Annual Shareholder Report

January 31, 2020

Share Class | Ticker

Institutional | FICMX

Service | FITSX

Federated Government Income Trust

Fund Established 1982

IMPORTANT NOTICE REGARDING REPORT DELIVERY

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by contacting your financial intermediary (such as a broker-dealer or bank); other shareholders may call the Fund at 1-800-341-7400, Option 4.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting your financial intermediary (such as a broker-dealer or bank); other shareholders may call the Fund at 1-800-341-7400, Option 4. Your election to receive reports in paper will apply to all funds held with the Fund complex or your financial intermediary.

Not FDIC Insured ■ May Lose Value ■ No Bank Guarantee

J. Christopher
Donahue

President

Federated Government Income Trust

Letter from the President

Dear Valued Shareholder,

I am pleased to present the Annual Shareholder Report for your fund covering the period from February 1, 2019 through January 31, 2020. This report includes Management's Discussion of Fund Performance, a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

In addition, our website, FederatedInvestors.com, offers easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists, and financial planning tools.

Thank you for investing with us. I hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Management's Discussion of Fund Performance (unaudited)

The total return of Federated Government Income Trust (the “Fund”), based on net asset value for the 12-month reporting period ended January 31, 2020, was 5.69% for the Institutional Shares and 5.48% for the Service Shares. The 5.69% total return of the Institutional Shares for the reporting period consisted of 2.28% of taxable dividends and 3.41% of price appreciation in the net asset value of the shares. The Bloomberg Barclays U.S. Mortgage Backed Securities Index (BBMBS),¹ the Fund's broad-based securities market index, returned 6.25% for the same period. The total return of the Lipper U.S. Mortgage Funds Average (LUSMFA),² a peer group average for the Fund, was 6.76% for the same period. The Fund's and the LUSMFA's total returns for the most recently completed fiscal year reflected actual cash flows, transaction costs and other expenses, which were not reflected in the total return of the BBMBS.

During the reporting period, the Fund's investment strategy focused on: (a) duration;³ (b) security selection; and (c) sector allocation. These were the most significant factors affecting the Fund's performance relative to the BBMBS.

The following discussion will focus on the performance of the Fund's Institutional Shares.

MARKET OVERVIEW

During the reporting period, U.S. Treasury yields fell significantly with declines across the yield curve, in a mostly parallel fashion, of around 1%. The U.S. economy maintained a robust pace of growth during the reporting period even as business confidence was pressured by the imposition of tariffs on trade with China and an overall slowing of the manufacturing sector. Consumer spending remained robust as unemployment was low and wage growth was solid. Growth in business investment slowed. Outside the U.S., growth in China and Europe continued to be sluggish due to trade headwinds, a decline in auto sales and, in Europe, a lack of structural reforms. Credit spreads tightened and the stock market reached a new all-time high during the reporting period.

The Federal Reserve (the “Fed”) cut the federal funds target rate three times during the reporting period, moving the target rate from a range of 2.25%-2.50% down to 1.50%-1.75%. The Fed characterized the recent cuts as a ‘mid-cycle adjustment' to policy after having raised rates for the prior three years. After allowing a slow, managed runoff of principal from its holdings of U.S. Treasury securities and mortgage-backed securities⁴ through most of the reporting period, in September 2019 the Fed shifted policy to allow the balance sheet to expand once again. Slow growth of the Fed's balance sheet is a normalization of policy as, under normal circumstances, an expanding economy demands more cash, and the central bank provides that cash through balance

Annual Shareholder Report

sheet growth. The current growth of the Fed's balance sheet is not intended to be a new round of quantitative easing. While the economic expansion appears to be durable, the Fed remained focused on policy measures to help increase employment and bring inflation up toward its 2% target.

During the reporting period, the 2-year U.S. Treasury yield decreased 114 basis points to 1.32% while the 10-year U.S. Treasury yield decreased 112 basis points to 1.51%.⁵

DURATION

Duration for the Fund was marginally below the BBMBS duration during the reporting period, detracting from Fund performance as interest rates fell. The Fund used derivatives as a tool to assist in managing Fund duration.⁶ The principal derivative used by the Fund was U.S. Treasury futures contracts. During the reporting period, the use of derivatives contributed negatively to Fund performance due to losses attributable to U.S. Treasury futures contracts.

SECURITY SELECTION

Overall, during the reporting period, the Fund's exposure to mortgage pools with characteristics that lowered prepayments relative to pools represented in the BBMBS positively contributed to the Fund's performance as prepayments increased over the reporting period but did not increase as significantly for the Fund's mortgage pools as compared to those represented in the index. As a result, security selection added to Fund performance during the reporting period.

Sector Allocation

The Fund's investment strategy focused less on sector allocation during the reporting period as there were fewer opportunities within the mortgage space. As a result, sector allocation did not make a significant contribution to Fund performance during the reporting period.

1	Please see the footnotes to the line graph under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the BBMBS.
2	Please see the footnotes to the line graph under “Fund Performance and Growth of a $10,000 Investment” below for the definition of, and more information about, the LUSMFA.
3	Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than other securities of shorter durations.
4	The value of some mortgage-backed securities may be particularly sensitive to changes in the prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations.
5	Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.
6	The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments.

Annual Shareholder Report

FUND PERFORMANCE AND GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,000¹ in the Federated Government Income Trust from January 31, 2010 to January 31, 2020, compared to the Bloomberg Barclays U.S. Mortgage Backed Securities Index (BBMBS)² and the Lipper U.S. Mortgage Funds Average (LUSMFA).³ The Average Annual Total Return table below shows returns for each class averaged over the stated periods.

Growth of a $10,000 Investment

Growth of $10,000 as of January 31, 2020

The Fund offers multiple share classes whose performance may be greater than or less than its other share class(es) due to differences in sales charges and expenses.

Average Annual Total Returnsfor the Period Ended 1/31/2020

	1 Year	5 Years	10 Years
Institutional Shares	5.69%	2.05%	2.41%
Service Shares	5.48%	1.85%	2.21%
BBMBS	6.25%	2.55%	3.09%
LUSMFA	6.76%	2.51%	3.20%

Annual Shareholder Report

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1	The Fund's performance assumes the reinvestment of all dividends and distributions. The BBMBS and the LUSMFA have been adjusted to reflect reinvestment of dividends on securities in the index and the average.
2	The BBMBS tracks agency mortgage-backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC). The index is not adjusted to reflect sales loads, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index or average.
3	Lipper figures represent the average of the total returns reported by all funds designated by Lipper, Inc., as falling into the respective category and is not adjusted to reflect any sales charges. The Lipper figures in the Growth of $10,000 line graph are based on historical return information published by Lipper and reflect the return of the funds comprising the category in the year of publication. Because the funds designated by Lipper as falling into the category can change over time, the Lipper figures in the line graph may not match the Lipper figures in the Average Annual Total Returns table, which reflect the return of the funds that currently comprise the category.

Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At January 31, 2020, the Fund's portfolio composition¹ was as follows:

Type of Investments	Percentage of Total Net Assets
U.S. Government Agency Mortgage-Backed Securities	98.9%
Collateralized Mortgage Obligations²	21.6%
Cash Equivalents³	3.1%
Derivative Contracts^4,5	0.0%
Other Assets and Liabilities—Net⁶	(23.6)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of the principal types of securities in which the Fund invests.
2	All of these securities are segregated subject to dollar-roll transactions.
3	Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements, including those that are segregated subject to dollar-roll transactions equal to 2.1% of net assets.
4	Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund's performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract's significance to the portfolio. More complete information regarding the Fund's direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report.
5	Represents less than 0.1%.
6	Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities.

Annual Shareholder Report

Portfolio of Investments

January 31, 2020

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—98.9%
		Federal Home Loan Mortgage Corporation—22.5%
$3,032,936		3.000%, 5/1/2045	$3,135,322
9,807,535		3.000%, 6/1/2049	10,028,284
290,862		3.500%, 11/1/2025	303,370
904,279		3.500%, 8/1/2026	943,165
1,049,795		3.500%, 6/1/2032	1,104,088
2,153,110		3.500%, 5/1/2046	2,251,007
11,414,439		3.500%, 9/1/2047	11,912,025
1,978,996		3.500%, 10/1/2047	2,065,266
7,527,877		3.500%, 11/1/2047	7,858,390
12,408,504		4.000%, 6/1/2049	12,957,869
378,297		4.500%, 3/1/2024	392,300
427,973		4.500%, 11/1/2039	466,935
564,272		4.500%, 5/1/2040	615,642
887,463		4.500%, 6/1/2040	968,256
179,285		4.500%, 9/1/2040	195,607
162,739		5.000%, 8/1/2023	168,791
44,629		5.500%, 12/1/2021	45,708
5,994		5.500%, 1/1/2022	6,154
5,435		5.500%, 1/1/2022	5,579
43,138		5.500%, 1/1/2022	44,180
695,693		5.500%, 5/1/2034	782,447
19,244		5.500%, 12/1/2035	21,806
154,530		5.500%, 3/1/2036	175,570
294,412		5.500%, 1/1/2038	334,715
131,357		5.500%, 3/1/2038	149,583
106,992		5.500%, 11/1/2038	121,298
107,610		5.500%, 1/1/2039	122,574
110,320		6.000%, 3/1/2038	128,171
19,284		6.500%, 9/1/2029	21,542
31,472		7.000%, 2/1/2031	36,617
35,646		7.000%, 10/1/2031	40,210
32,871		7.000%, 1/1/2032	38,135
66,806		7.000%, 3/1/2032	77,314
106,291		7.500%, 6/1/2027	120,136

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Federal Home Loan Mortgage Corporation—continued
$15,642		7.500%, 8/1/2029	$18,149
2,099		7.500%, 3/1/2030	2,450
4,715		7.500%, 1/1/2031	5,512
96,511		7.500%, 2/1/2031	112,976
		TOTAL	57,777,143
		Federal National Mortgage Association—30.9%
2,647,439		3.000%, 6/1/2027	2,729,281
1,844,922		3.000%, 7/1/2027	1,905,415
1,278,445		3.000%, 6/1/2032	1,325,997
3,559,553		3.000%, 8/1/2032	3,691,952
2,682,608		3.000%, 8/1/2045	2,770,653
3,321,726		3.000%, 8/1/2045	3,430,747
15,956,589		3.000%, 10/1/2046	16,565,064
587,472		3.500%, 1/1/2026	612,735
6,033,890		3.500%, 12/1/2041	6,389,318
1,096,606		3.500%, 4/1/2042	1,160,517
407,044		3.500%, 9/1/2042	430,512
2,946,094		3.500%, 9/1/2042	3,137,126
394,793		3.500%, 9/1/2042	417,555
853,959		3.500%, 12/1/2042	903,194
3,177,769		4.000%, 12/1/2031	3,385,987
2,396,241		4.000%, 12/1/2041	2,582,455
8,434,696		4.000%, 12/1/2041	9,105,978
2,347,798		4.000%, 6/1/2042	2,524,378
5,242,455		4.000%, 12/1/2042	5,659,680
1,955,768		4.500%, 9/1/2041	2,137,485
979,786		4.500%, 10/1/2041	1,067,148
2,273,813		4.500%, 11/1/2041	2,476,554
156,215		4.500%, 11/1/2041	170,143
142,044		5.000%, 10/1/2023	147,201
89,969		5.000%, 4/1/2024	93,798
1,114,843		5.000%, 1/1/2040	1,235,770
416,496		5.500%, 12/1/2035	472,147
20,342		6.000%, 2/1/2022	20,941
663,757		6.000%, 2/1/2033	755,470
30,499		6.000%, 5/1/2036	35,310
135,620		6.000%, 7/1/2036	157,083

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Federal National Mortgage Association—continued
$392,617		6.000%, 1/1/2037	$454,583
37,101		6.000%, 9/1/2037	43,044
56,696		6.000%, 9/1/2037	65,861
125,294		6.000%, 6/1/2038	144,982
89,449		6.000%, 8/1/2038	103,938
39,654		6.000%, 10/1/2038	46,085
2,079		6.500%, 12/1/2027	2,317
3,122		6.500%, 6/1/2029	3,544
9,182		6.500%, 7/1/2029	10,416
1,982		6.500%, 8/1/2029	2,239
8,160		6.500%, 8/1/2029	9,204
194,963		6.500%, 5/1/2032	224,075
36,749		6.500%, 12/1/2035	43,132
29,158		6.500%, 7/1/2037	34,623
358,541		6.500%, 8/1/2037	423,690
66,743		6.500%, 9/1/2037	79,254
1,218		7.000%, 7/1/2029	1,388
4,956		7.000%, 9/1/2029	5,197
245		7.000%, 10/1/2031	263
52,962		7.000%, 11/1/2031	61,735
18,294		7.000%, 12/1/2031	21,202
47,665		7.000%, 12/1/2031	55,776
21,697		7.000%, 12/1/2031	24,906
6,709		7.000%, 1/1/2032	7,795
33,895		7.000%, 2/1/2032	39,740
19,029		7.500%, 7/1/2028	21,942
34,267		7.500%, 8/1/2031	40,082
62,087		8.000%, 12/1/2026	69,969
5,922		10.000%, 9/1/2021	6,117
7		10.000%, 11/1/2021	7
		TOTAL	79,544,700
		Government National Mortgage Association—21.7%
1,958,217		3.500%, 12/15/2040	2,073,558
4,244,745		3.500%, 9/15/2041	4,494,765
860,356		3.500%, 1/15/2042	910,763
1,881,090		3.500%, 2/15/2042	1,991,301
407,158		3.500%, 8/15/2042	431,012

