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Floating Rate Strategic Income Fund (A1 Shares)

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Floating Rate Strategic Income Fund (A1 Shares) P rospectus May 31, 2021 Share Class | Ticker A1 | FFRFX Federated Hermes Floating Rate Strategic Income Fund (formerly, Federated Floating Rate Strategic Income Fund) A Portfolio of Federated Hermes Income Securities Trust (formerly, Federated Income Securities Trust) A mutual fund seeking to provide total return consistent with current income and low interest rate volatility by investing primarily in a strategic mix of floating-rate fixed-income investments: domestic investment-grade, domestic noninvestment-grade and foreign fixed-income. As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee FEDERATED HERMES FLOATING RATE STRATEGIC INCOME FUND A Portfolio of Federated Hermes Income Securities Trust CLASS A SHARES (TICKER FRSAX) CLASS C SHARES (TICKER FRICX) INSTITUTIONAL SHARES (TICKER FFRSX) CLASS R6 SHARES (TICKER FFRLX) CLASS A1 SHARES (TICKER FFRFX) SUPPLEMENT TO SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED MAY 31, 2021 On August 13, 2021, the Board of Trustees of Federated Hermes Income Securities Trust, on behalf of Federated Hermes Floating Rate Strategic Income Fund (the “Fund”), approved the conversion of the Fund’s existing Class C Shares to the Fund’s Class A Shares on a tax-free basis and without any fee, load or charge to Class C shareholders. The conversion is expected to become effective on or about the close of business on November 19, 2021. Accordingly, all references to Class C Shares are removed from the Fund’s Summary Prospectuses, Prospectuses and Statements of Additional Information as of the close of business on November 19, 2021. In preparation for the conversion, effective September 17, 2021, the Fund’s Class C were closed to new investors, new purchases (including systematic purchases) by existing shareholders and intra-fund and inter-fund exchanges into Class C Shares. The Fund also offers Class A Shares, Institutional Shares, Class R6 Shares and Class A1 Shares to which no changes are proposed at this time. As noted, the changes are proposed to occur on or about the close of business on November 19, 2021. When business opens on November 22, 2021, the conversion will have occurred. There is no action required by shareholders to effect the conversion and there will be no disruption to accounts as a result of the conversion. Existing Class C shareholders may continue to redeem the Fund’s Class C Shares and to exchange the Fund’s Class C Shares into other Federated Hermes Funds in accordance with the Fund’s Prospectus. In particular, the following transactions may also continue in accordance with certain requirements as described in the Fund’s Prospectus: ■ intra-fund conversions of Class C Shares to another share class of the Fund; ■ inter-fund exchanges out of Class C Shares into Class C Shares of another Federated Hermes fund; and ■ the automatic conversion of Class C Shares into Class A Shares pursuant to the Class C Shares’ automatic conversion feature. Current Class C shareholders should refer to their Fund prospectus which contains Class A Shares for important information regarding fees, expenses and other Class A specific disclosure. September 17, 2021 Federated Hermes Floating Rate Strategic Income Fund Federated Hermes Funds 4000 Ericsson Drive Warrendale, PA 15086-7561 Contact us at FederatedInvestors.com or call 1-800-341-7400. Federated Securities Corp., Distributor Q455508 (9/21) © 2021 Federated Hermes, Inc. FEDERATED HERMES FLOATING RATE STRATEGIC INCOME FUND A Portfolio of Federated Hermes Income Securities Trust CLASS A SHARES (TICKER FRSAX) CLASS C SHARES (TICKER FRICX) INSTITUTIONAL SHARES (TICKER FFRSX) CLASS R6 SHARES (TICKER FFRLX) CLASS A1 SHARES (TICKER FFRFX) SUPPLEMENT TO SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED MAY 31, 2021 Effective at the close of business on September 17, 2021, the Class C Shares of Federated Hermes Floating Rate Strategic Income Fund (the “Fund”) will be closed to new investors, new purchases (including systematic purchases) by existing shareholders and intra-fund and inter-fund exchanges into Class C Shares. Existing Class C shareholders may continue to redeem the Fund’s Class C Shares and to exchange the Fund’s Class C Shares into other Federated Hermes Funds in accordance with the Fund’s Prospectus. In particular, the following transactions may also continue in accordance with certain requirements as described in the Fund’s Prospectus: ■ intra-fund conversions of Class C Shares to another share class of the Fund; ■ inter-fund exchanges out of Class C Shares into Class C Shares of another Federated Hermes fund; and ■ the automatic conversion of Class C Shares into Class A Shares pursuant to the Class C Shares’ automatic conversion feature. If your shares are held through a financial intermediary, certain purchase restrictions imposed by your financial intermediary may apply. Please contact your financial intermediary for additional information. August 16, 2021 Federated Hermes Floating Rate Strategic Income Fund Federated Hermes Funds 4000 Ericsson Drive Warrendale, PA 15086-7561 Contact us at FederatedInvestors.com or call 1-800-341-7400. Federated Securities Corp., Distributor Q455506 (8/21) © 2021 Federated Hermes, Inc. CONTENTS Fund Summary Information.......................................................................................................................... 1 What are the Fund’s Investment Strategies? ..................................................................................................... 8 What are the Fund’s Principal Investments?...................................................................................................... 10 What are the Specific Risks of Investing in the Fund?.......................................................................................... 18 What Do Shares Cost?................................................................................................................................ 26 How is the Fund Sold?................................................................................................................................ 30 Payments to Financial Intermediaries.............................................................................................................. 31 How to Purchase Shares.............................................................................................................................. 3 2 How to Redeem and Exchange Shares............................................................................................................ 34 Security and Privacy Protection..................................................................................................................... 37 Account and Share Information..................................................................................................................... 37 Who Manages the Fund? ............................................................................................................................ 40 Financial Information.................................................................................................................................. 41 Appendix A: Hypothetical Investment and Expense Information ............................................................................ 43 Appendix B: Sales Charge Waivers and Exchange Features for Shareholders Purchasing Through Certain Financial Intermediaries .............................................................................................................................. 4 4 Fund Summary Information Federated Hermes Floating Rate Strategic Income Fund (the “Fund”) RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE The Fund’s investment objective is to provide total return consistent with current income and low interest rate volatility. RISK/RETURN SUMMARY: FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy, hold and sell the Fund’s Class A1 Shares (A1). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for certain sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in certain classes of Federated Hermes funds. More information about these and other discounts is available from your financial professional, in the “What Do Shares Cost?” section of the Prospectus on page 26 and in “Appendix B” to this Prospectus. Shareholder Fees (fees paid directly from your investment) A1 Maximum Sales Charge ( Load ) Imposed on Purchases ( as a percentage of offering price ) ................................................................. 2.00% Maximum Deferred Sales Charge ( Load ) ( as a percentage of original purchase price or redemption proceeds, as applicable ) ....... ...................... None Maximum Sales Charge ( Load ) Imposed on Reinvested Dividends ( and other Distributions ) ( as a percentage of offering price )...... ...................... None Redemption Fee ( as a percentage of amount redeemed, if applicable ). ................................................................................... None Exchange Fee ..............................................................................................................................
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