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Old Westbury All Cap Core Fund Old Westbury Large Cap Strategies Fund Old Westbury Small & Mid Cap Strategies Fund Old Westbury Total Equity Fund Old Westbury Credit Income Fund Old Westbury Fixed Income Fund Old Westbury Short-Term Bond Fund Old Westbury Municipal Bond Fund Old Westbury California Municipal Bond Fund Old Westbury New York Municipal Bond Fund (each, a “Fund” and, collectively, the “Funds”) Supplement dated October 1, 2026 to the Prospectus dated March 1, 2026 Old Westbury All Cap Core Fund Old Westbury Large Cap Strategies Fund Old Westbury Small & Mid Cap Strategies Fund Old Westbury Total Equity Fund Old Westbury Credit Income Fund Old Westbury Fixed Income Fund Old Westbury Short-Term Bond Fund Old Westbury Municipal Bond Fund Old Westbury California Municipal Bond Fund Old Westbury New York Municipal Bond Fund (each, a “Fund” and, collectively, the “Funds”) Supplement dated October 1, 2026 to the Prospectus dated March 1, 2026 Old Westbury All Cap Core Fund Old 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