Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 368

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 368
---
 contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the
Fund, which cannot be predicted with any certainty.

Other:Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by
several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The
Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.

F-62

3. Investment valuation and fair value measurements Investment Valuation Policies:U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund’s investments are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7under the 1940 Act. Under this method, investments are valued at cost when purchased and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. The Fund seeks to maintain its net asset value (“NAV”) per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis. Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |     | Level 1—Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has 
 the ability to access;                                                                                                |

| • |     | Level 2—Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities                                                                                                                                   
 in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, 
 volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and                                                                                                                       |

| • |     | Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent