# EDGAR Filing Document

**Accession Number:** 0000789281
**File Stem:** 0001623632-25-000707
**Filing Date:** 2025-6
**Character Count:** 33872
**Document Hash:** 3b029a398ebf317a25caabf701e173c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-25-000707.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001623632-25-000707

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**EFFECTIVENESS DATE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Income Securities Trust
- **CENTRAL INDEX KEY:** 0000789281

**ORGANIZATION NAME:**
- **EIN:** 251412886
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-03164
- **FILM NUMBER:** 251068328

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED INCOME SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED FLOATING RATE TRUST
- **DATE OF NAME CHANGE:** 19920205

## Series and Classes Contracts Data

### Federated Hermes Short-Term Income Fund (Series ID: S000009077)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000024660 | Class A Shares       | FTIAX           |
| C000024661 | Institutional Shares | FSTYX           |
| C000024662 | Service Shares       | FSTIX           |
| C000176845 | Class R6 Shares      | FSILX           |

**Summary Prospectus**

***June 30, 2025***

![](imge21e3b1e1.jpg)

*Disclosure contained herein relates to all classes of the Fund, as listed below, unless otherwise noted.* 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| FTIAX | **Institutional** \| FSTYX | **Service** \| FSTIX | **R6** \| FSILX |

---

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Federated Hermes Short-Term

Income Fund

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A Portfolio of Federated Hermes Income Securities Trust

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information and most recent reports to shareholders, online at FederatedHermes.com/us/FundInformation. You can also get this information at no cost by calling 1-800-341-7400, by sending an email request via Contact Us on FederatedHermes.com/us, or from a financial intermediary through which Shares of the Fund may be bought or sold. The Fund's Prospectus and Statement of Additional Information, both dated June 30, 2025, are incorporated by reference into this Summary Prospectus.

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A mutual fund seeking to provide current income by investing primarily in a diversified portfolio of short- and medium-term debt securities.

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.

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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Fund Summary Information

**Federated Hermes Short-Term Income Fund (the "Fund")**

**RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE**

The Fund's investment objective is to seek to provide current income.

**RISK/RETURN SUMMARY: FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold and sell Class A Shares (A), Institutional Shares (IS), Service Shares (SS) and Class R6 Shares (R6) of the Fund. **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 and 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 21 and in "Appendix B" to this Prospectus.

**Shareholder Fees (fees paid directly from your investment)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **A** | **IS** | **SS** | **R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br> offering price)<br>| 1.00% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original <br> purchase price or redemption proceeds, as applicable)<br>|  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other <br> Distributions) (as a percentage of offering price)<br>|  |  |  |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |  |  |  |
| Exchange Fee |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **A** | **IS** | **SS** | **R6** |
| Management Fee | 0.29% | 0.29% | 0.29% | 0.29% |
| Distribution (12b-1) Fee | 0.00%<sup>1</sup> <br>|  |  |  |
| Other Expenses | 0.43% | 0.21% | 0.45% | 0.14% |
| Total Annual Fund Operating Expenses | 0.72% | 0.50% | 0.74% | 0.43% |
| Fee Waivers and/or Expense Reimbursements<sup>2</sup> | (0.06)% | (0.12)% | (0.08)% | (0.08)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or <br> Expense Reimbursements<br>| 0.66% | 0.38% | 0.66% | 0.35% |

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The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A 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 A class of the Fund. The A 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").

**1**

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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, if any) paid by the Fund's A, IS, SS and R6 classes (after the voluntary waivers and/or

reimbursements) will not exceed 0.65%, 0.37%, 0.65% and 0.34% (the "Fee Limit"), respectively, up

to but not including the later of (the "Termination Date"): (a) July 1, 2026; 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.

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 remain the same. The Example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | &nbsp;&nbsp; $173 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $497 | &nbsp;&nbsp; $986 |
| IS | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $160 | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $628 |
| SS | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $237 | &nbsp;&nbsp; $411 | &nbsp;&nbsp; $918 |
| R6 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $241 | &nbsp;&nbsp; $542 |

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**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 32% of the average value of its portfolio. The portfolio turnover rate includes securities purchased in the new issue market and held to maturity, which typically do not incur transaction costs. Excluding these securities from the portfolio turnover rate calculation would result in a lower Fund portfolio turnover rate.

**RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE**

**What are the Fund's Main Investment Strategies?**

In pursuing its principal investment strategies, the Fund invests in a diversified portfolio of fixed-income securities consisting of U.S. government and privately issued mortgage-backed and asset-backed securities, corporate debt securities and U.S. Treasury and agency securities. In addition, at least

**2**

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65% of the Fund's securities must be rated A or higher (or, for short-term instruments, in one of the two highest rating categories) by a nationally recognized statistical rating organization (NRSRO). The Fund may invest up to 35% of its assets in noninvestment-grade, fixed-income securities. The Fund may also invest a portion of its portfolio in securities of issuers based outside of the United States. The Fund's investment adviser (the "Adviser") seeks to enhance the Fund's performance by allocating relatively more of its portfolio to the security type that the Adviser expects to offer the best balance between current income and risk. The Fund may invest in derivative contracts, in particular, futures contracts, option contracts and swap contracts and/or hybrid instruments, to implement elements of its investment strategy. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio's exposure to the investment(s) underlying the derivative contract or hybrid instrument. There can be no assurance that the Fund's use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund's 80% policy (as described below) and are calculated at market value. The Fund may invest its assets in securities of other investment companies, including affiliated money market funds and funds advised by the Adviser or its affiliates, as an efficient means of implementing its investment strategies and/or managing its uninvested cash.

Although the value of the Fund's Shares will fluctuate, the Adviser will seek to manage the magnitude of fluctuation by limiting the Fund's dollar-weighted average duration within a range of one to three years and, in any event, to not more than three years. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Under normal market conditions, the Fund's dollar-weighted average maturity is expected to be three years or less.

Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.

The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in fixed-income investments.

**3**

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**What are the Main Risks of Investing in the Fund?**

All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:

■ **Interest Rate Risk.** Prices of fixed-income securities generally fall when interest rates rise. The longer the duration of a fixed-income security, the more susceptible it is to interest rate risk. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.

■ **Issuer Credit Risk.** It is possible that interest or principal on securities will not be paid when due. Noninvestment-grade securities generally have a higher default risk than investment-grade securities. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance.

■ **Counterparty Credit Risk.** Credit risk includes the possibility that a party to a transaction involving the Fund will fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy.

■ **Call Risk.** The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.

■ **Prepayment and Extension Risk.** When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. When interest rates rise, homeowners are less likely to prepay their mortgages. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security, and the price of mortgage-backed securities may decrease more than the price of other fixed-income securities when interest rates rise.

■ **Loan Prepayment Risk.** During periods of declining interest rates or for other purposes, borrowers may exercise their option to prepay principal earlier than scheduled which may force the Fund to reinvest in lower-yielding debt instruments.

■ **Liquidity Risk.** The fixed-income securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, the Fund could incur losses.

■ **Loan Liquidity Risk.** Loans generally are subject to legal or contractual restrictions on resale. The liquidity of loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. Loan instruments may not be readily marketable and may be subject to restrictions on resale. In some cases,

**4**

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negotiations involved in disposing of loans may require weeks to complete. Thus, transactions in loan instruments may take longer than seven days to settle. This could pose a liquidity risk to the Fund and, if the Fund's exposure to such investments is substantial, could impair the Fund's ability to meet shareholder redemptions in a timely manner.

■ **Risk of Investing in Loans.** In addition to the risks generally associated with debt instruments, such as credit, market, interest rate, liquidity and derivatives risks, bank loans are also subject to the risk that the value of the collateral securing a loan may decline, be insufficient to meet the obligations of the borrower or be difficult to liquidate. The Fund's access to the collateral may be limited by bankruptcy, other insolvency laws or by the type of loan the Fund has purchased. For example, if the Fund purchases a participation instead of an assignment, it would not have direct access to collateral of the borrower. As a result, a floating rate loan may not be fully collateralized and can decline significantly in value. Additionally, collateral on loan instruments may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets will satisfy a borrower's obligations under the instrument. Loans generally are subject to legal or contractual restrictions on resale.

■ **Agent Insolvency Risk.** In a syndicated loan, the agent bank is the bank in the syndicate that undertakes the bulk of the administrative duties involved in the day-to-day administration of the loan. In the event of the insolvency of an agent bank, a loan could be subject to settlement risk as well as the risk of interruptions in the administrative duties performed in the day-to-day administration of the loan (such as processing interest rate calculations, processing draws, pursuing certain available contractual remedies, etc.).

■ **Leverage Risk.** Certain investments may expose the Fund to a level of risk that exceeds the amount invested. Changes in the value of such investments magnify the Fund's risk of loss and potential for gain.

■ **Risk Associated with Noninvestment-Grade Securities.** Securities rated below investment grade (which are also known as junk bonds) may be subject to greater interest rate, credit and liquidity risks than investment-grade securities. These securities are considered speculative with respect to the issuer's ability to pay interest and repay principal.

■ **Risk Related to the Economy.** The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the markets in which the Fund invests and/or other markets. Global economic, political and financial conditions including geopolitical conflicts, legislative changes, industry or economic trends and developments or public health risks, such as epidemics or pandemics, may, from time to time, and for varying periods of time, have a significant effect on financial markets generally and cause the Fund to experience volatility, illiquidity, shareholder redemptions, and/or other potentially adverse effects. Among other investments, lower-grade bonds and loans may be particularly sensitive to changes in the economy.

