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«First State Investments ICVC Prospectus Prospectus valid as at 13 June 2016 First State Investments ICVC (“the Company”) is an open-ended ...»

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First State

Investments ICVC

Prospectus

Prospectus valid as at 13 June 2016

First State Investments ICVC (“the Company”) is an open-ended investment company with variable capital incorporated with limited liability and registered in England and Wales

under registered number IC23.

Important: If you are in any doubt about the contents of this Prospectus you should consult your financial adviser. This document constitutes the Prospectus for First State

Investments ICVC which has been prepared in accordance with the FCA’s COLL Sourcebook.

Investment in Shares in the Company is not permitted by or on behalf of US Persons (as defined in Regulation S under the United States Securities Act of 1933, as amended).

Important information First State Investments (UK) Limited, the Authorised Corporate Director (ACD) of the Company, is the entity responsible for the information contained in this Prospectus. To the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained herein does not contain any untrue or misleading statement or omit any matters required by the COLL Sourcebook. First State Investments (UK) Limited accepts responsibility accordingly.

No person has been authorised by the Company to give any information or to make any representations in connection with the offering of Shares other than those contained in the Prospectus and, if given or made, such information or representations must not be relied on as having been made by the Company. The delivery of this Prospectus (whether or not accompanied by any reports) or the issue of Shares shall not, under any circumstances, create any implication that the affairs of the Company have not changed since the date hereof.

The distribution of this Prospectus and the offering of Shares in certain jurisdictions may be restricted. Persons into whose possession this Prospectus comes are required by the Company to inform themselves about and to observe any such restrictions. This Prospectus does not constitute an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation.

Shares in the Company are not listed on any investment exchange.

Potential investors should not treat the contents of this Prospectus as advice relating to legal, taxation, investment or any other matters and are recommended to consult their own professional advisers concerning the acquisition, holding or disposal of Shares.

The provisions of the Instrument of Incorporation are binding on each of its Shareholders (who are taken to have notice of them).

This Prospectus has been approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by First State Investments (UK) Limited.

The Shares have not been and will not be registered under the US Securities Act of 1933, asamended (the “Securities Act’’) or the securities laws of any of the states of the US, nor is such a registration contemplated. The Shares may not be offered, sold or delivered directly or indirectly within the US or to, or for the account or benefit of, any United States Persons (within the meaning of the Regulation S under the Securities Act (“Regulation S’’)). Shares are being offered to non-United States Persons in offshore transactions outside the United States in reliance on Regulation S. Shares may not, except pursuant to a relevant exemption, be acquired or owned by, or acquired with the assets of an ERISA Plan. An ERISA Plan is defined for these purposes as (i) any employee benefit plan within the meaning of section 3(3) of the United States Employee Retirement Income Securities Act of 1974, as amended (“ERISA”) and subject to Title I of ERISA; or (ii) any individual retirement account or plan subject to Section 4975 of the United States Internal Revenue Code of 1986, as amended (for purposes of this paragraph, a "plan"); or (iii) any entity or account whose underlying assets include assets of a plan by reason of a plan's investment in such entity or account.

Neither the Company nor the Funds have been or will be registered under the US Investment Company Act of 1940, as amended.

Investment in Shares by or on behalf of United States Persons is not permitted.

The ACD has the power to impose such restrictions as it may think necessary for the purpose of ensuring that Shares are not acquired or held directly or beneficially by any United States Person (other than pursuant to an exemption available under US law).

The Funds are not currently qualified for sale, and the Funds and the ACD are neither registered nor exempt from registration as a dealer, adviser or investment fund manager, in any province or territory of Canada. Any investment in Shares by or on behalf of a person resident or otherwise located in Canada is prohibited. From time to time the ACD may accept investment from such persons at its discretion.

No application has been made for any of the Funds to be listed on any stock exchange.

Shareholders may purchase or sell Shares through the ACD or its approved distributors in accordance with the provisions of this Prospectus and the Instrument of Incorporation.

Some of the information in this Prospectus is a summary of corresponding provisions in the Instrument of Incorporation. Shareholders should read the Instrument of Incorporation for further details and for further information which is not contained in this Prospectus.





The ACD may be required to withhold parts of certain payments to certain Shareholders as required by local laws, regulations or contractual obligations with other jurisdiction’s tax authorities, such as the US Internal Revenue Service (“US IRS”).

The ACD may be required to account for tax on the value of the Shares redeemed or transferred at the applicable rate unless it has received from the Shareholder a declaration in the prescribed form confirming that the Shareholder is not a United Kingdom resident.

The ACD will be required to identify whether any of the Shareholders are “specified United States persons” under the tax laws of the US or are non-US entities with one or more specified United States persons as “substantial United States owners,” and may be required to report to the US IRS the identity, value of holdings and payments made to such persons. The ACD may be required to withhold on withholdable payments made to such persons. In addition, the ACD may be required to disclose information as outlined in the Taxation section.

For this purpose, a “specified United States person” generally will include, subject to certain exceptions, (A) an individual who is a citizen or resident of the US, (B) a partnership or corporation (including any entity treated as a partnership or corporation for US tax purposes, such as a limited liability company) organised in or under the laws of the US or any state of the US thereof (including the District of Columbia), (C) any estate the income of which is subject to US tax regardless of its source, and (D) any trust if (i) a court within the US is able to exercise primary supervision over the administration of the trust and (ii) one or more United States persons have the authority to control all substantial decisions of the trust.

The ACD reserves the right to repurchase such number of Shares held by a Shareholder as may be necessary to discharge the tax liability arising. The ACD reserves the right to refuse to register a transfer of Shares until it receives a declaration as to the Shareholder’s residency or status in the form prescribed by the ACD.

The ACD may be required to collect additional information from Shareholders, throughout the duration of the relationship between the ACD and the Shareholders, as required by local laws, regulations or contractual obligations with other jurisdictions’ tax authorities, such as the US IRS.

In addition to collecting additional information, the ACD may require Shareholders to provide self-certifications or additional documents as required by local laws, regulations or contractual obligations with other jurisdictions’ tax authorities, such as the US IRS.

Potential applicants for Shares should inform themselves as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which they might encounter under the laws of the countries of their incorporation, citizenship, residence or domicile and which might be relevant to the subscription, holding or disposal of Shares.

Definitions of both "residence" and US Person can be complex for tax purposes and we recommend that persons unsure of their status seek their own advice prior to subscribing for Shares.

This Prospectus is based on information, law and practice at the date hereof. The Company cannot be bound by an out of date prospectus when it has issued a new prospectus and investors should check with the ACD that this is the most recently published prospectus.

The Depositary is not the person responsible for the information contained in this Prospectus and accordingly does not accept any responsibility therefore under the COLL Sourcebook or otherwise.

This Prospectus is dated, and is valid, as at 13 June 2016.

–  –  –

DIRECTORY

DETAILS OF THE COMPANY

GENERAL INFORMATION

CHARACTERISTICS OF SHARES

BUYING, SELLING, CONVERTING AND SWITCHING SHARES

VALUATION OF THE COMPANY

FEES AND EXPENSES

RISK FACTORS

TAXATION

MANAGEMENT AND ADMINISTRATION

SHAREHOLDER MEETINGS AND VOTING RIGHTS

WINDING UP

APPENDIX I - INVESTMENT OBJECTIVES, POLICIES AND OTHER

DETAILS OF THE FUNDS

FIRST STATE ASIA ALL-CAP FUND

FIRST STATE ASIA FOCUS FUND

FIRST STATE ASIAN PROPERTY SECURITIES FUND

FIRST STATE DIVERSIFIED GROWTH FUND

FIRST STATE EMERGING MARKETS BOND FUND

FIRST STATE EMERGING MARKETS LOCAL CURRENCY BOND FUND......... 123  FIRST STATE GLOBAL AGRIBUSINESS FUND

FIRST STATE GLOBAL INTEREST RATES AND CURRENCY FUND (IN

THE PROCESS OF TERMINATION)

FIRST STATE GLOBAL LISTED INFRASTRUCTURE FUND

FIRST STATE GLOBAL PROPERTY SECURITIES FUND

FIRST STATE GLOBAL RESOURCES FUND

FIRST STATE GREATER CHINA GROWTH FUND

FIRST STATE JAPAN FOCUS FUND

STEWART INVESTORS ASIA PACIFIC FUND

STEWART INVESTORS ASIA PACIFIC LEADERS FUND

STEWART INVESTORS ASIA PACIFIC SUSTAINABILITY FUND

STEWART INVESTORS GLOBAL EMERGING MARKETS FUND

STEWART INVESTORS GLOBAL EMERGING MARKETS LEADERS

FUND

STEWART INVESTORS GLOBAL EMERGING MARKETS

SUSTAINABILITY FUND

STEWART INVESTORS INDIAN SUBCONTINENT FUND

STEWART INVESTORS LATIN AMERICA FUND

STEWART INVESTORS WORLDWIDE EQUITY FUND

STEWART INVESTORS WORLDWIDE LEADERS FUND

STEWART INVESTORS WORLDWIDE SUSTAINABILITY FUND

APPENDIX II - ELIGIBLE SECURITIES AND DERIVATIVES MARKETS........... 149 

APPENDIX III - INVESTMENT MANAGEMENT AND BORROWING

POWERS OF THE COMPANY

APPENDIX IV – LIST OF DELEGATES AND SUB-DELEGATES

TERMS USED IN THIS DOCUMENT

–  –  –

In this Prospectus words denoting one gender only shall include all genders.

Words and expressions contained in this Prospectus but not defined shall have the same meaning as in the FCA Rules or the OEIC Regulations unless the contrary is stated.

DIRECTORY THE COMPANY

FIRST STATE INVESTMENTS ICVC

Registered Office:

Finsbury Circus House 15 Finsbury Circus London EC2M 7EB

Principal Place of Business:

23 St. Andrew Square Edinburgh EH2 1BB

AUTHORISED CORPORATE DIRECTOR

FIRST STATE INVESTMENTS (UK) LIMITED

Registered Office:

Finsbury Circus House 15 Finsbury Circus London EC2M 7EB

Head Office:

23 St. Andrew Square Edinburgh EH2 1BB

INVESTMENT MANAGER

FIRST STATE INVESTMENT MANAGEMENT

(UK) LIMITED

Registered Office:

23 St. Andrew Square Edinburgh EH2 1BB DEPOSITARY

STATE STREET TRUSTEES LIMITED

Registered Office:

20 Churchill Place London E14 5HJ

Principal place of business:

525 Ferry Road Edinburgh EH5 2AW CUSTODIAN

STATE STREET BANK AND TRUST COMPANY

Branch Office:

20 Churchill Place London E14 5HJ

FUND ADMINISTRATOR

STATE STREET BANK AND TRUST COMPANY

Branch Office:

20 Churchill Place London E14 5HJ REGISTRAR

THE BANK OF NEW YORK MELLON

(INTERNATIONAL) LIMITED

Registered Office:

One Canada Square London E14 5AL Principal Place of Business and location

of the Register:

Capital House 2 Festival Square Edinburgh EH3 9SU

Dealing Address:

PO BOX 12089 Brentwood Essex CM14 9NH

LEGAL ADVISERS

SIMMONS & SIMMONS LLP

Registered Office:

CityPoint One Ropemaker Street London EC2Y 9SS AUDITORS

PRICEWATERHOUSECOOPERS LLP

Registered Office:

Atria One 144 Morrison Street Edinburgh EH3 8EX

DETAILS OF THE COMPANY



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