# PROSPECTUS UCITS governed by Directive 2009/65/EC
the investment decision or process. The sustainability risk management policy is available on the Management Company's website.
The units of this Fund have not been registered under the US Securities Act of 1933. Therefore, they may not be offered or sold, directly or indirectly, for the profit of or on behalf of a "US Person", as defined in the US "Regulation S". Furthermore, the units of this Fund may also not be offered or sold, directly or indirectly, to "US persons" and/or to any entities held by one or more "US persons" as defined by the US Foreign Accounting Tax Compliance Act (FATCA).
Taking into account the provisions of Council Regulation (EU) No. 833/2014, subscription to units of this Fund is prohibited for any Russian or Belarussian national, for any natural person residing in Russia or Belarus, and for any legal person, entity or body incorporated in Russia or Belarus, except for nationals of a member state or any natural person holding a temporary or permanent residence permit in a member state.
Apart from these exceptions, the units of the Fund are defined as:
- R units: Any subscriber, and in particular private individuals
- I unit: Any subscriber, particularly institutional investors or eligible counterparties defined by the Management Company
- N units: Reserved for investors subscribing through distributors or intermediaries:
- Subject to national legislation prohibiting all retrocessions to distributors (e.g. in the United Kingdom and the Netherlands) or
- Providing:
- An independent advisory service as defined by the European MiFID II regulations
- Individual portfolio management services under mandate
- Q units: Reserved for Dorval Asset Management funds or employees of Dorval Asset ManagementThis Fund is intended for investors who wish to have a diversified investment vehicle offering a flexible international strategic allocation.

The appropriate amount to invest in this Fund depends on each investor’s personal situation. To determine this amount, it is appropriate to take into account his or her personal assets, current and future financial needs over the recommended investment period, and the extent to which he or she is prepared to take risks.
Investors are strongly advised to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Fund. Investors are also advised to diversify their investments sufficiently to avoid being exposed exclusively to the risks of one Fund.
portfolio of the Fund, plus income generated by temporary cash holdings, less management fees and borrowing costs.
Distributable income corresponds to net income for the period plus retained earnings, plus or minus the balance of any accrued income or deferred expenses for the last financial year.
Distributable sums are fully accumulated each year, with the exception of those subject by law to compulsory distribution.
- R units:  Accumulation
- I units:	Accumulation
- N units:  Accumulation
- Q units: AccumulationInitial net asset value:
- R units:  EUR 100
- I units:	EUR 100
- N units:  EUR 100
- Q units: EUR 100Units are denominated in euro. They may be decimalised in thousandths of a unit. Minimum initial subscription:
- R unit:	one thousandth of a unit
- I units:	EUR 50,000
- N unit:	one thousandth of a unit
- Q unit:	one thousandth of a unitMinimum subsequent subscription amount: one thousandth of a unit

| D-1 business day | D-1 business day | D: NAV calculation day | D+1 business days | D+2 business days | D+2 business days |
| --- | --- | --- | --- | --- | --- |
| Clearing of subscription 1  orders before 5.30 p.m. | Clearing of redemption 1  orders before 5.30 p.m. | Execution of the order on D at the latest | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |

1Unless a specific deadline has been agreed with your financial institution
Investors are reminded that, when sending instructions to marketing agents other than the organisations indicated above, they must take into account that the cut-off time for clearing imposed by CACEIS Bank applies to these marketing agents. As a result, these marketing agents may apply their own cut-off time, which may precede the cut-off times mentioned above, so as to allow them to meet their order transmission deadline with CACEIS Bank.
The net asset value is calculated every day except for public holidays in France, even if the Paris stock market is open. In this case, as well as in the event that the Paris stock market is closed, it is calculated on the next working day.
It is calculated based on the last known net asset values for UCIs and, for other securities, based on the last price listed.
It may be obtained from the Management Company and the depositary on the next working day after the calculation day.
- Subscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees charged by the Fund serve to offset the charges it incurs when investing and divesting investors’ holdings. Remaining fees are paid back to the Management Company.

