Dynafer placement: Rate to the 31/12/2005: 5,92%

Funds patrimonial the purpose of which is to offer performances higher than the funds guaranteed and a taking risk as weak as possible.

Benefit from the advantages of a total management:

CPF DYNAFER is invested according to opportunities', in OPCVM of actions, obligations on all the geographical areas, like all the economic sectors. A great freedom is you is left when with the choices of your placements, to support your reactivity and to profit from competences unanimously recognized by the market.

CPF DYNAFER has as an index of reference the average rate of the Booklet A + 2 points, but beyond of a comparison with this index, the true goal of the managers of AVIVA is that CPF DYNAFER exceeds the rate of the FUNDS GUARANTEED in a recurring way, by deadening to the maximum, thanks to its reactivity, the various variations of the financial markets.

CPF DYNAFER do not have any guaranteed minimum, nor of effect pawl, only the number of shares is guaranteed. Its value reflects, with the rise as with the fall, the variations of the stock exchange markets. the other hand of a light taking risk, this option of investment will bring the output to you on the long term. It is addressed to the members eager toinvest over the duration.

LEAFLET SIMPLIFIES MFA (Authority of the Financial Markets)

I - Brief presentation

Code ISIN : FR0010094789
Denomination: DYNAFER
Legal form: Investment funds (CPF) of French right
Compartments/feeder: Not/Not
Trust company: Gestion of Credits AVIVA
Agent: Aviva Vie
Auditor:Bruno Vaillant
Commercialisator (S): Aviva Gestion d'Actifs
Gie AFER (Groupement d'Intérêt Economique A.F.E.R.)


II - Information concerning the placements and management:

Classification: Diversified OPCVM/OPCVM of OPCVM
The CPF belongs to category OPCVM of OPCVM which can invest more than 50% of its credit net in French or foreign OPCVM or in funds of investments.

Objective of management:

The objective of management of the CPF is to seek, through an active policy of allowance, a performance higher than the rate of booklet A plus 2%.

Indicator of reference:

The indicator of reference with which the carrier will be able to compare the performance of its investment (coupons reinvested Nets) is the rate of booklet A plus 2%. The rate of booklet A corresponds to the rate of remuneration delivered by a booklet A (booklet of saving short accessible term in France) and is determined by the French Ministry of the Economy and Finances. From August 1, 2004, this rate will be given every quarter in an automatic way by a formula of indexing equal to the average of the inflation and short-term interest rates, increased by 0,25 point.

Strategy of investment:

The management of the CPF is completely discrétionnaire.  According to the prospects perceived by the manager, the wallet will be exposed, either directly, or in the form of OPCVM, with the categories of credits actions, evidences of indebtedness and instruments of the money market. The exposure to each one of these categories will be able to vary from 0 to 100% according to the appreciation of the manager. The process of management will be done according to a diagram signal/down. A scenario of allowance per class of credits will be given according to the various economic analyses. In the obligations category, will be as a preliminary given the level of sensitivity of the wallet and the share of the signatures corporate which will be present. According to the foreign markets not Euro in which the obligations will be invested, it will be necessary to determine an exposure in currencies.  On the actions part, in addition to the geographical allowance which will be given, certain specific topics related to the economic conclusions will be selected, outcome with on or under sectoral exposures. The values will be then privileged which will have an evaluation, prospects for growth and results in conformity with our approach of management. In a scenario not very favourable with the exposure to the risks of rate and actions, it will be possible to invest a broad part of the wallet on the market of short-term the Euro rates. Within the limit of 10% of the credits, the manager will be able to sensitize the wallet with alternative management.

