Old Westbury Funds N-CSR/A Certified annual shareholder report (management investment company) (amended)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07912

Old Westbury Funds, Inc.

(Exact name of registrant as specified in charter)

760 Moore Rd.

King of Prussia, PA 19406

(Address of principal executive offices) (Zip code)

Andrew J. McNally

BNY Mellon Investment Servicing (US) Inc.

760 Moore Rd.

King of Prussia, PA 19406

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-607-2200

Date of fiscal year end: October 31

Date of reporting period: October 31, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.

Annual Report

October 31, 2017

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

A Letter from the President (Unaudited)	2
Investment Adviser’s Report (Unaudited)
All Cap Core Fund	3
Large Cap Strategies Fund	7
Small & Mid Cap Strategies Fund	12
Strategic Opportunities Fund	16
Fixed Income Fund	20
Municipal Bond Fund	24
Disclosure of Fund Expenses (Unaudited)	28
Portfolios of Investments:
All Cap Core Fund	30
Large Cap Strategies Fund	32
Small & Mid Cap Strategies Fund	45
Strategic Opportunities Fund	49
Fixed Income Fund	86
Municipal Bond Fund	90
Statements of Assets and Liabilities	111
Statements of Operations	114
Statements of Changes in Net Assets	117
Financial Highlights:
All Cap Core Fund	121
Large Cap Strategies Fund	122
Small & Mid Cap Strategies Fund	123
Strategic Opportunities Fund	124
Fixed Income Fund	125
Municipal Bond Fund	126
Notes to Financial Statements	127
Report of Independent Registered Public Accounting Firm	150
Directors and Officers of Old Westbury Funds, Inc. (Unaudited)	151
Additional Information (Unaudited)	155
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)	156
Approval of New Sub-Advisory Agreements with Baillie Gifford Overseas Limited and Polunin Capital Partners Limited (Unaudited)	159

This Page Intentionally Left Blank

Old Westbury Funds, Inc.

A Letter from the President (Unaudited)

Dear Shareholders:

The fiscal year ended October 31, 2017, started off with a bang. Global equities rallied sharply after the unexpected election of Donald Trump to be the United States of America’s 45th president in November 2016. The victory led investors to reposition for the policy trends they expected could unfold in the year/years ahead. These included higher U.S. growth, inflation, and interest rates — driven by potential tax reform, deregulation, and increased infrastructure spending. In the months that followed, despite a number of policy disappointments in the U.S., global equities rose steadily, with volatility at exceptionally low levels. For the fiscal year, global equities, as measured by the MSCI All Country World Index, returned over 23%.

Throughout the year, economic data signaled an improving global economy while corporate earnings also showed positive trends. The brighter economic picture included global business sentiment rising to its highest levels so far in this economic cycle and a healthy U.S. employment market. Upbeat economic data trends were reflected in central bank actions through gradual movements to tighten monetary policy. The U.S. Federal Reserve raised interest rates three times and announced plans for balance-sheet normalization. The European Central Bank kept rates steady, but announced it would reduce its monthly bond purchases by one-half. The Bank of England raised rates 25 basis points, its first increase in a decade.

A number of key political events passed with outcomes that we believe kept investors comfortable holding risk in their portfolios. In France, Emmanuel Macron was elected as president, defeating far-right populist candidate Marine Le Pen. In Germany, elections resulted in a win for Angela Merkel, securing her fourth term as Chancellor — though her party overall performed worse than expected as the far-right party gathered strength. In the U.S., President Trump and Democrats struck a deal to extend the debt ceiling deadline until December 15. Financial markets largely shrugged off heightened geopolitical risks, including the ongoing civil war in Syria and an escalation in tensions with North Korea.

In the U.S., the increase in investors’ risk appetites was detrimental to bonds, which were flat for the year. Interest rates rose across the yield curve and the curve flattened as shorter-term yields rose more than longer ones. Short-term rates were driven by expectations for central bank tightening, while long-term rates reflected subdued inflation trends.

A notable and somewhat surprising development for the year was significant weakness in the U.S. dollar, which began a descent at the start of 2017. Several factors contributed to this decline, including disappointment in the Trump administration’s ability to pass pro-growth legislation; the administration’s statements that had a “weak-dollar” bias, calling into question the historical preference of the U.S. government for a strong-dollar policy; and strong growth momentum outside the U.S., which has offset support for the dollar provided by Fed rate hikes.

In this environment, our portfolio results largely reflected a more defensive posture, which detracted from results. Overall, Bessemer Investment Management LLC (the “Adviser”) has remained moderately optimistic on the economic cycle and equities, but has been cognizant of risks related to increasingly stretched valuations, tightening monetary policy, political and geopolitical events, and an extended economic cycle (and bull market).

The Old Westbury Large Cap Strategies Fund underperformed as its U.S. value-oriented and managed volatility equity strategies detracted from relative performance, as did cash holdings. The Old Westbury Small & Mid Cap Strategies Fund’s underperformance was also a function of underperformance from a managed volatility strategy and elevated cash holdings, as well as a terminated emerging-market strategy and a mid-cap strategy. The Old Westbury All Cap Core Fund underperformed as a result of stock selection in the consumer, financials, and industrials sectors, and an excess cash position throughout the year. The Old Westbury Fixed Income Fund slightly underperformed, mainly due to its barbell yield-curve exposure, meaning it was underweight bonds with intermediate maturities and overweight bonds with shorter- and longer-term maturities. While such a structure is typically advantageous in a rising rate environment, this year, it slightly detracted from performance due to the slow movement of the Fed. The Old Westbury Municipal Bond Fund slightly underperformed, also due to its barbell structure and holding shorter duration bonds than the benchmark. The Old Westbury Strategic Opportunities Fund underperformed its primary benchmark (a global equity benchmark) though exceeded its secondary benchmark. As this Fund invests in a variety of asset classes, it is not surprising that it underperformed during a very strong year for global equities.

At year-end, we remain committed to the Adviser’s longstanding investment approach, characterized by independent research, a global orientation, and long-term perspective. We believe these disciplines will continue to reap competitive long-term results for shareholders by allowing the Funds to participate in strong market environments while seeking to preserve capital during difficult times.

Sincerely,

 

David W. Rossmiller

President

Old Westbury Funds, Inc.

2

Old Westbury Funds, Inc.

All Cap Core Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury All Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2017 was 21.8%. In comparison, the return of its primary benchmark, the MSCI ACWI Investable Market Index (Net)^a, was 23.5%. The Fund’s secondary benchmark, a blend of 90% MSCI USA Index (Gross) and 10% MSCI ACWI ex USA Index (Net)^a, returned 23.6%.

On December 30, 2016, the Fund’s name was changed from “Old Westbury Large Cap Core”, and its investment strategy was broadened to include stocks of any market capitalization. At that time, the Fund’s primary benchmark was also changed from the MSCI ACWI Large Cap Index (Net)^a to the MSCI ACWI Investable Market Index (Net)^a.

The most significant positive contributors to the Fund’s relative performance during the year were an overweight position in the information technology sector (22.0% of the Fund during the fiscal year) and an underweight position in telecommunications services (0.1%). Stock selection within healthcare and materials contributed positively to results, but overall selection detracted from the Fund’s performance. Stocks that contributed the most included Apple, Alphabet Inc., Broadcom Limited, Microsoft, and Visa. Apple appreciated significantly as the market anticipated the company’s newest iPhone launch. Alphabet, Broadcom, and Microsoft benefited from continued digital transformation in companies throughout the global economy. Finally, Visa advanced materially as worldwide electronic payments volumes accelerated and Visa completed its acquisition and integration of Visa Europe.

The Fund’s results were held back by negative stock selection in the consumer, financials, and industrials sectors, and an excess cash position throughout the fiscal year (4.1%). Stocks with the largest negative contributions included Advance Auto Parts, Aramark, Altria Group, and CVS Health Corp. Advance Auto Parts was pressured over fears of Amazon disruption and weaker-than-expected results. Aramark declined on overall weaker consumer spending. Altria shares were negatively affected on concerns over potential new tobacco regulations, and CVS Health suffered under increasing concerns over industry-wide prescription drug pricing.

At fiscal-year end, versus its primary benchmark, the Fund maintained overweight positions in the technology, healthcare, and consumer discretionary sectors and underweight positions in financials, real estate, energy, and materials. Relative to the primary benchmark, the Fund continued to be significantly overweight U.S. stocks (89%) versus non-U.S. stocks (7%); the remainder was cash.

^a The Net version of each index reflects no deductions for fees, expenses or income taxes.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/ reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

3

Old Westbury Funds, Inc.

All Cap Core Fund

Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY SECTOR*

Sector:
Banks	7.2	%
Consumer Discretionary	13.6
Consumer Staples	7.3
Diversified Financials	2.9
Energy	4.2
Health Care	16.3
Industrials	11.0
Information Technology	24.5
Insurance	2.5
Materials	4.3
Utilities	2.9
Other**	3.3
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

4

Old Westbury Funds, Inc.

All Cap Core Fund

Investment Adviser’s Report (Unaudited) - (Continued)

 

Average Annual Total Returns

For the Period Ended October 31, 2017

All Cap Core Fund
One Year	21.81	%
Five Year	10.20	%
Ten Year	2.38	%
MSCI ACWI IMI (Net)
One Year	23.52	%
Five Year	11.02	%
Ten Year	3.98	%
Blended Index (Net)
One Year	23.56	%
Five Year	14.34	%
Ten Year	6.90	%
MSCI ACWI Large Cap Index (Net)
One Year	23.46	%
Five Year	10.68	%
Ten Year	3.61	%

On December 30, 2016, the Fund changed its name to All Cap Core Fund (formerly Large Cap Core Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to November 16, 2011, the Fund was named the U.S. Large Cap Fund and operated under a different investment strategy. Prior to October 2, 2008, the Fund was named the Large Cap Equity Fund and operated under a different investment strategy. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser previously contractually committed through October 31, 2017, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense,

5

Old Westbury Funds, Inc.

All Cap Core Fund

Investment Adviser’s Report (Unaudited) - (Concluded)

dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.00%, as disclosed in the Funds’ prospectus dated March 1, 2016. The Board has approved, the termination of this fee waiver agreement. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2017 as 1.05%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2017 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. On December 30, 2016, the Fund changed its primary benchmark from the MSCI All Country World (AWCI) Large Cap Index (Net) to the MSCI ACWI Investable Market Index (IMI) (Net) to more closely reflect the Fund’s current investment strategy. In addition, effective March 1, 2017, the Fund also compares its performance to a blended benchmark, as a secondary benchmark, consisting of a 90% weighting in the MSCI USA Index (Gross) and a 10% weighting in the MSCI ACWI ex USA Index (Net) (the “Blended Index”). The MSCI ACWI IMI (Net), the Blended Index (Net), and the MSCI ACWI Large Cap Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net), the Blended Index (Net), and the MSCI ACWI Large Cap Index (Net) are unmanaged. Investments cannot be made directly in an index.

Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

6

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2017, was 16.7%. In comparison, the return of the MSCI All Country World Large Cap Index (Net)^a (“the Index”) was 23.5%.

During the fiscal year, underperformance relative to the Index was from U.S. large cap value-oriented stocks (22.2%) and large cap managed volatility equities (6.2%), both managed by Bessemer Investment Management LLC (“Bessemer”). Bessemer’s large cap global strategy was near-neutral (36.6%). Cash holdings detracted from performance. Relative outperformance was achieved by large cap global growth stocks managed by Sands Capital Management LLC (10.8%) and large cap emerging-market stocks managed by Harding Loevner LP (5.9%).

Stock selection in the financials and consumer discretionary sectors were the largest detractors overall. Individual stocks that detracted from relative performance were energy exploration and production company Range Resources, toy manufacturer Mattel, and auto parts retailer AutoZone. In the case of Range Resources, back-to-back warm winter seasons negatively impacted demand and pricing for natural gas, which in turn weakened Range’s financial strength. New management at Mattel decided that a deeper-than-expected restructuring was required to turn around the business, leading to lower earnings and a dividend reduction. Autozone’s business slowdown fueled investor concerns that Amazon may be having an impact on the retail auto parts industry.

The Fund benefited from a moderate overweight to the technology sector. Individual stocks that contributed the most to relative performance were industrial conglomerate General Electric and Chinese Internet company Tencent Holdings. General Electric’s contribution was due to the Fund’s underweight position in the company as it suffered significant share decline during the year coupled with GE’s large representation in the Index. Tencent Holdings’ online gaming business continued to excel in 2017. Additionally, the company improved monetization across its newer video and payment ventures which led to outsized growth in both top and bottom lines.

At fiscal year-end, the Fund was overweight the following sectors: consumer discretionary (13.9% versus the Index’s 11.0%), consumer staples (13.4% versus 9.5%), and energy (8.4% versus 6.8%).The Fund was underweight the following sectors: financials (13.3% versus the Index’s 19.6%), healthcare (9.0% versus 11.5%), technology (18.8% versus 19.5%), real estate (0.3% versus 2.2%), telecom (2.2% versus 3.4%), and utilities (0.6% versus 2.7%). The industrials sector weighting was neutral (9.5% versus the Index’s 9.5%), as was the materials sector (4.1% versus 4.3%).

The Fund held an overweight to the U.S. for most of the fiscal year, given the country’s improving economy and potential for progress on the policy front. Closer to fiscal year end, the Fund began to increase exposure to developed Europe given improving growth prospects and relatively attractive valuations in the region. The Fund also slightly boosted its emerging markets exposure. As of fiscal year end, the Fund was underweight the U.S., neutral developed Europe, and overweight emerging markets.

^a The Net version of the index reflects no deductions for fees, expenses or income taxes.

7

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY COUNTRY*

Country:
Australia	0.1	%
Austria	0.1
Belgium	0.4
Bermuda	0.3
Brazil	1.3
Canada	2.5
Chile	0.1
China	4.6
Columbia	0.1
Czech Republic	0.1
Denmark	0.5
Egypt	0.0	***
Finland	1.9
France	2.7
Georgia	0.1
Germany	2.2
Greece	0.0	***
Hong Kong	1.3
Hungary	0.1
India	2.5
Indonesia	0.3
Italy	0.4
Japan	3.6
Kenya	0.1
Luxembourg	0.1
Malaysia	0.0	***
Mexico	0.3
Netherlands	2.2
Norway	0.1
Pakistan	0.0	***
Peru	0.1
Philippines	0.0	***
Poland	0.2
Portugal	0.0	***
Qatar	0.0	***
Russia	0.3
Singapore	0.5
South Africa	0.7
South Korea	1.6
Spain	0.5
Sweden	2.4
Switzerland	2.0
Taiwan	0.9
Thailand	0.6
Turkey	0.1
United Arab Emirates	0.1
United Kingdom	4.7
United States	47.3
Other**	10.0
	100.0	%

8

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Investment Adviser’s Report (Unaudited) - (Continued)

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, U.S. government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

9

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Investment Adviser’s Report (Unaudited) - (Continued)

 

Average Annual Total Returns

For the Period Ended October 31, 2017  

Large Cap Strategies Fund
One Year	16.72	%
Five Year	10.89	%
Ten Year	2.63	%
MSCI ACWI Large Cap Index (Net)
One Year	23.46	%
Five Year	10.68	%
Ten Year	3.61	%

On November 16, 2011, the Fund changed its name to Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to July 28, 2008, the Fund was named the International Fund and operated under a different investment strategy. The prior performance shown represents performance of the Fund’s prior strategy to invest in a diversified portfolio of foreign companies located outside of the U.S., at least 85% of which were listed on recognized foreign securities exchanges. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

10

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Investment Adviser’s Report (Unaudited) - (Concluded)

The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.15%, (current net operating expense is 1.11%). The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2017 as 1.15%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2017 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI Large Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI Large Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.

Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

11

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2017, was 17.6%. In comparison, the return of the MSCI All Country World Small Mid Cap Index (Net)^a (the “Index”) was 23.7%.

Relative to the Index, underperformance came from small- and mid-cap stocks managed by Bessemer Investment Management LLC (“Bessemer”)(32.0%), U.S. small- and mid-cap stocks managed by Vermont-based Champlain Investment Partners LLC (16.7%), and small- and mid-cap managed volatility stocks managed by Bessemer (3.7%). A terminated emerging-market small- and mid-cap strategy managed by Mondrian also detracted from performance, as did elevated cash holdings during the latter half of the fiscal year. Relative outperformance came from non-U.S. value-oriented stocks managed by Texas-based Dimensional Fund Advisors LP (20.5%), developed-market small-cap stocks managed by London-based Mondrian Investment Partners Ltd. (10.6%), and managed volatility U.S. small cap stocks managed by Boston-based Martingale Asset Management LP (7.4%).

Stock selection in the industrial and consumer discretionary sectors drove most of the underperformance for the year. Individual stocks that detracted from relative performance were automotive parts retailer Advance Auto Parts, as well as consumer products companies Spectrum Brands and Newell Brands. Advance Auto Parts was hurt by a collapse in profitability due to internal challenges and industry softness. Spectrum Brands and Newell Brands had a difficult year due to inventory destocking at retailers, internal execution issues, and valuation multiple contraction due to the threat from e-commerce disruption.

The Fund benefited from underweight positions in the energy and real estate sectors. Individual stocks that contributed the most to relative performance were hospitality and lodging company Wyndham Worldwide; medical device firm C.R. Bard, and ANSYS, which provides engineering simulation software for a number of industries. Wyndham Worldwide benefited from improved business execution, announced a spin-out of its Timeshare division to unlock shareholder value, and experienced subsequent valuation multiple expansion. C.R. Bard continued to see improving results, and is currently being acquired by Becton Dickinson. ANSYS performed well as organic revenue growth accelerated under the leadership of a new Chief Executive Officer.

At fiscal year-end, the Fund was overweight the consumer staples, healthcare, and industrials sectors. The Fund was underweight energy, financials, materials, real estate, telecom, and utilities. Neutral positions were held in the consumer discretionary and technology sectors.

The Fund was regionally overweight the U.S. market (57.3%). Conversely, the Fund was underweight developed Europe (14.6%), Japan (5.2%), and emerging markets (7.0%).

^a The Net version of the index reflects no deductions for fees, expenses or income taxes.

12

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY COUNTRY*

Country:
Argentina	0.0	***
Australia	1.7	%
Austria	0.2
Belgium	0.4
Bermuda	0.8
Brazil	0.5
Cambodia	0.0	***
Canada	2.4
Cayman Islands	0.0	***
Chile	0.1
China	1.5
Cyprus	0.0	***
Denmark	0.4
Faeroe Islands	0.0	***
Finland	0.4
France	1.9
Gabon	0.0	***
Georgia	0.0	***
Germany	2.6
Gibraltar	0.0	***
Greece	0.0	***
Hong Kong	1.2
Hungary	0.0	***
India	0.8
Indonesia	0.1
Ireland	1.5
Isle of Man	0.0	***
Israel	1.2
Italy	0.6
Japan	5.2
Jersey Channel Islands	0.0	***
Jordan	0.0	***
Liechtenstein	0.0	***
Luxembourg	0.3
Macau	0.0	***
Malaysia	0.2
Malta	0.0	***
Mexico	0.2
Monaco	0.0	***
Netherlands	0.7
New Zealand	0.6
Norway	0.2
Panama	0.0	***
Peru	0.0	***
Philippines	0.1
Poland	0.2
Portugal	0.0	***
Puerto Rico	0.0	***
Romania	0.0	***
Russia	0.1
Singapore	0.8
South Africa	0.3
South Korea	0.9
Spain	0.4
Sweden	0.9
Switzerland	1.2
Taiwan	1.2
Thailand	0.2
Turkey	0.1
United Kingdom	5.1
United States	53.4
Other**	9.4
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. Government securities, U.S. Government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

13

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Investment Adviser’s Report (Unaudited) - (Continued)

 

Average Annual Total Returns

For the Period Ended October 31, 2017  

Small & Mid Cap Strategies Fund
One Year	17.64	%
Five Year	11.26	%
Ten Year	7.03	%
MSCI ACWI SMID Cap Index (Net)
One Year	23.67	%
Five Year	11.90	%
Ten Year	5.00	%

On December 30, 2016, the Fund changed its name to Small & Mid Cap Strategies Fund (formerly Small & Mid Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to October 2, 2008, the Fund was named Global Small Cap Fund and operated under a different investment strategy including at least 80% of its net assets plus any borrowings for investment purposes in securities of small-capitalization companies. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

14

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Investment Adviser’s Report (Unaudited) - (Concluded)

The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.11%, as disclosed in the Funds’ prospectus dated March 1, 2017. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.17%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2017 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI SMID Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI SMID Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.

Investments made in small-capitalization and mid-capitalization companies are subject to greater volatility and less liquidity compared to investments made in larger and more established companies. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

15

Old Westbury Funds, Inc.

Strategic Opportunities Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury Strategic Opportunities Fund (the “Fund”) for the fiscal year ended October 31, 2017, was 14.1%. In comparison, the return of the Fund’s primary benchmark, the MSCI All Country World Investable Index (IMI) (Net)^a, was 23.5%. The return for the Fund’s secondary benchmark, the BofA Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (Net)^a (40%) and the MSCI All Country World (IMI) (Net)^a (60%), was 13.7%.

During the fiscal year, segments of the Fund that outperformed the primary benchmark included Bessemer Investment Management LLC’s (“Bessemer”) equities (49% of the Fund as of October 31, 2017), and collateralized loan obligations (7%, managed by Bessemer and BlackRock Financial Management Inc.). Futures and exchange-traded-funds (ETFs) performed well given a strong global market backdrop, as did strong country and sector selection within equity-linked derivative investments. Collateralized loan obligations benefited from robust investor demand and security selection within the Fund.

Despite strong performance from the Fund’s equity positions, the overall Fund allocation to equities (49% of the Fund as of October 31, 2017) was the largest detractor to relative performance to the primary benchmark, as global equities were one of the best performing asset classes in fiscal year 2017. As an asset allocation strategy encompassing a variety of asset classes that have historically had significantly less volatility than global equities, the Fund’s underperformance is not surprising in a strong year for global equities. Additionally, the U.S. dollar overweight and therefore underweights in other currencies were detractors in absolute and relative terms. Other segments of the Fund that underperformed included Bessemer’s quantitative equities (9%), global high yield (4%, managed by Muzinich & Co., Inc.) and convertible bonds (7%). While adding absolute returns, quantitative equities lagged global equities due to their lower-risk portfolio construction. Global high yield benefited from currency fluctuations, although did not keep pace with global equities. Convertible bonds remain conservatively managed relative to other asset classes within the portfolio.

The Fund’s primary benchmark consists of global equities, and the Fund’s secondary benchmark consists of equities and U.S. treasuries. Relative to the benchmarks, therefore, at year-end, the Fund was overweight convertible bonds, collateralized loan obligations, non-agency mortgage-backed securities, global high yield, and closed-end credit funds. The investment team views each of these asset classes as having a better risk-adjusted return profile than U.S. treasuries. The Fund has limited interest rate risk — despite U.S. Treasuries comprising 40% of the secondary benchmark — as this asset class does not currently fit the Adviser’s criteria of equity-like returns, facing a market dislocation, and upside potential greater than downside risk (positive asymmetry).

At year-end, the Fund had 68.0% of its assets in the U.S., 17.0% in developed Europe, 5.8% in Japan, 7.8% in emerging markets, and 1.4% in other developed markets. The Fund maintains significant exposure to the U.S. dollar, representing 80.0% of the Fund compared to 52.0% for the primary benchmark and 71.2% for the secondary benchmark.

^a The Net version of each index reflects no deductions for fees, expenses or income taxes.

16

Old Westbury Funds, Inc.

Strategic Opportunities Fund

Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY COUNTRY*

Country:
Argentina	0.0	***
Austria	0.1
Belgium	0.0	***
Bermuda	0.6
Brazil	0.1
Bulgaria	0.0	***
Canada	0.1
Cayman Islands	6.6
China	0.2
Czech Republic	0.0	***
Denmark	0.0	***
Dominican Republic	0.0	***
Egypt	0.0	***
Finland	0.0	***
France	0.9
Germany	0.5
Guernsey	0.0	***
Hong Kong	0.2
Hungary	0.0	***
Indonesia	0.1
Ireland	0.1
Israel	0.0	***
Italy	0.1
Japan	0.8
Jersey Channel Islands	0.4
Luxembourg	0.8
Malaysia	0.0	***
Morocco and Antilles	0.1
Netherlands	0.9
Norway	0.0	***
Pakistan	0.0	***
Peru	0.0	***
Qatar	0.1
Slovenia	0.0	***
South Africa	0.0	***
South Korea	0.1
Spain	0.3
Sweden	0.2
Switzerland	0.1
Taiwan	0.8
Turkey	0.1
United Arab Emirates	0.0	***
United Kingdom	0.9
United States	62.8
Other**	22.0
	100.0	%

*	Value of Investments in Portfolio as a percentage of net assets.
**	Includes cash and equivalents, closed-end funds, options, exchange traded funds, rights/warrants, structured options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

17

Old Westbury Funds, Inc.

Strategic Opportunities Fund

Investment Adviser’s Report (Unaudited) - (Continued)

Average Annual Total Returns

For the Period Ended October 31, 2017  

Strategic Opportunities Fund
One Year	14.14	%
Five Year	6.51	%
Since Inception (November 28, 2007)	2.80	%
MSCI ACWI IMI Index (Net)
One Year	23.52	%
Five Year	11.02	%
November 28, 2007 to October 31, 2017	4.66	%
Blended Index (Net)
One Year	13.66	%
Five Year	7.18	%
November 28, 2007 to October 31, 2017	4.40	%

Effective January 1, 2014, the Board approved changes to the Fund’s name (formerly Global Opportunities Fund), investment strategies and primary benchmark. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

18

Old Westbury Funds, Inc.

Strategic Opportunities Fund

Investment Adviser’s Report (Unaudited) - (Concluded)

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.20%, as disclosed in the Funds’ prospectus dated March 1, 2017. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.48%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2017 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. The Fund compares its performance to its primary benchmark, the MSCI ACWI IMI Index (Net) and a blended benchmark consisting of a 60% weighting in the MSCI ACWI IMI Index (Net) and a 40% weighting in the Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (the “Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.

Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility. The Fund may invest in instruments that are volatile, speculative or otherwise risky. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

19

Old Westbury Funds, Inc.

Fixed Income Fund

Investment Adviser’s Report (Unaudited)

The Old Westbury Fixed Income Fund (the “Fund”) returned -0.1% for the fiscal year ended October 31, 2017. In comparison, the return of the Bank of America Merrill Lynch U.S. Corporate & Government 1-10 Year AAA-A U.S. Corporate & Government Index was 0.2%.

Global economic growth improved through the course of the year, and this growth was largely synchronized across major and developing economies. With economies on stronger footing and a healthier banking system, global central banks began slowly moving toward normalization of monetary policy. The U.S. Federal Reserve (Fed) raised interest rates three times over the fiscal year, and in September, announced that it would begin to allow its balance-sheet holdings to slowly roll off, by no more than $10 billion per month. Interest rates rose across the yield curve and the curve flattened as shorter-term yields rose more than longer ones. Expectations for the Fed to continue on the path of slowly raising rates pushed short-term yields higher; meanwhile, the rise in longer-term yields has been more subdued with tepid inflation results. During the year, credit spreads contracted, and corporate bonds outperformed Treasuries and U.S. agency bonds.

The Fund maintained a barbell yield-curve exposure throughout the year, meaning it was underweight bonds with intermediate maturities, and overweight bonds with shorter- and longer-term maturities. A barbell position is typically advantageous in a rising-rate environment. For the year, this structure had a slightly negative influence on performance because the Fed moved so slowly. The Fund also had a lower duration (price sensitivity to interest-rate moves) than the benchmark, which had a slightly positive effect on performance. Corporate credit outperformed Treasuries and agency bonds, so the Fund’s portfolio overweight to corporates had a slightly positive effect on relative performance.

Further improving U.S. economic strength and a slowly moving Fed are expected as 2018 approaches, however, there is a wide range of potential policy outcomes that could cause market volatility. The team’s overall outlook for investment-grade fixed income is mildly positive for 2018, with the balance of market risks likely to push yields marginally higher. The Fund’s current strategy is to maintain the portfolio duration at, or slightly lower than, that of the benchmark. Exposure to asset-backed securities (ABS), which have more staying power in the later stages of a credit cycle, and CLOs, whose underlying securities are floating-rate, tend to maintain their principal value, and produce rising income as market yields rise, has been maintained. Exposure has also been maintained in U.S. Treasury Inflation-Protected Securities (TIPS), which help protect against inflation.

At fiscal year-end, the Fund maintained its barbell positioning. Credit represented approximately 42% of the market value of the Fund. Credit exposure is limited to investment-grade securities, with an emphasis on liquid, shorter-duration bonds. In the coming months, the team will closely watch developments in the U.S. and global economy that may drive changes in interest rates and the yield curve.

20

Old Westbury Funds, Inc.

Fixed Income Fund

Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO ASSET ALLOCATION*

U.S. Government Agencies and Securities	57.3	%
Corporate Bonds	32.8
Government Bonds	0.4
Asset Backed Securities	8.3
Collateralized Mortgage Obligations	0.2
Other**	1.0
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

21

Old Westbury Funds, Inc.

Fixed Income Fund

Investment Adviser’s Report (Unaudited) - (Continued)

 

Average Annual Total Returns

For the Period Ended October 31, 2017

Fixed Income Fund
One Year	-0.09	%
Five Year	0.73	%
Ten Year	3.24	%
Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index
One Year	0.19	%
Five Year	1.34	%
Ten Year	3.23	%

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursement and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.70% (current net operating expense ratio is 0.62%). The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2017 as 0.74%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2017 can be found in the Financial Highlights.

22

Old Westbury Funds, Inc.

Fixed Income Fund

Investment Adviser’s Report (Unaudited) - (Concluded)

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index also includes the reinvestment of distributions but does not include fees, expenses and income taxes associated with an investment in the Fund. The Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index is unmanaged. Investments cannot be made directly in an index.

The Fund is subject to risks such as credit, prepayment and interest rate risk associated with the underlying bond holdings in the Fund. The value of the Fund can decline as interest rates rise and an investor can lose principal.

23

Old Westbury Funds, Inc.

Municipal Bond Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2017, was 0.5%. In comparison, the return of the BofA Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index (the “benchmark”) was 1.2%, and the return of the Fund’s other index, the Lipper Short-Intermediate Municipal Debt Funds Index, was 0.9%.

Strong global demand for fixed income securities by central banks and low inflation are two factors that have kept yields low. In addition, tight supplies of municipal bonds continue to keep yield levels historically low when compared to the Treasury sector. These influences resulted in a flatter yield curve over the year. Throughout the year, the Fund used a barbell maturity structure, which typically outperforms during periods when yields between short and long maturities narrow. The Fund was underweight in the two- to four-year maturity range. At the same time, the Fund held an overweight in both one-year and shorter maturities and four- to ten-year maturities.

The Fund held a shorter duration, or less price sensitivity, in a period where prices advanced, and this lack of price sensitivity placed a drag on performance relative to the benchmark. In terms of credit quality, the Fund holds an A-rated component in the portfolio. This compares to the benchmark where all holdings are rated AA or higher. The Fund’s credit profile was a positive contributor to relative performance.

The Fund currently views municipal bond prices as somewhat overvalued when compared to levels available on other fixed income alternatives. In addition, prospects for federal tax reform and lower corporate tax rates create the potential for banks and insurance companies to sell their municipal holdings which are already at high historical prices. These factors make prices on tax-exempt securities vulnerable and have led the Fund to hold a position of Treasury securities as a hedge against municipal underperformance. The Fund plans to sell Treasury securities and return proceeds to the municipal market when the relationship between the two sectors returns to a more historically normal relationship.

24

Old Westbury Funds, Inc.

Municipal Bond Fund

Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY STATE*

States:
Alabama	1.0	%
Arizona	0.7
California	5.0
Colorado	0.7
Connecticut	3.8
District of Columbia	0.3
Florida	1.1
Georgia	4.8
Hawaii	0.6
Idaho	0.1
Illinois	1.7
Indiana	0.2
Iowa	0.6
Kansas	0.2
Kentucky	0.3
Louisiana	0.1
Maine	0.1
Maryland	2.7
Massachusetts	9.9
Michigan	0.5
Minnesota	2.4
Mississippi	0.5
Missouri	1.9
Nevada	0.1
New Hampshire	0.1
New Jersey	1.6
New Mexico	0.2
New York	17.3
North Carolina	1.9
Ohio	2.7
Oklahoma	0.4
Oregon	0.2
Pennsylvania	0.8
Rhode Island	1.6
South Carolina	0.9
Tennessee	0.3
Texas	14.4
Utah	0.1
Virginia	2.8
Washington	1.8
Wisconsin	0.1
Other**	13.5
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment company, U.S. Government securities, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

25

Old Westbury Funds, Inc.

Municipal Bond Fund

Investment Adviser’s Report (Unaudited) - (Continued)

Average Annual Total Returns

For the Period Ended October 31, 2017  

Municipal Bond Fund
One Year	0.45	%
Five Year	1.06	%
Ten Year	2.91	%
Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index
One Year	1.19	%
Five Year	1.75	%
Ten Year	3.43	%
Lipper Short-Intermediate Municipal Debt Funds Index
One Year	0.93	%
Five Year	1.23	%
Ten Year	2.64	%

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

26

Old Westbury Funds, Inc.

Municipal Bond Fund

Investment Adviser’s Report (Unaudited) - (Concluded)

The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.70% (current net operating expense ratio is 0.57%). The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2017 as 0.69%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2017 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index are unmanaged. Investments cannot be made directly in an index.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes.

27

Old Westbury Funds, Inc.

Disclosure of Fund Expenses (Unaudited)

For the Period Ended October 31, 2017

As a shareholder of Old Westbury Funds, Inc., you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2017 through October 31, 2017.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Actual Beginning Account Value 05/1/17		Actual Ending Account Value 10/31/17		Actual Expenses Paid During Period* 05/1/17-10/31/17		Actual Expense Ratio During Period** 05/1/17-10/31/17
All Cap Core Fund		$1,000.00		$1,090.60		$5.16		0.98	%
Large Cap Strategies Fund		1,000.00		1,073.00		5.80		1.11	%
Small & Mid Cap Strategies Fund		1,000.00		1,061.90		5.77		1.11	%
Strategic Opportunities Fund		1,000.00		1,060.00		6.23		1.20	%
Fixed Income Fund		1,000.00		1,006.30		3.14		0.62	%
Municipal Bond Fund		1,000.00		1,009.10		2.89		0.57	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

28

Old Westbury Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

For the Period Ended October 31, 2017

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Hypothetical Beginning Account Value 5/1/17		Hypothetical Ending Account Value 10/31/17		Hypothetical Expenses Paid During Period* 5/1/17-10/31/17		Hypothetical Expense Ratio During Period** 05/1/17-10/31/17
All Cap Core Fund		$1,000.00		$1,020.27		$4.99		0.98	%
Large Cap Strategies Fund		1,000.00		1,019.61		5.65		1.11	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.61		5.65		1.11	%
Strategic Opportunities Fund		1,000.00		1,019.16		6.11		1.20	%
Fixed Income Fund		1,000.00		1,022.08		3.16		0.62	%
Municipal Bond Fund		1,000.00		1,022.33		2.91		0.57	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, these tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

29

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	October 31, 2017

Shares			Value
COMMON STOCKS — 96.7%
Banks — 7.2%
	401,070	Citigroup, Inc.	$	29,478,645
	1,991,445	KeyCorp		36,343,871
	696,970	Morgan Stanley		34,848,500
	2,169,900	Nordea Bank AB		26,230,657
				126,901,673
Consumer Discretionary — 13.6%
	88,230	Advance Auto Parts, Inc.		7,211,920
	48,186	Amazon.com, Inc.(a)		53,259,022
	968,810	Comcast Corp. - Class A		34,906,224
	419,150	Hanesbrands, Inc.		9,430,875
	167,200	Home Depot, Inc. (The)		27,718,416
	212,365	Newell Brands, Inc.		8,660,245
	451,460	NIKE, Inc. - Class B		24,825,785
	24,638	Priceline Group, Inc. (The)(a)		47,106,870
	1,353,455	Samsonite International SA		5,647,058
	128,315	SIX Flags Entertainment Corp.		8,056,899
	128,060	Wyndham Worldwide Corp.		13,683,211
				240,506,525
Consumer Staples — 7.3%
	561,000	Altria Group, Inc.		36,027,420
	795,000	Church & Dwight Co., Inc.		35,910,150
	52,635	JM Smucker Co. (The)		5,581,942
	385,925	PepsiCo, Inc.		42,540,513
	75,425	Spectrum Brands Holdings, Inc.		8,290,716
				128,350,741
Diversified Financials — 2.9%
	588,010	Discover Financial Services		39,120,305
	168,245	Nasdaq, Inc.		12,222,999
				51,343,304
Energy — 4.2%
	720,705	ConocoPhillips		36,864,061
	982,790	Encana Corp.		11,495,466
	1,596,340	ENI SpA		26,107,322
				74,466,849
Health Care — 16.3%
	122,300	Alexion Pharmaceuticals, Inc.(a)		14,634,418
	782,400	Baxter International, Inc.		50,441,328
	273,500	Bristol-Myers Squibb Co.		16,864,010
	41,215	Cooper Cos., Inc. (The)		9,902,316
	573,700	Danaher Corp.		52,935,299
	134,000	DENTSPLY SIRONA, Inc.		8,183,380
	515,000	Eli Lilly & Co.		42,199,100
	79,285	Laboratory Corp of America Holdings(a)		12,186,897
	98,660	STERIS Plc		9,207,938
	204,905	Thermo Fisher Scientific, Inc.		39,716,736
	51,060	Waters Corp.(a)		10,010,313
	348,000	Zoetis, Inc.		22,209,360
				288,491,095

Shares			Value
Industrials — 11.0%
	96,325	Allegion Plc	$	8,032,542
	116,230	Dover Corp.		11,098,803
	92,680	Dun & Bradstreet Corp. (The)		10,827,804
	631,784	Fortive Corp.		45,652,712
	55,435	IDEX Corp.		7,107,321
	347,500	J.B. Hunt Transport Services, Inc.		36,970,525
	195,690	KAR Auction Services, Inc.		9,262,008
	250,885	Raytheon Co.		45,209,477
	70,060	Snap-on, Inc.		11,054,067
	131,035	Wabtec Corp.		10,024,178
				195,239,437
Information Technology — 24.5%
	153,400	Alibaba Group Holding Ltd. - ADR(a)		28,362,126
	65,540	Alphabet, Inc. - Class C(a)		66,630,586
	68,611	ANSYS, Inc.(a)		9,379,810
	318,270	Apple, Inc.		53,800,361
	157,919	Broadcom Ltd.		41,676,403
	80,415	Check Point Software Technologies Ltd.(a)		9,465,650
	210,090	CoreLogic, Inc.(a)		9,853,221
	580,000	Fidelity National Information Services, Inc.		53,800,800
	868,000	Microsoft Corp.		72,200,240
	227,200	PayPal Holdings, Inc.(a)		16,485,632
	173,910	Vantiv, Inc. - Class A(a)		12,173,700
	555,500	Visa, Inc. - Class A		61,093,890
				434,922,419
Insurance — 2.5%
	296,085	CHUBB Ltd.		44,655,540
Materials — 4.3%
	201,040	Axalta Coating Systems Ltd.(a)		6,684,579
	685,500	DowDuPont, Inc.		49,568,505
	386,690	Rio Tinto Ltd.		20,553,977
				76,807,061
Utilities — 2.9%
	311,340	American Water Works Co., Inc.		27,323,198
	302,905	Edison International		24,217,255
				51,540,453
Total Common Stocks (Cost $1,374,731,690)				1,713,225,097
INVESTMENT COMPANY — 3.4%
	60,598,377	SEI Daily Income Trust Government II Fund, Class A, 0.88%(b)		60,598,377
Total Investment Company (Cost $60,598,377)				60,598,377

See Notes to Financial Statements.

30

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	October 31, 2017

	Value
TOTAL INVESTMENTS — 100.1% (Cost $1,435,330,067)	$	1,773,823,474
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%		(1,455,878	)
NET ASSETS — 100.0%	$	1,772,367,596

(a)	Non-income producing security.
(b)	The rate shown represents the current yield as of October 31, 2017.

The following abbrevation is used in the report:

ADR-American Depositary Receipt

See Notes to Financial Statements.

31

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments
	October 31, 2017

Shares			Value
COMMON STOCKS — 89.0%
AUSTRALIA — 0.1%
	105,904	Caltex Australia Ltd.	$	2,776,901
	419,644	Oil Search Ltd.		2,370,271
	508,710	Origin Energy Ltd.(a)		3,091,373
	629,037	Santos Ltd.(a)		2,166,454
	258,945	Woodside Petroleum Ltd.		6,090,189
				16,495,188
AUSTRIA — 0.1%
	33,025	Andritz AG		1,867,293
	117,749	OMV AG		7,074,706
	79,179	Raiffeisen Bank International AG(a)		2,758,648
				11,700,647
BELGIUM — 0.4%
	118,145	Anheuser-Busch Inbev SA/NV		14,457,101
	380,999	Colruyt SA(b)		19,487,543
	220,000	Galapagos NV - ADR(a)(b)		21,445,600
	20,522	Groupe Bruxelles Lambert SA		2,203,567
	52,504	KBC Groep NV		4,361,267
	19,005	Solvay SA		2,823,697
	39,289	Telenet Group Holding NV(a)		2,717,572
	58,888	Umicore SA		2,632,015
				70,128,362
BERMUDA — 0.3%
	23,235	Aspen Insurance Holdings Ltd.		996,782
	47,698	Axis Capital Holdings Ltd.		2,594,294
	7,979	Everest Re Group Ltd.		1,894,614
	256,922	RenaissanceRe Holdings Ltd.		35,547,728
	335,531	Validus Holdings, Ltd.		17,474,454
				58,507,872
BRAZIL — 1.3%
	20,048,307	Ambev SA(b)		127,964,005
	1,666,300	Ambev SA - ADR		10,547,679
	2,180	Banco Bradesco SA(b)		21,871
	1,376,927	Banco Bradesco SA - ADR		14,554,118
	1,799	Banco do Brasil SA		19,017
	1,731	BB Seguridade Participacoes SA		14,610
	1,232,031	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros		9,046,368
	353,600	Cia Brasileira de Distribuicao - ADR(a)		8,214,127
	1,278	Cia de Saneamento Basico do Estado de Sao Paulo		11,693
	5,886	Cia Siderurgica Nacional SA(a)		15,240
	2,551	Cielo SA		17,421
	114,123	Cosan SA Industria e Comercio		1,301,950
	5,230	Duratex SA		15,348
	2,855	EDP - Energias do Brasil SA		12,725
	1,214	Engie Brasil Energia SA		13,378
	757	Equatorial Energia SA		14,141
	1,099,537	Fibria Celulose SA		17,548,628

Shares			Value
BRAZIL (continued)
	1,584,862	Itau Unibanco Holding SA - ADR	$	20,302,082
	7,101	JBS SA		16,324
	2,772	Kroton Educacional SA		15,371
	1,564	Lojas Renner SA		16,447
	1,732	Natura Cosmeticos SA		16,392
	3,455	Odontoprev SA		16,582
	966,942	Petroleo Brasileiro SA(a)		5,140,195
	1,471	Porto Seguro SA		16,080
	5,228	Rumo SA(a)		20,248
	2,569	Sul America SA - Units		14,096
	4,266	Tim Participacoes SA		15,792
	117,372	Ultrapar Participacoes SA		2,812,938
	2,525	Vale SA		24,908
	1,153,746	WEG SA		7,551,035
				225,310,809
CANADA — 2.5%
	56,440	AltaGas Ltd.		1,286,645
	105,444	ARC Resources Ltd.		1,285,663
	137,830	Cameco Corp.		1,119,648
	381,595	Canadian Natural Resources Ltd.		13,316,337
	1,028,700	Canadian Pacific Railway Ltd.(b)		178,357,969
	322,247	Cenovus Energy, Inc.		3,127,302
	186,235	Crescent Point Energy Corp.		1,531,628
	549,997	Enbridge, Inc.		21,143,918
	334,232	Encana Corp.		3,909,434
	116,239	Husky Energy, Inc.(a)		1,506,485
	101,903	Imperial Oil Ltd.		3,304,087
	137,356	Inter Pipeline Ltd.		2,793,754
	62,977	Keyera Corp.		1,854,016
	124,447	Pembina Pipeline Corp.		4,114,150
	69,211	Peyto Exploration & Development Corp.		944,201
	64,147	PrairieSky Royalty Ltd.		1,707,471
	1,529,200	Restaurant Brands International, Inc.(b)		98,771,028
	82,626	Seven Generations Energy Ltd. - Class A(a)		1,247,620
	383,000	Shopify, Inc. - Class A(a)		38,104,670
	580,268	Suncor Energy, Inc.		19,700,596
	58,382	Tourmaline Oil Corp.(a)		1,068,444
	297,803	TransCanada Corp.		14,138,775
	45,198	Vermilion Energy, Inc.		1,542,569
	244,692	Waste Connections, Inc.		17,292,384
				433,168,794
CHILE — 0.1%
	246	Banco de Credito e Inversiones		16,543
	363,500	Banco Santander Chile - ADR		11,370,280
	1,060	Cia Cervecerias Unidas SA		15,297
	110,741	Empresas COPEC SA		1,706,589
	75,576	Enel Americas SA		16,259

See Notes to Financial Statements.

32

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
CHILE (continued)
	113,249	Enel Chile SA	$	13,201
				13,138,169
CHINA — 4.6%
	288,600	51Job, Inc. - ADR(a)		17,864,340
	840,915	AAC Technologies Holdings, Inc.		15,392,450
	64,730	Agricultural Bank of China Ltd. - H Shares		30,451
	13,370	Air China Ltd. - H Shares		12,734
	674,941	Alibaba Group Holding Ltd. - ADR(a)		124,789,841
	3,785	Anhui Conch Cement Co. Ltd. - H Shares		16,180
	4,085	ANTA Sports Products Ltd.		18,274
	299,551	Baidu, Inc. - ADR(a)(b)		73,072,471
	176,346	Bank of China Ltd. - H Shares		87,931
	24,991	Bank of Communications Co. Ltd. - H Shares		18,836
	9,492	Beijing Capital International Airport Co. Ltd. - H Shares		15,574
	37,406	China Cinda Asset Management Co. Ltd. - H Shares		14,528
	23,463	China Communications Services Corp. Ltd. - H Shares		14,226
	182,576	China Construction Bank Corp. - H Shares		162,885
	29,483	China Everbright Bank Co. Ltd. - H Shares		13,907
	8,441	China Evergrande Group(a)		32,514
	36,806	China Huarong Asset Management Co. Ltd. - H Shares		17,315
	13,993	China Life Insurance Co. Ltd. - H Shares		46,276
	8,018	China Medical System Holdings Ltd.		14,820
	9,780	China Merchants Bank Co. Ltd. - H Shares		37,295
	16,286	China Minsheng Banking Corp. Ltd. - H Shares		15,761
	4,391	China Pacific Insurance Group Co. Ltd. - H Shares		21,641
	9,157,606	China Petroleum & Chemical Corp. - H Shares		6,726,111
	17,611	China Railway Group Ltd. - H Shares		14,154
	14,183,941	China Shenhua Energy Co. Ltd. - H Shares		33,889,899
	16,469	China Southern Airlines Co. Ltd. - H Shares		12,160
	37,536	China Telecom Corp. Ltd. - H Shares		18,813
	20,665	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		14,039
	6,026,961	CNOOC Ltd.		8,204,467
	130,362	CNOOC Ltd. - ADR		17,820,485

Shares			Value
CHINA (continued)
	11,965	CSPC Pharmaceutical Group Ltd.	$	20,797
	148,473	Ctrip.com International Ltd. - ADR(a)(b)		7,110,372
	2,558,273	ENN Energy Holdings Ltd.		18,757,302
	9,481	Geely Automobile Holdings Ltd.		29,349
	4,941	Haitian International Holdings Ltd.		14,789
	2,063,972	Huaneng Power International, Inc. - H Shares		1,381,026
	161,734	Industrial & Commercial Bank of China Ltd. - H Shares		128,327
	396,801	JD.Com, Inc. - ADR(a)(b)		14,887,974
	3,635,559	Jiangsu Expressway Co. Ltd. - H Shares		5,573,523
	21,840	Lenovo Group Ltd.		12,654
	379	Momo, Inc. - ADR(a)(b)		11,548
	21,735	NetEase, Inc. - ADR(b)		6,127,531
	273	New Oriental Education & Technology Group, Inc. - ADR(b)		22,725
	33,074	People’s Insurance Co. Group of China Ltd. (The) - H Shares		15,729
	7,494,928	PetroChina Co. Ltd. - H Shares		4,890,043
	11,058	PICC Property & Casualty Co. Ltd. - H Shares		21,914
	10,889	Ping An Insurance Group Co. of China Ltd. - H Shares		95,611
	28,020	Shanghai Electric Group Co. Ltd. - H Shares(a)		12,714
	1,962,000	Shenzhou International Group Holdings Ltd.		16,749,455
	33,372	Sihuan Pharmaceutical Holdings Group Ltd.		12,063
	28,824	Sino-Ocean Land Holdings Ltd.		18,806
	25,292	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		15,075
	35,203,067	Sinopharm Group Co. Ltd. - H Shares(b)		157,482,893
	5,565,794	Tencent Holdings Ltd.		249,559,661
	1,239	Vipshop Holdings Ltd. - ADR(a)(b)		9,788
	20,265	Want Want China Holdings Ltd.		16,573
	110,300	Weibo Corp. - ADR(a)		10,219,295
	15,331	Weichai Power Co. Ltd. - H Shares		19,062
	10,505	Zhejiang Expressway Co. Ltd. - H Shares		12,994
	2,857	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		16,718
				791,656,689
COLUMBIA — 0.1%
	1,332	Bancolombia SA		12,348
	222,400	Bancolombia SA - ADR		8,395,599

See Notes to Financial Statements.

33

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
COLUMBIA (continued)
	2,649,125	Ecopetrol SA	$	1,449,941
				9,857,888
CZECH REPUBLIC — 0.1%
	787	CEZ AS		17,255
	271,440	Komercni Banka AS		11,668,850
	4,037	Moneta Money Bank AS		13,799
	733	O2 Czech Republic AS		8,927
				11,708,831
DENMARK — 0.5%
	18,575	Carlsberg A/S - Class B		2,121,154
	23,666	Coloplast A/S - Class B		2,081,993
	117,398	Danske Bank A/S		4,478,517
	122,000	Genmab A/S(a)		24,635,855
	44,416	H. Lundbeck A/S		2,639,270
	51,373	ISS A/S		2,174,502
	71,829	Jyske Bank A/S		4,059,057
	333,849	Novo Nordisk A/S - Class B		16,608,181
	58,737	Novozymes A/S - B Shares		3,243,833
	36,910	Pandora A/S		3,484,010
	151,417	Sydbank A/S		5,906,644
	331,522	TDC A/S		1,960,096
	55,976	Vestas Wind Systems A/S		4,937,577
				78,330,689
EGYPT — 0.0%
	1,207,817	Commercial International Bank Egypt SAE - GDR		5,513,685
FINLAND — 1.9%
	2,129,118	Kone Oyj - Class B(b)		115,250,342
	57,395	Metso Oyj		2,086,593
	123,065	Neste Oyj		6,856,536
	586,055	Nokia Oyj		2,878,119
	65,079	Nokian Renkaat Oyj		2,984,531
	31,752	Orion Oyj - Class B		1,301,918
	3,522,480	Sampo Oyj - A Shares(b)		184,560,095
	119,813	UPM-Kymmene Oyj		3,600,754
	39,729	Wartsila Oyj Abp		2,559,190
				322,078,078
FRANCE — 2.7%
	67,492	Air Liquide SA		8,592,950
	79,035	Airbus SE		8,078,606
	29,097	Arkema SA		3,675,764
	28,361	Atos SE		4,407,042
	376,340	AXA SA		11,367,179
	130,989	BioMerieux(b)		10,274,904
	203,656	BNP Paribas SA		15,903,805
	80,019	Bouygues SA		3,841,654
	34,248	Capgemini SE		4,162,914
	15,384	Christian Dior SE		5,281,933
	41,920	Cie de Saint-Gobain		2,459,104
	41,210	Cie Generale des Etablissements Michelin		5,962,028
	113,959	CNP Assurances		2,651,583

Shares			Value
FRANCE (continued)
	242,577	Credit Agricole SA	$	4,232,834
	79,467	Danone SA		6,492,656
	108,551	Edenred		3,129,528
	21,585	Eiffage SA		2,255,100
	332,777	Engie SA		5,624,586
	32,701	Essilor International SA		4,140,573
	26,488	Eurazeo SA		2,462,500
	76,305	Eutelsat Communications SA		1,911,891
	5,258	Hermes International		2,728,895
	22,630	Imerys SA		2,061,131
	21,224	Ingenico Group SA		2,060,395
	6,090	Kering		2,791,463
	48,128	Klepierre REIT		1,914,233
	62,281	Lagardere SCA		2,051,294
	42,079	Legrand SA		3,125,731
	783,752	L’Oreal SA(b)		174,419,695
	47,689	LVMH Moet Hennessy Louis Vuitton SE		14,226,485
	430,529	Orange SA		7,063,649
	18,733	Pernod-Ricard SA		2,809,470
	174,827	Peugeot SA		4,147,274
	33,039	Publicis Groupe SA		2,153,646
	69,945	Safran SA		7,367,820
	172,018	Sanofi		16,288,490
	88,636	Schneider Electric SE		7,790,031
	52,085	SCOR SE		2,162,624
	158,640	Societe Generale SA		8,833,044
	110,010	Suez Environnement Co.		1,934,991
	35,096	Thales SA		3,658,082
	1,128,205	TOTAL SA		62,910,229
	15,646	Unibail-Rodamco SE		3,915,692
	66,598	Valeo SA		4,507,203
	165,641	Veolia Environnement SA		3,924,539
	89,856	Vinci SA		8,797,406
				470,552,646
GEORGIA — 0.1%
	204,802	BGEO Group Plc		9,683,438
GERMANY — 2.1%
	24,368	Adidas AG		5,422,964
	71,775	Allianz SE		16,667,070
	166,199	BASF SE		18,124,535
	138,530	Bayer AG		18,024,649
	1,332,673	Bayerische Motoren Werke AG		135,831,804
	18,727	Beiersdorf AG		2,100,701
	169,158	Commerzbank AG(a)		2,318,218
	26,353	Continental AG		6,688,937
	45,024	Covestro AG		4,319,468
	122,861	Daimler AG		10,202,638
	327,762	Deutsche Bank AG		5,326,018
	21,127	Deutsche Boerse AG		2,182,395
	85,648	Deutsche Lufthansa AG		2,733,617
	130,508	Deutsche Post AG		5,977,512
	611,454	Deutsche Telekom AG		11,139,620
	56,134	Deutsche Wohnen AG		2,390,900

See Notes to Financial Statements.

34

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
GERMANY (continued)
	33,965	Fresenius Medical Care AG & Co. KGaA	$	3,284,613
	65,867	Fresenius SE & Co. KGaA		5,501,960
	17,734	Hannover Rueck SE		2,223,774
	16,338	Henkel AG & Co. KGaA		2,059,188
	10,766	Hochtief AG		1,899,927
	37,958	HUGO BOSS AG		3,397,508
	175,565	Infineon Technologies AG		4,806,932
	23,960	Linde AG		5,174,476
	20,460	Merck KGaA		2,189,998
	88,021	Metro AG		1,148,350
	88,021	Metro Wholesale & Food Specialist AG(a)		1,680,999
	30,343	Muenchener Rueckversicherungs-Gesellschaft AG		6,788,013
	84,603	ProSiebenSat.1 Media SE		2,951,073
	175,803	RWE AG(a)		4,394,665
	152,503	SAP SE		17,348,620
	120,026	Siemens AG		17,126,998
	54,566	United Internet AG		3,452,008
	73,959	Vonovia SE		3,253,066
	394,575	Zalando SE(a)		19,742,998
				357,876,212
GREECE — 0.0%
	11,917	Eurobank Ergasias SA(a)		9,731
	730	Hellenic Telecommunications Organization SA		8,673
				18,404
HONG KONG — 1.3%
	3,435,000	AIA Group Ltd.		25,845,938
	754,109	ASM Pacific Technology Ltd.		10,971,284
	6,276	China Everbright Ltd.		14,883
	3,386,570	China Merchants Holdings International Co. Ltd.		10,591,985
	12,421	China Mobile Ltd.		124,745
	119,700	China Mobile Ltd. - ADR		6,038,865
	8,023	China Overseas Land & Investment Ltd.		26,019
	4,017	China Resources Gas Group Ltd.		14,701
	5,799	China Resources Land Ltd.		17,282
	6,767	China Resources Power Holdings Co. Ltd.		13,011
	532,835	China State Construction International Holdings Ltd.		748,567
	15,212	China Unicom Hong Kong Ltd.(a)		21,605
	12,123	CITIC Ltd.		17,746
	15,680	Far East Horizon Ltd.		15,577
	864,032	Guangdong Investment Ltd.		1,251,514
	5,179	Haier Electronics Group Co. Ltd.		13,642
	424,100	Hong Kong Exchanges and Clearing Ltd.		11,807,435

Shares			Value
HONG KONG (continued)
	1,459,775	Jardine Matheson Holdings Ltd.(b)	$	93,513,187
	156,455	Jardine Strategic Holdings Ltd.		6,561,723
	1,562,690	Kunlun Energy Co. Ltd.		1,448,233
	9,370	Nine Dragons Paper Holdings Ltd.		17,199
	2,806,600	Sands China Ltd.		13,221,031
	17,541,397	Sino Biopharmaceutical Ltd.		20,483,776
	7,964,724	Sun Art Retail Group Ltd.		8,044,970
	2,155,965	Yue Yuen Industrial Holdings Ltd.		8,263,049
				219,087,967
HUNGARY — 0.1%
	122,642	MOL Hungarian Oil & Gas Plc		1,468,626
	487	OTP Bank Plc		19,640
	625,738	Richter Gedeon Nyrt		15,566,839
				17,055,105
INDIA — 2.5%
	3,485	Ambuja Cements Ltd.		15,146
	1,542,775	Asian Paints Ltd.		28,126,458
	1,286	Aurobindo Pharma Ltd.		15,089
	2,929	Axis Bank Ltd.(b)		23,657
	316	Bajaj Auto Ltd.		15,890
	664	Bajaj Finance Ltd.		18,459
	280,570	Bharat Petroleum Corp. Ltd.		2,346,052
	1,021,971	Bharti Airtel Ltd.(b)		7,844,900
	1,234,000	Bharti Infratel Ltd.		8,423,693
	1,708	Cadila Healthcare Ltd.		13,276
	343,874	Coal India Ltd.		1,520,778
	3,025	Dabur India Ltd.		15,545
	75,266	Eicher Motors Ltd.		37,456,110
	1,398	Glenmark Pharmaceuticals Ltd.		13,332
	686	Grasim Industries Ltd.		12,996
	1,357	HCL Technologies Ltd.		17,930
	241	Hero Motocorp Ltd.		14,325
	235,984	Hindustan Petroleum Corp. Ltd.		1,629,122
	1,422	Hindustan Unilever Ltd.		27,167
	7,017,133	Housing Development Finance Corp. Ltd.(b)		184,974,860
	3,941	ICICI Bank Ltd.(b)		18,260
	842	Indiabulls Housing Finance Ltd.		16,172
	204,050	Indian Oil Corp. Ltd.		1,308,957
	4,152	Infosys Ltd.		59,093
	7,261	ITC Ltd.		29,786
	4,217	JSW Steel Ltd.		16,827
	850	Larsen & Toubro Ltd.		16,040
	1,203	LIC Housing Finance Ltd.		11,120
	845	Lupin Ltd.(b)		13,412
	2,729	Marico Ltd.		13,282
	630,738	Maruti Suzuki India Ltd.(b)		79,960,591
	4,545,843	Motherson Sumi Systems Ltd.		25,630,845
	128	Nestle India Ltd.		14,306
	598,470	Oil & Natural Gas Corp. Ltd.		1,765,716
	7,335	Power Finance Corp Ltd.		15,769

See Notes to Financial Statements.

35

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
INDIA (continued)
	1,215,555	Reliance Industries Ltd.	$	17,656,830
	5,249	Rural Electrification Corp. Ltd.(b)		14,036
	51	Shree Cement Ltd.		14,906
	2,480	Sun Pharmaceutical Industries Ltd.		21,170
	1,108	Tata Consultancy Services, Ltd.		44,887
	3,818	Tata Motors Ltd.(a)		25,252
	3,248	Tata Motors Ltd. - Class A - DVR(a)		12,078
	10,815	Tata Power Co. Ltd.		14,176
	2,360	Tech Mahindra Ltd.		17,564
	3,209,000	Titan Co. Ltd.		31,472,563
	1,029	UPL Ltd.(b)		12,698
	3,586	Vedanta Ltd.(b)		18,373
	3,512	Wipro Ltd.		15,944
	3,530	Yes Bank Ltd.(b)		17,126
				430,772,564
INDONESIA — 0.3%
	10,188,609	Adaro Energy Tbk PT		1,371,002
	19,410,829	Astra International Tbk PT		11,449,706
	20,587	Bank Central Asia Tbk PT		31,725
	29,520	Bank Mandiri Persero Tbk PT		15,345
	28,048	Bank Negara Indonesia Persero Tbk PT		15,717
	14,592,166	Bank Rakyat Indonesia Persero Tbk PT		16,784,353
	2,320	Gudang Garam Tbk PT		11,974
	46,173	Hanjaya Mandala Sampoerna Tbk PT		13,550
	20,290	Indofood CBP Sukses Makmur Tbk PT		13,165
	34,249	Jasa Marga Persero Tbk PT		16,414
	114,199	Kalbe Farma Tbk PT		13,472
	13,304	Matahari Department Store Tbk PT		8,436
	100,539	Media Nusantara Citra Tbk PT		11,564
	68,965	Surya Citra Media Tbk PT		10,933
	108,485	Telekomunikasi Indonesia Persero Tbk PT		32,236
	2,386,180	Unilever Indonesia Tbk PT(b)		8,726,601
	4,164,995	United Tractors Tbk PT		10,648,568
				49,174,761
ITALY — 0.4%
	318,455	Assicurazioni Generali SpA		5,801,692
	72,270	Atlantia SpA		2,357,143
	1,269,282	Enel SpA		7,873,132
	1,084,215	ENI SpA		17,731,780
	41,968	Ferrari NV		5,030,411
	2,021,946	Intesa Sanpaolo SpA		6,797,288
	33,622	Luxottica Group SpA		1,928,463
	48,560	Recordati SpA		2,257,513
	869,328	Saipem SpA(a)		3,653,592
	1,216,407	Snam SpA		6,214,660
	2,812,440	Telecom Italia SpA/Milano(a)		2,440,672

Shares			Value
ITALY (continued)
	363,375	Terna Rete Elettrica Nazionale SpA	$	2,192,576
	317,436	Unicredit SpA(a)		6,075,242
	1,059,700	UnipolSai Assicurazioni SpA		2,414,469
				72,768,633
JAPAN — 3.6%
	27,370	Adastria Co. Ltd.		594,074
	636,760	Asahi Kasei Corp.		7,666,544
	284,890	Bandai Namco Holdings, Inc.		9,708,885
	117,285	Benesse Holdings, Inc.		3,955,745
	287,760	Canon Marketing Japan, Inc.(b)		7,207,603
	67,000	Fast Retailing Co. Ltd.		22,161,470
	1,090,000	Hoshizaki Corp.(b)		102,668,308
	42,181	Idemitsu Kosan Co. Ltd.		1,222,342
	263,779	Inpex Corp.		2,794,264
	954,684	JX Holdings, Inc.		4,896,633
	112,230	Kaken Pharmaceutical Co. Ltd.		5,665,540
	4,165,000	KDDI Corp.		110,768,744
	25,785	Megmilk Snow Brand Co. Ltd.		718,864
	340,205	Mitsubishi Tanabe Pharma Corp.		7,462,040
	241,545	Morinaga Milk Industry Co. Ltd.		9,261,989
	316,462	Nikon Corp.		5,964,365
	379,514	Nippon Telegraph & Telephone Corp.		18,267,272
	4,734,000	Nomura Research Institute Ltd.(b)		199,218,944
	2,720,150	NTT Data Corp.		31,506,421
	464,558	Osaka Gas Co. Ltd.		8,941,433
	279,000	PeptiDream, Inc.(a)		8,808,847
	133,420	Sawai Pharmaceutical Co. Ltd.		7,544,880
	126,897	Showa Shell Sekiyu KK		1,486,538
	470,150	Terumo Corp.		19,454,340
	248,501	Tokyo Gas Co. Ltd.		6,164,181
	361,320	Toray Industries, Inc.		3,633,696
	344,403	Toyo Suisan Kaisha Ltd.		13,190,933
	443,916	Zensho Holdings Co. Ltd.		8,202,520
				629,137,415
KENYA — 0.1%
	1,197,379	East African Breweries Ltd.		2,816,005
	35,141,070	Safaricom Ltd.		8,637,082
				11,453,087
LUXEMBOURG — 0.1%
	106,138	Arcelormittal(a)		3,043,271
	31,988	RTL Group SA		2,373,166
	129,046	Tenaris SA		1,766,250
	359,300	Tenaris SA - ADR		9,790,925
				16,973,612
MALAYSIA — 0.0%
	18,597	AirAsia Berhad		14,672
	12,227	AMMB Holdings Berhad		12,361
	23,102	Astro Malaysia Holdings Berhad		15,334

See Notes to Financial Statements.

36

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
MALAYSIA (continued)
	1,329	British American Tobacco Malaysia Berhad	$	12,306
	11,509	DiGi.com Berhad		13,593
	27,179	IOI Properties Group Berhad		12,776
	7,433	Malayan Banking Berhad		16,241
	7,846	MISC Berhad		12,881
	222,060	Petronas Dagangan Berhad		1,256,775
	6,110	Public Bank Berhad		29,529
	6,938	Tenaga Nasional Berhad		24,583
	16,191	Westports Holdings Berhad		14,189
				1,435,240
MEXICO — 0.3%
	9,234	Alfa SAB de CV - Series A		9,643
	65,979	America Movil SAB de CV - Series L		56,888
	30,872	Cemex SAB de CV - CPO - Units(a)		25,104
	1,620	Coca-Cola Femsa SAB de CV - Series L		10,951
	1,602	El Puerto de Liverpool SAB de CV - Class C1		10,935
	7,259	Fibra Uno Administracion SA de CV REIT		11,389
	97,200	Fomento Economico Mexicano SAB de CV - ADR		8,529,299
	4,062	Fomento Economico Mexicano SAB de CV - Units		35,385
	9,118	Gentera SAB de CV		9,227
	1,197	Grupo Aeroportuario del Pacifico SAB de CV - Series B		11,381
	70,400	Grupo Aeroportuario del Sureste SAB de CV - ADR		12,586,816
	636	Grupo Aeroportuario del Sureste SAB de CV - Series B		11,372
	2,673,214	Grupo Financiero Banorte SAB de CV - Series O		15,839,822
	7,523	Grupo Mexico SAB de CV - Series B		24,466
	388,752	Grupo Televisa SAB - ADR		8,509,781
	4,229	Grupo Televisa SAB - Units		18,511
	574	Industrias Penoles SAB de CV		13,383
	6,715	Kimberly-Clark de Mexico SAB de CV - Class A		11,551
	1,133	Promotora y Operadora de Infraestructura SAB de CV		10,773
	13,039	Wal-Mart de Mexico SAB de CV		29,191
				45,765,868
NETHERLANDS — 2.2%
	378,933	Aegon NV		2,237,015
	39,666	Akzo Nobel NV		3,591,971
	396,000	ASML Holding NV		71,577,000
	57,571	ASML Holding NV		10,381,128
	19,114	Core Laboratories NV		1,909,489
	32,404	Gemalto NV		1,282,602

Shares			Value
NETHERLANDS (continued)
	21,503	Heineken Holding NV	$	1,996,306
	26,122	Heineken NV		2,545,623
	498,351	ING Groep NV		9,206,792
	304,515	Koninklijke Ahold Delhaize NV		5,730,407
	28,636	Koninklijke DSM NV		2,443,040
	821,434	Koninklijke KPN NV		2,836,094
	146,280	Koninklijke Philips NV		5,956,129
	85,890	Koninklijke Vopak NV		3,719,319
	102,841	NN Group NV		4,307,803
	808,669	Nostrum Oil & Gas Plc(a)		4,042,647
	44,868	NXP Semiconductor NV(a)		5,251,799
	35,676	Randstad Holding NV		2,195,050
	1,458,853	Royal Dutch Shell Plc - A Shares		45,833,169
	1,229,781	Royal Dutch Shell Plc - B Shares		39,551,017
	2,510,436	Unilever NV		145,936,200
	94,818	Wolters Kluwer NV		4,647,681
				377,178,281
NORWAY — 0.1%
	177,712	Marine Harvest ASA		3,470,258
	508,141	Statoil ASA		10,289,731
	234,177	Telenor ASA		4,974,254
				18,734,243
PAKISTAN — 0.0%
	1,043,482	Engro Corp. Ltd.		2,754,155
	1,681	Lucky Cement Ltd.		7,769
	6,925	MCB Bank Ltd.		13,068
	6,186	United Bank Ltd.		10,517
				2,785,509
PERU — 0.1%
	55,852	Credicorp. Ltd.		11,697,643
PHILIPPINES — 0.0%
	17,646	Ayala Land, Inc.		14,766
	49,288	DMCI Holdings, Inc.		14,646
	112,897	Energy Development Corp.		12,618
	8,580	JG Summit Holdings, Inc.		12,781
	3,373	Jollibee Foods Corp.		16,269
	760,500	Universal Robina Corp.		2,106,567
				2,177,647
POLAND — 0.2%
	822	Alior Bank SA(a)		16,334
	226,300	Bank Pekao SA		7,392,154
	1,522	Cyfrowy Polsat SA		10,604
	81,501	Grupa Lotos SA		1,478,457
	70,600	ING Bank Slaski SA(a)		3,840,382
	583,271	Polski Koncern Naftowy ORLEN SA		20,623,079
	5,087,033	Polskie Gornictwo Naftowe I Gazownictwo SA(b)		9,349,648
	9,665	Synthos SA		13,090
				42,723,748

See Notes to Financial Statements.

