form.htm

Federated Intermediate Government Fund, Inc.

Portfolio of Investments

May 31, 2009 (unaudited)

	Principal Amount or Shares				Value
			GOVERNMENT AGENCIES--44.3%
			Federal Farm Credit System--10.1%
$	3,000,000		2.250%, 1/12/2012	$	3,016,416
			Federal Home Loan Bank System--26.1%
	2,000,000		3.625%, 9/16/2011		2,109,102
	3,750,000		4.375%, 9/17/2010		3,923,653
	1,750,000		5.000%, 9/18/2009		1,774,742
			TOTAL		7,807,497
			Federal Home Loan Mortgage Corp.--8.1%
	2,250,000	1	4.500%, 7/15/2013		2,432,279
			TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $12,755,107)		13,256,192
			MORTGAGE-BACKED SECURITIES--10.4%
			Federal Home Loan Mortgage Corp.--10.4%
	3,000,000		5.500%, 12/1/2038		3,103,252
	11,588		6.500%, 12/1/2015		12,314
			TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $3,106,934)		3,115,566
			COLLATERALIZED MORTGAGE OBLIGATIONS--39.6%
			Federal Home Loan Mortgage Corp.--1.0%
	291,077		REMIC 2534 FI, 1.244%, 2/15/2032		291,705
			Federal National Mortgage Association--38.6%
	3,248,657		REMIC 2006-58 FP, 0.609%, 7/25/2036		3,194,938
	3,065,791		REMIC 2006-85 PF, 0.689%, 9/25/2036		2,989,515
	2,277,205		REMIC 2007-30 QF, 0.599%, 4/25/2037		2,209,185
	3,234,190		REMIC 370 F21, 0.609%, 5/25/2036		3,186,509
			TOTAL		11,580,147
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $12,101,109)		11,871,852
			U.S. TREASURY--2.4%
			U.S. Treasury Note--2.4%
	750,000		3.125%, 5/15/2019 (IDENTIFIED COST $746,323)		729,316
			MUTUAL FUND--2.6%
	786,442	2,3	Government Obligations Fund, Institutional Shares, 0.22% (AT NET ASSET VALUE)		786,442
			TOTAL INVESTMENTS – 99.3% (IDENTIFIED COST $29,495,915)4		29,759,368
			OTHER ASSETS AND LIABILITIES – NET – 0.7%5		204,838
			TOTAL NET ASSETS – 100%	$	29,964,206

	At May 31, 2009, the Fund had the following outstanding futures contracts:
	Description	Number of Contracts	Notional Value	Expiration Date	Unrealized Appreciation/ (Depreciation)
	6U.S. Treasury Notes 2-Year Long Futures	15	$3,252,188	September 2009	$ 2,780
	6U.S. Treasury Notes 5-Year Long Futures	60	$6,928,125	September 2009	$(24,036)
	6U.S. Treasury Notes 10-Year Long Futures	30	$3,510,000	September 2009	$(19,987)
	NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS				$(41,243)

	Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities – Net.”

1	Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.
2	Affiliated company.
3	7-Day net yield.
4	At May 31, 2009, the cost of investments for federal tax purposes was $29,495,915. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized depreciation resulting from futures contracts was $263,453. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $511,073 and net unrealized depreciation from investments for those securities having an excess of cost over value of $247,620.
5	Assets, other than investments in securities, less liabilities.
6	Non-income producing security.

Note: The categories of investments are shown as a percentage of total net assets at May 31, 2009.

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 Board of Directors (the “Directors”).

·	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 Directors.

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 Directors 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, 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 Directors.

The Directors 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.

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 Directors.

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.

The following is a summary of the inputs used, as of May 31, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities	Other Financial Instruments*
Level 1 – Quoted Prices and Investments in Mutual Funds	$ 786,442	$(41,243)
Level 2 – Other Significant Observable Inputs	28,972,926	---
Level 3 – Significant Unobservable Inputs	---	---
Total	$29,759,368	$(41,243)

*Other financial instruments include futures contracts.

The following acronym is used throughout this portfolio:

REMIC

--Real Estate Mortgage Investment Conduit

Registrant	Federated Intermediate Government Fund, Inc.

By	/S/ Richard A. Novak
	Richard A. Novak
	Principal Financial Officer
Date	July 22, 2009


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	July 22, 2009


By	/S/ Richard A. Novak
	Richard A. Novak
	Principal Financial Officer
Date	July 22, 2009