago, IL, 5.00% GO Bonds (Series
1993A)/(Original Issue Yield: 5.05%)/(MBIA
Insured), 1/1/2003 AAA 1,720,923
---------------------------------------------------
2,000,000 Chicago, IL, School Finance Authority, 8.00%
Revenue Bonds (FGIC Insured), 6/1/97 Aaa 2,075,660
---------------------------------------------------
3,000,000 Du Page, IL, Water Commission, 6.05% GO Water
Refunding Bonds (Du Page, Cook & Will Counties)/
(Series 1992), 3/1/2002 Aaa 3,017,130
---------------------------------------------------
3,000,000 Illinois Municipal Electric Agency, Power Supply
System, 6.20% Revenue Bonds (Series 1991A)/ (AMBAC
Insured), 2/1/2001 AAA 3,037,950
---------------------------------------------------
1,840,000 Illinois State Highway Authority, 9.125% Revenue
Bonds (Northern Illinois Toll Highway)/
(Prerefunded) 1/1/96 (@102) AAA 1,957,852
---------------------------------------------------
1,300,000 Illinois State Toll Highway Authority, 4.75%
Priority Revenue Bonds (Series A)/(Original Issue
Yield: 5.00%), 1/1/2003 A 1,134,757
---------------------------------------------------
2,000,000 University of Illinois Board of Trustees, 6.40%
Auxiliary Facilities System, Revenue Bonds (Series
1991), 4/1/2001 AA 2,058,400
--------------------------------------------------- ------------
Total 15,002,672
--------------------------------------------------- ------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
MARYLAND--0.4%
---------------------------------------------------
$1,000,000 University of Maryland, 5.80% Tuition Revenue Bonds
(Series A)/(System Auxiliary Facility), 2/1/2002 Aa $ 992,970
--------------------------------------------------- ------------
MICHIGAN--3.6%
---------------------------------------------------
4,500,000 Detroit, MI, School District, 4.85% UT GO Bonds
(Q-SBLF Program)/(Original Issue Yield: 4.95%),
5/1/2004 AA 3,860,055
---------------------------------------------------
1,250,000 Jackson County, MI, Hospital Finance Authority,
4.80% Revenue Bonds (Series A)/(Original Issue
Yield: 4.90%)/(FGIC Insured), 6/1/2005 AAA 1,059,462
---------------------------------------------------
2,000,000 Michigan State Building Authority, 6.25% Revenue
Bonds (Series II)/(AMBAC Insured), 10/1/2000 AAA 2,042,820
---------------------------------------------------
1,000,000 Michigan State Hospital Finance Authority, 5.50%
Revenue Bonds (Series 1992A)/(Henry Ford Health
System)/(Original Issue Yield: 5.55%), 9/1/2001 Aa 964,940
---------------------------------------------------
1,000,000 Royal Oak, MI, Hospital Finance Authority, 7.40%
Hospital Revenue Bonds (William Beaumont Hospital),
1/1/2000 Aa 1,054,910
--------------------------------------------------- ------------
Total 8,982,187
--------------------------------------------------- ------------
MISSOURI--3.8%
---------------------------------------------------
5,000,000 Missouri State HEFA, 6.00% Health Facilities
Revenue Bonds (Series A)/(BJC Health
System)/(Original Issue Yield: 6.05%), 5/15/2005 AA 4,823,200
---------------------------------------------------
5,000,000 Missouri State HEFA, 6.10% Health Facilities
Revenue Bonds (Series A)/(BJC Health
System)/(Original Issue Yield: 6.15%), 5/15/2006 AA 4,820,400
--------------------------------------------------- ------------
Total 9,643,600
--------------------------------------------------- ------------
NEBRASKA--0.9%
---------------------------------------------------
2,500,000 Omaha, NE, Public Power District Electric System,
5.00% Revenue Bonds (Series 1993), 2/1/2003 AA 2,270,875
--------------------------------------------------- ------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
NEVADA--0.5%
---------------------------------------------------
$1,000,000 Clark County, NV, 9.75% LT GO School Improvement
Bonds (MBIA Insured), 6/1/2000 AAA $ 1,182,280
--------------------------------------------------- ------------
NEW HAMPSHIRE--1.1%
---------------------------------------------------
2,555,000 New Hampshire State, 6.40% GO Bonds, (Series
1991A), 6/15/2001 AA 2,648,615
--------------------------------------------------- ------------
NEW YORK--5.5%
---------------------------------------------------
1,500,000 Municipal Assistance Corp. of New York, 6.60%
Revenue Bonds (Series 62), 7/1/2000 AA- 1,580,115
---------------------------------------------------
2,000,000 Municipal Assistance Corp. of New York, 7.00%
Resolution Revenue Bonds, 7/1/97 AA 2,090,860
---------------------------------------------------
2,000,000 New York City, NY, Water & Sewer Finance Authority,
5.00% Revenue Bonds (Series B)/(Original Issue
Yield: 5.10%), 6/15/2003 A- 1,781,480
---------------------------------------------------
2,550,000 New York State Power Authority, 5.90% Revenue and
General Purpose Bonds, 1/1/2002 Aa 2,546,915
---------------------------------------------------
4,000,000 New York State Thruway Authority Highway & Bridge,
5.625% Revenue Bonds (Series B)/(Original Issue
Yield: 5.75%)/(FGIC Insured), 4/1/2005 AAA 3,773,560
---------------------------------------------------
1,000,000 New York State Urban Development Corp., 9.20%
Revenue Bonds (Prerefunded), 1/1/96 (@102) Aaa 1,066,870
---------------------------------------------------
1,000,000 Triborough Bridge & Tunnel Authority, NY, 6.625%
General Purpose Revenue Bonds (Series S), 1/1/2001 A+ 1,044,330
--------------------------------------------------- ------------
Total 13,884,130
--------------------------------------------------- ------------
NORTH CAROLINA--4.3%
---------------------------------------------------
3,355,000 Charlotte-Mecklenburg Hospital Authority, NC, 5.90%
Health Care System Revenue Bonds (Original Issue
Yield: 5.95%), 1/1/2002 Aa 3,280,855
---------------------------------------------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
NORTH CAROLINA--CONTINUED
---------------------------------------------------
$4,225,000 North Carolina Eastern Municipal Power Agency,
5.125% Revenue Bonds (Series C)/(Original Issue
Yield: 5.25%), 1/1/2003 A- $ 3,751,420
---------------------------------------------------
2,000,000 North Carolina Eastern Municipal Power Agency,
5.25% Revenue Bonds (Series C)/(Original Issue
Yield: 5.40%), 1/1/2004 A- 1,763,760
---------------------------------------------------
2,000,000 North Carolina Municipal Power Agency, 5.90%
Revenue Bonds (Catawba Electric)/(Original Issue
Yield: 5.95%), 1/1/2003 A 1,957,200
--------------------------------------------------- ------------
Total 10,753,235
--------------------------------------------------- ------------
OHIO--3.4%
---------------------------------------------------
1,330,000 Franklin County, OH, 5.30% Hospital Facility
Revenue Bonds (Series 1993A)/(Riverside United
Methodist Hospital)/(Original Issue Yield: 5.40%),
5/15/2002 Aa 1,249,508
---------------------------------------------------
2,500,000 Hamilton County, OH, Sewer System, 6.20%
Improvement & Refunding Revenue Bonds
(Series 1991A)/(Metropolitan Sewer District of
Greater Cincinnati), 12/1/2000 AA- 2,560,225
---------------------------------------------------
1,400,000 Montgomery County, OH, 6.20% Revenue Bonds
(Series 1991A)/(Sisters of Charity Healthcare
Systems, Inc.)/(MBIA Insured), 5/15/2001 AAA 1,429,008
---------------------------------------------------
3,000,000 Ohio State Building Authority, 9.625% Revenue Bonds
(Prerefunded), 10/1/95 (@103) Aaa 3,209,070
--------------------------------------------------- ------------
Total 8,447,811
--------------------------------------------------- ------------
OKLAHOMA--0.7%
---------------------------------------------------
2,000,000 Tulsa, OK, 5.15% GO Refunding Bonds, 6/1/2003 AA 1,846,640
--------------------------------------------------- ------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
PENNSYLVANIA--2.6%
---------------------------------------------------
$1,000,000 Allegheny County, PA, HDA, 5.50% Revenue Bonds
(Presbyterian University Health System)/(Original
Issue Yield: 5.60%)/(MBIA Insured), 11/1/2002 Aaa $ 954,850
---------------------------------------------------
1,500,000 Allegheny County, PA, HDA, 6.875% Revenue Bonds
(Mercy Hospital of Pittsburgh)/(BIGI Insured),
10/1/99 Aaa 1,552,500
---------------------------------------------------
1,500,000 Pennsylvania Infrastructure Investment Authority,
6.15% Revenue Bonds (Series 1990B)/(Pennvest Loan
Pool Program), 9/1/2001 AA 1,520,460
---------------------------------------------------
1,475,000 Washington County, PA, Hospital Authority, 5.50%
Revenue Bonds (Shadyside Hospital)/(Original Issue
Yield: 5.60%)/(AMBAC Insured), 12/15/2001 Aaa 1,439,688
---------------------------------------------------
1,155,000 Westmoreland County, PA, 4.70% GO Refunding Bonds
(Series D)/(MBIA Insured), 8/1/2002 AAA 1,050,415
--------------------------------------------------- ------------
Total 6,517,913
--------------------------------------------------- ------------
SOUTH CAROLINA--3.3%
---------------------------------------------------
730,000 Columbia, SC, Waterworks & Sewer System, 6.40%
Revenue Bonds, (ETM), 2/1/2001 AAA 750,082
---------------------------------------------------
4,270,000 Columbia, SC, Waterworks & Sewer System, 6.40%
Revenue Bonds, 2/2/2001 AA 4,396,392
---------------------------------------------------
3,000,000 South Carolina Public Service Authority, 9.50%
Electric Revenue Bonds (Prerefunded), 7/1/95 (@103) Aaa 3,176,340
--------------------------------------------------- ------------
Total 8,322,814
--------------------------------------------------- ------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
TENNESSEE--1.6%
---------------------------------------------------
$3,000,000 Memphis, TN, 5.625% Electric System Revenue Bonds,
1/1/2002 Aa $ 2,950,890
---------------------------------------------------
1,065,000 Metropolitan Government of Nashville & Davidson
County, TN, 5.85% Health & Educational Facilities
Board Revenue Bonds (Series 1991B)/(The Vanderbilt
University)/(Original Issue Yield: 5.95%),
10/1/2001 AA 1,066,672
--------------------------------------------------- ------------
Total 4,017,562
--------------------------------------------------- ------------
TEXAS--17.0%
---------------------------------------------------
1,000,000 Canyon, TX, ISD, 8.20% GO Bonds (MBIA Insured),
2/15/96 Aaa 1,036,830
---------------------------------------------------
5,000,000 Central Texas Higher Education Authority, 4.85%
(Series C), 12/1/2002 Aa 4,532,100
---------------------------------------------------
2,000,000 Dallas County, TX, 8.75% UT GO Bonds, 1/10/96 Aaa 2,084,300
---------------------------------------------------
1,755,000 Dallas, Denton & Collins Townships, TX, Waterworks
& Sewer System, 6.60% Revenue Bonds, 4/1/2000 Aa 1,834,537
---------------------------------------------------
1,000,000 Dallas, Denton & Collins Townships, TX, Waterworks
& Sewer System, 9.50% Revenue Bonds, 10/1/98 Aa 1,095,100
---------------------------------------------------
4,000,000 Garland, TX, 5.80% UT GO Bonds (Dallas
County)/(Original Issue Yield: 5.90%), 8/15/2001 Aa 3,968,960
---------------------------------------------------
4,500,000 Houston, TX, ISD, 8.375% LT Schoolhouse Bonds
(Series 1991), 8/15/2000 AAA 5,062,635
---------------------------------------------------
2,500,000 San Antonio, TX, 6.00% Water System Revenue
Refunding Bonds (Series 1992)/(Original Issue
Yield: 6.15%)/(FGIC Insured), 5/15/2001 Aaa 2,515,825
---------------------------------------------------
1,475,000 San Antonio, TX, 8.625% GO Bonds, 8/1/2000 AA 1,675,217
---------------------------------------------------
2,000,000 San Antonio, TX, Electric & Gas System, 7.00%
Revenue Bonds, 2/1/99 Aa 2,092,800
---------------------------------------------------
1,650,000 San Antonio, TX, Electric & Gas System, 9.90%
Revenue Bonds, 2/1/98 Aa 1,855,227
---------------------------------------------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
TEXAS--CONTINUED