| Fees charged to the investor, payable at the time of subscription or redemption | Base | R unit Rate scale | I unit Rate scale | N unit Rate scale | Q unit Rate scale |
| --- | --- | --- | --- | --- | --- |
| Subscription fee not accruing to the Fund | Net asset value x Number of units | 2% (max.) inc. tax | Zero | Zero | 5% (max.) inc. tax |
| Subscription fee retained by the Fund | Net asset value x Number of units | Zero | Zero | Zero | Zero |
| Redemption fee not accruing to the Fund | Net asset value x Number of units | Zero | Zero | Zero | Zero |
| Redemption fee retained by the Fund | Net asset value x Number of units | Zero | Zero | Zero | Zero |

- Operating and management fees:These fees cover all the charges invoiced directly to the Fund, excluding transaction charges. Transaction charges include intermediary fees (e.g. brokerage fees, stock market taxes etc.) and the transaction fee, if any, that may be charged, particularly by the depositary and the Management Company.

The following may be charged in addition to the operating and management fees:
- Performance fees. These reward the Management Company when the Fund exceeds its targets. They are therefore charged to the Fund;
- Transfer fees charged to the Fund.

| Fees charged to the Fund | Base | Rate scale R unit | Rate scale I unit | Rate scale N unit | Rate scale Q unit |
| --- | --- | --- | --- | --- | --- |
| Financial management fees and operating expenses and other services | Net assets | 1.20% incl. tax | 0.60% incl. tax | 0.90% incl. tax | 0.10% inc. tax |
| Maximum indirect charges (management charges and subscription fees) | Net assets | Not significant |
| Transfer fee | Deducted from each transaction or operation | None |
| Performance fee | Net assets | 20% of the positive performance above the benchmark (80% Bloomberg EU Gvt 0-5 Year TR + 20% MSCI World Equal Weighted Local Index) | None |

Research costs within the meaning of Article 314-21 of the AMF's General Regulations may be charged to the UCITS, where these costs are not paid out of the Management Company's own resources.
- Model for calculating the performance fee:The performance fee applicable to a particular unit class is calculated according to an “indexed assetˮ approach, i.e. a comparison of the Fund’s valued assets and its reference assets that serves as the basis for calculating the performance fee.
- The Fund’s valued assets are the portion of the assets corresponding to a specific unit class valued in accordance with the rules applicable to financial instruments and taking into account the actual operating and management fees corresponding to this unit.
- The Fund’s reference assets are the assets recorded on the start date of the reference period, adjusted to take into account the same amounts of subscriptions/redemptions applicable to this unit class at each valuation and valued in accordance with the performance of the reference index of the Fund.

The benchmark index used to calculate the performance fee is the following composite index: 80% Bloomberg EU Gvt 0-5 Year TR + 20% MSCI World Equal Weighted Local Index.
- Performance reference period:The reference period corresponds to the period during which the performance of the Fund is measured and compared to that of the reference index. It is capped at five years. The Management Company shall ensure that, over a performance period of a maximum of five (5) years, any underperformance of the Fund in relation to the benchmark index is offset before performance fees become payable.

