NATIXIS INVESTMENT MANAGERS INTERNATIONAL
UCITS under French law
MIROVA EURO SUSTAINABLE BOND FUND
ANNUAL REPORT as at 31 December 2019
Management company: Natixis Investment Managers International Depositary: Caceis Bank Statutory auditor: KPMG Audit
Natixis Investment Managers International 43 avenue Pierre Mendès France – 75013 Paris, France – Tel.: +33 (0)1 78 40 80 00 www.im.natixis.com NATIXIS INVESTMENT MANAGERS INTERNATIONAL
Contents
Page
1. Management report 3
a) Investment policy 3
Management policy
b) Information regarding the UCI 5
Main changes during the financial year
Substantial changes during the financial year and in the future
Index-linked UCI
Alternative funds of funds
Efficient portfolio management techniques and financial derivative instruments (ESMA)
SFTR regulation
Access to documentation
c) Information on risks 9
Total risk calculation method
Leverage
Exposure to securitisation
Risk management
Cash management
Handling of non-liquid assets
d) Environmental, social and governance (ESG) criteria 10
e) French Law on the Energy Transition for Green Growth 12
2. Governance and compliance commitments 13
3. Fees and taxation 22
4. Statutory auditor's certification 24
5. Annual financial statements 28
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1. Management report
a) Investment policy
Management policy
Annual Fund performance: In 2019, the Fund generated a yield of 8.58% net of charges, which represents outperformance compared to its Reference Index/Benchmark, which was 6%.
The performance for each unit is as follows: I (C): -0.23% R (C): 7.78% SI (D): 8.58%
Allocation of performance of the portfolio gross of charges: the Fund's performance stood at +9.09% over the year compared to 6% for the Barclays Bloomberg Euro AGG 500 Index.
• The allocation had a positive effect on the portfolio because we kept our long position on credit and an underexposure on agency and government securities. Spreads (yield gaps on credit securities versus government securities) tightened sharply, generating significant outperformance (+0.94%) in 2019. • The selection of emissions also had a positive impact on the portfolio (+0.89%). • Our long position and our flattening of the curve had a positive effect (+1.14%) • Other (+0.12%).
Selection of securities At the end of December 2019, green bonds and social bonds comprised 56.99% of the assets. Conventional issuers rated "committed" and "positive" represented 21.22%. Our fund is in line with the 1.5°C scenario.
Allocation We have further underweighted our position on sovereign issuers, as yields were very low in this asset class. This includes green bonds issued by the Netherlands, France, Belgium and Ireland. From the end of December 2019, government debt securities represented 24.1% of our assets compared to 58.1% for the Reference Index/Benchmark.
Government agencies, supranational organisations and regions (only green and social bonds) represented 14.8% of the assets, compared to 14.1% for the index.
Since the last quarter of 2015 and especially since the last quarter of 2018, we have had significant exposure to corporate bonds, particularly to utilities with a strong ESG profile. In 2019, credit spreads against the government were narrowed because of optimism in anticipation of long-awaited accommodating policy of central banks in the Eurozone. Corporate bonds represented 59.2% of our assets in December 2019 compared to 43.4% in December 2018 and 20.1% for our Reference Index/Benchmark.
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1. Management report
High yield securities represented more than 5% of the fund.
Duration and curve In March 2019, due to political uncertainties and in anticipation of the easing policy of central banks, we switched to a long duration. In September, we made a profit from this and consequently reduced the duration of the portfolio from 8.2 to 7 years, in line with the Reference Index/Benchmark Despite the good news on Brexit and on the Sino-American trade relationship, we have chosen to remain cautious and neutral on this strategy for now.
As the short part of the curve is very expensive, we favoured the long part, meaning a flat position.
Past performance is no guarantee of future results.
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1. Management report
b) Information on the UCI
Main changes in the portfolio during the financial year
Changes ("Accounting currency") Securities Purchases Sales
ITALY 5% 08/34 1,503,503.56 1,332,971.41
CPI PROPERTY GROUP 1.625% 23/04/27 1,376,635.84 1,378,783.18
ADIF ALTA VELOCIDAD 0.8% 05/07/23 0.00 2,559,463.56
ITALIE 5% 09-010325 0.00 2,416,858.70
ILE-DE-FRANCE REGION 2.375% 24/04/2026 0.00 2,131,804.08
BAWAG GROUP 2.375% 26/03/29 1,005,049.55 1,019,099.73
AKELIUS RESIDENTIAL PROPERTY AB 1.125% 14/03/24 771,656.44 772,690.41
TELSTRA CORPORATION 1.375% 26/03/29 704,135.00 756,965.92
AFRICAN DEVELOPMENT BANK 0.25% 21/11/24 0.00 1,459,078.05
BELGIUM GOVERNMENT BOND 1.25% 22/04/33 524,705.14 845,249.97
Substantial changes during the financial year and in the future
This UCI was not subject to substantial changes.
Index-linked UCI
This UCI is not included in the classification of index-linked UCIs.
Alternative funds of funds
This UCI is not included in the classification of alternative funds of funds.
5 MIROVA EURO SUSTAINABLE BOND FUND NATIXIS INVESTMENT MANAGERS INTERNATIONAL
1. Management report
Efficient portfolio management techniques and derivatives (ESMA) in EUR
a) Exposure obtained through efficient portfolio management techniques and derivatives
• Exposure obtained through efficient management techniques: 0.00 o Securities lending: 0.00 o Securities borrowing: 0.00 o Reverse repurchase agreements: 0.00 o Repurchase agreements: 0.00
• Underlying exposure achieved through derivative financial instruments: 20,316,970.00 o Forward foreign exchange: 0.00 o Futures: 20,316,970.00 o Options: 0.00 o Swaps: 0.00
b) Identity of the counterparty/counterparties to efficient portfolio management techniques and derivatives
Efficient management techniques Financial derivative instruments (*)
(*) Except listed derivatives.
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1. Management report
c) Collateral received by the UCITS to reduce counterparty risk
Types of instruments Amount in portfolio currency
Efficient management techniques . Forward deposits 0.00 . Equities 0.00 . Bonds 0.00 . UCITS 0.00 . Cash (**) 0.00
Total 0.00
Financial derivative instruments . Forward deposits 0.00 . Equities 0.00 . Bonds 0.00 . UCITS 0.00
. Cash
Total 0.00
(**) The Cash account also includes cash and cash equivalents resulting from repurchase transactions.
d) Operating income and expenses related to efficient management techniques
Operating income and expenses Amount in portfolio currency
. Income (***) 0.00 . Other income 0.00
Total income 0.00
. Direct operating expenses 0.00 . Indirect operating expenses 0.00 . Other expenses 0.00
Total expenses 0.00
(***) Net of the remuneration received by Natixis Asset Management Finance, which may not exceed 40% of the income generated by these transactions. Other income and other expenses relate to remuneration from the investment in deposit accounts of collateral received in cash, which varies based on market conditions and any other income on financial accounts and expenses on financial debts not linked to efficient management techniques.
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1. Management report
SFTR regulation in EUR
The UCI did not conduct any transactions during the financial year that fall within the scope of the SFTR regulation.
Access to documentation
The legal documentation for the Fund (KIID, prospectus, periodic reports, etc.) is available from the management company at its head office or from the following email address: [email protected].
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1. Management report
c) Information on risks
Total risk calculation method
The management company uses the commitment method to measure the overall risk of this Fund.
Exposure to securitisation
This UCI is not affected by exposure to securitisation.
Risk management
None.
Cash management
None.
Handling of non-liquid assets
This UCI is not affected.
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1. Management report
d) Environmental, social and governance (ESG) criteria
Our approach to ESG criteria
The ESG analysis developed by Mirova aims to meet the twofold objective of prioritising companies that contribute to the transition to a sustainable economy and delivering good financial performance.
Mirova builds on the United Nations Sustainable Development Goals (SDGs), unanimously adopted in September 2015 by 193 heads of state and government at a summit at United Nations headquarters in New York. Funding the SDGs not only requires financial investment, but also new types of research and investment tools that are entirely dedicated to sustainable development. In other words, the market economy must change to better support human development and to integrate more successfully with the environment.
The main challenges analysed are the following:
Governance Environment Social Sustainable development Economic - Suitability of the mode of governance for a long-term - Fundamental - Quality of management - Climate company vision requirements - Balance of powers - Ecosystems - Balance of value - Well-being - Quality of financial - Resources distribution - Decent work communication - Compliance with business ethics
Principles of analysis
Environmental and social challenges are tailored to each sector. Governance criteria are considered key to supporting environmental, social and economic performance.
Our proprietary ESG evaluation system is based on an absolute, qualitative analysis that differentiates sectors based on their degrees of exposure to sustainable development issues (i.e. level of impact, potential drivers of improvement). Our recommendations are generally positive for the sectors offering solutions for sustainable development (stakeholders in the solar energy industry) and generally negative for those that increase risks (tobacco, weapons, etc.). The challenges are targeted and differentiated based on sector to focus on a limited number of challenges adapted to the specific features of each asset under review. Mirova also takes an analytical approach to the life cycle as a whole, which enables it to assess the ESG risks and, at the same time, identify opportunities, such as business models that offer solutions to the major sustainable development challenges.
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1. Management report
In this way, for each private issuer, the research team produces an ESG evaluation that considers:
• A review of opportunities, to assess whether the company's business activity is appropriate for meeting the challenges of sustainable development (e.g., by offering products and services that improve energy efficiency); • A review of ESG risks, to assess the way in which a business responds to ESG issues, regardless of its area of activity (e.g., by looking at its occupational safety policy).
There are five levels in the ESG evaluation: Negative, Risk, Neutral, Positive, Committed.
The Fund was awarded the SRI label.
Created in early 2016 by the French Ministry of Finance and Public Accounts, with the support of asset management professionals, the label aims to raise the profile of SRI (Socially Responsible Investment) management approaches among savers. It means that investors can more easily identify investment products that include environmental, social and governance (ESG) criteria in their investment policies. A fund with the SRI label must meet numerous requirements:
• Transparency concerning investors (objectives, analyses, processes, corporate assets, etc.), • Portfolio selection that is based on proven ESG criteria, • Management techniques that are in line with a long-term management philosophy, • Consistent voting and commitment policies, • Positive impacts that are assessed.
Find out more at www.lelabelisr.fr
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1. Management report
e) French Law on the Energy Transition for Green Growth
This UCI is not affected by the regulations of the French Act on Energy Transition for Green Growth.
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2. Governance and compliance commitments
Procedure for selecting and assessing intermediaries and counterparties – Order execution
To enable the management company to meet its best execution obligation, the selection and monitoring of bond dealers, stockbrokers and counterparties is governed by a specific process. The management company's policy regarding order execution and the selection of intermediaries/counterparties can be found on its website at http://www.im.natixis.com.
Voting policy
The latest annual report and details of the conditions under which the management company intends to exercise the voting rights associated with securities held in the portfolio by the funds it manages are available from the company's registered office or online at www.im.natixis.com.
Remuneration policy
The current NIMI remuneration policy consists of general principles applicable to all employees (see point I), specific principles applicable to the population identified by AIFM and UCITS V (see point II) and a system applicable to all employees (see point III). It is part of the remuneration policy defined by Natixis, and it is established in accordance with the remuneration provisions in the following regulatory texts, as well as the guidelines of the European Securities and Markets Authority (ESMA) and the positions of the Autorité des Marchés Financiers (AMF), which are based on the following guidelines: - Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, transposed into the Monetary and Financial Code by Order No. 2013-676 of 27 July 2013 ("AIFM Directive"). - Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 on undertakings for collective investment in transferable securities, transposed into the Monetary and Financial Code by Order No. 2016-312 of 17 March 2016 ("UCITS V Directive"). - Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, transposed into the Monetary and Financial Code by Order No. 2016¬827 of 23 June 2016, supplemented by the Delegated Regulation 2017/565/EU of 25 April 2016 ("MIFII Directive").
I. GENERAL PRINCIPLES OF THE REMUNERATION POLICY
The remuneration policy is a strategic element of NIMI's policy. As a tool to enhance employee motivation and commitment, it aims to be competitive and attractive in relation to the rest of the industry while fully complying with key financial indicators and regulations.
NIMI's remuneration policy, which applies to all employees, incorporates the alignment of the interests of employees with those of investors into its fundamental principles: - It is consistent and promotes sound and efficient risk management and does not encourage risk-taking, which would be incompatible with the risk profiles, regulations or documents constituting the products managed.
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2. Governance and compliance commitments
- It is in line with the economic strategy, objectives, values and interests of the management company and the products it manages, as well as those of investors, and includes measures aimed at preventing conflicts of interest.
The remuneration policy covers all components of remuneration, which include fixed remuneration and, where applicable, variable remuneration.
Fixed remuneration rewards skills, professional experience and level of responsibility. It takes into account market conditions.
Variable remuneration depends on assessment of collective performance — measured for both the management company and the products managed — and individual performance. It considers quantitative and qualitative elements, which can be established on an annual or multi-year basis.
I-1. Definition of performance
The objective and transparent evaluation of annual and multi-year performance based on predefined objectives is the prerequisite for the application of NIMI's remuneration policy. It ensures fair and selective treatment of employees. This assessment is shared between the employee and their manager during an individual appraisal interview.
The contribution and performance level of each employee are assessed with regard to their duties, assignments and level of responsibility in the management company. In this context, the remuneration policy distinguishes several categories of staff:
- The Management Committee is assessed on its contribution to the definition and implementation of the management company's strategy, this strategy being part of that of the international distribution platform and that of Dynamic Solutions. The Management Committee is also assessed on its ability to expand the performance of product and service offerings, on the performance of the distribution activity and, more generally, on the development of the group's multi-boutique model, as well as on the risk-adjusted financial performance within its scope of supervision. For this category, performance is assessed annually through quantitative indicators linked to changes in NIMI's financial results and supervised activities, as well as a contribution to the overall performance of Natixis IM. Performance is also assessed through the achievement of qualitative objectives, such as the quality of management and/or responsibility for/contribution to cross-functional projects.
- Support functions are assessed on their ability to proactively support the strategic challenges of the management company. Individual performance is assessed annually through the achievement of qualitative objectives, such as the quality of recurring activity and the degree of participation in cross-functional projects or strategic/regulatory plans. These objectives are defined annually in accordance with those of NIMI, those of the international distribution platform and, where applicable, those of Dynamic Solutions.
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2. Governance and compliance commitments
- Assessment of the performance of control functions is based on the evaluation of qualitative criteria only, such as participation in cross-functional projects or in strategic/regulatory plans, defined annually, to avoid compromising their independence or creating conflicts of interest with the activities they control.
- The performance of management functions is assessed according to a quantitative criterion linked to the generation of value through allocation, supplemented by one or more qualitative criteria.
Quantitative criteria reflect the development issues of the management performance sought by investors without causing excessive risk-taking, which may have an impact on the risk profile of NIMI and the products managed. This quantitative criterion is calculated over a predefined period in line with the risk-adjusted performance horizon of the funds managed and of the management company.
- The assessment of the performance of the distribution functions is based on the evaluation of quantitative and qualitative criteria. The quantitative criteria are based on gross inflows, net inflows, turnover, the profitability of outstandings and their changes. The qualitative criteria include the diversification and development of the business (new clients, new affiliates, new expertise, etc.) and the joint consideration of the interests of NIMI and those of clients.
The performance assessment incorporates, for all categories of staff, qualitative criteria. These qualitative criteria always include compliance with regulations and internal procedures in terms of risk management and NIMI compliance.
They may also relate to the quality of the relationship with clients, including the level of expertise and advice provided, the contribution to the reliability of a process, the participation in a cross-functional project, the contribution to the development of new expertise, participation in the development of operational efficiency or any other subjects defined as a variation of NIMI's strategic objectives.
For every category of staff, all quantitative and qualitative objectives are defined and communicated individually at the start of the year, in line with NIMI's strategic objectives.
I-2. Components of remuneration
I-2.1. Fixed remuneration
NIMI strives to maintain a level of fixed remuneration that is sufficient to compensate the professional activity of employees.
Fixed remuneration rewards the skills, professional experience and level of responsibility expected of an employee in performing their duties.
The positioning of fixed remuneration is reviewed periodically to ensure its consistency with regard to geographical and professional market practices.
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2. Governance and compliance commitments
The revaluation of fixed salaries is analysed once a year as part of the annual remuneration review. Outside these periods, only cases of promotion, professional mobility or exceptional individual situations can give rise to a revaluation.
I-2.2. Variable remuneration
Variable remuneration packets are defined based on NIMI's annual results, the international distribution platform, dynamic solutions and qualitative elements, such as the practices of competitors, the general market conditions under which the results were obtained and factors that may have temporarily affected the performance of the business.
Variable remuneration, which can be allocated, if necessary, compensates for an individual annual performance as part of collective performance.
NIMI's collective variable remuneration consists of a profit-sharing and incentive scheme, associated with a company savings plan (PEE) and a company collective retirement savings plan (PERCO). Employees can benefit from a matching scheme under these plans. This collective variable remuneration has no incentive effect on the management of NIMI's risks and the products managed and are beyond the scope of application of the AIFM or UCITS V Directives.
In compliance with the overall variable remuneration packages, individual variable remuneration is allocated as part of the annual remuneration review in a discretionary manner objectified with regard to the assessment of individual performance and the way in which performance is achieved. Variable remuneration awarded to employees is affected by inappropriate risk and compliance management or non-compliance with regulations and internal procedures over the year considered (see I-1. above).
The identified population is subject to specific obligations in terms of adherence to the rules on risks and compliance. A breach of these obligations can result in the partial reduction or removal of the individual variable remuneration awarded.
In the event of a significant loss or decline in its results, NIMI can also decide to reduce or entirely cancel the amounts allocated to individual variable remuneration, as well as, if applicable, any maturities in the process of being acquired by way of variable remuneration that have already been awarded and deferred.
There are no contractual guarantees for variable remuneration, with the occasional exception of variable remuneration awarded for the first year of work as part of external recruitment.
"Golden parachute" agreements are forbidden. Payments related to the early termination of an employment contract are defined in accordance with legal provisions (legal and contractual indemnities) and the performance of the beneficiary, their membership activity and the performance of the entire management company over the period; they are designed to avoid rewarding failure.
