Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 433

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 433
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 cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations. Segment Reporting:The Fund adopted Financial Accounting Standards Board Update 2023-07,Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”)during the period. The Fund’s adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. The Chief Financial Officer acts as the Fund’s Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements. 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 at the measurement date. 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 that the Fund has the ability to 
 access for identical assets or liabilities;                                                        |

| • |     | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the 
 asset or liability, either directly or indirectly; and                                        |

| • |     | Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the                               
 asset or liability (including the Valuation Committee’s assumptions used