---------------------------------------------------
$6,370,000 Socorro, TX, ISD, 6.25% UT GO Refunding Bonds,
(Series 1991A)/(Permanent School Fund Guaranty)/
(Original Issue Yield: 6.30%), 8/15/2001 AAA $ 6,494,852
---------------------------------------------------
3,000,000 Texas State Public Property Finance Corp., 5.10%
Acquisition and Refunding Revenue Bonds (Series
1993)/(Mental Health and Mental Retardation
Center)/(CGIC Insured), 9/1/2003 AAA 2,698,530
---------------------------------------------------
6,000,000 Texas Water Development Board, 5.80% Revenue Bonds
(Series 1992)/(Original Issue Yield: 5.90%),
7/15/2002 Aa 5,898,180
--------------------------------------------------- ------------
Total 42,845,093
--------------------------------------------------- ------------
UTAH--0.8%
---------------------------------------------------
2,000,000 Intermountain Power Agency, UT, 7.20% Power Supply
Revenue Bonds, 7/1/99 AA 2,113,660
--------------------------------------------------- ------------
VIRGINIA--4.6%
---------------------------------------------------
2,025,000 Newport News, VA, 5.40% General Improvement GO
Refunding Bonds (Series 1992B), 7/1/2002 Aa 1,929,177
---------------------------------------------------
6,000,000 Norfolk, VA, 5.00% GO Capital Improvement and
Refunding Bonds, 2/1/2003 Aa 5,514,480
---------------------------------------------------
1,995,000 Virginia Beach, VA, 6.30% GO Bonds, 3/1/2000 AA 2,047,548
---------------------------------------------------
1,995,000 Virginia Beach, VA, 6.30% GO Bonds, 3/1/2001 AA 2,045,414
--------------------------------------------------- ------------
Total 11,536,619
--------------------------------------------------- ------------
WASHINGTON--3.5%
---------------------------------------------------
1,020,000 Seattle, WA, 6.00% LT GO Refunding Bonds (Series
B), 3/1/2002 AA+ 1,024,039
---------------------------------------------------
2,000,000 Snohomish County, WA, School District #6, 5.45% GO
Bonds (FGIC Insured), 12/1/2005 AAA 1,823,520
---------------------------------------------------
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ---------- --------------------------------------------------- ------------ ------------
<C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- ------------------------------------------------------------------
WASHINGTON--CONTINUED
---------------------------------------------------
$1,500,000 Tacoma, WA, 5.70% Sewer Revenue Bonds (Series B)/
(Original Issue Yield: 5.85%), 12/1/2005 AAA $ 1,438,500
---------------------------------------------------
2,000,000 Washington State, 5.60% GO Motor Vehicle Fuel Tax
Refunding Bonds (Series D), 9/1/2001 Aa 1,965,680
---------------------------------------------------
2,570,000 Washington State, 6.60% UT GO Bonds (Series A),
2/1/2002 Aa 2,672,132
--------------------------------------------------- ------------
Total 8,923,871
--------------------------------------------------- ------------
TOTAL INTERMEDIATE-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST, $244,858,699) $241,421,794+
--------------------------------------------------- ------------
</TABLE>
* Please refer to the Appendix of the Statement of Additional Information for an
explanation of the credit ratings.
+ The cost of investments for federal tax purposes amounts to $244,858,699. The
net unrealized depreciation of investments on a federal tax basis amounts to
$3,436,905, which is comprised of $3,017,789 appreciation and $6,454,694
depreciation at November 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($251,095,966) at November 30, 1994.
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corp.
BIGI -- Bond Investors Guaranty Inc.
CGIC -- Capital Guaranty Insurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Company
GO -- General Obligations
HDA -- Housing Development Authority
HEFA -- Health and Education Facilities Authority
HFDA -- Health Facility Development Authority
ISD -- Independent School District
LT -- Limited Tax
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified State Bond Loan Fund
UT -- Unlimited Tax
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- --------------------------------------------------------------------------------
Investments in securities, at value (identified and tax cost
$244,858,699) $241,421,794
- --------------------------------------------------------------------------------
Receivable for investments sold 8,081,531
- --------------------------------------------------------------------------------
Interest receivable 5,031,283
- --------------------------------------------------------------------------------
Receivable for Fund shares sold 281,521
- -------------------------------------------------------------------------------- ------------
Total assets 254,816,129
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable to bank $2,063,613
- -------------------------------------------------------------------
Dividends payable 941,404
- -------------------------------------------------------------------
Payable for Fund shares redeemed 666,785
- -------------------------------------------------------------------
Accrued expenses 48,361
- ------------------------------------------------------------------- ----------
Total liabilities 3,720,163
- -------------------------------------------------------------------------------- ------------
NET ASSETS for 25,074,473 shares of beneficial interest outstanding $251,095,966
- -------------------------------------------------------------------------------- ------------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital $266,348,257
- --------------------------------------------------------------------------------
Unrealized depreciation of investments (3,436,905)
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments (11,815,386)
- -------------------------------------------------------------------------------- ------------
Total Net Assets $251,095,966
- -------------------------------------------------------------------------------- ------------
NET ASSET VALUE, Offering Price, and Redemption Proceeds Per Share
Institutional Shares ($249,910,900 / 24,956,141 shares of beneficial interest
outstanding) $10.01
- -------------------------------------------------------------------------------- ------------
Institutional Service Shares ($1,185,066 / 118,332 shares of beneficial interest
outstanding) $10.01
- -------------------------------------------------------------------------------- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- -------------------------------------------------------------------------------
Interest income $ 8,079,156
- -------------------------------------------------------------------------------
EXPENSES:
- -------------------------------------------------------------------------------
Investment advisory fee $564,018
- --------------------------------------------------------------------
Trustees' fees 5,511
- --------------------------------------------------------------------
Administrative personnel and services fees 106,740
- --------------------------------------------------------------------
Custodian and portfolio accounting fees 79,444
- --------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 18,608
- --------------------------------------------------------------------
Fund share registration costs 20,334
- --------------------------------------------------------------------
Auditing fees 9,979
- --------------------------------------------------------------------
Legal fees 7,322
- --------------------------------------------------------------------
Printing and postage 13,544
- --------------------------------------------------------------------
Insurance premiums 6,846
- --------------------------------------------------------------------
Distribution services fees--Institutional Service Shares 508
- --------------------------------------------------------------------
Shareholder services fees--Institutional Service Shares 1,742
- --------------------------------------------------------------------
Taxes 5,943
- --------------------------------------------------------------------
Miscellaneous 7,336
- -------------------------------------------------------------------- --------
Total expenses 847,875
- ------------------------------------------------------------------------------- ------------
Net investment income 7,231,281
- ------------------------------------------------------------------------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- -------------------------------------------------------------------------------
Net realized gain (loss) on investments (identified cost basis) (3,775,998)
- -------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on investments (9,566,775)
- ------------------------------------------------------------------------------- ------------
Net realized and unrealized gain (loss) on investments (13,342,773)
- ------------------------------------------------------------------------------- ------------
Change in net assets resulting from operations $ (6,111,492)
- ------------------------------------------------------------------------------- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
--------------------------------
1995* 1994
------------ -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- ------------------------------------------------------------
OPERATIONS--
- ------------------------------------------------------------
Net investment income $ 7,231,281 $ 14,990,620
- ------------------------------------------------------------
Net realized gain (loss) on investment transactions
($3,775,998 and $760,854 net loss, respectively, as
computed for federal tax purposes) (3,775,998) (760,854)
- ------------------------------------------------------------
Change in unrealized appreciation (depreciation) on
investments (9,566,775) (7,198,457)
- ------------------------------------------------------------ ------------ -------------
Change in net assets resulting from operations (6,111,492) 7,031,309
- ------------------------------------------------------------ ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ------------------------------------------------------------
Dividends to shareholders from net investment income:
- ------------------------------------------------------------
Institutional Shares (7,187,403) (14,961,284)
- ------------------------------------------------------------
Institutional Service Shares (43,878) (29,336)
- ------------------------------------------------------------ ------------ -------------
Change in net assets from distributions to shareholders (7,231,281) (14,990,620)
- ------------------------------------------------------------ ------------ -------------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- ------------------------------------------------------------
Proceeds from sale of shares 37,843,708 204,983,560
- ------------------------------------------------------------
Net asset value of shares issued to shareholders in payment
of dividends declared 1,254,573 2,548,104
- ------------------------------------------------------------
Cost of shares redeemed (79,037,949) (158,476,788)
- ------------------------------------------------------------ ------------ -------------
Change in net assets from Fund share transactions (39,939,668) 49,054,876
- ------------------------------------------------------------ ------------ -------------
Change in net assets (53,282,441) 41,095,565
- ------------------------------------------------------------
NET ASSETS:
- ------------------------------------------------------------
Beginning of period 304,378,407 263,282,842
- ------------------------------------------------------------ ------------ -------------
End of period $251,095,966 $ 304,378,407
- ------------------------------------------------------------ ------------ -------------
</TABLE>
* Six months ended November 30, 1994 (unaudited).
(See Notes which are an integral part of the Financial Statements)
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
INSTITUTIONAL SHARES
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
-------------------------------------------------------------------------------------------------
1995** 1994 1993 1992 1991 1990 1989 1988 1987 1986*
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD $10.52 $10.74 $10.31 $10.09 $9.84 $9.81 $9.81 $9.83 $9.97 $10.00
- ----------------------------
INCOME FROM INVESTMENT
OPERATIONS
- ----------------------------
Net investment income 0.27 0.52 0.56 0.59 0.63 0.64 0.64 0.62 0.58 0.29
- ----------------------------
Net realized and unrealized
gain (loss) on investments (0.51 ) (0.22) 0.43 0.22 0.25 0.03 -- (0.02) (0.14) (0.03)
- ---------------------------- ----- ---- ---- ---- ---- --- --- --- --- ---
Total from investment
operations (0.24 ) 0.30 0.99 0.81 0.88 0.67 0.64 0.60 0.44 0.26
- ----------------------------
LESS DISTRIBUTIONS
- ----------------------------
Dividends to shareholders
from net investment income (0.27 ) (0.52) (0.56) (0.59) (0.63) (0.64) (0.64) (0.62) (0.58) (0.29)
- ---------------------------- ----- ---- ---- ---- ---- --- --- --- --- ---
NET ASSET VALUE, END OF
PERIOD $10.01 $10.52 $10.74 $10.31 $10.09 $9.84 $9.81 $9.81 $9.83 $9.97
- ---------------------------- ----- ---- ---- ---- ---- --- --- --- --- ---
TOTAL RETURN*** (2.36%) 2.79% 9.80% 8.19% 9.22% 7.02% 6.77% 6.34% 4.25% 2.60%
- ----------------------------
RATIOS TO AVERAGE NET ASSETS
- ----------------------------
Expenses 0.60%(a) 0.61% 0.48% 0.47% 0.49% 0.50% 0.48% 0.49% 0.47% .003%(a)
- ----------------------------
Net investment income 5.13%(a) 4.82% 5.27% 5.73% 6.32% 6.49% 6.56% 6.25% 5.63% 6.46%(a)
- ----------------------------
Expense
waiver/reimbursement(b) 0%(a) 0.01% 0.14% 0.22% 0.30% 0.38% 0.39% 0.31% 0.27% 0.57%(a)
- ----------------------------
SUPPLEMENTAL DATA
- ----------------------------
Net assets, end of period
(000 omitted) $249,911 $302,663 $263,283 $173,702 $116,577 $95,738 $82,211 $91,195 $120,162 $3,450
- ----------------------------
Portfolio turnover rate 6% 7% 3% 9% 43% 14% 25% 119% 81% 23%
- ----------------------------
</TABLE>
* Reflects operations for the period from December 26, 1985 (date of initial
public investment) to May 31, 1986. For the period from the start of
business, October 15, 1985 to December 25, 1985, net investment income per
share aggregating $0.108424 ($1,084) was distributed to an affiliate of the
Fund's adviser. Such distribution represented the net income of the Fund
prior to the initial public offering of the Fund shares which commenced
December 26, 1985.
** Six months ended November 30, 1994 (unaudited).
*** Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
INSTITUTIONAL SERVICE SHARES
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
---------------------------
1995** 1994*
----------- -----------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.52 $ 11.00
- -------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -------------------------------------------------------------
Net investment income 0.25 0.36
- -------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.51) (0.48)
- ------------------------------------------------------------- -------- --------
Total from investment operations (0.26) (0.12)
- -------------------------------------------------------------
LESS DISTRIBUTIONS
- -------------------------------------------------------------
Dividends to shareholders from net investment income (0.25) (0.36)
- ------------------------------------------------------------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 10.01 $ 10.52
- ------------------------------------------------------------- -------- --------
TOTAL RETURN*** (2.48%) (1.10%)
- -------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -------------------------------------------------------------
Expenses 0.85%(a) 0.89%(a)
- -------------------------------------------------------------
Net investment income 4.87%(a) 4.66%(a)
- -------------------------------------------------------------
Expense waiver/reimbursement (b) 0%(a) 0.14%(a)
- -------------------------------------------------------------
SUPPLEMENTAL DATA
- -------------------------------------------------------------
Net assets, end of period (000 omitted) $1,185 1,715
- -------------------------------------------------------------
Portfolio turnover rate 6% 7%
- -------------------------------------------------------------
</TABLE>
* Reflects operations for the period from September 6, 1993 (date of initial
public investment) to May 31, 1994.
** Six months ended November 30, 1994 (unaudited).
*** Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Intermediate Municipal Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as an open-end, management
investment company. The Trust consists of three non-diversified portfolios. The
financial statements included herein present only those of Federated
Intermediate Municipal Trust (the "Fund"). The financial statements of the other
portfolios are presented separately. The assets of each portfolio are segregated
and a shareholder's interest is limited to the portfolio in which shares are
held. Until December 19, 1994, the Fund offered two classes of shares,
Institutional Shares and Institutional Service Shares. Effective December 19,
1994, Institutional Service Shares ceased operations. On December 19, 1994, the
Board of Trustees (the "Trustees") authorized the termination of all contracts
entered into by the Fund on behalf of Institutional Service Shares.
Effective December 19, 1994, the Trustees changed the name of the Fund from
Intermediate Municipal Trust to Federated Intermediate Municipal Trust.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
<TABLE>
<S> <C>
A. INVESTMENT VALUATIONS--Municipal bonds are valued by an independent pricing service
taking into consideration yield, liquidity, risk, credit, quality, coupon, maturity,
type of issue, and any other factors or market data it deems relevant in determining
valuations for normal institutional size trading units of debt securities. The
independent pricing service does not rely exclusively on quoted prices. Short-term
securities with remaining maturities of sixty days or less may be stated at amortized
cost, which approximates value.
B. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Interest income and expenses are accrued
daily. Bond premium and discount, if applicable, are amortized as required by the
Internal Revenue Code, as amended (the "Code"). Distributions to shareholders are
recorded on the ex-dividend date.
C. FEDERAL TAXES--It is the Fund's policy to comply with the provisions of the Code
applicable to regulated investment companies and to distribute to shareholders each year
substantially all of its tax-exempt income. Accordingly, no provisions for federal tax
are necessary.
</TABLE>
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
D. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Fund may engage in when-issued or
delayed delivery transactions. The Fund records when-issued securities on the trade date
and maintains security positions such that sufficient liquid assets will be available to
make payment for the securities purchased. Securities purchased on a when-issued or
delayed delivery basis are marked to market daily and begin earning interest on the
settlement date.
E. OTHER--Investment transactions are accounted for on the trade date.
</TABLE>
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value) for each
class of shares. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
-----------------------------------------------------------
1995* 1994
--------------------------- ----------------------------
INSTITUTIONAL SHARES SHARES DOLLARS SHARES DOLLARS
- ------------------------------------------------ ---------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
Shares sold 3,609,877 $ 37,513,954 18,798,999 $ 203,167,923
- ------------------------------------------------
Shares issued to shareholders in payment of
dividends declared 118,203 1,221,035 233,762 2,527,875
- ------------------------------------------------
Shares redeemed (7,553,636) (78,231,883) (14,769,157) (158,406,508)
- ------------------------------------------------ ---------- ------------ ----------- -------------
Net change resulting from Institutional Shares
transactions (3,825,556) $(39,496,894) 4,263,604 $ 47,289,290
- ------------------------------------------------ ---------- ------------ ----------- -------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
----------------------------------------------------------
1995* 1994**
--------------------------- ---------------------------
INSTITUTIONAL SERVICE SHARES SHARES DOLLARS SHARES DOLLARS
- ------------------------------------------------- ---------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Shares sold 31,623 $ 329,754 167,890 $ 1,815,637
- -------------------------------------------------
Shares issued to shareholders in payment of
dividends declared 3,241 33,538 1,896 20,229
- -------------------------------------------------
Shares redeemed (79,627) (806,066) (6,691) (70,280)
- ------------------------------------------------- ---------- ------------ ----------- ------------
Net change resulting from Institutional Service
Shares transactions (44,763) (442,774) 163,095 $ 1,765,586
- ------------------------------------------------- ---------- ------------ ----------- ------------
Net change resulting from Fund Share
transactions (3,870,319) $(39,939,668) 4,426,699 $ 49,054,876
- ------------------------------------------------- ---------- ------------ ----------- ------------
</TABLE>
* Six months ended November 30, 1994.
** For the period from September 6, 1993 (date of initial public offering) to
May 31, 1994.
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Federated Management, the Fund's investment adviser
(the "Adviser"), receives for its services an annual investment advisory fee
equal to .40% of the Fund's average daily net assets. The Adviser may
voluntarily choose to waive its fee. The Adviser can modify or terminate this
voluntary waiver at any time at its sole discretion.
ADMINISTRATIVE FEE--Federated Administrative Services ("FAS") provides the Fund
administrative personnel and services. The FAS fee is based on the level of
average aggregate daily net assets of all funds advised by subsidiaries of
Federated Investors for the period. The administrative fee received during any
fiscal year shall be at least $125,000 per portfolio and $30,000 per each
additional class of shares.
DISTRIBUTION AND SHAREHOLDER SERVICES FEE--The Fund has adopted a Distribution
Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the
Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal
distributor, from the net assets of the Fund to finance activities intended to
result in the sale of the Fund's Institutional Service Shares. The Plan provides
that the Fund may incur distribution expenses up to .25% of 1% of the average
daily net assets of the Institutional Service Shares, annually, to compensate
FSC. The Plan was terminated in 1994 (See Note 1).
Under the terms of a Shareholder Services Agreement with Federated Shareholder
Services ("FSS"), the Fund will pay FSS up to .25 of 1% of average net assets of
each class of shares for the period. This fee is to obtain certain personal
services for shareholders and to maintain shareholder accounts. For the six
months ended November 30, 1994, Institutional Shares did not incur a shareholder
services fee.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES--Federated Services Company
("FServ") serves as transfer agent and dividend disbursing agent for the Fund.
The FServ fee is based on the size, type, and number of accounts and
transactions made by shareholders.
INTERFUND TRANSACTIONS--During the six months ended November 30, 1994, the Fund
engaged in purchase and sale transactions with other affiliated funds at current
value pursuant to Rule 17a-7 of the Act amounting to $25,850,000 and
$34,138,860, respectively.
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees
of the above companies.
FEDERATED INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the six
months ended November 30, 1994 were as follows:
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------
PURCHASES $15,403,005
- ------------------------------------------------------------------------------- -----------
SALES $55,490,423
- ------------------------------------------------------------------------------- -----------
</TABLE>
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- -----------------------------------------------------------------------------
John F. Donahue John F. Donahue
Thomas G. Bigley Chairman
John T. Conroy, Jr. Glen R. Johnson
William J. Copeland President
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Vice President
Edward L. Flaherty, Jr. Richard B. Fisher
Glen R. Johnson Vice President
Peter E. Madden Edward C. Gonzales
Gregor F. Meyer Vice President and Treasurer
Wesley W. Posvar John W. McGonigle
Marjorie P. Smuts Vice President and Secretary
David M. Taylor
Assistant Treasurer
G. Andrew Bonnewell
Assistant Secretary
</TABLE>
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and are not insured or guaranteed by the U.S. government, the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any other
government agency. Investment in mutual funds involves investment risk,
including possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Fund's prospectus which contains facts concerning
its objective and policies, management fees, expenses and other information.
- --------------------------------------------------------------------------------
FEDERATED
- --------------------------------------------------------------------------------
PENNSYLVANIA
- --------------------------------------------------------------------------------
INTERMEDIATE
- --------------------------------------------------------------------------------
MUNICIPAL TRUST
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
NOVEMBER 30, 1994
---------------------------------------------------
FEDERATED SECURITIES CORP.
(LOGO)
- ---------------------------------------------
---------------------------------------------------
Distributor
A subsidiary of FEDERATED INVESTORS
FEDERATED INVESTORS TOWER
---------------------------------------------------
PITTSBURGH, PA 15222-3779
458810306
--------------------------------------------------------
007147 (1/95)
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders for Federated
Pennsylvania Intermediate Municipal Trust (formerly, Pennsylvania Intermediate
Municipal Trust) (the "Fund"), a portfolio of Intermediate Municipal Trust, for
the six-month period ended November 30, 1994. The report begins with the
Investment Review, which is a brief commentary on the municipal market from the
Fund's portfolio manager. Following the Investment Review are Financial
Statements containing the Fund's Portfolio of Investments.
The Fund pursues current income that is exempt from federal regular income tax
and the personal income taxes imposed by the Commonwealth of Pennsylvania.*
While its portfolio is primarily comprised of Pennsylvania municipal securities,
the Fund may invest in other municipal securities that meet its standards for
double tax-exemption. As of November 30, 1994, the Fund was invested in 49
issues.
Over the report period, the Fund paid shareholders a total of $135,293 in
dividends, or $0.23 per share. During the report period, the Fund's total assets
increased from $2.9 million to $7.1 million.
In today's atmosphere, the double tax-free earning power of Federated
Pennsylvania Intermediate Municipal Trust could mean more than ever. We will
continue to update you on the Fund's performance, and we welcome your questions,
comments, or suggestions.
Sincerely,
Glen R. Johnson
President
January 16, 1995
* Income may be subject to the federal alternative minimum tax.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
For the six months ended November 30, 1994, the intermediate, fixed-income
securities markets exhibited marked levels of volatility, as the yield curves in
the taxable and tax-exempt sectors both rose and became flatter, albeit to a
varying extent. From May 31, 1994 to November 30, 1994, seven-year Treasury note
yields rose from 6.95% to 7.85%, while "AA" municipal general obligations rates
rose from 5.15% to 5.75%. During this time, the yield spread between seven-year
and one-year maturities decreased by 55 basis points for Treasury issues and by
10 basis points for "AA" municipal issues.
The above-average performance of intermediate municipal bonds to intermediate
Treasury notes reflected the 44% decline in municipal bond issuance for the six
months ended November 30, 1994, compared to the same period in 1993. This
relative lack of origination was led by the 73% reduction in "refunding"
issuance as higher nominal and real interest rates prevailed.
From May 31, 1994 to November 30, 1994, net assets of the Fund increased from
$2.9 million to $7.1 million. Reflecting the rise of market rates, the 30-day
yield of the Fund increased from 4.78% to 5.37%. The Fund increased the average
coupon rate of the portfolio holdings from 4.96% to 5.68%. The portfolio
effective maturity was increased, through security purchases, from 7.42 years to
8.78 years. These actions increased the portfolio duration from 5.71 years to
6.48 years.
During the six months ended November 30, 1994, the Fund maintained a high
quality portfolio. The credit quality of the Fund's holdings, expressed as a
percent of aggregate market value, as of November 30, 1994 was: 67.6% in "AAA"'
issues; 17.8% in "AA" issues; 13.9% in "A" issues; and 0.7% in the highest
quality tax-exempt, short-term issues.
In determining the creditworthiness of issues for possible investment by the
Fund, the investment adviser concentrates on a variety of economic and financial
parameters. Demographic constitution, income distribution, industry
concentration, provision of governmental services, debt authorization, and
management/investment practices and policies are weighed when an assessment of
general obligation issues is made. For revenue obligations, cash generation,
product/service pricing elasticity, competition & industry make-up, debt
structure, debt service coverage, financial flexibility, and contingent
liabilities become subject to scrutiny.
For the six months ended November 30, 1994, an investor in the Fund experienced
a total return of (3.60%).* This result was composed of a 2.29% income and
reinvestment return (net of expenses) and of (5.89%) depreciation in the net
asset value (NAV) per share. These figures are not annualized.
* Performance quoted represents past performance. Investment return and
principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994
(UNAUDITED)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--2.8%
- --------------------------------------------------------------------------
$100,000 Government Development Bank of Puerto Rico, Weekly VRDNs,
(Credit Suisse and Sumitomo Bank Ltd. LOCs) VMIG1 $ 100,000
-----------------------------------------------------------
100,000 Government Development Bank of Puerto Rico, Weekly VRDNs,
(Credit Suisse and Sumitomo Bank Ltd. LOCs) VMIG1 100,000
----------------------------------------------------------- ----------
TOTAL SHORT-TERM MUNICIPAL SECURITIES
(AT AMORTIZED COST) 200,000
----------------------------------------------------------- ----------
LONG-TERM MUNICIPAL SECURITIES--99.2%
- --------------------------------------------------------------------------
100,000 Allegheny County, PA, 5.40% UT GO Bonds (Series C-43)/
(MBIA Insured), 9/15/2005 AAA 91,843
-----------------------------------------------------------
100,000 Allegheny County, PA, 6.00% UT GO Bonds (Series C-39)/
(AMBAC Insured)/(Original Issue Yield: 6.098%), 5/1/2012 Aaa 93,151
-----------------------------------------------------------
200,000 Allegheny County, PA, Hospital Development Authority,
5.875% Revenue Bonds (Magee Women's Hospital)/
(FGIC Insured), 10/1/2002 AAA 197,820
-----------------------------------------------------------
200,000 Allegheny County, PA, Hospital Development Authority,
7.00% Revenue Bonds, (Childrens Hospital)/(MBIA Insured),
7/1/2005 AAA 206,966
-----------------------------------------------------------
600,000 Allegheny County, PA, Hospital Development Authority,
(South Hills Health System), 5.90%-6.00%, 5/1/2003-5/1/2004 A 570,675
-----------------------------------------------------------
100,000 Allentown Area School District, Lehigh County, PA, 5.35% GO
Bonds (Series B-1994)/(AMBAC Insured), 8/15/2003 AAA 93,887
-----------------------------------------------------------
100,000 Altoona Area School District, PA, 5.35% GO Bonds
(Series 1994)/(FGIC Insured), 1/15/2004 AAA 91,012
-----------------------------------------------------------
</TABLE>
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--CONTINUED
- --------------------------------------------------------------------------
$100,000 Altoona City Authority Water, Blair County, PA, 5.60%
Revenue Bonds (Series A)/(FGIC Insured), 11/1/2004 AAA $ 95,597
-----------------------------------------------------------
250,000 Beaver County, PA, Hospital Authority, 5.80% Revenue Bonds
(Beaver Medical Center)/(AMBAC Insured), 7/1/2003 AAA 243,565
-----------------------------------------------------------
125,000 Bedford Area School District, Bedford County, PA, 5.45% GO
Bonds (Series A-1994)/(MBIA Insured), 4/15/2003 AAA 118,701
-----------------------------------------------------------
150,000 Berks County Municipal Authority Hospital, PA, 5.40%
Revenue Bonds (Series B-1994)/(Reading Hospital and Medical
Center), 10/1/2004 AAA 137,723
-----------------------------------------------------------
100,000 Berks County Municipal Authority Hospital, PA, 5.60%
Revenue Bonds (Reading Hospital and Medical Center)/
(MBIA Insured), 10/1/2006 AAA 91,403
-----------------------------------------------------------
125,000 Borough of Franklin Park, PA, 5.50% GO Bonds (Series 1994)/
(AMBAC Insured), 11/1/2004 AAA 117,347
-----------------------------------------------------------
150,000 Cambria County, PA, 5.40% GO Bonds (Series 1994)/
(FGIC Insured), 8/15/2004 AAA 139,364
-----------------------------------------------------------
100,000 Central Bucks School District, Bucks County, PA, 5.40% GO
Bonds (Series 1994)/(FGIC Insured), 5/15/2003 AAA 95,234
-----------------------------------------------------------
100,000 Central Bucks School District, Bucks County, PA, 6.00% GO
Bonds (Series 1994)/(FGIC Insured), 11/15/2003 Aa 100,615
-----------------------------------------------------------
100,000 Dauphin County, PA, 5.20% UT GO Bonds (Series B)/
(MBIA Insured)/(Original Issue Yield: 5.30%), 3/15/2004 Aaa 91,158
-----------------------------------------------------------
150,000 Dauphin County, PA, General Authority, 6.00% Revenue Bonds
(Harrisburg International Airport)/(MBIA Insured), 6/1/2002 AAA 149,998
-----------------------------------------------------------
150,000 Dauphin County, PA, General Authority, 6.10% Revenue Bonds
(Harrisburg International Airport)/(MBIA Insured), 6/1/2003 AAA 150,063
-----------------------------------------------------------
125,000 Eastern York School District, PA, 5.55% GO Bonds
(MBIA Insured), 6/1/2003 AAA 119,058
-----------------------------------------------------------
100,000 Easton, PA, Area Joint Sewer Authority, 6.00% Refunding
Revenue Bonds (Asset Guaranty Insured), 4/1/2006 AA 95,867
-----------------------------------------------------------
</TABLE>
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--CONTINUED
- --------------------------------------------------------------------------
$100,000 Elizabethtown Area School District, Lancaster County, PA,
5.45% GO Bonds (Series 1994), 2/15/2004 A $ 94,787
-----------------------------------------------------------
300,000 Hanover Area School District, Luzerne County, PA, 7.00% UT
GO Bonds (FGIC Insured), 6/1/2008 AAA 306,132
-----------------------------------------------------------
500,000 Indiana County Hospital Authority, PA, 6.20% Revenue Bonds
(Series B) (Connie Lee Insured), 7/1/2006 AAA 484,725
-----------------------------------------------------------
100,000 Lancaster, PA, 5.30% UT GO Bonds (AMBAC Insured), 7/1/2004 AAA 92,472
-----------------------------------------------------------
100,000 Lancaster, PA, Industrial Development Authority, 6.50%
Refunding Revenue Bonds (Union Camp Corporation Project),
3/1/2004 A 101,653
-----------------------------------------------------------
