Federated Hermes Government Income Fund
Portfolio of Investments
April 30, 2026 (unaudited)  
Principal
Amount
or Shares
 
 
Value
         
1
MORTGAGE-BACKED SECURITIES—98.2%
 
Federal Home Loan Mortgage Corporation—24.9%
$3,065,882
 
1.500%, 2/1/2052
$  2,352,801
1,849,600
 
2.000%, 10/1/2036
  1,698,998
2,528,997
 
2.000%, 6/1/2050
  2,049,379
  760,789
 
2.000%, 1/1/2052
    622,214
6,616,130
 
2.000%, 1/1/2052
  5,351,060
3,579,723
 
2.500%, 10/1/2051
  3,046,823
1,863,949
 
2.500%, 11/1/2051
  1,596,372
2,230,080
 
2.500%, 4/1/2052
  1,907,853
  346,937
 
3.000%, 5/1/2046
    312,171
  114,318
 
4.000%, 12/1/2047
    108,910
   47,682
 
4.000%, 6/1/2049
     45,277
  351,811
 
4.000%, 4/1/2052
    334,634
2,585,770
 
4.000%, 6/1/2052
  2,433,219
  119,481
 
4.500%, 9/1/2039
    118,674
1,458,805
 
4.500%, 6/1/2052
  1,424,660
  745,667
 
4.500%, 5/1/2053
    722,715
1,801,097
 
5.000%, 10/1/2052
  1,777,886
  468,908
 
5.500%, 3/1/2053
    475,354
1,499,838
 
5.500%, 4/1/2053
  1,527,020
1,900,232
 
5.500%, 5/1/2053
  1,922,794
  537,895
 
5.500%, 6/1/2053
    544,251
3,721,081
 
6.000%, 7/1/2055
  3,821,722
1,600,299
 
6.500%, 1/1/2054
  1,668,753
        2
 
7.000%, 9/1/2030
          2
 
TOTAL
35,863,542
 
Federal National Mortgage Association—38.0%
3,226,435
 
2.000%, 7/1/2050
  2,614,550
8,350,803
 
2.000%, 9/1/2050
  6,764,484
3,735,407
 
2.000%, 11/1/2050
  3,025,829
5,589,498
 
2.000%, 2/1/2052
  4,532,957
4,075,642
 
2.500%, 10/1/2050
  3,474,011
5,121,657
 
2.500%, 12/1/2051
  4,298,395
1,389,537
 
2.500%, 2/1/2052
  1,182,682
  650,819
 
2.500%, 2/1/2052
    558,612
5,497,815
 
3.000%, 10/1/2046
  4,933,147
2,248,972
 
3.000%, 9/1/2047
  2,021,499
2,101,548
 
3.500%, 12/1/2041
  1,978,875
  929,752
 
3.500%, 9/1/2042
    877,186
2,030,742
 
3.500%, 9/1/2049
  1,892,339
1,187,569
 
3.500%, 11/1/2050
  1,100,940
1,842,943
 
4.000%, 12/1/2042
  1,786,981
  106,533
 
4.000%, 9/1/2048
    101,327
1,433,766
 
4.000%, 5/1/2053
  1,356,082
   29,906
 
4.500%, 10/1/2040
     29,677
   99,343
 
4.500%, 4/1/2041
     98,597
1
Principal
Amount
or Shares
 
 
Value
         
1
MORTGAGE-BACKED SECURITIES—continued
 
Federal National Mortgage Association—continued
$1,677,715
 
4.500%, 3/1/2053
$  1,626,912
2,524,873
 
5.000%, 9/1/2053
  2,503,676
1,953,241
 
5.000%, 12/1/2055
  1,927,077
3,973,413
 
5.500%, 11/1/2055
  4,018,729
1,996,772
 
6.000%, 12/1/2052
  2,077,827
 
TOTAL
54,782,391
 
Government National Mortgage Association—7.0%
2,483,138
 
