Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 440

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 440
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 will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-paymentwould result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests. Shareholder Purchase/Redemption Risk:Shares of the Fund are held by Circle as a portion of the reserves associated with Circle’s issuance of stablecoins to customers. The assets of the Fund are expected to fluctuate depending on the creation (mining) of additional stablecoins or the redemption (burning) of such coins. Stablecoins may face periods of uncertainty resulting in the potential for rapid requests by Circle for redemption of the Fund’s shares. Redemptions of a large number of Fund shares may adversely affect the Fund’s liquidity and net assets. These large redemptions may force the Fund to sell portfolio securities to meet redemption requests when it might not otherwise do so, which may negatively impact the Fund. In addition, large 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 |   |     |