200,000 Manheim Central School District, Lancaster County, PA,
5.30% GO Bonds (Series 1994)/(FGIC Insured), 5/15/2003 AAA 186,660
-----------------------------------------------------------
180,000 North Penn Water Authority, PA, 5.80% Revenue Bonds
(FGIC Insured), 11/1/2005 AAA 172,276
-----------------------------------------------------------
150,000 Penn-Trafford School District, PA, 5.55% GO Bonds (Series
1994)/(MBIA Insured), 5/1/2006 AAA 138,060
-----------------------------------------------------------
100,000 Pennsylvania HFA, 5.30% SFM Revenue Bonds (Series 38),
4/1/2003 AA 92,603
-----------------------------------------------------------
200,000 Pennsylvania HFA, 5.90% SFM Revenue Bonds
10/1/2004-10/1/2005 AA 191,979
-----------------------------------------------------------
145,000 Pennsylvania State, 5.30% UT GO Bonds, 5/1/2004 AA- 133,355
-----------------------------------------------------------
100,000 Pennsylvania State, 6.50% UT GO Bonds (Series A),
11/15/2010 A1 97,766
-----------------------------------------------------------
200,000 Pennsylvania Higher Educational Facilities Authority, 5.50%
(State System of Higher Education)/(Series L)/
(AMBAC Insured), 6/15/2005 AAA 122,799
-----------------------------------------------------------
</TABLE>
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--CONTINUED
- --------------------------------------------------------------------------
$200,000 Pennsylvania Higher Education Facilities Authority, 6.00%
Health Services Revenue Bonds (University of Pennsylvania)/
(Series A-1994), 1/1/2003 AA- $ 185,332
-----------------------------------------------------------
125,000 Pennsylvania Turnpike Commission, 5.45% Revenue Bonds
(Series P), 12/1/2002 A1 118,325
-----------------------------------------------------------
100,000 Pennsylvania State University, 5.55% Revenue Bonds
(AMBAC Insured), 8/15/2006 AAA 91,900
-----------------------------------------------------------
125,000 Perkiomen Valley School District, Montgomery County, PA,
5.50% GO Bonds (Series-1994), 2/1/2004 A1 116,945
-----------------------------------------------------------
100,000 Philadelphia, PA, IDA, 4.90% Refunding Revenue Bonds (PGH/
CHDC Parking Facility)/(Original Issue Yield: 5.04%),
7/1/2002 AA 89,920
-----------------------------------------------------------
300,000 Philadelphia, PA, Gas Works, 5.50% Revenue Bonds
(Series 14)/(FSA Insured), 7/1/2004 AAA 279,228
-----------------------------------------------------------
150,000 Philadelphia, PA, Water and Wastewater, 5.50% Revenue Bonds
(FGIC Insured), 6/15/2003 AAA 140,747
-----------------------------------------------------------
100,000 Philadelphia, PA, Hospital and Higher Education Facilities
Authority, 5.25% Revenue Bonds (Willis Eye Hospital)/
(Series 1994)/(Original Issue Yield: 5.40%), 7/1/2003 A 89,856
-----------------------------------------------------------
100,000 Richland School District, Cambria County, PA, 5.30%
GO Bonds (Series 1994)/(MBIA Insured), 11/1/2003 AAA 92,670
-----------------------------------------------------------
125,000 Solanco School District, Lancaster County, PA, 5.60% UT
GO Bonds (Series 1994)/(FGIC Insured), 2/15/2004 AAA 118,191
-----------------------------------------------------------
125,000 Spring Ford School District, PA, 5.50% UT GO Bonds
(FGIC Insured), 8/1/2003 AAA 119,106
-----------------------------------------------------------
100,000 Spring Ford School District, PA, 5.80% UT GO Refunding
Bonds (FGIC Insured), 8/1/2005 AAA 95,773
-----------------------------------------------------------
</TABLE>
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
LONG-TERM MUNICIPAL SECURITIES--CONTINUED
- --------------------------------------------------------------------------
$200,000 Swarthmore Borough Authority College, PA, 6.00% Revenue
Bonds, 9/15/2006 AA $ 192,624
-----------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $7,438,524) 7,036,931
----------------------------------------------------------- ----------
TOTAL INVESTMENTS (IDENTIFIED COST $7,638,524) $7,236,931+
----------------------------------------------------------- ----------
</TABLE>
* Please refer to the appendix of the Statement of Additional Information for an
explanation of the credit ratings.
+ The cost of investments for federal tax purposes amounts to $7,638,524. The
net unrealized depreciation of investments on a federal tax basis amounts to
$401,593, which is comprised of $678 appreciation and $402,271 depreciation at
November 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($7,090,366) at
November 30, 1994.
The following abbreviations are used in this portfolio.
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligation
HFA -- Housing Finance Authority/Agency
IDA -- Industrial Development Authority
LOC(s) -- Letter(s) of Credit
MBIA -- Municipal Bond Investors Assurance
SFM -- Single Family Mortgage
UT -- Unlimited Tax
VRDNs -- Variable Rate Demand Notes
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- ---------------------------------------------------------------------------------
Investments in securities, at value (identified and tax cost $7,638,524) $7,236,931
- ---------------------------------------------------------------------------------
Cash 5,368
- ---------------------------------------------------------------------------------
Receivable for investments sold 202,817
- ---------------------------------------------------------------------------------
Interest receivable 120,968
- ---------------------------------------------------------------------------------
Receivable for Fund shares sold 143
- --------------------------------------------------------------------------------- ----------
Total assets 7,566,227
- ---------------------------------------------------------------------------------
LIABILITIES:
- ---------------------------------------------------------------------------------
Payable for investments purchased $401,662
- ----------------------------------------------------------------------
Dividends payable 28,635
- ----------------------------------------------------------------------
Payable for Fund shares repurchased 24,259
- ----------------------------------------------------------------------
Accrued expenses 21,305
- ---------------------------------------------------------------------- --------
Total liabilities 475,861
- --------------------------------------------------------------------------------- ----------
NET ASSETS for 765,257 shares of beneficial interest outstanding $7,090,366
- --------------------------------------------------------------------------------- ----------
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------
Paid-in capital $7,588,662
- ---------------------------------------------------------------------------------
Unrealized depreciation of investments (401,593)
- ---------------------------------------------------------------------------------
Accumulated net realized loss on investments (96,703)
- --------------------------------------------------------------------------------- ----------
Total Net Assets $7,090,366
- --------------------------------------------------------------------------------- ----------
NET ASSET VALUE, Offering Price, and Redemption Price Per Share
($7,090,366 / 765,257 shares of beneficial interest outstanding) $9.27
- --------------------------------------------------------------------------------- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- ------------------------------------------------------------------------------------
Interest income $ 147,599
- ------------------------------------------------------------------------------------
EXPENSES:
- ------------------------------------------------------------------------------------
Investment advisory fee $ 13,709
- ------------------------------------------------------------------------
Administrative personnel and services fees 62,672
- ------------------------------------------------------------------------
Custodian and portfolio accounting fees 31,876
- ------------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 8,640
- ------------------------------------------------------------------------
Shareholder services fees 1,370
- ------------------------------------------------------------------------
Legal fees 3,000
- ------------------------------------------------------------------------
Printing and postage 4,750
- ------------------------------------------------------------------------
Trustees' fees 150
- ------------------------------------------------------------------------
Auditing fees 5,995
- ------------------------------------------------------------------------
Fund share registration costs 8,854
- ------------------------------------------------------------------------
Taxes 379
- ------------------------------------------------------------------------
Insurance premiums 1,453
- ------------------------------------------------------------------------
Miscellaneous 3,966
- ------------------------------------------------------------------------ --------
Total expenses 146,814
- ------------------------------------------------------------------------
Deduct--
- ------------------------------------------------------------------------
Waiver of investment advisory fee $ 13,709
- -------------------------------------------------------------
Reimbursement of other operating expenses 120,799 134,508
- ------------------------------------------------------------- -------- --------
Net expenses 12,306
- ------------------------------------------------------------------------------------ ---------
Net investment income 135,293
- ------------------------------------------------------------------------------------ ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- ------------------------------------------------------------------------------------
Net realized gain (loss) on investments (identified cost basis) (58,629)
- ------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on investments (352,062)
- ------------------------------------------------------------------------------------ ---------
Net realized and unrealized gain (loss) on investments (410,691)
- ------------------------------------------------------------------------------------ ---------
Change in net assets resulting from operations $(275,398)
- ------------------------------------------------------------------------------------ ---------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
--------------------------
1995** 1994*
----------- -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- -------------------------------------------------------------------
OPERATIONS--
- -------------------------------------------------------------------
Net investment income $ 135,293 $ 35,828
- -------------------------------------------------------------------
Net realized gain (loss) on investment transactions ($58,629 and
$38,075 net loss, respectively, as computed for federal tax
purposes) (58,629) (38,075)
- -------------------------------------------------------------------
Change in unrealized appreciation (depreciation) on investments (352,062) (49,531)
- ------------------------------------------------------------------- ----------- -----------
Change in net assets resulting from operations (275,398) (51,778)
- ------------------------------------------------------------------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS--
- -------------------------------------------------------------------
Dividends to shareholders from net investment income (135,293) (35,828)
- ------------------------------------------------------------------- ----------- -----------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- -------------------------------------------------------------------
Proceeds from sale of shares 10,249,854 6,080,600
- -------------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
dividends declared 6,733 1,841
- -------------------------------------------------------------------
Cost of shares redeemed (5,636,124) (3,114,241)
- ------------------------------------------------------------------- ----------- -----------
Change in net assets resulting from fund share transactions 4,620,463 2,968,200
- ------------------------------------------------------------------- ----------- -----------
Change in net assets 4,209,772 2,880,594
- -------------------------------------------------------------------
NET ASSETS:
- -------------------------------------------------------------------
Beginning of period 2,880,594 --
- ------------------------------------------------------------------- ----------- -----------
End of period $ 7,090,366 $ 2,880,594
- ------------------------------------------------------------------- ----------- -----------
</TABLE>
* For the period from December 5, 1993 (date of initial public investment) to
May 31, 1994.