**5**

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■ **Risk of Foreign Investing.** Because the Fund invests in securities issued by foreign companies, the Fund's share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.

■ **European Union and Eurozone Related Risk.** A number of countries in the European Union (EU), including certain countries within the EU that have adopted the euro (Eurozone), have experienced, and may continue to experience, severe economic and financial difficulties. Additional countries within the EU may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries.

■ **Risk of Investing in Derivative Contracts and Hybrid Instruments.** Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus such as interest rate, counterparty credit, liquidity and leverage risks.

■ **Asset-Backed Securities (ABS) Risk.** The value of asset-backed securities (ABS) may be affected by certain factors, such as interest rate risk, credit risk, prepayment risk and the availability of information concerning the pool of underlying assets and its structure. Under certain market conditions, ABS may be less liquid and may be difficult to value. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of ABS. ABS can also be subject to the risk of default on the underlying assets.

■ **MBS Risk.** A rise in interest rates may cause the value of mortgage-backed securities (MBS) held by the Fund to decline. Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government. A non-agency MBS is subject to the risk that the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. government or a GSE. The Fund's investments in collateralized mortgage obligations (CMOs) may entail greater market, prepayment and liquidity risks than other MBS. The liquidity of non-agency MBS and CMOs may also vary dramatically over time.

■ **Technology Risk.** The Adviser uses various technologies in managing the Fund, consistent with its investment objective and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision making for the Fund. Data imprecision, software

**6**

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or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect Fund performance.

The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or 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.

**Performance: Bar Chart and Table**

**Risk/Return Bar Chart**

The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns for each class *averaged* over the stated periods, and includes comparative performance information with a broad-based securities market index. The Fund's performance is also compared to a secondary index to show how the Fund's performance compares with the returns of an index with similar investments. *The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results*. Updated performance information for the Fund is available under the "Products" section at FederatedHermes.com/us or by calling 1-800-341-7400.

![](fstifpro30312.jpg)

*The Fund's IS class total return for the three-month period from January 1, 2025 to March 31, 2025, was 1.81%.*

*Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 3.11% (quarter ended June 30, 2020). Its lowest quarterly return was (1.92)% (quarter ended March 31, 2022).*

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**Average Annual Total Return Table**

The Fund's R6 class commenced operations on January 20, 2017. For the periods prior to the commencement of operations of the R6 class, the performance information shown is for the IS class prior to its re-designation as Service Shares at the close of business on November 2, 2018 (the "prior IS class"), for each period, except when the R6 class net expenses (increased by waivers and reimbursements applicable to the prior IS class ("Adjusted Expenses")), exceeds the net expenses paid by the prior IS class. In those periods, in accordance with SEC guidance, the R6 class total return, adjusted downward by the Adjusted Expenses, is shown.

In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for the IS class, and after-tax returns for A, SS and R6 classes will differ from those shown for the IS class. *Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown.* After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical **federal** income and capital gains tax rates. These after-tax returns do **not** reflect the effect of any applicable **state** and **local** taxes. After-tax returns are not relevant to investors holding Shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan.

(For the Period Ended December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1 Year**  | **5 Years**  | **10 Years** |
| **A:**  |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 4.21% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.56% |
| **IS:** |  |  |  |
| Return Before Taxes<sup>1</sup> <br>| &nbsp;&nbsp; 5.48% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 2.15% |
| Return After Taxes on Distributions<sup>1</sup> <br>| &nbsp;&nbsp; 3.56% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.23% |
| Return After Taxes on Distributions and Sale of Fund Shares<sup>1</sup> <br>| &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.24% |
| **SS:** |  |  |  |
| Return Before Taxes<sup>1</sup> <br>| &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.92% |
| **R6:** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; 5.63% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.14% |
| **Bloomberg US Aggregate Bond Index**<sup>2</sup> | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33)% | &nbsp;&nbsp; 1.35% |
| **Bloomberg 1-3 Year US Government/Credit Index**<sup>3</sup><br> (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.63% |
| **0-3 Year Composite Index**<sup>4</sup><br> (reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp; 5.12% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.95% |
| **Lipper Short Investment Grade Debt Funds Average**<sup>5</sup> | &nbsp;&nbsp; 5.24% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 2.01% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Effective November 2, 2018, several classes were converted or re-designated. Prior to these* 

*changes occurring, Institutional Shares were designated as Class Y Shares and Service Shares* 

*were designated as Institutional Shares. References herein refer to the new class designations* 

*unless otherwise noted.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *The Fund has designated the Bloomberg US Aggregate Bond Index as the new broad-based* 

