Ve P e iu
 iw r vo s      S a eT i:
                 h r hs                     S S R B NOW fr u f emo tl n ws t r
                                             UB C I E   o o rre   nhy e l t
                                                                          ee




                                                  V lme8 |Is e1 |N v mb r2 1
                                                   ou     su      oe e 02




  N G o a i a a vs r f m fu d d b c rie p oe s n l f m U A & I da t p o ie
   S lb l s n d i y i
                  o   r o n e y etid r fs i as r
                                     f        o     o   S    n i o r vd
  itr ain la s lt n t idvd ash vn a s t n /o a ic meb s i I daa dU A
  nen t a tx oui s o n iiu l a ig s e a d r n n o
        o         o                                     ae n n i n S .

  Wea N G o a, r vd y uti rdco sb r e txs lt n . u i- o s txv trn h v
      t S lb lp o ie o al e r s o d r a oui s O r n h u e a eea s a e
                          o                    o
  a p oo n u d rtn ig o U S a d I da T x lws t a d e s c mpe ie ai n o to
     r fu d n esa dn f . . n n in a a        o d rs o lxt s r ig u f
                                                              i  s
  mut l jr dcin .
    lpe u i i o s
      i    s t




  US Pe s n i v s m e t i I d a Mu u l
       ro s n e t     n s n n in  ta
  F n s a e t e t d a PF C
   u d   r rae       s  Is
  Ma yN nR s e t n in (N I” f dmuu lu div sme tnI daag e t at ce t n
    n o e i n I da s “ R s) i
             d               n   ta fn n e t n i n i  ra we l rai
                                                             h    o
  o p ru i . h ra o sae
   p o tnt T e e s n r:
          y

    D vd n saetxf e
     iie d r a r  e
    S o t em c ptl an o e ut fn saetx d@1 %
     h r tr a i g is n q i u d r a e
                a            y           5
    L n tr c ptl an o e ut fn saetxf e
     o g em a i g is n q i u d r a r
                a            y        e
    L n tr c ptl an o d b fn saetx d@ 2 % iid x t ni tk no tx d@1 %
     o g em a i g is n e t u d r a e
                a                       0 fn e ai s a e r a e
                                                 o               0
    iid x t nb n f i n t a e
    fn e ai e ei s o tk n
            o     t

  Ho v r I t r a R v n eS r ie ( I S )i te t gf r i nmu u l u d a P s ie
    we e , n e n l e e u e vc s “ R ” s r a i o eg
                                            n          t a f n s s a sv
  F r i n I v s me t o a is( P I ” .
   o eg n e t n C mp n e “ F C )

  Mu u l u d s r c u ei I d a
    t a F n tu t r n n i




  De i i o o P I
    f t n f FC
     n i

  A p r S I tr a R v n eC d 1 9 , P I i a yfrinc mp n ta:
   s e U nen l e e u o e 2 7 a FC s n o eg o a y h t

    d r e a la t 5 o i g o sic mef m p s iea t ie o
     ei s te s 7 % ft r s n o
       v               s           ro   asv ci t s r
                                               vi
    d r e p s ie ic me f m a la t5 % o i a s t whc ae h l frte p o u t n o
     ei s a s
       v      v no     ro   te s 0    f t s es i r ed o h r d ci
                                        s         h                   o f
    p s ieic me
     as v no .


  S , o a eP I st x d i US
   o h w r FC a e n       ?

  A U txp y r a c o s o eo tefl wigtremeh d :
     S a a e c n h o e n f h ol n h e
                               o        to s


  E c s Diti u in Me h d
   x e s s rb t s
               o    to

  T i i ad fut to u ls y uf da e c pin T eb s r lsaeta y up yn txu t
   hs s ea lmeh d ne s o i n x e t . h a i ue r h t o a o a ni
                             n         o       c                         l
  y u s ly u iv sme t T i i frp o l wh dd n tma e a y ee t n o terP I sa d
   o el o r n e t n. hs s o e pe o i o         k n lci    o n h i FC n
  tr u h u teh lig p r d dd n tfl p F r 8 2 . h wa teg i wo l b c l ltd
  h o g o t h odn ei , i o i u o m 6 1 T e y h an ud e ac ae
                      o         l                                    u
  a drp re i a fl ws
   n e o td s s ol :
                  o

    Aln o
     lic mea dg iswo l b tx da tehg e t r iayic metxrt (u rnl 3 %)
             n an    ud e a e t h ih s o dn r n o   a ae c re t 5
                                                               y
    Y uh v t a s meta al an a tet
     o a e o su    h t lg is t h i o s l aee r e rtbyo e tet
                                 me f ae r an d aa l v r h i tete
                                                            me h h
    iv sme t sh l (
    n e t n wa ed i mmaeilf o h dls i teiia y as.
                        tr iy u a o s n h nt l e r)
                          a                 i
    I trs c ag sh st b p i (o o n e a n al)o ted fre tx( f a hy a)
    nee t h r e a o e ad c mp u d d n u ly n h eerd a o e c e r.


  Qu l id Ee t g F n Me h d
    a i e lc i
      f       n u d    to

  I teP I me t c rana c u t ga drp rigrq i me t, nyte teiv so c nee t
  f h FC     es eti c o ni n e o t
                            n        n e ur
                                          e ns o l h n h n e tr a lc
  ti o t n I i p a t al i o s l fr frinmuu lu dt k e U b o sa dtxrc r s
  hs pi . ts rci l mp s i e o a o eg
        o           c y      b           ta fn o e p S o k n a e o d
  a dp o ieU txifr t nt ter n e tr.
   n r vd S a no mai o h i iv so s
                         o


  Ma k t - r e Me h d
    r -o Ma k t t o

  T i meh d alws te iv so t d c r n t n l an a ic me b tkn te df rn e
   hs   to l o   h n e tr o e l e oi a g is s n o
                               a     o                y a ig h iee c
                                                                f
  b t e tefimak t au o tes ae a teb gn igo tey a a dtefimak t au
   ewe n h ar re v le f h h rs t h e inn f h e r n h ar re v le
  o tes ae a tee do tey a. h ic mewi b te tda o dn r ic me
   f h h rs t h n f h e r T e n o      l e rae s r iay n o .
                                       l

  S b e u n y a, o wi sat t a a jse b s ( sl, h mak t au a teb gn ig
   u s q e t e r y u l tr wi n du td a i mo t te re v le t h e inn
                     l      h          s     y
  o tey a)
   f h e r.

  I tey a o s l o iv sme t y uwi b tx dln tr c ptl an o l o tep rino
  n h e r f ae fn e t n, o     l e a e o g em a i g is ny n h o t
                                l                a               o f
  teg ista h sn t e ntx dp e iu l a o dn r ic me
  h an h t a o b e a e rvo s s r iay n o .
                                  y

  T eeaes merq i me t ta mu t eme b tefn :
   hr r o   e ure ns h t s b     t yh ud

    F n p i smu t era i a albe
     ud rec     s b e dl v i l
                        y   a
    F n c n o rq i amii m iv sme t f r ta $ 00 0 ec
     u d a n t e ure   nmu n e t n o mo e h n 1 ,0 , t.


  P n le
   e at s
       i

  F i r t feF r 8 2 c nrs li a$ 00 0f e
   al e o i o m 6 1 a e utn
     u     l                   1 ,0 i .
                                     n


  C n l so
   o cu in

  Wi teito u t no ten w F r 8 3 , o aerq i dt c e k( p r I )wh te y u
   t h nr d ci
    h         o f h e o m 9 8 y u r e ur o h c i at V
                                          e         n         eh r o
  h v fe F r 8 2 .
   a e i d om 6 1
       l


  A o ted t o ti n ws t r I Si i tep o e so ito u igan we v rino teF r
   s f h ae f hs e l t , R s n h r c s fnr d c
                     ee                           n   e r es o f h om
  8 2 (u rnl i d at o m)
   6 1 c re t n rf fr .
             y


  T e r lso P I a d te tx F r 8 2 a s c td wi i ae v r c mpe .T e c mpe i
   h ue f FC n h a o m 6 1 s o i e     a    t t r ey o lx h o lxt
                                             h                           y
  frh r ice s s i te iv sme t ae p rh s d a d s l i te s me y a (h r tr
  u te n ra e f h n e t n r u c a e n od n h a               e r s o t em
  iv sme t) N nc mpin ep n le aeas v r hg .
  n e t ns. o o l c e at s r l ey ih
                   a        i     o


