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Federated Hermes Investment Funds Public Limited Company Federated Hermes Investment Funds Public Limited Company (An umbrella investment company with variable capital and having segregated liability between its Sub-Funds incorporated with limited liability in Ireland) Interim Report and Unaudited Financial Statements For the financial period ended 30 June 2020 Company Registration Number: 463628 Federated Hermes Investment Funds Public Limited Company Contents Management and Administration ������������������������������������������������������������������������������������������������������������������������������� 3 Manager Information ������������������������������������������������������������������������������������������������������������������������������������������������� 4 Investment Manager’s Report ����������������������������������������������������������������������������������������������������������������������������������� 6 Unaudited Portfolio Statements ������������������������������������������������������������������������������������������������������������������������������� 41 Unaudited Balance Sheet �������������������������������������������������������������������������������������������������������������������������������������� 191 Unaudited Income Statement �������������������������������������������������������������������������������������������������������������������������������� 201 Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares ���� 210 Unaudited Cash Flow Statement ��������������������������������������������������������������������������������������������������������������������������� 219 Notes to the Financial Statements ������������������������������������������������������������������������������������������������������������������������� 229 Unaudited Schedule of Significant Portfolio Movements ��������������������������������������������������������������������������������������� 313 Unaudited Securities Financing Transaction Regulation Disclosures ������������������������������������������������������������������� 346 2 Federated Hermes Investment Funds Public Limited Company Management and Administration Directors Registered Office – Effective 1 February 2020 Paul McNaughton (Chairman) (Irish)1 The Wilde Joseph Kagan (British)2 53 Merrion Square Carol Mahon (Irish)2 Dublin 2 Ian Kennedy (British)2 Ireland Denise Kinsella (Irish)1 Advisor on Voting and Engagement Investment Manager and Distributor Hermes Equity Ownership Services Limited Hermes Investment Management Limited 150 Cheapside 150 Cheapside London EC2V 6ET London EC2V 6ET England England Legal Advisor to the Company Manager Matheson Hermes Fund Managers Ireland Limited 70 Sir John Rogerson’s Quay The Wilde Dublin 2 53 Merrion Square Ireland Dublin 2 Ireland Administrator, Registrar, and Transfer Agent Northern Trust International Fund Depositary Administration Services (Ireland) Limited Northern Trust Fiduciary Services (Ireland) Limited Georges Court Georges Court 54-62 Townsend Street 54-62 Townsend Street Dublin 2 Dublin 2 Ireland Ireland Secretary – Up to 31 January 2020 Independent Auditor Northern Trust International Fund Deloitte Ireland LLP Administration Services (Ireland) Limited Chartered Accountants & Statutory Audit Firm Georges Court Deloitte & Touche House 54-62 Townsend Street 29 Earlsfort Terrace Dublin 2 Dublin 2 Ireland Ireland Secretary – Effective 1 February 2020 Registered Office – Up to 31 January 2020 Matsack Trust Limited Georges Court 70 Sir John Rogerson’s Quay 54-62 Townsend Street Dublin 2 Dublin 2 Ireland Ireland 1 Independent Directors� All Independent Directors are non-executive 2 Non-executive Directors 3 Federated Hermes Investment Funds Public Limited Company Manager Information Responsibility: a core value Federated Hermes is an active asset manager working to deliver excellent, long-term, risk adjusted performance – responsibly� We strive to lead the debate and contribute to the transformation of the investment industry for the benefit of our clients, their stakeholders and, ultimately, society at large. Our agenda and activities are driven by the long term objectives of our clients’ beneficiaries and we act in their interests� Responsibility in practice We have a comprehensive programme to ensure our responsibility approach and activities are integrated seamlessly in our funds and stewardship service� This includes: • Delivering sustainable performance within the terms of the mandate and within the clients’ risk appetite • Taking into account all material investment factors including environmental, social and governance (ESG) ensuring that we are informed though not constrained by these considerations • Acting as a responsible, engaged, long-term steward of investments