** Six months ended November 30, 1994 (unaudited).
(See Notes which are an integral part of the Financial Statements)
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
---------------------
1995*** 1994**
-------- ------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.85 $10.00
- ------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ------------------------------------------------------------------
Net investment income 0.23 0.23
- ------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.58) (0.15 )
- ------------------------------------------------------------------ ------ -----
Total from investment operations (0.35) 0.08
- ------------------------------------------------------------------
LESS DISTRIBUTIONS
- ------------------------------------------------------------------
Dividends to shareholders from net investment income (0.23) (0.23 )
- ------------------------------------------------------------------ ------ -----
NET ASSET VALUE, END OF PERIOD $9.27 $9.85
- ------------------------------------------------------------------ ------ -----
TOTAL RETURN* (3.60%) 0.76 %
- ------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ------------------------------------------------------------------
Expenses 0.44%(a) 0.25 %(a)
- ------------------------------------------------------------------
Net investment income 4.87%(a) 4.76 %(a)
- ------------------------------------------------------------------
Expense waiver/reimbursement (b) 4.84%(a) 5.06 %(a)
- ------------------------------------------------------------------
SUPPLEMENTAL DATA
- ------------------------------------------------------------------
Net assets, end of period (000 omitted) $7,090 $2,881
- ------------------------------------------------------------------
Portfolio turnover rate 103% 39 %
- ------------------------------------------------------------------
</TABLE>
* Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
** Reflects operations for the period from December 5, 1993 (date of initial
public investment) to May 31, 1994.
*** Six months ended November 30, 1994 (unaudited).
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Federated Intermediate Municipal Trust (the "Trust") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as an open-end
management investment company. The Trust consists of three non-diversified
portfolios. The financial statements included herein present only those of
Federated Pennsylvania Intermediate Municipal Trust (the "Fund"). The financial
statements of the other portfolios are presented separately. The assets of each
portfolio are segregated and a shareholder's interest is limited to the
portfolio in which shares are held.
Effective December 19, 1994, the Board of Trustees (the "Trustees") changed the
name of the Fund from Pennsylvania Intermediate Municipal Trust to Federated
Pennsylvania Intermediate Municipal Trust.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
A. INVESTMENT VALUATIONS--Municipal bonds are valued by an independent pricing
service taking into consideration yield, liquidity, risk, credit, quality,
coupon, maturity, type of issue, and any other factors or market data it
deems relevant in determining valuations for normal institutional size
trading units of debt securities. The independent pricing service does not
rely exclusively on quoted prices. Short-term securities with remaining
maturities of sixty days or less may be stated at amortized cost, which
approximates value.
B. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Interest income and expenses
are accrued daily. Bond premium and discount, if applicable, are amortized as
required by the Internal Revenue Code, as amended (the "Code"). Distributions
to shareholders are recorded on the ex-dividend date.
C. FEDERAL TAXES--It is the Fund's policy to comply with the provisions of the
Code applicable to regulated investment companies and to distribute to
shareholders each year substantially all of its tax-exempt income.
Accordingly, no provisions for federal tax are necessary.
D. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Fund may engage in
when-issued or delayed delivery transactions. The Fund records when-issued
securities on the trade date and maintains security positions such that
sufficient liquid assets will be available to make payment for
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
the securities purchased. Securities purchased on a when-issued or delayed
delivery basis are marked to market daily and begin earning interest on the
settlement date.
E. CONCENTRATION OF CREDIT RISK--Since the Fund invests a substantial portion
of its assets in issuers located in one state, it will be more susceptible
to factors adversely affecting issuers in that state than would be a
comparable tax-exempt mutual fund that invests nationally. In order to
reduce the credit risk associated with such factors, at November 30, 1994,
71% of the securities in the portfolio of investments are backed by letters
of credit or bond insurance of various financial institutions and financial
guaranty assurance agencies. The value of investments insured by or
supported (backed) by a letter of credit for any one institution or agency
did not exceed 24% of total investments.
F. OTHER--Investment transactions are accounted for on the trade date.
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
----------------------
1995** 1994*
- ---------------------------------------------------------------------- --------- --------
<S> <C> <C>
Shares sold 1,048,749 603,068
- ----------------------------------------------------------------------
Shares issued to shareholders in payment of dividends declared 712 183
- ----------------------------------------------------------------------
Shares redeemed (576,608) (310,847)
- ---------------------------------------------------------------------- --------- --------
Net change resulting from Fund share transactions 472,853 292,404
- ---------------------------------------------------------------------- --------- --------
</TABLE>
* For the period from December 5, 1993 (date of initial public investment) to
March 31, 1994.
** Six months ended November 30, 1994.
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Federated Management, the Fund's investment adviser
(the "Adviser"), receives for its services an annual investment advisory fee
equal to .50 of 1% of the Fund's average daily net assets. The Adviser may
voluntarily choose to waive a portion of its fee and reimburse certain operating
expenses of the Fund. The Adviser can modify or terminate this voluntary waiver
and reimbursement at any time at its sole discretion.
ADMINISTRATIVE FEE--Federated Administrative Services ("FAS") provides the Fund
administrative personnel and services. The FAS fee is based on the level of
average aggregate daily net assets of all funds advised by subsidiaries of
Federated Investors for the period. The administrative fee received
FEDERATED PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, PENNSYLVANIA INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
during the period of the Administrative Services Agreement shall be at least
$125,000 per portfolio and $30,000 per each additional class of shares.
SHAREHOLDER SERVICES FEE--Under the terms of a Shareholder Services Agreement
with Federated Shareholder Services ("FSS"), the Fund will pay FSS up to .25 of
1% of average net assets of the Fund for the period. This fee is to obtain
certain personal services for shareholders and to maintain the shareholder
accounts.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES--Federated Services Company
("FServ") serves as transfer and dividend disbursing agent for the Fund. The
FServ fee is based on the size, type, and number of accounts and transactions
made by shareholders.
ORGANIZATIONAL EXPENSES--Organizational expenses of $24,685 and start-up
administrative service expenses of $31,506 were borne initially by the Adviser.
The Fund has agreed to reimburse the Adviser for the organizational expenses and
start-up administrative expenses during the five year period following November
15, 1993 (date the Fund first became effective).
INTERFUND TRANSACTIONS--During the six months ended November 30, 1994, the Fund
engaged in purchase and sale transactions with other affiliated funds at current
value pursuant to Rule 17a-7 under the Act amounting to $5,032,312 and
$4,950,000, respectively.
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees
of the above companies.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the six
months ended November 30, 1994, were as follows:
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
PURCHASES $9,835,512
- -------------------------------------------------------------------------------- ----------
SALES $5,630,654
- -------------------------------------------------------------------------------- ----------
</TABLE>
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- ---------------------------------------------------------------------------------------------
John F. Donahue John F. Donahue
Thomas G. Bigley Chairman
John T. Conroy, Jr. Glen R. Johnson
William J. Copeland President
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Vice President
Edward L. Flaherty, Jr. Richard B. Fisher
Glen R. Johnson Vice President
Peter E. Madden Edward C. Gonzales
Gregor F. Meyer Vice President and Treasurer
Wesley W. Posvar John W. McGonigle
Marjorie P. Smuts Vice President and Secretary
David M. Taylor
Assistant Treasurer
G. Andrew Bonnewell
Assistant Secretary
</TABLE>
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and are not insured or guaranteed by the U.S. government, the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any other
government agency. Investment in mutual funds involves investment risk,
including possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Fund's prospectus which contains facts concerning
its objective and policies, management fees, expenses and other information.
- --------------------------------------------------------------------------------
FEDERATED OHIO
- --------------------------------------------------------------------------------
INTERMEDIATE
- --------------------------------------------------------------------------------
MUNICIPAL
- --------------------------------------------------------------------------------
TRUST
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
NOVEMBER 30, 1994
---------------------------------------------------
---------------------------------------------------
---------------------------------------------------
----------------------------------------------------
FEDERATED SECURITIES CORP.
(LOGO)
- ---------------------------------------------
Distributor
A subsidiary of FEDERATED INVESTORS
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
458810405
007148 (1/95)
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders for Federated
Ohio Intermediate Municipal Trust (formerly, Ohio Intermediate Municipal Trust)
(the "Fund"), a portfolio of Intermediate Municipal Trust, for the six-month
period ended November 30, 1994. The report begins with the Investment Review,
which is a brief commentary on the municipal market from the Fund's portfolio
manager. Following the Investment Review are Financial Statements containing the
Fund's Portfolio of Investments.
The Fund pursues current income that is exempt from federal regular income tax
and the personal income taxes imposed by the State of Ohio.* While its portfolio
is primarily comprised of Ohio municipal securities, the Fund may invest in
other municipal securities that meet its standards for double tax-exemption. As
of November 30, 1994, the Fund was invested in 27 issues, of the State of Ohio
or its municipalities.
Over the report period, the Fund paid shareholders a total of $117,551 in
dividends, or $0.22 per share. During the report period, the Fund's total assets
increased from $3.4 million to $5.2 million.
In today's atmosphere, the double tax-free earning power of Federated Ohio
Intermediate Municipal Trust could mean more than ever. We will continue to
update you on the Fund's performance, and we welcome your questions, comments,
or suggestions.
Sincerely,
Glen R. Johnson
President
January 16, 1995
* Income may be subject to the federal alternative minimum tax.
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
For the six months ended November 30, 1994, the intermediate, fixed-income
securities markets exhibited marked levels of volatility, as the yield curves in
the taxable and tax-exempt sectors both rose and became flatter, albeit to a
varying extent. From May 31, 1994 to November 30, 1994, seven-year Treasury note
yields rose from 6.95% to 7.85%, while "AA" municipal general obligations rates
rose from 5.15% to 5.75%. During this time, the yield spread between seven-year
and one-year maturities decreased by 55 basis points for Treasury issues and by
10 basis points for "AA" municipal issues.
The above-average performance of intermediate municipal bonds to intermediate
Treasury notes reflected the 44% decline in municipal bond issuance for the six
months ended November 30, 1994, compared to the same period in 1993. This
relative lack of origination was led by the 73% reduction in "refunding"
issuance as higher nominal and real interest rates prevailed.
From May 31, 1994 to November 30, 1994, net assets of the Fund increased from
$3.4 million to $5.2 million. Reflecting the rise of market rates, the 30-day
yield of the Fund increased from 4.96% to 5.64%. The Fund increased the average
coupon rate of the portfolio holdings from 5.04% to 5.54%. The portfolio
effective maturity was increased, through security purchases, from 8.99 years to
9.31 years. These actions increased the portfolio duration from 6.76 years to
6.87 years.
During the six months ended November 30, 1994, the Fund maintained a high
quality portfolio. The credit quality of the Fund's holdings, expressed as a
percent of aggregate market value, as of November 30, 1994 was: 68.7% in "AAA"'
issues; 15.8% in "AA" issues; 12.9% in "A" issues; and 2.6% in the highest
quality tax-exempt, short-term issues.
In determining the creditworthiness of issues for possible investment by the
Fund, the investment adviser concentrates on a variety of economic and financial
parameters. Demographic constitution, income distribution, industry
concentration, provision of governmental services, debt authorization, and
management/investment practices and policies are weighed when an assessment of
general obligation issues is made. For revenue obligations, cash generation,
product/service pricing elasticity, competition & industry make-up, debt
structure, debt service coverage, financial flexibility, and contingent
liabilities become subject to scrutiny.
For the six months ended November 30, 1994, an investor in the Fund experienced
a total return of (4.31%).* This result was composed of a 2.30% income and
reinvestment return (net of expenses) and of 6.61% depreciation in the net asset
value (NAV) per share. These figures are not annualized.
* Performance quoted represents past performance. Investment return and
principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--99.0%
- --------------------------------------------------------------------------
$200,000 Akron, OH, Waterworks System, 5.50% Mortgage Revenue
Improvement Bonds (FGIC Insured), 12/1/2005 AAA $ 186,086
-----------------------------------------------------------
150,000 Akron, OH, Waterworks System, 5.25% Mortgage Revenue
Improvement Bonds (FGIC Insured), 3/1/2002 AAA 141,510
-----------------------------------------------------------
100,000 Avon Lake, OH, 5.35% LT GO Bonds (Series 1994), 12/1/2003 A 92,446
-----------------------------------------------------------
200,000 Cincinnati Student Loan Funding Corp., 5.125% Revenue Bonds
(Subject to AMT)/(AMBAC Insured), 12/1/2005 AAA 178,186
-----------------------------------------------------------
200,000 Cleveland, OH, 5.40% Airport System Improvement Revenue
Bonds (Series 1994A)/(FGIC Insured)/(Original Issue Yield:
5.55%)/(Subject to AMT)/(AMBAC Insured), 1/1/2004 AAA 184,680
-----------------------------------------------------------
250,000 Cleveland, OH, 6.00% Various Purpose LT GO Bonds (Series
1994)/(MBIA Insured)/(Original Issue Yield: 6.10%),
11/15/2004 AAA 245,408
-----------------------------------------------------------
150,000 Columbus, OH, 5.50% Various Purpose LT GO Bonds (Series
1994-1)/(Original Issue Yield: 5.583%), 5/15/2004 AA+ 142,359
-----------------------------------------------------------
500,000 Columbus, OH, Municipal Airport Authority, 5.55%
Improvement Revenue Bonds (Series 1994A)/(Port Columbus
International Airport)/(MBIA Insured)/(Subject to AMT),
1/1/2004 AAA 468,080
-----------------------------------------------------------
100,000 Columbus, OH, Water System, 6.375% Refunding Revenue Bonds
(Series 1991)/(Original Issue Yield: 6.65%), 11/1/2010 A1 96,841
-----------------------------------------------------------
400,000 Cuyahoga County, OH, 5.00% Hospital Revenue Bonds (Fairview
General Hospital)/(Original Issue Yield: 5.10%), 8/15/2004 A 344,780
-----------------------------------------------------------
</TABLE>
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- --------------------------------------------------------------------------
$250,000 Franklin County, OH, 5.875% Revenue Bonds (Seton Square
North)/(FHA Insured)/(Original Issue Yield: 6.00%),
10/1/2004 Aa $ 239,448
-----------------------------------------------------------
100,000 Franklin County, OH, 6.40% Hospital Revenue Bonds (Mt.
Carmel-Holy Cross Health System)/(Original Issue Yield:
6.49%), 6/1/2003 AA- 98,905
-----------------------------------------------------------
200,000 Lucas County, OH, 5.40% LT GO Bonds (Series 1994)/ (AMBAC
Insured)/(Original Issue Yield: 5.50%), 12/1/2003 AAA 187,904
-----------------------------------------------------------
200,000 Mahoning County, OH, 5.70% LT GO Various Purpose Capital
Bonds (Series 1994)/(MBIA Insured), 12/1/2004 AAA 192,052
-----------------------------------------------------------
150,000 Maumee, OH, 5.35% Hospital Facilities Revenue Bonds (Series
1994)/(St. Luke's Hospital)/(AMBAC Insured), 12/1/2004 AAA 137,975
-----------------------------------------------------------
150,000 Miami Valley Regional Transit Authority, OH, 5.40% LT GO
Bonds (Series 1994), 12/2/2004 A 137,177
-----------------------------------------------------------
100,000 Montgomery County, OH, 4.80% Refunding Revenue Bonds
(Series 1994)/(Sisters of Charity Health Care System,
Inc.)/ (Original Issue Yield: 4.90%), 5/15/2004 AA- 87,097
-----------------------------------------------------------
150,000 North Canton, OH, City School District, 5.50% LT GO Bonds,
12/1/2003 A 139,994
-----------------------------------------------------------
100,000 North Royalton City School District, OH, 5.50% UT GO School
Improvement Bonds (Series 1994)/(MBIA Insured), 12/1/2004 AAA 93,565
-----------------------------------------------------------
150,000 Ohio State HFA, 5.40% Revenue Bonds (Series 1994A-1)/ (GNMA
Collateralized), 3/1/2004 AAA 140,127
-----------------------------------------------------------
610,000 Ohio State HFA, 5.80% Revenue Bonds (Series 1994B-1)/ (GNMA
Collateralized), 9/1/2005 AAA 582,245
-----------------------------------------------------------
200,000 Portage County, OH, 5.40% LT GO Bonds (AMBAC Insured),
12/1/2003 AAA 188,690
-----------------------------------------------------------
260,000 Summit County, OH, 5.75% LT GO Various Purpose Bonds (AMBAC
Insured), 12/1/2005 AAA 247,286
-----------------------------------------------------------
</TABLE>
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- --------- ----------------------------------------------------------- ------- ----------
<C> <C> <S> <C> <C>
INTERMEDIATE-TERM MUNICIPAL SECURITIES--CONTINUED
- --------------------------------------------------------------------------
$200,000 Toledo, OH, Sewer System, 5.75% Revenue Bonds (Original
Issue Yield: 5.85%)/(AMBAC Insured), 11/15/2005 AAA $ 191,532
-----------------------------------------------------------
150,000 Warren County, OH, 5.35% Waterworks System Revenue Bonds
(Series 1994)/(MBIA Insured), 12/1/2004 AAA 137,974
-----------------------------------------------------------
100,000 Warren County, OH, 5.35% Waterworks System Revenue Bonds
(Series 1994)/(Original Issue Yield: 5.45%)/(MBIA Insured),
12/1/2005 AAA 90,766
-----------------------------------------------------------
200,000 West Geauga, OH, 5.45% LT GO School Improvement Bonds
(AMBAC Insured), 11/1/2004 AAA 188,431
----------------------------------------------------------- ----------
TOTAL INTERMEDIATE-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST, $5,523,286) $5,161,544+
----------------------------------------------------------- ----------
</TABLE>
* Please refer to the Appendix of the Statement of Additional Information for an
explanation of the credit ratings.
+ The cost of investments for federal tax purposes amounts to $5,523,286. The
net unrealized depreciation on a federal tax basis amounts to $361,742, at
November 30, 1994.
Note: The categories of investments are shown as a percentage of net assets
($5,212,455) at November 30, 1994.
The following abbreviations are used in this portfolio.