3.000%, 9/20/2050
  2,218,565
2,182,175
 
3.500%, 1/20/2055
  1,974,408
  341,646
 
5.000%, 8/20/2053
    340,884
  769,391
 
5.500%, 8/20/2053
    781,326
1,334,050
 
5.500%, 9/20/2053
  1,354,327
2,396,236
 
6.000%, 10/20/2053
  2,459,339
  614,825
 
6.500%, 7/20/2054
    642,548
  263,171
 
6.500%, 8/20/2054
    275,161
    1,294
 
7.000%, 1/15/2028
      1,306
    1,870
 
7.000%, 10/15/2028
      1,896
      409
 
7.500%, 7/15/2029
        414
      239
 
7.500%, 8/15/2029
        243
    8,451
 
7.500%, 1/15/2031
      8,739
    6,489
 
8.500%, 6/15/2030
      6,615
 
TOTAL
10,065,771
2
Government National Mortgage Association, TBA—11.6%
6,000,000
 
2.500%, 5/20/2056
  5,142,940
2,500,000
 
3.500%, 5/20/2056
  2,260,351
3,000,000
 
4.000%, 5/20/2056
  2,799,492
3,525,000
 
4.500%, 5/20/2056
  3,400,653
3,250,000
 
5.000%, 5/20/2056
  3,223,883
 
TOTAL
16,827,319
2
Uniform Mortgage-Backed Securities, TBA—16.7%
3,500,000
 
1.500%, 5/1/2041
  3,138,983
3,550,000
 
2.000%, 5/1/2041
  3,256,293
3,300,000
 
2.500%, 5/1/2041
  3,107,156
1,500,000
 
3.000%, 5/1/2041
  1,429,219
4,000,000
 
3.000%, 5/1/2056
  3,504,375
4,750,000
 
5.500%, 5/1/2056
  4,775,791
4,750,000
 
6.000%, 5/1/2056
  4,850,567
 
TOTAL
24,062,384
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $147,370,822)
141,601,407
 
COLLATERALIZED MORTGAGE OBLIGATIONS—24.2%
3
Federal Home Loan Mortgage Corporation—10.9%
   53,791
 
REMIC, Series 3331, Class FC, 4.184% (30-DAY AVERAGE SOFR +0.544%), 6/15/2037
     53,679
2,986,570
 
REMIC, Series 5396, Class DF, 4.895% (30-DAY AVERAGE SOFR +1.250%), 4/25/2054
  2,997,466
1,194,628
 
REMIC, Series 5396, Class JF, 4.845% (30-DAY AVERAGE SOFR +1.200%), 4/25/2054
  1,197,474
2,582,671
 
REMIC, Series 5400, Class FA, 4.395% (30-DAY AVERAGE SOFR +0.750%), 4/25/2054
  2,571,413
1,890,512
 
REMIC, Series 5409, Class JF, 5.095% (30-DAY AVERAGE SOFR +1.450%), 5/25/2054
  1,907,150
6,918,285
 
REMIC, Series 5633, Class FH, 4.395% (30-DAY AVERAGE SOFR +0.750%), 2/25/2056
  6,931,214
 
TOTAL
15,658,396
2
Principal
Amount
or Shares
 
 
Value
 
COLLATERALIZED MORTGAGE OBLIGATIONS—continued
3
Federal National Mortgage Association—4.1%
$  442,785
 
REMIC, Series 2019-41, Class F, 4.259% (30-DAY AVERAGE SOFR +0.614%), 8/25/2059
$    437,275
2,734,598
 
REMIC, Series 2024-15, Class FA, 4.845% (30-DAY AVERAGE SOFR +1.200%), 4/25/2054
  2,744,053
2,734,598
 
REMIC, Series 2024-15, Class FB, 4.445% (30-DAY AVERAGE SOFR +0.800%), 4/25/2054
  2,729,284
 
