N-Q 1 form.htm Unassociated Document

United States
Securities and Exchange Commission
Washington, D.C.  20549

Form N-Q
Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies




811-4314

(Investment Company Act File Number)


Intermediate Municipal Trust
___________________________________________

(Exact Name of Registrant as Specified in Charter)



Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)


(412) 288-1900
(Registrant's Telephone Number)


John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)






Date of Fiscal Year End:  05/31/11


Date of Reporting Period:  Quarter ended 08/31/10





Item 1.                      Schedule of Investments


Federated Intermediate Municipal Trust

Portfolio of Investments

August 31, 2010 (unaudited)

Principal
Amount		Value
MUNICIPAL BONDS – 98.6%
Alabama – 2.5%
$3,080,000Mobile County, AL, UT GO Refunding Warrants, 5.25% (Assured Guaranty Municipal Corp. INS), 8/1/20173,554,289
Arizona – 7.2%
2,000,000Arizona Transportation Board, Transportation Excise Tax Revenue Bonds (Series 2009), 5.00% (Maricopa County, AZ Regional Area Road Fund), 7/1/20172,406,880
1,000,000Mesa, AZ Street and Highway, Revenue Bonds, 6.25% (National Public Finance Guarantee Corporation INS), 7/1/20121,100,140
1,375,000Pima County, AZ IDA, PCRBs (Series 2009A), 4.95% (Tucson Electric Power Co.), 10/1/20201,455,534
870,000Pima County, AZ IDA, Revenue Bonds (Series A), 5.125% (American Charter School Foundation)/(Original Issue Yield: 5.20%), 7/1/2015890,297
2,000,000Tempe, AZ IDA, Excise Tax Revenue Bonds, 5.25% (AMBAC Assurance Corporation INS), 7/1/20172,296,460
2,000,000Tucson, AZ Street & Highway, Junior Lien Revenue Bonds (Series 1994-E (2000)), 6.75% (National Public Finance Guarantee Corporation INS), 7/1/20132,314,340
TOTAL10,463,651
Arkansas – 1.5%
1,000,000Independence County, AR, PCR Refunding Bonds (Series 2005), 5.00% (Entergy Arkansas, Inc.), 1/1/20211,000,810
1,000,000University of Arkansas, Revenue Bonds, 5.00% (National Public Finance Guarantee Corporation INS), 3/1/20161,172,120
TOTAL2,172,930
California – 5.6%
1,020,000California State Public Works Board, Department of Corrections and Rehabilitation Lease Revenue Refunding Bonds
(2006 Series F: Soledad II), 5.25% (FGIC and National Public Finance Guarantee Corporation INSs), 11/1/2019		1,134,607
1,000,000La Canada, CA USD, UT GO (Series A), 5.50% (National Public Finance Guarantee Corporation INS), 8/1/20241,140,930
2,000,000San Diego, CA Public Facilities Authority, Senior Sewer Revenue Refunding Bonds (Series 2009B), 5.00%, (San Diego, CA Wastewater System), 5/15/20172,379,140
3,000,000San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2009E), 5.50%, 5/1/20253,392,340
TOTAL8,047,017
Colorado – 4.4%
1,000,000Colorado Health Facilities Authority, Health Facilities Revenue Bonds (Series 2005), 5.00% (Evangelical Lutheran Good Samaritan Society), 6/1/20161,077,300
900,000Denver (City & County), CO, Airport System Revenue Bonds (Series 2009A), 5.00% (Denver, CO City & County Department of Aviation), 11/15/20161,048,293
1,355,000Denver (City & County), CO, Airport System Revenue Bonds (Series 2010A), 5.00% (Denver, CO City & County Department of Aviation), 11/15/20221,549,117
1,000,000Douglas County, CO School District, UT GO Bonds, 5.75% (United States Treasury PRF 12/15/2014@100), 12/15/20211,203,070
1,465,000Summit County, CO School District No. RE1, UT GO Refunding Bonds, 5.75% (Assured Guaranty Municipal Corp. INS), 12/1/20121,561,661
TOTAL6,439,441
Connecticut – 3.0%
3,685,000Connecticut State, GO Bonds (Series 2008A), 5.00%, 4/15/20164,398,453
Florida – 3.1%
1,000,000Miami-Dade County, FL Aviation, Revenue Bonds (Series 2010B), 5.00%, 10/1/20301,035,210
2,135,000Orlando, FL, Senior Tourist Development Tax Revenue Bonds (Series 2008A), 5.25% (6th Cent Contract Payments)/(Assured Guaranty Corp. INS), 11/1/20192,294,655
1,010,000Volusia County, FL School District, COP (Series A), 5.00% (Assured Guaranty Municipal Corp. INS 8/1/2015@100), 8/1/20191,100,617
TOTAL4,430,482
Georgia – 3.9%
1,000,000Atlanta, GA Water & Wastewater, Revenue Bonds (Series 2009A), 6.00%, 11/1/20191,216,000
2,000,000Monroe County, GA Development Authority, PCRBs (First Series 1995), 4.50% TOBs (Georgia Power Co.), Mandatory Tender 4/1/20112,042,260