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$2,912,557		3.500%, 8/20/2042	$3,096,233
988,279		3.500%, 9/15/2042	1,046,181
6,337,101		3.500%, 9/20/2047	6,611,978
3,057,183		4.000%, 3/15/2042	3,282,234
1,420,377		4.000%, 8/15/2042	1,533,370
749,484		4.000%, 12/15/2042	802,315
2,344,243		4.000%, 2/15/2043	2,538,789
1,164,668		4.000%, 2/15/2043	1,257,319
2,565,293		4.000%, 3/15/2043	2,778,184
755,348		4.000%, 3/15/2043	818,033
1,467,873		4.000%, 3/15/2043	1,584,645
1,107,705		4.000%, 3/15/2043	1,189,940
1,946,237		4.500%, 6/15/2040	2,136,349
2,751,616		4.500%, 8/15/2040	3,020,400
1,190,539		4.500%, 8/15/2040	1,306,834
1,852,486		4.500%, 11/15/2040	2,033,441
687,848		4.500%, 1/15/2042	752,889
668,039		5.000%, 10/15/2033	733,508
2,143,254		5.000%, 2/15/2040	2,374,612
1,046,088		5.000%, 9/15/2041	1,160,971
960,635		5.000%, 10/15/2041	1,064,333
189,562		5.500%, 4/15/2034	210,966
487,022		5.500%, 6/15/2034	544,419
55,079		6.000%, 1/15/2032	62,252
242,853		6.000%, 5/15/2036	278,374
6,023		6.500%, 5/15/2027	6,644
4,682		6.500%, 1/15/2029	5,272
12,844		6.500%, 1/15/2029	14,393
8,544		6.500%, 1/20/2029	9,539
4,754		6.500%, 2/15/2029	5,147
9,809		6.500%, 3/15/2029	11,015
9,784		6.500%, 3/15/2029	11,030
2,951		6.500%, 3/20/2029	3,305
4,299		6.500%, 5/20/2029	4,822
9,796		6.500%, 7/20/2029	10,988
4,629		6.500%, 8/20/2029	5,207
1,965		6.500%, 10/20/2029	2,200

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$3,753		6.500%, 11/20/2029	$4,244
2,898		6.500%, 10/20/2030	3,290
5,690		6.500%, 4/20/2031	6,479
2,821		6.500%, 5/20/2031	3,215
15,967		6.500%, 6/20/2031	18,203
5,434		6.500%, 7/15/2031	6,181
791		6.500%, 7/15/2031	906
4,501		6.500%, 7/20/2031	5,131
4,884		6.500%, 10/20/2031	5,578
4,042		6.500%, 11/20/2031	4,619
12,083		6.500%, 1/20/2032	13,791
180,895		6.500%, 10/20/2038	212,254
16,974		7.000%, 6/15/2026	18,682
6,194		7.000%, 6/15/2026	6,803
6,823		7.000%, 12/15/2026	7,479
9,073		7.000%, 6/15/2027	10,016
1,545		7.000%, 10/15/2027	1,715
9,569		7.000%, 11/15/2027	10,575
4,740		7.000%, 2/15/2028	5,259
14,409		7.000%, 4/15/2028	16,105
22,514		7.000%, 6/15/2028	25,319
3,383		7.000%, 6/15/2028	3,810
24,584		7.000%, 7/15/2028	27,576
9,865		7.000%, 7/15/2028	11,017
48,336		7.000%, 8/15/2028	54,757
8,987		7.000%, 8/15/2028	10,107
3,971		7.000%, 9/15/2028	4,466
1,207		7.000%, 9/15/2028	1,338
6,051		7.000%, 10/15/2028	6,798
8,899		7.000%, 10/15/2028	10,057
17,132		7.000%, 10/15/2028	19,233
53,057		7.000%, 11/15/2028	60,286
4,140		7.000%, 11/15/2028	4,273
52,438		7.000%, 12/15/2028	58,233
14,204		7.000%, 12/15/2028	16,152
18,848		7.000%, 12/15/2028	21,160
15,671		7.000%, 12/15/2028	17,623

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$3,991		7.000%, 1/15/2029	$4,527
5,297		7.000%, 1/15/2029	6,024
5,283		7.000%, 1/15/2029	5,921
3,180		7.000%, 1/15/2029	3,440
11,391		7.000%, 1/15/2029	12,953
2,567		7.000%, 1/15/2029	2,908
9,880		7.000%, 1/15/2029	11,139
13,962		7.000%, 1/15/2029	15,900
32,016		7.000%, 1/15/2029	36,431
12,735		7.000%, 1/15/2029	14,404
2,312		7.000%, 1/15/2029	2,438
10,784		7.000%, 2/15/2029	11,998
2,941		7.000%, 2/15/2029	3,344
3,834		7.000%, 2/15/2029	3,976
6,897		7.000%, 2/15/2029	7,831
2,362		7.000%, 2/15/2029	2,671
10,622		7.000%, 2/15/2029	12,051
248		7.000%, 2/15/2029	279
130		7.000%, 2/15/2029	142
1,349		7.000%, 3/15/2029	1,517
3,299		7.000%, 3/15/2029	3,734
10,587		7.000%, 3/15/2029	11,746
1,116		7.000%, 3/15/2029	1,271
1,085		7.000%, 3/15/2029	1,236
1,742		7.000%, 3/15/2029	1,987
1,127		7.000%, 3/15/2029	1,280
68		7.000%, 3/15/2029	70
2,397		7.000%, 3/15/2029	2,698
10,311		7.000%, 4/15/2029	11,758
47,605		7.000%, 4/15/2029	54,091
9,908		7.000%, 4/15/2029	11,307
2,608		7.000%, 4/15/2029	2,963
2,134		7.000%, 4/15/2029	2,414
36		7.000%, 4/15/2029	41
5,507		7.000%, 4/15/2029	6,248
9,738		7.000%, 4/15/2029	10,904
7,165		7.000%, 4/15/2029	7,836

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$231		7.000%, 4/15/2029	$263
3,213		7.000%, 5/15/2029	3,648
945		7.000%, 5/15/2029	1,072
2,425		7.000%, 5/15/2029	2,763
2,938		7.000%, 5/15/2029	3,355
2,973		7.000%, 5/15/2029	3,376
7,914		7.000%, 6/15/2029	9,018
2,832		7.000%, 6/15/2029	3,234
3,887		7.000%, 6/15/2029	4,400
308		7.000%, 6/15/2029	352
731		7.000%, 6/15/2029	836
11,181		7.000%, 6/15/2029	12,723
1,792		7.000%, 6/15/2029	2,046
868		7.000%, 6/15/2029	990
6,540		7.000%, 7/15/2029	7,432
2,240		7.000%, 7/15/2029	2,485
11,623		7.000%, 7/15/2029	13,254
58,657		7.000%, 7/15/2029	66,649
10,507		7.000%, 7/15/2029	12,007
1,142		7.000%, 7/15/2029	1,288
2,363		7.000%, 7/15/2029	2,687
5,824		7.000%, 7/15/2029	6,656
2,796		7.000%, 7/15/2029	3,147
7,221		7.000%, 7/15/2029	8,217
1,011		7.000%, 8/15/2029	1,153
2,011		7.000%, 8/15/2029	2,302
2,303		7.000%, 8/15/2029	2,611
1,539		7.000%, 8/15/2029	1,761
10,443		7.000%, 8/15/2029	11,792
3,864		7.000%, 9/15/2029	4,383
13,134		7.000%, 9/15/2029	14,934
6,165		7.000%, 9/15/2029	7,059
4,778		7.000%, 9/15/2029	5,461
7,335		7.000%, 9/15/2029	8,376
2,019		7.000%, 11/15/2029	2,313
19,072		7.000%, 12/15/2029	21,671
4,443		7.000%, 12/15/2029	5,037

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$3,471		7.000%, 1/15/2030	$3,982
20,211		7.000%, 1/15/2030	23,115
10,047		7.000%, 1/15/2030	10,988
5,845		7.000%, 1/15/2030	6,600
20,835		7.000%, 2/15/2030	23,410
12,331		7.000%, 2/15/2030	14,103
10,805		7.000%, 2/15/2030	12,398
53,896		7.000%, 2/15/2030	61,677
52,878		7.000%, 3/15/2030	60,386
21,913		7.000%, 3/15/2030	24,953
5,840		7.000%, 4/15/2030	6,428
3,420		7.000%, 4/15/2030	3,916
16,927		7.000%, 6/15/2030	19,417
5,328		7.000%, 6/15/2030	6,094
45,522		7.000%, 8/15/2030	52,126
7,549		7.000%, 8/15/2030	8,596
11,655		7.000%, 9/15/2030	12,906
14,662		7.000%, 10/15/2030	16,789
5,913		7.000%, 10/15/2030	6,474
3,753		7.000%, 11/15/2030	4,317
9,394		7.000%, 2/15/2031	10,806
112,047		7.000%, 2/15/2031	128,678
28,988		7.000%, 3/15/2031	33,329
4,178		7.000%, 3/15/2031	4,790
1,043		7.000%, 7/15/2031	1,195
444		7.000%, 9/15/2031	504
21,978		7.000%, 10/15/2031	25,366
9,957		7.000%, 11/15/2031	11,510
15,162		7.000%, 1/15/2032	17,397
8,870		7.000%, 4/15/2032	10,151
13,987		7.000%, 5/15/2032	16,072
751		7.000%, 11/15/2032	835
591		7.000%, 1/15/2033	686
203,770		7.500%, 11/15/2027	229,690
176,011		7.500%, 11/15/2027	198,997
525		7.500%, 4/15/2029	599
5,111		7.500%, 7/15/2029	5,713

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$400		7.500%, 7/15/2029	$459
9,588		7.500%, 8/15/2029	11,115
31,764		7.500%, 8/15/2029	36,253
8,523		7.500%, 8/15/2029	9,736
1,230		7.500%, 8/15/2029	1,427
25,083		7.500%, 8/15/2029	28,968
37,020		7.500%, 8/15/2029	42,951
705		7.500%, 8/15/2029	810
22,859		7.500%, 8/20/2029	26,249
4,813		7.500%, 9/15/2029	5,541
48,516		7.500%, 9/15/2029	55,618
27,756		7.500%, 10/15/2029	31,900
4,928		7.500%, 10/15/2029	5,709
3,312		7.500%, 10/15/2029	3,846
11,099		7.500%, 10/15/2029	12,523
6,966		7.500%, 12/15/2029	8,019
8,456		7.500%, 1/15/2030	9,727
15,023		7.500%, 3/20/2030	17,322
18,620		7.500%, 8/15/2030	21,400
34		7.500%, 10/15/2030	35
65,350		7.500%, 10/15/2030	72,968
13,384		7.500%, 10/15/2030	15,481
12,613		7.500%, 10/15/2030	14,701
9,639		7.500%, 11/20/2030	11,182
7,616		7.500%, 12/15/2030	8,882
7,598		7.500%, 1/15/2031	8,871
6,212		7.500%, 2/15/2031	7,245
23,230		7.500%, 4/20/2031	26,991
61,645		7.500%, 7/15/2031	71,466
1,671		7.500%, 9/15/2031	1,944
3,448		7.500%, 9/15/2031	3,539
16,788		7.500%, 10/15/2031	19,650
12,294		7.500%, 11/15/2031	14,414
13,024		7.500%, 12/15/2031	14,478
7,232		7.500%, 2/15/2032	8,498
10,372		7.500%, 3/15/2032	12,050
8,683		7.500%, 5/15/2032	10,180

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$1,887		8.000%, 11/15/2023	$2,006
58,459		8.000%, 11/15/2027	65,578
35,950		8.000%, 11/15/2027	40,615
9,828		8.000%, 5/15/2029	11,389
94,030		8.000%, 8/15/2029	108,725
71,912		8.000%, 11/15/2029	83,569
30,477		8.000%, 12/15/2029	35,442
656		8.000%, 12/15/2029	674
2,781		8.000%, 1/15/2030	3,230
14,049		8.000%, 1/15/2030	16,360
6,379		8.000%, 1/15/2030	7,360
124		8.000%, 2/15/2030	124
1,803		8.000%, 3/15/2030	1,901
12,501		8.000%, 4/15/2030	14,511
5,927		8.000%, 4/15/2030	6,848
436		8.000%, 4/15/2030	506
3,289		8.000%, 4/15/2030	3,811
6,780		8.000%, 4/15/2030	7,885
807		8.000%, 4/15/2030	937
2,093		8.000%, 5/15/2030	2,430
1,352		8.000%, 5/15/2030	1,566
8,464		8.000%, 5/15/2030	9,779
272		8.000%, 5/15/2030	311
4,882		8.000%, 5/15/2030	5,685
1,770		8.000%, 5/15/2030	2,025
8,489		8.000%, 6/15/2030	9,688
7,885		8.000%, 6/15/2030	9,118
9,272		8.000%, 6/15/2030	10,729
984		8.000%, 6/15/2030	1,142
1,392		8.000%, 6/15/2030	1,587
32,306		8.000%, 6/15/2030	37,545
66,651		8.000%, 6/15/2030	77,509
4,826		8.000%, 6/15/2030	5,572
2,581		8.000%, 7/15/2030	3,003
1,950		8.000%, 7/15/2030	2,092
46,091		8.000%, 7/15/2030	53,502
9,799		8.000%, 7/15/2030	11,388

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	MORTGAGE-BACKED SECURITIES—continued
		Government National Mortgage Association—continued
$5,589		8.000%, 7/15/2030	$6,482
18,879		8.000%, 8/15/2032	22,240
22,359		8.500%, 6/15/2030	26,056
		TOTAL	55,912,550
		Uniform Mortgage-Backed Securities, TBA—23.8%
31,500,000	²	3.000%, 2/1/2050	32,206,290
28,000,000	²	3.500%, 2/1/2050	28,901,253
		TOTAL	61,107,543
		TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $251,027,266)	254,341,936
		COLLATERALIZED MORTGAGE OBLIGATIONS—21.6%
		Federal Home Loan Mortgage Corporation—10.8%
5,315,695	^3,4	Federal Home Loan Mortgage Corp. REMIC, Series 3114, Class PF, 2.076% (1-month USLIBOR +0.400%), 2/15/2036	5,311,558
4,376,701	^3,4	Federal Home Loan Mortgage Corp. REMIC, Series 3910, Class FB, 2.176% (1-month USLIBOR +0.500%), 8/15/2041	4,403,930
18,080,272	^3,4	Federal Home Loan Mortgage Corp. REMIC, Series 4863, Class F, 2.126% (1-month USLIBOR +0.450%), 3/15/2049	18,104,527
		TOTAL	27,820,015
		Federal National Mortgage Association—3.2%
1,393,839	^3,4	Federal National Mortgage Association REMIC, Series 2007-84, Class FN, 2.160% (1-month USLIBOR +0.500%), 8/25/2037	1,400,554
6,740,579	^3,4	Federal National Mortgage Association REMIC, Series 2018-95, Class FB, 2.060% (1-month USLIBOR +0.400%), 1/25/2049	6,753,798
		TOTAL	8,154,352
		Government National Mortgage Association—7.6%
8,722,283	^3,4	Government National Mortgage Association REMIC, Series 2016-116, Class DF, 2.057% (1-month USLIBOR +0.400%), 9/20/2046	8,715,924
5,904,942	^3,4	Government National Mortgage Association REMIC, Series 2019-10, Class FC, 2.107% (1-month USLIBOR +0.450%), 1/20/2049	5,921,402
4,742,479	^3,4	Government National Mortgage Association REMIC, Series 2019-6, Class FJ, 2.057% (1-month USLIBOR +0.400%), 1/20/2049	4,744,916
		TOTAL	19,382,242
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $55,179,249)	55,356,609

Annual Shareholder Report

Principal Amount or Shares			Value
		INVESTMENT COMPANY—3.1%
7,998,382	⁴	Federated Government Obligations Fund, Premier Shares, 1.49%⁵ (IDENTIFIED COST $7,998,382)	$7,998,382
		TOTAL INVESTMENT IN SECURITIES—123.6% (IDENTIFIED COST $314,204,897)⁶	317,696,927
		OTHER ASSETS AND LIABILITIES - NET—(23.6)%⁷	(60,567,318)
		TOTAL NET ASSETS—100%	$257,129,609

At January 31, 2020, the Fund had the following outstanding futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Value and Unrealized Appreciation (Depreciation)
⁸United States Treasury Notes 5-Year Short Futures	75	$9,024,023	March 2020	$(105,524)
⁸United States Treasury Notes 10-Year Ultra Short Futures	50	$7,282,813	March 2020	$(196,366)
UNREALIZED DEPRECIATION ON FUTURES CONTRACTS				$(301,890)

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

Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended January 31, 2020, were as follows:

	Federated Government Obligations Fund, Premier Shares
Balance of Shares Held 1/31/2019	12,066,546
Purchases/Additions	108,053,373
Sales/Reductions	(112,121,537)
Balance of Shares Held 1/31/2020	7,998,382
Value	$7,998,382
Change in Unrealized Appreciation/Depreciation	N/A
Net Realized Gain/(Loss)	N/A
Dividend Income	$278,840

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	To Be Announced Securities (TBAs). All or a portion of these securities are subject to dollar-roll transactions.
3	Floating/variable note with current rate and current maturity or next reset date shown.
4	All or a portion of these securities are segregated pending settlement of dollar-roll transactions.

Annual Shareholder Report

5	7-day net yield.
6	The cost of investments for federal tax purposes amounts to $312,494,607.
7	Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities. A significant portion of this balance is the result of dollar-roll transactions as of January 31, 2020.
8	Non-income-producing security.

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2020.

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 January 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	$—	$254,341,936	$—	$254,341,936
Collateralized Mortgage Obligations	—	55,356,609	—	55,356,609
Investment Company	7,998,382	—	—	7,998,382
TOTAL SECURITIES	$7,998,382	$309,698,545	$—	$317,696,927
Other Financial Instruments¹
Assets	$—	$—	$—	$—
Liabilities	(301,890)	—	—	(301,890)
TOTAL OTHER FINANCIAL INSTRUMENTS	$(301,890)	$—	$—	$(301,890)

1	Other financial instruments are futures contracts.

The following acronyms are used throughout this portfolio:

LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended January 31	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$9.97	$9.97	$10.13	$10.34	$10.44
Income From Investment Operations:
Net investment income¹	0.21	0.24	0.21	0.17	0.17
Net realized and unrealized gain (loss)	0.35	(0.00)²	(0.13)	(0.17)	(0.03)
TOTAL FROM INVESTMENT OPERATIONS	0.56	0.24	0.08	0.00	0.14
Less Distributions:
Distributions from net investment income	(0.22)	(0.24)	(0.24)	(0.21)	(0.24)
Net Asset Value, End of Period	$10.31	$9.97	$9.97	$10.13	$10.34
Total Return³	5.69%	2.51%	0.78%	0.02%	1.36%
Ratios to Average Net Assets:
Net expenses	0.63%	0.63%	0.63%	0.62%	0.62%
Net investment income	2.09%	2.46%	2.07%	1.64%	1.67%
Expense waiver/reimbursement⁴	0.12%	0.12%	0.08%	0.08%	0.07%
Supplemental Data:
Net assets, end of period (000 omitted)	$240,047	$267,582	$356,449	$417,820	$452,756
Portfolio turnover	302%	56%	201%	264%	307%
Portfolio turnover (excluding purchases and sales from dollar-roll transactions)	49%	33%	29%	17%	18%

1	Per share numbers have been calculated using the average shares method.
2	Represents less than $0.01.
3	Based on net asset value.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended January 31	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$9.97	$9.97	$10.13	$10.34	$10.44
Income From Investment Operations:
Net investment income¹	0.19	0.22	0.19	0.15	0.15
Net realized and unrealized gain (loss)	0.35	(0.00)²	(0.13)	(0.17)	(0.03)
TOTAL FROM INVESTMENT OPERATIONS	0.54	0.22	0.06	(0.02)	0.12
Less Distributions:
Distributions from net investment income	(0.20)	(0.22)	(0.22)	(0.19)	(0.22)
Net Asset Value, End of Period	$10.31	$9.97	$9.97	$10.13	$10.34
Total Return³	5.48%	2.31%	0.58%	(0.18)%	1.16%
Ratios to Average Net Assets:
Net expenses	0.83%	0.83%	0.83%	0.82%	0.82%
Net investment income	1.91%	2.26%	1.87%	1.44%	1.47%
Expense waiver/reimbursement⁴	0.09%	0.09%	0.06%	0.04%	0.03%
Supplemental Data:
Net assets, end of period (000 omitted)	$17,083	$23,873	$28,203	$34,800	$58,206
Portfolio turnover	302%	56%	201%	264%	307%
Portfolio turnover (excluding purchases and sales from dollar-roll transactions)	49%	33%	29%	17%	18%

1	Per share numbers have been calculated using the average shares method.
2	Represents less than $0.01.
3	Based on net asset value.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

January 31, 2020

Assets:
Investment in securities, at value including $7,998,382 of investment in an affiliated holding* (identified cost $314,204,897)		$317,696,927
Due from broker (Note 2)		142,500
Income receivable		677,529
Income receivable from affiliated holding*		9,555
Receivable for shares sold		118,114
TOTAL ASSETS		318,644,625
Liabilities:
Payable for investments purchased	$60,883,259
Payable for shares redeemed	331,266
Payable for variation margin on futures contracts	43,516
Income distribution payable	56,880
Payable for investment adviser fee (Note 5)	4,612
Payable for administrative fees (Note 5)	552
Payable for other service fees (Notes 2 and 5)	35,735
Accrued expenses (Note 5)	159,196
TOTAL LIABILITIES		61,515,016
Net assets for 24,951,125 shares outstanding		$257,129,609
Net Assets Consist of:
Paid-in capital		$265,076,552
Total distributable earnings (loss)		(7,946,943)
TOTAL NET ASSETS		$257,129,609
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
Net asset value per share ($240,046,892 ÷ 23,293,548 shares outstanding), no par value, unlimited shares authorized		$10.31
Service Shares:
Net asset value per share ($17,082,717 ÷ 1,657,577 shares outstanding), no par value, unlimited shares authorized		$10.31

