Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 431

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 431
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 |       5.18 | % |     |             |       4.29 | %(h) |
| Supplemental Data                                  |     |                     |            |      |     |            |            |   |     |             |            |      |
| Net assets, end of period (000)                    |     | $                   | 54,214,572 |      |     | $          | 29,988,221 |   |     | $           | 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) | Amount is greater than $(0.00005) per share. |

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

| (g) | Not annualized. |

| (h) | Annualized. |

See notes to financial statements. F-89

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

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 discretionary liquidity fees.

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 and Circle Internet Financial Europe SAS (collectively, “Circle”).

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements