Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 68

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 10
Chunk 68
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 Holder may continue to be subject to the PFIC rules
with respect to such U. S. Holder’s indirect interest in any investments held by us that are treated as an equity interest in a PFIC
for U. S. federal income tax purposes.

We do not intend to provide
information necessary for U. S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different
from (and generally less adverse than) the general tax treatment for PFICs described above.

If a U. S. Holder owns
our Ordinary Shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form 8621. You should consult
your tax advisor regarding the U. S. federal income tax consequences of owning and disposing of our Ordinary Shares if we are or become
a PFIC.

10. F. Dividends and paying agents

Not applicable for annual reports on Form 20-F.

10. G. Statement by experts

Not applicable for annual reports on Form 20-F.

10. H. Documents on display

We are subject to the information requirements
of the Exchange Act. In accordance with these requirements, the Company files reports and other information with the SEC. You may read
and copy any materials filed with the SEC at the Public Reference Room at 100 F Street, N. E., Washington, D. C. 20549. You may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a web site at http://www. sec. gov that
contains reports and other information regarding registrants that file electronically with the SEC.

10. I. Subsidiary Information

Not applicable.

10. J. Annual Report to Security Holders

Not applicable.

Item
11. Quantitative and Qualitative Disclosures About Market Risk