Indosuez Funds US Dollar Bonds P Capitalisation

The objective of the sub-fund is to seek a return and/or capital gain over the long term by managing a portfolio composed primarily of fixed or variable-income debt securities of private-sector issuers, with no restriction in terms of geographical region, currency, sector, maturity or the quality of the issuer. The minimum average rating for bonds and debt securities will be BB-. Non-rated securities will no longer represent more than 15% of net assets. Section 9 of Chapter 7 ("Investment Risks") of this Prospectus describes the risks connected with an investment in high yield debt securities. Section 11 of Chapter 7 ("Investment Risks") of this Prospectus sets forth the policy adopted in the event that a security held in the portfolio subsequently becomes distressed.