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<PAGE> PAGE 2
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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> 12-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 238,963,985
<INVESTMENTS-AT-VALUE> 243,558,098
<RECEIVABLES> 3,966,706
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
INTERMEDIATE MUNICIPAL TRUST
(Federated Intermediate Municipal Trust):
In planning and performing our audit of the financial statements of
Intermediate Municipal Trust (a Massachusetts business trust
consisting of Federated Intermediate Municipal Trust) for the
year ended May 31, 1999, we considered its internal control
structure, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of Intermediate Municipal Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more
internal control components does not reduce to a relatively
low level the risk that misstatements caused by error or fraud
in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of May 31, 1999.
This report is intended solely for the information and use
of management, and Board of Trustees of Intermediate Municipal
Trust, and the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
July 15, 1999
INTERMEDIATE MUNICIPAL TRUST
Item 77 C -- Submission of Matters to a Vote of Security Holders
A Special Meeting of shareholders of Intermediate Municipal Trust (the
"Trust"), on behalf of its one portfolio, Federated Intermediate Municipal
Trust (the "Fund"), was held on March 23, 1999. The following items,
which are required to be reported under this Item 77C, were approved by
shareholders of the Trust at the meeting:
AGENDA ITEM 1: To elect Trustees:*
1.) Thomas G. Bigley
2.) John T. Conroy, Jr.
3.) John F. Cunningham
4.) Peter E. Madden
5.) Charles F. Mansfield, Jr.
6.) John E. Murray, Jr., J.D., S.J.D.
7.) John S. Walsh
*The following Trustees of the Trust continued their terms as Trustees: John
F. Donahue, Lawrence D. Ellis, M.D. and Marjorie P. Smuts.
AGENDA ITEM 2: To ratify the selection of Arthur Andersen LLP as the Trust's
independent auditors:
The results of shareholders voting were as follows:
Shares voted affirmatively....15,304,995
Shares voted negatively....351,946
Shares abstaining....65,882
AGENDA ITEM 3: To make changes to the Fund's fundamental investment policies:
(a) To amend the Fund's fundamental investment policy on diversification of
its investments:
The results of shareholders voting were as follows:
Shares voted affirmatively....13,616,079
Shares voted negatively....665,354
Broker Non-Vote....1,130,207
Shares abstaining....311,184
(b) To make non-fundamental, and to amend, the Fund's policy regarding
acquiring securities to exercise control of an issuer:
The results of shareholders voting were as follows:
Shares voted affirmatively ....13,522,467
Shares voted negatively....703,081
Broker Non-Vote ....1,130,297
Shares abstaining ....367,069
(c) To make non-fundamental, and to amend, the Fund's policy to permit
the Fund to invest in the securities of other investment companies:
The results of shareholders voting were as follows:
Shares voted affirmatively ....13,689,765
Shares voted negatively ....707,398
Broker Non-Vote ....1,130,207
Shares abstaining....195,454
(d) To amend the Fund's fundamental investment policy regarding borrowing
to permit the purchase of securities while borrowings are outstanding:
The results of shareholders voting were as follows:
Shares voted affirmatively ....13,311,564
Shares voted negatively ....839,380
Broker Non-Vote.... 1,130,207
Shares abstaining ....411,673
AGENDA ITEM 4: To eliminate certain of the Fund's fundamental investment
policies:
(a) To remove the Fund's fundamental investment policy on investing in new
issuers:
The results of shareholders voting were as follows:
Shares voted affirmatively ....13,504,376
Shares voted negatively ....717,675
Broker Non-Vote ....1,130,206
Shares abstaining ....370,567
(b) To remove the Fund's investment policy regarding concentration:
The results of shareholders voting were as follows:
Shares voted affirmatively ....13,424,550
Shares voted negatively ....750,409
Broker Non-Vote ....1,130,207
Shares abstaining ....417,658
(c) To remove the Fund's fundamental investment policy on investing in oil,
gas, and minerals:
The results of shareholders voting were as follows:
Shares voted affirmatively ....13,419,998
Shares voted negatively ....800,304
Broker Non-Vote ....1,130,207
Shares abstaining ....372,315
AGENDA ITEM 5: To approve an amendment and restatement to the Trust's
Declaration of Trust to permit the board of Trustees to liquidate assets of
the Trust without shareholder approval:
The results of shareholders voting were as follows:
Shares voted affirmatively ....13,530,769
Shares voted negatively ....683,176
Broker Non-Vote ....1,130,208
Shares abstaining ....378,671
The Definitive Proxy Statement for the Special Meeting held on March 23, 1999,
was filed with the Securities and Exchange Commission on February 3, 1999, and
is incorporated by reference. (File No. 811-4314)
INTERMEDIATE MUNICIPAL TRUST
ITEM 77 K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Change of Independent Auditors:
On May 19, 1999, the Trust's Board of Trustees, upon the recommendation
of the Audit Committee of the Board of Trustees, requested and
subsequently accepted the resignation of Arthur Andersen LLP
("AA") as the Trust's independent auditors. AA's reports on
the Trust's financial statements for the fiscal years ended
May 31, 1998, and May 31, 1999, contained no adverse opinion
or disclaimer of opinion nor were they qualified or modified as to
uncertainty, audit scope or accounting principles. During the Trust's
fiscal years ended May 31, 1998, and May 31, 1999, (i) there were no
disagreements with AA on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction
of AA, would have caused it to make reference to the subject
matter of the disagreements in connection with its reports on
the financial statements for such years; and (ii) there were no
reportable events of the kind described in Item 304(a)(1)(v) of
Regulation S-K under the Securities Act of 1934, as amended.
The Trust, by action of its Board of Trustees, upon the recommendation
of the Audit Committee of the Board, has engaged Ernst & Young LLP
("E&Y") as the independent auditors to audit the Trust's financial
statements for the fiscal year ending May 31, 2000. During the Trust's
fiscal years ended May 31, 1998, and May 31, 1999, neither the Trust
nor anyone on its behalf has consulted E&Y on items which (i)
concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Trust's financial statements or
(ii) concerned the subject of disagreement (as defined in paragraph
(iii) (a)(1)(iv) of Item 304 of Regulation S-K) of reportable events
(iv) (as described in paragraph (a)(1)(v) of said Item 304).
April 5, 2000
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir:
We have read and agree with the statements contained in
Sub-Item 77k of Form N-SAR of the Federated Intermediate
Municipal Trust.
Very truly yours,
Arthur Andersen LLP