Variable remuneration is not paid through instruments or methods that facilitate circumvention of the requirements established in the regulations.
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2. Governance and compliance commitments
I-2.3. Key employee retention scheme
NIMI wants to ensure that its investors have confidence in the stability of its teams.
To achieve this, a system of deferred remuneration has been built into its remuneration policies.
This system leads, beyond a certain variable threshold, to the allocation of a proportion of the variable remuneration in the form of a cash payment indexed to the evolution of the consolidated financial performance of Natixis IM measured by its earnings before tax (EBT), recorded each year for a period of at least three years. The proportion of variable remuneration thus deferred is vested in equal tranches for a period of at least three years and links employees to the performance of Natixis IM. The deferred variable remuneration rate results from the application of a table of deferred amounts. This system is subject to conditions involving the presence and absence of behaviour outside the norm that may have an impact on NIMI's level of risk. The vesting of these tranches may be subject to a full or partial refund to guarantee ex- post risk adjustment.
I-2.4. Balance between fixed and variable remuneration
NIMI ensures that there is an appropriate balance between the fixed and variable components of the total remuneration received and that the fixed component represents a sufficiently high proportion of the total remuneration so that a fully flexible policy can be exercised with regard to variable components of remuneration, including the possibility of paying no variable component. All individual situations, for which variable remuneration represents fixed remuneration more than once and which can be explained by market practice or an exceptional level of responsibility, performance and behaviour are documented by the Human Resources Department as part of the annual remuneration review.
II. BREAKDOWN OF THE SYSTEM APPLICABLE TO THE POPULATION IDENTIFIED AS AIFM OR UCITS V
II-1. Identified population
In accordance with regulatory provisions, the identified population of NIMI consists of the categories of staff that include general management, risk-takers and persons exercising a control function, as well as any employee who, in view of their total remuneration, is located in the same remuneration bracket as general management and risk-takers, whose professional activities have a significant impact on the risk profile of the management company and the products managed by it. These persons are identified according to their professional activity, their level of responsibility or their level of total remuneration.
To maintain consistency and alignment, NIMI has decided to implement the system applicable to regulated employees across the full scope of products managed (mandates, UCITS and AIFs). The following population categories are identified: - Members of the management body - Staff members responsible for portfolio management
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2. Governance and compliance commitments
- Managers of control functions (risks, compliance and internal control) - Those responsible for support or administrative activities - Other risk-takers - Employees who, in view of their total remuneration, are in the same remuneration bracket as general management and risk-takers.
Each year, before the annual remuneration review, the Human Resources Department determines and formalises the identification methodology and scope of the identified population of NIMI, in conjunction with the Internal Control Officer.
The scope of the entire identified population is then validated by NIMI's General Management team, then presented to the Natixis Remuneration Committee.
The entire identification process is documented and archived by the Human Resources Department. The employees concerned are also informed of their status.
II-2. System applicable to variable remuneration allocated to the identified population
In accordance with regulations and to ensure alignment between employees and investors and the management company, the variable remuneration of the identified population, as soon as it exceeds a certain threshold, is partly deferred and partly awarded in the form of a financial instrument over a period of at least three years, acquired pro rata temporis.
The proportion of variable remuneration, which is deferred over three years, increases with the amount of variable remuneration awarded and can reach 60% for the highest remuneration from NIMI. Currently, the procedures for applying the deferral are as follows: - Between €200,000 and €499,000: 50% deferred. - From €500,000: 60% deferred.
The thresholds for triggering deferred variable remuneration are subject to change depending on regulations or changes in internal policies. In this case, the new thresholds defined are subject to the approval of the NIMI General Management Committee and the Natixis Remuneration Committee.
Up to 50% of variable remuneration is also allocated in financial instruments in the form of indexed cash payments: - For teams participating directly in portfolio management, on the performance of a portfolio of products managed by NIMI. - For teams that are not directly involved in portfolio management, on the evolution of the consolidated financial performance of Natixis IM measured by its earnings before tax (EBT), recorded each year over a period of at least three years.
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2. Governance and compliance commitments
The vesting of the variable remuneration proportion, which is deferred, is subject to conditions involving attendance and the consolidated financial performance of Natixis IM and the absence of behaviour out of the norm that may have an impact on the level of risk of NIMI or managed products.
This vesting is also subject to obligations in terms of adherence to the rules on risks and compliance. Failure to comply with these obligations can result in a partial or total decrease in the vesting. It can also be subject to a full or partial refund to ensure ex-post risk adjustment.
Employees benefiting from deferred variable remuneration are prohibited from using individual hedging or insurance strategies over the entire vesting period.
The terms and conditions for the determination, valuation, allocation, acquisition and payment of deferred variable remuneration in an equivalent financial instrument are detailed in the Long Term Incentive Plans (LTIP) of NIMI and Natixis IM.
III. GOVERNANCE
The general and specific principles of the remuneration policy are defined and formalised by the Human Resources Department of NIMI in line with the policy applicable within the international distribution platform.
The Internal Control Department and the Risk Department of NIMI have an active role in the development, continuous monitoring and evaluation of the remuneration policy. They are thus involved in determining the overall strategy applicable to the management company to promote the development of effective risk management. As such, they are involved in determining the scope of the identified population. They are also responsible for assessing the impact of the variable remuneration structure on the risk profile of managers.
NIMI's remuneration policy is approved by the NIMI Board of Directors.
The general and specific principles, the methods of application and figures summarising the remuneration policy, including the identified population, are approved successively by the members of the NIMI Management Committee, the General Management of Natixis IM and the General Management of Natixis.
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2. Governance and compliance commitments
NIMI, which does not have a Remuneration Committee but belongs to the Natixis Group, reports to the Natixis Remuneration Committee. The Natixis Remuneration Committee was established and acts in accordance with regulations1: - Both in its composition: independence and expertise of its members. - And in the exercise of its duties, which in management companies more specifically includes the following roles: ○ Advice and assistance to the Board of Directors for the development and implementation of the management company's remuneration policy. ○ Assistance to the Board of Directors in overseeing the development and operation of the management company's remuneration system. ○ Particular attention is paid to the assessment of the mechanisms adopted to ensure that the remuneration system considers all the categories of risks, liquidity and levels of assets under management in an appropriate manner and to ensure compatibility of the remuneration policy with the economic strategy, objectives, values and interests of the management company and the products managed, as well as with those of investors.
In this context, the general and specific principles, compliance of NIMI's remuneration policy with applicable regulations, application methods and summary figures of its remuneration policy, including the identified population and the highest remuneration, are submitted to the Natixis Remuneration Committee for review, then approved by its Board of Directors.
The remuneration of the Chief Executive of NIMI is determined by the General Management of Natixis IM and Natixis, then presented to the remuneration Committee of Natixis before being approved by the Board of Directors of Natixis.
The remuneration of NIMI's Risk and Compliance Directors is reviewed, within the framework of independent reviews performed by the risk and compliance departments, by the Risk and Compliance Directors of Natixis IM. They are then submitted to the Natixis Remuneration Committee.
The general and specific principles of the remuneration policy are communicated internally to all employees and members of the Works Council.
This entire review, validation and communication process takes place every year. It includes any regulatory and contextual changes and is consistent with the remuneration policy of Natixis.
Finally, the entire NIMI remuneration policy is subject to an annual centralised and independent review by the Internal Audit Department of Natixis IM.
When NIMI delegates the financial management of one of the portfolios for which it is the management company to another management company, it ensures that the delegated company complies with the regulations in force.
1 For more details on the composition and role of the Natixis Remuneration Committee, see the company's Reference Document.
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2. Governance and compliance commitments
Remuneration paid during the last financial year
The total amount of remuneration for the financial year paid by the management company to its staff, broken down into fixed and variable remuneration, and the number of beneficiaries, is as follows:
Fixed remuneration 2019*: €23,312,064 Variable remuneration awarded for 2019: €23,312,064 Employees concerned: 327 employees.
* Theoretical fixed remuneration for full-time equivalent (FTE) as of 31 December 2019.
The aggregate amount of remuneration, broken down between the senior executives and members of staff of the management company whose activities have a significant impact on the risk profile of the management company and/or portfolios is as follows:
Total remuneration awarded for 2019: €8,479,492, of which: - Senior executives: €4,395,012 - Staff members €4,395,012.
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3. Fees and taxation
Intermediation fees
Detailed information on the terms and conditions applied by the management company for order execution and investment decision-making support services during the financial year ended can be found on its website at http://www.im.natixis.com.
Withholdings at source
This UCI is not involved in recoveries of withholding tax for this year.
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3. Fees and taxation
ADDITIONAL INFORMATION RELATING TO COUPON TAXATION
COUPON BREAKDOWN
TOTAL NET CURRENCY NET PER UNIT CURRENCY
Income subject to compulsory non-definitive withholding tax 66,299.74 EUR 0.09 EUR Shares giving entitlement to reductions and subject to compulsory non-definitive withholding tax Other income not giving entitlement to reductions and subject to compulsory non-definitive withholding tax Non-reportable and non-taxable income Amount distributed on capital gains and losses 176,799.30 EUR 0.24 EUR TOTAL 243,099.04 EUR 0.33 EUR
23 MIROVA EURO SUSTAINABLE BOND FUND NATIXIS INVESTMENT MANAGERS INTERNATIONAL
4. Statutory auditor's report
24 MIROVA EURO SUSTAINABLE BOND FUND
KPMG S.A. Telephone: +33 (0)1 55 68 86 66 Registered office Fax: +33 (0)1 55 68 86 60 Tour EQHO Website: www.kpmg.fr 2 avenue Gambetta CS 60055 92066 Paris La Défense Cedex France
Mutual Fund MIROVA EURO SUSTAINABLE BOND FUND
43 avenue Pierre Mendès-France, 75013 Paris, France
Statutory Auditor's Report on the Annual Financial Statements
Financial year ended 31 December 2019
Dear Unitholders,
Opinion
In performance of the mandate entrusted to us by the management company, we have audited the annual financial statements of the undertaking for collective investment Mirova Euro Sustainable Bond Fund incorporated as a mutual investment fund, relating to the financial year ended 31 December 2019, as attached to this report.
We certify that the annual financial statements are, in compliance with French accounting rules and principles, accurate and consistent, and give a true and fair view of the financial performance for the previous financial year as well as the financial situation and assets of the Fund at the end of the financial year.
Basis of opinion
Audit terms of reference
We conducted our audit in accordance with the standards of professional practice applicable in France. We believe that the information we collected is sufficient and appropriate as a basis for our opinion.
Our responsibilities pursuant to these standards are set out in the section of this report entitled "Statutory auditor's responsibilities regarding the audit of the Annual Financial Statements".
Independence
We conducted our audit assignment in line with the rules of independence that apply to us, during the period between 1 January 2019 and the date of issue of our report, and in particular we did not provide any services forbidden by the Code of Ethics for Statutory Auditors.
A Société Anonyme (limited company) with management and supervisory boards, providing accounting, auditing and consulting services. Registered Registered office: KPMG S.A. with the Paris Tableau de l'Ordre Tour EQHO 2 avenue [accounting firm register] under Gambetta 92066 Paris La No. 14-30080101 and member of Défense Cedex Capital: the Versailles Compagnie €5,497,100 APE code 6920Z775 KPMG S.A., a French company and member of the KPMG network of Régionale des Commissaires aux 726 417 R.C.S. Nanterre independent firms affiliated with KPMG International Cooperative, a Comptes [regional association of European Union VAT No. FR 77 Swiss entity. statutory auditors]. 775 726 417
Mutual Fund
MIROVA EURO SUSTAINABLE BOND FUND Statutory Auditor's Report on the Annual Financial Statements
Justification of assessments
In accordance with the provisions of articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, we inform you that, in our professional opinion, the most significant assessments we conducted were based on the appropriateness of the accounting principles applied, particularly regarding the financial instruments held in the portfolio, and on the overall presentation of the financial statements in terms of the chart of accounts for open-ended undertakings for collective investment.
The assessments were made as part of our audit of the annual financial statements, taken as a whole, and therefore contributed to the formation of the opinion expressed above. We have no comment to make on any individual aspect of these annual financial statements.
Verification of the management report prepared by the management company
We also performed specific verifications as required by law in accordance with professional auditing standards in France.
We have no observations to make concerning the accuracy and consistency with the annual financial statements of the information provided in the management report prepared by the management company.
Responsibilities of the management company with respect to the annual financial statements
It is the management company's responsibility to prepare annual financial statements that give a true and fair view, in accordance with French accounting rules and principles, and to implement the internal controls it deems necessary for the preparation of annual financial statements that are free of material misstatement, whether due to fraud or error.
When preparing the annual financial statements, it is the management company's responsibility to assess the Fund's ability to continue as a going concern, to present in said financial statements, where applicable, the necessary information relating to its viability as a going concern, and to apply the going concern accounting policy unless it intends to wind up the Fund or to cease trading.
The annual financial statements were prepared by the management company.
Statutory auditor's responsibilities regarding the audit of the annual financial statements
It is our responsibility to draft a report on the annual financial statements. Our aim is to obtain reasonable assurance that the annual financial statements, taken as a whole, are free of material misstatement. Reasonable assurance corresponds to a high level of assurance but does not guarantee that an audit performed in accordance with the standards of professional practice can systematically detect any material misstatement. Misstatements may arise from fraud or error and are considered material where it can reasonably be expected that, taken individually or together, they may influence the economic decisions made by users of the financial statements that are based upon such misstatements.
As specified in article L. 823-10-1 of the French Commercial Code, our task is to certify the financial statements and not to guarantee the viability or the quality of the management of your Fund.
Mutual Fund
MIROVA EURO SUSTAINABLE BOND FUND Statutory Auditor's Report on the Annual Financial Statements
As part of an audit conducted in accordance with the professional practice standards applicable in France, the statutory auditor exercises their professional judgement throughout the audit. In addition:
• they identify and assess the risks that the annual financial statements may contain material misstatements, whether due to fraud or error, set out and implement the audit procedures intended to counter these risks and collate the items that they deem sufficient and appropriate to justify their opinion. The risk of not detecting a material misstatement due to fraud is higher than that of a material misstatement due to error because fraud can involve collusion, forgery, voluntary omissions, misrepresentation or circumvention of internal control processes;
• they take note of the internal control processes relevant to the audit to set out audit procedures that are appropriate to the circumstances and not to express an opinion on the effectiveness of the internal control processes;
• they assess the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management company, as well as the information provided in their regard in the annual financial statements;
• they assess the appropriateness of the application by the management company of the going concern accounting policy and, based on the evidence gathered, whether significant uncertainty exists relating to events or circumstances that may affect the Fund's ability to continue as a going concern. This assessment is based on the information gathered up to the date of their report, it being understood that subsequent events or circumstances may affect its viability as a going concern. If they conclude that significant uncertainty exists, they draw the attention of the reader of the report to the information provided in the annual financial statements about this uncertainty or, if this information is not provided or is not relevant, they issue a certification with reservations or a refusal to certify;
• they appraise the overall presentation of the annual financial statements and assess whether said statements reflect the transactions and underlying events, thus providing a true and fair view thereof.
Made in Paris La Défense
KPMG S.A. Isabelle Bousquié Digital signature of Isabelle Bousquie Date: 2020.04.28 23:37:24 +02’00’ Isabelle Bousquié Partner
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
a) Annual financial statements in EUR
■ Balance sheet – Assets
Balance sheet – Assets as at 31/12/2019 Portfolio: 3695 MIROVA EURO SUSTAINABLE BOND FUND
31/12/2019 31/12/2018
NET FIXED ASSETS 0.00 0.00 DEPOSITS 0.00 0.00 FINANCIAL INSTRUMENTS 75,803,810.15 65,276,277.63 Equities and equivalent securities 0.00 0.00 Traded on a regulated or equivalent market 0.00 0.00 Not traded on a regulated or equivalent market 0.00 0.00 Bonds and equivalent securities 75,582,450.15 65,211,357.63 Traded on a regulated or equivalent market 75,582,450.15 65,211,357.63 Not traded on a regulated or equivalent market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or equivalent market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or equivalent market 0.00 0.00 Undertakings for collective investment 0.00 0.00 Retail UCITS and AIFs in other countries intended for non-professional investors and equivalents 0.00 0.00 Other funds in other EU Member States intended for non-professional investors and equivalents 0.00 0.00 Professional investment funds and their equivalents in other EU Member States and listed special-purpose vehicles 0.00 0.00 Other professional investment funds and their equivalents in other EU Member States and unlisted special-purpose vehicles 0.00 0.00 Other non-European undertakings 0.00 0.00 Temporary securities transactions 0.00 0.00 Receivables on securities received under repurchase agreements 0.00 0.00 Receivables representing loaned securities 0.00 0.00 Borrowed securities 0.00 0.00 Securities transferred under repurchase agreements 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 221,360.00 64,920.00 Transactions on a regulated or equivalent market 221,360.00 64,920.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 RECEIVABLES 106,147.70 114,336.20 Forward foreign exchange transactions 0.00 0.00 Other 106,147.70 114,336.20 FINANCIAL ACCOUNTS 1,165,629.47 858,114.29 Cash and cash equivalents 1,165,629.47 858,114.29 TOTAL ASSETS 77,075,587.32 66,248,728.12
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5. Annual financial statements
■ Balance sheet – Liabilities
Balance sheet – Liabilities as at 31/12/2019 Portfolio: 3695 MIROVA EURO SUSTAINABLE BOND FUND
31/12/2019 31/12/2018
SHAREHOLDERS' EQUITY Capital 76,569,738.13 66,631,648.73 Undistributed prior net capital gains and losses (a) 0.00 0.00 Retained earnings (a) 3,740.06 0.00 Net capital gains and losses for the financial year (a, b) 182,891.02 -792,301.06 Profit/loss for the financial year (a, b) 68,621.62 323,357.19 TOTAL SHAREHOLDERS' EQUITY * Amount representing net assets 76,824,990.83 66,162,704.86
FINANCIAL INSTRUMENTS 221,360.00 64,920.00 Sales of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables on securities transferred under repurchase agreements 0.00 0.00 Payables on borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 221,360.00 64,920.00 Transactions on a regulated or equivalent market 221,360.00 64,920.00 Other transactions 0.00 0.00 PAYABLES 29,236.49 21,103.26 Forward foreign exchange transactions 0.00 0.00 Other 29,236.49 21,103.26 FINANCIAL ACCOUNTS 0.00 0.00 Current bank loans 0.00 0.00 Borrowings 0.00 0.00 TOTAL LIABILITIES 77,075,587.32 66,248,728.12
(a) Including adjustments (b) Less any interim dividends paid during the financial year
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5. Annual financial statements
■ Off-balance sheet items
Off-balance sheet items as at 31/12/2019 Portfolio: 3695 MIROVA EURO SUSTAINABLE BOND FUND
31/12/2019 31/12/2018
HEDGING TRANSACTIONS 15,754,230.00 11,544,580.00 Commitments on regulated or equivalent markets 15,754,230.00 11,544,580.00 Futures contracts 15,754,230.00 11,544,580.00 EUR XEUR FGBX B 0319 0.00 1,083,720.00 XEUR FGBL BUN 0319 0.00 8,340,540.00 XEUR FGBL BUN 0320 14,150,670.00 0.00 XEUR FGBM BOB 0319 0.00 2,120,320.00 XEUR FGBM BOB 0320 1,603,560.00 0.00 Commitments on over-the-counter markets 0.00 0.00 Other commitments 0.00 0.00 OTHER TRANSACTIONS 4,562,740.00 0.00 Commitments on regulated or equivalent markets 4,562,740.00 0.00 Futures contracts 4,562,740.00 0.00 EUR XEUR FGBX B 0320 4,562,740.00 0.00 Commitments on over-the-counter markets 0.00 0.00 Other commitments 0.00 0.00
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5. Annual financial statements
■ Income statement
Income statement as at 31/12/2019 Portfolio: 3695 MIROVA EURO SUSTAINABLE BOND FUND
31/12/2019 31/12/2018 Income from financial transactions Income from deposits and financial accounts 0.00 0.00 Income from equities and equivalent securities 0.00 0.00 Income from bonds and equivalent securities 997,293.19 1,025,253.47 Income from debt securities 0.00 0.00 Income from temporary purchases and sales of securities 0.00 0.00 Income from forward financial instruments 0.00 0.00 Other financial income 0.00 0.00 TOTAL (1) 997,293.19 1,025,253.47
Expenses on financial transactions Expenses on temporary purchases and sales of securities 0.00 0.00 Expenses on forward financial instruments 0.00 0.00 Expenses on financial debt 7,167.32 8,663.56 Other financial expenses 0.00 0.00 TOTAL (2) 7,167.32 8,663.56
PROFIT/LOSS ON FINANCIAL TRANSACTIONS (1 - 2) 990,125.87 1,016,589.91 Other income (3) 0.00 0.00 Management fees and provisions for depreciation (4) 318,511.93 306,635.34
NET INCOME FOR THE FINANCIAL YEAR (L. 214-17-1) (1 - 2 + 3 - 4) 671,613.94 709,954.57 Income adjustment for the financial year (5) 34,098.63 58,233.44 Interim dividend payments for the financial year (6) 637,090.95 444,830.82
PROFIT/LOSS (1 - 2 + 3 - 4 + 5 - 6) 68,621.62 323,357.19
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5. Annual financial statements
b) Annual financial statements – Accounting appendices
ACCOUNTING RULES AND METHODS
The annual financial statements are presented in the form prescribed by ANC Regulation no. 2014-01, as amended.
The following general accounting principles apply: - a true and fair view, comparability and going concern; - lawfulness, fairness; - prudence; - consistency in accounting methods from one financial year to the next.
Income from fixed-income securities is recognised using the interest earned accounting method.
Purchases and sales of securities are recorded inclusive of fees. The reference currency of the portfolio is the euro. The length of the financial year is 12 months.
Asset valuation rules
Financial instruments are recorded using the historical cost method and entered in the balance sheet at their current value, i.e. at their last known market value or, where there is no market, via any external methods or using financial modelling. Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when these were first included in the portfolio are recorded in the accounts as "valuation differences". Securities denominated in currencies other than the portfolio's reference currency are valued in accordance with the principle outlined below and then converted into the portfolio's reference currency at the exchange rate on the valuation date.
Deposits:
Deposits with a residual life of three months or less are valued on a straight-line basis.
Equities, bonds and other securities traded on a regulated or equivalent market:
To calculate the net asset value, equities and other securities traded on a regulated or equivalent market are valued based on the final stock market price of the day.
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5. Annual financial statements
Bonds are valued based on an average of contributed prices obtained daily from market makers and converted into euros, if necessary, at the WMR rate for the currency on the valuation date. Interest accrued on bonds and equivalent securities is calculated up to the net asset value date.
Equities, bonds and other securities not traded on a regulated or equivalent market:
Securities not traded on a regulated market are valued under the responsibility of the management company using methods based on asset value and yield, taking into account the prices used for recent significant transactions.
Negotiable debt securities:
Negotiable debt securities and equivalent securities that are not traded in large volumes are valued using an actuarial method based on a reference rate defined below, plus, where applicable, a differential that is representative of the intrinsic characteristics of the issuer. Negotiable debt securities maturing in one year or less: Euro Interbank Offered Rate (Euribor). Negotiable debt securities maturing in more than one year: Rates for French treasury bills (BTANs) or French treasury bonds (OATs) with similar maturity dates for the longest durations.
Negotiable debt securities with a residual life of three months or less may be valued on a straight-line basis.
French Treasury Bills are valued based on the market rate published daily by the Banque de France.
UCIs held:
UCI units or shares will be valued at the last known net asset value.
Temporary securities transactions:
Securities received under repurchase agreements are recorded as assets under the heading of "Receivables representing securities received under repurchase agreements" at the amount indicated in the contract, plus any accrued interest receivable.
Securities transferred under repurchase agreements are recognised in the long portfolio at their current value. Payables on securities transferred under repurchase agreements are recognised in the short portfolio at the contractual value plus any accrued interest payable.
Loaned securities are valued at their current value and are recorded as assets at their current value, plus accrued interest receivable, under the "Receivables representing loaned securities" heading.
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5. Annual financial statements
Borrowed securities are recorded as assets under the "Borrowed securities" heading at the contracted amount, and as liabilities under the "Debts representing borrowed securities" heading at the amount indicated in the contract, plus any accrued interest payable.
Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market:
Forward financial instruments traded on a regulated market are valued at the day's settlement price.
Forward financial instruments not traded on a regulated or equivalent market:
Swaps:
Interest rate and/or currency swaps are appraised at their market value based on a price calculated by discounting future interest flows at market interest rates and/or exchange rates. The resulting price is then adjusted for issuer risk.
Index swaps are valued using an actuarial method based on a reference rate supplied by the counterparty.
Other swaps are valued at their market value or at an estimated value in accordance with the methods established by the management company.
Off-balance sheet commitments:
Futures contracts are recorded as off-balance sheet commitments at their market value based on the price used in the portfolio. Options are recognised at a value equivalent to that of their underlying assets. Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.
Management fees
Management fees are determined at each net asset value calculation. These fees are recorded in the income statement for the UCI. Management fees are paid in full to the management company responsible for all the UCIs' operating costs. Management fees do not include transaction fees.
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NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
The accumulation of management fees complies with the level of management fees and maximum administrative fees set out in the Fund's regulations:
- 1.16%, incl. taxes, for R units - 0.76%, incl. taxes, for I units - 0.56%, incl. taxes, for SI units
Retrocessions on management fees receivable are taken into consideration every time the net asset value is calculated. The amount set aside as a provision is equal to the share of the trailer fees accrued over the period under consideration.
Allocation of distributable income
Definition of distributable income:
Distributable income consists of:
Income:
Net income for the financial year is equal to the amount of interest, arrears, premiums and bonuses, dividends, directors' fees and all other income generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less management fees and borrowing costs. It is increased by the retained earnings and increased or reduced by the balance of the income adjustment account.
Capital gains and losses:
Realised capital gains, net of fees, minus realised capital losses, net of fees, recorded in the current financial year, plus net capital gains of the same type recognised in previous years that have not been distributed or accumulated, plus or minus current-year net capital gains adjustments.