*securities market index in accordance with the SEC's revised requirements for such an index. The* 

*Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the* 

*investment-grade, U.S. dollar denominated, fixed-rate taxable bond market.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The Bloomberg 1-3 Year US Government/Credit Index is an unmanaged index considered* 

*representative of performance of short-term U.S. corporate bonds and U.S. government bonds* 

*with maturities from one to three years.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The 0-3 Year Composite Index is a blended index of four separate indexes which track various* 

*security types. The four component indexes (and respective weightings)\* are:* <br>

*ICE BofA 1-3 Year US Corporate Index (30%): a subset of the ICE BofA US Corporate Index* 

*including all securities with a remaining term to final maturity less than three years. ICE BofA* 

*US Corporate Index tracks the performance of U.S. dollar-denominated investment-grade* 

*corporate debt publicly issued in the U.S. domestic market.* <br>

*ICE BofA Asset Backed Securities Fixed and Floating Rate Index (30%): includes securities with at* 

*least one year remaining term to final maturity. ICE BofA Asset Backed Securities Fixed and* 

*Floating Rate Index tracks the performance of U.S. dollar-denominated investment-grade asset-*

*backed securities publicly issued in the U.S. domestic market.* <br>

*ICE BofA 1-3 Year US Treasury & Agency Index (20%): a subset of the ICE BofA US Treasury &* 

*Agency Index including all securities with a remaining term to final maturity less than three years.* 

*ICE BofA US Treasury & Agency Index tracks the performance of U.S. dollar-denominated* 

*U.S. Treasury and non-subordinated U.S. agency debt issued in the U.S. domestic market.* <br>

*ICE BofA 0-3 Year US Mortgage Backed Securities Index (20%): a subset of the ICE BofA* 

*US Mortgage Backed Securities Index including all securities with an average life less than three* 

*years. ICE BofA US Mortgage Backed Securities Index tracks the performance of* 

*U.S. dollar-denominated fixed-rate and hybrid residential mortgage pass-through securities* 

*publicly issued by U.S. agencies in the U.S. domestic market.* <br>

*\* The weightings assigned to each component index of the 0-3 Year Composite Index are fixed,* 

*but do not necessarily reflect the Fund's allocation to the type of fixed-income securities* 

*represented by the component indexes, which will vary.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Lipper figures represent the average of the total returns reported by all the mutual funds* 

*designated by Lipper, Inc. as falling into the respective category indicated. They do not reflect* 

*sales charges.*

**FUND MANAGEMENT**

The Fund's Investment Adviser is Federated Investment Management Company.

Nicholas S. Tripodes, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since June of 2017.

Daniel Mastalski, CFA, Portfolio Manager, has been the Fund's portfolio manager since June of 2022.

**9**

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**purchase and sale of fund shares**

You may purchase, redeem or exchange Shares of the Fund on any day the New York Stock Exchange is open. Shares may be purchased through a financial intermediary firm that has entered into a Fund selling and/or servicing agreement with the Distributor or an affiliate ("Financial Intermediary") or directly from the Fund, by wire or by check. Please note that certain purchase restrictions may apply. Redeem or exchange Shares through a financial intermediary or directly from the Fund by telephone at 1-800-341-7400 or by mail.

**A Class**

The minimum investment amount for the Fund's A class is generally $1,500 for initial investments and $100 for subsequent investments. The minimum initial and subsequent investment amounts for individual retirement accounts (IRAs) are $250 and $100, respectively. There is no minimum initial or subsequent investment amount required for employer-sponsored retirement plans. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

**IS & SS Classes**

The minimum initial investment amount for the Fund's IS and SS classes is generally $1,000,000 and there is no minimum subsequent investment amount. Certain types of accounts are eligible for lower minimum investments. The minimum investment amount for Systematic Investment Programs is $50.

**R6 Class**

There are no minimum initial or subsequent investment amounts required. The minimum investment amount for Systematic Investment Programs is $50.

**Tax Information**

**A, IS & SS Classes**

The Fund's distributions are taxable as ordinary income or capital gains except when your investment is through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan.

**R6 Class**

The Fund's distributions are taxable as ordinary income or capital gains except when your investment is through a tax-advantaged investment plan.

**10**

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**Payments to Broker-Dealers and Other Financial Intermediaries**

**A, IS & SS Classes**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**R6 Class**

Class R6 Shares do not make any payments to financial intermediaries, either from Fund assets or from the investment adviser and its affiliates.

**11**

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Federated Hermes Short-Term Income 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

*Investment Company Act File No. 811-4577*

*CUSIP 31420C795* <br>*CUSIP 31420C787* <br>*CUSIP 31420C209* <br>*CUSIP 31420C563*

*Q450309 (6/25)*© 2025 Federated Hermes, Inc.

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