2,000,000Municipal Electric Authority of Georgia, General Resolution Subordinated Bonds (Series 2008A), 5.25%, 1/1/20182,391,520
TOTAL5,649,780
1
Principal
Amount		Value
Illinois – 4.5%
$1,000,000Illinois Department Central Management Services, COP, 5.50% (National Public Finance Guarantee Corporation INS)/(Original Issue Yield: 5.55%), 7/1/20131,003,400
2,000,000Illinois Finance Authority, Revenue Bonds (Series 2008B), 5.50% (Children's Memorial Hospital), 8/15/20212,158,820
1,000,000Illinois Finance Authority, Revenue Bonds (Series 2008B), 5.50% (Children's Memorial Hospital), 8/15/20231,066,640
2,000,000Illinois State Sales Tax, Sales Tax Revenue Bonds (Junior Obligation Series June 2010), 5.00%, 6/15/20152,282,460
TOTAL6,511,320
Indiana – 0.7%
1,000,000Indiana Health & Educational Facility Financing Authority, Revenue Bonds (Series B), 5.00% (Clarian Health Obligated Group), 2/15/20191,060,530
Iowa – 0.7%
1,000,000Iowa Finance Authority, Health Facilities Development Revenue Refunding Bonds (Series 2006A), 5.25% (Care Initiatives), 7/1/2016956,820
Kansas – 1.3%
1,675,000Geary County, KS USD 475, UT GO School Building Bonds, 5.25% (National Public Finance Guarantee Corporation INS), 9/1/20171,852,299
Louisiana – 1.0%
1,400,000Louisiana State Citizens Property Insurance Corp., Revenue Bonds (Series 2006B), 5.00% (AMBAC Assurance Corporation INS), 6/1/20181,497,160
Maryland – 3.3%
2,000,000Maryland State, UT GO Bonds (Second Series 2008), 5.00%, 7/15/20192,439,860
2,000,000Maryland State, UT GO Bonds (Second Series 2008), 5.00%, 7/15/20212,385,800
TOTAL4,825,660
Massachusetts – 3.2%
2,000,000Commonwealth of Massachusetts, UT GO Bonds (Series 2010B), 5.00%, 6/1/20172,416,600
2,000,000Massachusetts HEFA, Revenue Bonds (Series 2010A), 5.00% (Northeastern University), 10/1/20232,233,160
TOTAL4,649,760
Michigan – 5.1%
1,500,000Detroit, MI Water Supply System, Revenue Bonds (Series A), 5.00% (Assured Guaranty Municipal Corp. INS), 7/1/20161,657,695
2,000,000Detroit, MI, Refunding UT GO Bonds (Series 2008-B), 5.00% (Assured Guaranty Corp. INS), 4/1/20182,143,160
1,500,000Michigan State Building Authority, Revenue Refunding Bonds (Series I), 5.00% TOBs, Mandatory Tender (AMBAC Assurance Corporation INS), 10/15/20111,563,540
2,000,000Michigan State Strategic Fund, Revenue Refunding PCRBs (Series C), 5.45% (Detroit Edison Co.), 9/1/20292,015,260
TOTAL7,379,655
Nebraska – 1.1%
1,365,000Omaha, NE, UT GO Bonds (Series 2000A), 6.50% (Escrowed In Treasuries COL), 12/1/20131,622,630
Nevada – 0.8%
1,100,000Clark County, NV, IDRB (Series 2003C), 5.45% TOBs (Southwest Gas Corp.), Mandatory Tender 3/1/20131,155,902
New Jersey – 6.0%
1,000,000New Jersey EDA, School Facilities Construction Refunding Revenue Bonds (Series 2008W), 5.00% (New Jersey State), 3/1/20181,161,920
2,000,000New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds (Series 2006A), 5.25%, 12/15/20202,375,080
2,500,000New Jersey Turnpike Authority, Revenue Bonds (Series 2009H), 5.00%, 1/1/20202,908,200
1,925,000New Jersey Turnpike Authority, Revenue Bonds (Series A), 6.00% (Escrowed In Treasuries COL), 1/1/20132,171,246
TOTAL8,616,446
New Mexico – 3.4%
3,075,000Albuquerque Bernalillo County, NM Water Utility Authority, Joint Water & Sewer System Improvement Revenue Bonds (Series 2009A-1), 5.50%, 7/1/20233,758,326
1,000,000University of New Mexico, Revenue Bonds (Series A), 5.00% (Assured Guaranty Municipal Corp. INS), 6/1/20211,141,550
TOTAL4,899,876
New York – 2.4%
2,000,000New York State Dormitory Authority, Revenue Bonds (Series 2009C), 5.00% (School District Financing Program)/(Assured Guaranty Corp. INS), 10/1/20222,306,480
1,000,000New York State HFA State Personal Income Tax Revenue, Revenue Bonds (Series A), 5.00%, 9/15/20231,127,970
TOTAL3,434,450
2
Principal
Amount		Value
North Carolina – 3.2%
$1,000,000North Carolina Eastern Municipal Power Agency, Power System Refunding Revenue Bonds (Series 2003A), 5.50%, 1/1/20121,057,650
1,000,000North Carolina Eastern Municipal Power Agency, Refunding Revenue Bonds, 6.00% (AMBAC Assurance Corporation INS), 1/1/20181,218,920
2,000,000North Carolina State, Public Improvement UT GO Bonds (Series 2005A), 5.00%, 3/1/20202,315,320
