Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 426

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 426
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 Data                                  |     |                |                |      |
| Net assets, end of period (000)                    |     | $              |     25,387,043 |      |

| (a) |     | Commencement of operations. |

| (b) |     | Based on average shares outstanding. |

| (c) |     | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating 
 market values of the Fund’s underlying securities.                                                                                                                                                                          |

| (d) |     | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |

| (e) |     | Where applicable, assumes the reinvestment of distributions. |

| (f) |     | Not annualized. |

| (g) |     | Annualized. |

See notes to financial statements. F-103

### NOTES TO FINANCIAL STATEMENTS
1. Organization

BlackRock Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. The Trust is organized as a Massachusetts business trust. Circle Reserve Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.

The Fund operates as a “government money market fund” under Rule 2a-7 under the 1940 Act. The Fund is not subject to
liquidity fees or temporary suspensions of redemptions due to declines in the Fund’s weekly liquid assets.

The Fund, together with certain other registered
investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

Shares of the Fund are only available for purchase by Circle Internet Financial, LLC (“Circle”).

2. Significant accounting policies

The financial statements are
prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities
in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could
differ from those estimates. The Fund is considered an investment company under U.S. GAAP and