encompassing constructive dialogue and taking action where necessary • Engaging with public policy makers and industry bodies to encourage a sustainable economy beyond the timeframe of a specific mandate Federated Hermes investment teams across Real Estate, Equities and Fixed Income integrate ESG factors into their investment decisions by accessing in-house expertise, proprietary and third-party research� This includes Federated Hermes’ proprietary ESG Dashboard which provides an ESG score per stock and the ESG Portfolio Monitor, which provides a holistic view of ESG statistics at a portfolio level� The ESG dashboard and Portfolio Monitor draw on best-in-class data from various sources including ISS, MSCI, Sustainalytics, Trucost as well as voting and engagement progress data from EOS at Federated Hermes (“EOS”), our stewardship service� Through the dashboard and close interaction with the EOS team, our investment teams are able to benefit from the unique data insights and positive impact of our engagement work� EOS, which provides stewardship services, is a global market leader in voting and engagement with both companies and public policy makers� The team makes voting recommendations for over 10,000 company meetings and actively engages with more than 600 companies a year at executive and board level on a range of issues including board governance, executive remuneration, risk management, business strategy, corporate culture, carbon, pollution, water stress, labour and community rights� We are also active participants in a wide range of public policy discussions and our Chief Executive, Saker Nusseibeh, founded the 300 Club, an independent forum for discussion and debate about the responsibilities of the investment industry� Whilst the responsibility for implementation resides with all Federated Hermes personnel, the ESG and engagement integration programme is led, coordinated and supported by Federated Hermes Responsibility Office: a head of responsibility reporting to Federated Hermes’ CEO, a head of policy and advocacy, three executives responsible for facilitating integration in public and private market funds and a head of Federated Hermes’ corporate citizenship activities� This team is further supported by the Responsibility Working Group, which meets quarterly, to set Federated Hermes policy and lead initiatives� The Responsibility Working Group includes investment, product development, marketing, legal, compliance, human resources and responsibility representatives as members� Voting Throughout the first half of 2020, for Federated Hermes Investment Funds Public Limited Company (the “Company”), we voted at 343 shareholder meetings (4,260 resolutions)� At 155 of those meetings we opposed one or more resolutions� We voted with management by exception at 72 meetings and abstained at 2 meetings� We supported management on all resolutions at the remaining 114 meetings� 4 Federated Hermes Investment Funds Public Limited Company Manager Information (continued) Voting (continued) Statistics Total Total meetings voted in favour 114 Meetings where voted against (or voted against AND abstained) 155 Meetings where abstained 2 Meetings where voted with management by exception 72 Total meetings 343 Source: Federated Hermes 01/01/2020 - 30/06/2020 Engagement Throughout the first half of 2020, for the Company, we engaged with 324 companies on 1,011 issues and objectives. Federated Hermes’ holistic approach to engagement means that we typically engage with companies on more than one issue simultaneously. The engagements included in these figures are in addition to our discussions with companies around voting matters� Theme Global Environmental 207 Social and Ethical 186 Governance 438 Strategy, Risk and Communication 180 Total 1,011 Source: Federated Hermes 01/01/2020 - 30/06/2020 5 Federated Hermes Investment Funds Public Limited Company Investment Manager’s Report Performance Update Returns to the financial period ended30 June 2020 Year to Date Relative Return % Benchmark % Performance % Federated Hermes Global Emerging Markets Fund1 (2�03) (3�28) 1�29 Federated Hermes Global Equity Fund1 1�69 1�03 0�66 Federated Hermes European Alpha Equity Fund (0�35) (6�49) 6�57 Federated Hermes Global High Yield Credit Fund (8�40) (4�87) (3�71) Federated Hermes Europe ex-UK Equity Fund 5�14 (2�56) 7�90 Federated Hermes US SMID Equity Fund1,2 (10�20) (5�84) (4�62) Federated Hermes Asia ex-Japan Equity Fund1 (7�18) 1�93 (8�94) Federated Hermes Global Equity ESG Fund1 1�86 0�51 1�34 Federated Hermes Multi-Strategy Credit Fund3 (3�50) (3�93) 0�45 Federated Hermes Global Small Cap Equity Fund1 (7�18) (6�58) (0�64) Federated Hermes Absolute Return Credit Fund4 (1�57) 2�05 (3�55) Federated Hermes SDG Engagement Equity Fund1 (8�29) (4�90)
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