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
FGIC -- Financial Guaranty Insurance Company
FHA -- Federal Housing Administration
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority/Agency
LT -- Limited Tax
MBIA -- Municipal Bond Investors Assurance
UT -- Unlimited Tax
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS:
- ---------------------------------------------------------------------------------
Investments in securities, at value (identified and tax cost $5,523,286) $5,161,544
- ---------------------------------------------------------------------------------
Interest receivable 97,756
- --------------------------------------------------------------------------------- ----------
Total assets 5,259,300
- ---------------------------------------------------------------------------------
LIABILITIES:
- ---------------------------------------------------------------------------------
Dividends payable $21,005
- -----------------------------------------------------------------------
Accrued expenses 25,840
- ----------------------------------------------------------------------- -------
Total liabilities 46,845
- --------------------------------------------------------------------------------- ----------
NET ASSETS for 585,370 shares of beneficial interest outstanding $5,212,455
- --------------------------------------------------------------------------------- ----------
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------
Paid-in capital $5,804,781
- ---------------------------------------------------------------------------------
Unrealized depreciation of investments (361,742)
- ---------------------------------------------------------------------------------
Accumulated net realized loss on investments (230,584)
- --------------------------------------------------------------------------------- ----------
Total Net Assets $5,212,455
- --------------------------------------------------------------------------------- ----------
NET ASSET VALUE, Offering Price, and Redemption Proceeds Per Share
($5,212,455 / 585,370 shares of beneficial interest outstanding) $8.90
- --------------------------------------------------------------------------------- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
- ------------------------------------------------------------------------------------
Interest income $ 128,268
- ------------------------------------------------------------------------------------
EXPENSES:
- ------------------------------------------------------------------------------------
Investment advisory fee $ 11,943
- ------------------------------------------------------------------------
Administrative personnel and services fees 62,672
- ------------------------------------------------------------------------
Custodian and portfolio accounting fees 20,113
- ------------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses 6,879
- ------------------------------------------------------------------------
Shareholder services fee 1,194
- ------------------------------------------------------------------------
Fund share registration fees 8,797
- ------------------------------------------------------------------------
Legal fees 3,173
- ------------------------------------------------------------------------
Printing and postage 6,564
- ------------------------------------------------------------------------
Trustees' fees 184
- ------------------------------------------------------------------------
Auditing fees 7,659
- ------------------------------------------------------------------------
Taxes 542
- ------------------------------------------------------------------------
Insurance premiums 3,958
- ------------------------------------------------------------------------
Miscellaneous 1,750
- ------------------------------------------------------------------------ --------
Total expenses 135,428
- ------------------------------------------------------------------------
Deduct--
- -------------------------------------------------------------
Waiver of investment advisory fee $ 11,943
- -------------------------------------------------------------
Reimbursement of other operating expenses 112,768 124,711
- ------------------------------------------------------------- -------- --------
Net expenses 10,717
- ------------------------------------------------------------------------------------ ---------
Net investment income 117,551
- ------------------------------------------------------------------------------------ ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- ------------------------------------------------------------------------------------
Net realized gain (loss) on investments (identified cost basis) (174,100)
- ------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on investments (194,851)
- ------------------------------------------------------------------------------------ ---------
Net realized and unrealized gain (loss) on investments (368,951)
- ------------------------------------------------------------------------------------ ---------
Change in net assets resulting from operations $(251,400)
- ------------------------------------------------------------------------------------ ---------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
--------------------------
1995* 1994**
----------- -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- -------------------------------------------------------------------
OPERATIONS--
- -------------------------------------------------------------------
Net investment income $ 117,551 $ 64,956
- -------------------------------------------------------------------
Net realized gain (loss) on investment transactions ($174,100 and
$56,485 net loss, respectively, as computed for federal tax
purposes) (174,100) (56,485)
- -------------------------------------------------------------------
Change in unrealized appreciation (depreciation) on investments (194,851) (166,890)
- ------------------------------------------------------------------- ----------- -----------
Change in net assets resulting from operations (251,400) (158,419)
- ------------------------------------------------------------------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS--
- -------------------------------------------------------------------
Dividends to shareholders from net investment income (117,551) (64,956)
- ------------------------------------------------------------------- ----------- -----------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- -------------------------------------------------------------------
Proceeds from sale of shares 5,705,858 6,891,738
- -------------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
dividends declared 19,202 11,620
- -------------------------------------------------------------------
Cost of shares redeemed (3,522,195) (3,301,442)
- ------------------------------------------------------------------- ----------- -----------
Change in net assets from Fund share transactions 2,202,865 3,601,916
- ------------------------------------------------------------------- ----------- -----------
Change in net assets 1,833,914 3,378,541
- -------------------------------------------------------------------
NET ASSETS:
- -------------------------------------------------------------------
Beginning of period 3,378,541 --
- ------------------------------------------------------------------- ----------- -----------
End of period $ 5,212,455 $ 3,378,541
- ------------------------------------------------------------------- ----------- -----------
</TABLE>
* Six months ended November 30, 1994 (unaudited).
** For the period from December 2, 1993 (date of initial public investment) to
May 31, 1994.
(See Notes which are an integral part of the Financial Statements)
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
---------------------
1995* 1994**
------ ------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.53 $10.00
- ------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ------------------------------------------------------------------
Net investment income 0.22 0.22
- ------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments (0.63) (0.47)
- ------------------------------------------------------------------ ------ ------
Total from investment operations (0.41) (0.25)
- ------------------------------------------------------------------
LESS DISTRIBUTIONS
- ------------------------------------------------------------------
Dividends to shareholders from net investment income (0.22) (0.22)
- ------------------------------------------------------------------ ------ ------
NET ASSET VALUE, END OF PERIOD $8.90 $9.53
- ------------------------------------------------------------------ ------ ------
TOTAL RETURN*** (4.31)% (2.52)%
- ------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ------------------------------------------------------------------
Expenses 0.45%(a) 0.24%(a)
- ------------------------------------------------------------------
Net investment income 4.92%(a) 4.69%(a)
- ------------------------------------------------------------------
Expense waiver/reimbursement (b) 5.22%(a) 3.07%(a)
- ------------------------------------------------------------------
SUPPLEMENTAL DATA
- ------------------------------------------------------------------
Net assets, end of period (000 omitted) $5,212 $3,379
- ------------------------------------------------------------------
Portfolio turnover rate 39% 48%
- ------------------------------------------------------------------
</TABLE>
* Six months ended November 30, 1994 (unaudited).
** Reflects operations for the period from December 2, 1993 (date of initial
public investment) to May 31, 1994.
*** Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Intermediate Municipal Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as a open-end management investment
company. The Trust consists of three non-diversified portfolios. The financial
statements included herein present only those of Federated Ohio Intermediate
Municipal Trust (the "Fund"). The financial statements of the other portfolios
are presented separately. The assets of each portfolio are segregated and a
shareholder's interest is limited to the portfolio in which the shares are held.
Effective December 19, 1994, the Board of Trustees (the "Trustees") changed the
name of the Fund from Ohio Intermediate Municipal Trust to Federated Ohio
Intermediate Municipal Trust.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
<TABLE>
<S> <C>
A. INVESTMENT VALUATIONS--Municipal bonds are valued by an independent pricing service
taking into consideration yield, liquidity, risk, credit, quality, coupon, maturity,
type of issue, and any other factors or market data it deems relevant in determining
valuations for normal institutional size trading units of debt securities. The
independent pricing service does not rely exclusively on quoted prices. Short-term
securities with remaining maturities of sixty days or less may be stated at amortized
cost, which approximates value.
B. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Interest income and expenses are accrued
daily. Bond premium and discount, if applicable, are amortized as required by the
Internal Revenue Code, as amended (the "Code"). Distributions to shareholders are
recorded on the ex-dividend date.
C. FEDERAL TAXES--It is the Fund's policy to comply with the provisions of the Code
applicable to regulated investment companies and to distribute to shareholders each year
substantially all of its tax-exempt income. Accordingly, no provisions for federal tax
are necessary.
D. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Fund may engage in when-issued or
delayed delivery transactions. The Fund records when-issued securities on the trade date
and maintains security positions such that sufficient liquid assets will be available to
make payment for the securities purchased. Securities purchased on a when-issued or
delayed delivery basis are marked to market daily and begin earning interest on the
settlement date.
</TABLE>
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
E. CONCENTRATION OF RISK--Since the Fund invests a substantial portion of its assets in
issuers located in one state, it will be more susceptible to factors adversely affecting
issuers in that state than would be a comparable tax-exempt mutual fund that invests
nationally. In order to reduce the credit risk associated with such factors, at November
30, 1994, 78% of the securities in the portfolio of investments are backed by letters of
credit or bond insurance of various financial institutions and financial guaranty
assurance agencies. The value of investments insured by or supported (backed) by a
letter of credit for any one institution or agency did not exceed 26% of total
investments.
F. OTHER--Investment transactions are accounted for on the trade date.
</TABLE>
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
--------------------------------
1995** 1994*
-------------- --------------
<S> <C> <C>
- -----------------------------------------------------------
Shares sold 602,718 690,481
- -----------------------------------------------------------
Shares issued to shareholders in payment of dividends
declared 2,066 1,203
- -----------------------------------------------------------
Shares redeemed (374,095) (337,003)
- ----------------------------------------------------------- ------------ ------------
Net change resulting from Fund share transactions 230,689 354,681
- ----------------------------------------------------------- ------------ ------------
</TABLE>
* For the period from December 2, 1993 (date of initial public investment) to
May 31, 1994.
** Six months ended November 30, 1994.
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Federated Management, the Fund's investment adviser
(the "Adviser"), receives for its services an annual investment advisory fee
equal to .50 of 1% of the Fund's average daily net assets. The Adviser may
voluntarily choose to waive a portion of its fee and reimburse certain operating
expenses of the Fund. The Adviser can modify or terminate this voluntary waiver
and reimbursement at any time at its sole discretion.
ADMINISTRATIVE FEE--Federated Administrative Services ("FAS") provides the Fund
administrative personnel and services. The FAS fee is based on the level of
average aggregate daily net assets of all funds advised by subsidiaries of
Federated Investors for the period. The administrative fee received during the
period of the Administrative Services Agreement shall be at least $125,000 per
portfolio and $30,000 per each additional class of shares.
FEDERATED OHIO INTERMEDIATE MUNICIPAL TRUST
(FORMERLY, OHIO INTERMEDIATE MUNICIPAL TRUST)
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICES FEE--Under the terms of a Shareholder Service Agreement
with Federated Shareholder Services ("FSS"), the Fund will pay FSS up to .25 of
1% of average net assets for the Fund for the period. This fee is to obtain
certain personal services for shareholders and to maintain the shareholder
accounts.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES--Federated Services Company
("FServ") serves as transfer and dividend disbursing agent for the Fund. The
FServ fee is based on the size, type, and number of accounts and transactions
made by shareholders.
ORGANIZATIONAL EXPENSES--Organizational expenses ($23,676) and start-up
administrative service expenses ($31,506) were borne initially by the Adviser.
The Fund has agreed to reimburse the Adviser for the organizational expenses and
start-up administrative expenses during the five year period following November
15, 1993 (date the Fund first became effective). For the six months ended
November 30, 1994, the Fund paid $2,499 and $3,326, respectively, pursuant to
this agreement.
INTERFUND TRANSACTIONS--During the six months ended November 30, 1994, the Fund
engaged in purchase and sale transactions with other affiliated funds at current
value pursuant to Rule 17A-7 under the Act amounting to $3,900,000 and
$3,950,000, respectively.
Certain of the Officers and Trustees of the Fund are Officers and Directors or
Trustees of the above companies.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the six
months ended November 30, 1994, were as follows:
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
PURCHASES $4,061,387
- -------------------------------------------------------------------------------- ----------
SALES $1,875,445
- -------------------------------------------------------------------------------- ----------
</TABLE>
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- ---------------------------------------------------------------------------------------------
John F. Donahue John F. Donahue
Thomas G. Bigley Chairman
John T. Conroy, Jr. Glen R. Johnson
William J. Copeland President
James E. Dowd J. Christopher Donahue
Lawrence D. Ellis, M.D. Vice President
Edward L. Flaherty, Jr. Richard B. Fisher
Glen R. Johnson Vice President
Peter E. Madden Edward C. Gonzales
Gregor F. Meyer Vice President and Treasurer
Wesley W. Posvar John W. McGonigle
Marjorie P. Smuts Vice President and Secretary
David M. Taylor
Assistant Treasurer
G. Andrew Bonnewell
Assistant Secretary
</TABLE>
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and are not insured or guaranteed by the U.S. government, the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any other
government agency. Investment in mutual funds involves investment risk,
including possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Fund's prospectus which contains facts concerning
its objective and policies, management fees, expenses and other information.