*	See information listed after the Fund's Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended January 31, 2020

Investment Income:
Interest			$7,336,281
Dividends received from an affiliated holding*			278,840
TOTAL INCOME			7,615,121
Expenses:
Investment adviser fee (Note 5)		$1,118,052
Administrative fee (Note 5)		225,290
Custodian fees		40,110
Transfer agent fee		202,223
Directors'/Trustees' fees (Note 5)		8,850
Auditing fees		30,200
Legal fees		9,718
Portfolio accounting fees		155,946
Other service fees (Notes 2 and 5)		253,426
Share registration costs		43,317
Printing and postage		27,336
Miscellaneous (Note 5)		29,863
TOTAL EXPENSES		2,144,331
Waiver and Reimbursements:
Waiver/reimbursement of investment adviser fee (Note 5)	$(120,931)
Reimbursement of other operating expenses (Notes 2 and 5)	(211,225)
TOTAL WAIVER AND REIMBURSEMENTS		(332,156)
Net expenses			1,812,175
Net investment income			5,802,946
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized gain on investments			2,191,286
Net realized loss on futures contracts			(763,882)
Net change in unrealized depreciation of investments			8,272,351
Net change in unrealized depreciation of futures contracts			(28,191)
Net realized and unrealized gain on investments and futures contracts			9,671,564
Change in net assets resulting from operations			$15,474,510

*	See information listed after the Fund's Portfolio of Investments.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended January 31	2020	2019
Increase (Decrease) in Net Assets
Operations:
Net investment income	$5,802,946	$7,760,949
Net realized gain (loss)	1,427,404	(102,060)
Net change in unrealized appreciation/depreciation	8,244,160	(999,841)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	15,474,510	6,659,048
Distributions to Shareholders:
Institutional Shares	(5,672,501)	(7,282,256)
Service Shares	(425,930)	(593,167)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(6,098,431)	(7,875,423)
Share Transactions:
Proceeds from sale of shares	27,786,909	39,032,768
Net asset value of shares issued to shareholders in payment of distributions declared	5,135,411	6,599,606
Cost of shares redeemed	(76,624,291)	(137,612,148)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(43,701,971)	(91,979,774)
Change in net assets	(34,325,892)	(93,196,149)
Net Assets:
Beginning of period	291,455,501	384,651,650
End of period	$257,129,609	$291,455,501

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

January 31, 2020

1. ORGANIZATION

Federated Government Income Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. The Trust consists of one portfolio of the same name (the “Fund”). The Fund offers two classes of shares: Institutional Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is current income.

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 U.S. generally accepted accounting principles (GAAP).

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.

Annual Shareholder Report

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.

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.

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

Annual Shareholder Report

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Amortization/accretion of premium and discount is included in investment income. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver and reimbursements of $332,156 is disclosed in various locations in this Note 2 and Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Service Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the year ended January 31, 2020, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed
Institutional Shares	$200,963	$(200,963)
Service Shares	52,463	(10,262)
TOTAL	$253,426	$(211,225)

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the “Code”) and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended January 31, 2020, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2020, tax years 2017 through 2020 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

The Fund may transact in To Be Announced Securities (TBAs). As with other delayed-delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Fund records TBAs on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Fund.

Futures Contracts

The Fund purchases and sells financial futures contracts to manage duration and yield curve risks. Upon entering into a financial futures contract with a broker, the Fund is required to deposit with a broker, either U.S. government securities or a specified amount of cash, which is shown as due from broker in the Statement of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. There is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default.

Futures contracts outstanding at period end are listed after the Fund's Portfolio of Investments.

The average notional value of short futures contracts held by the Fund throughout the period was $19,179,910. This is based on amounts held as of each month-end throughout the fiscal period.

Dollar-Roll Transactions

The Fund engages in dollar-roll transactions in which the Fund sells mortgage-backed securities with a commitment to buy similar (same type, coupon and maturity), but not identical mortgage-backed securities on a future date. Both securities involved are TBA mortgage-backed securities. The Fund treats dollar-roll transactions as purchases and sales. Dollar-rolls are subject to interest rate risks and credit risks.

Option Contracts

The Fund buys or sells put and call options to manage duration risk and yield curve risk. The seller (“writer”) of an option receives a payment or premium, from the buyer, which the writer keeps regardless of whether the buyer exercises the option. When the Fund writes a put or call option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from

Annual Shareholder Report

writing options which expire are treated as realized gains. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the underlying reference instrument. When the Fund purchases a put or call option, an amount equal to the premium paid is recorded as an increase to the cost of the investment and subsequently marked to market to reflect the current value of the option purchased. Premiums paid for purchasing options which expire are treated as realized losses. Premiums received/paid for writing/purchasing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying reference instrument to determine the realized gain or loss. The risk associated with purchasing put and call options is limited to the premium paid. Options can trade on securities or commodities exchanges. In this case, the exchange sets all the terms of the contract except for the price. Most exchanges require investors to maintain margin accounts through their brokers to cover their potential obligations to the exchange. This protects investors against potential defaults by the counterparty.

At January 31, 2020, the Fund had no outstanding written option contracts.

Additional Disclosure Related to Derivative Instruments

	Liability
	Statement of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments under ASC Topic 815
Interest rate contracts	Payable for variation margin on futures contracts	$301,890*

*	Includes cumulative depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended January 31, 2020

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Futures Contracts
Interest rate contracts	$(763,882)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Futures Contracts
Interest rate contracts	$(28,191)

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated. The Fund applies investment company accounting and reporting guidance.

Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended January 31	2020		2019
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	2,514,412	$25,418,200	3,735,848	$36,874,042
Shares issued to shareholders in payment of distributions declared	466,203	4,728,119	615,291	6,062,942
Shares redeemed	(6,537,311)	(66,343,302)	(13,255,906)	(130,654,083)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(3,556,696)	$(36,196,983)	(8,904,767)	$(87,717,099)

Year Ended January 31	2020		2019
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	234,500	$2,368,709	219,526	$2,158,726
Shares issued to shareholders in payment of distributions declared	40,183	407,292	54,481	536,664
Shares redeemed	(1,012,444)	(10,280,989)	(707,460)	(6,958,065)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(737,761)	$(7,504,988)	(433,453)	$(4,262,675)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(4,294,457)	$(43,701,971)	(9,338,220)	$(91,979,774)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended January 31, 2020 and 2019, was as follows:

	2020	2019
Ordinary income	$6,098,431	$7,875,423

As of January 31, 2020, the components of distributable earnings on a tax-basis were as follows:

Undistributed ordinary income	$49,832
Net unrealized appreciation	$5,202,320
Capital loss carryforwards	$(13,199,095)

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to differing treatments for dollar-roll transactions and mark-to-market of futures contracts.

At January 31, 2020, the cost of investments for federal tax purposes was $312,494,607. The net unrealized appreciation of investments for federal tax purposes was $5,202,320. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $6,486,493 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,284,173.

Annual Shareholder Report

As of January 31, 2020, the Fund had a capital loss carryforward of $13,199,095 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

Short-Term	Long-Term	Total
$10,950,530	$2,248,565	$13,199,095

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the year ended January 31, 2020, the Adviser voluntarily waived $111,251 of its fee. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the year ended January 31, 2020, the Adviser reimbursed $9,680.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended January 31, 2020, the annualized fee paid to FAS was 0.081% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Service Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.05% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to

Annual Shareholder Report

waive any portion of its fee. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended January 31, 2020, the Fund's Service Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Other Service Fees

For the year ended January 31, 2020, FSSC received $20,194 and reimbursed $211,225 of the other service fees disclosed in Note 2.

Expense Limitation

The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.63% and 0.83% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) April 1, 2021; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Directors'/Trustees' and Miscellaneous Fees

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended January 31, 2020, were as follows:

Purchases	$50,220,689
Sales	$23,413,783

7. LINE OF CREDIT

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement. The LOC was made available to finance temporarily the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to the highest, on any day, of (a) (i) the federal funds effective rate, (ii) the one month London Interbank Offered Rate (LIBOR), and (iii) 0.0%, plus (b) a margin. The LOC also

Annual Shareholder Report

requires the Fund to pay, quarterly in arrears and at maturity, its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized. As of January 31, 2020, the Fund had no outstanding loans. During the year ended January 31, 2020, the Fund did not utilize the LOC.

8. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2020, there were no outstanding loans. During the year ended January 31, 2020, the program was not utilized.

9. SUBSEQUENT EVENTS

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. As of the date of the issuance of these financial statements, this coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains, workflow operations and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short term or may last for an extended period of time and result in a substantial economic downturn. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including Fund service providers) and the market in general in significant and unforeseen ways. Any such impact could adversely affect the Fund's performance.

Effective on or about June 29, 2020, the name of the Trust and Fund will change to Federated Hermes Government Income Trust and Federated Hermes Government Income Fund, respectively.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FEDERATED GOVERNMENT INCOME TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Federated Government Income Trust (the “Fund”), including the portfolio of investments, as of January 31, 2020, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at January 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Annual Shareholder Report

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts
March 23, 2020

Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2019 to January 31, 2020.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Annual Shareholder Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 8/1/2019	Ending Account Value 1/31/2020	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,023.40	$3.21
Service Shares	$1,000	$1,021.30	$4.28
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,022.03	$3.21
Service Shares	$1,000	$1,020.97	$4.28

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.63%
Service Shares	0.84%

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2019, the Trust comprised one portfolio(s), and the Federated Hermes Fund Family consisted of 41 investment companies (comprising 135 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested TRUSTEES Background

Name
Birth Date
Positions Held with Fund
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: August 2000

Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company.

Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.

Annual Shareholder Report

Name
Birth Date
Positions Held with Fund
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)

John B. Fisher*
Birth Date: May 16, 1956
Trustee
Indefinite Term
Began serving: May 2016

Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company.

Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company.

*	Reasons for “interested” status: J. Christopher Donahue and John B. Fisher are interested due to their beneficial ownership of shares of Federated Hermes, Inc. and due to positions they hold with Federated Hermes, Inc. and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name
Birth Date
Positions Held with Fund
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: October 2013

Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace).

Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital).

Annual Shareholder Report

Name Birth Date Positions Held with Fund Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court's Board of Continuing Judicial Education and the Supreme Court's Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Fund Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013	Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Fund
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Indefinite Term
Began serving: June 1999

Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.

Other Directorships Held: None.

Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors).

OFFICERS

Name
Birth Date
Positions Held with Fund
Date Service Began

Principal Occupation(s) for Past Five Years
and Previous Position(s)

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.

Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Fund Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Officer since: May 2004	Principal Occupations: Robert J. Ostrowski joined Federated Hermes in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes' taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Adviser in 2009 and served as a Senior Vice President of the Fund's Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2019

Federated Government Income Trust (the “Fund”)

At its meetings in May 2019, the Fund's Board of Trustees (the “Board”), including a majority of those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the Fund's investment advisory contract for an additional one-year term. The Board's decision regarding the contract reflects the exercise of its business judgment after considering all of the information received on whether to continue the existing arrangements.

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the CCO) furnished to the Board in advance of its May 2019 meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the “CCO Fee Evaluation Report”), along with other information, in evaluating the reasonableness of the Fund's management fee and in deciding to approve the continuation of the investment advisory contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as “Senior Officer,” prior to the elimination of the Senior Officer position in December 2017.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in making its decision. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the fund, its benchmark, and comparable funds); (2) an adviser's cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been shared with a fund and its shareholders or the family of funds; (4) any “fall-out” financial benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the

Annual Shareholder Report

adviser for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser's services and fees). The Board noted that the Securities and Exchange Commission (SEC) disclosure requirements regarding the basis for the Board's approval of the Fund's investment advisory contract generally align with the factors listed above. The Board was aware of these factors and was guided by them in its review of the Fund's investment advisory contract to the extent it considered them to be appropriate and relevant, as discussed further below.

The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Investment Management Company (the “Adviser”) and its affiliates (collectively, “Federated”) on matters relating to the funds advised by Federated (each, a “Federated Fund”). The Independent Trustees were assisted in their deliberations by independent legal counsel.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board received detailed information about the Fund and the Federated organization throughout the year, and in connection with its May meetings at which the Board's formal approval of the advisory and subadvisory contracts occurred. In this regard, Federated provided much of this information at each regular meeting of the Board, and furnished additional information specifically in connection with the May meetings. In the months preceding the May meetings, the Board requested and reviewed written materials prepared by Federated in response to requests on behalf of the Independent Trustees encompassing a wide variety of topics. At the May meetings, in addition to meeting in separate sessions of the Independent Trustees without management present, senior management of the Adviser also met with the Independent Trustees and their counsel to discuss the materials presented and such additional matters as the Independent Trustees deemed reasonably necessary to evaluate the advisory and subadvisory contracts. Between regularly scheduled meetings, the Board also received information on particular matters as the need arose.

The Board's consideration of the investment advisory contract included review of the CCO Fee Evaluation Report, accompanying data and additional information covering the following matters, among others: the Adviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in terms relative to its particular investment program and certain competitor or “peer group” funds and/or other benchmarks, as appropriate) and comments on the reasons for performance; the Fund's investment objectives; the Fund's expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to similar and/or competing funds), with due

Annual Shareholder Report

regard for contractual or voluntary expense limitations; the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated Funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are generally available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board has found the use of such comparisons to be relevant to its deliberations. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated using data supplied by independent fund ranking organizations (the “Peer Group”). The Board received a description of the composition and methodology used to select the Peer Group. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because it is believed that they are more relevant. For example, other mutual funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles. Also, they are the type of investment vehicle, in fact, chosen and maintained by the Fund's investors. The range of their fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the relevant Peer Group and the Board was satisfied that the overall expense structure of the Fund remained competitive.

