Feb. 27, 2015
BLACKROCK LIQUIDITY FUNDS FedFund T-Fund Federal Trust Fund Treasury Trust Fund (each a “Fund” and collectively, the “Funds”) Supplement dated December 28, 2015 to the Administration Shares Cash Reserve Shares Dollar Shares Institutional Shares Premier Choice Shares Prospectuses of the Funds, dated February 27, 2015, and the Cash Management Shares Prospectus of the Funds, dated February 27, 2015 (as amended December 21, 2015) Effective immediately, the Funds’ prospectuses are amended as follows: The following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About FedFund — Principal Investment Strategies of the Fund”: 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, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. 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 following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About T-Fund — Principal Investment Strategies of the Fund”: 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. Treasury, and repurchase agreements secured by such obligations or cash. 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 following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About Federal Trust Fund — Principal Investment Strategies of the Fund”: 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 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 following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About Treasury Trust Fund — Principal Investment Strategies of the Fund”: 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. Treasury. 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.

Feb. 27, 2015

BLACKROCK LIQUIDITY FUNDS

FedFund

T-Fund

Federal Trust Fund

Treasury Trust Fund

(each a “Fund” and collectively, the “Funds”)

Supplement dated December 28, 2015 to the

Administration Shares

Cash Reserve Shares

Dollar Shares

Institutional Shares

Premier Choice Shares

Prospectuses of the Funds, dated February 27, 2015, and the

Cash Management Shares

Prospectus of the Funds, dated February 27, 2015 (as amended December 21, 2015)

Effective immediately, the Funds’ prospectuses are amended as follows:

The following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About FedFund — Principal Investment Strategies of the Fund”:

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, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. 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 following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About T-Fund — Principal Investment Strategies of the Fund”:

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. Treasury, and repurchase agreements secured by such obligations or cash. 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 following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About Federal Trust Fund — Principal Investment Strategies of the Fund”:

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 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 following is added as the second paragraph of the section of the Funds’ prospectuses entitled “Fund Overview — Key Facts About Treasury Trust Fund — Principal Investment Strategies of the Fund”:

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. Treasury. 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.