TOTAL4,591,890
Ohio – 6.1%
1,150,000American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2008A), 5.00% (American Municipal Power, Prairie State Energy Campus Project), 2/15/20161,310,805
2,000,000Cleveland, OH Waterworks, Water Revenue Bonds (Series 2007P), 5.00%, 1/1/20172,372,200
1,000,000Columbus, OH Sewer System, Revenue Bonds (Series A), 5.00%, 6/1/20231,141,430
2,000,000Ohio Air Quality Development Authority, PCR Refunding Bonds (Series 2009-C), 5.625% (FirstEnergy Solutions Corp.), 6/1/20182,265,880
1,555,000Ohio State Building Authority, State Facilities Refunding Revenue Bonds (Series 2010D), 5.00%, 10/1/20241,796,740
TOTAL8,887,055
Oregon – 2.2%
1,775,000Oregon State Department of Transportation, Revenue Bonds (Series A), 5.25% (United States Treasury PRF 11/15/2014@100), 11/15/20162,094,784
1,000,000Sunrise Water Authority, OR, Revenue Bonds, 5.25% (Assured Guaranty Municipal Corp. INS), 3/1/20241,095,460
TOTAL3,190,244
Pennsylvania – 5.8%
1,555,000Allegheny County, PA HDA, Hospital Revenue Bonds (Series 2008A), 5.00% (UPMC Health System), 6/15/20181,788,157
1,000,000Allegheny County, PA HDA, Revenue Bonds (Series 2010A), 5.00% (UPMC Health System), 5/15/20201,144,620
3,000,000Pennsylvania HFA, SFM Revenue Bonds (Series 2009-105B), 4.25%, 4/1/20243,127,050
1,000,000Pennsylvania Intergovernmental Coop Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00% (Philadelphia Funding Program), 6/15/20181,205,900
1,000,000Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2009A), 5.25%, 1/1/20231,131,670
TOTAL8,397,397
Puerto Rico – 1.5%
1,000,000Commonwealth of Puerto Rico, UT GO (Series A), 5.25%, 7/1/20221,050,600
1,000,000Puerto Rico Public Building Authority, Revenue Bonds (Series I), 5.50% (United States Treasury PRF 7/1/2014@100), 7/1/20231,176,240
TOTAL2,226,840
South Carolina – 4.2%
2,000,000Piedmont Municipal Power Agency, SC, Electric Revenue Refunding Bonds (Series 2009A-3), 5.00%, 1/1/20182,304,100
2,000,000South Carolina Jobs-EDA, Hospital Revenue Bonds (Series 2007A), 5.00% (CareAlliance Health Services)/(Assured Guaranty Municipal Corp. INS), 8/15/20162,274,460
1,250,000South Carolina State Public Service Authority (Santee Cooper), Refunding Revenue Obligations (Series 2009B), 5.00%, 1/1/20241,437,050
TOTAL6,015,610
Texas – 6.1%
1,430,000Harris County, TX Cultural Education Facilities Finance Corp., Revenue Bonds (Series 2008B), 5.25% (Methodist Hospital, Harris County, TX), 12/1/20161,657,971
1,500,000Lower Colorado River Authority, TX, Revenue Refunding Bonds, 5.75%, 5/15/20281,626,870
2,000,000North Central Texas HFDC, Hospital Revenue Refunding Bonds (Series 2002), 5.50% (Children's Medical Center of Dallas)/(AMBAC Assurance Corporation INS), 8/15/20172,154,380
1,000,000North Texas Tollway Authority, Revenue Refunding Bonds (Series A), 6.00%, 1/1/20231,140,280
1,000,000San Antonio, TX Water System, Revenue Refunding Bonds (Series 2002), 5.50% (Assured Guaranty Municipal Corp. INS), 5/15/20161,075,840
1,000,000Spring, TX Independent School District, UT GO Refunding Bonds (Series 2008A), 5.00% (PSFG GTD), 8/15/20161,199,820
TOTAL8,855,161
Utah – 1.5%
1,000,000Intermountain Power Agency, UT, Subordinated Power Supply Revenue Refunding Bonds (Series 2008A), 5.25%, 7/1/20201,103,920
1,000,000Utah County, UT IDA, Environmental Improvement Revenue Bonds, 5.05% TOBs (Marathon Oil Corp.), Mandatory Tender 11/1/20111,036,540
TOTAL2,140,460
3
Principal
Amount		Value
Washington – 1.7%
$2,165,000Chelan County, WA Public Utility District No. 1, Consolidated System Subordinate Revenue Notes (Series 2008A), 5.00%, 7/1/20132,418,565
Wisconsin – 1.6%
2,000,000Wisconsin State General Fund Appropriation, Revenue Bonds (Series 2009A), 5.25% (Wisconsin State), 5/1/20202,393,380
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $132,199,406)		142,735,153
SHORT-TERM MUNICIPAL – 0.8%;1
Ohio – 0.8%
1,150,000Montgomery County, OH, (Series 1998B) Daily VRDNs (Miami Valley Hospital)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%,
9/1/2010 (AT AMORTIZED COST)		1,150,000
TOTAL INVESTMENTS — 99.4%
(IDENTIFIED COST $133,349,406)2		143,885,153
OTHER ASSETS AND LIABILITIES - NET — 0.6%3805,561
TOTAL NET ASSETS — 100%$144,690,714

At August 31, 2010, the Fund held no securities subject to the federal alternative minimum tax (AMT).

1Current rate and next reset date shown for Variable Rate Demand Notes.
2At August 31, 2010, the cost of investments for federal tax purposes was $133,349,406. The net unrealized appreciation from investments was $10,535,747. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $10,595,032 and net unrealized depreciation from investments for those securities having an excess of cost over value of $59,285.
3Assets, other than investments in securities, less liabilities.

Note: The categories of investments are shown as a percentage of total net assets at August 31, 2010.

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

  • Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
  • Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium).
  • Shares of other mutual funds are valued based upon their reported NAVs.
  • Derivative contracts listed on exchanges are valued at their reported settlement or closing price.
  • Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.

If the Fund cannot obtain a price or price evaluation from a pricing service for an investment, the Fund may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund's NAV.

Fair Valuation and Significant Events Procedures

The Trustees have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for U.S. Treasury and Agency securities, municipal mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for other types of fixed-income securities and OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

  • With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets;
  • Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and
  • Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.
4
The Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment using another method approved by the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of August 31, 2010, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

AMBAC — American Municipal Bond Assurance Corporation
COL — Collateralized
COP — Certificate of Participation
EDA — Economic Development Authority
FGIC — Financial Guaranty Insurance Company
GO — General Obligation
GTD — Guaranteed
HDA — Hospital Development Authority
HEFA — Health and Education Facilities Authority
HFA — Housing Finance Authority
HFDC — Health Facility Development Corporation
IDA — Industrial Development Authority
IDRB — Industrial Development Revenue Bond
INS — Insured
LIQ — Liquidity Agreement
PCR — Pollution Control Revenue
PCRBs — Pollution Control Revenue Bonds
PRF — Prerefunded
PSFG — Public School Fund Guarantee
SFM — Single Family Mortgage
TOBs — Tender Option Bonds
USD — Unified School District
UT — Unlimited Tax
VRDNs — Variable Rate Demand Notes

5


Item 2.                      Controls and Procedures

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.                                Exhibits


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant
Intermediate Municipal Trust
   
By
/S/ Richard A. Novak
 
Richard A. Novak
 
Principal Financial Officer
Date
October 20, 2010
   
   
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
By
/S/ J. Christopher Donahue
 
J. Christopher Donahue
 
Principal Executive Officer
Date
October 20, 2010
   
   
By
/S/ Richard A. Novak
 
Richard A. Novak
 
Principal Financial Officer
Date
October 20, 2010