SUPPLEMENT DATED OCTOBER 2, 2023, TO THE

SUMMARY PROSPECTUS, PROSPECTUS AND

STATEMENT OF ADDITIONAL INFORMATION (“SAI”)

OF EACH FUND LISTED IN SCHEDULE A

The following information supplements and supersedes any information to the contrary contained in each fund’s Summary Prospectus, Prospectus and SAI.

The Securities and Exchange Commission (“SEC”) has adopted money market fund reforms that affect how the funds listed in Schedule A and other money market funds will operate.

In general, these reforms to money market fund operations (i) eliminate the prospect of money market funds temporarily suspending redemptions (i.e., imposing a “redemption gate”) if fund weekly liquid asset levels fall below a regulatory threshold; (ii) eliminate the regulatory link between potential liquidity fees and fund weekly liquid asset levels; (iii) institute a new liquidity fee framework for institutional prime and institutional tax-exempt money market funds that, under some circumstances, may result in a liquidity fee being charged on shares redeemed on any given day if a fund has net redemptions on that day in excess of 5% (or such lower threshold as may be set by the fund) of its net assets; (iv) increase required fund minimum liquid assets levels as follows: weekly liquid asset minimum increased from 30% to 50% of total fund assets and daily liquid asset minimum increased from 10% to 25% (there continues to be no daily liquid asset minimum for tax-exempt money market funds); (v) expressly authorize stable net asset value money market funds to institute a reverse distribution mechanism or similar mechanism during a negative interest rate environment to maintain a stable $1.00 share price; and (vi) enhance the reporting requirements of money market funds. Pursuant to the reforms, all non-government money market funds retain the ability to impose a discretionary liquidity fee upon the sale of fund shares, but it is no longer tied to regulatory liquid asset thresholds. It may be implemented if the fund’s board of directors, including a majority of the directors who are not interested persons of the fund, determines that imposing a liquidity fee is in the best interests of the fund. Additionally, as is currently the case, all government money market funds may opt-in to the discretionary liquidity fee framework with required disclosure and board approval. The elimination of redemption gates as described above does not change to the ability of a money market fund to permanently suspend redemptions and postpone payment of proceeds to facilitate its orderly liquidation or as otherwise permitted by applicable law or SEC rules, regulations or other action.

The implementation of these reforms generally will be phased in over a 12-month period beginning October 2, 2023.

In connection with the implementation of the first phase of the money market reforms, effective October 2, 2023: