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010 A00AA01 FEDERATED SERVICES COMPANY
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
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011 A00AA01 FEDERATED SECURITIES CORP.
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011 C01AA01 PITTSBURGH
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<PAGE> PAGE 2
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 PITTSBURGH
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013 B03AA01 15222
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8600
015 E01AA01 X
015 A00AA02 BANKERS TRUST CO.
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
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015 E01AA02 X
015 A00AA03 BANK OF NEW YORK
015 B00AA03 S
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015 C02AA03 NY
015 C03AA03 10006
015 E01AA03 X
015 A00AA04 THE CHASE MANHATTAN CORP.
015 B00AA04 S
015 C01AA04 NEW YORK
015 C02AA04 NY
015 C03AA04 10006
015 E01AA04 X
015 A00AA05 NATIONSBANK OF NORTH CAROLINA
015 B00AA05 S
015 C01AA05 CHARLOTTE
015 C02AA05 NC
015 C03AA05 28255
015 E01AA05 X
015 A00AA06 PNC BANK, NA
015 B00AA06 S
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015 C02AA06 PA
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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054 C00AA00 N
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<PAGE> PAGE 5
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
066 A00AA00 N
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<PAGE> PAGE 6
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056 000100 N
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<PAGE> PAGE 7
060 A000100 Y
060 B000100 Y
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062 A000100 Y
062 B000100 0.0
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062 D000100 0.0
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062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
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062 O000100 98.7
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 7.9
064 A000100 Y
064 B000100 N
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070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
<PAGE> PAGE 8
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
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070 Q020100 N
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074 L000100 3970
074 M000100 0
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000770116
<NAME> INTERMEDIATE MUNICIPAL TRUST
<SERIES>
<NUMBER> 001
<NAME> FEDERATED INTERMEDIATE MUNICIPAL TRUST
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> "222,431,675"
<INVESTMENTS-AT-VALUE> "234,143,275"
<RECEIVABLES> "3,969,949"
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "8,590"
<TOTAL-ASSETS> "238,121,814"
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "969,218"
<TOTAL-LIABILITIES> "969,218"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "227,961,524"
<SHARES-COMMON-STOCK> "22,006,833"
<SHARES-COMMON-PRIOR> "21,014,703"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "(2,520,528)"
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "11,711,600"
<NET-ASSETS> "271,904,415"
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "6,176,157"
<OTHER-INCOME> 0
<EXPENSES-NET> "(656,146)"
<NET-INVESTMENT-INCOME> "5,520,011"
<REALIZED-GAINS-CURRENT> "915,024"
<APPREC-INCREASE-CURRENT> "1,033,374"
<NET-CHANGE-FROM-OPS> "7,468,409"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(5,520,011)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "6,492,015"
<NUMBER-OF-SHARES-REDEEMED> "(5,627,633)"
<SHARES-REINVESTED> "127,748"
<NET-CHANGE-IN-ASSETS> "12,570,403"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "(3,435,552)"
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "461,264"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "943,900"
<AVERAGE-NET-ASSETS> "230,002,062"
<PER-SHARE-NAV-BEGIN> 10.690
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> 0.090
<PER-SHARE-DIVIDEND> (0.260)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.780
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
ITEM 77D
POLICIES WITH RESPECT TO SECURITY INVESTMENTS
Post-Effective Amendment No. 29 under the Securities Act of 1933 and Amendment
No. 23 under the Investment Company Act of 1940 was filed with the Securities
and Exchange Commission pursuant to Rule 485(a) of the Securities Act of 1933
on May 26, 1998. Subsequently, following non-fundamental policies became
effective pursuant to a Rule 485(b) filed with the Commission on July 27,
1998.
Inverse Floaters
The Fund may invest in securities known as "inverse floaters" which represent
interests in municipal securities. The Fund intends to purchase inverse
floaters to assist in duration management and to seek current income. These
obligations pay interest rates that vary inversely with changes in the
interest rates of specified short-term municipal securities or an index of
short-term municipal securities. The interest rates on inverse floaters will
typically decline as short-term market interest rates increase and increase as
short-term market rates decline. Inverse floaters will generally respond to
changes in market interest rates more rapidly than fixed-rate long-term
securities (typically twice as fast). As a result, the market values of
inverse floaters will generally be more volatile than the market values of
fixed-rate municipal securities. Typically, the portion of the portfolio
invested in inverse floaters will be subject to additional volatility.
Financial Futures
The Fund may purchase and sell interest rate and index financial futures
contracts. These financial futures contracts may be used to hedge all or a
portion of its portfolio against changes in the market value of portfolio
securities and interest rates, provide additional liquidity, and accomplish
its current strategies in a more expeditious fashion. Financial futures
contracts call for the delivery of particular debt instruments at a certain
time in the future. The seller of the contract agrees to make delivery of the
type of instrument called for in the contract and the buyer agrees to take
delivery of the instrument at the specified future time.
As a matter of investment policy, which may be changed without shareholder
approval, the Fund may not purchase or sell futures contracts if immediately
thereafter the sum of the amount of margin deposits on the Fund's existing
futures positions would exceed 5% of the market value of the Fund's total
assets. When the Fund purchases futures contracts, an amount of municipal
securities, cash or cash equivalents, equal to the underlying commodity value
of the futures contracts (less any related margin deposits), will be deposited
in a segregated account with the Fund's custodian (or the broker, if legally
permitted) to collateralize the position.