Annual Shareholder Report

For comparison, the CCO reviewed the fees charged by Federated for providing advisory services to products other than the Federated Funds (e.g., institutional separate accounts and third-party unaffiliated mutual funds for which Federated serves as sub-adviser) (referenced to as “Comparable Funds/Accounts”). With respect to Comparable Funds/Accounts other than third-party mutual funds, the CCO concluded that they are inherently different products. Those differences include, but are not limited to, different types of targeted investors; different applicable laws and regulations; different legal structures; different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; and the time spent by portfolio managers and their teams, as well as personnel in the Funds Financial Services, Legal, Compliance and Risk Management departments, in reviewing securities pricing, addressing different administrative responsibilities, addressing different degrees of risk associated with management and a variety of different costs. The CCO also reviewed the differences in the nature of the services required for Federated to manage its proprietary mutual fund business versus managing a discrete pool of assets as a sub-adviser to another institution's mutual fund, and that Federated generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Funds than in its role as sub-adviser to an unaffiliated third-party mutual fund. The CCO did not consider the fees for providing advisory services to Comparable Funds/Accounts to be determinative in judging the appropriateness of the Federated Funds' advisory fees.

Following such evaluation, and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the Adviser's personnel, experience, track record, financial resources, overall reputation and willingness to invest in personnel and infrastructure that benefit the Fund. In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the Adviser's ability and experience in attracting and retaining qualified personnel to service the Fund. The Board noted the investment research and company engagement capabilities of the Adviser and its affiliates. The Board also noted the compliance program of the Adviser and the compliance-related resources provided to the Fund by the Adviser, including the Adviser's commitment to respond to rulemaking initiatives of the SEC. The Fund's ability to deliver competitive performance when compared to its Peer Group was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund's investment

Annual Shareholder Report

program. The Adviser's ability to execute this program was one of the Board's considerations in reaching a conclusion that the nature, extent and quality of the Adviser's investment management services warrant the continuation of the investment advisory contract.

In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks, as disclosed in the Fund's prospectus. The Board considered detailed investment reports on the Fund's performance that were provided to the Board throughout the year and in connection with the May meetings. The CCO also reviewed information regarding the performance of other mutual funds in the Peer Group, noting the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Peer Group.

For the periods covered by the CCO Fee Evaluation Report, the Fund's performance for the one-year period was above the median of the relevant Peer Group, and the Fund's performance fell below the median of the relevant Peer Group for the three-year and five-year periods. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

The Board also received financial information about Federated, including information regarding the compensation and ancillary (or “fall-out”) benefits Federated derived from its relationships with the Federated Funds. This information covered not only the fees under the investment advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated Funds under separate contracts (e.g., for serving as the Federated funds' administrator and distributor). In this regard, the Board considered that certain Federated subsidiaries provide distribution and shareholder services to the Federated Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The information also detailed any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated Fund trades. In addition, the Board considered the fact that, in order for a Federated Fund to be competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Fund investors and/or indicated to the Board their intention to do so in the future. Moreover, the Board receives regular reporting as to the institution, adjustment or

Annual Shareholder Report

elimination of these voluntary waivers. The Board considered Federated's previous reductions in contractual management fees to certain Federated Funds in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report.

Federated furnished information, requested by the CCO, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the CCO. The CCO noted that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable, since a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Fund and may produce unintended consequences. The allocation information, including the CCO's view that fund-by-fund estimations may be unreliable, was considered in the evaluation by the Board.

The Board and the CCO also reviewed information compiled by Federated comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. In this regard, the CCO concluded that Federated's profit margins did not appear to be excessive. The CCO also noted that Federated appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Fund.

The CCO Fee Evaluation Report also discussed the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated has made significant and long-term investments in areas that support all of the Federated Funds, such as personnel and processes for the portfolio management, shareholder services, compliance, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and that the benefits of these investments (as well as any economies of scale, should they exist) were likely to be shared with the Federated Fund family as a whole. The Board noted that Federated's investments in these areas are extensive. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses and that this has allowed potential economies of scale to be shared with shareholders. The Board also considered that such waivers and reimbursements can provide protection from an increase in expenses if a Federated Fund's assets decline. Federated, as it does throughout the year, and specifically in connection with the Board's review of the advisory and subadvisory contracts, furnished information relative to revenue sharing or adviser-paid fees. Federated and the CCO noted that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to determine the

Annual Shareholder Report

appropriateness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which (as discussed in the CCO Fee Evaluation Report) is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as a fund attains a certain size.

The CCO stated that his observations and the information accompanying the CCO Fee Evaluation Report supported a finding by the Board that the management fee for the Fund was reasonable. Under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Fund's investment advisory contract. The CCO also recognized that the Board's evaluation of the Federated Funds' advisory and subadvisory arrangements is a continuing and on-going process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its on-going oversight of the Federated Funds.

In its decision to continue an existing investment advisory contract, the Board was mindful of the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an investment advisory contract. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of the Adviser's industry standing and reputation and with the expectation that the Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board's approval of the investment advisory contract reflected the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund. The Board concluded that, in light of the factors summarized above, including the nature, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the investment advisory contract was appropriate.

The Board based its decision to approve the investment advisory contract on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above were necessarily relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were relevant, the Board's decision to approve the continuation of the contract reflects its view that Federated's performance and actions provided a satisfactory basis to support the decision to continue the existing arrangement.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at www.FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Quarterly Portfolio Schedule

Each fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on “Form N-PORT.” The Fund's holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at www.sec.gov within 60 days of the end of the fiscal quarter upon filing. You may also access this information via the link to the Fund and share class name at www.FederatedInvestors.com.

Annual Shareholder Report

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

Federated Government Income Trust

Federated Hermes Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000

Federated Securities Corp., Distributor

CUSIP 314199100
CUSIP 314199209

30081 (3/20)

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.

(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

The registrant’s management and Audit Committee continue to believe that the registrant’s registered public accounting firm, Ernst & Young LLP (“EY”), has the ability to exercise objective and impartial judgment on all issues encompassed within their audit services. EY is required to make a determination that it satisfies certain independence requirements under the federal securities laws. Like other registrants, there is a risk that activities or relationships of EY, or its partners or employees, can prevent a determination from being made that it satisfies such independence requirements with respect to the registrant, which could render it ineligible to serve as the registrant’s independent public accountant.

In its required communications to the Audit Committee of the registrant’s Board, EY informed the Audit Committee that EY and/or covered person professionals within EY maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Hermes, Inc., the Adviser (for which EY serves as independent public accountant), and their respective affiliates (collectively, the “Federated Hermes Fund Complex”).

EY informed the Audit Committee that EY believes that these lending relationships described above do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with financial statement audits of their respective funds of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audits.

On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY and the registrant. On September 22, 2017, the SEC extended the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter. On June 18, 2019, the SEC adopted amendments (effective October 3, 2019) to the Loan Rule, which, refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.

If it were to be determined that, with respect to the Loan Rule, the relief available under the Letter was improperly relied upon, or that the independence requirements under the federal securities laws were not complied with regarding the registrant, for certain periods, and/or given the implication of the Investment Rule for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may be determined not to be consistent with or comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the Federated Hermes Fund Complex.

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.

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-CSR.

(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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.

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.

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.

Management's Discussion of Fund Performance	1
Portfolio of Investments Summary Tables	5
Portfolio of Investments	6
Financial Highlights	19
Statement of Assets and Liabilities	21
Statement of Operations	22
Statement of Changes in Net Assets	23
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	33
Shareholder Expense Example	35
Board of Trustees and Trust Officers	37
Evaluation and Approval of Advisory Contract–May 2019	43
Voting Proxies on Fund Portfolio Securities	50
Quarterly Portfolio Schedule	50