37

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
PORTUGAL — 0.0%
	675,143	EDP - Energias de Portugal SA	$	2,408,866
	152,028	Galp Energia SGPS SA		2,826,352
				5,235,218
QATAR — 0.0%
	1,611	Doha Bank QPSC		12,477
	3,993	Ezdan Holding Group QSC		10,418
	461	Industries Qatar QSC		12,091
	58	Qatar Electricity & Water Co. QSC		2,915
	196,315	Qatar Gas Transport Co. Ltd.		816,800
	529	Qatar Islamic Bank SAQ		14,092
	537	Qatar National Bank QPSC		17,918
				886,711
RUSSIA — 0.3%
	327,500	Lukoil PJSC - ADR		17,367,325
	26,890	Magnit PJSC		3,546,912
	87,644	NovaTek PJSC - GDR		10,000,180
	1,867,600	Sberbank of Russia PJSC - ADR		26,781,384
				57,695,801
SINGAPORE — 0.5%
	2,874,000	Jardine Cycle & Carriage Ltd.(b)		83,051,031
SOUTH AFRICA — 0.7%
	437,458	Aspen Pharmacare Holdings Ltd.		9,883,898
	1,807	Barclays Africa Group Ltd.		17,911
	642	Bid Corp. Ltd.		14,122
	1,019	Bidvest Group Ltd. (The)		12,360
	214	Capitec Bank Holdings Ltd.		14,225
	2,719	Coronation Fund Managers Ltd.		13,721
	1,011,880	Discovery Ltd.		10,488,269
	7,554	FirstRand Ltd.		27,382
	1,494,993	Gold Fields Ltd.		5,967,812
	1,533	Hyprop Investments Ltd. - REIT		11,531
	6,567	Life Healthcare Group Holdings Ltd.		12,169
	1,552	Massmart Holdings Ltd.		11,751
	527	Mondi Ltd.		12,641
	1,148	Mr Price Group Ltd.		14,229
	3,035	MTN Group Ltd.		26,354
	284,885	Naspers Ltd. - Class N		69,414,115
	856	Nedbank Group Ltd.		12,555
	3,026	RMB Holdings Ltd.		13,376
	2,841	Sanlam Ltd.		14,206
	2,070	Sappi Ltd.		13,865
	401,376	Sasol Ltd.		11,743,415
	1,060	Spar Group Ltd. (The)		12,472
	1,313,365	Standard Bank Group Ltd.		15,234,152
	5,356	Steinhoff International Holdings NV		23,263
	2,496	Telkom SA SOC Ltd.		9,349
	456	Tiger Brands Ltd.		12,449
	2,552	Truworths International Ltd.		13,602
	1,253	Vodacom Group Ltd.		13,612

Shares			Value
SOUTH AFRICA (continued)
	2,896	Woolworths Holdings Ltd.	$	11,542
				123,070,348
SOUTH KOREA — 0.7%
	28,215	Amorepacific Corp.		7,907,806
	115	AMOREPACIFIC Group		14,730
	155	BGF retail Co. Ltd.(b)(c)		10,943
	1,420	BNK Financial Group, Inc.		12,599
	142	Celltrion, Inc.(a)		21,940
	826	Cheil Worldwide, Inc.		15,335
	84	CJ Corp.		13,983
	202	CJ E&M Corp.		15,235
	149	Coway Co. Ltd.		12,940
	1,331	DGB Financial Group, Inc.		12,415
	232	Dongbu Insurance Co. Ltd.		14,599
	732	Doosan Heavy Industries & Construction Co. Ltd.		11,434
	21,300	GS Retail Co. Ltd.		634,998
	680	Hana Financial Group, Inc.		29,103
	280,218	Hankook Tire Co. Ltd.		13,506,290
	1,441	Hanon Systems		16,721
	27,823	Hanssem Co. Ltd.		4,234,232
	506	Hanwha Chemical Corp.		13,753
	326	Hanwha Corp.		12,992
	2,291	Hanwha Life Insurance Co. Ltd.		16,196
	92	Hyosung Corp.		11,045
	333	Hyundai Development Co-Engineering & Construction		11,919
	342	Hyundai Engineering & Construction Co. Ltd.		11,554
	394	Hyundai Marine & Fire Insurance Co. Ltd.		15,949
	138	Hyundai Mobis Co. Ltd.		32,826
	282	Hyundai Motor Co.		40,525
	39	Hyundai Robotics Co. Ltd.(a)		15,717
	1,109	Industrial Bank of Korea		15,194
	447	Kangwon Land, Inc.		13,685
	871	KB Financial Group Inc.		45,402
	354	KEPCO Plant Service & Engineering Co. Ltd.		13,050
	621	Kia Motors Corp.		19,622
	17,054	Korea Electric Power Corp.		596,704
	286	Korea Gas Corp.(a)		10,428
	405	Korean Air Lines Co. Ltd.(a)		11,441
	472	KT Corp.		12,365
	279	KT&G Corp.		26,397
	93	LG Chem Ltd.		33,494
	637,610	LG Display Co. Ltd.		16,675,122
	251	LG Electronics, Inc.		20,387
	14,722	LG Household & Health Care Ltd.		15,466,411
	984	LG Uplus Corp.		11,286
	46	Lotte Chemical Corp.		15,171
	13,464	NAVER Corp.		10,743,800
	148	POSCO		42,999

See Notes to Financial Statements.

38

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
SOUTH KOREA (continued)
	162	S-1 Corp.	$	13,245
	157	Samsung C&T Corp.		20,740
	407	Samsung Card Co. Ltd.		13,314
	208	Samsung Electronics Co. Ltd.		511,297
	37,560	Samsung Electronics Co. Ltd. - GDR		46,164,252
	65	Samsung Fire & Marine Insurance Co. Ltd.		15,839
	146	Samsung Life Insurance Co. Ltd.		17,593
	101	Samsung SDI Co. Ltd.		18,571
	87	Samsung SDS Co. Ltd.		16,074
	995	Shinhan Financial Group Co. Ltd.		44,583
	83	SK Holdings Co. Ltd.		21,447
	1,241	SK Hynix, Inc.		91,052
	25,154	SK Innovation Co. Ltd.		4,602,642
	57	SK Telecom Co. Ltd.		13,432
	857	Woori Bank		12,545
				122,017,363
SPAIN — 0.5%
	162,189	Abertis Infraestructuras SA		3,508,352
	62,986	ACS Actividades de Construccion y Servicios SA		2,483,915
	10,514	Aena SA		1,928,938
	99,369	Amadeus IT Holding SA		6,742,433
	939,371	Banco Bilbao Vizcaya Argentaria SA		8,220,919
	968,701	Banco de Sabadell SA		1,939,704
	2,215,700	Banco Santander SA(b)		15,028,913
	421,132	Distribuidora Internacional de Alimentacion SA		2,060,333
	68,134	Enagas SA		1,962,718
	135,287	Endesa SA		3,096,624
	667,246	Iberdrola SA		5,392,499
	194,740	Industria de Diseno Textil SA		7,280,519
	568,991	Mapfre SA		1,861,774
	114,437	Red Electrica Corp SA		2,534,069
	617,734	Repsol SA		11,574,237
	131,935	Siemens Gamesa Renewable Energy SA		1,913,371
	601,299	Telefonica SA		6,308,008
				83,837,326
SWEDEN — 2.4%
	113,750	Assa Abloy AB		2,400,916
	3,419,825	Atlas Copco AB - A Shares(b)		150,001,462
	825,093	Atlas Copco AB - B Shares		32,770,532
	116,280	Boliden AB		4,069,692
	94,452	Electrolux AB - Class B		3,339,580
	95,261	Essity AB- Class B(a)		2,848,164
	100,172	Getinge AB - B Shares		1,971,935
	186,787	Hennes & Mauritz AB - B Shares		4,689,951
	108,763	Industrivarden AB - C Shares		2,795,840
	113,098	Investor AB - B Shares		5,605,151

Shares			Value
SWEDEN (continued)
	102,152	Kinnevik AB - Class B	$	3,351,926
	25,158	L E Lundbergforetagen AB - B Shares		1,963,861
	70,683	Lundin Petroleum AB(a)		1,662,454
	484,614	Nordea Bank AB		5,858,216
	242,293	Sandvik AB		4,425,245
	240,875	Skandinaviska Enskilda Banken AB - Class A		2,969,343
	156,125	SKF AB		3,631,009
	11,500,000	Svenska Handelsbanken AB - A Shares(b)		164,842,056
	142,642	Swedbank AB - A Shares		3,540,641
	86,013	Swedish Match AB		3,240,520
	474,064	Telefonaktiebolaget LM Ericsson - B Shares		2,984,259
	301,266	Volvo AB - B Shares		5,970,153
				414,932,906
SWITZERLAND — 2.0%
	313,809	ABB Ltd.		8,203,417
	38,460	Adecco Group AG		3,051,280
	12,733	Baloise Holding AG		2,007,619
	1,881	CHUBB Ltd.		283,692
	57,325	Cie Financiere Richemont SA		5,286,323
	415,300	Coca-Cola HBC AG - CDI		14,037,673
	298,305	Credit Suisse Group		4,703,391
	2,653	EMS-Chemie Holding AG		1,739,149
	5,819	Geberit AG		2,634,050
	1,457	Givaudan SA		3,253,843
	11,697	Kuehne + Nagel International AG		2,042,417
	37,326	LafargeHolcim Ltd.		2,108,275
	11,768	Lonza Group AG		3,125,866
	2,382,956	Nestle SA		200,400,951
	339,516	Novartis AG		27,973,954
	4,302	Partners Group Holding AG		2,893,442
	119,606	Roche Holding AG		27,634,123
	864	SGS SA		2,133,911
	494	Sika AG		3,656,783
	14,229	Sonova Holding AG		2,568,679
	5,839	Swiss Life Holding AG		2,029,735
	21,651	Swiss Prime Site AG		1,847,925
	51,048	Swiss Re AG		4,802,140
	3,992	Swisscom AG		2,016,707
	459,160	UBS Group AG		7,814,902
	321,317	Weatherford International Plc(a)		1,114,970
	16,952	Zurich Financial Services AG		5,174,043
				344,539,260
TAIWAN — 0.9%
	15,540	Advanced Semiconductor Engineering, Inc.		18,730
	1,292,871	Advantech Co. Ltd.		8,830,764
	504,740	Airtac International Group		8,175,384
	1,438	Asustek Computer, Inc.		12,444
	1,795	Catcher Technology Co. Ltd.		19,045

See Notes to Financial Statements.

39

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
TAIWAN (continued)
	15,587	Cathay Financial Holding Co. Ltd.	$	25,738
	5,044	Chailease Holding Co. Ltd.		13,012
	25,300	Chang Hwa Commercial Bank Ltd.		13,716
	5,488	Chicony Electronics Co. Ltd.		13,738
	48,208	China Development Financial Holding Corp.		14,770
	22,710	China Steel Corp.		18,486
	7,686	Chunghwa Telecom Co. Ltd.		26,249
	33,008	CTBC Financial Holding Co. Ltd.		21,123
	4,451	Delta Electronics, Inc.		21,399
	24,231	E.Sun Financial Holding Co. Ltd.		14,743
	878,478	Eclat Textile Co. Ltd.		10,500,549
	3,012	Feng TAY Enterprise Co. Ltd.		13,582
	21,096	First Financial Holding Co. Ltd.		13,605
	5,902	Formosa Chemicals & Fibre Corp.		17,925
	571,425	Formosa Petrochemical Corp.		1,998,884
	2,048,283	Formosa Plastics Corp.		6,241,390
	15,356	Fubon Financial Holding Co. Ltd.		24,465
	1,999	Globalwafers Co. Ltd.		23,099
	4,465,277	Hon Hai Precision Industry Co. Ltd.		16,582,205
	27,726	Innolux Corp.		12,135
	3,297,618	Kinsus Interconnect Technology Corp.		8,309,785
	93,238	Largan Precision Co. Ltd.		17,667,905
	8,332	Lite-On Technology Corp.		11,755
	2,916	MediaTek, Inc.		33,115
	17,242	Mega Financial Holding Co. Ltd.		13,549
	5,900	Micro-Star International Co. Ltd.		14,379
	8,723	Nan Ya Plastics Corp.		21,519
	1,217	Nien Made Enterprise Co. Ltd.		12,671
	2,319,962	Novatek Microelectronics Corp.		8,576,925
	5,585	Pegatron Corp.		14,444
	1,126	Phison Electronics Corp.		13,385
	9,909	Pou Chen Corp.		12,485
	1,673	President Chain Store Corp.		15,033
	52,171	Shin Kong Financial Holding Co. Ltd.		16,693
	11,622	Taiwan Cement Corp.		12,909
	26,889	Taiwan Cooperative Financial Holding Co. Ltd.		14,532
	3,562	Taiwan Mobile Co. Ltd.		12,696
	6,397,478	Taiwan Semiconductor Manufacturing Co. Ltd.		51,545,521
	4,168	Transcend Information, Inc.		11,830
	8,322,523	Uni-President Enterprises Corp.		17,384,869
	3,553,403	Vanguard International Semiconductor Corp.(b)		6,739,324

Shares			Value
TAIWAN (continued)
	5,947	Zhen Ding Technology Holding Ltd.	$	14,907
				163,137,411
THAILAND — 0.6%
	18,447,000	Airports of Thailand Public Co. Ltd.		33,040,232
	24,548,000	CP ALL Public Co. Ltd.(b)		51,726,671
	3,001,000	Siam Commercial Bank Public Co. Ltd.		13,234,392
				98,001,295
TURKEY — 0.1%
	6,171	Akbank Turk AS		16,283
	1,313	Anadolu Efes Biracilik Ve Malt Sanayii AS		7,601
	1,064,767	Arcelik AS		5,815,653
	443	BIM Birlesik Magazalar AS		9,033
	6,378	Eregli Demir ve Celik Fabrikalari TAS		14,963
	838	Ford Otomotiv Sanayi AS		11,829
	4,426	Haci Omer Sabanci Holding AS		12,297
	1,616	TAV Havalimanlari Holding AS		8,038
	1,259	Tofas Turk Otomobil Fabrikasi AS		10,248
	45,194	Tupras Turkiye Petrol Rafinerileri AS		1,626,176
	3,464,938	Turkiye Garanti Bankasi AS		9,526,513
	3,685	Turkiye Halk Bankasi AS		10,744
	6,529	Turkiye Is Bankasi - Class C		12,288
	7,005	Turkiye Sise ve Cam Fabrikalari AS		8,217
	7,533	Turkiye Vakiflar Bankasi TAO - Class D		12,570
	10,891	Yapi ve Kredi Bankasi AS(a)		13,206
				17,115,659
UNITED ARAB EMIRATES — 0.1%
	6,968	Abu Dhabi Commercial Bank PJSC		14,021
	15,835	DAMAC Properties Dubai Co. PJSC		17,031
	455,600	DP World Ltd.		10,820,500
	8,690	Dubai Islamic Bank PJSC		14,481
	5,698,820	Emaar Properties PJSC		12,863,523
	3,114	Emirates Telecommunications Group Co. PJSC		15,135
	4,627	First Abu Dhabi Bank PJSC		13,039
				23,757,730
UNITED KINGDOM — 4.7%
	543,389	Abcam Plc		7,180,907
	860	Aon Plc		123,350
	472,768	ASOS Plc(a)		35,771,709
	6,374,819	BP Plc		43,197,012
	48,548	Coca-Cola European Partners Plc		1,991,447

See Notes to Financial Statements.

40

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
UNITED KINGDOM (continued)
	6,565,846	Compass Group Plc(b)	$	144,148,107
	207,187	Petrofac Ltd.		1,153,806
	1,816,501	Reckitt Benckiser Group Plc		162,487,007
	11,495,646	RELX NV(b)		259,645,625
	141,726,000	Rolls-Royce Holdings Plc		188,233
	3,081,000	Rolls-Royce Holdings Plc		39,815,295
	91,448	TechnipFMC Plc(a)		2,504,761
	45,459	TechnipFMC Plc(a)		1,235,921
	37,138	Ultra Electronics Holdings Plc		899,681
	2,113,600	Whitbread Plc(b)		103,668,665
				804,011,526
UNITED STATES — 47.3%
	185	Affiliated Managers Group, Inc.		34,503
	2,645	Aflac, Inc.		221,889
	1,309,988	AGNC Investment Corp. REIT		26,370,058
	1,781	Allstate Corp. (The)		167,165
	6,469	Ally Financial Inc.		169,035
	36,500	Alphabet, Inc. - Class A(a)		37,705,960
	234,000	Alphabet, Inc. - Class C(a)		237,893,760
	246,400	Amazon.com, Inc.(a)		272,340,992
	294,807	Amdocs Ltd.		19,191,936
	2,512	American Express Co.		239,946
	1,282	American Financial Group, Inc.		135,238
	3,217	American International Group, Inc.		207,850
	503	Ameriprise Financial, Inc.		78,740
	2,470,846	Anadarko Petroleum Corp.		121,985,667
	53,787	Andeavor		5,714,331
	1,194,024	Annaly Capital Management, Inc., REIT		13,683,515
	57,472	Antero Resources Corp.(a)		1,114,957
	137,853	Apache Corp.		5,702,979
	1,278,909	Apple, Inc.		216,186,777
	93,920	Assurant, Inc.		9,453,047
	1,640,000	Automatic Data Processing, Inc.		190,666,400
	277,497	AutoZone, Inc.(a)		163,584,482
	137,517	Baker Hughes a GE Co.		4,322,159
	3,698,168	Ball Corp.(b)		158,762,352
	35,062	Bank of America Corp.		960,348
	2,508,047	Bank of New York Mellon Corp. (The)		129,039,018
	1,514	BB&T Corp.		74,549
	922,000	Becton Dickinson and Co.		192,393,740
	915,063	Berkshire Hathaway, Inc. - Class B(a)		171,061,877
	146,510	Big Lots, Inc.		7,517,428
	336,000	BioMarin Pharmaceutical, Inc.(a)		27,582,240
	271	BlackRock Inc.		127,595
	276	Brighthouse Financial, Inc.(a)		17,162
	78,380	Brinker International, Inc.		2,407,834
	145,201	Cabot Oil & Gas Corp.		4,022,068
	3,170,300	Campbell Soup Co.(b)		150,177,111
	2,825	Capital One Financial Corp.		260,409
	387,859	CBOE Holdings, Inc.		43,851,339

Shares			Value
UNITED STATES (continued)
	1,398,540	Charles Schwab Corp. (The)	$	62,710,534
	16,475	Cheesecake Factory, Inc. (The)		737,092
	60,319	Cheniere Energy, Inc.(a)		2,819,310
	1,292,068	Chevron Corp.		149,737,761
	100,000	Chipotle Mexican Grill, Inc.(a)		27,190,000
	30,170	Cimarex Energy Co.		3,527,778
	9,874	Citigroup, Inc.		725,739
	3,117	Citizens Financial Group Inc.		118,477
	209,456	Clorox Co. (The)		26,502,468
	289	CME Group, Inc.		39,642
	1,969,200	Cognizant Technology Solutions Corp. - Class A		149,009,364
	2,242,400	Colgate-Palmolive Co.		157,977,080
	73,020	Conagra Brands, Inc.		2,494,363
	48,713	Concho Resources, Inc.(a)		6,537,772
	420,496	ConocoPhillips		21,508,370
	38,404	Continental Resources, Inc.(a)		1,563,427
	333,200	Costco Wholesale Corp.		53,671,856
	58,675	Cracker Barrel Old Country Store, Inc.		9,160,928
	406,237	Darden Restaurants, Inc.		33,421,118
	176,053	Devon Energy Corp.		6,496,356
	26,020	Diamondback Energy, Inc.(a)		2,788,303
	2,927	Discover Financial Services		194,733
	472	East West Bancorp, Inc.		28,244
	352,000	Edwards Lifesciences Corp.(a)		35,984,960
	198,561	EOG Resources, Inc.		19,830,287
	55,450	EQT Corp.		3,467,843
	576,099	Equity Commonwealth REIT(a)		17,311,775
	1,411,138	Exxon Mobil Corp.		117,618,352
	555,000	Facebook, Inc. - Class A(a)		99,933,300
	4,455	Fifth Third Bancorp		128,750
	2,267	Franklin Resources, Inc.		95,509
	889,202	Gilead Sciences, Inc.		66,654,582
	1,641	Goldman Sachs Group, Inc. (The)		397,910
	285,395	Halliburton Co.		12,197,782
	286,809	Heartland Express, Inc.		6,117,636
	33,146	Helmerich & Payne, Inc.		1,800,159
	87,515	Hess Corp.		3,864,662
	4,288,600	Hewlett Packard Enterprise Co.		59,697,312
	64,885	HollyFrontier Corp.		2,397,501
	212,000	Illumina, Inc.(a)		43,500,280
	332,000	Incyte Corp.(a)		37,599,000
	385	Intercontinental Exchange, Inc.		25,449
	1,323	Invesco, Ltd.(b)		47,350
	1,259,600	Johnson & Johnson		175,600,836
	1,804,418	JPMorgan Chase & Co.		181,542,495
	147,657	Kaman Corp.		8,259,933
	683,634	Kinder Morgan, Inc.		12,380,612
	2,129,000	Kraft Heinz Co. (The)		164,635,570
	567,000	Las Vegas Sands Corp.		35,936,460
	3,034	Leucadia National Corp.		76,760
	2,264	Lincoln National Corp.		171,566
	437,446	Lockheed Martin Corp.		134,803,359
	2,039	Loews Corp.		100,951

See Notes to Financial Statements.

41

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
UNITED STATES (continued)
	1,585,843	Lyondellbasell Industries NV - Class A	$	164,182,326
	288,269	Marathon Oil Corp.		4,099,185
	187,526	Marathon Petroleum Corp.		11,202,803
	169,000	Markel Corp.(a)(b)		183,246,700
	1,688	Marsh & McLennan Cos., Inc.		136,610
	1,448,000	Mastercard, Inc. - Class A		215,418,960
	386,000	Medidata Solutions, Inc.(a)		29,038,780
	860,100	Merck & Co., Inc.		47,382,909
	3,056	MetLife, Inc.		163,740
	4,185,900	Mondelez International, Inc. - Class A		173,421,837
	563	Moody’s Corp.		80,177
	5,756	Morgan Stanley		287,799
	408,504	Motorola Solutions, Inc.		36,985,952
	296	MSCI, Inc.		34,739
	71,875	Murphy Oil Corp.		1,922,656
	116,328	National Oilwell Varco, Inc.		3,977,254
	203,000	Netflix, Inc.(a)		39,875,290
	5,534	New York Community Bancorp, Inc.		69,507
	53,172	Newfield Exploration Co.(a)		1,637,166
	814,000	NIKE, Inc. - Class B		44,761,860
	355,762	NiSource, Inc.		9,381,444
	151,631	Noble Energy, Inc.		4,225,956
	33,468	Northrop Grumman Corp.		9,890,798
	172,675	Northwest Natural Gas Co.(b)		11,456,986
	2,338,572	Occidental Petroleum Corp.		151,001,594
	79,587	ONEOK, Inc.		4,319,186
	1,570,320	Oracle Corp.		79,929,288
	60,585	Parsley Energy, Inc. - Class A(a)		1,611,561
	1,597,900	PepsiCo, Inc.		176,136,517
	1,680,200	Philip Morris International, Inc.		175,816,128
	149,792	Phillips 66		13,643,055
	55,198	Pioneer Natural Resources Co.		8,261,485
	1,178	PNC Financial Services Group, Inc. (The)		161,139
	156,568	Priceline Group, Inc. (The)(a)		299,351,753
	1,749	Principal Financial Group, Inc.		115,172
	735	Progressive Corp. (The)		35,758
	2,363	Prudential Financial, Inc.		261,017
	3,066,800	QUALCOMM, Inc.		156,437,468
	1,644,340	Quest Diagnostics, Inc.(b)		154,206,205
	1,983,357	Range Resources Corp.		35,918,595
	174,396	Raytheon Co.		31,426,159
	123,000	Regeneron Pharmaceuticals, Inc.(a)		49,522,260
	3,956	Regions Financial Corp.		61,239
	1,016	Reinsurance Group of America, Inc.		151,770
	100,560	Republic Services, Inc.		6,543,439
	848	S&P Global Inc.		132,687
	474,451	Schlumberger Ltd.		30,364,864
	179	Signature Bank(a)		23,272
	632,000	Starbucks Corp.		34,658,880

Shares			Value
UNITED STATES (continued)
	675	State Street Corp.	$	62,099
	1,611	SunTrust Banks, Inc.		96,998
	169	SVB Financial Group(a)		37,058
	3,218,062	Synchrony Financial		104,973,182
	1,495	T Rowe Price Group, Inc.		138,886
	73,322	Targa Resources Corp.		3,042,863
	218,951	Target Corp.		12,926,867
	863	TD Ameritrade Holding Corp.		43,141
	2,560,000	Texas Instruments, Inc.		247,526,400
	1,330,100	TJX Cos., Inc. (The)		92,840,980
	366	Torchmark Corp.		30,792
	1,733	Travelers Cos., Inc. (The)		229,536
	891,200	UnitedHealth Group, Inc.		187,348,064
	2,969	Unum Group		154,507
	3,931,559	US Bancorp		213,798,178
	113,758	Vail Resorts, Inc.		26,052,857
	159,642	Valero Energy Corp.		12,594,157
	3,435,865	Verizon Communications, Inc.		164,474,858
	784,000	Visa, Inc. - Class A		86,224,320
	619	Voya Financial, Inc.		24,859
	1,026,200	Wabtec Corp.		78,504,300
	1,084,800	Walgreens Boots Alliance, Inc.		71,889,696
	482,060	Wal-Mart Stores, Inc.		42,088,659
	530,000	Walt Disney Co. (The)		51,839,300
	486,878	Waste Management, Inc.		40,006,765
	16,581	Wells Fargo & Co.		930,857
	466,100	Whirlpool Corp.		76,407,773
	287,829	Williams Cos., Inc. (The)		8,203,127
	562,000	Workday, Inc. - Class A(a)		62,376,380
	1,810	WR Berkley Corp.		124,130
	900	Yum China Holdings, Inc.(a)		36,315
				8,164,565,941
Total Common Stocks (Cost $12,062,397,755)				15,340,503,250
MASTER LIMITED PARTNERSHIPS — 0.0%
UNITED STATES — 0.0%
	47,468	Plains GP Holdings LP - Class A(b)		968,347
Total Master Limited Partnerships (Cost $1,402,335)				968,347
PREFERRED STOCKS — 1.0%
BRAZIL — 0.0%
	6,600	Banco Bradesco SA		70,130
	1,235	Braskem SA - Class A		19,631
	4,257	Gerdau SA - Preference Shares		14,249
	6,920	Itau Unibanco Holding SA		89,290
	9,859	Itausa - Investimentos Itau SA(b)		31,795
	3,028	Lojas Americanas SA - Preference Shares(b)		16,189
	1,273,734	Petroleo Brasileiro SA(a)		6,541,354
	922	Telefonica Brasil SA		14,228

See Notes to Financial Statements.

42

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Value
BRAZIL (continued)
	3,763	Vale SA(b)	$	34,475
				6,831,341
CHILE — 0.0%
	3,307	Embotelladora Andina SA - Class B		16,954
	391	Sociedad Quimica y Minera de Chile SA - Class B		23,354
				40,308
COLUMBIA — 0.0%
	1,257	Bancolombia SA		11,983
GERMANY — 0.1%
	36,344	Fuchs Petrolub SE		2,040,349
	28,104	Henkel AG & Co. KGaA		3,944,800
	163,300	Schaeffler AG		2,584,138
	16,054	Volkswagen AG		2,915,407
				11,484,694
SOUTH KOREA — 0.9%
	25	LG Household & Health Care Ltd.		14,616
	76,740	Samsung Electronics Co. Ltd.(b)		153,432,052
	9,400	Samsung Electronics Co. Ltd. - GDR		9,397,063
				162,843,731
Total Preferred Stocks (Cost $116,890,162)				181,212,057
RIGHTS/WARRANTS — 0.0%
China — 0.0%
	452	CTBH Financial Rights(a)		0
Hong Kong — 0.0%
	4,431	China Literature Rights, Expiring 11/03/17(a)		0
Total Rights/Warrants (Cost $0)				0

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 5.0%
Federal Home Loan Bank — 5.0%
$	223,000,000	1.01%, 11/10/17(d)		222,943,581
	10,000,000	1.01%, 11/14/17(d)		9,996,349
	180,000,000	1.02%, 11/17/17(d)		179,919,180
	130,000,000	1.01%, 11/20/17(d)		129,930,710
	70,000,000	1.01%, 11/21/17(d)		69,960,730
	12,000,000	1.02%, 11/27/17(d)		11,991,252
	100,000,000	1.02%, 12/01/17(d)		99,913,300
	25,000,000	1.02%, 12/04/17(d)		24,976,175
	40,000,000	1.02%, 12/05/17(d)		39,960,720

Principal Amount			Value
Federal Home Loan Bank (continued)
$	75,000,000	0.00%, 12/11/17(d)	$	74,913,300
Total U.S. Government Agencies (Cost $864,509,887)				864,505,297
Shares
EXCHANGE TRADED FUNDS — 3.7%
	131,300	iShares Edge MSCI USA Momentum Factor ETF		13,195,650
	110,750	iShares Global Infrastructure ETF		5,043,555
	1,277,000	iShares MSCI ACWI ex US ETF(b)		62,930,560
	1,001,075	iShares S&P 500 Index Fund		259,088,221
	52,300	iShares US Financials ETF		5,997,763
	64,500	iShares US Technology ETF		10,422,555
	7,027,000	VanEck Vectors Gold Miners ETF		157,966,960
	1,608,555	VanEck Vectors Junior Gold Miners ETF		51,457,674
	298,000	Vanguard Financials ETF		19,971,960
	254,500	Vanguard Information Technology ETF		41,542,035
	45,200	Vanguard Materials ETF		6,023,351
Total Exchange Traded Funds (Cost $623,373,998)				633,640,284
INVESTMENT COMPANY — 1.3%
	225,875,865	Federated Government Obligations Fund, 0.68%(e)		225,875,865
Total Investment Company (Cost $225,875,865)				225,875,865
TOTAL INVESTMENTS — 100.0% (Cost $13,894,450,002)			$	17,246,705,100
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(3,226,332	)
NET ASSETS — 100.0%			$	17,243,478,768

(a)	Non-income producing security.
(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $1,578,640,002 or 9.16% of net assets.
(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $10,943 which is less than 0.01% of net assets.
(d)	The rate represents the annualized yield at time of purchase.
(e)	The rate shown represents the current yield as of October 31, 2017.

See Notes to Financial Statements.

43

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)
	October 31, 2017

The following abbreviations are used in the report:

ADR-American Depositary Receipt
CDI-Chess Depositary Interests
CPO-Certificate of Participation
DVR-Differential Voting Rights
GDR-Global Depositary Receipt
REIT-Real Estate Investment Trust

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		18.3	%
Consumer Discretionary		13.6
Consumer Staples		13.2
Industrials		9.3
Health Care		8.6
Energy		8.3
Banks		6.2
Diversified Financials		3.3
Insurance		3.2
Materials		2.8
Telecommunication Services		2.1
Utilities		0.6
Real Estate		0.5
Other*		10.0
		100.0	%

* Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. Government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

See Notes to Financial Statements.

44

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments
	October 31, 2017

Shares				Percentage of Net Assets (%)		Value
COMMON STOCKS — 90.6%
ARGENTINA — 0.0%
	3,549		Other Securities		0.0	$	852,860
AUSTRALIA — 1.7%
	34,418,832		Other Securities		1.7		109,966,618
AUSTRIA — 0.2%
	373,883		Other Securities		0.2		12,812,250
BELGIUM — 0.4%
	674,174		Other Securities		0.4		23,906,321
BERMUDA — 0.8%
	403,425		Argo Group International Holdings Ltd.(a)		0.4		25,395,604
	473,001		Other Securities		0.4		25,881,863
							51,277,467
BRAZIL — 0.5%
	4,808,431		Other Securities		0.5		30,638,448
CAMBODIA — 0.0%
	320,000		Other Securities		0.0		258,415
CANADA — 2.4%
	1,328,652		CAE, Inc.		0.4		23,543,124
	789,000		Ritchie Bros Auctioneers, Inc.		0.3		22,115,670
	8,667,929		Other Securities		1.7		114,099,783
							159,758,577
CAYMAN ISLANDS — 0.0%
	37,682		Other Securities		0.0		1,017,744
CHILE — 0.1%
	49,832,011		Other Securities		0.1		7,285,558
CHINA — 1.5%
	122,136,986	��	Other Securities		1.5		99,510,403
CYPRUS — 0.0%
	23,857		Other Securities		0.0		169,406
DENMARK — 0.4%
	1,150,490		Other Securities		0.4		28,217,583
FAEROE ISLANDS — 0.0%
	8,144		Other Securities		0.0		346,481
FINLAND — 0.4%
	1,625,034		Other Securities		0.4		27,798,398
FRANCE — 1.9%
	2,984,486		Other Securities		1.9		127,008,993
GABON — 0.0%
	72		Other Securities		0.0		11,791
GEORGIA — 0.0%
	5,317		Other Securities		0.0		251,398
GERMANY — 2.6%
	3,290,667		Other Securities		2.6		172,650,406
GIBRALTAR — 0.0%
	23,380		Other Securities		0.0		77,847

Shares			Percentage of Net Assets (%)		Value
GREECE — 0.0%
	3,158,945	Other Securities		0.0	$	2,906,356
HONG KONG — 1.2%
	143,872,080	Other Securities		1.2		79,441,509
HUNGARY — 0.0%
	58,553	Other Securities		0.0		373,437
INDIA — 0.8%
	15,842,558	Other Securities		0.8		50,188,951
INDONESIA — 0.1%
	151,554,364	Other Securities		0.1		8,439,619
IRELAND — 1.5%
	826,557	Allegion Plc		1.1		68,926,588
	1,772,801	Other Securities		0.4		26,187,171
						95,113,759
ISLE OF MAN — 0.0%
	101,926	Other Securities		0.0		1,042,246
ISRAEL — 1.2%
	561,733	Check Point Software Technologies Ltd.(b)		1.0		66,121,591
	7,144,140	Other Securities		0.2		14,624,576
						80,746,167
ITALY — 0.6%
	6,796,747	Other Securities		0.6		39,536,797
JAPAN — 5.2%
	325,700	Nifco, Inc.		0.3		21,196,781
	19,088,520	Other Securities		4.9		318,680,216
						339,876,997
JERSEY CHANNEL ISLANDS — 0.0%
	477,993	Other Securities		0.0		2,111,923
JORDAN — 0.0%
	29,542	Other Securities		0.0		456,708
LIECHTENSTEIN — 0.0%
	1,192	Other Securities		0.0		119,786
LUXEMBOURG — 0.3%
	493,376	Other Securities		0.3		17,948,417
MACAU — 0.0%
	99,000	Other Securities		0.0		15,863
MALAYSIA — 0.2%
	19,992,948	Other Securities		0.2		11,298,392
MALTA — 0.0%
	54,127	Other Securities		0.0		691,163
MEXICO — 0.2%
	3,856,537	Other Securities		0.2		10,327,082
MONACO — 0.0%
	17,500	Other Securities		0.0		239,972
NETHERLANDS — 0.7%
	2,038,768	Other Securities		0.7		43,210,252

See Notes to Financial Statements.

45

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Percentage of Net Assets (%)		Value
NEW ZEALAND — 0.6%
	14,240,250	Other Securities		0.6	$	41,053,792
NORWAY — 0.2%
	3,102,984	Other Securities		0.2		9,922,352
PANAMA — 0.0%
	841	Other Securities		0.0		103,603
PERU — 0.0%
	69,232	Other Securities		0.0		749,055
PHILIPPINES — 0.1%
	13,992,065	Other Securities		0.1		3,933,311
POLAND — 0.2%
	2,633,317	Other Securities		0.2		10,140,017
PORTUGAL — 0.0%
	3,449,944	Other Securities		0.0		2,364,843
PUERTO RICO — 0.0%
	86,700	Other Securities		0.0		1,300,500
ROMANIA — 0.0%
	13,747	Other Securities		0.0		192,183
RUSSIA — 0.1%
	2,673,223	Other Securities		0.1		4,822,033
SINGAPORE — 0.8%
	31,136,384	Other Securities		0.8		52,173,563
SOUTH AFRICA — 0.3%
	5,928,901	Other Securities		0.3		20,614,347
SOUTH KOREA — 0.9%
	3,451,567	Other Securities		0.9		58,874,407
SPAIN — 0.4%
	3,405,427	Other Securities		0.4		24,871,882
SWEDEN — 0.9%
	3,632,952	Other Securities		0.9		58,928,672
SWITZERLAND — 1.2%
	1,398,579	Other Securities		1.2		81,580,696
TAIWAN — 1.2%
	94,640,455	Other Securities		1.2		81,110,100
THAILAND — 0.2%
	48,022,102	Other Securities		0.2		11,758,868
TURKEY — 0.1%
	7,941,584	Other Securities		0.1		8,727,426
UNITED KINGDOM — 5.1%
	397,317	Croda International Plc		0.4		22,078,737
	846,861	STERIS Plc(a)		1.2		79,037,537
	32,347,761	Other Securities		3.5		231,103,378
						332,219,652
UNITED STATES — 53.4%
	755,687	Advance Auto Parts, Inc.		0.9		61,769,855
	598,824	ANSYS, Inc.(b)		1.3		81,865,229
	1,725,795	Axalta Coating Systems Ltd.(b)		0.9		57,382,684
	402,451	Blackbaud, Inc.		0.6		40,768,286

Shares			Percentage of Net Assets (%)		Value
UNITED STATES (continued)
	405,400	CommVault Systems, Inc.(b)		0.3	$	21,101,070
	464,417	CONMED Corp.(a)		0.4		24,251,856
	319,220	Cooper Cos., Inc. (The)		1.2		76,695,797
	1,801,569	CoreLogic, Inc.(a)(b)		1.3		84,493,586
	1,139,400	DENTSPLY SIRONA, Inc.		1.1		69,583,158
	995,500	Dover Corp.		1.5		95,060,295
	794,152	Dun & Bradstreet Corp. (The)(a)		1.4		92,780,778
	591,377	Financial Engines, Inc.(a)		0.3		21,348,710
	305,000	Guidewire Software, Inc.(b)		0.4		24,393,900
	3,594,109	Hanesbrands, Inc.		1.2		80,867,453
	452,674	HB Fuller Co.		0.4		25,743,570
	111,377	ICU Medical, Inc.(b)		0.3		21,284,145
	430,832	IDEX Corp.(a)		0.8		55,236,971
	673,948	Integra LifeScience Holdings Corp.(b)		0.5		31,527,287
	450,800	JM Smucker Co. (The)		0.7		47,807,340
	481,625	John Wiley & Sons, Inc. - Class A(a)		0.4		26,320,806
	1,641,755	KAR Auction Services, Inc.(a)		1.2		77,704,264
	673,400	Laboratory Corp of America Holdings(b)		1.6		103,508,314
	220,617	LogMein, Inc.		0.4		26,705,688
	1,441,000	Nasdaq, Inc.(a)		1.6		104,688,650
	450,000	New Relic, Inc.(b)		0.4		23,098,500
	1,818,900	Newell Brands, Inc.		1.1		74,174,742
	385,000	NuVasive, Inc.(b)		0.3		21,841,050
	421,043	Omnicell, Inc.(b)		0.3		20,967,941
	525,984	Qualys, Inc.(a)(b)		0.4		27,824,554
	11,694,600	Samsonite International SA(a)		0.7		48,793,708
	1,099,664	SIX Flags Entertainment Corp.		1.1		69,047,903
	589,128	Snap-on, Inc.		1.4		92,952,616
	811,000	Snyder’s-Lance, Inc.(a)		0.5		30,517,930
	646,803	Spectrum Brands Holdings, Inc.(a)		1.1		71,096,586
	1,489,500	Vantiv, Inc. - Class A(b)		1.6		104,265,000
	1,123,982	Wabtec Corp.(a)		1.3		85,984,623
	401,851	Waters Corp.(b)		1.2		78,782,889
	1,100,600	Welbilt, Inc.(b)		0.4		24,279,236
	175,353	WEX, Inc.(b)		0.3		21,671,877
	947,444	Wolverine World Wide, Inc.		0.4		25,865,221
	276,270	Woodward, Inc.		0.3		21,363,959
	996,731	Wyndham Worldwide Corp.		1.6		106,500,707
	37,707,045	Other Securities		18.3		1,200,910,638
						3,502,829,372
Total Common Stocks (Cost $4,406,488,739)						5,946,173,034
INVESTMENT COMPANY — 0.5%
	30,936,229	SEI Daily Income Trust Government II Fund, Class A 0.88%(c)		0.5		30,936,229
Total Investment Company (Cost $30,936,229)						30,936,229

See Notes to Financial Statements.

46

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)
	October 31, 2017

Shares			Percentage of Net Assets (%)		Value
EXCHANGE TRADED FUNDS — 3.1%
	2,231,500	SPDR S&P Oil & Gas Exploration & Production ETF		1.2	$	76,495,820
	2,178,600	VanEck Vectors Gold Miners ETF		0.7		48,974,928
	1,565,365	VanEck Vectors Junior Gold Miners ETF		0.8		50,076,026
	1,164,000	VanEck Vectors Oil Services ETF		0.4		28,215,360
Total Exchange Traded Funds (Cost $208,953,327)						203,762,134
RIGHTS/WARRANTS — 0.0%
AUSTRALIA — 0.0%
	12,061	Other Securities		0.0		2,149
AUSTRIA — 0.0%
	9,812	Other Securities		0.0		0
BRAZIL — 0.0%
	25,249	Other Securities		0.0		1,507
CHILE — 0.0%
	933,622	Other Securities		0.0		8,655
CHINA — 0.0%
	18,134	Other Securities		0.0		0
FRANCE — 0.0%
	34,332	Other Securities		0.0		1,600
INDIA — 0.0%
	10,042	Other Securities		0.0		3,484
MALAYSIA — 0.0%
	161,393	Other Securities		0.0		5,711
SOUTH KOREA — 0.0%
	7,032	Other Securities		0.0		31,989
SPAIN — 0.0%
	163,639	Other Securities		0.0		60,147
TAIWAN — 0.0%
	104,411	Other Securities		0.0		10,023
THAILAND — 0.0%
	73,140	Other Securities		0.0		38,431
UNITED STATES — 0.0%
	9,600	Other Securities		0.0		0
Total Rights/Warrants (Cost $93,858)						163,696

Principal Amount			Percentage of Net Assets (%)		Value
U.S. GOVERNMENT AGENCIES — 3.5%
Federal Home Loan Bank — 3.5%
$	8,000,000	0.50%, 11/01/2017(d)		0.1	$	8,000,000
	5,000,000	1.01%, 11/08/2017(d)		0.1		4,999,020
	72,000,000	1.01%, 11/10/2017(d)		1.1		71,981,784
	29,000,000	1.01%, 11/13/2017(d)		0.4		28,990,227
	20,000,000	1.02%, 11/17/2017(d)		0.3		19,991,020
	17,000,000	1.02%, 11/22/2017(d)		0.3		16,989,987
	26,000,000	1.02%, 12/04/2017(d)		0.4		25,975,222
	54,000,000	1.02%, 12/06/2017(d)		0.8		53,945,406
Total U.S. Government Agencies (Cost $230,874,583)						230,872,666
U.S. GOVERNMENT SECURITIES — 0.5%
U.S. Treasury Bills — 0.5%
	30,000,000	0.88%, 11/02/2017(d)		0.5		29,999,234
Total U.S. Government Securities (Cost $29,999,267)						29,999,234
Shares
CASH SWEEP — 1.5%
	99,156,152	Citibank - US Dollars on Deposit in Custody Account, 0.10%(c)		1.5	$	99,156,152
Total Cash Sweep (Cost $99,156,152)						99,156,152
TOTAL INVESTMENTS — 99.7% (Cost $5,006,502,155)					$	6,541,063,145
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%						21,318,125
NET ASSETS — 100.0%					$	6,562,381,270

(a)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $476,084,778 or 7.25% of net assets.
(b)	Non-income producing security.
(c)	The rate shown represents the current yield as of October 31, 2017.
(d)	The rate represents the annualized yield at time of purchase.

See Notes to Financial Statements.

47

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)
	October 31, 2017

Forward Foreign Currency Exchange Contracts outstanding at October 31, 2017:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	28,929,616	NZD	41,822,000	Citibank N.A.	01/31/18	$	354,673
						$	354,673

This Condensed Portfolio of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete Portfolio of Investments is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov.

Level 3 common stocks and rights with a value of $1,541,852 (cost of $9,019,653) or 0.02% of net assets were fair valued by the Board of Directors.

The following abbreviations are used in the report:

NZD — New Zealand Dollar

USD — U.S. Dollar

Portfolio Diversification by Sector (Unaudited)
Sector	Percentage of Net Assets
Industrials		20.9	%
Consumer Discretionary		14.7
Information Technology		13.5
Health Care		12.7
Consumer Staples		6.6
Materials		5.9
Banks		4.4
Diversified Financials		3.3
Real Estate		2.8
Insurance		2.3
Utilities		2.0
Energy		0.9
Telecommunication Services		0.4
Financials		0.2
Other*		9.4
Total		100.0	%

* Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, U.S government securitities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

See Notes to Financial Statements.

48

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments	October 31, 2017

Shares			Value
COMMON STOCKS — 9.6%
BELGIUM — 0.0%
	24,233	Colruyt SA	$	1,239,483
BERMUDA — 0.5%
	47,577	Aspen Insurance Holdings Ltd.		2,041,053
	166,532	Axis Capital Holdings Ltd.		9,057,675
	19,737	Everest Re Group Ltd.		4,686,550
	40,926	Renaissancere Holdings Ltd.		5,662,521
	73,736	Validus Holdings, Ltd.		3,840,171
				25,287,970
BRAZIL — 0.0%
	146,300	Fibria Celulose SA		2,334,950
CANADA — 0.0%
	21,416	Waste Connections, Inc.		1,513,114
CHINA — 0.2%
	1,831,000	China Lesso Group Holdings Ltd.		1,222,795
	8,612,000	China SCE Property Holdings Ltd.		3,885,744
	2,948,000	China Shenhua Energy Co. Ltd. - H Shares		7,043,700
				12,152,239
DENMARK — 0.0%
	14,642	ALK-Abello A/S		2,290,875
EGYPT — 0.0%
	85,356	Eastern Tobacco		1,535,772
FRANCE — 0.1%
	48,315	BioMerieux		3,789,875
GERMANY — 0.2%
	71,119	Daimler AG		5,905,872
	6,181	Rational AG		4,053,563
				9,959,435
HONG KONG — 0.2%
	4,772,000	Anxin-China Holdings Ltd.(a)(b)(c)		44,164
	2,236,000	China Lumena New Materials Corp.(a)(b)(c)		0
	237,500	CK Infrastructure Holdings, Ltd.		2,067,097
	2,689,500	Hopewell Highway Infrastructure Ltd.(a)		1,668,570
	154,000	VTech Holdings Ltd.		2,189,171
	1,740,500	Yue Yuen Industrial Holdings Ltd.		6,670,719
				12,639,721
INDONESIA — 0.1%
	257,300	Gudang Garam Tbk PT		1,328,000
	391,000	Unilever Indonesia Tbk PT		1,429,943
				2,757,943
ISRAEL — 0.0%
	3,402,861	Oil Refineries Ltd.		1,748,179

Shares			Value
JAPAN — 0.8%
	51,700	Adastria Co. Ltd.	$	1,122,163
	158,900	Duskin Co. Ltd.		4,332,175
	114,000	Fukuyama Transporting Co. Ltd.(a)		3,684,535
	26,400	Kura Corp.		1,179,473
	42,200	Mochida Pharmaceutical Co. Ltd.(a)		3,073,005
	98,700	Nikon Corp.		1,860,201
	187,000	Nippon Kayaku Co. Ltd.		2,957,003
	27,100	Nippon Telegraph & Telephone Corp.		1,304,413
	437,700	NTT Data Corp.		5,069,706
	72,200	Osaka Gas Co. Ltd.		1,389,646
	28,800	Paramount Bed Holdings Co. Ltd.		1,262,636
	250,800	Takasago Thermal Engineering Co. Ltd.(a)		4,395,976
	58,400	Toyo Suisan Kaisha Ltd.		2,236,771
	262,900	Yokogawa Electric Corp.		4,943,320
	186,200	Zensho Holdings Co. Ltd.		3,440,536
				42,251,559
LUXEMBOURG — 0.0%
	1,185,250	L’Occitane International SA(a)		2,251,571
MALAYSIA — 0.0%
	3,287,200	Sunway Real Estate Investment Trust, REIT(a)		1,335,534
MOROCCO AND ANTILLES — 0.1%
	61,761	Attijariwafa Bank		3,075,501
NETHERLANDS — 0.1%
	127,785	Aalberts Industries NV		6,303,066
PAKISTAN — 0.0%
	424,300	Engro Corp. Ltd.		1,119,893
	196,550	Lucky Cement Ltd.		908,401
				2,028,294
QATAR — 0.1%
	102,265	Ooredoo QSC		2,412,513
SOUTH AFRICA — 0.0%
	345,580	Gold Fields Ltd.		1,379,509
SOUTH KOREA — 0.1%
	35,424	GS Retail Co. Ltd.		1,056,064
	144,751	LG Display Co. Ltd.		3,785,607
	225,721	LG Uplus Corp.		2,588,936
				7,430,607
SWITZERLAND — 0.1%
	24,355	Schindler Holding AG		5,519,637
TAIWAN — 0.8%
	9,518,250	Chang Hwa Commercial Bank Ltd.(a)		5,160,012
	8,950,339	E.Sun Financial Holding Co. Ltd.		5,445,671
	7,903,980	First Financial Holding Co. Ltd.		5,097,313

See Notes to Financial Statements.

49

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TAIWAN (continued)
	1,065,880	Foxconn Technology Co. Ltd.	$	3,396,312
	1,367,000	Hon Hai Precision Industry Co. Ltd.		5,076,477
	9,385,950	Hua Nan Financial Holdings Co. Ltd.		5,134,972
	1,797,000	LCY Chemical Corp.		2,454,829
	759,000	Novatek Microelectronics Corp.		2,806,031
	2,262,000	Siliconware Precision Industries Co. Ltd.		3,585,059
	2,011,000	Uni-President Enterprises Corp.		4,200,766
				42,357,442
UNITED ARAB EMIRATES — 0.0%
	443,572	Emirates Telecommunications Group Co. PJSC		2,155,871
UNITED KINGDOM — 0.1%
	507,704	Cineworld Group Plc		4,480,753
UNITED STATES — 6.1%
	24,953	3M Co.		5,743,931
	86,109	AGNC Investment Corp. REIT		1,733,374
	117,986	Altria Group, Inc.		7,577,061
	52,941	American Financial Group, Inc.		5,584,746
	28,607	Amgen, Inc.		5,012,518
	70,463	Amphenol Corp. Class A		6,130,281
	262,679	Annaly Capital Management, Inc., REIT		3,010,301
	17,313	Anthem, Inc.		3,622,053
	442,833	Apollo Investment Corp.		2,621,571
	58,655	Aptargroup, Inc.		5,107,091
	91,414	Arthur J Gallagher & Co.		5,789,249
	436,407	AT&T, Inc.		14,685,095
	42,594	Automatic Data Processing, Inc.		4,951,978
	12,378	BlackRock, Inc.		5,827,934
	157,370	Brinker International, Inc.		4,834,406
	122,448	Brown & Brown, Inc.		6,102,808
	19,880	Cardinal Health, Inc.		1,230,572
	68,050	CBOE Holdings, Inc.		7,693,733
	50,000	Celgene Corp.(c)		5,048,500
	46,457	Cheesecake Factory, Inc. (The)		2,078,486
	69,631	Clorox Co. (The)		8,810,410
	132,742	Conagra Brands, Inc.		4,534,467
	16,475	Consolidated Edison, Inc.		1,417,674
	16,366	Cracker Barrel Old Country Store, Inc.		2,555,223
	104,142	Darden Restaurants, Inc.		8,567,762
	57,949	Dr Pepper Snapple Group, Inc.		4,963,911
	88,864	Equity Commonwealth REIT(c)		2,670,363
	54,870	Estee Lauder Cos., Inc. (The) - Class A		6,135,015
	26,219	General Dynamics Corp.		5,321,933
	1,725,000	General Motors Co., Escrow Shares(a)(b)(c)		258,750
	46,408	IDEX Corp.		5,949,970
	35,974	Illinois Tool Works, Inc.		5,630,650
	50,151	Jack Henry & Associates, Inc.		5,523,130
	45,240	JM Smucker Co. (The)		4,797,702

Shares			Value
UNITED STATES (continued)
	39,158	Johnson & Johnson	$	5,459,017
	5,355	Lockheed Martin Corp.		1,650,197
	111,611	Loews Corp.		5,525,860
	66,664	Marsh & McLennan Cos., Inc.		5,395,118
	54,252	McCormick & Co., Inc. - Non Voting Shares		5,399,701
	62,188	Motorola Solutions, Inc.		5,630,502
	84,303	NIC, Inc.		1,433,151
	78,636	NiSource, Inc.		2,073,631
	4,913	Northrop Grumman Corp.		1,451,939
	65,517	Northwest Natural Gas Co.		4,347,053
	64,934	Omnicom Group, Inc.		4,362,915
	45,914	PepsiCo, Inc.		5,061,100
	100,000	PG&E Corp.		5,777,000
	22,794	ProAssurance Corp.		1,277,604
	36,443	Quest Diagnostics, Inc.		3,417,625
	25,231	Raytheon Co.		4,546,626
	40,236	Reinsurance Group of America, Inc.		6,010,454
	81,343	Republic Services, Inc.		5,292,989
	95,557	RPM International, Inc.		5,096,055
	102,278	Sonoco Products Co.		5,296,978
	112,038	Southern Co. (The)		5,848,384
	36,037	Stanley Black & Decker, Inc.		5,821,777
	36,324	Stryker Corp.		5,625,498
	65,851	T Rowe Price Group, Inc.		6,117,558
	41,588	Target Corp.		2,455,356
	29,456	Thermo Fisher Scientific, Inc.		5,709,456
	81,983	Travelers Cos., Inc. (The)		10,858,648
	110,523	Unum Group.		5,751,617
	8,475	Vail Resorts, Inc.		1,940,945
	56,318	Verizon Communications, Inc.		2,695,943
	121,263	Wal-Mart Stores, Inc.		10,587,473
	49,928	Walt Disney Co. (The)		4,883,457
	70,468	Waste Management, Inc.		5,790,356
	76,966	WR Berkley Corp.		5,278,328
				335,392,959
Total Common Stocks (Cost $482,770,213)				535,624,372
CLOSED-END FUNDS — 4.0%
UNITED STATES — 4.0%
	327,779	AllianceBernstein Global High Income Fund, Inc.(a)		4,244,738
	242,711	Apollo Tactical Income Fund, Inc.(a)		3,907,647
	380,115	Ares Dynamic Credit Allocation Fund, Inc.(a)		6,252,892
	180,658	Barings Global Short Duration High Yield Fund(a)		3,732,394
	62,159	Barings Participation Investors(a)		896,954
	299,790	BlackRock Credit Allocation Income Trust(a)		4,005,195

See Notes to Financial Statements.

50

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	165,570	Blackrock Defined Opportunity Credit Trust(a)(b)	$	0
	598,000	BlackRock Income Trust, Inc.(a)		3,707,600
	413,675	Blackrock Limited Duration Income Trust(a)		6,639,484
	569,397	Blackrock Multi-Sector Income Trust(a)		10,562,314
	823,586	Blackstone/GSO Strategic Credit Fund(a)		13,062,074
	202,889	Brookfield Real Assets Income Fund, Inc(a)		4,847,018
	466,845	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)		12,390,066
	186,550	Cohen & Steers Quality Income Realty Fund, Inc.		2,331,875
	149,228	Cohen & Steers REIT and Preferred Income Fund, Inc.(a)		3,165,126
	401,757	Doubleline Income Solutions Fund		8,408,774
	106,106	Eaton Vance Municipal Income Trust(a)		1,329,508
	113,768	First Trust High Income Long/Short Fund		1,923,817
	368,105	First Trust Intermediate Duration Preferred & Income Fund(a)		9,129,004
	16,621	Guggenheim Credit Allocation Fund		376,133
	151,895	Guggenheim Strategic Opportunities Fund(a)		3,236,883
	215,060	Invesco Advantage Municipal Income Trust II(a)		2,415,812
	823,711	Invesco Dynamic Credit Opportunities Fund(a)		9,793,924
	2,391,677	Invesco Senior Income Trust(a)		10,595,129
	100,000	Invesco Value Municipal Income Trust		1,469,000
	134,052	KKR Income Opportunities Fund(a)		2,261,457
	157,191	Legg Mason BW Global Income Opportunities Fund, Inc.(a)		2,043,483
	322,701	NexPoint Credit Strategies Fund(a)		7,641,560
	111,600	Nuveen Credit Strategies Income Fund		931,860
	153,000	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund		2,321,010
	77,740	Nuveen Mortgage Opportunity Term Fund(a)		2,008,024
	831,320	Nuveen Preferred & Income Securities Fund(a)		8,554,283
	206,585	Nuveen Preferred & Income Term Fund(a)		5,199,744
	621,803	PIMCO Dynamic Credit Income Fund		14,133,582

Shares			Value
UNITED STATES (continued)
	627,384	PIMCO Income Strategy Fund II(a)	$	6,706,735
	488,946	Pioneer Floating Rate Trust(a)		5,882,020
	311,352	Pioneer Municipal High Income Advantage Trust(a)		3,552,526
	332,733	Prudential Global Short Duration High Yield Fund, Inc.(a)		4,904,485
	486,973	Prudential Short Duration High Yield Fund, Inc.(a)		7,377,641
	81,873	Stone Harbor Emerging Markets Income Fund		1,368,917
	1,571,093	Voya Prime Rate Trust(a)		8,059,707
	765,400	Wells Fargo Advantage Income Opportunities Fund(a)		6,513,554
	486,959	Western Asset High Income Fund II, Inc.(a)		3,472,018
Total Closed-End Funds (Cost $209,567,355)				221,355,967
EXCHANGE TRADED FUNDS — 15.4%
UNITED STATES — 15.4%
	725,000	Alerian MLP ETF		7,772,000
	168,790	Consumer Discretionary Select Sector SPDR Fund		15,526,992
	450,000	Energy Select Sector SPDR Fund		30,559,500
	1,400,000	Financial Select Sector SPDR Fund		37,240,000
	359,595	Health Care Select Sector SPDR Fund		29,166,750
	990,000	iShares Edge MSCI Minimum Volatility USA ETF		50,806,800
	50,000	iShares Global Healthcare ETF		5,543,000
	2,896,135	iShares MSCI EAFE ETF		201,657,880
	925,000	iShares MSCI Emerging Markets Index Fund		42,809,000
	1,292,835	iShares MSCI Germany ETF		42,754,053
	1,228,750	iShares MSCI Japan ETF		72,066,188
	155,000	iShares MSCI Taiwan Capped ETF		5,905,500
	660,000	iShares MSCI United Kingdom ETF		23,139,600
	200,000	iShares Russell 1000 Value ETF		23,878,000
	90,000	iShares US Aerospace & Defense ETF		16,242,300
	511,000	iShares US Preferred Stock ETF		19,668,390
	200,000	Materials Select Sector SPDR Fund		11,800,000
	219,600	SPDR S&P Dividend ETF		20,308,608
	77,107	Technology Select Sector SPDR Fund		4,853,886
	825,000	VanEck Vectors Russia ETF		17,976,750
	1,315,000	Vanguard FTSE Europe ETF		77,059,000
	455,000	Vanguard Total Stock Market ETF		60,210,150

See Notes to Financial Statements.

51

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Shares				Value
UNITED STATES (continued)
	530,000		WisdomTree Europe Hedged Equity Fund	$	35,197,300
Total Exchange Traded Funds (Cost $784,084,016)					852,141,647
PREFERRED STOCKS — 0.1%
UNITED STATES — 0.1%
	104,500		New York Community Capital Trust V, 6.00%(a)		5,277,250
Total Preferred Stocks (Cost $5,090,925)					5,277,250
RIGHTS/WARRANTS — 0.0%
UNITED STATES — 0.0%
	136,053		KKR Income Opportunities Fund(a)(c)	$	43,265
Total Rights/Warrants (Cost $0)					43,265
Contracts
CALL OPTIONS PURCHASED — 0.0%
	125,000		PowerShares DB US Dollar Index Bullish Fund, Strike $25.00, Expires 01/19/18, (Notional amount $312,500,000)		1,875,000
Total Call Options Purchased (Cost $1,667,748)					1,875,000
Principal Amount				Value
BANK LOANS — 1.2%
BELGIUM — 0.0%
	1,000,000	(d)	ADB Safegate BVBA First Lien Term Loan, (EURIBOR + 3.500%), 3.50%, 10/02/24(e)		1,175,042
CAYMAN ISLANDS — 0.0%
	1,000,000	(f)	Richmond Cayman LP First Lien Term Loan B, (LIBOR + 4.250%), 4.65%, 03/03/24(e)		1,323,695
FINLAND — 0.0%
	1,000,000	(d)	Nordic Packaging & Container Finland Holdings First Lien Term Loan B, (EURIBOR + 5.000%), 5.00%, 11/04/23(e)		1,174,751

Principal Amount				Value
FRANCE — 0.1%
	2,000,000	(d)	Assystem First Lien Term Loan B, (EURIBOR + 4.750%), 4.75%, 09/28/24(e)	$	2,296,221
	2,000,000	(d)	Hera SAS First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 09/20/24(e)		2,334,079
					4,630,300
GERMANY — 0.2%
	20,000,000	(d)	Amedes Holding AG First Lien Term Loan B, (EURIBOR + 4.750%), 4.75%, 08/19/22(e)		2,231,898
	2,000,000	(d)	ColourOz Investment 1 GmbH First Lien Term Loan B, (EURIBOR + 3.000%), 3.00%, 09/07/21(e)		2,278,446
	435,134	(d)	Douglas GmbH First Lien Term Loan B1, (EURIBOR + 3.500%), 3.50%, 08/13/22(e)		508,229
	225,273	(d)	Douglas GmbH First Lien Term Loan B2, (EURIBOR + 3.500%), 3.50%, 08/13/22(e)		263,115
	393,673	(d)	Douglas GmbH First Lien Term Loan B3, (EURIBOR + 3.500%), 3.50%, 08/13/22(e)		459,803
	394,803	(d)	Douglas GmbH First Lien Term Loan B4, (EURIBOR + 3.500%), 3.50%, 08/13/22(e)		461,124
	88,027	(d)	Douglas GmbH First Lien Term Loan B5, (EURIBOR + 3.500%), 3.50%, 08/13/22(e)		102,814
	297,227	(d)	Douglas GmbH First Lien Term Loan B6, (EURIBOR + 3.500%), 3.50%, 08/13/22(e)		347,156
	165,864	(d)	Douglas GmbH First Lien Term Loan B7, (EURIBOR + 3.500%), 3.50%, 08/13/22(e)		193,726
	2,000,000	(d)	OEP Trafo BidCo GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 4.00%, 06/30/24(e)		2,320,380
	1,000,000	(d)	Riemser Arzneimittel AG First Lien Term Loan B, (EURIBOR + 5.500%), 5.50%, 06/29/23(e)		1,141,261

See Notes to Financial Statements.

52

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount				Value
GERMANY (continued)
	2,000,000	(d)	SLV GmbH First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 12/16/23(e)	$	2,242,335
					12,550,287
JERSEY CHANNEL ISLANDS — 0.1%
	1,000,000	(f)	Capri Acquisitions Bidco Ltd. First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 10/04/24(e)		1,170,837
	2,510,000	(f)	L1R HB Finance Ltd. First Lien Term Loan B, (LIBOR + 5.250%), 5.25%, 08/31/24(e)		3,250,302
					4,421,139
LUXEMBOURG — 0.2%
	1,994,962	(d)	Allnex Sarl First Lien Term Loan B1, (EURIBOR + 3.250%), 3.25%, 09/13/23(e)		2,332,289
	2,000,000	(d)	Coveris Holdings SA First Lien Term Loan, (EURIBOR + 4.000%), 4.00%, 06/26/22(e)		2,281,940
	2,000,000	(d)	Orbiter Group Sarl First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 07/12/24(e)		2,348,430
	2,175,000	(d)	Swissport Financing Sarl First Lien Term Loan B, (EURIBOR + 3.750%), 3.75%, 02/10/22(e)		2,556,071
					9,518,730
NETHERLANDS — 0.1%
	2,000,000	(d)	Fugue Finance BV First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 06/26/24(e)		2,338,109
	2,000,000	(d)	Refresco Group NV First Lien Term Loan B, (EURIBOR + 2.750%), 2.75%, 07/21/24(e)		2,338,063
	1,000,000	(d)	UPC Broadband Holding BV First Lien Term Loan, (EURIBOR + 2.750%), 2.75%, 10/15/26(e)		1,168,123
					5,844,295
SPAIN — 0.0%
	2,000,000	(d)	Dorna Sports SL First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 04/12/24(e)		2,336,735

Principal Amount				Value
SWITZERLAND — 0.0%
	1,000,000	(d)	Avaloq Group AG First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 06/08/24(e)	$	1,162,671
UNITED KINGDOM — 0.3%
	1,000,000	(d)	Belron Finance Ltd. First Lien Term Loan B, (EURIBOR + 2.750%), 2.75%, 10/25/24(e)		1,173,097
	1,680,000	(f)	Camelia Bidco Ltd. First Lien Term Loan B, (LIBOR + 4.750%), 4.75%, 10/05/24(e)		2,232,332
	2,000,000	(d)	Eg Finco Ltd. First Lien Term Loan D2, (EURIBOR + 4.000%), 4.00%, 01/31/23(e)		2,340,043
	2,500,000	(d)	HNVR Holdco Ltd. First Lien Term Loan B, (EURIBOR + 5.000%), 5.00%, 09/12/23(e)		2,918,793
	600,000	(d)	Inovyn Finance Plc, First Lien Term Loan B, (EURIBOR + 2.250%), 2.25%, 05/10/24(e)		699,175
	1,000,000	(d)	Inovyn Finance Plc, First Lien Term Loan B, (EURIBOR + 2.250%), 3.00%, 04/11/24(e)		1,165,292
	1,979,000	(d)	Interoute Finco Plc, First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 10/09/23(e)		2,315,472
	2,000,000	(d)	Shilton Bidco Ltd. First Lien Term Loan B1, (EURIBOR + 3.250%), 3.25%, 07/31/24(e)		2,335,523
					15,179,727
UNITED STATES — 0.2%
	1,603,000	(d)	Avantor, Inc. First Lien Term Loan, (EURIBOR + 4.250%), 4.25%, 09/22/24(e)		1,877,262
	2,000,000	(d)	Canyon Valor Cos Inc. First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 06/16/23(e)		2,364,644
	2,000,000	(d)	Gates Global LLC First Lien Term Loan B1, (EURIBOR + 3.500%), 3.50%, 03/31/24(e)		2,346,123

See Notes to Financial Statements.

53

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount				Value
UNITED STATES (continued)
$	2,233,491		Lone Star LPST Future Funding Term Loan, (LIBOR + 3.750%), 5.06%, 10/09/18(a)(e)	$	2,233,491
					8,821,520
Total Bank Loans (Cost $68,952,996)					68,138,892
CORPORATE BONDS — 10.1%
ARGENTINA — 0.0%
$	1,000,000		Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(g)	$	1,077,500
	850,000		Arcor SAIC, 6.00%, 07/06/23(g)		914,600
					1,992,100
AUSTRIA — 0.1%
	1,400,000	(h)	Raiffeisen Bank International AG, (12 yr. Euro Swap+ 5.954%), 6.13%, 12/15/49(g)(i)		1,768,927
	1,000,000	(h)	Steinhoff Finance Holding GmbH., Cnv, 1.25%, 08/11/22(g)		1,057,194
					2,826,121
BERMUDA — 0.1%
	1,150,000		Ooredoo International Finance Ltd., 4.75%, 02/16/21(g)		1,213,250
	950,000		Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/26(g)		934,144
					2,147,394
BRAZIL — 0.1%
	1,225,000	(d)	Votorantim Cimentos SA,  3.50%, 07/13/22(g)		1,485,088
	844,000		Votorantim SA, 6.63%, 09/25/19(g)		894,218
					2,379,306
BULGARIA — 0.0%
	1,500,000	(d)	Bulgarian Telecommunications Co. EAD, 6.63%, 11/15/18(g)		1,754,787
CANADA — 0.1%
	1,000,000		First Quantum Minerals Ltd., 7.00%, 02/15/21(j)		1,037,500
	150,000		GFL Environmental, Inc, 5.63%, 05/01/22(j)		155,625
	800,000		Lions Gate Entertainment Corp., 5.88%, 11/01/24(j)		848,000

Principal Amount				Value
CANADA (continued)
$	425,000		Telesat Canada / Telesat LLC, 8.88%, 11/15/24(j)	$	476,000
	200,000		Valeant Pharmaceuticals International, Inc.,  6.50%, 03/15/22(j)		212,000
	600,000		Valeant Pharmaceuticals International, Inc., 7.00%, 03/15/24(j)		649,500
					3,378,625
CAYMAN ISLANDS — 0.1%
	1,000,000		Petrobras Global Finance BV, 5.38%, 01/27/21		1,051,250
	421,000		Suzano Trading Ltd., 5.88%, 01/23/21(g)		452,575
	3,350,000		Vale Overseas, Ltd., 5.88%, 06/10/21		3,680,879
					5,184,704
CZECH REPUBLIC — 0.0%
	725,000	(d)	EP Energy AS, 4.38%, 05/01/18(g)		861,749
	800,000	(d)	RESIDOMO SRO, 3.38%, 10/15/24(g)		954,058
					1,815,807
DOMINICAN REPUBLIC — 0.0%
	920,000		Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(g)		998,200
FRANCE — 0.7%
	600,000	(h)	Areva SA, 3.25%, 09/04/20(g)		741,977
	200,000	(h)	Areva SA, 3.50%, 03/22/21		249,394
	7,000,000		Carrefour SA., Cnv., 1.00%, 06/14/23(g)(k)		6,513,500
	1,100,000	(h)	Casino Guichard Perrachon SA, 4.50%, 03/07/24(g)		1,448,098
	800,000	(h)	Electricite de France SA, (8 yr. Euro Swap + 2.441%), 4.13%, 01/29/49(g)(i)		1,013,419
	900,000	(h)	Electricite de France SA, (7 yr. Euro Swap + 3.021%), 4.25%, 12/29/49(g)(i)		1,117,871
	425,000	(h)	Loxam SAS, 6.00%, 04/15/25(g)		540,928
	1,500,000	(h)	NEW Areva Holding SA, 4.88%, 09/23/24		1,968,304
	825,000	(h)	Numericable-SFR SAS, 5.63%, 05/15/24(g)		1,045,050
	5,000,000	(f)	Orange SA., Cnv., 0.38%, 06/27/21(g)		6,575,644
	525,000	(h)	PSA Tresorerie GIE, 6.00%, 09/19/33		798,144

See Notes to Financial Statements.

54

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount				Value
FRANCE (continued)
$	5,000,000	(h)	Rallye SA., Cnv, 5.25%, 02/01/22(a)(g)	$	6,438,706
	275,000	(h)	Solvay Finance SA, (5 yr. Euro Swap + 5.223%), 5.87%, 06/03/49(g)(i)		386,803
	275,000	(h)	Solvay Finance SA, (5 yr. Euro Swap + 3.700%), 5.43%, 11/12/49(g)(i)		378,888
	30,000,000	(h)	Veolia Environnement SA., Cnv, 31.00%, 03/15/21(a)(g)(k)		10,396,282
					39,613,008
GERMANY — 0.1%
	550,000	(h)	DEMIRE Deutsche Mittelstand Real Estate AG, 2.88%, 07/15/22(g)		656,940
	325,000	(h)	IHO Verwaltungs GmbH, 3.25% cash or 4.00% payment-in-kind interest, 3.25%, 09/15/23(g)(l)		397,051
	200,000	(h)	IHO Verwaltungs GmbH, 3.75% cash or 4.50% payment-in-kind interest, 3.75%, 09/15/26(g)(l)		249,278
	1,650,000	(h)	Senvion Holding GmbH, 3.88%, 10/25/22(g)		1,974,857
	475,000	(h)	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.63%, 02/15/26(g)		605,923
					3,884,049
GUERNSEY — 0.0%
	1,050,000	(h)	Globalworth Real Estate Investments, Ltd., REIT, 2.88%, 06/20/22(g)		1,254,009
HONG KONG — 0.0%
	9,700,000		China Milk Products Group Ltd., Cnv., 13.00%, 12/31/49(b)(c)(k)(m)		0
HUNGARY — 0.0%
	775,000	(h)	MOL Hungarian Oil & Gas Plc, 2.63%, 04/28/23(g)		972,054
INDONESIA — 0.0%
	800,000		Perusahaan Listrik Negara PT, 5.50%, 11/22/21(g)		874,600
IRELAND — 0.1%
	650,000		MMC Norilsk Nickel OJSC via MMC Finance Ltd., 4.38%, 04/30/18(g)		655,496
	1,750,000		Phosagro OAO via Phosagro Bond Funding DAC, 3.95%, 11/03/21(g)		1,769,950
	975,000	(h)	Russian Railways via RZD Capital Plc, 2.18%, 02/26/18		981,773
	450,000		Smurfit Kappa Acquisitions, 4.88%, 09/15/18(j)		456,885

Principal Amount				Value
IRELAND (continued)
$	1,360,000	(f)	Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24(g)	$	1,880,087
					5,744,191
ITALY — 0.1%
	2,625,000	(f)	Enel SpA, (5 yr. GBP Swap + 5.662%), 7.75%, 09/10/75(g)(i)		3,992,923
	725,000	(h)	Wind Tre SpA, 2.63%, 01/20/23(g)		848,316
	2,230,000	(h)	Wind Tre SpA, (3 mo. EURIBOR + 2.750%), 2.75%, 01/20/24(g)(n)		2,610,602
					7,451,841
JERSEY CHANNEL ISLANDS — 0.3%
	1,600,000	(d)	Adient Global Holdings Ltd., 3.50%, 08/15/24(g)		1,967,664
	825,000	(f)	Kennedy Wilson Europe Real Estate Plc, 3.95%, 06/30/22(g)		1,148,029
	1,200,000	(d)	Kennedy Wilson Europe Real Estate Plc, 3.25%, 11/12/25(g)		1,477,621
	1,650,000	(d)	LHC3 Plc, 4.13% cash or 4.88 payment-in-kind interest, 4.13%, 08/15/24(g)(l)		1,985,851
	1,375,000	(d)	Lincoln Finance Ltd., 6.88%, 04/15/21(g)		1,690,465
	350,000	(d)	Mercury Bondco Plc, 7.13% cash or 7.88% payment-in-kind interest, 7.13%, 05/30/21(g)(l)		424,918
	1,700,000	(d)	Mercury Bondco Plc, 8.25% cash or 9.00% payment-in-kind interest, 8.25%, 05/30/21(g)(l)		2,088,365
	5,000,000	(f)	Remgro Jersey GBP Ltd., Cnv., 2.63%, 03/22/21(g)		6,418,923
					17,201,836
LUXEMBOURG — 0.6%
	125,000	(h)	Altice Financing SA, 6.50%, 01/15/22(g)		151,358
	650,000	(h)	Altice Finco SA, 4.75%, 01/15/28		764,708
	2,375,000	(h)	Altice Luxembourg SA, 7.25%, 05/15/22(g)		2,946,341
	430,000	(f)	Cabot Financial Luxembourg SA, 6.50%, 04/01/21(g)		589,663
	675,000	(h)	Cirsa Funding Luxembourg SA, 5.88%, 05/15/23(g)		826,570
	1,280,000	(h)	Crystal Almond SARL, 10.00%, 11/01/21(g)		1,685,737

See Notes to Financial Statements.

55

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount				Value
LUXEMBOURG (continued)
$	269,247	(h)	Dakar Finance SA, 9.00% cash or 9.25% payment-in-kind interest, 9.00%, 11/15/20(g)(l)	$	315,200
	1,200,000	(h)	Garfunkelux Holdco 3 SA, 7.50%, 08/01/22(g)		1,500,184
	125,000	(f)	Garfunkelux Holdco 3 SA, 8.50%, 11/01/22(g)		179,134
	855,000	(f)	Gazprom OAO Via Gaz Capital SA, 5.34%, 09/25/20(g)		1,220,822
	800,000		Gazprom OAO Via Gaz Capital SA, 6.51%, 03/07/22(g)		885,962
	600,000	(h)	Grand City Properties SA, (5 yr. Euro Swap + 3.888%), 3.75%, 12/18/49(i)		755,535
	2,200,000	(h)	Greif Nevada Holdings, Inc. SCS, 7.38%, 07/15/21(g)		3,076,228
	1,000,000		Intelsat Jackson Holdings SA, 8.00%, 02/15/24(j)		1,060,000
	1,615,000	(h)	Intralot Capital Luxembourg SA, 5.25%, 09/15/24(g)		1,918,857
	1,475,000	(o)	Matterhorn Telecom SA, 3.63%, 05/01/22(g)		1,519,132
	975,000		Minerva Luxembourg SA, 6.50%, 09/20/26(g)		1,011,075
	400,000	(h)	SES SA, (5 yr. Euro Swap + 4.664%), 4.63%, 01/02/49(g)(i)		504,380
	2,150,000	(h)	SES SA, (5 yr. Euro Swap + 5.401%), 5.63%, 12/29/49(g)(i)		2,817,480
	1,000,000	(h)	Takko Luxembourg 2 SCA, 9.88%, 04/15/19(g)		1,193,679
	675,000	(h)	Takko Luxembourg 2 SCA, 5.38%, 11/15/23(g)		788,436
	900,000	(h)	Telecom Italia Finance SA, 7.75%, 01/24/33		1,632,094
	125,000	(h)	Telecom Italia Finance SA, 7.75%, 01/24/33		226,680
	900,000		Ultrapar International SA, 5.25%, 10/06/26(g)		922,257
	1,000,000		VM Holding SA, 5.38%, 05/04/27(g)		1,056,200
	1,600,000	(h)	Wind Acquisition Finance SA, 7.00%, 04/23/21(g)		1,932,811
					31,480,523
NETHERLANDS — 0.6%
	1,000,000		AT Securities BV, (5 yr. Swap Semi 30/360 US + 3.546%), 5.25%, 06/21/49(g)(i)		1,010,000
	2,000,000	(h)	ATF Netherlands BV, (5 yr. Euro Swap + 4.375%), 3.75%, 01/20/43(g)(i)		2,464,822
	4,000,000	(h)	Bayer Capital Corp. BV., Cnv., 5.63%, 11/22/19(j)		5,562,156

Principal Amount				Value
NETHERLANDS (continued)
$	850,000	(h)	Constellium NV, 7.00%, 01/15/23(g)	$	1,052,500
	850,000	(h)	Digi Communications NV, 5.00%, 10/15/23(g)		1,062,203
	950,000		Embraer Netherlands Finance BV, 5.05%, 06/15/25		1,002,250
	600,000		Majapahit Holding BV, 7.75%, 01/20/20(g)		662,280
	700,000	(h)	NE Property Cooperatief UA, 3.75%, 02/26/21(g)		890,749
	250,000		Petrobras Global Finance BV, 6.13%, 01/17/22		270,250
	800,000		Petrobras Global Finance BV, 8.75%, 05/23/26		969,000
	1,000,000		Petrobras Global Finance BV, 7.38%, 01/17/27		1,110,500
	400,000	(h)	Repsol International Finance BV, (6 yr. Euro Swap + 3.560%), 3.88%, 03/25/49(g)(i)		504,776
	4,000,000	(h)	Sonae Investments BV, Cnv., 1.63%, 06/11/19(a)(g)		4,687,541
	1,000,000	(h)	Telefonica Europe BV, (8 yr. Euro Swap + 5.586%), 7.63%, 09/18/21(g)(i)		1,421,093
	600,000	(h)	Telefonica Europe BV, (10 yr. Euro Swap + 4.301%), 5.88%, 03/31/49(g)(i)		820,450
	800,000	(f)	Telefonica Europe BV, (5 yr. GBP Swap + 4.458%),  6.75%, 11/26/49(g)(i)		1,176,524
	700,000	(h)	TenneT Holding BV, (5 yr. Euro Swap + 2.533%), 3.00%, 06/01/49(g)(i)		850,850
	2,000,000		VimpelCom Holdings BV, 3.95%, 06/16/21(g)		2,010,400
	400,000	(h)	Volkswagen International Finance NV, (7 yr. Euro Swap + 2.534%), 3.75%, 03/24/49(g)(i)		500,629
	800,000	(h)	Volkswagen International Finance NV, (10 yr. Euro Swap + 3.370%), 3.88%, 06/14/49(g)(i)		974,979
	750,000	(h)	Volkswagen International Finance NV, (10 yr. Euro Swap + 3.350%), 5.13%, 09/04/49(g)(i)		1,019,940
	600,000	(h)	Vonovia Finance BV, (5 yr. Euro Swap + 3.390%), 4.00%, 12/17/49(g)(i)		771,153
	1,350,000	(h)	Ziggo Secured Finance BV, 4.25%, 01/15/27(g)		1,682,278
					32,477,323

See Notes to Financial Statements.

56

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount				Value
NORWAY — 0.0%
$	1,300,000	(h)	Nassa Topco AS, 2.88%, 04/06/24(g)	$	1,542,840
PERU — 0.0%
	800,000		InRetail Consumer, 5.25%, 10/10/21(g)		841,200
SLOVENIA — 0.0%
	675,000	(h)	United Group BV, (3 mo. EURIBOR + 4.375%), 4.38%, 07/01/23(g)(n)		796,102
	750,000	(h)	United Group BV, 4.88%, 07/01/24(g)		915,711
					1,711,813
SPAIN — 0.3%
	2,000,000	(h)	Corp. Economica Delta SA, Cnv., 1.00%, 12/01/23(a)(g)		2,414,733
	800,000	(h)	Ibercaja Banco SA, (5 yr. Euro Swap + 4.551%), 5.00%, 07/28/25(g)(i)		957,506
	725,000	(h)	Masaria Investments SAU, 5.00%, 09/15/24(g)		856,233
	525,000	(h)	Masaria Investments SAU, (3 mo. EURIBOR + 5.250%), 5.25%, 09/15/24(g)(n)		614,194
	1,000,000	(h)	Naviera Armas SA, (3 mo. EURIBOR + 6.500%), 6.50%, 07/31/23(g)(n)		1,249,760
	9,000,000	(h)	Telefonica Participaciones SAU., Cnv.,  0.03%, 03/09/21(g)(k)		10,496,226
					16,588,652
SWEDEN — 0.2%
	650,000	(d)	Corral Petroleum Holdings AB, 11.75% cash or 13.25% payment-in-kind interest, 11.75%, 05/15/21(g)(l)		856,990
	775,000	(d)	Fastighets AB Balder, (5 yr. Euro Swap + 2.895%), 3.00%, 03/07/78(g)(i)		918,313
	550,000	(d)	Intrum Justitia AB, 2.75%, 07/15/22(g)		656,372
	1,300,000	(d)	Intrum Justitia AB, 3.13%, 07/15/24(g)		1,553,797
	57,000,000	(h)	Recipharm AB., Cnv, 2.75%, 10/06/21(a)(g)		6,658,902
					10,644,374
TURKEY — 0.1%
	850,000		Tupras Turkiye Petrol Rafinerileri AS, 4.13%, 05/02/18(g)		852,652
	1,100,000		Turk Telekomunikasyon AS, 4.88%, 06/19/24(g)		1,112,518

Principal Amount				Value
TURKEY (continued)
$	1,300,000		Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 05/09/20(g)	$	1,315,070
					3,280,240
UNITED ARAB EMIRATES — 0.0%
	775,000		DAE Funding LLC, 5.00%, 08/01/24(j)		791,469
UNITED KINGDOM — 0.5%
	975,000	(h)	Arqiva Broadcast Finance Plc, 9.50%, 03/31/20(g)		1,362,925
	1,000,000	(h)	Cognita Financing Plc, 7.75%, 08/15/21(g)		1,381,935
	350,000	(h)	Co-operative Group Holdings 2011 Ltd., STEP, 6.88%, 07/08/20(g)		518,074
	450,000	(h)	Drax Finco Plc, (3 mo. LIBOR GBP + 4.000%),  4.45%, 05/01/22(g)(n)		610,216
	4,000,000		Inmarsat Plc, Cnv., 3.88%, 09/09/23(g)		4,280,000
	1,340,000	(d)	Inovyn Finance Plc, 6.25%, 05/15/21(g)		1,611,628
	1,075,000	(d)	International Game Technology Plc, 4.75%, 02/15/23(g)		1,411,870
	170,000	(h)	Iron Mountain Europe Plc, REIT, 6.13%, 09/15/22(g)		235,945
	1,375,000		Jaguar Land Rover Automotive Plc, 3.50%, 03/15/20(j)		1,385,313
	625,000	(h)	Jerrold Finco Plc, 6.25%, 09/15/21(g)		869,520
	540,000	(h)	Kirs Midco 3 Plc, 8.38%, 07/15/23(g)		742,300
	375,000	(h)	Newday Bondco Plc, 7.38%, 02/01/24(g)		473,244
	1,050,000		OAS Finance Ltd., 8.00%, 07/02/21(c)(j)(m)		78,750
	1,100,000	(d)	TA Manufacturing Ltd., 3.63%, 04/15/23(g)		1,323,325
	450,000	(d)	Titan Global Finance Plc, 3.50%, 06/17/21(g)		562,165
	875,000	(d)	Travelex Financing Plc, 8.00%, 05/15/22(g)		1,043,797
	950,000		Vedanta Resources Plc, 6.38%, 07/30/22(g)		993,890
	5,000,000	(h)	Vodafone Group Plc, Cnv., 1.00%, 11/26/20(g)(k)		6,487,522
					25,372,419
UNITED STATES — 6.0%
	5,000,000		Aceto Corp., Cnv, 2.00%, 11/01/20.		4,384,375
	16,000,000		Akamai Technologies, Inc., Cnv., 1.00%, 02/15/19(k)		15,720,000

See Notes to Financial Statements.

57

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount				Value
UNITED STATES (continued)
$	1,425,000	(d)	Alliance Data Systems Corp., 4.50%, 03/15/22(g)	$	1,733,780
	775,000	(d)	Alliance Data Systems Corp., 5.25%, 11/15/23(g)		965,726
	10,000,000		Allscripts Healthcare Solutions, Inc., Cnv., 1.25%, 07/01/20		10,362,500
	4,000,000		Apollo Commercial Real Estate Finance, Inc., Cnv. REIT, 5.50%, 03/15/19		4,300,000
	5,000,000		Ares Capital Corp., Cnv., 3.75%, 02/01/22(j)		5,096,875
	1,125,000		Belo Corp., 7.75%, 06/01/27		1,279,687
	6,000,000		Blackhawk Network Holdings, Inc., Cnv, 1.50%, 01/15/22		6,003,750
	15,000,000		Cardtronics, Inc., Cnv., 1.00%, 12/01/20(a)		13,837,500
	1,000,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26(j)		1,025,000
	840,000		Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.38%, 09/15/20(j)		856,901
	450,000		Cheniere Energy Partners LP, 5.25%, 10/01/25(j)		463,500
	8,000,000		Colony Capital, Inc., Cnv. REIT, 3.88%, 01/15/21		8,045,000
	5,000,000		Cornerstone OnDemand, Inc., Cnv., 1.50%, 07/01/18		5,031,250
	850,000		CSC Holdings LLC, 10.88%, 10/15/25(j)		1,041,250
	12,000,000		CSG Systems International, Inc., Cnv, 4.25%, 03/15/36(a)		13,005,000
	1,000,000		DISH DBS Corp., 5.88%, 11/15/24		998,750
	11,000,000		DISH Network Corp., Cnv., 2.38%, 03/15/24(j)		10,566,875
	1,000,000		Dollar Tree, Inc., 5.75%, 03/01/23		1,048,750
	4,000,000		Echo Global Logistics, Inc., Cnv, 2.50%, 05/01/20		3,960,000
	675,000	(d)	Equinix, Inc., REIT, 2.88%, 10/01/25		806,418
	9,000,000		Extra Space Storage LP, Cnv., 3.13%, 10/01/35(j)		9,804,375
	13,000,000		Finisar Corp., Cnv, 0.50%, 12/15/36(j)		12,415,000
	1,000,000		Freeport-McMoRan, Inc., 2.30%, 11/14/17		1,000,000
	875,000	(d)	Gates Global LLC / Gates Global Co., 5.75%, 07/15/22(g)		1,040,240

Principal Amount				Value
UNITED STATES (continued)
$	16,426,000		Huron Consulting Group, Inc., Cnv., 1.25%, 10/01/19(a)	$	15,399,375
	5,000,000		Knowles Corp., Cnv., 3.25%, 11/01/21		5,875,000
	700,000	(d)	Levi Strauss & Co., 3.38%, 03/15/27		857,184
	2,000,000		Liberty Expedia Holdings, Inc., Cnv., 1.00%, 06/30/47(j)		2,045,000
	21,295,885		Liberty Interactive LLC, Cnv., 3.75%, 02/15/30(a)		14,720,781
	900,000		MPH Acquisition Holdings LLC, 7.13%, 06/01/24(j)		968,625
	1,000,000	(d)	MPT Operating Partnership LP / MPT Finance Corp., REIT, 3.33%, 03/24/25		1,227,006
	650,000	(d)	MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.00%, 08/19/22		840,978
	10,600,000		Nuance Communications, Inc., Cnv., 2.75%, 11/01/31		10,600,000
	9,000,000		Nuance Communications, Inc., Cnv., 1.50%, 11/01/35		8,780,625
	14,000,000		Nuance Communications, Inc., Cnv., 1.00%, 12/15/35		12,853,750
	75,000		Pilgrim’s Pride Corp., 5.75%, 03/15/25(j)		79,406
	300,000		Pilgrim’s Pride Corp., 5.88%, 09/30/27(j)		312,000
	500,000	(d)	Quintiles IMS, Inc, 3.50%, 10/15/24(g)		612,368
	9,500,000		Redwood Trust, Inc., Cnv., REIT, 4.63%, 04/15/18		9,547,500
	4,000,000		Redwood Trust, Inc., Cnv., REIT, 4.75%, 08/15/23		3,925,000
	325,000	(d)	Silgan Holdings, Inc., 3.25%, 03/15/25(g)		393,310
	3,395,000		Southern Star Central Corp., 5.13%, 07/15/22(j)		3,539,288
	15,000,000		Spirit Realty Capital, Inc., Cnv. REIT, 2.88%, 05/15/19		14,981,250
	725,000		Sprint Communications, Inc., 7.00%, 08/15/20		780,970
	1,000,000		Sprint Corp., 7.63%, 02/15/25		1,096,250
	1,475,000		Standard Industries, Inc., 5.50%, 02/15/23(j)		1,556,125
	7,000,000		Starwood Property Trust, Inc., Cnv. REIT, 4.38%, 04/01/23		7,105,000
	9,000,000		Synaptics, Inc., Cnv., 0.50%, 06/15/22(j)		8,088,750
	1,000,000		T-Mobile USA, Inc., 6.50%, 01/15/26		1,106,370
	26,500,000		Twitter, Inc., Cnv., 0.25%, 09/15/19		25,108,750

See Notes to Financial Statements.

58

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
UNITED STATES (continued)
$	9,500,000	Vector Group Ltd., Cnv., 1.75%, 04/15/20(p)	$	10,675,625
	8,000,000	VEREIT, Inc., Cnv., REIT, 3.00%, 08/01/18		8,020,000
	14,000,000	Verint Systems, Inc., Cnv., 1.50%, 06/01/21(a)		13,711,250
	42,119,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 02/04/49(c)(m)		0
	21,131,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 06/16/49(c)(m)		0
	9,840,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 11/06/49(c)(m)		0
	3,000,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(c)(m)		0
	11,500,000	Web.com Group, Inc., Cnv., 1.00%, 08/15/18		11,442,500
	900,000	XPO Logistics, Inc., 6.13%, 09/01/23(j)		947,250
	2,000,000	Zillow Group, Inc., Cnv., 2.00%, 12/01/21(j)		2,192,500
				334,182,288
Total Corporate Bonds (Cost $555,931,075)				558,385,773
ASSET-BACKED SECURITIES — 14.9%
CAYMAN ISLANDS — 6.5%
Collateralized Loan Obligations — 4.7%
	11,750,000	Adams Mill CLO Ltd., Series 2014-1A, Class F, 7.05%, 07/15/26(a)(j)(n)		10,578,882
	7,500,000	Adams Mill CLO Ltd., Series 2014-1A, Class SUB, 11.30%, 07/15/26(a)(j)(p)		3,114,086
	2,000,000	American Money Management Corp. CLO Ltd., Series 2015-17A, Class E, 8.07%, 11/15/27(j)(n)		2,020,601
	1,000,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class D, 6.32%, 05/26/28(j)(n)		1,007,552
	750,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class E1, 7.99%, 05/26/28(j)(n)		752,863
	1,000,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class E2, 8.57%, 05/26/28(j)(n)		1,003,128
	1,000,000	Anchorage Capital CLO Ltd., Series 2012-1A, Class DR, 8.61%, 01/13/27(j)(n)		1,006,182

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	5,500,000	Anchorage Capital CLO Ltd., Series 2015-6A, Class ER, 7.71%, 07/15/30(j)(n)	$	5,285,213
	4,940,000	Anchorage Capital CLO Ltd., Series 2016-8A, Class E, 7.88%, 07/28/28(j)(n)		4,982,636
	1,000,000	Anchorage Capital CLO Ltd., Series 2016-9A, Class E, 8.61%, 01/15/29(j)(n)		1,032,075
	500,000	Annisa CLO Ltd., Series 2016-2A, Class E, 8.61%, 07/20/28(j)(n)		504,753
	1,000,000	Apartment Investment and Management Co. CLO., Series 2015-AA, Class E, 9.18%, 01/15/28(n)		1,024,522
	3,500,000	Apidos CLO XIX, Series 2014-19A, Class E, 6.80%, 10/17/26(j)(n)		3,505,776
	1,000,000	Apidos CLO XV, Series 2013-15A, Class D, 6.11%, 10/20/25(j)(n)		995,377
	5,000,000	Apidos CLO XVIII, Series 2014-18A, Class D, 6.56%, 07/22/26(j)(n)		5,022,868
	2,500,000	Apidos CLO XX, Series 2015-20A, Class D, 6.96%, 01/16/27(j)(n)		2,502,374
	2,000,000	Apidos CLO XX, Series 2015-20A, Class E, 7.91%, 01/16/27(j)(n)		1,963,641
	1,000,000	Apidos CLO XXII, Series 2015-22A, Class D, 7.36%, 10/20/27(j)(n)		1,008,255
	2,533,500	Apidos CLO XXIII, Series 2015-23A, Class D2, 7.31%, 01/14/27(j)(n)		2,549,678
	5,250,000	Ares XXXIII CLO Ltd., Series 2015-1A, Class D, 7.55%, 12/05/25(j)(n)		5,250,158
	3,500,000	Ares XXXIX CLO Ltd., Series 2016-39A, Class E, 8.60%, 07/18/28(j)(n)		3,568,137
	4,000,000	Ares XXXVII CLO Ltd., Series 2015- 4A, Class D1, 8.16%, 10/15/26(j)(n)		4,000,000
	3,000,000	Ares XXXVII CLO Ltd., Series 2015-4A, Class D2, 8.38%, 10/15/26(j)(n)		3,000,000
	7,000,000	Ares XXXVII CLO Ltd., Series 2015-4A, Class D3, 0.00%, 10/15/30		7,000,000
	2,500,000	Babson CLO Ltd., Series 2016-1A, Class E, 7.91%, 04/23/27(j)(n)		2,522,367
	1,000,000	Babson CLO Ltd., Series 2016-2A, Class E, 8.26%, 07/20/28(j)(n)		1,019,811
	2,000,000	Battalion CLO IX Ltd., Series 2015-9A, Class D, 5.26%, 07/15/28(j)(n)		2,009,955
	2,750,000	Benefit Street Partners CLO IX Ltd., Series 2016-9A, Class E, 8.03%, 07/20/28(j)(n)		2,762,565

See Notes to Financial Statements.

59

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	2,250,000	Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class C, 5.26%, 01/20/28(j)(n)	$	2,261,008
	1,250,000	Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class D, 6.86%, 01/20/28(j)(n)		1,243,721
	1,000,000	Birchwood Park CLO Ltd., Series 2014-1A, Class D1, 4.81%, 07/15/26(j)(n)		1,000,244
	1,250,000	BlueMountain CLO Ltd., Series 2014-4A, Class E, 6.62%, 11/30/26(j)(n)		1,253,125
	1,000,000	BlueMountain CLO Ltd., Series 2015-1A, Class C, 5.11%, 04/13/27(j)(n)		1,007,134
	1,500,000	BlueMountain CLO Ltd., Series 2015-1A, Class D, 6.81%, 04/13/27(j)(n)		1,495,873
	1,000,000	BlueMountain CLO Ltd., Series 2015-4A, Class D2, 5.41%, 01/20/27(j)(n)		1,001,722
	1,000,000	BlueMountain CLO Ltd., Series 2016-2A, Class D, 8.32%, 08/20/28(j)(n)		1,017,273
	1,000,000	Burnham Park CLO Ltd., Series 2016-1A, Class E, 8.21%, 10/20/29(j)(n)		1,020,196
	2,000,000	Canyon Capital CLO Ltd., Series 2012-1A, Class DR, 5.46%, 01/15/26(j)(n)		2,030,950
	1,000,000	Canyon Capital CLO Ltd., Series 2016-1A, Class E, 8.86%, 04/15/28(j)(n)		999,881
	1,000,000	Canyon Capital CLO Ltd., Series 2016-2A, Class E, 8.11%, 10/15/28(j)(n)		1,021,423
	1,500,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class E1, 6.66%, 04/20/27(j)(n)		1,500,942
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class D, 6.67%, 04/27/27(j)(n)		1,002,701
	2,500,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class D, 7.08%, 07/28/28(j)(n)		2,515,597
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class D, 7.46%, 10/20/27(j)(n)		1,014,306
	1,942,622	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, 9.86%, 10/20/27(j)(n)		1,854,862
	750,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class D, 8.96%, 04/20/27(j)(n)		760,796

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, 8.36%, 10/20/29(j)(n)	$	1,012,148
	1,000,000	Cole Park CLO Ltd., Series 2015-1A, Class E, 7.46%, 10/20/28(j)(n)		1,007,921
	1,000,000	Cumberland Park CLO Ltd., Series 2015-2A, Class E, 6.36%, 07/20/26(j)(n)		997,458
	1,500,000	Galaxy XXI CLO Ltd., Series 2015-21A, Class E2, 7.86%, 01/20/28(j)(n)		1,502,366
	21,500,000	Jackson Mill CLO Ltd., Series 2015-1A, Class E, 6.36%, 04/15/27(a)(j)(n)		21,207,508
	20,000,000	Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 1.00%, 04/15/27(a)(j)(p)		13,109,608
	8,000,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class F, 7.86%, 07/20/27(a)(j)(n)		7,471,991
	8,000,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, 7.38%, 07/20/27(a)(j)(p)		4,154,860
	1,000,000	Mill Creek CLO Ltd., Series 2016-1A, Class E, 9.11%, 04/20/28(j)(n)		1,036,636
	625,000	Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, 5.01%, 04/22/29(j)(n)		635,806
	1,000,000	Neuberger Berman CLO XVIII Ltd, Series 2014-18A, Class CR, 5.56%, 11/14/27(j)(n)		1,016,282
	1,000,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class D, 5.31%, 01/15/28(j)(n)		1,000,033
	3,250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class E, 7.81%, 01/15/28(j)(n)		3,251,006
	750,000	Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class D, 6.31%, 04/20/27(j)(n)		750,292
	2,000,000	Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class E, 8.36%, 04/20/27(j)(n)		2,004,384
	1,000,000	Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class E, 8.10%, 10/17/27(j)(n)		1,011,101
	1,250,000	Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class E, 7.93%, 10/17/27(j)(n)		1,265,159
	1,000,000	Rockford Tower CLO Ltd., Series 2017-2A, Class E, 7.32%, 10/15/29(j)(n)		982,500
	21,000,000	Romark CLO Ltd., Series 2017-1A, Class D, 8.01%, 10/23/30(j)(n)		20,713,770

See Notes to Financial Statements.

60

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 0.00%, 10/23/30(j)(p)	$	4,537,500
	1,250,000	Shackleton CLO Ltd., Series 2017-10A, Class E, 7.58%, 04/20/29(j)(n)		1,245,209
	1,650,000	Sound Point CLO III Ltd., Series 2013-2A, Class E, 5.96%, 07/15/25(j)(n)		1,621,938
	1,000,000	Sound Point CLO IX Ltd., Series 2015-2A, Class E, 6.86%, 07/20/27(j)(n)		989,103
	5,000,000	Sound Point CLO X Ltd., Series 2015-3A, Class E, 8.11%, 01/20/28(j)(n)		5,002,315
	3,200,000	Sound Point CLO XI Ltd., Series 2016-1A, Class E, 8.31%, 07/20/28(j)(n)		3,207,188
	2,000,000	Sound Point CLO XII Ltd., Series 2016-2A,Class E, 7.76%, 10/20/28(j)(n)		2,017,706
	1,750,000	Sound Point CLO XIV Ltd., Series 2016-3A, Class E, 8.01%, 01/23/29(j)(n)		1,757,042
	1,000,000	Stewart Park CLO Ltd., Series 2015-1A, Class E, 6.81%, 04/15/26(j)(n)		992,149
	1,500,000	Symphony CLO XV Ltd., Series 2014-15A, Class E, 6.40%, 10/17/26(j)(n)		1,488,509
	1,000,000	Symphony CLO XVI Ltd., Series 2015-16A, Class E, 6.81%, 07/15/28(j)(n)		1,008,793
	1,000,000	TCI-Symphony CLO Ltd., Series 2017-1A, Class E, 7.72%, 07/15/30(j)(n)		1,003,046
	1,740,000	THL Credit Wind River CLO Ltd., Series 2015-1A, Class E1, 6.91%, 07/20/27(j)(n)		1,739,866
	5,000,000	TICP CLO I Ltd., Series 2015-1A, Class D, 4.91%, 07/20/27(j)(n)		4,994,883
	1,250,000	Vibrant CLO IV Ltd., Series 2016-4A, Class D, 5.86%, 07/20/28(j)(n)		1,264,840
	1,000,000	Voya CLO Ltd., Series 2014-1A, Class C, 4.75%, 04/18/26(j)(n)		999,924
	1,500,000	Voya CLO Ltd., Series 2016-2A, Class D, 8.31%, 07/19/28(j)(n)		1,505,043
	1,000,000	Voya CLO Ltd., Series 2016-3A, Class D, 8.20%, 10/18/27(j)(n)		1,004,526
	11,250,000	Washington Mill CLO Ltd., Series 2014-1A, Class F, 6.86%, 04/20/26(a)(j)(n)		10,030,485
	17,600,000	Washington Mill CLO Ltd., Series 2014-1A, Class SUB, 11.00%, 04/20/26(a)(j)(p)		5,712,895

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	4,250,000	Webster Park CLO Ltd., Series 2015-1A, Class C, 5.41%, 01/20/27(j)(n)	$	4,250,208
	2,650,000	Webster Park CLO Ltd., Series 2015-1A, Class D, 7.46%, 01/20/27(j)(n)		2,674,546
	1,000,000	Westcott Park CLO Ltd., Series 2016-1A, Class D, 5.71%, 07/20/28(j)(n)		1,013,487
	1,000,000	Westcott Park CLO Ltd., Series 2016-1A, Class E, 8.56%, 07/20/28(j)(n)		1,016,652
	1,500,000	York CLO-1 Ltd., Series 2014-1A, Class E, 6.81%, 01/22/27(j)(n)		1,489,494
	1,000,000	York CLO-2 Ltd., Series 2015-1A, Class E, 7.61%, 10/22/27(j)(n)		998,096
	4,500,000	York CLO-3 Ltd., Series 2016-1A, Class ER, 7.76%, 10/20/29(j)(n)		4,487,569
	1,647,750	York CLO-3 Ltd., Series 2016-1A, Class FR, 8.61%, 10/20/29(j)(n)		1,486,753
	5,000,000	York CLO-3 Ltd., Series 2016-1A, Class SUB, 2.40%, 10/20/29(j)(p)		4,400,000
	1,000,000	York CLO-4 Ltd., Series 2016-2A, Class E, 8.30%, 01/20/30(j)(n)		1,010,914
				264,076,717
Other Asset-Backed Securities — 1.8%
	2,800,000	ALM Loan Funding Ltd., Series 2012-6A, Class DRR, 6.81%, 07/15/26(j)(n)		2,786,218
	1,000,000	ALM Loan Funding Ltd., Series 2013-7RA, Class DR, 8.50%, 10/15/28(j)(n)		1,020,915
	2,000,000	ALM Loan Funding Ltd., Series 2015-16A, Class D, 6.71%, 07/15/27(j)(n)		1,956,618
	1,100,000	ALM Loan Funding Ltd., Series 2015-17A, Class C1, 5.51%, 01/15/28(j)(n)		1,116,644
	1,000,000	ALM Loan Funding Ltd., Series 2016-18A, Class D, 8.96%, 07/15/27(j)(n)		1,011,527
	1,000,000	Atrium VIII, Series 8A, Class DR, 5.36%, 10/23/24(j)(n)		1,000,085
	1,750,000	Atrium VIII, Series 8A, Class ER, 8.61%, 10/23/24(j)(n)		1,760,697
	5,000,000	Atrium VIII, Series 8A, Class SUB, 1.00%, 10/23/24(j)(p)		3,618,181
	5,000,000	Atrium XI, Series 11A, Class E, 6.46%, 10/23/25(j)(n)		5,000,000
	2,000,000	Atrium XII, Series 12A, Class E, 7.31%, 10/22/26(j)(n)		2,027,098
	7,552,500	Atrium XIII, Series 13A, Class E, 6.05%, 11/21/30(j)(n)		7,552,500

See Notes to Financial Statements.

61

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	12,131,250	Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/30(j)(p)	$	10,915,796
	1,500,000	CIFC Funding Ltd., Series 2012-2A, Class B2R, 7.07%, 12/05/24(j)(n)		1,505,357
	1,000,000	CIFC Funding Ltd., Series 2014-1A, Class E, 5.85%, 04/18/25(j)(n)		994,863
	2,500,000	CIFC Funding Ltd., Series 2014-2A, Class B1L, 4.82%, 05/24/26(j)(n)		2,500,526
	2,000,000	CIFC Funding Ltd., Series 2014-3A, Class E, 7.41%, 10/19/27(j)(n)		1,998,284
	1,000,000	CIFC Funding Ltd., Series 2014-5A, Class E2, 7.60%, 01/17/27(j)(n)		1,004,109
	3,250,000	CIFC Funding Ltd., Series 2016-1A, Class E, 8.11%, 10/21/28(j)(n)		3,300,713
	1,000,000	Dryden Senior Loan Fund, Series 2014-34A, Class DR, 4.76%, 10/15/26(j)(n)		1,005,839
	1,000,000	Dryden Senior Loan Fund, Series 2015-37A, Class E, 6.76%, 04/15/27(j)(n)		1,004,981
	1,000,000	Dryden Senior Loan Fund, Series 2016-43A, Class E, 8.61%, 07/20/29(j)(n)		1,007,936
	3,000,000	Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class E, 6.85%, 04/18/27(j)(n)		3,005,121
	962,500	Highbridge Loan Management Ltd., Series 2015-5A, Class E, 6.73%, 01/29/26(j)(n)		963,520
	1,000,000	Highbridge Loan Management Ltd., Series 2015-6A, Class E1, 6.84%, 05/05/27(j)(n)		991,688
	1,000,000	Highbridge Loan Management Ltd., Series 2015-7A, Class D, 5.07%, 11/15/26(j)(n)		1,012,969
	1,000,000	Highbridge Loan Management Ltd., Series 2015-7A, Class E, 7.07%, 11/15/26(j)(n)		1,001,495
	1,750,000	Highbridge Loan Management Ltd., Series 2016-10A, Class D, 7.86%, 01/20/28(j)(n)		1,788,882
	500,000	Highbridge Loan Management Ltd., Series 2016-8A, Class D, 6.21%, 04/20/27(j)(n)		511,656
	1,000,000	Highbridge Loan Management Ltd., Series 2016-8A, Class E, 9.26%, 04/20/27(j)(n)		1,007,741
	1,000,000	Highbridge Loan Management Ltd., Series 2016-9A, Class D2, 7.81%, 07/19/27(j)(n)		1,013,216
	1,000,000	LCM Ltd. Partnership XVII LP, Series 17A, Class D, 4.86%, 10/15/26(j)(n)		1,006,499

Principal Amount			Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	1,500,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class D, 5.16%, 04/20/27(j)(n)	$	1,501,155
	1,000,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class E, 6.71%, 04/20/27(j)(n)		1,003,441
	500,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class INC, 5.00%, 04/20/27(j)(k)		305,703
	1,350,000	LCM Ltd. Partnership XXI LP, Series 21A, Class D, 6.46%, 04/20/28(j)(n)		1,360,318
	1,000,000	LCM Ltd. Partnership XXI LP, Series 21A, Class E, 9.01%, 04/20/28(j)(n)		1,018,105
	750,000	LCM XX LLC, Series 20A, Class E, 7.46%, 10/20/27(j)(n)		752,409
	1,000,000	Madison Park Funding XIX Ltd., Series 2015-19A, Class D, 7.81%, 01/22/28(j)(n)		1,005,757
	2,000,000	Madison Park Funding XVI, Ltd., Series 2015-16A, Class D, 6.86%, 04/20/26(j)(n)		2,001,073
	1,000,000	Madison Park Funding XX Ltd., Series 2016-20A, Class E, 8.77%, 04/27/27(j)(n)		1,013,585
	1,000,000	Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class D1, 5.56%, 01/23/27(j)(n)		1,000,279
	1,000,000	Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, 6.31%, 04/15/27(j)(n)		1,012,338
	2,000,000	Octagon Investment Partners 26 Ltd., Series 2016-1A, Class E, 9.21%, 04/15/27(j)(n)		2,000,641
	2,500,000	Octagon Investment Partners 27 Ltd., Series 2016-1A, Class E, 8.46%, 07/15/27(j)(n)		2,510,005
	1,100,000	Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 4.96%, 11/14/26(j)(n)		1,101,626
	1,000,000	Octagon Investment Partners XXI Ltd., Series 2014-1A, Class D, 7.91%, 11/14/26(j)(n)		1,010,906
	1,375,000	OHA Credit Partners XI Ltd., Series 2015-11A, Class E, 8.06%, 10/20/28(j)(n)		1,383,923
	2,250,000	OZLM Funding II Ltd., Series 2012-2A, Class DR, 8.68%, 10/30/27(j)(n)		2,251,581
	3,750,000	OZLM IX Ltd., Series 2014-9A, Class CR, 4.91%, 01/20/27(j)(n)		3,773,597
	1,000,000	OZLM XI Ltd., Series 2015-11A, Class CR, 4.98%, 10/30/30(j)(n)		996,790

See Notes to Financial Statements.

62

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount				Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	500,000		OZLM XII Ltd., Series 2015-12A, Class D, 6.78%, 04/30/27(j)(n)	$	498,036
	1,200,000		OZLM XIV Ltd., Series 2015-14A, Class C, 5.71%, 01/15/29(j)(n)		1,200,530
	1,500,000		OZLM XIV Ltd., Series 2015-14A, Class D, 7.71%, 01/15/29(j)(n)		1,500,119
	1,000,000		OZLM XV Ltd., Series 2016-15A, Class D, 8.51%, 01/20/29(j)(n)		1,021,534
					97,615,125
					361,691,842
NETHERLANDS — 0.1%
Collateralized Loan Obligations — 0.1%
	5,000,000	(h)	Accunia European CLO I BV, Series 1A, Class C, 3.20%, 07/15/29(j)(n)		5,907,820
UNITED STATES — 8.3%
Collateralized Loan Obligations — 0.7%
	19,150,874		Atrium XIII Warehouse, 10.15%,(a)(j)		19,150,874
	13,634,250		Cedar Funding VII CLO Ltd., 10.15%,(a)(j)		13,634,250
	1,000,000		Teacher’s Insurance & Annuity CLO II Ltd., Series 2017-1A, Class E, 7.21%, 04/20/29(j)(n)		1,006,212
	2,500,000		THL Credit Wind River CLO Ltd., 10.15%,(j)		2,500,000
					36,291,336
Other Asset-Backed Securities — 7.6%
	13,769,882		Argent Mortgage Loan Trust, Series 2005-W1, Class A2, 1.72%, 05/25/35(n)		12,334,501
	4,894,598		Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1, 1.70%, 01/25/36(n)		2,743,558
	6,380,000		Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, 1.66%, 01/25/36(n)		4,404,203
	1,000,000		Atlas Senior Loan Fund II Ltd., Series 2012-2A, Class DR, 5.28%, 01/30/24(j)(n)		1,001,093
	5,000,000		Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25(p)		3,948,486
	13,458,330		Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, 2.24%, 05/28/39(j)(n)		12,242,839
	2,971,677		Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, 2.54%, 05/28/39(n)		1,961,307

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,838,424	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, 2.17%, 12/28/40(j)(n)	$	5,174,347
	3,169,240	Bear Stearns Asset Backed Securities I Trust, Series 2006-EC2, Class M2, 1.66%, 02/25/36(n)		3,000,321
	2,119,752	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, 1.92%, 12/25/35(n)		1,956,423
	3,208,354	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 1.59%, 03/25/36(n)		948,795
	3,208,354	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 1.59%, 03/25/36(n)		948,795
	12,087,274	Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 1.44%, 10/25/36(n)		12,618,804
	6,992,810	Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, 1.38%, 12/25/36(n)		7,302,595
	8,000,000	Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, 2.44%, 01/25/36(j)(n)		7,722,206
	3,790,504	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/15/30(p)		1,530,105
	3,553,597	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/15/30(p)		1,534,181
	6,017,425	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/15/30(p)		2,789,660
	7,279,140	Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, 1.39%, 07/25/36(n)		6,997,931
	10,409,443	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A3, 1.40%, 10/25/36(n)		6,979,123
	7,439,664	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A4, 1.49%, 10/25/36(n)		5,029,955
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, 1.66%, 02/25/37(n)		3,641,342
	8,250,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A3, 1.38%, 12/25/36(n)		6,978,943
	12,415,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, 1.46%, 10/25/36(n)		8,728,202

See Notes to Financial Statements.

63

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	11,484,036	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(p)	$	6,419,236
	14,350,622	Conseco Finance Securitizations Corp., Series 2000-4, Class A5, 7.97%, 05/01/32		7,539,461
	3,952,305	Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(p)		3,840,771
	2,829,024	Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(p)		2,664,651
	4,346,171	Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(p)		3,545,411
	3,346,406	Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(p)		2,645,754
	1,157,598	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 1.40%, 09/25/46(n)		1,128,594
	565,646	Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, STEP, 6.79%, 06/25/21		721,218
	15,962,731	Countrywide Asset-Backed Certificates, Series 2007-S3, Class A3, 1.62%, 05/25/37(n)		14,506,019
	2,726,933	Countrywide Home Equity Loan Trust, Series 2006-S5, Class A4, 5.84%, 06/25/35		2,881,023
	2,238,531	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, 1.54%, 12/15/33(j)(n)		1,878,286
	1,912,713	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, 1.48%, 02/15/30(j)(n)		1,713,137
	1,764,922	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, 1.43%, 05/15/35(j)(n)		1,579,524
	3,783,424	Countrywide Revolving Home Equity Loan Resuritization Trust, Series 2006-RES, Class 5F1A, 1.48%, 12/15/35(j)(n)		3,518,584
	2,776,495	Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A3, 1.39%, 11/25/36(n)		1,819,941
	5,000,000	First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, 1.60%, 03/25/36(n)		3,746,691

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	10,844,320	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, 1.49%, 07/25/36(n)	$	5,988,431
	5,766,684	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, 1.64%, 01/25/36(n)		3,696,220
	5,235,793	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, 1.39%, 03/25/37(n)		3,488,750
	2,561,136	GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, 1.48%, 02/25/36(n)		2,865,959
	1,925,242	GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, 1.45%, 11/25/36(n)		1,944,731
	3,123,145	Greenpoint Manufactured Housing, Series 1999-1, Class A5, 6.77%, 08/15/29(p)		3,068,851
	3,075,497	Greenpoint Manufactured Housing, Series 2000-1, Class A4, 8.14%, 03/20/30(p)		3,227,569
	8,179,299	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(p)		8,147,525
	620,254	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(p)		446,271
	6,739,570	GSAMP Trust, Series 2006-FM2, Class A2B, 1.36%, 09/25/36(n)		3,303,877
	4,375,000	Home Equity Asset Trust, Series 2007-1, Class 2A3, 1.39%, 05/25/37(n)		3,620,301
	3,277,000	Invitation Homes Trust, Series 2015-SFR3, Class E, 4.99%, 08/17/32(j)(n)		3,304,560
	133,603	Irwin Home Equity Loan Trust, Series 2006-2, Class 2A2, STEP, 6.24%, 02/25/36(j)		134,025
	4,000,000	JPMorgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1, 1.51%, 05/25/36(n)		3,510,215
	407,619	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, 1.33%, 06/25/37(j)(n)		285,830
	12,353,010	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, 1.54%, 06/25/37(j)(n)		8,942,912
	8,388,555	Lehman ABS Mortgage Loan Trust, Series 2007-1,Class 2A2, 1.44%, 06/25/37(j)(n)		5,506,096
	1,348,906	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, 1.35%, 11/25/36(n)		690,603
	18,606,416	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, 1.40%, 11/25/36(n)		9,606,276

See Notes to Financial Statements.

64

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,657,142	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, 1.46%, 11/25/36(n)	$	1,882,900
	9,843,899	Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A3, 1.43%, 03/25/46(n)		5,059,767
	25,592,036	Long Beach Mortgage Loan Trust, Series 2006-5, Class 2A4, 1.48%, 06/25/36(n)		13,395,925
	6,956,160	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, 1.40%, 10/25/36(n)		2,979,199
	4,000,000	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, 4.49%, 03/25/32(n)		4,110,084
	4,669,462	Mastr Second Lien Trust, Series 2006-1, Class A, 1.56%, 03/25/36(n)		1,016,692
	3,658,029	Merit Securities Corp., Series 13, Class M2, STEP, 7.85%, 12/28/33		2,751,250
	1,625,392	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 1.48%, 06/25/36(n)		1,114,834
	8,323,497	Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1, 1.37%, 11/25/36(n)		5,307,512
	8,569,112	Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, 1.38%, 05/25/37(n)		6,577,978
	6,284,398	Morgan Stanley Capital I, Series 2006-NC2, Class M1, 1.60%, 02/25/36(n)		4,621,120
	5,679,337	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36		2,618,405
	3,504,035	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, 1.64%, 10/25/36(j)(n)		3,123,364
	3,000,143	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		2,915,161
	10,992,139	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(p)		6,501,326
	8,719,289	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(p)		2,710,935
	6,049,324	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(p)		2,091,462
	6,912,659	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(p)		2,667,294

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	969,617	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(p)	$	811,453
	3,897,138	Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/15/32(p)		3,343,198
	1,602,574	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(p)		1,747,637
	2,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class C, 4.33%, 09/18/24(j)		2,010,834
	4,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class D, 5.31%, 09/18/24(j)		4,054,400
	15,000,000	OneMain Financial Issuance Trust, Series 2015-1A, Class C, 5.12%, 03/18/26(j)		15,250,869
	3,000,000	OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(a)(j)		3,079,821
	10,000,000	OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, 07/18/25(j)		10,019,648
	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(j)		3,993,090
	4,148,509	Option One Mortgage Loan Trust, Series 2007-FXD2, Class 1A1, STEP, 5.82%, 03/25/37		4,079,212
	4,279,142	Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP, 4.25%, 01/25/22(j)		4,288,571
	4,000,000	Residential Asset Securities Corp, Series 2006-KS4, Class M2, 1.53%, 06/25/36(n)		3,175,737
	3,491,556	Residential Asset Securities Corp. Trust, Series 2002-KS4, Class AIIA, 1.73%, 07/25/32(n)		3,161,694
	3,825,000	Residential Asset Securities Corp., Class M4, 1.82%, 11/25/35(n)		3,154,373
	4,095,107	SACO I Trust, Series 2006-7, Class A1, 1.50%, 07/25/36(n)		4,380,458
	5,845,867	Saxon Asset Securities Trust, Series 2006-2, Class M3, 1.56%, 09/25/36(n)		1,811,077
	7,686,404	Saxon Asset Securities Trust, Series 2007-1, Class M1, 1.53%, 01/25/47(n)		4,630,675
	10,644,384	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A1, 1.43%, 11/25/36(n)		6,559,405

See Notes to Financial Statements.

65

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,674,000	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, 1.69%, 11/25/35(n)	$	2,501,058
	4,936,478	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, 1.99%, 07/25/35(n)		2,645,196
	2,878,526	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, 1.68%, 02/25/37(n)		1,873,156
	526,785	US Residential Opportunity Fund II Trust, Series 2016-1II, Class A, STEP, 3.47%, 07/27/36(j)		523,959
	631,699	US Residential Opportunity Fund II Trust, Series 2016-3II, Class A, STEP, 3.60%, 10/27/36(j)		633,424
	1,014,468	US Residential Opportunity Fund IV Trust, Series 2016-3IV, Class A, STEP, 3.60%, 10/27/36(j)		1,017,228
	3,055,000	Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(j)(p)		2,780,576
	1,128,251	Wachovia Amortization Controlled Heloc NIM Trust, Series 2006-N1, Class N1, 5.68%, 08/12/47(j)		1,126,294
	10,774,211	Yale Mortgage Loan Trust, Series 2007-1, Class A, 1.64%, 06/25/37(j)(n)		4,824,264
				423,367,533
				459,658,869
Total Asset-Backed Securities (Cost $824,522,014)				827,258,531
NON-AGENCY MORTGAGE-BACKED SECURITIES — 9.2%
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.0%
	1,311,331	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.53%, 07/25/35(p)		1,246,842
	2,669,342	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.53%, 03/25/37(p)		2,336,917
	5,858,382	Ajax Mortgage Loan Trust, Series 2016-A, Class A, STEP, 4.25%, 08/25/64(j)		5,929,136
	2,749,511	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 1.90%, 09/25/46(n)		2,291,836

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,554,279	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37	$	2,048,632
	1,977,829	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4D, STEP, 5.33%, 09/25/35		1,705,445
	447,297	Banc of America Funding Corp., Series 2005-F, Class 6A1, 3.61%, 09/20/35(p)		443,315
	1,079,135	Banc of America Funding Corp., Series 2006-A, Class 3A2, 3.68%, 02/20/36(p)		974,754
	978,991	Banc of America Funding Corp., Series 2006-E, Class 2A1, 3.71%, 06/20/36(p)		955,510
	2,720,570	Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37		2,494,804
	1,134,441	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.60%, 10/25/35(p)		1,080,236
	2,850,238	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 3.31%, 02/25/36(p)		2,806,061
	735,137	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 3.47%, 08/25/35(p)		670,174
	790,122	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.67%, 05/25/47(p)		753,348
	2,781,667	Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 1.68%, 04/25/36(n)		2,791,337
	6,201,000	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 1.56%, 11/25/36(n)		6,159,602
	3,311,081	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 1.52%, 08/25/36(n)		3,337,354
	2,404,985	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 1.54%, 11/25/36(n)		6,786,108
	6,052,538	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/01/37		5,080,352
	2,596,739	Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(j)(p)		2,466,903
	3,094,080	CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 2.64%, 08/25/35(n)		2,696,732

See Notes to Financial Statements.

66

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,576,620	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/01/38	$	4,809,826
	485,463	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 3.33%, 05/25/35(p)		493,362
	432,732	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 3.36%, 06/25/36(p)		411,331
	5,199,655	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(j)		3,993,589
	698,501	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		648,422
	1,733,794	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 1.54%, 08/25/35(n)		1,602,525
	4,640,164	Countrywide Alternative Loan Trust, Series 2005-38, Class A3, (1 mo. LIBOR US + 0.350%), 1.59%, 09/25/35(n)		4,406,023
	10,631,631	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 5.500%), 4.26%, 11/25/35(n)		1,811,714
	1,882,161	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.28%, 12/25/35(p)		1,723,953
	154,229	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 1.94%, 12/25/35(n)		145,820
	2,340,578	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 1.69%, 05/25/35(n)		2,078,861
	1,346,528	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		1,144,807
	4,400,141	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 1.59%, 05/25/36(n)		2,537,798
	2,632,715	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		2,115,009
	5,378,378	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		4,293,782
	2,443,228	Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		1,855,978

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,883,740	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 1.59%, 06/25/36(n)	$	1,218,037
	1,883,740	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 7.150%), 5.91%, 06/25/36(n)		472,969
	1,941,871	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		1,637,034
	2,032,054	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 1.64%, 03/25/36(n)		1,202,046
	5,707,875	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		4,508,227
	2,146,482	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		1,863,836
	1,554,270	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		1,326,649
	2,028,568	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		1,743,352
	4,638,482	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		3,986,313
	291,852	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		267,086
	828,011	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 1.64%, 05/25/36(n)		661,941
	5,101,729	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		3,769,579
	3,905,131	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.23%, 11/20/46(n)		2,670,260
	8,286,647	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 2.67%, 11/25/46(n)		7,495,334
	4,763,988	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 1.43%, 11/25/46(n)		3,936,893

See Notes to Financial Statements.

67

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,674,029	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.850%), 1.79%, 11/25/46(n)	$	4,964,564
	4,096,744	Countrywide Alternative Loan Trust, Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.120%), 1.36%, 12/25/46(n)		3,840,333
	6,148,580	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 1.43%, 03/20/47(n)		5,230,534
	2,644,314	Countrywide Alternative Loan Trust, Series 2006-OA22, Class A1, (1 mo. LIBOR US + 0.160%), 1.40%, 02/25/47(n)		2,535,167
	1,502,461	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 1.45%, 05/25/36(n)		1,295,174
	7,611,479	Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 1.45%, 07/25/46(n)		6,486,125
	12,464,353	Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 1.43%, 07/25/46(n)		11,617,568
	7,226,501	Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, (1 mo. LIBOR US + 0.230%), 1.47%, 03/25/36(n)		6,090,476
	5,460,390	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 1.42%, 04/25/46(n)		4,866,663
	2,997,816	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		2,464,301
	3,019,533	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		2,542,514
	1,519,351	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		1,239,899
	5,660,002	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		4,061,499
	5,649,585	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		4,439,817
	1,514,151	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		1,126,996

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,405,621	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.73%, 11/25/36	$	1,136,599
	14,645,980	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 1.78%, 03/25/47(n)		11,969,275
	1,513,604	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 1.42%, 04/25/47(n)		234,582
	572,208	Countrywide Alternative Loan Trust, Series 2007-OA8, Class 2A2, (1 mo. LIBOR US + 0.230%), 1.47%, 06/25/47(n)		42,692
	3,879,339	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 1.48%, 08/25/47(n)		2,957,972
	2,346,417	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		1,914,450
	3,069,596	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.16%, 01/25/36(p)		2,920,949
	864,561	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		827,483
	1,473,346	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.12%, 03/20/36(p)		1,453,177
	12,974,870	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, 1.90%, 04/01/46		7,351,804
	4,276,665	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 1.44%, 04/25/46(n)		3,952,143
	1,358,257	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 1.66%, 07/25/36(j)(n)		1,253,514
	2,949,821	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38		2,523,665
	140,719	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		132,661

See Notes to Financial Statements.

68

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,552,862	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36	$	3,382,483
	321,282	Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 3.45%, 01/27/36(j)(p)		323,823
	15,340,447	Credit Suisse Mortgage Trust Mortgage-Backed Trust, 6.50%, 02/01/47(j)(k)		15,325,720
	3,289,857	Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(p)		1,663,046
	4,256,697	Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 4.09%, 04/27/37(j)(p)		3,292,442
	7,000,000	Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 1.39%, 10/27/36(j)(n)		4,326,916
	4,613,125	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 1.42%, 03/27/36(j)(n)		4,411,996
	12,047,482	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 1.42%, 03/27/36(j)(n)		6,686,353
	56,714,600	Credit Suisse Mortgage Trust, Series 2017-1, 8.75%, 03/25/21(j)		40,735,460
	7,845,290	Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 2.59%, 11/25/35(n)		3,344,555
	578,539	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-1, Class 1A3B, (1 mo. LIBOR US + 0.140%), 1.38%, 08/25/37(n)		570,259
	2,835,159	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA2, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 1.71%, 04/25/47(n)		2,493,429
	2,760,094	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class 1A1B, (1 mo. LIBOR US + 0.130%), 1.37%, 08/25/47(n)		2,577,643
	857,257	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.71%, 11/19/35(p)		829,327
	5,674,513	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 1.59%, 01/25/35(j)(n)		5,074,115

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,071,974	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 1.59%, 01/25/36(j)(n)	$	1,786,695
	751,780	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.65%, 01/25/35(p)		758,876
	212,900	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		212,696
	576,787	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		571,350
	1,027,108	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.67%, 01/25/36(p)		999,596
	1,314,800	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		1,212,833
	2,446,677	HarborView Mortgage Loan Trust, Series 2007-3, Class 2A1B, (1 mo. LIBOR US + 0.230%), 1.47%, 05/19/47(n)		1,934,838
	4,016,920	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 1.49%, 07/19/47(n)		3,473,750
	1,451,896	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 3.20%, 04/25/37(p)		1,304,634
	47,105,917	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.99%, 07/25/47		2,098,472
	6,434,243	IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.75%, 01/25/37(p)		5,622,389
	3,163,132	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, (1 mo. LIBOR US + 0.150%), 1.39%, 03/25/37(n)		3,254,624
	3,661,184	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.94%, 10/25/37(p)		2,992,681
	327,562	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		315,747
	3,339,513	JPMorgan Resecuritization Trust, Series 2015-3, Class 2A1, 4.30%, 11/26/36(j)(p)		3,321,030
	4,810,537	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 2.39%, 12/25/37(n)		4,739,041
	2,410,120	LSTAR Securities Investment Ltd., Series 2016-5, Class A1, (1 mo. LIBOR US + 2.000%), 3.24%, 11/01/21(j)(n)		2,410,868

See Notes to Financial Statements.

69

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,395,331	LSTAR Securities Investment Ltd., Series 2017-2, Class A1, (1 mo. LIBOR US + 2.000%), 3.24%, 02/01/22(j)(n)	$	3,399,856
	4,028,017	MASTR Reperforming Loan Trust, Series 2006-2, Class 1A1, 4.44%, 05/25/36(j)(p)		3,554,683
	2,680,659	MASTR Resecuritization Trust, Series 2008-3, Class A1, 1.67%, 08/25/37(j)(p)		2,005,859
	3,924,139	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 1.45%, 04/25/37(n)		3,270,960
	2,727,052	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.60%, 05/25/36(p)		2,550,568
	997,968	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		837,574
	9,065,609	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 1.83%, 05/26/37(j)		7,623,831
	3,720,731	Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 1.40%, 07/26/45(n)		3,413,681
	5,689,988	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(j)		5,432,976
	2,468,185	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(j)		2,396,560
	1,192,613	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		1,109,334
	211,913	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		198,551
	5,100,619	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 4.48%, 08/25/36(p)		4,327,758
	11,379,000	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 19.73%, 07/01/56(j)(k)		768,083
	19,344,366	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.09%, 07/01/56(j)(p)		1,910,256
	2,774,969	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 3.36%, 05/25/35(p)		2,337,029
	4,850,384	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 1.46%, 05/25/46(n)		2,730,561

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,178,436	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 1.42%, 09/25/47(n)	$	3,007,635
	4,927,490	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 1.59%, 06/25/35(j)(n)		4,302,120
	1,736,008	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 3.61%, 04/25/37(p)		1,472,337
	659,223	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 3.63%, 04/25/37(p)		542,264
	2,509,825	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 3.02%, 06/25/47(n)		2,210,799
	4,977,540	Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 1.56%, 04/26/37(j)(n)		4,716,785
	1,737,087	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		1,585,316
	4,994,378	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		2,259,095
	139,900	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 2.93%, 12/25/35(p)		136,102
	2,929,548	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR13, Class 2A, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.23%, 10/25/46(n)		2,787,642
	1,752,987	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.02%, 07/25/37(p)		1,457,656
	4,038,859	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 1.71%, 05/25/47(n)		3,861,542
	2,201,110	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 1.90%, 08/25/46(n)		1,605,946

See Notes to Financial Statements.

70

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	16,317,482	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 6.680%), 5.44%, 03/25/37(n)	$	2,555,422
	4,860,882	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class CRB1, 3.41%, 10/25/35(p)		4,152,357
	45,639	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 3.40%, 07/25/36(p)		45,493
	633,399	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 3.57%, 04/25/36(p)		639,656
				444,614,324
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.2%
	1,967,064	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 1.71%, 01/25/36(j)(n)		1,813,202
	16,642,666	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 1.69%, 09/25/37(j)(n)		15,784,071
	2,217,106	Bayview Commercial Asset Trust, Series 2007-5A, Class A3, (1 mo. LIBOR US + 1.000%), 2.24%, 10/25/37(j)(n)		2,138,318
	7,628,500	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 2.74%, 10/25/37(j)(n)		4,956,558
	10,127,000	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 2.74%, 12/25/37(j)(n)		7,456,728
	340,000	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class D, 3.05%, 01/10/48(j)(p)		249,038
	2,000,000	Commercial Mortgage Trust, Series 2014-PAT, Class E, (1 mo. LIBOR US + 3.150%), 4.38%, 08/13/27(j)(n)		2,031,385
	4,482,000	Commercial Mortgage Trust, Series 2014-PAT, Class F, (1 mo. LIBOR US + 2.441%), 3.68%, 08/13/27(j)(n)		4,476,529
	460,000	Commercial Mortgage Trust, Series 2015-CR25, Class D, 3.80%, 08/10/48(p)		382,871
	15,000,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class FFX, 3.38%, 12/15/34(j)(p)		14,893,307

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	1,880,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class GFX, 3.38%, 12/15/34(j)(p)	$	1,851,639
	4,302,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.290%), 1.53%, 12/25/36(j)(n)		3,435,282
	3,881,000	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 7.80%, 04/25/46(j)(p)		4,151,835
				63,620,763
Total Non-Agency Mortgage-Backed Securities (Cost $490,000,899)				508,235,087
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.7%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.7%
	3,223,880	Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 7.24%, 09/25/28(p)		3,725,593
	6,138,160	Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 6.99%, 07/25/29(j)(p)		6,931,328
	11,500,000	Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1M2, 4.79%, 07/25/29(j)(p)		12,237,030
	2,000,000	Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 6.09%, 10/25/29(p)		2,110,552
	909,422	Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, 4.24%, 10/25/29(j)(p)		940,862
	4,750,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 6.19%, 07/25/29(p)		5,086,421
	1,375,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 11.24%, 07/25/29(p)		1,262,430
	6,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class M2, 4.49%, 07/25/29(p)		6,311,337
Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $36,038,332)				38,605,553
U.S. GOVERNMENT AGENCIES — 28.2%
Federal Home Loan Bank — 28.2%
	5,000,000	0.50%, 11/01/17(q)		5,000,000

See Notes to Financial Statements.

71

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

Principal Amount			Value
Federal Home Loan Bank (continued)
$	17,000,000	1.02%, 11/02/17(q)	$	16,999,524
	150,000,000	1.02%, 11/06/17(q)		149,979,000
	94,000,000	1.00%, 11/07/17(q)		93,984,208
	51,700,000	1.02%, 11/08/17(q)		51,689,867
	304,000,000	1.02%, 11/10/17(q)		303,923,088
	84,000,000	1.01%, 11/13/17(q)		83,971,692
	59,000,000	1.01%, 11/14/17(q)		58,978,465
	220,000,000	1.01%, 11/15/17(q)		219,913,540
	33,300,000	1.01%, 11/17/17(q)		33,285,048
	168,000,000	1.02%, 11/22/17(q)		167,901,048
	30,000,000	1.02%, 12/04/17(q)		29,971,410
	50,000,000	1.01%, 12/05/17(q)		49,950,900
	158,000,000	1.02%, 12/06/17(q)		157,840,262
	67,000,000	1.01%, 12/08/17(q)		66,928,377
	26,000,000	1.02%, 12/11/17(q)		25,969,944
	44,400,000	1.07%, 01/16/18(q)		44,295,038
	5,000,000	1.13%, 02/07/18(q)		4,984,485
Total U.S. Government Agencies (Cost $1,565,579,859)				1,565,565,896
U.S. GOVERNMENT SECURITIES — 4.0%
U.S. Treasury Bills — 4.0%
	54,000,000	0.88%, 11/02/17(q)		53,998,622
	50,000,000	1.01%, 11/09/17(q)		49,989,597
	34,000,000	1.02%, 11/16/17(q)		33,986,400
	24,000,000	0.97%, 11/30/17(q)		23,980,474
	4,000,000	0.00%, 12/14/17(q)		3,995,508
	9,000,000	1.01%, 02/01/18(q)		8,973,895
	50,000,000	1.05%, 03/29/18(q)		49,750,756
Total U.S. Government Securities (Cost $224,712,897)				224,675,252
Shares
CASH SWEEP — 2.4%
UNITED STATES — 2.4%
	133,881,469	Citibank - US Dollars on Deposit in Custody Account, 0.10%(r)		133,881,469
Total Cash Sweep (Cost $133,881,469)				133,881,469
TOTAL INVESTMENTS — 99.8% (Cost $5,382,799,798)				5,541,063,954
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				8,484,154
NET ASSETS — 100.0%			$	5,549,548,108

Contracts				Value
CALL OPTIONS WRITTEN — 0.0%
	(100,000	)	PowerShares DB US Dollar Index Bullish Fund, Strike $26.00, Expires 01/19/18, (Notional amount $260,000,000)	$	(600,000	)
Total Call Options Written (Premiums received $(125,845))					(600,000	)
Units				Value
STRUCTURED OPTIONS — 1.7%
Equity Options — 1.7%
	50,000,000	(s)	Absolute Dispersion Option on Stock Basket, One purchased call strike of 20%, Expires 08/17/18, Broker Societe Generale (Notional amount $50,000,000)(t)	$	713,500
	50,000,000	(s)	Absolute Dispersion Option on Stock Basket, One purchased call strike of 22%, Expires 08/24/18, Broker BNP Paribas SA (Notional amount $50,000,000)(u)		1,519,700
	3,832		DAXK Index, One purchased call strike 5,219.79 (Notional amount $20,000,000), One written put strike 5,219.79 (Notional amount $20,000,000), Expires 12/14/17, Broker Citibank N.A.		4,025,978
	327,225		Euro STOXX 50 Dividend Index Option, One purchased put strike 110 (Notional amount $36,000,000), Expires 12/20/19, Broker UBS AG		249,788
	660,000		Euro STOXX 50 Dividend Index Option, One purchased put strike 110.00 (Notional amount $73,000,000), Expires 12/20/19, Broker BNP Paribas SA		727,123
	15,000		Euro STOXX 50 Dividend Index Option, One written put strike 2,650.00 (Notional amount $40,000,000), Expires 12/20/19, Broker BNP Paribas SA		(2,467,820	)
	3,852		Euro STOXX 50 Index, One purchased call strike 2,595.70, Expires 01/19/18, Broker Citibank N.A.(Notional amount $10,000,000)		4,148,170
	5,505		Euro STOXX 50 Index, One purchased call strike 2,725,10, Expires 12/21/18, Broker Goldman Sachs International(Notional amount $15,000,000)		4,842,029

See Notes to Financial Statements.

72

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

Units			Value
Equity Options (continued)
	2,815	Euro STOXX 50 Index, One purchased call strike 2,797.2047, Expires 12/21/18, Broker JPMorgan Chase Bank N.A.(Notional amount $7,875,000)	$	2,264,209
	5,339	Euro STOXX 50 Index, One purchased call strike 2,810.00, Expires 06/15/18, Broker Goldman Sachs International(Notional amount $15,000,000)		4,201,191
	7,563	Euro STOXX 50 Index, One purchased call strike 3,540.75 (Notional amount $30,000,000), One written put strike 3,471.33 with a barrier level strike of 3,087.75 (Notional amount $30,000,000), Expires 12/15/17, Broker Citibank N.A.		1,301,331
	7,385	Euro STOXX 50 Index, One written put strike 2,650.00 (Notional amount $19,570,250), Expires 12/20/19, Broker UBS AG		(956,011	)
	4,422	FTSE 100 Index, One purchased call strike 6,784.37 (Notional amount $30,000,000), One purchased put strike 6,648.68 (Notional amount $30,000,000), One written put strike 6,784.37 with a barrier level strike of 5,291.81 (8,843 contracts) (Notional amount $60,000,000), Expires 11/16/17, Broker Credit Suisse International(v)		3,054,247
	1,174	FTSE MIB Index, One purchased call strike 17,205.81 (Notional amount $20,000,000), One purchased put strike 16,865.10 (Notional amount $20,000,000), One written put strike 17,035.46 with a barrier level strike of 12,846.44 (2,348 contracts) (Notional amount $40,000,000), Expires 12/14/17, Broker JPMorgan Chase Bank N.A.(v)		6,506,761

Units			Value
Equity Options (continued)
	891	FTSE MIB Index, One purchased call strike 22,671.4383 (Notional amount $20,000,000), One written put strike 22,446.9686 with a barrier level strike of 20,202.2717 (Notional amount $20,000,000), Expires 01/18/18, Broker JPMorgan Chase Bank N.A.	$	352,280
	2,346,041	iShares MSCI Brazil Index, One purchased call strike 34.78 (Notional amount $80,000,000), One written call strike 37.51 (Notional amount $80,000,000), One written put strike 34.10 with a barrier level strike of 28.99 (586,510 contracts) (Notional amount $20,000,000), Expires on 05/18/18, Broker Barclays Bank Plc(v)		3,736,071
	171,356	iShares NASDAQ Biotechnology Index, One purchased call strike 275.30 (Notional amount $46,000,000), One written call strike 307.37 (Notional amount $46,000,000), One written put strike 267.28 with a barrier level strike of 240.55 (74,828 contracts) (Notional amount $20,000,000), Expires 10/17/17, Broker Barclays Bank Plc(v)		5,023,406
	661,563	iShares Russell 1000 Value ETF, One purchased call strike 114.50 (Notional amount $75,000,000), One written put strike 48.89 on Utilities Select Sector SPDR Fund with a barrier level strike of 37.38 (1,534,103 contracts) (Notional amount $75,000,000), Expires 02/16/18, Broker Bank of America N.A.		3,820,911
	1,440,181	Materials Select Sector SPDR, One purchased call strike 52.5976 (Notional amount $75,000,000), One written put strike 48.9402 on Utilities Select Sector SPDR with a barrier level strike of 40.6204 (1,532,482 contracts) (Notional amount $75,000,000), Expires 02/16/18, Broker JPMorgan Chase Bank N.A.(v)		9,486,922

See Notes to Financial Statements.

73

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

Units			Value
Equity Options (continued)
	7,005	S&P 500 Index, One purchased call strike 2,162.75 (Notional amount $15,000,000), One purchased put strike 2,119.93 (Notional amount $15,000,000), One written call strike 2,141.34 with a barrier level strike of 1,724.85 (14,010 contracts) (Notional amount $30,000,000), Expires 11/16/17, Broker Bank of America N.A.(v)	$	2,872,591
	18,306	S&P 500 Index, One purchased call strike 2,206.93 (Notional amount $40,000,000), One purchased put strike 2,163.23 (Notional amount $40,000,000), One written put strike 2,185.08 with a barrier level strike of 1,780.40 (36,612 contracts) (Notional amount $80,000,000), Expires 12/14/17, Broker Bank of America N.A.(v)		6,706,429
	19,862	S&P 500 Index, One purchased call strike 2,542.5235 (Notional amount $50,000,000), One written put strike 2,391.4825 (Notional amount $47,000,000), Expires 11/16/17, Broker Credit Suisse International		794,193
	29,434	S&P 500 Index, One purchased call strike 2,573.53 (Notional amount $75,000,000), One written put strike with a barrier level strike of 2,548.05 (Notional amount $75,000,000), Expires 12/14/17, Broker Credit Suisse International		564,204
	19,439	S&P 500 Index, One purchased call strike 2,597.84 (Notional amount $50,000,000), One written put strike 2,443.52 (Notional amount $50,000,000), Expires 11/30/17, Broker Bank of America N.A.		81,455
	2,489	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 20,289.89 (Notional amount $50,000,000), One written call strike 48.93 on Utilities Select Sector SPDR with a barrier level strike of 36.84(1,021,868 contracts) (Notional amount $50,000,000), Expires 02/15/18, Broker Credit Suisse International(v)		7,611,141

Units			Value
Equity Options (continued)
	3,675	SPDR Dow Jones Industrial Average ETF Trust, One purchased put strike 20,406.62 (Notional amount $75,000,000), One purchased call strike 20,610.6862 (Notional amount $75,000,000), One written put strike 49.5524 on Utilities Select Sector SPDR with a barrier level strike of 40.0383 (1,513,549 contracts) (Notional amount $75,000,000), Expires 03/15/18, Broker Citibank N.A.(v)	$	10,191,463
	986,995	SPDR S&P Oil & Gas Exploration & Production ETF, One purchased call strike 31.0032 (Notional amount $30,000,000), One written call strike 33.4348 (Notional amount $30,000,000), One written put strike 30.3953 with a barrier level strike of 21.8846 (493,497 contracts) (Notional amount $15,000,000), Expires 12/29/17, Broker BNP Paribas SA(v)		1,705,544
	1,972,704	SPDR S&P Oil & Gas Exploration & Production ETF, One purchased call strike 31.0234 (Notional amount $60,000,000), One written call strike 33.4566 (Notional amount $60,000,000), One written put strike 30.4151 with a barrier level strike of 23.1155 (Notional amount $20,000,000), Expires 12/29/17, Broker BNP Paribas SA		3,822,011
	3,805	Swiss Market Index, One purchased call strike 7,963.92 (Notional amount $30,000,000), One purchased put strike 7,727.36 (Notional amount $30,000,000), One written put strike 7,885.07 with a barrier level strike of 6,185.84 (7,609 contracts) (Notional amount $60,000,000), Expires 11/16/17, Broker JPMorgan Chase Bank N.A.(v)		4,850,639
				91,749,456

See Notes to Financial Statements.

74

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

Units				Value
Foreign Currency Options — 0.0%
	10,000,000	(s)	USD/JPY foreign exchange rate, One purchased call strike 119.000, Expires 02/20/18, Broker Bank of America N.A.(Notional amount $10,000,000)	$	1,261,790
Total Structured Options (Premiums paid $3,225,220)				$	93,011,246
				Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
Total Return Swaps
Total return swap with Barclays Capital, Inc. receiving total return of the Barclays Japan Value Equity ER JPY Index over the initial equity level of 256.9172 and paying fixed interest rate of 0.45% at expiration date expiring 08/08/18 (Notional amount JPY 8,301,876,729)				$	4,222,007
Total return swap with Barclays Capital, Inc. receiving total return of the Barclays Japan Value Equity ER JPY Index over the initial equity level of 259.663500 and paying fixed interest rate of 0.45% at expiration date expiring 08/08/18 (Notional amount JPY 8,212,509,424)					6,607,270
Total return swap with Barclays Capital, Inc. receiving total return of the Shiller Barclays CAPE US Sector ER USD Index over the initial equity level of 520.3363 and paying fixed interest rate of 0.45% at expiration date expiring 08/27/18 (Notional amount $247,794,032)					7,371,870
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the basket level on valuation date and paying a floating amount of 0.30% with quarterly payments until expiration date, expiring 07/30/18 (Notional amount EUR 100,000,000)(w)					396,729

	Unrealized Appreciation/ (Depreciation)
Total Return Swaps (continued)
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the basket level on valuation date and paying a floating amount of 0.30% with quarterly payments until expiration date, expiring 03/28/18 (Notional amount EUR 100,000,000)(x)	$	4,160,230
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the target spread of 131.2557 and paying an amount if the price return is under the target spread of 131.2557 with quarterly payments until expiration date, expiring 10/08/18 (Notional amount EUR 17,100,000)(y)		(1,017,731	)
		21,740,375
Variance Swaps
Conditional Variance Swap with BNP Paribas SA receiving variance of the Hang Seng China Enterprises (“HSCEI”) Index over the volatility strike price of 23.70 with a knockout level of 130% of initial index level and the S&P 500 Index over the volatility strike price of 19.70 and paying variance of the HSCEI Index under the volatility strike price of 23.70 with a knockout level of 130% of initial index level and the S&P 500 Index under the volatility strike price of 19.70 at expiration date, expiring 12/28/18 (Vega notional amount $500,000)		1,174,180
Conditional Variance Swap with JPMorgan Chase Bank N.A. receiving variance of difference between Hang Seng China Enterprises Index (“HSCEI”) and S&P 500 Index over the volatility strike of 22.5% with a condition that knockout level is between 70% and 120% of initial index level with a knockout level of 130% of initial index level at expiration date expiring 12/21/18 (Vega notional amount $500,000)		438,367

See Notes to Financial Statements.

75

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Conditional Variance Swap with Societe Generale receiving variance of difference between Hang Seng China Enterprises Index (“HSCEI”) and S&P 500 Index over the volatility strike price of 4.6 with a condition that knockout level is between 65% and 115% of initial index level with a knockout level of 130% at expiration date, expiring 12/21/18 (Vega notional amount $1,000,000)	$	630,000
Conditional Variance Swap with Societe Generale receiving variance of difference between Hang Seng China Enterprises Index (“HSCEI”) and S&P 500 Index over the volatility strike price of 4.8 with a condition that knockout level is between 70% and 120% of initial index level with a knockout level of 130% at expiration date, expiring 12/21/18 (Vega notional amount $1,000,000)		542,000
Conditional Variance Swap with Societe Generale receiving variance of Hang Seng China Enterprises Index (“HSCEI”) over the volatility strike price of 20.8 with a condition that knockout level is between 70% and 120% of initial index level with a knockout level of 130% and the S&P 500 Index over the volatility strike price of 15.80 of initial index level at expiration date, expiring 12/21/18 (Vega notional amount $1,000,000)		403,000
Conditional Variance swap with UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 334.9 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date, expiring 12/13/19 (Vega notional amount $800,000)		(180,480	)

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Conditional Variance swap with UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 357.21 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date, expiring 12/13/19 (Vega notional amount $500,000)	$	(64,313	)
Variance swap with Bank of America N.A. paying variance of the Merrill Lynch Core Portfolio Gross Index over the target volatility of 44.89 and receiving variance of the Merrill Lynch Core Portfolio Gross Index under the target volatility of 44.89 at expiration date, expiring 11/17/17 (Vega notional amount $1,000,000)		1,976,944
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 13.3675 and paying an amount if the volatility of S&P/ASX 200 Index is under 17.1175 at expiration date, expiring 12/20/18 (Vega notional amount $500,000)		1,275,847
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.25 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.05 at expiration date, expiring 06/21/18 (Vega notional amount AUD 1,000,000)		1,217,462
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.95 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.95 at expiration date, expiring 06/21/18 (Vega notional amount AUD 630,000)		1,200,444
Variance swap with BNP Paribas SA paying variance of the Hang Seng China Enterprises Index over the target volatility of 25.65 and receiving variance of the Hang Seng China Enterprises Index under the target volatility of 25.65 at expiration date, expiring 12/28/18 (Vega notional amount HKD 3,900,000)		1,232,827

See Notes to Financial Statements.

76

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with BNP Paribas SA paying variance of the S&P/ASX 200 Index over the target volatility of 15.80 and receiving variance of the AUD/USD foreign exchange rate under the target volatility of 9.70 at expiration date, expiring 12/20/18 (Vega notional amount AUD 1,300,000)	$	1,919,636
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 5.50 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 under the target volatility of 5.50 at expiration date expiring 10/30/18 (Notional amount $1,000,000)		(1,065,985	)
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.15 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.15 at expiration date, expiring 05/10/19 (Vega notional amount $3,000,000)		6,501
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.15 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.15 at expiration date, expiring 05/29/18 (Vega notional amount $1,000,000)		440,654
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.15 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.15 at expiration date, expiring 05/29/18 (Vega notional amount $1,000,000)		435,960

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.20 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.20 at expiration date, expiring 11/09/18 (Vega notional amount $3,000,000)	$	1,416,585
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.25 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.25 at expiration date, expiring 11/06/17 (Vega notional amount $2,000,000)		1,841,074
Variance swap with Goldman Sachs International receiving NASDAQ 100 Index over the initial equity level of 17.9 and paying NASDAQ 100 Index under the initial equity level of 17.9 at expiration date, expiring 12/15/17 (Notional amount $500,000)		1,885,931
Variance swap with Goldman Sachs International receiving S&P 500 Index over the initial equity level of 13.3 and paying S&P 500 Index under the initial equity level of 13.3 at expiration date, expiring 12/15/17 (Notional amount $500,000)		(1,877,493	)
Variance swap with JPMorgan Chase Bank N.A. paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05 at expiration date, expiring 12/20/19 (Vega notional amount $500,000)		6,252,698
Variance swap with Societe Generale paying variance of the Hang Seng China Enterprises Index over the target volatility of 25.65 and receiving variance of the Hang Seng China Enterprises Index under the target volatility of 25.65 at expiration date, expiring 12/28/18 (Vega notional amount HKD 3,899,275)		1,179,669

See Notes to Financial Statements.

77

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with Societe Generale paying variance of the NASDAQ 100 Index over the target volatility of 17.80 and receiving variance of the NASDAQ 100 Index under the target volatility of 17.80 at expiration date expiring 12/15/17 (Vega notional amount $500,000)	$	1,919,117
Variance swap with Societe Generale paying variance of the NASDAQ 100 Index over the target volatility of 17.95 and receiving variance of the NASDAQ 100 Index under the target Volatility of 17.95 at expiration date expiring 12/15/17 (Vega notional amount $500,000)		2,003,451
Variance swap with Societe Generale receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.25 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.10 at expiration date, expiring 06/21/18 (Vega notional amount AUD 1,340,000)		1,555,149
Variance swap with Societe Generale receiving an amount if the volatility of AUD/USD foreign exchange rate is over 16.20 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.20 at expiration date, expiring 06/21/18 (Vega notional amount AUD 660,000)		971,881
Variance swap with Societe Generale receiving an amount if the volatility of Euro STOXX 50 index is over 16.45 and paying an amount if the volatility of Euro STOXX 50 index is under 16.45 at expiration date, expiring 12/15/17 (Vega notional amount EUR 426,000)		(2,473,438	)
Variance swap with Societe Generale receiving an amount if the volatility of Euro STOXX 50 index is over 16.6 and paying an amount if the volatility of Euro STOXX 50 index is under 16.6 at expiration date, expiring 12/15/17 (Vega notional amount EUR 420,805)		(2,457,287	)

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with Societe Generale receiving an amount if the volatility of NASDAQ 100 index is over 18.5 and paying an amount if the volatility of Russell 2000 index is under 18.5 at expiration date, expiring 03/16/18 (Vega notional amount $500,000)	$	228,910
Variance Swap with Societe Generale receiving variance of difference between Hang Seng China Enterprises Index (“HSCEI”) and S&P 500 Index (“SPX”) over the volatility strike price of 4.2 with a condition that knockout level is between 65% and 115% of initial index level at expiration date expiring 12/21/18 (Vega notional amount $1,000,000)		1,417,000
Variance swap with UBS AG receiving variance of the Franklin Floating Rate Fund over the target volatility of 4.00 and paying variance of the Franklin Floating Rate Fund under the target volatility of 4.00 at expiration date, expiring 12/28/18 (Vega notional amount $62,500)		247,044
		25,693,335
Volatility Swaps
Volatility swap with Bank of America N.A. receiving an amount if the volatility of CHF/USD foreign exchange rate is over 7.45 and paying an amount if the volatility of CHF/USD foreign exchange rate is under 7.45 at expiration date, expiring 05/10/18 (Vega notional amount $1,000,000)		(195,854	)
Volatility swap with Bank of America N.A. receiving an amount if the volatility of CHF/USD foreign exchange rate is over 7.60 and paying an amount if the volatility of CHF/USD foreign exchange rate is under 7.60 at expiration date, expiring 05/11/18 (Vega notional amount $1,000,000)		(57,776	)

See Notes to Financial Statements.

78

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

	Unrealized Appreciation/ (Depreciation)
Volatility Swaps (continued)
Volatility swap with BNP Paribas SA based on a basket of equities and index, receiving an amount if the final realized volatility is over the target strike price of 15.43 and paying an amount if the final realized volatility is under the target strike price of 15.43 at expiration date, expiring 01/19/18 (Vega notional amount $300,000)(z)	$	(193,832	)
Volatility swap with BNP Paribas SA based on a basket of equities and index, receiving an amount if the final realized volatility is over the target strike price of 16.36 and paying an amount if the final realized volatility is under the target strike price of 16.36 at expiration date, expiring 01/19/18 (Vega notional amount $500,000)(aa)		(35,062	)
Volatility swap with BNP Paribas SA based on the Hang Seng Index, receiving an amount if the final realized volatility is over the target strike price of 15.80 and paying based on the USD/KRW foreign exchange rate an amount if the final realized volatility is under the target strike price of 9.35 at expiration date, expiring 12/28/17 (Vega notional amount $1,000,000)		(888,312	)
Volatility swap with JPMorgan Chase Bank N.A. based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 15.76 and paying variance if the basket volatility strike under the target strike price of 15.76 at expiration date, expiring 01/18/19 (Vega notional amount $300,000)(ab)		(371,146	)
Volatility swap with JPMorgan Chase Bank N.A. based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 17.00 and paying variance if the basket volatility strike under the target strike price of 17.00 at expiration date, expiring 01/19/18 (Vega notional amount $500,000)(ac)		(996,338	)

	Unrealized Appreciation/ (Depreciation)
Volatility Swaps (continued)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CHF/USD foreign exchange rate is over 7.32 and paying an amount if the volatility of CHF/USD foreign exchange rate is under 7.32 at expiration date, expiring 05/10/18 (Vega notional amount $1,000,000)	$	259,659
Volatility Swap with Societe Generale based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 12 and paying variance if the basket volatility strike under the target strike price of 12 at expiration date, expiring 01/19/18 (Vega notional amount $499,996)(ad)		638,086
Volatility Swap with Societe Generale based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 16.41 and paying variance if the basket volatility strike under the target strike price of 16.41 at expiration date, expiring 01/19/18 (Vega notional amount $500,000)(ae)		(781,615	)
Volatility Swap with Societe Generale based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 20.1 and paying variance if the basket volatility strike under the target strike price of 20.1 at expiration date, expiring 01/19/18 (Vega notional amount $437,500)(af)		344,431
Volatility Swap with UBS AG based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 14.87 and paying variance if the basket volatility strike under the target strike price of 14.87 at expiration date, expiring 01/19/18 (Vega notional amount $500,000)(ag)		(164,772	)
		(2,442,531	)
	$	44,991,179

See Notes to Financial Statements.

79

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

(a)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $328,689,861 or 5.92% of net assets. Included in this amount are securities which are also exempt from registration under Rule 144A of the Securities Act of 1933, as amended (see (j) below) that amount to $111,245,260 or 2.00% of net assets.
(b)	Level 3 fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $302,914, which is 0.01% of net assets.
(c)	Non-income producing security.
(d)	Principal amount denoted in Euros.
(e)	Variable rate security. Rate shown is the rate in effect as of period end.
(f)	Principal amount denoted in British Pounds.
(g)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Directors except those also included in footnote (a) above.
(h)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(i)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(j)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $800,104,856, which is 14.42% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those also included in footnote (a) above.
(k)	Zero coupon bond. The rate represents the yield at time of purchase.
(l)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(m)	Issuer filed for bankruptcy and/or is in default of interest payments.
(n)	Floating rate security. Rate shown is the rate in effect as of period end.
(o)	Principal amount denoted in Swiss Francs.
(p)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(q)	The rate represents the annualized yield at time of purchase.
(r)	The rate shown represents the current yield as of October 31, 2017.
(s)	Number of units is not applicable to this derivative and therefore notional amount is disclosed.

(t) The following table represents the individual positions underlying the basket structured options with Societe Generale, as of October 31, 2017, expiration date August 17, 2018:

Reference Entity

Alphabet, Inc. - Class A

Amazon.com, Inc.

Analog Devices, Inc.

Apple, Inc.

Broadcom Ltd.

Facebook, Inc. - Class A

Gartner, Inc.

Netflix, Inc.

NVIDIA Corp.

ServiceNow, Inc.

Skyworks Solutions, Inc.

Splunk, Inc.

Western Digital Corp.

(u) The following table represents the individual positions underlying the basket structured options with BNP Paribas SA, as of October 31, 2017, expiration date August 24, 2018:

Reference Entity

Allergan Plc

Alphabet, Inc. - Class A

Amazon.com, Inc.

Anadarko Petroleum Corp.

Apple, Inc.

Barrick Gold Corp.

Eli Lilly & Co.

Facebook, Inc. - Class A

Freeport-McMoRan, Inc.

Gilead Sciences, Inc.

Goldcorp, Inc.

Halliburton Co.

Hess Corp.

Incyte Corp.

Netflix, Inc.

Newmont Mining Corp.

Regeneron Pharmaceuticals, Inc.

United States Steel Corp.

(v)	Number of contracts are shown parenthetically for any leg of Structured Option which has a different number of contracts than the amount shown under contracts column.
(w)	The following table represents the individual long position underlying the basket swap with BNP Paribas SA, as of October 31, 2017, expiration date July 30, 2018:

Reference Entity — Long

BNP Paribas Equity Low Volatility Europe Index

BNP Paribas Equity Momentum Europe Index

BNP Paribas Equity Quality Europe Index

BNP Paribas Equity Value Europe Index

BNP Paribas High Dividend Yield Europe Equity Long Term Return Index

See Notes to Financial Statements.

80

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

(x) The following table represents the individual long and short positions underlying the basket swap with BNP Paribas SA, as of October 31, 2017, expiration date March 28, 2018:

Reference Entity — Long

BNP Paribas Equity Low Volatility Europe Index

BNP Paribas Equity Momentum Europe Index

BNP Paribas Equity Quality Europe Index

BNP Paribas Equity Value Europe Index

BNP Paribas High Dividend Yield Europe Equity Long Term Return Index

(y) The following table represents the individual long and short positions underlying the basket swap with BNP Paribas SA, as of October 31, 2017, expiration date October 8, 2018:

Reference Entity — Long

BNP Paribas USD Long-Term Treasury Bond Futures Index

Reference Entity — Short

BNP Paribas EUR 30 Year Futures Index

(z) The following table represents the individual long and short positions underlying the basket swap with BNP Paribas SA, as of October 31, 2017, expiration date January 19, 2018:

Reference Entity — Long

Altaba, Inc.

Eastman Chemical Co.

Hologic, Inc.

Lennar Corp.

Mohawk Industries, Inc.

Occidental Petroleum Corp.
Oracle Corp.

Phillips 66
VeriSign, Inc.

Reference Entity — Short

S&P 500 Index

(aa)  The following table represents the individual long and short positions underlying the basket swap with BNP Paribas SA, as of October 31, 2017, expiration date January 19, 2018:

Reference Entity — Long

AbbVie, Inc.

Akamai Technologies, Inc.

Alibaba Group Holding Ltd.

Amazon.com, Inc.
Apple, Inc.

Baidu, Inc.
Broadcom Ltd.

EOG Resources, Inc.

E-Trade Financial Corp.

Facebook, Inc.

Gilead Sciences, Inc.

Halliburton Co.

Micron Technology, Inc.

Priceline Group, Inc. (The)

Salesforce.com, Inc.

Whirlpool Corp.

Reference Entity — Short

S&P 500 Index

(ab)  The following table represents the individual long and short positions underlying the basket swap with JPMorgan Chase Bank N.A., as of October 31, 2017, expiration date January 18, 2019:

Reference Entity — Long

Altaba, Inc.

Eastman Chemical Co.

Lennar Corp.

Occidental Petroleum Corp.

Oracle Corp.

Phillips 66
VeriSign, Inc.

Reference Entity — Short

S&P 500 Index

(ac)  The following table represents the individual long and short positions underlying the basket swap with JPMorgan Chase Bank N.A., as of October 31, 2017, expiration date January 19, 2018:

Reference Entity — Long

AbbVie, Inc.

Amazon.com, Inc.

Apple, Inc.

Biogen, Inc.

Chevron Corp.

Exxon Mobil Corp.

Halliburton Co.

Microsoft Corp.

Netflix, Inc.

Phillips 66

Reference Entity — Short

S&P 500 Index

(ad)  The following table represents the individual long and short positions underlying the basket swap with Societe Generale, as of October 31, 2017, expiration date January 19, 2018:

Reference Entity — Long

Andeavor Corp.

Axalta Coating Systems Ltd.

Ball Corp.

BioMarin Pharmaceutical, Inc.

Cardinal Health, Inc.

Cheniere Energy, Inc.

Concho Resources, Inc.

Cree, Inc.

HCA Healthcare, Inc.

IAC/InterActiveCorp.

Sealed Air Corp.

Splunk, Inc.

VeriFone Systems, Inc.

Zoetis, Inc.

Reference Entity — Short

S&P 500 Index

See Notes to Financial Statements.

81

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

(ae)  The following table represents the individual long and short positions underlying the basket swap with Societe Generale, as of October 31, 2017, expiration date January 19, 2018:

Reference Entity — Long

AbbVie, Inc.

Amazon.com, Inc.

Apple, Inc.

CA, Inc.

Chevron Corp.

Exxon Mobil Corp.

Halliburton Co.

Microsoft Corp.

Netflix, Inc.

Phillips 66

Reference Entity — Short

S&P 500 Index

(af)  The following table represents the individual long and short positions underlying the basket swap with Societe Generale, as of October 31, 2017, expiration date January 19, 2018:

Reference Entity — Long

Allergan Plc

Alphabet, Inc.

Expedia, Inc.

Intuitive Surgical, Inc.

PayPal Holdings, Inc.

PulteGroup, Inc.

Teradata Corp.

Reference Entity — Short

Russell 2000 Index

(ag)  The following table represents the individual long and short positions underlying the basket swap with UBS AG, as of October 31, 2017, expiration date January 19, 2018:

Reference Entity — Long

Andeavor Corp.

Citrix Systems, Inc.

Expedia, Inc.

F5 Networks, Inc.

Intuitive Surgical, Inc.

Molson Coors Brewing Co.

Phillips 66
Valero Energy Corp.

Reference Entity — Short

S&P 500 Index

Futures contracts outstanding at October 31, 2017:

Description	Number of Contracts			Expiration Date	Current Notional Amount			Value/Unrealized Appreciation (Depreciation)
Long Contracts:
Chicago Board of Trade U.S. Treasury Long Bond		597		December 2017		91,023,844		$	(1,766,595	)
Chicago Board of Trade, 5 Year U.S. Treasury Note		2,320		December 2017		271,875,000			(2,733,062	)
									(4,499,657	)
Short Contracts:
Eurex Euro-Buxl 30-year Bond		(470	)	December 2017		(90,947,256	)		7,802
Chicago Mercantile Exchange E-Mini S&P 500 Index		(471	)	December 2017		(60,587,085	)		(662,494	)
FTSE MIB Index		(224	)	December 2017		(29,711,676	)		(508,788	)
									(1,163,480	)
Total								$	(5,663,137	)

See Notes to Financial Statements.

82

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

Forwards foreign currency exchange contracts outstanding at October 31, 2017:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
GBP	72,221,925	USD	95,699,972	Bank of New York Mellon Corp.	11/29/17	$	302,544
ARS	77,250,000	USD	4,303,621	Barclays Bank Plc	11/15/17		29,572
BRL	80,490,760	USD	24,000,000	Barclays Bank Plc	03/29/18		158,243
RUB	507,710,000	USD	8,449,160	Barclays Bank Plc	03/29/18		55,487
INR	675,850,000	USD	9,993,003	Barclays Bank Plc	05/31/18		217,792
USD	10,244,032	INR	675,850,000	Barclays Bank Plc	05/31/18		33,237
BRL	33,830,000	USD	10,000,000	Barclays Bank Plc	07/31/18		1,552
USD	7,181,748	EUR	6,000,000	Barclays Bank Plc	08/31/18		58,238
USD	10,000,000	EUR	8,237,958	Barclays Bank Plc	09/28/18		201,253
USD	6,004,065	EUR	5,000,000	Barclays Bank Plc	09/28/18		56,750
USD	10,000,000	EUR	8,219,004	Barclays Bank Plc	03/29/19		100,061
ARS	89,750,000	USD	5,000,000	JPMorgan Chase Bank N.A.	11/08/17		56,860
USD	5,131,504	ARS	89,750,000	JPMorgan Chase Bank N.A.	11/08/17		74,643
JPY	3,904,824,900	USD	34,380,065	JPMorgan Chase Bank N.A.	11/29/17		5,120
EUR	7,925,000	USD	8,944,242	JPMorgan Chase Bank N.A.	02/28/18		353,539
IDR	139,100,000,000	USD	10,000,000	JPMorgan Chase Bank N.A.	03/29/18		79,513
RUB	1,105,131,100	USD	18,000,000	JPMorgan Chase Bank N.A.	03/29/18		512,043
USD	10,123,726	IDR	139,100,000,000	JPMorgan Chase Bank N.A.	03/29/18		44,213
IDR	676,575,000	USD	9,856,862	JPMorgan Chase Bank N.A.	05/31/18		364,886
USD	10,233,306	INR	676,575,000	JPMorgan Chase Bank N.A.	05/31/18		11,558
USD	8,330,133	EUR	7,000,000	JPMorgan Chase Bank N.A.	07/31/18		36,442
USD	6,129,000	EUR	5,000,000	JPMorgan Chase Bank N.A.	08/30/19		40,753
INR	350,374,000	USD	5,000,000	UBS AG	02/09/18		357,014
EUR	6,000,000	USD	6,511,002	UBS AG	04/30/18		554,804
USD	22,153,940	JPY	2,409,688,500	UBS AG	05/31/18		711,422
							4,417,539
USD	13,601,750	EUR	11,877,805	Bank of New York Mellon Corp.	06/29/18		(441,452	)
USD	4,153,226	ARS	77,250,000	Barclays Bank Plc	11/15/17		(179,967	)
CHF	9,665,310	USD	9,777,836	Barclays Bank Plc	11/29/17		(71,137	)
ARS	53,700,000	USD	3,000,000	Barclays Bank Plc	02/28/18		(168,288	)
USD	2,708,018	ARS	53,700,000	Barclays Bank Plc	02/28/18		(123,694	)
USD	6,568,750	SEK	57,000,000	Barclays Bank Plc	02/28/18		(292,203	)
USD	9,582,139	BRL	33,468,710	Barclays Bank Plc	03/29/18		(463,054	)
USD	8,084,554	RUB	507,710,000	Barclays Bank Plc	03/29/18		(420,092	)
ARS	53,610,000	USD	3,000,000	Barclays Bank Plc	04/30/18		(263,050	)
USD	2,615,122	ARS	53,610,000	Barclays Bank Plc	04/30/18		(121,828	)
USD	20,023,367	EUR	17,899,389	Barclays Bank Plc	05/31/18		(1,098,691	)
USD	3,336,600	EUR	3,000,000	Barclays Bank Plc	03/29/19		(276,954	)
ARS	89,450,000	USD	5,000,000	JPMorgan Chase Bank N.A.	11/29/17		(26,733	)
EUR	50,000,000	USD	59,166,070	JPMorgan Chase Bank N.A.	11/29/17		(830,319	)
USD	4,506,297	ARS	89,450,000	JPMorgan Chase Bank N.A.	11/29/17		(466,969	)
ARS	90,000,000	USD	4,953,220	JPMorgan Chase Bank N.A.	12/28/17		(29,145	)
USD	4,466,501	ARS	90,000,000	JPMorgan Chase Bank N.A.	12/28/17		(457,574	)
AUD	51,048,687	USD	40,069,186	JPMorgan Chase Bank N.A.	01/29/18		(1,029,797	)
USD	6,074,995	GBP	4,800,000	JPMorgan Chase Bank N.A.	02/01/18		(319,149	)
ARS	27,300,000	USD	1,500,000	JPMorgan Chase Bank N.A.	02/28/18		(60,414	)
USD	1,378,092	ARS	27,300,000	JPMorgan Chase Bank N.A.	02/28/18		(61,494	)
USD	4,000,000	EUR	3,635,617	JPMorgan Chase Bank N.A.	02/28/18		(265,384	)
USD	8,645,881	EUR	7,925,000	JPMorgan Chase Bank N.A.	02/28/18		(651,899	)
USD	5,000,000	EUR	4,604,119	JPMorgan Chase Bank N.A.	03/28/18		(410,959	)
USD	5,111,779	RUB	313,281,150	JPMorgan Chase Bank N.A.	03/29/18		(135,991	)
USD	12,667,572	RUB	791,849,950	JPMorgan Chase Bank N.A.	03/29/18		(596,700	)
USD	6,557,890	GBP	5,000,000	JPMorgan Chase Bank N.A.	07/27/18		(139,109	)
IDR	69,645,000,000	USD	5,000,000	JPMorgan Chase Bank N.A.	07/31/18		(34,579	)
USD	5,822,525	EUR	5,000,000	JPMorgan Chase Bank N.A.	07/31/18		(101,540	)
USD	5,000,000	EUR	4,355,128	JPMorgan Chase Bank N.A.	07/31/18		(160,012	)
USD	18,134,338	EUR	16,380,224	JPMorgan Chase Bank N.A.	03/29/19		(1,595,937	)
EUR	30,767,264	USD	36,400,504	UBS AG	11/29/17		(503,875	)
USD	12,004,047	EUR	11,000,000	UBS AG	04/30/18		(949,931	)

See Notes to Financial Statements.

83

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
JPY	682,298,840	USD	6,200,000	UBS AG	05/31/18	$	(128,591	)
							(12,876,511	)
						$	(8,458,972	)

The following abbreviations are used in the report:

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazil Real

CHF — Swiss Franc

CLO — Collateralized Loan Obligation

Cnv. — Convertible

ETF — Exchange Traded Fund

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

GBP — British Pound

HKD - Hong Kong Dollar

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

REIT — Real Estate Investment Trust

RUB — Russian Ruble

SEK — Swedish Krona

STEP — Step Coupon Bond

USD — U.S. Dollar

See Notes to Financial Statements.

84

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	October 31, 2017

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		14.3	%
Banks		0.6
Collateralized Mortgage Obligations		8.7
Commercial Mortgage-Backed Securities		1.2
Consumer Discretionary		3.2
Consumer Staples		1.8
Diversified Financials		2.2
Energy		0.5
Health Care		0.9
Industrials		2.7
Information Technology		3.7
Insurance		1.3
Materials		0.9
Real Estate		1.5
Telecommunication Services		1.6
U.S. Government Agencies and Securities		32.2
Utilities		0.7
Other*		22.0
		100.0	%

* Includes cash and equivalents, closed-end funds, options, exchange traded funds, rights/warrants, structured options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

See Notes to Financial Statements.

85

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	October 31, 2017

Principal Amount			Value
CORPORATE BONDS — 32.8%
Banks — 5.6%
$	2,800,000	Banco Santander SA, 3.50%, 04/11/22	$	2,869,065
	2,650,000	Bank of Montreal MTN, 1.35%, 08/28/18		2,643,409
	3,080,000	Capital One Financial Corp., 3.75%, 03/09/27		3,115,140
	2,000,000	Capital One NA, 1.85%, 09/13/19		1,987,483
	7,785,000	Citigroup, Inc., (3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28(a)		7,868,903
	2,770,000	Cooperatieve Rabobank UA, 4.38%, 08/04/25		2,933,904
	2,750,000	Cooperatieve Rabobank UA, 3.75%, 07/21/26		2,799,509
	3,000,000	HSBC Holdings Plc, (3 mo. LIBOR US + 1.546%), 4.04%, 03/13/28(a)		3,141,993
	2,500,000	International Bank For Reconstruction & Development, 1.38%, 04/10/18		2,498,380
	2,260,000	Sumitomo Mitsui Banking Corp., 1.95%, 07/23/18		2,263,862
	5,000,000	Sumitomo Mitsui Trust Bank Ltd, 2.05%, 10/18/19(b)		4,984,276
	1,375,000	Svenska Handelsbanken AB, 1.50%, 09/06/19		1,363,592
	8,000,000	Westpac Banking Corp., 1.55%, 05/25/18		8,000,758
				46,470,274
Consumer Discretionary — 4.1%
	2,160,000	Amazon.com, Inc., 2.60%, 12/05/19		2,195,904
	3,000,000	Amazon.com, Inc., 3.15%, 08/22/27(b)		3,017,952
	1,690,000	American Honda Finance Corp., 1.50%, 11/19/18		1,687,406
	1,800,000	American Honda Finance Corp. MTN, 1.55%, 12/11/17		1,800,207
	3,435,000	Carnival Corp., 1.88%, 12/15/17		3,436,610
	6,000,000	Daimler Finance North America LLC, 2.00%, 08/03/18(b)		6,010,813
	5,750,000	Discovery Communications LLC, 4.90%, 03/11/26		6,179,905
	2,911,000	Ecolab, Inc., 2.25%, 01/12/20		2,924,342

Principal Amount			Value
Consumer Discretionary (continued)
$	1,697,000	Ford Motor Credit Co. LLC, 2.02%, 05/03/19	$	1,695,798
	3,000,000	Hasbro, Inc., 3.50%, 09/15/27		2,969,204
	2,215,000	Time Warner, Inc., 2.10%, 06/01/19		2,216,791
				34,134,932
Consumer Staples — 3.3%
	3,000,000	Anheuser-Busch Inbev Finance, Inc., 1.90%, 02/01/19		3,002,943
	5,000,000	BAT Capital Corp., 3.56%, 08/15/27(b)		5,012,400
	4,000,000	Coca-Cola Co. (The), 1.15%, 04/01/18		3,994,770
	5,870,000	Costco Wholesale Corp., 2.15%, 05/18/21		5,876,976
	3,000,000	CVS Health Corp., 2.80%, 07/20/20		3,035,656
	2,077,000	Sysco Corp., 1.90%, 04/01/19		2,076,239
	4,000,000	Wal-Mart Stores, Inc., 1.90%, 12/15/20		3,991,575
				26,990,559
Diversified Financials — 2.8%
	3,950,000	Aercap Ireland Capital DAC/Aercap Global Aviation Trust, 4.50%, 05/15/21		4,194,869
	6,160,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 1.000%), 2.36%, 07/24/23(c)		6,199,186
	6,065,000	JPMorgan Chase & Co., 3.20%, 06/15/26		6,059,162
	3,000,000	Morgan Stanley, 2.45%, 02/01/19		3,015,645
	3,900,000	Toronto-Dominion Bank (The), (3 mo. LIBOR US + 0.440%), 1.78%, 07/02/19(c)		3,915,521
				23,384,383
Energy — 4.0%
	6,000,000	BP Capital Markets Plc, 3.28%, 09/19/27		6,036,347
	3,315,000	ConocoPhillips Co., 4.95%, 03/15/26		3,765,348
	2,000,000	Enbridge, Inc., 2.90%, 07/15/22		2,011,510
	3,075,000	Energy Transfer LP, 3.60%, 02/01/23		3,134,614

See Notes to Financial Statements.

86

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Energy (continued)
$	5,310,000	Enterprise Products Operating LLC, 1.65%, 05/07/18	$	5,308,601
	2,845,000	HollyFrontier Corp., 5.88%, 04/01/26		3,157,699
	2,605,000	Kinder Morgan Energy Partners LP, 5.95%, 02/15/18		2,634,539
	6,000,000	Shell International Finance BV, 1.25%, 11/10/17		5,999,940
	1,000,000	TransCanada Pipelines Ltd., 1.88%, 01/12/18		1,000,643
				33,049,241
Health Care — 3.5%
	5,010,000	AbbVie, Inc., 2.50%, 05/14/20		5,050,617
	4,000,000	Amgen, Inc., 2.20%, 05/22/19		4,016,293
	2,000,000	Johnson & Johnson, 1.13%, 11/21/17		1,999,956
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		5,042,345
	3,000,000	Medtronic, Inc., 2.50%, 03/15/20		3,041,245
	3,955,000	Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/19		3,939,206
	3,950,000	UnitedHealth Group, Inc., 1.40%, 12/15/17		3,950,055
	2,000,000	Zoetis, Inc., 3.00%, 09/12/27		1,958,006
				28,997,723
Industrials — 4.7%
	6,115,000	Caterpillar Financial Services Corp. MTN, 1.35%, 05/18/19		6,067,633
	5,400,000	Eaton Corp., 5.60%, 05/15/18		5,512,648
	28,840	Federal Express Corp. 2012 Pass Through Trust, 2.63%, 01/15/18(b)		28,850
	1,700,000	Honeywell International Inc, 1.40%, 10/30/19		1,690,430
	6,000,000	Northrop Grumman Corp., 2.55%, 10/15/22		6,008,082
	3,000,000	Penske Truck Leasing Co., LP / PTL Finance Corp., 2.70%, 03/14/23(b)		2,965,163
	6,460,000	Precision Castparts Corp., 1.25%, 01/15/18		6,457,758

Principal Amount			Value
Industrials (continued)
$	10,000,000	Siemens Financieringsmaatschappij NV, 2.20%, 03/16/20(b)	$	10,050,890
				38,781,454
Information Technology — 2.5%
	6,110,000	Apple, Inc., (3 mo. LIBOR US + 0.350%), 1.66%, 05/11/22(c)		6,154,136
	4,000,000	IBM Credit LLC, 1.80%, 01/20/21		3,953,961
	2,750,000	Oracle Corp., 5.75%, 04/15/18		2,800,962
	2,000,000	QUALCOMM, Inc., 3.25%, 05/20/27		1,999,796
	5,540,000	VMware, Inc., 2.30%, 08/21/20		5,528,303
				20,437,158
Insurance — 0.4%
	3,000,000	New York Life Global Funding, 1.45%, 12/15/17(b)		2,999,904
Materials — 0.1%
	1,000,000	Mexichem SAB de CV, 4.00%, 10/04/27(b)		999,500
Telecommunication Services — 0.5%
	4,200,000	Alibaba Group Holding Ltd., 2.50%, 11/28/19		4,228,140
Utilities — 1.3%
	3,000,000	Berkshire Hathaway Energy Co, 2.00%, 11/15/18		3,007,303
	5,000,000	Enel Finance International NV, 2.88%, 05/25/22(b)		5,029,890
	2,310,000	NextEra Energy Capital Holdings, Inc., 2.30%, 04/01/19		2,317,370
				10,354,563
Total Corporate Bonds (Cost $270,217,208)				270,827,831
ASSET-BACKED SECURITIES — 8.3%
CANADA — 0.5%
Other Asset-Backed Securities — 0.5%
	4,750,000	Golden Credit Card Trust Series 2017-2A, Class A, 1.98%, 04/15/22(b)		4,743,062
				4,743,062

See Notes to Financial Statements.

