NPORT-EX 2 poi_fhgovtincomefund.htm POI - FEDERATED HERMES GOVERNMENT INCOME FUND EDGAR HTML
Federated Hermes Government Income Fund
(formerly, Federated Government Income Trust)
Portfolio of Investments
October 31, 2020 (unaudited)  
Principal
Amount
or Shares
 
 
Value
          
1
MORTGAGE-BACKED SECURITIES—90.6%
 
 
 
Federal Home Loan Mortgage Corporation—24.9%
 
$ 4,833,034
 
2.000%, 6/1/2050
$4,986,655  
 9,785,309
 
3.000%, 1/1/2046
10,693,248 
 9,699,858
 
3.000%, 7/1/2050
10,186,109 
 8,201,559
 
3.500%, 4/1/2050
8,694,491  
13,199,866
 
3.500%, 4/1/2050
14,201,105 
 6,318,993
 
4.000%, 4/1/2049
6,942,487  
   224,509
 
4.000%, 6/1/2049
239,365    
 4,150,831
 
4.000%, 4/1/2050
4,431,976  
   224,288
 
4.500%, 3/1/2024
234,063    
   315,975
 
4.500%, 11/1/2039
353,572    
   439,511
 
4.500%, 5/1/2040
491,807    
   668,054
 
4.500%, 6/1/2040
747,544    
   148,654
 
4.500%, 9/1/2040
166,342    
   109,107
 
5.000%, 8/1/2023
113,253    
    25,075
 
5.500%, 12/1/2021
25,578     
     3,678
 
5.500%, 1/1/2022
3,758      
     3,385
 
5.500%, 1/1/2022
3,458      
    18,023
 
5.500%, 1/1/2022
18,355     
   599,655
 
5.500%, 5/1/2034
691,048    
    18,610
 
5.500%, 12/1/2035
21,685     
   123,792
 
5.500%, 3/1/2036
144,438    
   261,701
 
5.500%, 1/1/2038
305,451    
   112,179
 
5.500%, 3/1/2038
131,207    
    90,648
 
5.500%, 11/1/2038
106,217    
    90,182
 
5.500%, 1/1/2039
105,300    
    87,616
 
6.000%, 3/1/2038
104,521    
    18,123
 
6.500%, 9/1/2029
20,371     
    30,051
 
7.000%, 2/1/2031
35,497     
    32,819
 
7.000%, 10/1/2031
37,320     
    31,189
 
7.000%, 1/1/2032
36,717     
    35,409
 
7.000%, 3/1/2032
41,008     
    93,275
 
7.500%, 6/1/2027
105,507    
    14,701
 
7.500%, 8/1/2029
17,049     
     4,467
 
7.500%, 1/1/2031
5,221      
    91,145
 
7.500%, 2/1/2031
106,608    
 
 
TOTAL
64,548,331
 
 
Federal National Mortgage Association—42.8%
 
 2,129,932
 
3.000%, 6/1/2027
2,238,757  
 1,364,295
 
3.000%, 7/1/2027
1,438,265  
 2,082,441
 
3.000%, 8/1/2045
2,196,269  
 2,471,815
 
3.000%, 8/1/2045
2,606,926  
13,463,854
 
3.000%, 10/1/2046
14,313,403 
 3,353,070
 
3.000%, 7/1/2047
3,533,209  
 5,419,540
 
3.000%, 9/1/2047
5,810,620  
1
Principal
Amount
or Shares
 
 
Value
          
1
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Federal National Mortgage Association—continued
 
$ 8,873,201
 
3.000%, 3/1/2050
$9,325,638  
 4,907,470
 
3.500%, 12/1/2041
5,337,988  
   824,886
 
3.500%, 4/1/2042
895,962    
   357,134
 
3.500%, 9/1/2042
387,460    
 2,547,005
 
3.500%, 9/1/2042
2,810,243  
   300,343
 
3.500%, 9/1/2042
325,847    
   746,013
 
3.500%, 12/1/2042
808,894    
 7,271,699
 
3.500%, 5/1/2049
7,888,264  
 5,232,099
 
3.500%, 9/1/2049
5,700,906  
 5,192,925
 
3.500%, 12/1/2049
5,645,240  
 7,139,837
 
3.500%, 12/1/2049
7,681,409  
 2,640,557
 
4.000%, 12/1/2031
2,856,541  
 1,770,656
 
4.000%, 12/1/2041
1,967,500  
 7,130,388
 
4.000%, 12/1/2041
7,958,725  
 1,911,578
 
4.000%, 6/1/2042
2,118,712  
 4,160,778
 
4.000%, 12/1/2042
4,640,234  
 1,672,341
 
4.500%, 9/1/2041
1,868,193  
   905,218
 
4.500%, 10/1/2041
1,009,250  
 1,823,954
 
4.500%, 11/1/2041
2,033,571  
   153,169
 
4.500%, 11/1/2041
170,772    
 3,014,109
 
4.500%, 8/1/2049
3,368,039  
    99,532
 
5.000%, 10/1/2023
103,434    
    55,519
 
5.000%, 4/1/2024
58,009     
   905,904
 
5.000%, 1/1/2040
1,041,724  
   283,968
 
5.500%, 12/1/2035
330,263    
    10,378
 
6.000%, 2/1/2022
10,610     
   587,427
 
6.000%, 2/1/2033
681,235    
    29,365
 
6.000%, 5/1/2036
34,839     
   124,327
 
6.000%, 7/1/2036
148,478    
   320,013
 
6.000%, 1/1/2037
381,827    
    28,594
 
6.000%, 9/1/2037
34,229     
    46,343
 
6.000%, 9/1/2037
55,249     
    87,368
 
6.000%, 6/1/2038
104,251    
    71,977
 
6.000%, 8/1/2038
86,197     
    38,689
 
6.000%, 10/1/2038
46,175     
     1,882
 
6.500%, 12/1/2027
2,107      
     2,931
 
6.500%, 6/1/2029
3,352      
     8,608
 
6.500%, 7/1/2029
9,835      
     1,692
 
6.500%, 8/1/2029
1,924      
     7,198
 
6.500%, 8/1/2029
8,161      
   138,181
 
6.500%, 5/1/2032
159,621    
    29,180
 
6.500%, 12/1/2035
34,639     
    28,483
 
6.500%, 7/1/2037
34,216     
   337,248
 
6.500%, 8/1/2037
403,543    
    65,206
 
6.500%, 9/1/2037
78,323     
     1,098
 
7.000%, 7/1/2029
1,264      
     3,484
 
7.000%, 9/1/2029
3,625      
       147
 
7.000%, 10/1/2031
161        
    50,389
 
7.000%, 11/1/2031
59,695     
    15,153
 
7.000%, 12/1/2031
17,844     
2
Principal
Amount
or Shares
 
 
Value
          
1
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Federal National Mortgage Association—continued
 
