Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 461

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 461
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 30, 2024, 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             |     | $       | (85,998 | ) |
| Accumulated earnings (loss) |     |         |  85,998 |   |

The tax character of distributions paid was as follows:

|                 |     | Year Ended 
 04/30/24   |               |     | Period Ended 
 04/30/23     |             |
|:----------------|:----|:-----------|--------------:|:----|:-------------|------------:|
| Ordinary income |     | $          | 1,281,287,248 |     | $            | 521,824,435 |

As of April 30, 2024, the tax components of accumulated earnings were as follows:

| Fund Name           |     | Undistributed 
 Ordinary      
 Income        |           |     | Net Unrealized    
 Gains (Losses)(a) |    |   |     | Total |           |
|:--------------------|:----|:--------------|----------:|:----|:------------------|:---|:--|:----|:------|----------:|
| Circle Reserve Fund |     | $             | 1,375,804 |     | $                 | (1 | ) |     | $     | 1,375,803 |

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

**F-107

For the Fund, the cost for U.S. federal income tax purposes is the same as book cost.

7. 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