# Portfolio overlap — OWMBX vs VTES

Comparing **Old Westbury Municipal Bond Fund** (2026-01-30) and **VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF** (2026-02-28).

- Shared positions: 67
- Old Westbury Municipal Bond Fund covered by VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF: 0.02753792153038015574832292702
- VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF covered by Old Westbury Municipal Bond Fund: 0.02753792153038015574832292701

## Old Westbury Municipal Bond Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| Federated U.S. Treasury Cash Reserves | 0.048251 |  |
| DENVER CITY & CNTY CO ARPT REVENUE | 0.006553 |  |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 0.006026 |  |
| State of Washington, Series 2024, GO Bonds | 0.005218 |  |
| NH HLTH & EDU FACS-A | 0.005137 | ✓ |
| Empire State Development Corp | 0.005130 |  |
| WA ST-SER R-2023A-REF | 0.005060 |  |
| NJ EDUCTNL FACS AUTH | 0.004887 |  |
| State of Maryland | 0.004735 | ✓ |
| MASSACHUSETTS ST DEV FIN AGY R MASSACHUSETTS DEVELOPMENT FINANCE AGENCY | 0.004676 |  |
| State of Hawaii | 0.004651 |  |
| TARRANT REGL WTR-REF | 0.004630 | ✓ |
| State of Connecticut Special Tax Revenue | 0.004628 | ✓ |
| ST VRAIN VLY SD RE-1J | 0.004561 | ✓ |
| Fairfax County Industrial Development Authority 5.00% 05/15/2032 | 0.004544 |  |
| SSM HEALTH CARE | 0.004523 |  |
| City of New York NY | 0.004481 |  |
| Richardson Independent School District | 0.004462 |  |
| COMAL TX INDEP SCH DIST REGD B/E PSF-GTD 5.00000000 | 0.004443 |  |
| Judson Independent School District | 0.004401 |  |
| City of Norfolk VA | 0.004289 |  |
| IOWA ST FIN AUTH REVENUE REGD B/E 5.00000000 | 0.004238 |  |
| Texas Tech University System | 0.004206 |  |
| State of California, Series 2007 | 0.004168 | ✓ |
| UNIV OF TEXAS TX UNIV REVENUES | 0.004103 | ✓ |
| County of Fairfax VA | 0.004031 |  |
| BROOKHAVEN GA D(CHILD HLTH ATL) 4% 7/1/44 | 0.004030 |  |
| UNIV TX SYS BRD-A | 0.004004 |  |
| State of Florida Department of Transportation Turnpike System Revenue, Series 2025, RB | 0.003989 |  |
| GUILFORD CO | 0.003985 |  |
| MASSACHUSETTS ST DEV FIN AGY R REGD N/C B/E 5.00000000 | 0.003955 |  |
| TARRANT TX REGL WTR DIST WTR REVENUE | 0.003930 |  |
| WASHINGTON ST | 0.003917 |  |
| Ohio Water Development Authority Water Pollution Control Loan Fund | 0.003906 |  |
| Washington (State of), Series 2025, GO Bonds | 0.003864 | ✓ |
| Board of Regents of the University of Texas System, Series 2024, RB | 0.003832 |  |
| DENTON TX ISD(PSF) 5% 8/15/48 | 0.003803 |  |
| Texas Tech University System | 0.003802 |  |
| UNIV TX 5% 8/15/2037 | 0.003780 |  |
| State of Maryland, Series 2022A | 0.003776 |  |
| NJ NJSEDU 07/01/2064 | 0.003739 | ✓ |
| Washington (State of), Series 2025A, GO Bonds | 0.003731 |  |
| Ohio Water Development Authority Water Pollution Control Loan Fund | 0.003709 |  |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 0.003699 |  |
| HAMPTON ROADS VA TRANSPRTN ACC REGD N/C B/E ETM 5.00000000 | 0.003678 | ✓ |
| County of Travis TX | 0.003674 |  |
| New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1 | 0.003662 |  |
| Washington (State of), Series 2025A, GO Bonds | 0.003649 |  |
| County of Fairfax VA | 0.003626 |  |
| CYPRESS FAIRBANKS ISD | 0.003570 | ✓ |

## VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| Vanguard Municipal Cash Management Fund | 0.021044 |  |
| NYC TRANSITIONAL-G-1 | 0.003163 |  |
| CALIFORNIA ST-REF | 0.002916 |  |
| NEW JERSEY ST ECON DEV AUTH REVENUE | 0.002674 |  |
| Dallas Independent School District, Series 2026B | 0.002671 |  |
| State of Illinois, Series D | 0.002608 |  |
| State of New Jersey, Series 2020A | 0.002551 |  |
| New Jersey Transportation Trust Fund Authority, Series 2016A1 | 0.002468 |  |
| Wyandotte County Unified School District No. 500, Series A | 0.002303 |  |
| E CO AWP JT PWRS-A-1 | 0.002274 |  |
| CA REGENTS UNIV-CD | 0.002141 |  |
| OH WTR DEV AUTH | 0.002138 |  |
| LOS ANGELES UNIF SD-A | 0.002017 |  |
| State of New Jersey, Series A | 0.001950 |  |
| NEW YORK-G-G-1 | 0.001902 |  |
| State of New Jersey, Series 2020A | 0.001871 |  |
| Los Angeles Department of Water & Power, Series 2025A | 0.001852 |  |
| OHIO WTR DEV AUTH-A | 0.001835 |  |
| Bay Area Toll Authority, Series 2026A | 0.001826 |  |
| State of New Jersey, Series 2020A | 0.001824 |  |
| State of New Jersey, Series 2020A | 0.001800 |  |
| LOS ANGELES DEPT-C | 0.001769 |  |
| UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.001768 |  |
| UNIV OF TEXAS UNIV-A | 0.001724 |  |
| NJ TPK AUTH-B | 0.001711 |  |
| MASSACHUSETTS ST | 0.001667 | ✓ |
| State of California, Series 2025, GO Bonds | 0.001661 |  |
| State of New Jersey, Series 2020A | 0.001636 |  |
| Virginia Public Building Authority, Series 2021A-1 | 0.001600 |  |
| UNIV OF PITTSBURGH PA OF THE C REGD B/E 5.00000000 | 0.001599 |  |
| State of California, Series 2023 | 0.001598 |  |
| WI ST GF APP 5% 5/1/2026Q | 0.001569 |  |
| NEW YORK CITY-C-REF | 0.001561 |  |
| KY ST PROP 5% 11/1/2027 | 0.001536 |  |
| State of California, Series 2007 | 0.001534 | ✓ |
| WASHINGTON ST WAS 07/26 FIXED 4 | 0.001512 |  |
| State of North Carolina, Series 2019 | 0.001481 |  |
| SOUTH CAROLINA ST ASSN OF GOVTL ORGANIZATIONS COPS | 0.001474 |  |
| CT HLTH & EDUCTNL-B-2 | 0.001467 | ✓ |
| DE VLY FIN -A | 0.001437 |  |
| NJ TRANSPRTN TRUST-A | 0.001436 |  |
| GREAT LAKES WTR AUTH- | 0.001436 |  |
| E CO AWP JT PWRS-A-2 | 0.001428 |  |
| State of California | 0.001425 |  |
| State of Maryland | 0.001421 |  |
| NEW YORK MUNI WTR-AA2 | 0.001413 |  |
| STATE OF CALIFORNIA 5.0% 04-01-29 | 0.001402 |  |
| Washington Metropolitan Area Transit Authority, Series 2021A | 0.001343 |  |
| State of California, Series 2017 | 0.001342 |  |
| GUILFORD CO | 0.001340 |  |


## Sources

- N-PORT (fund A) — accession `0000940400-26-012537` (as of 2026-01-30)
  <https://www.sec.gov/Archives/edgar/data/909994/000094040026012537/0000940400-26-012537-index.htm>
- N-PORT (fund B) — accession `0000105563-26-000162` (as of 2026-02-28)
  <https://www.sec.gov/Archives/edgar/data/105563/000010556326000162/0000105563-26-000162-index.htm>

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