$    45,716
 
7.000%, 12/1/2031
$54,373     
    12,556
 
7.000%, 12/1/2031
14,916     
     5,812
 
7.000%, 1/1/2032
6,854      
    32,592
 
7.000%, 2/1/2032
38,849     
    17,796
 
7.500%, 7/1/2028
20,497     
    32,557
 
7.500%, 8/1/2031
38,354     
    56,145
 
8.000%, 12/1/2026
63,190     
     2,176
 
10.000%, 9/1/2021
2,201      
         1
 
10.000%, 11/1/2021
1          
 
 
TOTAL
111,110,902
 
 
Government National Mortgage Association—1.6%
 
   180,879
 
5.500%, 4/15/2034
205,809    
   415,507
 
5.500%, 6/15/2034
475,224    
    52,633
 
6.000%, 1/15/2032
60,760     
   210,452
 
6.000%, 5/15/2036
246,718    
     5,486
 
6.500%, 5/15/2027
6,097      
     4,394
 
6.500%, 1/15/2029
5,009      
    11,949
 
6.500%, 1/15/2029
13,541     
     7,109
 
6.500%, 1/20/2029
7,981      
     4,141
 
6.500%, 2/15/2029
4,497      
     9,175
 
6.500%, 3/15/2029
10,425     
     2,315
 
6.500%, 3/20/2029
2,605      
     3,640
 
6.500%, 5/20/2029
4,109      
     7,992
 
6.500%, 7/20/2029
9,028      
     4,006
 
6.500%, 8/20/2029
4,537      
     1,807
 
6.500%, 10/20/2029
2,036      
     3,529
 
6.500%, 11/20/2029
4,018      
     2,741
 
6.500%, 10/20/2030
3,135      
     4,872
 
6.500%, 4/20/2031
5,596      
     2,374
 
6.500%, 5/20/2031
2,726      
    13,625
 
6.500%, 6/20/2031
15,659     
     5,128
 
6.500%, 7/15/2031
5,917      
       757
 
6.500%, 7/15/2031
879        
     3,789
 
6.500%, 7/20/2031
4,358      
     4,017
 
6.500%, 10/20/2031
4,626      
     3,323
 
6.500%, 11/20/2031
3,826      
    10,181
 
6.500%, 1/20/2032
11,724     
   154,758
 
6.500%, 10/20/2038
183,207    
    14,755
 
7.000%, 6/15/2026
16,261     
     4,892
 
7.000%, 6/15/2026
5,377      
     5,378
 
7.000%, 12/15/2026
5,904      
     6,983
 
7.000%, 6/15/2027
7,714      
     1,252
 
7.000%, 10/15/2027
1,394      
     4,782
 
7.000%, 11/15/2027
5,270      
     4,050
 
7.000%, 2/15/2028
4,509      
    11,920
 
7.000%, 4/15/2028
13,386     
    18,251
 
7.000%, 6/15/2028
20,577     
     2,439
 
7.000%, 6/15/2028
2,755      
    14,606
 
7.000%, 7/15/2028
16,351     
     8,919
 
7.000%, 7/15/2028
9,984      
3
Principal
Amount
or Shares
 
 
Value
          
1
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Government National Mortgage Association—continued
 
