Old Westbury Municipal Bond Fund 

This fund's primary strategy involves allocating a minimum of 80% of its net assets, inclusive of investment-related borrowings, to securities that generate income exempt from federal income tax. However, investors should note that this income is not guaranteed to be exempt from the federal alternative minimum tax. A key component of this strategy, implemented as a flexible policy, is the investment of at least 80% of these total assets specifically in municipal bonds.