Risks
When the Fund uses financial futures, there is a risk that the prices of the
securities subject to the portfolio. This may cause the futures contract to
react differently than the portfolio securities to futures contracts may not
correlate perfectly with the prices of the securities in the Fund's market
changes. In addition, the Fund's investment adviser could be incorrect in its
expectations about the direction or extent of market factors such as interest
rate movements. In these events, the Fund may lose money on the futures
contract. It is not certain that a secondary market for positions in futures
contracts will exist at all times. Although the investment adviser will
consider liquidity before entering into futures transactions, there is no
assurance that a liquid secondary market on an exchange or otherwise will
exist for any particular futures contract at any particular time. The Fund's
ability to establish and close out futures positions depends on this secondary
market.
Item 77Q(a)(i)
Amendments to By-Laws
Intermediate Municipal Trust
Amendment #4
to the By-Laws
(effective February 23, 1998)
Delete Sections 1, 2 and 3 of Article I, OFFICERS AND THEIR ELECTION, and
replace with:
Section 1. Officers. The Officers of the Trust shall be a
President, one or more Vice Presidents, a Treasurer, and a
Secretary. The Board of Trustees, in its discretion, may also
elect or appoint a Chairman of the Board of Trustees (who must be
a Trustee) and other Officers or agents, including one or more
Assistant Vice Presidents, one or more Assistant Secretaries, and
one or more Assistant Treasurers. A Vice President, the Secretary
or the Treasurer may appoint an Assistant Vice President, an
Assistant Secretary or an Assistant Treasurer, respectively, to
serve until the next election of Officers. Two or more offices
may be held by a single person except the offices of President and
Vice President may not be held by the same person concurrently.
It shall not be necessary for any Trustee or any Officer to be a
holder of shares in any Series or Class of the Trust.
Section 2. Election of Officers. The Officers shall be elected
annually by the Trustees. Each Officer shall hold office for one
year and until the election and qualification of his successor, or
until earlier resignation or removal. The Chairman of the Board
of Trustees, if there is one, shall be elected annually by and
from the Trustees, and serve until a successor is so elected and
qualified, or until earlier resignation or removal.
Section 3. Resignations and Removals and Vacancies. Any Officer
of the Trust may resign at any time by filing a written
resignation with the Board of Trustees (or Chairman of the
Trustees, if there is one), with the President, or with the
Secretary. Any such resignation shall take effect at the time
specified therein or, if no time is specified, at the time of
receipt. Unless otherwise specified therein, the acceptance of
such resignation shall not be necessary to make it effective. Any
Officer elected by the Board of Trustees or whose appointment has
been ratified by the Board of Trustees may be removed with or
without cause at any time by a majority vote of all of the
Trustees. Any other employee of the Trust may be removed or
dismissed at any time by the President. Any vacancy in any of the
offices, whether by resignation, removal or otherwise, may be
filled for the unexpired portion of the term by the President. A
vacancy in the office of Assistant Vice President may be filled by
a Vice President; in the office of Assistant Secretary by the
Secretary; or in the office of Assistant Treasurer by the
Treasurer. Any appointment to fill any vacancy shall serve
subject to ratification by the Board of Trustees at its next
regular meeting.
Item 77Q(a)(ii)
Amendments to By-Laws
Intermediate Municipal Trust
Amendment #5
to the By-Laws
(effective February 27, 1998)
Delete Section 5 Proxies of Article IV Shareholders' Meetings, and replace
with the following:
Section 5. Proxies. Any shareholder entitled to vote at any
meeting of shareholders may vote either in person, by telephone,
by electronic means including facsimile, or by proxy, but no proxy
which is dated more than six months before the meeting named
therein shall be accepted unless otherwise provided in the proxy.
Every proxy shall be in writing, subscribed by the shareholder or
his duly authorized agent or be in such other form as may be
permitted by law, including documents conveyed by electronic
transmission. Every proxy shall be dated, but need not be sealed,
witnessed or acknowledged. The placing of a shareholder's name on
a proxy or authorizing another to act as the shareholder's agent,
pursuant to telephone or electronically transmitted instructions
obtained in accordance with procedures reasonably designed to
verify that such instructions have been authorized by such
shareholder, shall constitute execution of a proxy by or on behalf
of such shareholder. Where Shares are held of record by more than
one person, any co-owner or co-fiduciary may execute the proxy or
give authority to an agent, unless the Secretary of the Trust is
notified in writing by any co-owner or co-fiduciary that the
joinder of more than one is to be required. All proxies shall be
filed with and verified by the Secretary or an Assistant Secretary
of the Trust, or the person acting as Secretary of the Meeting.
Unless otherwise specifically limited by their term, all proxies
shall entitle the holders thereof to vote at any adjournment of
such meeting but shall not be valid after the final adjournment of
such meeting.
Item 77Q(a)(iii)
Amendments to By-Laws
Intermediate Municipal Trust
Amendment #6
to the By-Laws
(effective May 12, 1998)
Strike Section 3 - Place of Meeting of Article IV - Shareholders' Meetings and
replace it with the following:
Section 3. Place of Meeting. Meetings of the shareholders of the
Trust or a particular Series or Class shall be held at such place
within or without The Commonwealth of Massachusetts as may be
fixed from time to time by resolution of the Trustees.
Strike Section 6 - Place of Meeting of Article V - Trustees' Meetings
and replace it with the following:
Section 6. Place of Meeting. Meetings of the Trustees shall be held at such
place within or without The Commonwealth of Massachusetts as fixed from time
to time by resolution of the Trustees, or as the person or persons requesting
said meeting to be called may designate, but any meeting may adjourn to any
other place.