TOTAL
5,910,612
 
Government National Mortgage Association—9.2%
  386,909
 
REMIC, Series 2015-47, Class AE, 2.900%, 11/16/2055
    371,244
2,770,725
3
REMIC, Series 2024-51, Class DF, 4.940% (30-DAY AVERAGE SOFR +1.300%), 3/20/2054
  2,789,030
2,922,372
3
REMIC, Series 2024-59, Class FJ, 4.890% (30-DAY AVERAGE SOFR +1.250%), 4/20/2054
  2,952,432
1,936,879
3
REMIC, Series 2024-97, Class BF, 4.990% (30-DAY AVERAGE SOFR +1.350%), 6/20/2054
  1,953,820
2,338,167
3
REMIC, Series 2024-97, Class NF, 4.640% (30-DAY AVERAGE SOFR +1.000%), 6/20/2054
  2,347,945
2,898,155
3
REMIC, Series 2025-1, Class FJ, 4.940% (30-DAY AVERAGE SOFR +1.300%), 1/20/2055
  2,924,602
 
TOTAL
13,339,073
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $34,730,285)
34,908,081
 
INVESTMENT COMPANY—6.0%
8,631,984
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.58%4
(IDENTIFIED COST $8,631,984)
  8,631,984
 
TOTAL INVESTMENT IN SECURITIES—128.4%
(IDENTIFIED COST $190,733,091)
185,141,472
 
OTHER ASSETS AND LIABILITIES - NET—(28.4)%5
(40,937,919)
 
NET ASSETS—100%
$144,203,553
At April 30, 2026, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
United States Treasury Notes 2-Year Long Futures
29
$6,006,625
June 2026
$(20,549)
United States Treasury Notes 5-Year Long Futures
33
$3,558,586
June 2026
$(16,635)
Short Futures:
 
United States Treasury Long Bond Short Futures
10
$1,128,438
June 2026
$24,637
United States Treasury Notes 10-Year Short Futures
15
$1,658,906
June 2026
$434
United States Treasury Notes 10-Year Ultra Short Futures
25
$2,821,484
June 2026
$75,520
United States Treasury Ultra Bond Short Futures
6
$690,188
June 2026
$32,790
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$96,197
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
3
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended April 30, 2026, were as follows:  
 
Federated
Hermes
Government
Obligations Fund,
Premier Shares
Value as of 1/31/2026
$13,035,338
Purchases at Cost
$11,338,571
Proceeds from Sales
$(15,741,925)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 4/30/2026
$8,631,984
Shares Held as of 4/30/2026
8,631,984
Dividend Income
$78,699
 
1
Due to monthly principal payments, the average lives of the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government
National Mortgage Association securities approximates one to ten years.
2
All or a portion of these To Be Announced Securities (TBAs) are subject to dollar-roll transactions.
3
Floating/variable note with current rate and current maturity or next reset date shown.
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities. A significant portion of this balance is a result of dollar-roll transactions as of April 30, 2026.
Note: The categories of investments are shown as a percentage of net assets at April 30, 2026.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, 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 obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation
4
Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
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 ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any 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 Adviser.
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.). Also includes securities valued at amortized cost.
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 April 30, 2026, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
Mortgage-Backed Securities
$—
$141,601,407
$—
$141,601,407
Collateralized Mortgage Obligations
—
34,908,081
—
34,908,081
Investment Company
8,631,984
—
—
8,631,984
TOTAL SECURITIES
$8,631,984
$176,509,488
$—
$185,141,472
Other Financial Instruments:1
Assets
$133,381
$—
$—
$133,381
Liabilities
(37,184)
—
—
(37,184)
TOTAL OTHER FINANCIAL INSTRUMENTS
$96,197
$—
$—
$96,197
 
1
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
REMIC
—Real Estate Mortgage Investment Conduit
SOFR
—Secured Overnight Financing Rate
5