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Floating Rate Strategic Income Fund (A1 Shares)

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Prospectus

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.......................................................................................................................... What are the Fund’s Investment Strategies?.....................................................................................................
18
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.............................................................................................................................. 32 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 .............................................................................................................................. 44

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 ............................................................................................................................................ None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

A1

Management Fee ....................................................................................................................................... 0.60%

1

Distribution (12b-1) Fee ................................................................................................................................ 0.00% Other Expenses ......................................................................................................................................... 0.52% Acquired Fund Fees and Expenses ...................................................................................................................... 0.05% Total Annual Fund Operating Expenses.................................................................................................................. 1.17% Fee Waivers and/or Expense Reimbursements2.......................................................................................................... (0.19)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements ............................................................ 0.98%

1 The Fund has adopted a Distribution (12b-1) Plan for its Class A1 Shares pursuant to which the A1 class of the Fund may incur and pay a Distribution (12b-1) Fee of up to a maximum of 0.05%. No such fee is currently incurred and paid by the A1 class of the Fund. The A1 class of the Fund will not incur and pay such a Distribution (12b-1) Fee until such time as approved by the Fund’s Board of Trustees (the “Trustees”).
2 The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s A1 class (after the voluntary waivers and/or reimbursements) will not exceed 0.93% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) June 1, 2022; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its 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.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

1

The Example assumes that you invest $10,000 for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses (excluding any sales loads on reinvested dividends, fee waivers and/or expense reimbursements) are as shown in the table above and remain the same. The expenses used to calculate the Fund’s examples do not include fee waivers or expense reimbursements. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

  • 1 Year
  • $ 317

$ 564 $ 831 $1,592
3 Years 5 Years 10 Years

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.

RISK/RETURN SUMMARY: INVESTMENTS, RISKS AND PERFORMANCE

What are the Fund’s Main Investment Strategies?

The Fund pursues its investment objective by allocating its portfolio of investments among the following three categories of the fixed-income market: domestic investment-grade; domestic noninvestment-grade (also known as “junk bonds”); and foreign (in both emerging and developed markets). The Fund’s investment adviser, Federated Investment Management Company (“Adviser”) will determine whether a security is investment-grade based upon the credit ratings given by one or more nationally recognized statistical rating organizations (NRSROs). If a security has not received a rating, the Fund must rely entirely upon the Adviser’s credit assessment that the security is comparable to investment- grade. While the Fund’s portfolio usually includes investments from all three categories, the Fund limits the amount that it may invest in a single category to 75% of its assets. From time to time, the Fund may receive equity securities in connection with the restructuring of defaulted corporate bonds, in general, and high-yield bonds, in particular.
Under normal market conditions the Fund will endeavor to maintain an average effective portfolio duration within a range of negative two (-2) to positive three (+3) years, in order to manage Share price volatility due to interest rate risk. The Fund does not limit the effective duration with respect to its investment in any individual holding. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Duration may be based on maturity date, call date or interest rate reset date.
The Fund expects that it will primarily hold fixed-income investments that pay interest at rates that increase or decrease in response to changes in market interest rates (so-called “floating-rate investments”). The Fund may also invest in fixed- income investments that pay interest at a fixed rate (so-called “fixed-rate investments”) that the Adviser believes have low interest rate sensitivity.
The Fund will invest in adjustable-rate mortgages and floating-rate collateralized mortgage obligations in the domestic investment-grade category, loans made to noninvestment-grade borrowers (i.e., leveraged loans) in the noninvestment- grade category, and loan instruments (including trade finance) and debt securities in the foreign category. Within each category, the Fund may also invest in fixed- and floating-rate debt securities (including callable securities), as well as bank loans, that the Adviser believes will have relatively low sensitivity to changes in interest rates.
The selection of individual portfolio securities involves an approach that is specific to each category of fixed-income investment and that relates, in part, to the risks inherent in the underlying sectors represented in each category. The investment process is designed to capture the depth of experience and focus of the Adviser’s fixed-income sector teams – mortgage-backed, investment-grade corporate, high-yield corporate and international (both emerging and developed markets).

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