NOTES TO FINANCIAL STATEMENTS
MAY 31, 1995
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 two non-diversified portfolios
and one diversified portfolio. The financial statements included herein present only those of Federated
Pennsylvania Intermediate Municipal Trust (the "Fund"), a non-diversified portfolio. 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.
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 at the time of purchase may be valued at amortized cost, which approximates fair
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.
FEDERAL TAXES--It is the Fun