Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 451

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 451
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 redemptions can result in the Fund’s current expenses being allocated over a smaller asset base, which generally could result in an increase in the Fund’s expense ratio. 8. CAPITAL SHARE TRANSACTIONS The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold, reinvested and redeemed at $1.00 per share. Transactions in capital shares were as follows:

|                       |     | Year Ended 04/30/25 |                |   |     | Year Ended 04/30/24 |                |   |
| Fund Name/Share Class |     | Shares              |                |   |     | Shares              |                |   |
| Circle Reserve Fund   |     |                     |                |   |     |                     |                |   |
| Institutional         |     |                     |                |   |     |                     |                |   |
| Shares sold           |     |                     | 27,775,000,000 |   |     |                     | 10,300,000,000 |   |
| Shares redeemed       |     |                     | (3,550,000,000 | ) |     |                     | (5,700,000,000 | ) |
|                       |     |                     | 24,225,000,000 |   |     |                     |  4,600,000,000 |   |

**9. SUBSEQUENT EVENTS Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements. F-96

Report of Independent Registered Public Accounting Firm

To the Shareholders of Circle Reserve Fund and the Board of Trustees of BlackRock Funds:**

### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Circle Reserve Fund of BlackRock Funds (the “Fund”), including the schedule of investments, as of April 30, 2024, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period from November 3, 2022 (commencement of operations) through April 30, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the