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Floating Rate Strategic Income Fund (Formerly, Federated Floating Rate Strategic Income Fund)

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Floating Rate Strategic Income Fund (Formerly, Federated Floating Rate Strategic Income Fund) Statem ent of Additional Information 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) This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Floating Rate Strategic Income Fund (the “Fund”), dated October 23, 2020. This SAI incorporates by reference the Fund’s Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400. Contents 1 How is the Fund Organized? 1 Securities in Which the Fund Invests 13 Investment Risks 17 Investment Objective (and Policies) and Investment Limitations 19 What Do Shares Cost? 21 How is the Fund Sold? 24 Purchases In-Kind 24 Redemption In-Kind 25 Massachusetts Partnership Law 25 Account and Share Information 26 Tax Information 26 Who Manages and Provides Services to the Fund? 43 Financial Information 43 Investment Ratings 49 Addresses 50 Appendix 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 Q455124 (5/21) © 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 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. How is the Fund Organized? The Fund is a diversified portfolio of Federated Hermes Income Securities Trust (the “Trust”). The Trust is an open-end, management investment company that was established under the laws of the Commonwealth of Massachusetts on January 24, 1986. The Trust may offer separate series of shares representing interests in separate portfolios of securities. Effective June 26, 2020, the Trust changed its name from Federated Income Securities Trust to Federated Hermes Income Securities Trust and the Fund changed its name from Federated Floating Rate Strategic Income Fund to Federated Hermes Floating Rate Strategic Income Fund. The Board of Trustees (the “Board”) has established the following classes of shares of the Fund, known as Class A Shares, Class A1 Shares, Class C Shares, Institutional Shares and Class R6 Shares (“Shares”). This SAI relates to the Class A1 Shares. The Fund’s investment adviser is Federated Investment Management Company (the “Adviser”). Securities in Which the Fund Invests The principal securities or other investments in which the Fund invests are described in the Fund’s Prospectus. The Fund also may invest in securities or other investments as non-principal investments for any purpose that is consistent with its investment objective. The following information is either additional information in respect of a principal security or other investment referenced in the Prospectus or information in respect of a non-principal security or other investment (in which case there is no related disclosure in the Prospectus). SECURITIES DESCRIPTIONS AND TECHNIQUES FIXED-INCOME INVESTMENTS Fixed-income investments pay interest, dividends or distributions at a specified rate. The rate may be a fixed percentage of the principal or may be adjusted periodically. In addition, the issuer of a fixed-income security must repay the principal amount of the security, normally within a specified time. Fixed-income investments provide more regular income than equity securities. However, the returns on fixed-income investments are limited and normally do not increase with the issuer’s earnings. This limits the potential appreciation of fixed-income investments as compared to equity securities. A security’s yield measures the annual income earned on a security as a percentage of its price. A security’s yield will increase or decrease depending upon whether it costs less (a “discount”) or more (a “premium”) than the principal amount. If the issuer may redeem the security before its scheduled maturity, the price and yield on a discount or premium security may change based upon the probability of an early redemption. Investments with higher risks generally have higher yields. The credit risk of an issuer’s debt security may also vary based on its priority for repayment. For example, higher ranking (“senior”) debt investments have a higher priority than lower ranking (“subordinated”) investments. This means that the issuer might not make payments on subordinated investments while continuing to make payments on senior securities. In addition, in the event of bankruptcy, holders of senior investments may receive amounts otherwise payable to the holders of subordinated investments. The following further describes the types of fixed-income investments in which the Fund invests. This information is either additional information in respect of a principal security referenced in the Prospectus or information in respect of a non-principal security (in which case there is no related disclosure
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