Translation (ENFR, 2022-12-30):
# PROSPECTUS OPCVM relevant de la Directive 2009/65/CE
Codes ISIN :
Part R : FR0013333838 Part I : FR0013333846 Part N : FR0013333820 Part Q :   FR0013391174
Chaque porteur de part dispose d’un droit de copropriété sur les actifs du fonds commun de placement proportionnel au nombre de parts détenues.
La tenue du passif est assurée par le dépositaire CACEIS Bank. Il est précisé que l’administration
des parts est effectuée chez Euroclear France.
S’agissant d’un FCP, aucun droit de vote n’est attaché aux parts, les décisions étant prises par la
Société de Gestion.
Les parts sont émises aux porteurs.
Les souscriptions et les rachats sont possibles dès le premier millième de part.
L’exercice comptable est clos le jour de la dernière valeur liquidative du mois de septembre.
Le Fonds en tant que tel n’est pas assujetti à l’imposition. Toutefois, les porteurs peuvent supporter des impositions du fait des revenus distribués par le Fonds, le cas échéant, ou lorsqu’ils cèderont les titres de celui-ci. Le régime fiscal applicable aux sommes distribuées par le Fonds ou aux plus ou moins-values latentes ou réalisées par le Fonds dépend des dispositions fiscales
Part R : FR0013333838 Part I : FR0013333846 Part N : FR0013333820 Part Q :   FR0013391174
Le Fonds a pour objectif d’offrir un rendement net de frais supérieur à celui de l’indicateur de référence constitué pour 80% de l’indice Bloomberg EU Govt 0 5 Year TR (Code Bloomberg : BCEE2T Index) et pour 20% de l’indice MSCI World Equal Weighted Local Index (Code Bloomberg : M4WOEW Index), dividendes nets réinvestis, et de s’exposer aux marchés de taux et d’actions internationaux en bénéficiant d’une approche des opportunités et des risques environnementaux, sociaux et de gouvernance (ESG) des sociétés sur une période d’investissement de 3 ans.
80% de l’indice Bloomberg EU Govt 0 5 Year TR (Code Bloomberg BCEE2T Index) et 20% de l’indice MSCI World Equal Weighted Net Total Return Local Index dividendes nets réinvestis (Code Bloomberg M4WOEW Index).
Cet indicateur de référence permet à l’investisseur de qualifier la performance et le profil de risque qu’il peut attendre lorsqu’il investit dans le Fonds. Pour autant, l’univers d’investissement initial du Fonds n’est pas limité aux titres contenus dans l’indicateur de référence.
L'attention du souscripteur est attirée sur le fait que la composition du portefeuille pourra
s’éloigner de celle de son indicateur de référence.
- Rappel concernant ces références :
- L’indice Bloomberg EU Govt 0-5 Year TR (code Bloomberg BCEE2T Index) est représentatif des obligations souveraines des pays membres de l’Union Monétaire Européenne dont la maturité est inférieure à 5 ans. L’indice est calculé par Bloomberg et est disponible sur le site 
- www.bloomberg.com
- Le MSCI World Equal Weighted Net Total Return Local Index dividendes net réinvestis est unindice représentant une pondération alternative à l’indice MSCI World, pondéré en fonction
- A la date du prospectus, MSCI limited et Bloomberg ne sont pas inscrit sur le registred’administrateurs et d’indices de référence tenu par l’ESMAConformément au Règlement UE 2016/1011 du Parlement Européen et du Conseil du 8 juin 2016, la Société de Gestion dispose d’une procédure de suivi des indices de référence utilisés, décrivant les mesures à mettre en œuvre en cas de modification substantielle apportée à un indice ou de la cessation de fourniture de cet indice.

L’indice de référence tel que défini par le Règlement (UE) 2019/2088 (article 2 (22)) sur la publication d’informations en matière de durabilité dans le secteur des services financiers (dit
« Règlement SFDR ») n'a pas vocation à être aligné aux ambitions environnementales ou sociales telles que promues par le Fonds
- Stratégies utiliséesLe Fonds s’appuie sur une gestion active, encadrée par la politique d’investissement socialement responsable (ISR) de la Société de Gestion et recherchant une surperformance par rapport à l’indicateur de référence par le biais d’une allocation par classe d’actif, zone géographique et thématique d’investissement. Le Fonds bénéficie du label ISR.

L’univers d’investissement initial est constitué d’actions et d’obligations des marchés de la zone euro et/ou internationaux, notées sur des critères extra-financiers selon l’approche propriétaire de Dorval Asset Asset Management. Le périmètre concerné est constitué des émetteurs présents dans la base MSCI retraités des titres présentant des absences de données (secteur IVA, code ISIN, capitalisation) et hors titres supranationaux, compagnies privées et coopérative. Il est décliné en périmètre d’investissement (9886 émetteurs) puis périmètre investissable (7201 émetteurs) après application de nos politiques de gestion des exclusions, de gestion des controverses et élimination des émetteurs dont la note environnementale et/ou sociale et/ou de gouvernance et/ou la note synthétique ESG est sous les minimum fixés. Les données chiffrées sont au 30/12/2022.
La construction et la gestion du Fonds combinent approche financière et extra-financière et reposent sur :