Procedures for allocating distributable income:
Distributable income R units D - SI units
Allocation of net income Accumulation Distribution
Allocation of net realised capital gains or losses Accumulation Distribution
MIROVA EURO SUSTAINABLE BOND FUND 35
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5. Annual financial statements
■ Changes in net assets in EUR
Changes in net assets as at 31/12/2019 Portfolio: 3695 MIROVA EURO SUSTAINABLE BOND FUND
31/12/2019 31/12/2018
NET ASSETS AT THE START OF THE FINANCIAL YEAR 66,162,704.86 0.00 Subscriptions (including subscription fees paid to the UCI) 9,105,862.98 72,431,241.85 Redemptions (excluding redemption fees paid to the UCI) -3,284,009.52 -4,358,875.19 Capital gains earned on deposits and financial instruments 908,456.28 15,719.61 Capital losses incurred on deposits and financial instruments -548,116.72 -239,831.84 Capital gains earned on forward financial instruments 921,420.00 297,400.00 Capital losses incurred on forward financial instruments -1,047,170.00 -812,640.00 Transaction fees -12,399.64 -16,984.87 Exchange rate differences 0.00 0.00 Changes in the valuation difference on deposits and financial instruments 4,819,114.17 -1,375,248.45 Valuation difference, financial year N 3,443,865.72 -1,375,248.45 Valuation difference, financial year N-1 1,375,248.45 0.00 Changes in the valuation difference on forward financial instruments 86,080.00 -43,200.00 Valuation difference, financial year N 42,880.00 -43,200.00 Valuation difference, financial year N-1 43,200.00 0.00 Dividends paid in the previous financial year on net capital gains and losses 0.00 0.00 Dividends paid in the previous financial year on income -321,474.57 0.00 Net income for the financial year prior to adjustment 671,613.94 709,954.57 Interim dividend(s) paid during the financial year on net capital gains and losses 0.00 0.00 Interim dividend(s) paid during the financial year on income -637,090.95 -444,830.82 Other items 0.00 0.00
NET ASSETS ON THE CLOSING DATE OR AT YEAR END 76,824,990.83 66,162,704.86
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5. Annual financial statements
■ Additional information
• Breakdown of instruments by legal or economic type
Amount %
Assets Bonds and equivalent securities Fixed-rate bonds traded on a regulated or equivalent market 75,582,450.15 98.38
TOTAL Bonds and equivalent securities 75,582,450.15 98.38 Debt securities TOTAL Debt securities 0.00 0.00
Liabilities Sales of financial instruments TOTAL Sales of financial instruments 0.00 0.00
Off-balance sheet items Hedging transactions Fixed income 15,754,230.00 20.51 TOTAL Hedging transactions 15,754,230.00 20.51 Other transactions Fixed income 4,562,740.00 5.94 TOTAL Other transactions 4,562,740.00 5.94
• Breakdown of assets, liabilities and off-balance sheet items by interest rate type
Fixed rate % Variable rate % Adjustable rate % Other %
Assets Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Bonds and equivalent securities 75,582,450.15 98.38 0.00 0.00 0.00 0.00 0.00 0.00 Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Temporary securities transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 1,165,629.47 1.52
Liabilities Temporary securities transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Off-balance sheet items Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 15,754,230.00 20.51 Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 4,562,740.00 5.94
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5. Annual financial statements
• Breakdown of assets, liabilities and off-balance sheet items by residual maturity
]3 months– <3 months % 1 year] % ]1–3 years] % ]3–5 years] % >5 years %
Assets Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Bonds and equivalent securities 0.00 0.00 0.00 0.00 1,634,741.06 2.13 10,511,672.52 13.68 63,436,036.57 82.57 Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Temporary securities transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 1,165,629.47 1.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Liabilities Temporary securities transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Off-balance sheet items Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 1,603,560.00 2.09 14,150,670.00 18.42 Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,562,740.00 5.94
• Breakdown of assets, liabilities and off-balance sheet items by listing currency (non-euro)
Currency Currency Currency 1 % 2 % 3 % Currency %
Assets Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Equities and equivalent securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Bonds and equivalent securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 UCIs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Temporary securities transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Liabilities Sales of financial instruments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Temporary securities transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Off-balance sheet items Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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5. Annual financial statements
• Breakdown of receivables and payables by type
Type of debit/credit 31/12/2019
Receivables Cash collateral deposits 106,147.70 Total receivables 106,147.70
Payables Management fees - 29,236.49 Total payables - 29,236.49
Total payables and receivables 76,911.21
■ Shareholders' equity
• Number of securities issued or redeemed
Units Amount
R units Units subscribed during the financial year 0.0000 0.00
Units redeemed during the financial year 0.0000 0.00
Net subscriptions/redemptions 0.0000 0.00
I units
Units subscribed during the financial year 1.0000 1,000.00
Units redeemed during the financial year 0.0000 0.00
Net subscriptions/redemptions 1.0000 1,000.00
D units
Units subscribed during the financial year 88,695.8705 9,104,862.98
Units redeemed during the financial year -31,917.2133 -3,284,009.52
Net subscriptions/redemptions 56,778.6572 5,820,853.46
• Subscription and/or redemption fees
Amount
R units Redemption fees paid to the Fund 0.00
Subscription fees paid to the Fund 0.00
Total fees paid 0.00
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5. Annual financial statements
• Subscription and/or redemption fees
Amount
I units
Redemption fees paid to the Fund 0.00
Subscription fees paid to the Fund 0.00
Total fees paid 0.00
D units
Redemption fees paid to the Fund 0.00
Subscription fees paid to the Fund 0.00
Total fees paid 0.00
• Management fees paid by the Fund
31/12/2019
R units Guarantee fees 0.00 Fixed management fees 1,791.31 Percentage of fixed management fees 1.16 Variable management fees 0.00 Retrocession of management fees 0.00
I units Guarantee fees 0.00 Fixed management fees 0.16 Percentage of fixed management fees 0.73 Variable management fees 0.00 Retrocession of management fees 0.00
D units Guarantee fees 0.00 Fixed management fees 316,720.46 Percentage of fixed management fees 0.43 Variable management fees 0.00 Retrocession of management fees 0.00
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5. Annual financial statements
• Commitments received and given
Guarantees received by the UCI
None.
Other commitments received and/or given
None.
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5. Annual financial statements
■ Other information
• Current value of financial instruments under a temporary purchase agreement
31/12/2019
0.00 Securities received under reverse repurchase agreements Borrowed securities 0.00
• Current value of financial instruments constituting collateral deposits
31/12/2019
Financial instruments given as collateral and retained under their original entry 0.00
Financial instruments received as collateral and not posted in the balance sheet 0.00
• Financial instruments held, issued and/or managed by the Natixis Group
ISIN code Name 31/12/2019
Equities 0.00
Bonds 0.00
Negotiable debt securities 0.00
UCIs 0.00
Forward financial instruments 0.00
Total Group securities 0.00
MIROVA EURO SUSTAINABLE BOND FUND 42
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
■ Interim dividend payments paid for the financial year
Date Unit Total amount Amount per unit Total tax credits Tax credit per unit
Interim dividends 22/07/2019 D 342,010.56 0.47 0.00 0.00 Interim dividends 20/12/2019 D 295,080.39 0.40 0.00 0.00
Total interim dividends 637,090.95 0.87 0.00 0.00
MIROVA EURO SUSTAINABLE BOND FUND 43
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
■ Table of results
• Allocation table for the portion of distributable income relating to profit/loss
31/12/2019 31/12/2018
Amounts still to be allocated Retained earnings 3,740.06 0.00 Income 68,621.62 323,357.19 Total 72,361.68 323,357.19
31/12/2019 31/12/2018
R units Allocation Distribution 0.00 0.00 Retained earnings for the financial year 0.00 0.00 Accumulation 317.05 359.33 Total 317.05 359.33
31/12/2019 31/12/2018
I units Allocation Distribution 0.00 0.00 Retained earnings for the financial year 0.00 0.00 Accumulation -0.16 0.00 Total -0.16 0.00
31/12/2019 31/12/2018
D units Allocation Distribution 66,299.74 319,545.99 Retained earnings for the financial year 5,745.05 3,451.87 Accumulation 0.00 0.00 Total 72,044.79 322,997.86
Information concerning units with distribution rights Number of units 736,663.7421 679,885.0849 Distribution per unit 0.09 0.47
Tax credits Tax credit relating to the distribution of income 0.00 0.00
MIROVA EURO SUSTAINABLE BOND FUND 44
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
• Allocation table for the portion of distributable income relating to net capital gains and losses
31/12/2019 31/12/2018
Amounts still to be allocated Undistributed prior net capital gains and losses 0.00 0.00 Net capital gains and losses for the financial year 182,891.02 -792,301.06 Interim dividends paid on net capital gains and losses for the financial year 0.00 0.00 Total 182,891.02 -792,301.06
31/12/2019 31/12/2018
R units Allocation Distribution 0.00 0.00 Undistributed net capital gains and losses 0.00 0.00 Accumulation 377.41 -1,735.81 Total 377.41 -1,735.81
31/12/2019 31/12/2018
I units Allocation Distribution 0.00 0.00 Undistributed net capital gains and losses 0.00 0.00 Accumulation 0.82 0.00 Total 0.82 0.00
31/12/2019 31/12/2018
D units Allocation Distribution 176,799.30 0.00 Undistributed net capital gains and losses 0.00 0.00 Accumulation 5,713.49 -790,565.25 Total 182,512.79 -790,565.25
Information concerning units with distribution rights Number of units 736,663.7421 679,885.0849 Distribution per unit 0.24 0.00
MIROVA EURO SUSTAINABLE BOND FUND 45
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
■ Table of results and other items characteristic of the entity over the last five financial years
31/12/2018 31/12/2019 Total net assets in EUR 66,162,704.86 76,824,990.83
MIROVA EURO SUSTAINABLE BOND FUND R Net assets in EUR 145,320.15 156,644.70 Number of securities 1,500.0000 1,500.0000 Net asset value per unit 96.88 104.42 Accumulation per unit on net -1.15 0.25 realised capital gains Accumulation per unit on 0.23 0.21 income
MIROVA EURO SUSTAINABLE BOND FUND I
Net assets in EUR 0.00 997.67 Number of securities 0.0000 1.0000 Net asset value per unit 0.00 997.67 Accumulation per unit on net 0.00 0.82 realised capital gains Accumulation per unit on 0.00 -0.16 income
MIROVA EURO SUSTAINABLE BOND FUND SI D
Net assets in EUR 66,017,384.71 76,667,348.46 Number of securities 679,885.0849 736,663.7421 Net asset value per unit 97.10 104.07 Dividends per unit on gains and 0.00 0.24 realised capital gains Accumulation per unit on net -1.16 0.00 realised capital gains Distribution per unit on income 1.12 0.96 Retained earnings per unit in 0.00 0.00 EUR on income Tax credit per unit 0.00 *
* The tax credit per unit will be determined on the distribution date, in accordance with the prevailing tax provisions.
MIROVA EURO SUSTAINABLE BOND FUND 46
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
■ Detailed breakdown of financial instruments
% of Qty No. or Security name Currency Current value net nominal value assets
Bonds and equivalent securities Bonds and equivalent securities traded on a regulated or equivalent market
GERMANY DEUTSCHE KREDITBANK AG 0.75% 26/09/24 EUR 200,000 205,040.44 0.27 ENBW ENERGIE BADENWUERTTEMB 1.125% 05/11/79 EUR 600,000 606,519.79 0.79 EON SE 0.35% 28/02/30 EMTN EUR 1,200,000 1,157,296.36 1.50 LBBW 0.375% 29/07/26 EMTN EUR 300,000 298,518.93 0.39 LBBW 2.2% 09/05/29 EMTN EUR 700,000 755,563.05 0.98 TOTAL GERMANY 3,022,938.57 3.93
AUSTRALIA NATL AUSTRALIA BANK 0.35% 07/09/22 EUR 400,000 404,911.89 0.52 TOYOTA FINANCE AUSTRALIA 0.25% 09/04/24 EUR 400,000 404,002.78 0.53 TOTAL AUSTRALIA 808,914.67 1.05
AUSTRIA RAIFFEISEN BANK INTL AG 0.375% 25/09/26 EUR 300,000 296,939.66 0.39 TOTAL AUSTRIA 296,939.66 0.39
BELGIUM BELGIUM GOVERNMENT BOND 1.25% 22/04/33 EUR 2,200,000 2,486,848.56 3.24 KBC GROUPE 0.875% 27/06/23 EUR 100,000 103,212.56 0.13 TOTAL BELGIUM 2,590,061.12 3.37
SPAIN ADIF ALTA VELOCIDAD 0.95% 30/04/27 EUR 500,000 522,759.71 0.68 BANCO SANTANDER SA 0.25% 19/06/24 EUR 100,000 100,545.20 0.13 BANKIA 0.75% 09/07/26 EUR 1,000,000 1,005,521.07 1.31 COMUNIDAD MADRID 1.773% 30/04/28 EUR 1,400,000 1,564,203.82 2.04 ESPAGNE 4.2%170105-310137 EUR 1,000,000 1,565,422.88 2.04 NETHERLANDSQUE 1.125% 30/04/29 EUR 500,000 532,557.42 0.69 NT CONS FIN 1.0% 27/02/24 EMTN EUR 300,000 310,770.29 0.40 TELEFONICA EMISIONES SAU 1.069% 05/02/24 EUR 200,000 209,246.13 0.27 TELEFONICA EMISIONES SAU 2.318% 17/10/28 EUR 400,000 459,918.00 0.60 TOTAL SPAIN 6,270,944.52 8.16
UNITED STATES OF AMERICA AT&T INC 3.55% 12/32 EUR 500,000 622,198.96 0.81 CITIGROUP 0.5% 29/01/22 EMTN EUR 300,000 304,874.32 0.40 DLR 2 1/2 01/16/26 EUR 1,200,000 1,335,340.93 1.74 ECOLAB 2.625% 08/07/25 EUR 400,000 457,901.18 0.60 FORD MOTOR CREDIT CO 3.021% 06/03/24 EUR 500,000 541,746.15 0.71 FORD MOTOR CREDIT 1.514% 17/02/23 EUR 100,000 101,906.65 0.13 LEVI STRAUSS CO 3.375% 15/03/27 EUR 500,000 540,581.88 0.70 SOUT POWE 1.85% 20/06/26 EUR 500,000 548,625.51 0.71 TOTAL UNITED STATES OF AMERICA 4,453,175.58 5.80
FINLAND CITYCON OYJ 4.496% PERP EUR 400,000 405,762.33 0.53 TOTAL FINLAND 405,762.33 0.53
MIROVA EURO SUSTAINABLE BOND FUND 47
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
% of Qty No. or Security name Currency Current value net nominal value assets
FRANCE AGENCE FRANCAISE DE DEVELOPPEMEN 0.5% 31/10/25 EUR 200,000 206,095.67 0.27 AIR LIQ FIN 0.625% 20/06/30 EUR 1,100,000 1,134,433.13 1.48 ALD 1.25% 11/10/22 EMTN EUR 200,000 207,001.28 0.27 BNP PAR 0.5% 04/06/26 EUR 100,000 100,367.39 0.13 BNP PAR 1.125% 28/08/24 EUR 600,000 623,638.33 0.81 BQ POSTALE 1.375% 24/04/29 EUR 400,000 426,195.86 0.55 BUREAU VERITAS 1.125% 18/01/27 EUR 200,000 205,152.07 0.27 CA 1.75% 05/03/29 EMTN EUR 200,000 222,067.42 0.29 CA 2.0% 25/03/29 EMTN EUR 200,000 217,266.04 0.28 COVIVIO SA 1.875% 20/05/26 EUR 900,000 981,316.48 1.28 COVIVIO 1.125% 17/09/31 EUR 800,000 810,469.97 1.05 CRED AGRI SA 2.625% 17/03/27 EUR 400,000 457,928.98 0.60 DASSAULT SYSTMES 0.0% 16/09/24 EUR 100,000 99,493.50 0.13 EDF 1.0% 13/10/26 EMTN EUR 300,000 314,704.04 0.41 ELIS EX HOLDELIS 1.75% 11/04/24 EUR 600,000 631,351.77 0.82 ENGIE 0.375% 21/06/27 EMTN EUR 300,000 301,917.74 0.39 ENGIE 1.625% PERP EUR 500,000 511,529.60 0.67 FRANCE GOVERNMENT BOND OAT 1.75% 25/06/39 EUR 2,300,000 2,808,545.84 3.67 FRFP 3 1/4 01/22/24 EUR 200,000 230,528.22 0.30 ICADE 1.5% 13/09/27 EUR 800,000 850,889.77 1.11 IDF 0 5/8 04/23/27 EUR 900,000 936,574.45 1.22 IDF 1.375% 20/06/33 EMTN EUR 200,000 224,157.65 0.29 LEGRAND 0.625% 24/06/28 EUR 200,000 204,012.91 0.27 LEGRAND 0.75% 06/07/24 EUR 300,000 310,263.76 0.40 NEXANS 3.75% 08/08/23 EUR 400,000 445,868.62 0.58 ORANGE 1.375% 04/09/49 EMTN EUR 300,000 275,135.42 0.36 ORPEA 2.625% 10/03/25 EMTN EUR 500,000 545,454.75 0.71 PARIS VILLE DE 1.375% 20/11/34 EUR 600,000 664,947.18 0.87 PEUGEOT 2.0% 20/03/25 EMTN EUR 300,000 325,594.02 0.42 RATP 0.35% 20/06/29 EMTN EUR 200,000 201,349.04 0.26 RATP 0.875% 25/05/27 EMTN EUR 1,600,000 1,695,031.30 2.21 RENAULT CREDIT INTERNATIONAL BANQUE SA 2.625% 18/02/30 EUR 200,000 203,166.49 0.26 RENAULT CREDIT INTL BANQUE 0.75% 10/04/23 EUR 600,000 607,356.20 0.79 RENAULT 1.25% 24/06/25 EMTN EUR 300,000 301,649.72 0.39 SCHN ELE 0.25% 09/09/24 EMTN EUR 100,000 101,017.69 0.13 SCHN ELEC SE 1.841% 13/10/25 EUR 300,000 334,576.12 0.44 SCHNEIDER ELECTRIC SE 0.875% 13/12/26 EUR 300,000 313,618.60 0.41 SCHNEIDER ELECTRIC SE 1.375% 21/06/27 EUR 200,000 216,634.14 0.28 SNCF RESEAU 1.0% 09/11/31 EMTN EUR 1,000,000 1,059,170.77 1.38 SOCIETE DU GRAND PARIS 1.125% 22/10/28 EUR 700,000 756,634.65 0.98 SOCIETE DU GRAND PARIS 1.125% 25/05/34 EUR 400,000 433,650.62 0.56 ST GOBAIN 3.625% 28/03/2022 EUR 100,000 111,048.92 0.14 SUEZ SA 3.0% PERP EUR 300,000 309,183.22 0.40 SUEZ 1.625% 21/09/32 EMTN EUR 100,000 110,809.93 0.14 SUEZ 1.75% 10/09/25 EMTN EUR 100,000 109,122.52 0.14 VALEO ELECTRONIQUE ET SYSTEMES DE L 0.625% 11/01/23 EUR 100,000 101,753.66 0.13 VALEO 0.375% 12/09/22 EMTN EUR 300,000 302,393.11 0.39
MIROVA EURO SUSTAINABLE BOND FUND 48
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5. Annual financial statements
Qty No. or % of net Security name Currency Current value nominal value assets
VALEO 1.5% 18/06/25 EMTN EUR 100,000 105,704.78 0.14 VILL DE 1.75% 25/05/31 EMTN EUR 200,000 230,724.83 0.30 TOTAL FRANCE 22,877,498.17 29.77
IRELAND IRELAND GOVERNMENT BOND 1.35% 18/03/31 EUR 3,100,000 3,506,124.65 4.56 SMURFIT KAPPA ACQUISITIONS 2.875% 15/01/26 EUR 500,000 558,046.04 0.73 TOTAL IRELAND 4,064,170.69 5.29
ITALY ASS GENERALI 2.124% 01/10/30 EUR 100,000 104,557.60 0.14 A2A SPA EX AEM SPA 1.0% 16/07/29 EUR 700,000 718,476.61 0.94 ERG SPA LANTERN 1.875% 11/04/25 EUR 1,000,000 1,072,229.59 1.40 FERROVIE DELLO STATO ITALIANE 1.125% 09/07/26 EUR 400,000 412,381.64 0.54 ITALY BUONI POLIENNALI DEL TESORO 4.0% 01/02/37 EUR 800,000 1,044,929.39 1.36 ITALY 5% 08/34 EUR 3,100,000 4,431,069.24 5.76 MONTE PASCHI 0.875% 08/10/26 EUR 200,000 200,704.64 0.26 TELECOM ITALIA SPA EX OLIVETTI 2.75% 15/04/25 EUR 900,000 970,807.97 1.26 TRASMISSIONE ELETTRICITA RETE NAZIONALE 1.0% 10/04/26 EUR 200,000 207,868.09 0.27 TOTAL ITALY 9,163,024.77 11.93
JAPAN MITSUBISHI UFJ FINANCIAL GROUP 0.68% 26/01/23 EUR 300,000 306,786.18 0.40 MITSUBISHI UFJ FINANCIAL GROUP 0.98% 09/10/23 EUR 200,000 206,252.48 0.27 MIZUHO FINANCIAL GROUP 0.956% 16/10/24 EUR 792,000 817,692.59 1.06 SUMITOMO MITSUI FINANCIAL GROUP 0.934% 11/10/24 EUR 700,000 720,805.43 0.94 TOTAL JAPAN 2,051,536.68 2.67
LITHUANIA LIETUVOS ENERGIJA UAB 2.0% 14/07/27 EUR 200,000 218,999.92 0.29 TOTAL LITHUANIA 218,999.92 0.29
LUXEMBOURG EIB 0 1/2 11/13/37 EUR 200,000 203,078.15 0.27 MICH FINA SA 1.125% 28/05/22 EUR 100,000 103,516.01 0.13 TOTAL LUXEMBOURG 306,594.16 0.40
NETHERLANDS ASML HOLD NV 1.375% 07/07/26 EUR 200,000 215,779.92 0.28 DEUTSCHE TELEKOM INTERN FINANCE BV 1.125% 22/05/26 EUR 600,000 634,352.70 0.83 ED 2.375% 23/03/23 EMTN EUR 400,000 436,253.63 0.57 EDP FIN 1.5% 22/11/27 EMTN EUR 800,000 850,278.69 1.11 EDP FIN 1.625% 26/01/26 EMTN EUR 200,000 216,684.49 0.28 ENBW INTL FINANCE 1.875% 31/10/33 EUR 300,000 346,557.00 0.45 ENEL FINANCE INTL NV 1.125% 16/09/26 EUR 600,000 629,500.92 0.82 GAS NATURAL FENOSA FINANCE BV 0.875% 15/05/25 EUR 600,000 622,103.18 0.81 IBERDROLA INTERNATIONAL BV 1.875% PERP EUR 500,000 521,117.08 0.68 LEASEPLAN CORPORATION NV 1.375% 07/03/24 EUR 200,000 209,426.58 0.27 NETHERLANDS GOVERNMENT 0.5% 15/01/40 EUR 400,000 416,816.44 0.54 NV LUCHTHAVEN SCHIPHOL 1.5% 05/11/30 EUR 100,000 109,991.51 0.14 POSTNL NV 0.625% 23/09/26 EUR 1,300,000 1,296,230.75 1.69 ROYAL PHILIPS ELECTRONICS NV 0.5% 22/05/26 EUR 200,000 203,610.29 0.27 TENNET HOLDING BV 2.995% PERP EUR 200,000 218,328.53 0.28
MIROVA EURO SUSTAINABLE BOND FUND 49
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
% of Qty No. or Security name Currency Current value net nominal value assets
VESTEDA FINANCE BV 1.5% 24/05/27 EUR 600,000 632,851.43 0.82 TOTAL NETHERLANDS 7,559,883.14 9.84 PORTUGAL CAIXA GEN 5.75% 28/06/28 EMTN EUR 600,000 704,787.79 0.92 ENERGIAS DE PORTUGAL EDP 4.496% 30/04/79 EUR 800,000 920,304.94 1.20 PORTUGAL OBRIGACOES DO TESOURO OT 4.125% 14/04/27 EUR 1,700,000 2,223,295.67 2.89 TOTAL PORTUGAL 3,848,388.40 5.01
REPUBLIC OF KOREA LG CHEM 0.5% 15/04/23 EUR 200,000 202,492.38 0.26 TOTAL REPUBLIC OF KOREA 202,492.38 0.26 UNITED KINGDOM BRITEL 2 1/8 09/26/28 EUR 100,000 109,420.88 0.14 BRITISH TEL 1.0% 21/11/24 EMTN EUR 500,000 512,198.95 0.67 SCOTTISH AND SOUTHERN ENERGY 0.875% 06/09/25 EUR 200,000 206,137.64 0.27 STANDARD CHARTERED 0.9% 02/07/27 EUR 1,300,000 1,323,192.53 1.72 TOTAL UNITED KINGDOM 2,150,950.00 2.80
SINGAPORE ICBC SGP 0.25% 25/04/22 EMTN EUR 200,000 200,995.53 0.26 TOTAL SINGAPORE 200,995.53 0.26
SWEDEN ALFA LAVAL TREASURY INTL AB 0.25% 25/06/24 EUR 200,000 199,081.20 0.26 CASTELLUM AB 0.75% 04/09/26 EUR 500,000 495,924.02 0.65 CASTSS 2 1/8 11/20/23 EUR 1,100,000 1,172,941.51 1.53 SKAN ENSK BAN 2.5% 28/05/26 EUR 500,000 522,703.70 0.68 SVENSKA HANDELSBANKEN AB 0.125% 18/06/24 EUR 600,000 599,999.64 0.78 SVENSKA KULLAGERFABRIKEN AB 0.875% 15/11/29 EUR 1,200,000 1,201,391.67 1.56 TOTAL SWEDEN 4,192,041.74 5.46 VENEZUELA CORP ANDINA 0.625% 20/11/26 EUR 900,000 897,138.12 1.17 TOTAL VENEZUELA 897,138.12 1.17 TOTAL Bonds and equiv. securities traded on regulated or equiv. markets 75,582,450.15 98.38 TOTAL Bonds and equivalent securities 75,582,450.15 98.38 Forward financial instruments Firm forward commitments Firm forward commitments on a regulated or equivalent market EUR XEUR FGBX B 0320 EUR 23 -178,480.00 -0.23 XEUR FGBL BUN 0320 EUR -83 212,480.00 0.28 XEUR FGBM BOB 0320 EUR -12 8,880.00 0.01 TOTAL Firm forward commitments on a regulated market 42,880.00 0.06 TOTAL Firm forward commitments 42,880.00 0.06 TOTAL Forward financial instruments 42,880.00 0.06 Margin calls C.A. Indo margin calls in euros EUR -42,880 -42,880.00 -0.06 TOTAL Margin calls -42,880.00 -0.06
Total securities portfolio 75,582,450.15 98.38
MIROVA EURO SUSTAINABLE BOND FUND 50
NATIXIS INVESTMENT MANAGERS INTERNATIONAL
5. Annual financial statements
Qty No. or % Net Security name Currency Current value nominal value assets
Receivables 106,147.70 0.14
Payables -29,236.49 -0.04
Financial accounts 1,165,629.47 1.52
Net assets 76,824,990.83 100.00
MIROVA EURO SUSTAINABLE BOND FUND 51
NATIXIS INVESTMENT MANAGERS INTERNATIONAL 43, avenue Pierre Mendès-France, CS 41432, 75648 Paris Cedex 13, France – Tel.: +33 (0)1 78 40 80 00 Société anonyme (French public limited company) with capital of €51,371,060.28 Paris Trade and Companies Register No. 329 450 738 – APE 6630Z – VAT: FR 203 294 507 38