  Werc mme d c n ut g co sb r e txa vs r f m b fr y u tk a yd c in o y u
    eo    n o s ln r s - o d r a d i y i
                  i                   o   r eo e o a e n e i o n o r
                                                               s
  c re t n ftr iv sme t.
   u rn a d uu e n e t ns




www. s lb l o
   n go a. m
           c                    U s b cie
                                 n u srb         C n et t U
                                                  o n c Wi s
                                                          h

US Persons investments in Indian Mutual Funds are treated as PFIC's.

  • 1.
    Ve P eiu iw r vo s S a eT i: h r hs S S R B NOW fr u f emo tl n ws t r UB C I E o o rre nhy e l t ee V lme8 |Is e1 |N v mb r2 1 ou su oe e 02 N G o a i a a vs r f m fu d d b c rie p oe s n l f m U A & I da t p o ie S lb l s n d i y i o r o n e y etid r fs i as r f o o S n i o r vd itr ain la s lt n t idvd ash vn a s t n /o a ic meb s i I daa dU A nen t a tx oui s o n iiu l a ig s e a d r n n o o o ae n n i n S . Wea N G o a, r vd y uti rdco sb r e txs lt n . u i- o s txv trn h v t S lb lp o ie o al e r s o d r a oui s O r n h u e a eea s a e o o a p oo n u d rtn ig o U S a d I da T x lws t a d e s c mpe ie ai n o to r fu d n esa dn f . . n n in a a o d rs o lxt s r ig u f i s mut l jr dcin . lpe u i i o s i s t US Pe s n i v s m e t i I d a Mu u l ro s n e t n s n n in ta F n s a e t e t d a PF C u d r rae s Is Ma yN nR s e t n in (N I” f dmuu lu div sme tnI daag e t at ce t n n o e i n I da s “ R s) i d n ta fn n e t n i n i ra we l rai h o o p ru i . h ra o sae p o tnt T e e s n r: y D vd n saetxf e iie d r a r e S o t em c ptl an o e ut fn saetx d@1 % h r tr a i g is n q i u d r a e a y 5 L n tr c ptl an o e ut fn saetxf e o g em a i g is n q i u d r a r a y e L n tr c ptl an o d b fn saetx d@ 2 % iid x t ni tk no tx d@1 % o g em a i g is n e t u d r a e a 0 fn e ai s a e r a e o 0 iid x t nb n f i n t a e fn e ai e ei s o tk n o t Ho v r I t r a R v n eS r ie ( I S )i te t gf r i nmu u l u d a P s ie we e , n e n l e e u e vc s “ R ” s r a i o eg n t a f n s s a sv F r i n I v s me t o a is( P I ” . o eg n e t n C mp n e “ F C ) Mu u l u d s r c u ei I d a t a F n tu t r n n i De i i o o P I f t n f FC n i A p r S I tr a R v n eC d 1 9 , P I i a yfrinc mp n ta: s e U nen l e e u o e 2 7 a FC s n o eg o a y h t d r e a la t 5 o i g o sic mef m p s iea t ie o ei s te s 7 % ft r s n o v s ro asv ci t s r vi d r e p s ie ic me f m a la t5 % o i a s t whc ae h l frte p o u t n o ei s a s v v no ro te s 0 f t s es i r ed o h r d ci s h o f p s ieic me as v no . S , o a eP I st x d i US o h w r FC a e n ? A U txp y r a c o s o eo tefl wigtremeh d : S a a e c n h o e n f h ol n h e o to s E c s Diti u in Me h d x e s s rb t s o to T i i ad fut to u ls y uf da e c pin T eb s r lsaeta y up yn txu t hs s ea lmeh d ne s o i n x e t . h a i ue r h t o a o a ni n o c l y u s ly u iv sme t T i i frp o l wh dd n tma e a y ee t n o terP I sa d o el o r n e t n. hs s o e pe o i o k n lci o n h i FC n tr u h u teh lig p r d dd n tfl p F r 8 2 . h wa teg i wo l b c l ltd h o g o t h odn ei , i o i u o m 6 1 T e y h an ud e ac ae o l u a drp re i a fl ws n e o td s s ol : o Aln o lic mea dg iswo l b tx da tehg e t r iayic metxrt (u rnl 3 %) n an ud e a e t h ih s o dn r n o a ae c re t 5 y Y uh v t a s meta al an a tet o a e o su h t lg is t h i o s l aee r e rtbyo e tet me f ae r an d aa l v r h i tete me h h iv sme t sh l ( n e t n wa ed i mmaeilf o h dls i teiia y as. tr iy u a o s n h nt l e r) a i I trs c ag sh st b p i (o o n e a n al)o ted fre tx( f a hy a) nee t h r e a o e ad c mp u d d n u ly n h eerd a o e c e r. Qu l id Ee t g F n Me h d a i e lc i f n u d to I teP I me t c rana c u t ga drp rigrq i me t, nyte teiv so c nee t f h FC es eti c o ni n e o t n n e ur e ns o l h n h n e tr a lc ti o t n I i p a t al i o s l fr frinmuu lu dt k e U b o sa dtxrc r s hs pi . ts rci l mp s i e o a o eg o c y b ta fn o e p S o k n a e o d a dp o ieU txifr t nt ter n e tr. n r vd S a no mai o h i iv so s o Ma k t - r e Me h d r -o Ma k t t o T i meh d alws te iv so t d c r n t n l an a ic me b tkn te df rn e hs to l o h n e tr o e l e oi a g is s n o a o y a ig h iee c f b t e tefimak t au o tes ae a teb gn igo tey a a dtefimak t au ewe n h ar re v le f h h rs t h e inn f h e r n h ar re v le o tes ae a tee do tey a. h ic mewi b te tda o dn r ic me f h h rs t h n f h e r T e n o l e rae s r iay n o . l S b e u n y a, o wi sat t a a jse b s ( sl, h mak t au a teb gn ig u s q e t e r y u l tr wi n du td a i mo t te re v le t h e inn l h s y o tey a) f h e r. I tey a o s l o iv sme t y uwi b tx dln tr c ptl an o l o tep rino n h e r f ae fn e t n, o l e a e o g em a i g is ny n h o t l a o f teg ista h sn t e ntx dp e iu l a o dn r ic me h an h t a o b e a e rvo s s r iay n o . y T eeaes merq i me t ta mu t eme b tefn : hr r o e ure ns h t s b t yh ud F n p i smu t era i a albe ud rec s b e dl v i l y a F n c n o rq i amii m iv sme t f r ta $ 00 0 ec u d a n t e ure nmu n e t n o mo e h n 1 ,0 , t. P n le e at s i F i r t feF r 8 2 c nrs li a$ 00 0f e al e o i o m 6 1 a e utn u l 1 ,0 i . n C n l so o cu in Wi teito u t no ten w F r 8 3 , o aerq i dt c e k( p r I )wh te y u t h nr d ci h o f h e o m 9 8 y u r e ur o h c i at V e n eh r o h v fe F r 8 2 . a e i d om 6 1 l A o ted t o ti n ws t r I Si i tep o e so ito u igan we v rino teF r s f h ae f hs e l t , R s n h r c s fnr d c ee n e r es o f h om 8 2 (u rnl i d at o m) 6 1 c re t n rf fr . y T e r lso P I a d te tx F r 8 2 a s c td wi i ae v r c mpe .T e c mpe i h ue f FC n h a o m 6 1 s o i e a t t r ey o lx h o lxt h y frh r ice s s i te iv sme t ae p rh s d a d s l i te s me y a (h r tr u te n ra e f h n e t n r u c a e n od n h a e r s o t em iv sme t) N nc mpin ep n le aeas v r hg . n e t ns. o o l c e at s r l ey ih a i o Werc mme d c n ut g co sb r e txa vs r f m b fr y u tk a yd c in o y u eo n o s ln r s - o d r a d i y i i o r eo e o a e n e i o n o r s c re t n ftr iv sme t. u rn a d uu e n e t ns www. s lb l o n go a. m c U s b cie n u srb C n et t U o n c Wi s h