Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 380

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 380
---
 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. Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2023, 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. U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of period end, permanent differences attributable to nondeductible expenses were reclassified to the following accounts:

|                             |     | Amounts |         |   |
|:----------------------------|:----|:--------|--------:|:--|
| Paid-in capital             |     | $       | (77,654 | ) |
| Accumulated earnings (loss) |     |         |  77,654 |   |

F-78

The tax character of distributions paid was as follows:

|                 |     | Period Ended 
 04/30/23     |             |
|:----------------|:----|:-------------|------------:|
| Ordinary income |     | $            | 521,824,435 |

As of April 30, 2023, the tax components of accumulated net earnings were as follows:

|                               |     | Amounts |         |
|:------------------------------|:----|:--------|--------:|
| Undistributed ordinary income |     | $       | 111,822 |
|                               |     | $       | 111,822 |

The cost for U.S. federal income tax purposes is the same as book cost. 6. Principal risks In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy;