# EDGAR Filing Document

**Accession Number:** 0000771524
**File Stem:** 0001623632-26-000417
**Filing Date:** 2026-3
**Character Count:** 8968
**Document Hash:** 7b895c2d232c964a04b0a6ff6f3b0482
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-26-000417.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001623632-26-000417

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adjustable Rate Securities Trust
- **CENTRAL INDEX KEY:** 0000771524

**ORGANIZATION NAME:**
- **EIN:** 251502730
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-98491
- **FILM NUMBER:** 26740753

**BUSINESS ADDRESS:**
- **STREET 1:** 5800 CORPORATE DRIVE
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15222-3779
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED ADJUSTABLE RATE SECURITIES TRUST
- **DATE OF NAME CHANGE:** 20200617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HERMES ADJUSTABLE RATE SECURITIES TRUST
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED ADJUSTABLE RATE SECURITIES FUND
- **DATE OF NAME CHANGE:** 20020710

## Series and Classes Contracts Data

### FEDERATED HERMES ADJUSTABLE RATE FUND (Series ID: S000009087)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| Class A Shares       | FEUGX         | C000024691 |
| Institutional Shares | FEUNX         | C000215087 |

---

## Series and Classes Contracts Data

### FEDERATED HERMES ADJUSTABLE RATE FUND (Series ID: S000009087)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000024691 | Class A Shares       | FEUGX           |
| C000215087 | Institutional Shares | FEUNX           |

Federated Hermes Adjustable Rate Fund

**A Portfolio of Federated Hermes Adjustable Rate Securities Trust**

**CLASS A SHARES (TICKER FEUGX)** <br>**INSTITUTIONAL SHARES (TICKER FEUNX)**

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**SUPPLEMENT TO PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 31, 2025**

The following changes are effective April 3, 2026.

1. Under the section entitled "**Fund Summary Information**" in the sub-section entitled "**Fund Management**," please add the following:

"J. Andrew Kirschler, Portfolio Manager, has been the Fund's portfolio manager since April of 2026."

2. Under the section entitled "**Who Manages the Fund?**" in the sub-section entitled "**Portfolio Manager Information**," please delete and replace the information for Liam O'Connell with the following:

"Liam O'Connell, CFA, Portfolio Manager, has been the Fund's portfolio manager since October of 2017.

Mr. O'Connell is responsible for day to day management of the Fund focusing on asset allocation, interest rate strategy and security selection. He has been with the Adviser or an affiliate since 2003; has worked in investment management since 2003; has managed investment portfolios since 2005. Education: B.S., Webb Institute of Naval Architecture; M.S., Johns Hopkins University; M.B.A., Massachusetts Institute of Technology."

In addition, please add the following information for J. Andrew Kirschler:

"**J. Andrew Kirschler**

J. Andrew Kirschler, Portfolio Manager, has been the Fund's portfolio manager since April of 2026.

Mr. Kirschler is responsible for providing research and advice on sector allocation and security selection. He has been with the Adviser or an affiliate since 1990; has worked in investment management since 1994; has managed investment portfolios since 2013. Education: B.S., The Pennsylvania State University; M.B.A., University of Pittsburgh."

3. In the SAI, under the section entitled "**Who Manages and Provides Services to the Fund?**" and sub-section "**Portfolio Manager Information**," please add the following:

"The following information is provided as of January 31, 2026.

**J. Andrew Kirschler, Portfolio Manager** 

---

| | |
|:---|:---|
| **Types of Accounts Managed**<br> **by J. Andrew Kirschler**<br>| &nbsp;&nbsp;&nbsp; **Total Number of Additional Accounts** <br> **Managed/Total Assets\***<br>|
| Registered Investment Companies | 3/$399.3 million |
| Other Pooled Investment Vehicles | 0/$0 |
| Other Accounts | 0/$0 |

---

\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*None of the Accounts has an advisory fee that is based on the performance of the account.*

*Dollar value range of shares owned in the Fund: None.*

J. Andrew Kirschler is paid a fixed base salary and a variable annual incentive. Base salary is determined within a market competitive, position-specific salary range, based on the portfolio manager's experience and performance. The annual incentive amount is determined based primarily on Investment Product Performance (IPP) and may also include a discretionary component based on a variety of factors deemed relevant, such as financial measures and performance and may be paid entirely in cash, or in a combination of cash and restricted stock of Federated Hermes, Inc. ("Federated Hermes"). The total combined annual incentive opportunity is intended to be competitive in the market for this portfolio manager role.

IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund's representative performance index (i.e., ICE BofA 1-Year US Treasury Note Index) and the Fund's designated peer group of comparable accounts. Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

------

As noted above, Mr. Kirschler is also the portfolio manager for other accounts in addition to the Fund. Such other accounts may have different benchmarks and performance measures. The allocation or weighting given to the performance of the Fund or other accounts or activities for which Mr. Kirschler is responsible when his compensation is calculated may be equal or can vary.

In addition, Mr. Kirschler serves on one or more Investment Teams that establish guidelines on various performance drivers (e.g., currency, duration, sector, and/or yield curve) for taxable, fixed-income accounts. A portion of the IPP score is based on Federated Hermes' senior management's assessment of team contributions.

For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of two IPP groups (which may be adjusted periodically). Within each performance measurement period and IPP group, IPP currently is calculated on the basis of an assigned weighting to each account managed or activity engaged in by the portfolio manager and included in the IPP groups. At the account level, the weighting assigned to the Fund is lesser than or equal to the weighting assigned to other accounts or activities used to determine IPP (but can be adjusted periodically). Additionally, a portion of Mr. Kirschler's IPP score is based on the performance of the accounts for which he provides research and analytic support. A portion of the bonus tied to the IPP score may be adjusted based on management's assessment of overall contributions to account performance and any other factors as deemed relevant.

Any individual allocations from the discretionary pool may be determined, by executive management on a discretionary basis using various factors, such as, for example, on a product, strategy or asset class basis, and considering overall contributions and any other factors deemed relevant (and may be adjusted periodically)."

March 10, 2026

![](fhilogok11p.jpg)

Federated Hermes Adjustable Rate Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Q457219 (3/26)*© 2026 Federated Hermes, Inc.

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Federated Hermes Adjustable Rate Fund

**A Portfolio of Federated Hermes Adjustable Rate Securities Trust**

**CLASS A SHARES (TICKER FEUGX)** <br>**INSTITUTIONAL SHARES (TICKER FEUNX)**

------

**SUPPLEMENT TO SUMMARY PROSPECTUS DATED OCTOBER 31, 2025**

The following change is effective April 3, 2026.

Under the section entitled "**Fund Summary Information**" in the sub-section entitled "**Fund Management**," please add the following:

"J. Andrew Kirschler, Portfolio Manager, has been the Fund's portfolio manager since April of 2026."

March 10, 2026

![](fhilogok11p.jpg)

Federated Hermes Adjustable Rate Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br> Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*Q457217 (3/26)*© 2026 Federated Hermes, Inc.

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