Planisfer placement: Rate to the 31/12/2005: 25,50%

Benefit from the prospects for growth for the most important world quoted values except zone euro.

The goal of PLANISFER is to offer a compatible valorization to you to a horizon of placement higher than 5 years and to profit in majority from the prospects for growth for the Asian and American markets.

PLANISFER is not composed of a guaranteed minimum, nor of pawl effect. Its value reflects, with the rise as with the fall, the fluctuations of the stock exchange markets.The other hand of an average taking risk, this option of investment will bring the performance to you on long term. It is addressed to the members eager to invest over the duration.


Composition :

PLANISFER is invested to more 60% in international actions except zone euro, with a choice of titles or OPCVM managed by companies chooses for their competence on certain geographical areas of which in particular emergent countries or Asia.

LEAFLET SIMPLIFIES MFA (Authority of the Financial Markets)
I Brief presentation:

Code ISIN: FR0010094839 
Denomination: PLANISFER 
Legal form: Investment funds (CPF) of French right 
Compartments/feeder: Not/Not 
Trust company: Gestion of Credits AVIVA
Agent: Vie revived  Auditor: Bruno Vaillant  Commercialisator (S): Gestion of Credits AVIVA
Gie AFER (Groupement d'Interet Economique A.F.E.R.)  

II Information concerning the placements and management:

Classification:  
OPCVM International Actions  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, thanks to a management directed towards the international stock market, to offer to the carriers a valorization of their placements compatible with a horizon of investment higher than 5 years and surperformer the composite index-number thus defined:   

- 65% of Standard and Poors 500; 
- 15% of Topix; 
- 10% of Footsie 100; 
- 5% of S.M.I. ; 
- 5% of M.S.C.I. Far East Ex Japan.

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 composite index-number defined in the objective of management.

This composite index-number consists of 65% of Standard & Poors 500 (index actions representative of greatest capitalizations in the United States), 15% of Topix (index actions representative of greatest Japanese capitalizations), 10% of Footsie 100 (index actions representative of greatest English capitalizations), 5% of SMI (index actions representative of greatest Swiss capitalizations) and of 5% of MSCI Far East Ex Japan (index actions representative of greatest capitalizations on the Asia zone except Japan).

 Strategy of investment:

To arrive at the objective of management, the manager will invest on the international stock market by carrying out a dynamic geographical allowance. He will be able to intervene on all the geographical areas, in particular on the emergent countries, except for the countries of the Euro zone.  

The geographical allowance of reference is the composite index-number defined in the objective of management but the manager, in order to arrive to a result higher than this index, will be able on or under balancing certain zones according to the economic outlooks, of the markets and the currencies. No particular economic sector will be privileged.


The wallet will be at least exposed to a total value of 60% on the international stock market through physical investments (in actions and OPCVM actions) and/or the use of derived products. 

The OPCVM will be selected according to their compatibility with the indicator of reference, of the knowledge of the profile of risk and the process of management and the quality of the relation with the manager. The mode of selection of the actions is based on a traditional qualitative approach constituting to select the companies according to their level of evaluation and their prospects profit.


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 strategy of management of the CPF is based on a dynamic geographical allowance and the performance of the CPF thus depends on the relevance of this allowance.

The carrier is exposed to the risks specific to the international stock market being specified that the manager with the latitude to invest from 60% to 100% of the wallet on this category of credits. This exposure has as a consequence a high volatility and can expose the carrier to 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 wallet can be invested to the maximum to a total value of 40% in and instrument evidences of indebtedness of the money market).    The CPF invests a broad fraction of its wallet in credits made out in a currency different from the Euro what can involve losses on transactions on foreign currency.   

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.  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 of insurance 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 market the international stock all in  accepting the risks which are dependent there. 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 sufficiently  its investments 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:

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.