# EDGAR Filing Document

**Accession Number:** 0000097098
**File Stem:** 0001193125-23-067151
**Filing Date:** 2023-3
**Character Count:** 20887
**Document Hash:** 21521190c643ab4889ab101a6e1c8997
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-067151.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001193125-23-067151

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK LIQUIDITY FUNDS
- **CENTRAL INDEX KEY:** 0000097098
- **IRS NUMBER:** 520983343
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-47015
- **FILM NUMBER:** 23722393

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK PROVIDENT INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 20010126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROVIDENT INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19990521

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPORARY INVESTMENT FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BLACKROCK LIQUID FEDERAL TRUST FUND (Series ID: S000001477)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003946 | CAPITAL SHARES | BECXX           |

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|:---|:---|
| ![LOGO](g392426g56p99.jpg) | **FEBRUARY 28, 2023** |

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## Summary Prospectus
**BlackRock Liquidity Funds \| Capital Shares** 

• **BlackRock Liquid Federal Trust Fund** 

Capital: BECXX

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus (including amendments and supplements), reports to shareholders and other information about the Fund, including the Fund's statement of additional information, online at http://www.blackrock.com/prospectus/cash. You can also get this information at no cost by calling (800) 441-7450 or by sending an e-mail request to **prospectus.request@blackrock.com**, or from your financial professional. The Fund's [prospectus and statement of additional information](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/97098/000119312523048638/d421247d485bpos.htm), both dated February 28, 2023, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.

*This Summary Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.* 

*The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.* 

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

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**Key Facts About BlackRock Liquid Federal Trust Fund** 

***Investment Objective***

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The investment objective of BlackRock Liquid Federal Trust Fund (the "Fund"), a series of BlackRock Liquidity Funds (the "Trust"), is to seek current income as is consistent with liquidity and stability of principal.

***Fees and Expenses of the Fund***

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This table describes the fees and expenses that you may pay if you buy, hold and sell Capital Shares of BlackRock Liquid Federal Trust Fund. **You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC ("BlackRock") and its affiliates) (each, a "Financial Intermediary"), which are not reflected in the table and example below.**

**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
|  | Capital Shares\* |
|  Management Fee | 0.20% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous/Other Expenses | 0.02% |
|  Total Annual Fund Operating Expenses | 0.27% |
|  Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.05)% |
|  Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>1</sup> | 0.22% |

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\* Fund currently active, but no assets in share class as of the fiscal year ended October 31, 2022.

<sup>1</sup> As described in the "Management of the Funds" section of the Fund's prospectus beginning on page 68, BlackRock, the Fund's investment manager, has contractually agreed to waive fees and/or reimburse ordinary operating expenses in order to keep combined Management Fees and Miscellaneous/Other Expenses (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) from exceeding 0.17% of average daily net assets through June 30, 2024. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. 

**Example:** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  Capital Shares | $23 | $82 | $147 | $338 |

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***Principal Investment Strategies of the Fund***

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BlackRock Liquid Federal Trust Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or instrumentalities, the interest income on which, under current federal law, generally may not be subject to state income tax. The Fund invests in securities maturing in 397 days or less (with certain exceptions) and the portfolio will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.

The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government

2 - BlackRock Liquid Federal Trust Fund

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or by its agencies or instrumentalities, the interest income on which, under current federal law, generally may not be subject to state income tax. This policy is a non-fundamental policy of the Fund and the Fund will not change the policy without providing shareholders with at least 60 days' prior notice of any change in the policy.

The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"), and other rules of the Securities and Exchange Commission. The Fund will only purchase securities that present minimal credit risk as determined by BlackRock, the Fund's investment manager, pursuant to guidelines approved by the Trust's Board of Trustees.

***Principal Risks of Investing in the Fund***

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Risk is inherent in all investing. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully.

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| | |
|:---|:---|
| ◾ | ***Interest Rate Risk*** — Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address rising inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund's ability to achieve its investment objective.  |

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|:---|:---|
| ◾ | ***Treasury Obligations Risk*** — Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.  |

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|:---|:---|
| ◾ | ***U.S. Government Obligations Risk*** — Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.  |

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|:---|:---|
| ◾ | ***Credit Risk*** — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.  |

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|:---|:---|
| ◾ | ***Income Risk*** — Income risk is the risk that the Fund's yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.  |

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|:---|:---|
| ◾ | ***Market Risk and Selection Risk*** — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.  |

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An recent outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. Because the Fund invests in short-term instruments these events have caused some instruments to have declining yields, which may impair the results of the Fund if these conditions persisted. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

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| | |
|:---|:---|
| ◾ | ***Risk of Investing in the United States*** — Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.  |

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|:---|:---|
| ◾ | ***Stable Net Asset Value Risk*** — The Fund may not be able to maintain a stable net asset value ("NAV") of $1.00 per share at all times. If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure), the Fund, along with other money market funds, could be subject to increased redemption activity.  |

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3 - BlackRock Liquid Federal Trust Fund

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|:---|:---|
| ◾ | ***Trading Risk*** — In selling securities prior to maturity, the Fund may realize a price higher or lower than that paid to acquire such securities, depending upon whether interest rates have decreased or increased since their acquisition. In addition, shareholders in a state that imposes an income or franchise tax should determine through consultation with their own tax advisors whether the Fund's interest income, when distributed by the Fund, will be considered by the state to have retained exempt status, and whether the Fund's capital gain and other income, if any, when distributed, will be subject to the state's income or franchise tax.  |

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|:---|:---|
| ◾ | ***Variable and Floating Rate Instrument Risk*** — Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time.  |

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|:---|:---|
| ◾ | ***When-Issued and Delayed Delivery Securities and Forward Commitments Risk*** — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.  |

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***Performance Information***

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There are currently no Capital Shares of BlackRock Liquid Federal Trust Fund outstanding as of the date of this prospectus. As a result, the chart, the table and the seven-day yield shown below give you a picture of the performance for Institutional Shares of the Fund, which are not offered in this prospectus. The performance of the Fund's Capital Shares would be substantially similar to Institutional Shares because Capital Shares and Institutional Shares are invested in the same portfolio of securities and performance would only differ to the extent that Capital Shares and Institutional Shares have different expenses. The actual returns and seven-day yields of Capital Shares would have been lower than those of the Institutional Shares because Capital Shares have higher expenses than the Institutional Shares.

The information shows you how BlackRock Liquid Federal Trust Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund's returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the 1940 Act. Updated information on the Fund's performance can be obtained by visiting www.blackrock.com/cash or can be obtained by phone at (800) 441-7450.

**BlackRock Liquid Federal Trust Fund** 

**Institutional Shares** 

**ANNUAL TOTAL RETURNS** 

**As of 12/31**![LOGO](g392426g26o09.jpg)

During the ten-year period shown in the bar chart, the highest return for a quarter was 0.83% (quarter ended December 31, 2022) and the lowest return for a quarter was 0.00% (quarter ended September 30, 2021).

4 - BlackRock Liquid Federal Trust Fund

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For the periods ended 12/31/22

Average Annual Total Returns

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| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
|  BlackRock Liquid Federal Trust Fund—Institutional Shares | 1.44% | 1.12% | 0.66% |
|  | 7-Day Yield<br>As of December 31, 2022 | 7-Day Yield<br>As of December 31, 2022 | 7-Day Yield<br>As of December 31, 2022 |
|  BlackRock Liquid Federal Trust Fund—Institutional Shares | 3.87% | 3.87% | 3.87% |

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Current Yield: You may obtain the Fund's current 7-day yield by calling (800) 441-7450 or by visiting the Fund's website at www.blackrock.com/cash.

***Investment Manager***

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BlackRock Liquid Federal Trust Fund's investment manager is BlackRock Advisors, LLC (previously defined as "BlackRock").

***Purchase and Sale of Fund Shares***

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You may purchase or sell shares without paying a sales charge. You may generally purchase or redeem shares of BlackRock Liquid Federal Trust Fund each day on which the New York Stock Exchange and the Federal Reserve Bank of Philadelphia are open for business. Purchase orders and redemption orders must be transmitted through a brokerage account (an "Account") with your bank, savings and loan association or other financial institution. The initial and subsequent investment minimums generally are as follows, although the Fund's officers may reduce or waive the minimums in some cases:

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| | |
|:---|:---|
| | **Capital Shares** |
|  **Minimum Initial Investment** | $50000 |
|  **Minimum Additional Investment** | The Fund's officers reserve the right to vary or waive any minimum and subsequent investment requirements. |

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***Tax Information***

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Dividends and distributions paid by BlackRock Liquid Federal Trust Fund may be subject to federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to federal income tax when you withdraw or receive distributions from such tax-deferred arrangements.

***Payments to Broker/Dealers and Other Financial Intermediaries***

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If you purchase shares of BlackRock Liquid Federal Trust Fund through a broker-dealer or other Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund's distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other Financial Intermediary and your individual financial professional to recommend the Fund over another investment.

Ask your individual financial professional or visit your Financial Intermediary's website for more information.

5 - BlackRock Liquid Federal Trust Fund

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INVESTMENT COMPANY ACT FILE # 811-2354

SPRO-LIQ-FTF-CAP-0223

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| ![LOGO](g392426g56p99.jpg) | ![LOGO](g392426g41v31.jpg) |

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