Profile of risk:

Your money will be mainly invested in financial instruments selected by the trust company. These instruments will know the trends and the risks in the markets.  The discrétionnaire style of management of the CPF rests on the anticipation of the trends in the various markets (actions, obligations). The carrier is exposed to the specific risks to each category of credits composing the wallet. There is also a risk which the OPCVM is not invested constantly on the most powerful markets. It is specified that the manager with the latitude to invest the totality of the credit on one of the categories of credits which can compose the wallet (actions, evidences of indebtedness and instruments of the money market). The risk of market on the actions part of the wallet can have as a consequence a volatility raised in certain situations and can generate for the carrier a loss of capital. The same risk of loss of capital can appear in the event of rise of the rates if the manager sensitized the wallet at the bond markets. The carrier is exposed to the default risk of a transmitter but this risk is limited by the procedure of selection of the transmitters described in the part “credits” of the detailed note. The CPF can hold credits made out in a currency different from the Euro what can involve losses on transactions on foreign currency.  Consequence of the risks quoted above, the performance of the CPF can appear lower than that of the indicator of reference.  The detail of the risks mentioned in this heading is in the detailed note.

Subscribers concerned and profile of the standard investor:

The CPF is opened with all subscribers, it is used mainly as support with contracts ofinsurance life in Unit of Account subscribed under the aegis of the A.F.E.R. at Aviva Life and the Company of Saving For life. It is intended for subscribers wishing to profit on the long term from the dynamism from the various financial markets while accepting the risks which are there dependent. The minimum duration of placement recommended is five years.  It is recommended to invest reasonably in this OPCVM according to its personal situation and to diversify its investments sufficiently in order not to expose them only to the risks of this OPCVM.   

 III - Information on the expenses, commissions and the taxation:   

Commissions of subscription and repurchase:

The commissions of subscription and repurchase come to increase the price of subscription paid by the investor or to decrease the price of refunding. The commissions won over to the CPF are used to compensate for the expenses supported by the CPF to invest or disinvest the entrusted assets. The commissions not won over to the CPF are allocated to the trust company, the commercialisator, etc…

Management and operating expenses:

These expenses cover all the expenses invoicees directly with the OPCVM, except for the expenses of transactions. The expenses of transaction include the expenses of intermediation (broking, stock exchange taxes, etc.) and commission of movement, if necessary, which can be perceived in particular by the agent and the trust company.

With management and operating expenses can be added:

- commissions of surperformance, remunerating the trust company since the CPF exceeded its objectives and are thus invoiced with the CPF;
- commissions of movement invoiced to the CPF;
- a share of the income of the operations of temporary acquisition and transfer of titles.

Tax system:

According to your tax system, the appreciations and possible incomes related to the detention of shares of the CPF can beings subjected to taxation. We advise you to inform you on this subject near the commercialisator of the CPF.

IV Information of a commercial nature:

Conditions of subscription and repurchase:

The subscriptions and the repurchases are collected by the following establishments:
Aviva Gestion d'Actifs
26, rue de la Pépinière
75008 PARIS - FRANCE
Tél.: 01 76 62 90 30

BNP Paribas Securities Services
66, rue de la Victoire
75009 PARIS - FRANCE


The limiting hour of reception of the orders, which are treated on the basis of realizable value next, is fixed at 11h30.  The subscriptions and the repurchases can be expressed either while going up or in a number of shares.  The initial value of the share to creation is of 500 euros.  The shares are fractionnables into ten thousandth.  The minimum amount for the first subscription is 1 share.

Closing date of the exercise:

The closing date of the exercise is fixed at the last market-day of September (first fence: September 2005).

Affection of the result:

The accounting of the incomes is carried out according to the method of the receivable interests.  The trust company rules each year on the assignment of the results and can decide on their capitalization or their total or partial distribution.

Go back and periodicity to calculation of the realizable value:

The realizable value is calculated each market-day in Paris except for the official holidays in France which would not be Friday.

Place and methods of publication or communication of the realizable value:

The realizable value will be posted in the buildings of Revived Management of Credits. It will be also published on Internet site of the A.F.E.R. whose address is as follows www.afer.asso.fr 

Currency of the wording of the shares or actions: Euro

Creation date:   

This OPCVM was approved by the Authority of the Financial Markets the 25/06/2004. It was created the 07/07/2004.