Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 448

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 448
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 It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. F-94

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund’s NAV. The tax character of distributions paid was as follows:

|                 |     | Year Ended 
 04/30/25   |               |     | Year Ended 
 04/30/24   |               |
|:----------------|:----|:-----------|--------------:|:----|:-----------|--------------:|
| Ordinary income |     | $          | 1,732,445,862 |     | $          | 1,281,287,248 |

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

| Fund Name           |     | Undistributed   
 Ordinary Income |           |     | Net Unrealized    
 Gains (Losses)(a) |        |   |     | Total |           |
|:--------------------|:----|:----------------|----------:|:----|:------------------|:-------|:--|:----|:------|----------:|
| Circle Reserve Fund |     | $               | 2,727,984 |     | $                 | (1,771 | ) |     | $     | 2,726,213 |

| (a) | The difference between book-basis and tax-basis net accumulated losses was attributable primarily to the tax deferral of losses on wash sales. |

As of April