Old Westbury California Municipal Bond Fund (OWCAX) Diversifiers

The fund invests primarily in a non-diversified portfolio of investment-grade municipal securities. It invests at least 80% of its net assets plus investment borrowings in investments the income from which is exempt from federal income tax and California income tax, but not necessarily the federal alternative minimum tax. The fund may invest in ETFs, U.S. Treasury securities, securities subject to the federal alternative minimum tax, and inflation-protected securities and similar bonds issued by governments outside of the United States. Fixed income securities held by the fund may be of any maturity. It is non-diversified.