$    45,137
 
7.000%, 8/15/2028
$51,368     
     6,838
 
7.000%, 8/15/2028
7,710      
     3,674
 
7.000%, 9/15/2028
4,147      
       935
 
7.000%, 9/15/2028
1,050      
     4,232
 
7.000%, 10/15/2028
4,780      
    15,815
 
7.000%, 10/15/2028
17,813     
    49,645
 
7.000%, 11/15/2028
56,647     
     1,722
 
7.000%, 11/15/2028
1,747      
    46,664
 
7.000%, 12/15/2028
51,960     
    13,324
 
7.000%, 12/15/2028
15,229     
    16,537
 
7.000%, 12/15/2028
18,644     
    12,850
 
7.000%, 12/15/2028
14,502     
     3,735
 
7.000%, 1/15/2029
4,258      
     2,573
 
7.000%, 1/15/2029
2,944      
     4,849
 
7.000%, 1/15/2029
5,450      
     2,709
 
7.000%, 1/15/2029
2,922      
    10,693
 
7.000%, 1/15/2029
12,222     
     2,389
 
7.000%, 1/15/2029
2,719      
     3,616
 
7.000%, 1/15/2029
4,013      
    13,120
 
7.000%, 1/15/2029
15,021     
    30,062
 
7.000%, 1/15/2029
34,390     
    11,879
 
7.000%, 1/15/2029
13,494     
     1,740
 
7.000%, 1/15/2029
1,822      
     1,739
 
7.000%, 2/15/2029
1,923      
     2,759
 
7.000%, 2/15/2029
3,153      
     1,959
 
7.000%, 2/15/2029
1,999      
     6,463
 
7.000%, 2/15/2029
7,375      
     2,171
 
7.000%, 2/15/2029
2,471      
     9,944
 
7.000%, 2/15/2029
11,337     
       221
 
7.000%, 2/15/2029
250        
       113
 
7.000%, 2/15/2029
124        
     1,245
 
7.000%, 3/15/2029
1,405      
     3,053
 
7.000%, 3/15/2029
3,472      
     9,324
 
7.000%, 3/15/2029
10,382     
     1,049
 
7.000%, 3/15/2029
1,201      
     1,021
 
7.000%, 3/15/2029
1,170      
     1,634
 
7.000%, 3/15/2029
1,871      
     1,056
 
7.000%, 3/15/2029
1,206      
     1,997
 
7.000%, 3/15/2029
2,268      
    44,584
 
7.000%, 4/15/2029
50,917     
     2,442
 
7.000%, 4/15/2029
2,789      
     1,944
 
7.000%, 4/15/2029
2,211      
     5,071
 
7.000%, 4/15/2029
5,786      
     8,798
 
7.000%, 4/15/2029
9,879      
     6,115
 
7.000%, 4/15/2029
6,670      
       217
 
7.000%, 4/15/2029
248        
     2,995
 
7.000%, 5/15/2029
3,418      
       668
 
7.000%, 5/15/2029
761        
     2,280
 
7.000%, 5/15/2029
2,613      
     2,770
 
7.000%, 5/15/2029
3,182      
4
Principal
Amount
or Shares
 
 
Value
          
1
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Government National Mortgage Association—continued
 
$     2,785
 
7.000%, 5/15/2029
$3,178      
     5,861
 
7.000%, 6/15/2029
6,711      
     2,669
 
7.000%, 6/15/2029
3,066      
     3,615
 
7.000%, 6/15/2029
4,110      
       290
 
7.000%, 6/15/2029
334        
       690
 
7.000%, 6/15/2029
793        
    10,493
 
7.000%, 6/15/2029
12,004     
     1,688
 
7.000%, 6/15/2029
1,938      
       811
 
7.000%, 6/15/2029
929        
     6,084
 
7.000%, 7/15/2029
6,942      
     1,940
 
7.000%, 7/15/2029
2,146      
    10,941
 
7.000%, 7/15/2029
12,548     
    54,300
 
7.000%, 7/15/2029
62,119     
     9,899
 
7.000%, 7/15/2029
11,379     
     1,061
 
7.000%, 7/15/2029
1,202      
     2,167
 
7.000%, 7/15/2029
2,487      
     5,496
 
7.000%, 7/15/2029
6,317      
     2,351
 
7.000%, 7/15/2029
2,666      
     6,781
 
7.000%, 7/15/2029
7,757      
       952
 
7.000%, 8/15/2029
1,092      
     1,900
 
7.000%, 8/15/2029
2,188      
     2,143
 
7.000%, 8/15/2029
2,441      
     1,454
 
7.000%, 8/15/2029
1,674      
     9,682
 
7.000%, 8/15/2029
10,979     
     3,611
 
7.000%, 9/15/2029
4,117      
    12,133
 
7.000%, 9/15/2029
13,844     
     5,828
 
7.000%, 9/15/2029
6,715      
     4,510
 
7.000%, 9/15/2029
5,184      
     6,918
 
7.000%, 9/15/2029
7,946      
     1,910
 
7.000%, 11/15/2029
2,203      
    17,868
 
7.000%, 12/15/2029
20,406     
     3,814
 
7.000%, 12/15/2029
4,348      
     3,289
 
7.000%, 1/15/2030
3,798      
    19,161
 
7.000%, 1/15/2030
22,141     
    18,933
 
7.000%, 2/15/2030
21,303     
     4,264
 
7.000%, 2/15/2030
4,924      
     9,610
 
7.000%, 2/15/2030
11,113     
    51,133
 
7.000%, 2/15/2030
59,130     
    49,855
 
7.000%, 3/15/2030
57,265     
    20,569
 
7.000%, 3/15/2030
23,551     
     3,784
 
7.000%, 4/15/2030
4,064      
     3,246
 
7.000%, 4/15/2030
3,757      
    16,098
 
7.000%, 6/15/2030
18,668     
     5,049
 
7.000%, 6/15/2030
5,834      
    43,197
 
7.000%, 8/15/2030
49,988     
     7,074
 
7.000%, 8/15/2030
8,099      
    10,482
 
7.000%, 9/15/2030
11,620     
    13,915
 
7.000%, 10/15/2030
16,103     
     4,743
 
7.000%, 10/15/2030
5,152      
     3,579
 
7.000%, 11/15/2030
4,144      
5
Principal
Amount
or Shares
 
 
Value
          
1
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Government National Mortgage Association—continued
 
$     8,957
 
7.000%, 2/15/2031
$10,371     
   106,645
 
7.000%, 2/15/2031
123,841    
    27,545
 
7.000%, 3/15/2031
32,009     
     3,955
 
7.000%, 3/15/2031
4,583      
       987
 
7.000%, 7/15/2031
1,139      
       405
 
7.000%, 9/15/2031
463        
    21,033
 
7.000%, 10/15/2031
24,440     
     9,373
 
7.000%, 11/15/2031
10,892     
    14,338
 
7.000%, 1/15/2032
16,556     
     8,387
 
7.000%, 4/15/2032
9,706      
    12,880
 
7.000%, 5/15/2032
14,931     
       684
 
7.000%, 11/15/2032
761        
       568
 
7.000%, 1/15/2033
664        
   164,268
 
7.500%, 11/15/2027
185,331    
   133,356
 
7.500%, 11/15/2027
150,963    
       488
 
7.500%, 4/15/2029
559        
     4,613
 
7.500%, 7/15/2029
5,149      
       374
 
7.500%, 7/15/2029
429        
     9,065
 
7.500%, 8/15/2029
10,544     
    29,396
 
7.500%, 8/15/2029
33,596     
     1,138
 
7.500%, 8/15/2029
1,322      
    23,585
 
7.500%, 8/15/2029
27,293     
    35,031
 
7.500%, 8/15/2029
40,780     
       549
 
7.500%, 8/15/2029
632        
    19,451
 
7.500%, 8/20/2029
22,364     
     4,507
 
7.500%, 9/15/2029
5,201      
    31,181
 
7.500%, 9/15/2029
36,018     
    18,122
 
7.500%, 10/15/2029
20,774     
     4,655
 
7.500%, 10/15/2029
5,410      
     3,137
 
7.500%, 10/15/2029
3,654      
    10,079
 
7.500%, 10/15/2029
11,384     
     5,761
 
7.500%, 12/15/2029
6,655      
     7,352
 
7.500%, 1/15/2030
8,492      
    12,813
 
7.500%, 3/20/2030
14,810     
    15,347
 
7.500%, 8/15/2030
17,678     
    56,488
 
7.500%, 10/15/2030
62,737     
    12,441
 
7.500%, 10/15/2030
14,422     
    12,033
 
7.500%, 10/15/2030
14,149     
     8,191
 
7.500%, 11/20/2030
9,513      
     7,270
 
7.500%, 12/15/2030
8,518      
     7,260
 
7.500%, 1/15/2031
8,517      
     5,930
 
7.500%, 2/15/2031
6,948      
    21,869
 
7.500%, 4/20/2031
25,605     
    57,654
 
7.500%, 7/15/2031
67,061     
     1,575
 
7.500%, 9/15/2031
1,839      
       998
 
7.500%, 9/15/2031
1,018      
    16,072
 
7.500%, 10/15/2031
18,906     
    11,784
 
7.500%, 11/15/2031
13,887     
    11,431
 
7.500%, 12/15/2031
12,679     
     9,018
 
7.500%, 3/15/2032
10,572     
6
Principal
Amount
or Shares
 
 
Value
          
1
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Government National Mortgage Association—continued
 
$     7,553
 
7.500%, 5/15/2032
$8,912      
     1,285
 
8.000%, 11/15/2023
1,359      
    51,735
 
8.000%, 11/15/2027
58,035     
    21,015
 
8.000%, 11/15/2027
23,602     
     9,292
 
8.000%, 5/15/2029
10,822     
    19,166
 
8.000%, 8/15/2029
22,357     
    68,178
 
8.000%, 11/15/2029
79,659     
    28,920
 
8.000%, 12/15/2029
33,816     
       281
 
8.000%, 12/15/2029
284        
     2,628
 
8.000%, 1/15/2030
3,069      
    13,348
 
8.000%, 1/15/2030
15,632     
     2,856
 
8.000%, 1/15/2030
3,309      
     1,243
 
8.000%, 3/15/2030
1,298      
    11,908
 
8.000%, 4/15/2030
13,986     
     5,581
 
8.000%, 4/15/2030
6,477      
       415
 
8.000%, 4/15/2030
488        
     3,116
 
8.000%, 4/15/2030
3,649      
     6,401
 
8.000%, 4/15/2030
7,484      
       742
 
8.000%, 4/15/2030
863        
     1,994
 
8.000%, 5/15/2030
2,344      
     1,276
 
8.000%, 5/15/2030
1,485      
     7,979
 
8.000%, 5/15/2030
9,260      
       253
 
8.000%, 5/15/2030
291        
     3,122
 
8.000%, 5/15/2030
3,664      
     1,573
 
8.000%, 5/15/2030
1,811      
     5,154
 
8.000%, 6/15/2030
5,795      
     6,927
 
8.000%, 6/15/2030
7,974      
     8,751
 
8.000%, 6/15/2030
10,174     
       937
 
8.000%, 6/15/2030
1,100      
       951
 
8.000%, 6/15/2030
1,114      
    30,810
 
8.000%, 6/15/2030
36,240     
    63,262
 
8.000%, 6/15/2030
73,972     
     4,503
 
8.000%, 6/15/2030
5,218      
     2,450
 
8.000%, 7/15/2030
2,867      
     1,555
 
8.000%, 7/15/2030
1,657      
    43,884
 
8.000%, 7/15/2030
51,544     
     3,998
 
8.000%, 7/15/2030
4,702      
    18,226
 
8.000%, 8/15/2032
21,637     
    21,005
 
8.500%, 6/15/2030
24,559     
 
 
TOTAL
4,159,153
 
2
Uniform Mortgage-Backed Securities, TBA—21.3%
 
30,000,000
 
2.500%, 11/1/2050
31,256,256 
23,000,000
 
3.000%, 11/1/2050
24,036,803 
 
 
TOTAL
55,293,059
 
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $229,917,433)
235,111,445
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—20.7%
 
 
 
Federal Home Loan Mortgage Corporation—11.7%
 
 4,757,379
3,4
REMIC, Series 3114, Class PF, 0.548% (1-month USLIBOR +0.400%), 2/15/2036
4,795,929  
 3,621,797
3,4
REMIC, Series 3910, Class FB, 0.648% (1-month USLIBOR +0.500%), 8/15/2041
3,665,230  
7
Principal
Amount
or Shares
 
 
Value
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—continued
 
 
 
Federal Home Loan Mortgage Corporation—continued
 
$13,032,985
3,4
REMIC, Series 4863, Class F, 0.598% (1-month USLIBOR +0.450%), 3/15/2049
$13,114,716 
 8,722,051
3,4
REMIC, Series 4915, Class FD, 0.598% (1-month USLIBOR +0.450%), 9/25/2049
8,792,279  
 
 
TOTAL
30,368,154
 
 
Federal National Mortgage Association—2.9%
 
 1,201,410
3,4
REMIC, Series 2007-84, Class FN, 0.649% (1-month USLIBOR +0.500%), 8/25/2037
1,213,103  
 6,170,769
3,4
REMIC, Series 2018-95, Class FB, 0.549% (1-month USLIBOR +0.400%), 1/25/2049
6,213,932  
 
 
TOTAL
7,427,035
 
 
Government National Mortgage Association—6.1%
 
 7,439,767
3,4
REMIC, Series 2016-116, Class DF, 0.551% (1-month USLIBOR +0.400%), 9/20/2046
7,472,473  
 4,787,727
3,4
REMIC, Series 2019-10, Class FC, 0.601% (1-month USLIBOR +0.450%), 1/20/2049
4,816,205  
 3,494,029
3,4
REMIC, Series 2019-6, Class FJ, 0.551% (1-month USLIBOR +0.400%), 1/20/2049
3,512,535  
 
 
TOTAL
15,801,213
 
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $53,158,858)
53,596,402
 
 
U.S. TREASURY—4.2%
 
 
 
U.S. Treasury Notes—4.2%
 
10,101,400
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2030
(IDENTIFIED COST $10,567,647)
11,015,439 
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—3.6%
 
 
 
Agency Commercial Mortgage-Backed Securities—3.6%
 
 5,965,886
 
FHLMC REMIC, Series K106, Class A1, 1.783%, 5/25/2029
6,204,052  
 1,250,000
 
FHLMC REMIC, Series K107, Class A2, 1.639%, 1/25/2030
1,296,491  
 1,850,000
 
FNMA REMIC, Series 2020-M14, Class A2, 1.784%, 5/25/2030
1,907,434  
 
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $9,169,953)
9,407,977
 
 
INVESTMENT COMPANY—6.2%
 
16,094,358
 
Federated Hermes Government Obligations Fund, Premier Shares, 0.03%5
(IDENTIFIED COST $16,094,358)
16,094,358 
 
 
TOTAL INVESTMENT IN SECURITIES—125.3%
(IDENTIFIED COST $318,908,249)
325,225,621
 
 
OTHER ASSETS AND LIABILITIES - NET—(25.3)%6
(65,624,440)
 
 
TOTAL NET ASSETS—100%
$259,601,181
At October 31, 2020, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Short Futures:
 
 
 
 
7United States Treasury Notes 10-Year Short Futures
60
$8,293,125
December 2020
$42,984
7United States Treasury Notes 10-Year Ultra Short Futures
80
$12,582,500
December 2020
$224,813
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$267,797
The average notional value of short futures contracts held by the Fund throughout the period was $15,382,949. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
8
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with the affiliated fund holdings during the period ended October 31, 2020, were as follows:  
 
Federated
Hermes
Government
Obligations Fund,
Premier Shares
Value as of 1/31/2020
$7,998,382
Purchases at Cost
$108,833,470
Proceeds from Sales
$(100,737,494)
Change in Unrealized Appreciation/Depreciation
N/A
Net Realized Gain/(Loss)
N/A
Value as of 10/31/2020
$16,094,358
Shares Held as of 10/31/2020
16,094,358
Dividend Income
$32,006
 
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
All or a portion of these securities are segregated pending settlement of dollar-roll transactions.
4
Floating/variable note with current rate and current maturity or next reset date shown.
5
7-day net yield.
6
Assets, other than investments in securities, less liabilities. A significant portion of this balance is the result of dollar-roll transactions as of October 31, 2020.
7
Non-income-producing security.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2020.
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 the Fund’s Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ 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 asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, 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 Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the 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
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee 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 Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
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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 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 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.). 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 October 31, 2020, 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
$—
$235,111,445
$—
$235,111,445
Collateralized Mortgage Obligations
—
53,596,402
—
53,596,402
U.S. Treasury
—
11,015,439
—
11,015,439
Commercial Mortgage-Backed Securities
—
9,407,977
—
9,407,977
Investment Company
16,094,358
—
—
16,094,358
TOTAL SECURITIES
$16,094,358
$309,131,263
$—
$325,225,621
Other Financial Instruments:1
 
 
 
 
Assets
$267,797
$—
$—
$267,797
TOTAL OTHER FINANCIAL INSTRUMENTS
$267,797
$—
$—
$267,797
 
1
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
FHLMC
—Federal Home Loan Mortgage Corporation
FNMA
—Federal National Mortgage Association
LIBOR
—London Interbank Offered Rate
REMIC
—Real Estate Mortgage Investment Conduit
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