87

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
CAYMAN ISLANDS — 3.2%
Collateralized Loan Obligations — 3.0%
$	3,000,000	Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 2.83%, 04/24/29(b)(c)	$	3,047,107
	5,000,000	Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 2.50%, 10/17/26(b)(c)		5,012,043
	4,000,000	Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 2.66%, 04/20/30(b)(c)		3,995,487
	2,400,000	OCP CLO Ltd., Series 2012-2A, Class A1R, (3 mo. LIBOR US + 1.400%), 2.71%, 11/22/25(b)(c)		2,419,527
	5,000,000	Saratoga Investment Corp. CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 3.11%, 10/20/25(b)(c)		4,999,765
	5,000,000	THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.230%), 2.54%, 07/20/30(b)(c)		5,004,877
				24,478,806
Other Asset-Backed Securities — 0.2%
	2,000,000	Securitized Term Auto Receivables Trust Series 2016-1A, Class A3, 1.52%, 03/25/20(b)		1,991,388
				1,991,388
UNITED STATES — 4.6%
Other Asset-Backed Securities — 4.6%
	3,000,000	Ally Auto Receivables Trust, Series 2017-2, Class A3, 1.78%, 08/16/21		2,996,677
	1,250,000	CarMax Auto Owner Trust Series 2017-2, Class A3, 1.93%, 03/15/22		1,248,011
	2,975,000	Chase Issuance Trust, Series 2012-A4, Class A4, 1.58%, 08/16/21		2,960,096
	4,250,000	Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(b)		4,249,701
	2,975,000	CNH Equipment Trust 2015-A, Class A4, 1.85%, 04/15/21		2,976,476
	1,585,016	Enterprise Fleet Financing LLC Series 2016-2, Class A2, 1.74%, 02/22/22(b)		1,583,831
	1,000,000	Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13%, 07/20/22(b)		1,002,360
	1,500,000	Enterprise Fleet Financing LLC, Series 2017-2, Class A3, 2.22%, 01/20/23(b)		1,496,564

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,000,000	Ford Credit Floorplan Master Owner Trust Series 2015-1, Class A1, 1.42%, 01/15/20	$	3,999,400
	2,000,000	GM Financial Consumer Automobile Series 2017-1A, Class A4, 2.06%, 05/16/23(b)		1,999,315
	5,000,000	Hertz Vehicle Financing LLC Series 2016-3A, Class A, 2.27%, 07/25/20(b)		4,983,892
	917,757	Toyota Auto Receivables Owner Trust Series 2014-B, Class A4, 1.31%, 09/16/19		917,444
	2,000,000	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.10%, 09/15/22		2,003,926
	2,650,000	Verizon Owner Trust Series 2017-1A, Class A, 2.06%, 09/20/21(b)		2,654,098
	1,750,000	Verizon Owner Trust Series 2017-3A, Class A1A, 2.06%, 04/20/22(b)		1,750,288
	1,000,000	World Omni Automobile Lease Securitization Trust Series 2016-A, Class A3, 1.45%, 08/15/19		996,587
				37,818,666
Total Asset-Backed Securities (Cost $69,038,163)				69,031,922
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%
$	1,412,814	JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)	$	1,372,236
Total Collateralized Mortgage Obligations (Cost $1,442,335)				1,372,236
U.S. GOVERNMENT AGENCIES — 5.1%
Fannie Mae — 2.4%
	6,720,000	0.88%, 12/20/17		6,718,085
	7,802,000	1.88%, 02/19/19		7,835,892
	5,000,000	1.00%, 02/26/19		4,963,990
				19,517,967
Federal Home Loan Bank — 2.1%
	5,000,000	0.88%, 10/01/18		4,972,265
	12,485,000	1.13%, 06/21/19		12,391,537
				17,363,802

See Notes to Financial Statements.

88

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Overseas Private Investment Corp. — 0.3%
$	2,694,172	5.14%, 12/15/23	$	2,952,177
Private Export Funding Corp. — 0.1%
	500,000	2.25%, 12/15/17		500,654
Small Business Administration — 0.1%
	163,630	4.73%, 02/10/19		167,793
	265,312	4.11%, 03/10/20		272,243
	852,763	4.08%, 03/10/21		880,958
				1,320,994
Tennessee Valley Authority — 0.1%
	725,000	6.25%, 12/15/17		729,478
Total U.S. Government Agencies (Cost $42,296,411)				42,385,072
U.S. GOVERNMENT SECURITIES — 52.2%
U.S. Treasury Notes — 52.2%
	1,615,000	0.88%, 11/30/17		1,614,681
	2,680,000	0.88%, 05/31/18		2,672,874
	21,195,000	1.13%, 01/31/19		21,092,337
	22,223,000	1.38%, 09/30/19		22,134,455
	17,217,000	1.38%, 12/15/19		17,129,570
	41,134,000	1.50%, 06/15/20		40,931,543
	14,476,000	1.38%, 09/15/20		14,340,853
	51,401,000	1.88%, 11/30/21		51,366,867
	48,702,000	1.75%, 01/31/23		47,948,641
	27,926,450	0.63%, 01/15/24(d)		28,452,437
	81,115,000	2.38%, 08/15/24		81,929,318
	83,155,000	2.00%, 02/15/25		81,709,532
	19,888,000	2.25%, 11/15/25		19,810,313
Total U.S. Government Securities (Cost $433,293,479)				431,133,421

Principal Amount			Value
GOVERNMENT BONDS — 0.4%
JAPAN — 0.4%
$	3,000,000	Japan Bank For International Cooperation, 2.25%, 02/24/20	$	3,010,150
Total Government Bonds (Cost $2,993,618)				3,010,150
Shares
INVESTMENT COMPANY — 0.6%
	4,796,537	SEI Daily Income Trust Government II Fund, Class A, 0.88%(e)		4,796,537
Total Investment Company (Cost $4,796,537)				4,796,537
TOTAL INVESTMENTS — 99.6% (Cost $824,077,751)			$	822,557,169
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				2,988,000
NET ASSETS — 100.0%			$	825,545,169

(a)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $93,405,179 which is 11.31% of net assets.
(c)	Floating rate security. Rate shown is the rate in effect as of period end.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	The rate shown represents the current yield at October 31, 2017.

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note

See Notes to Financial Statements.

89

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	October 31, 2017

Principal Amount			Value
MUNICIPAL BONDS — 86.5%
Alabama — 1.0%
$	2,000,000	Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A 5.00%, 09/01/22	$	2,323,940
	1,750,000	Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds 5.00%, 09/01/21		1,987,650
	5,000,000	Alabama Federal Aid Highway Finance Authority Revenue Bonds 5.00%, 09/01/20		5,509,450
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/22		3,520,769
	2,990,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/24		3,604,445
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/26		4,399,100
	1,500,000	City of Huntsville Warrants Refunding GO, Series A 5.00%, 08/01/26		1,800,480
				23,145,834
Arizona — 0.7%
	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds 5.00%, 07/01/25		1,053,115
	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A 5.00%, 09/01/23		2,815,802
	150,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/22		172,079
	1,715,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/24		2,029,565
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID 5.88%, 07/01/24		361,113
	5,000,000	City of Phoenix Advance Refunding GO 5.00%, 07/01/25		6,112,450

Principal Amount			Value
Arizona (continued)
$	200,000	Maricopa County Community College District GO, Series C 5.00%, 07/01/20	$	212,479
	2,875,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds 5.00%, 07/01/20		3,157,354
				15,913,957
California — 5.0%
	5,000,000	California Infrastructure & Economic Development Bank Refunding Revenue Bonds 1.33%, 04/01/38(a)		5,022,050
	700,000	California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation) 5.00%, 05/15/25		850,045
	6,250,000	California State Current Refunding GO - Group C 5.00%, 08/01/27		7,467,063
	2,000,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series D 5.00%, 09/01/24		2,405,300
	1,035,000	Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23		1,109,675
	1,000,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/24		1,224,340
	7,000,000	State of California Public Improvements GO 5.00%, 09/01/22		8,155,140
	20,000,000	State of California Refunding GO 5.00%, 08/01/21		22,713,200
	10,000,000	State of California Refunding GO 5.00%, 09/01/22		11,650,200
	8,000,000	State of California Refunding GO 5.00%, 03/01/24		9,577,920
	8,000,000	State of California Refunding GO 5.00%, 10/01/25		9,582,400
	18,720,000	State of California Refunding GO 5.00%, 09/01/27		23,040,389

See Notes to Financial Statements.

90

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
California (continued)
$	7,430,000	State of California School Improvements GO 5.00%, 11/01/28	$	9,212,531
				112,010,253
Colorado — 0.7%
	500,000	Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding) 5.00%, 12/01/19		539,245
	800,000	City & County of Broomfield Advance Refunding COP 5.00%, 12/01/21		912,808
	3,935,000	Colorado Higher Education Refunding COP, Series A 5.00%, 11/01/24		4,719,324
	2,000,000	Denver City & County School District No 1 Refunding GO (State Aid Intercept Program) 5.00%, 12/01/24		2,420,700
	100,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding) 5.00%, 12/01/23		118,985
	975,000	EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding) 5.00%, 12/15/25		1,189,919
	2,000,000	El Paso County School District No 38 Lewis-Palmer Refunding GO (State Aid Withholding) 4.00%, 12/01/17		2,004,940
	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding) 5.00%, 12/15/22		1,376,435
	230,000	Weld County School District No Re-1 School Improvements GO, (AGM, State Aid Withholding) 5.00%, 12/15/23		271,876
	2,280,000	Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 05/15/26		2,760,533
				16,314,765

Principal Amount			Value
Connecticut — 3.8%
$	4,500,000	Hartford County Metropolitan District Cash Flow Management GO Notes, Series B 3.00%, 08/01/18	$	4,540,185
	2,000,000	Hartford County Metropolitan District Refunding Notes GO 5.00%, 03/01/25		2,272,200
	1,695,000	Hartford County Metropolitan District Refunding Notes GO, Series C (AGM) 5.00%, 11/01/23		1,976,862
	5,860,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/25		6,925,289
	7,000,000	State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/24		8,168,580
	8,000,000	State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/25		9,389,920
	1,805,000	State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/27		2,119,593
	6,000,000	State of Connecticut Public Improvements GO, Series F 5.00%, 11/15/26		7,038,180
	3,100,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A 5.00%, 08/01/22		3,531,148
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds 5.00%, 08/01/22		1,423,850
	8,000,000	State of Connecticut Special Tax Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/25		9,352,400
	2,000,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/24		2,340,860
	8,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 10/01/19		8,538,800
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 09/01/27		5,773,450

See Notes to Financial Statements.

91

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Connecticut (continued)
$	10,000,000	State of Connecticut Water & Sewer System Improvements GO, Series E 5.00%, 10/15/23	$	11,596,500
				84,987,817
District Of Columbia — 0.3%
	5,000,000	District of Columbia Public Improvement Revenue Bonds, Series C 5.00%, 12/01/19		5,394,600
	1,000,000	District of Columbia Refunding Revenue Bonds, Series A 5.00%, 12/01/20		1,112,970
				6,507,570
Florida — 1.1%
	4,790,000	County of Miami-Dade Public Improvements GO 5.00%, 07/01/24		5,731,762
	1,000,000	County of Sarasota Refunding Revenue Bonds 5.00%, 10/01/24		1,202,820
	8,575,000	Florida State Board of Education Lottery Revenue Bonds, Series A, OID 5.50%, 07/01/27		8,914,141
	1,200,000	Lee County School Board Refunding COP 5.00%, 08/01/25		1,421,976
	4,000,000	Miami-Dade County Refunding GO, Series B 5.00%, 07/01/24		4,786,440
	2,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series A 5.00%, 10/01/20		2,215,140
	500,000	Palm Beach County Revenue Bonds, Series 2, OID 5.25%, 11/01/25		520,625
				24,792,904
Georgia — 4.8%
	1,570,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/27		1,912,715
	1,755,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/28		2,116,372
	2,000,000	Cherokee County Board of Education Advance Refunding GO 5.00%, 08/01/23		2,368,300

Principal Amount			Value
Georgia (continued)
$	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding) 5.00%, 02/01/23	$	880,313
	260,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/21		291,951
	2,710,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/23		3,160,348
	2,100,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/24		2,484,615
	12,000,000	County of Fulton Cash Flow Management GO Notes 2.00%, 12/29/17		12,020,280
	235,000	Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A 5.00%, 05/01/23		273,122
	1,000,000	Fulton County Water & Sewer Refunding Revenue Bonds 5.00%, 01/01/18		1,006,550
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A 5.00%, 06/01/18		1,278,350
	5,000,000	Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 06/01/20		5,301,400
	2,000,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B 5.00%, 06/01/21		2,247,580
	2,025,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY) 5.00%, 10/01/19		2,174,546
	8,100,000	Private Colleges & Universities Authority Refunding Revenue Bonds, Series B-2 0.86%, 09/01/35(a)		8,100,000
	1,095,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/25		1,311,394

See Notes to Financial Statements.

92

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Georgia (continued)
$	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26	$	1,883,152
	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26		1,332,133
	4,000,000	State of Georgia Advance Refunding GO, Series C-1 5.00%, 07/01/23		4,743,040
	7,650,000	State of Georgia Advance Refunding GO, Series E 5.00%, 12/01/26		9,575,811
	1,950,000	State of Georgia Public Improvements GO, Series A-2 5.00%, 02/01/25		2,342,633
	1,925,000	State of Georgia Refunding GO, Series E-2 4.00%, 09/01/18		1,972,625
	2,860,000	State of Georgia Refunding GO, Series E-2 4.00%, 09/01/19		3,010,922
	1,500,000	State of Georgia School Improvement GO, Series B 5.00%, 01/01/18		1,509,930
	28,020,000	State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/24		33,624,841
				106,922,923
Hawaii — 0.6%
	5,815,000	State of Hawaii Advance Refunding GO 5.00%, 10/01/23		6,911,825
	1,000,000	State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A 5.00%, 07/01/21		1,127,440
	400,000	State of Hawaii Refunding GO, Series DY 5.00%, 02/01/18		403,931
	5,000,000	State of Hawaii Refunding GO, Series EP 5.00%, 08/01/25		6,008,650
				14,451,846

Principal Amount			Value
Idaho — 0.1%
$	1,000,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY) 5.00%, 09/15/25	$	1,220,670
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D 5.00%, 09/15/23		1,734,930
				2,955,600
Illinois — 1.7%
	2,575,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE) 5.00%, 12/01/25		2,582,983
	12,200,000	Illinois Finance Authority University & College Improvements Revenue Bonds 0.90%, 12/01/46(a)		12,200,000
	10,000,000	Illinois Finance Authority University & College Improvements Revenue Bonds 0.90%, 12/01/46(a)		10,000,000
	3,000,000	Illinois State Toll Highway Authority Refunding Revenue Bonds, Series B 5.00%, 12/01/17		3,009,420
	3,250,000	Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A 5.00%, 12/01/24		3,857,653
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D 5.00%, 12/01/22		2,306,220
	3,500,000	State of Illinois Public Improvement Refunding Revenue Bonds 5.00%, 06/15/18		3,580,255
	780,000	University of Illinois College Improvement Refunding Revenue Bonds, Series A 5.00%, 04/01/21		857,103
				38,393,634
Indiana — 0.2%
	500,000	Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program) 5.00%, 07/15/20		546,450

See Notes to Financial Statements.

93

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Indiana (continued)
$	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 01/15/22	$	1,512,476
	250,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22		287,375
	500,000	Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1 5.00%, 07/01/19		531,540
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds, Series B (State Aid Withholding) 5.75%, 07/15/26		1,009,580
				3,887,421
Iowa — 0.6%
	5,675,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/21		6,413,601
	4,000,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/26		4,966,720
	1,800,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds 5.00%, 08/01/20		1,984,788
				13,365,109
Kansas — 0.2%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2 5.00%, 08/01/23		1,492,029
	2,170,000	Topeka Public Building Commission KBI Forensic Laboratory Project Revenue Bonds 5.00%, 12/01/17		2,176,836
				3,668,865
Kentucky — 0.3%
	5,000,000	Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24		5,938,200

Principal Amount			Value
Louisiana — 0.1%
$	375,000	Consolidated Government of The City of Baton Rouge & Parish of East Baton Rouge Advance Refunding Revenue Bonds, Series A-1 5.00%, 08/01/26	$	460,133
	2,000,000	State of Louisiana Interstate 49 South Project Revenue Bonds 5.00%, 09/01/22		2,291,780
				2,751,913
Maine — 0.1%
	2,250,000	Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/19		2,409,503
	165,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21		185,209
	5,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21(b)		5,644
				2,600,356
Maryland — 2.7%
	1,200,000	County of Baltimore Refunding GO, (Special Assessment) 5.00%, 02/01/29		1,456,152
	1,500,000	County of Frederick Refunding GO, Series A 5.00%, 02/01/25		1,832,700
	3,110,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/24		3,760,488
	9,355,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/25		11,496,360
	1,000,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds 5.00%, 10/01/20		1,106,060
	15,000,000	State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/22		17,434,050
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 11/01/26		12,029,400

See Notes to Financial Statements.

94

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Maryland (continued)
$	3,000,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/25	$	3,671,310
	6,375,000	State of Maryland School Improvements GO, Series 1 5.00%, 06/01/23		7,538,884
				60,325,404
Massachusetts — 9.9%
	6,200,000	Brockton Area Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/03/18		6,233,604
	5,750,000	Cape Cod Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/27/18		5,785,535
	7,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/25		8,551,830
	5,705,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/27		7,128,112
	11,500,000	Commonwealth of Massachusetts Advance Refunding GO, Series C 5.00%, 10/01/22		13,387,840
	10,000,000	Commonwealth of Massachusetts Cash Flow Management GO Notes, Series C 2.00%, 06/25/18		10,058,400
	2,900,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B 5.00%, 06/15/22		3,361,158
	9,000,000	Commonwealth of Massachusetts Public Improvements GO, Series A 5.00%, 05/01/19		9,519,840
	8,000,000	Commonwealth of Massachusetts Refunding GO, Series C, (AGM) 5.25%, 11/01/26		10,101,120
	7,470,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/27		9,202,293
	5,500,000	Greater Attleboro-Taunton Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/24/18		5,533,495

Principal Amount			Value
Massachusetts (continued)
$	5,250,000	Lowell Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/10/18	$	5,277,563
	1,500,000	Marthas Vineyard Regional Transit Authority Cash Flow Management Revenue Notes 1.50%, 05/11/18		1,503,405
	8,500,000	Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017 5.00%, 08/01/21		9,659,825
	20,000,000	Massachusetts Health & Educational Facilities Authority, University and College Improvements Revenue Bonds 0.86%, 07/01/31(a)		20,000,000
	4,000,000	Massachusetts Health & Educational Facilities Authority, University and College Improvements Revenue Bonds, Series Y 0.90%, 07/01/35(a)		4,000,000
	7,780,000	Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B 5.00%, 08/01/20		8,585,386
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/22		581,885
	8,535,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B 5.25%, 08/01/26		10,789,691
	2,700,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/22		3,142,179
	4,800,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/23		5,707,104
	14,845,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority) 0.94%, 08/01/37(a)		14,845,000
	15,000,000	Montachusett Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/03/18		15,081,300
	13,100,000	Pioneer Valley Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/20/18		13,179,779

See Notes to Financial Statements.

95

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Massachusetts (continued)
$	3,209,000	Town of Littleton Cash Flow Management GO Notes 2.00%, 05/18/18	$	3,225,430
	6,015,000	Town of Sandwich Cash Flow Management GO Notes 2.00%, 02/16/18		6,011,030
	5,000,000	Town of Stow Cash Flow Management Refunding GO Notes 2.00%, 05/01/18		5,028,150
	6,000,000	Town of Topsfield Cash Flow Management GO Notes 2.00%, 03/09/18		6,021,300
				221,502,254
Michigan — 0.5%
	200,000	Caledonia Community Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/23		233,353
	635,000	Dexter Community Schools Refunding GO (Q-SBLF) 4.00%, 05/01/18		644,455
	1,225,000	Grand Valley State University & College Advance Refunding Revenue Bonds, Series A 5.00%, 12/01/25		1,470,613
	1,000,000	Grand Valley State University & College Improvements Revenue Bonds, Series A 5.00%, 12/01/23		1,172,190
	400,000	Hudsonville Public Schools Improvements GO, (Q-SBLF) 5.00%, 05/01/18		407,835
	250,000	Hudsonville Public Schools Improvements GO, (Q-SBLF) 5.00%, 05/01/19		264,363
	1,375,000	Northville Public Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/18		1,401,936
	1,000,000	University of Michigan Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/22		1,153,560
	4,530,000	University of Michigan Refunding Revenue Bonds, Series C 4.00%, 04/01/19		4,717,044
				11,465,349
Minnesota — 2.4%
	1,515,000	Cambridge Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program) 5.00%, 02/01/24		1,807,122

Principal Amount			Value
Minnesota (continued)
$	1,000,000	City of Rochester Advance Refunding GO, Series B 5.00%, 12/01/24	$	1,217,760
	9,875,000	County of Hennepin Public Improvements GO, Series C 0.90%, 12/01/33(a)		9,875,000
	800,000	Fulda Independent School District No 505 Cash Flow Management GO Notes (School District Credit Program) 2.00%, 09/28/18		805,528
	2,200,000	Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A 5.00%, 02/01/25		2,659,646
	5,425,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3 5.00%, 12/01/19		5,831,007
	16,495,000	State of Minnesota Advance Refunding GO, Series D 5.00%, 08/01/25		20,228,643
	1,000,000	State of Minnesota Public Improvements COP 5.00%, 06/01/23		1,169,740
	1,395,000	State of Minnesota Public Improvements COP 5.00%, 06/01/24		1,660,343
	2,740,000	State of Minnesota Public Improvements COP 5.00%, 06/01/25		3,257,449
	2,910,000	State of Minnesota Public Improvements COP 5.00%, 06/01/26		3,445,731
	1,000,000	State of Minnesota Refunding Revenue Bonds, Series B 5.00%, 03/01/21		1,121,240
	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24		1,190,210
				54,269,419
Mississippi — 0.5%
	650,000	Delta State University Educational Building Corp., Facilities Refunding Revenue 5.00%, 12/01/23		762,736
	1,810,000	Mississippi Development Bank Department of Corrections Refunding Revenue Bonds, Series D 5.00%, 08/01/18		1,862,906

See Notes to Financial Statements.

96

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Mississippi (continued)
$	570,000	Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program) 5.00%, 01/01/23	$	659,849
	4,560,000	Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A 5.00%, 01/01/25		5,435,155
	310,000	Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds 5.00%, 11/01/22		360,102
	475,000	Mississippi State University Educational Building Corp. New Facilities and Refinancing Advance Refunding Revenue Bonds 5.00%, 08/01/24		568,152
	830,000	University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A 5.00%, 10/01/25		1,006,666
				10,655,566
Missouri — 1.9%
	570,000	County of Jackson Refunding Revenue Bonds 4.00%, 12/01/21		624,771
	300,000	County of Jackson Refunding Revenue Bonds 4.00%, 12/01/22		331,749
	2,300,000	County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation) 5.00%, 12/01/26		2,733,343
	4,000,000	Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25		4,762,520
	915,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/25		1,113,006

Principal Amount			Value
Missouri (continued)
$	2,225,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/19	$	2,388,426
	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/21		2,270,000
	850,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/24		1,018,224
	1,800,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25		2,149,074
	24,245,000	University of Missouri Refunding Revenue Bonds, Series B 0.92%, 11/01/31(a)		24,245,000
				41,636,113
Nevada — 0.1%
	2,605,000	Clark County Water Reclamation District GO, Series A 5.25%, 07/01/20		2,782,713
New Hampshire — 0.1%
	2,250,000	State of New Hampshire Highway Improvements Revenue Bonds 5.00%, 09/01/19		2,397,960
New Jersey — 1.6%
	200,000	Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY) 4.00%, 12/15/17		200,725
	9,000,000	County of Middlesex GO Refunding Notes 2.00%, 06/13/18		9,054,180
	2,000,000	Garden State Preservation Trust Refunding Revenue Bonds, Series A 5.00%, 11/01/17		2,000,000
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY) 5.00%, 12/01/22		234,009

See Notes to Financial Statements.

97

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
New Jersey (continued)
$	1,090,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds 5.00%, 03/01/18(b)	$	1,104,443
	410,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds 5.00%, 03/01/18		414,440
	40,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation) 5.00%, 09/01/18(b)		41,276
	1,300,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B 5.00%, 01/01/20		1,403,155
	9,220,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series C 5.00%, 01/01/25		11,009,786
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.25%, 12/15/21		2,225,580
	1,500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A 5.25%, 12/15/22		1,687,815
	1,575,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/24		1,785,026
	500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series B 5.00%, 06/15/19		523,609
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/27		1,225,620
	2,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A 5.00%, 01/01/29		2,407,160
				35,316,824
New Mexico — 0.2%
	4,700,000	University of New Mexico/The Refunding Revenue Bonds, Series C 0.90%, 06/01/30(a)		4,700,000

Principal Amount			Value
New York — 17.3%
$	5,500,000	City of New York Advance Refunding GO, Series 2015-A 5.00%, 08/01/24	$	6,582,455
	30,000,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		34,674,000
	8,200,000	City of New York Public Improvements GO, Sub-Series B-3 (TD Bank N.A.) 0.91%, 09/01/27(a)		8,200,000
	3,010,000	City of New York Public Improvements GO, Sub-Series D-1 5.00%, 08/01/22		3,478,958
	1,855,000	City of New York Refunding GO, Series C 5.00%, 08/01/20		2,040,129
	650,000	City of New York Refunding GO, Series C 5.00%, 08/01/22		751,270
	8,170,000	City of New York Refunding GO, Series D 5.00%, 08/01/22		9,442,886
	2,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/21		2,825,425
	18,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/22		21,382,300
	6,000,000	County of Rockland Cash Flow Management GO Notes 2.50%, 03/22/18		6,025,020
	2,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/18		2,039,480
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/23		5,615,900
	5,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B 5.00%, 11/15/34(a)		5,409,400
	240,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B 5.00%, 11/15/28		289,550
	875,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B 5.00%, 11/15/29		1,049,379

See Notes to Financial Statements.

98

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
New York (continued)
$	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F 5.00%, 11/15/21	$	2,191,959
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/21		2,174,879
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A 5.50%, 06/15/21		2,568,950
	10,000,000	New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds, Series B-1B 0.91%, 06/15/24(a)(c)		10,000,000
	2,500,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/24		2,999,450
	680,000	New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding) 5.00%, 07/15/21(b)		769,338
	295,000	New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding) 5.00%, 07/15/21		333,869
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C 5.00%, 11/01/23		1,602,990
	2,200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 05/01/22(b)		2,327,072
	1,230,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B 5.00%, 11/01/17(b)		1,230,000
	770,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B 5.00%, 11/01/17		770,000

Principal Amount			Value
New York (continued)
$	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21	$	18,160,422
	3,025,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/18		3,144,457
	1,045,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/19		1,123,992
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/21		2,766,270
	935,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/18		971,923
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/21		1,751,021
	1,725,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Notes 5.00%, 02/01/18		1,742,181
	225,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Notes 5.00%, 02/01/18(b)		227,195
	515,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1 5.00%, 02/01/19		539,869
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/31		10,797,660
	600,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/20		665,802

See Notes to Financial Statements.

99

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
New York (continued)
$	4,875,000	New York City Water & Sewer System Refunding Revenue Bonds, Series F-2 0.92%, 06/15/33(a)	$	4,875,000
	8,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B-3V 0.92%, 04/01/24(a)		8,000,000
	5,100,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding) 4.00%, 12/01/17		5,112,393
	5,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 12/01/21		5,715,700
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23		10,711,337
	7,790,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/22		8,967,381
	14,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24		16,758,840
	15,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation) 5.00%, 08/15/18(b)		15,458
	1,000,000	New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue 5.00%, 07/01/25		1,202,280
	2,110,000	New York State Dormitory Authority Refunding Revenue Bonds 5.00%, 08/15/18		2,175,051
	15,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/20		16,720,350
	4,160,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26		4,912,502
	8,570,000	New York State Dormitory Authority Refunding Revenue Bonds, Series D 0.90%, 07/01/31(a)		8,570,000

Principal Amount			Value
New York (continued)
$	4,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series E 5.00%, 02/15/23	$	5,279,940
	1,045,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/21		1,173,148
	7,700,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/25		9,299,983
	1,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 02/15/27		1,230,630
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/27		7,833,943
	3,750,000	New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue 5.00%, 06/15/25		4,603,763
	3,800,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/20		3,938,966
	3,200,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/20(b)		3,313,152
	2,510,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/21(b)		2,598,754
	2,490,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/21		2,580,835
	1,430,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/20		1,557,599

See Notes to Financial Statements.

100

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/21	$	5,268,450
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/21		2,003,664
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A 5.00%, 03/15/21		8,859,600
	2,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24		2,394,120
	2,105,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27		2,567,637
	11,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/28		13,531,870
	14,720,000	New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A 5.00%, 03/15/25		17,889,069
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22		5,416,114
	3,630,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/24		4,394,442
	2,325,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/27		2,902,646
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 0.92%, 01/01/32(a)(c)		3,000,000

Principal Amount			Value
New York (continued)
$	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds 5.00%, 12/15/24	$	1,868,064
				385,908,132
North Carolina — 1.9%
	680,000	Appalachian State University Refunding Revenue Bonds 5.00%, 05/01/20		743,206
	905,000	Buncombe County Refunding Revenue Bonds 5.00%, 06/01/21		1,020,415
	1,355,000	Cabarrus County School Improvement COP 5.00%, 01/01/21		1,415,772
	3,015,000	County of Mecklenburg Refunding GO, Series A 5.00%, 12/01/22		3,534,153
	3,325,000	County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/26		4,124,530
	675,000	Dare County Refunding Revenue Bonds, Series D 4.00%, 06/01/18		686,489
	675,000	Dare County Refunding Revenue Bonds, Series D 5.00%, 06/01/21		757,303
	1,000,000	Durham Capital Financing Corp Advance Refunding Revenue Bonds 5.00%, 12/01/25		1,226,150
	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A 5.00%, 10/01/21		369,938
	2,000,000	Orange County Public Facilities Co. Refunding Revenue Bonds 5.00%, 10/01/21		2,279,000
	10,000,000	Raleigh Durham Airport Authority Refunding Revenue Bonds, Series C 0.90%, 05/01/36(a)(c)		10,000,000
	3,250,000	State of North Carolina Advance Refunding Revenue Bonds 5.00%, 03/01/22		3,717,805
	10,000,000	State of North Carolina Refunding Revenue Bonds, Series B 5.00%, 06/01/24		12,018,600
				41,893,361

See Notes to Financial Statements.

101

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Ohio — 2.7%
$	1,175,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/23	$	1,396,582
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/24		1,208,870
	1,285,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/25		1,573,444
	3,500,000	City of Columbus GO, Series A 4.00%, 08/15/25		4,026,820
	1,745,000	City of Columbus Refunding GO, Series 1 5.00%, 07/01/21		1,977,260
	5,000,000	City of Columbus Refunding GO, Series 1 5.00%, 07/01/26		6,210,100
	2,000,000	City of Columbus Refunding GO, Series 5 5.00%, 08/15/23		2,377,960
	1,100,000	County of Cuyahoga Refunding Revenue Bonds 5.00%, 12/01/22		1,286,472
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/26		1,208,870
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/27		1,824,742
	1,000,000	Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds 5.00%, 12/01/23		1,190,490
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC) 5.00%, 10/01/18		2,449,289
	6,000,000	Ohio State University, University and College Improvements Revenue Bonds, Series B 0.86%, 06/01/35(a)		6,000,000
	3,000,000	Ohio Water Development Authority Revenue Bonds 5.00%, 06/01/26		3,706,350
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds 5.00%, 06/01/24		375,990

Principal Amount			Value
Ohio (continued)
$	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24	$	1,731,674
	300,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24		359,517
	210,000	State of Ohio Highway Improvements Revenue Bonds 5.00%, 12/15/24		252,844
	6,630,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 4.00%, 12/15/17		6,653,205
	2,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/20		2,222,880
	5,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/24		6,020,100
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue 5.00%, 06/01/25		2,421,620
	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A 5.00%, 02/01/24		1,680,454
	2,000,000	University of Cincinnati Advance Refunding Revenue, Series A 5.00%, 06/01/26		2,451,440
				60,606,973
Oklahoma — 0.4%
	4,000,000	City of Oklahoma City Public Improvements GO 5.00%, 03/01/26		4,940,720
	2,000,000	University of Oklahoma Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/25		2,414,840
	1,250,000	University of Oklahoma Refunding Revenue Bonds, Series A 5.00%, 07/01/25		1,509,275
				8,864,835
Oregon — 0.2%
	3,095,000	State of Oregon Advance Refunding GO, Series L 5.00%, 08/01/22		3,597,226

See Notes to Financial Statements.

102

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Oregon (continued)
$	1,755,000	Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY) 4.00%, 06/15/19	$	1,836,450
				5,433,676
Pennsylvania — 0.8%
	10,000,000	Commonwealth of Pennsylvania Public Improvements GO, Series 2 5.00%, 09/15/20		10,991,100
	1,000,000	Lancaster County Hospital Authority Advance Refunding Revenue Bonds 5.00%, 08/15/26		1,219,990
	3,000,000	Pennsylvania State University Advance Refunding Revenue, Series B 5.00%, 09/01/26		3,705,990
	1,240,000	Pennsylvania State University, University and College Improvements Revenue, Series A 5.00%, 09/01/26		1,531,809
				17,448,889
Rhode Island — 1.6%
	6,950,000	Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue 5.00%, 06/15/23		8,133,446
	3,000,000	Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A 5.00%, 05/15/22		3,421,980
	705,000	Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY) 4.00%, 05/15/18		715,899
	21,000,000	Rhode Island Health & Educational Building Corp. University and College Improvements Revenue Bonds, Series A 0.88%, 05/01/35(a)		21,000,000
	850,000	State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D 5.00%, 04/01/24		1,006,706
	960,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/24		1,139,990

Principal Amount			Value
Rhode Island (continued)
$	1,010,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/25	$	1,213,475
				36,631,496
South Carolina — 0.9%
	1,865,000	City of Charleston Waterworks & Sewer System Advance Refunding Revenue Bonds 5.00%, 01/01/24		2,238,168
	2,090,000	Lexington County School District No 2 Refunding GO (South Carolina School District) 5.00%, 03/01/18		2,117,337
	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District) 5.00%, 03/01/20		1,778,520
	2,350,000	Lexington County School District No 2 School Improvements GO (South Carolina School District) 5.00%, 03/01/26		2,894,542
	1,500,000	State of South Carolina Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 04/01/26		1,861,290
	330,000	State of South Carolina University & College Improvements GO, Series B 5.00%, 03/01/19		346,949
	1,485,000	State of South Carolina University & College Improvements GO, Series B (State Aid Withholding) 5.00%, 04/01/22		1,715,101
	680,000	State of South Carolina University & College Improvements GO, Series E (State Aid Withholding) 5.00%, 03/01/19		714,925
	4,680,000	State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding) 5.00%, 04/01/22		5,405,166
				19,071,998

See Notes to Financial Statements.

103

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Tennessee — 0.3%
$	2,000,000	Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B 5.00%, 05/15/23	$	2,361,200
	1,600,000	Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B 5.00%, 05/15/25		1,956,784
	400,000	Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A 5.00%, 05/15/23		472,239
	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/25		1,085,922
				5,876,145
Texas — 14.4%
	2,250,000	Alief Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/28		2,770,088
	1,000,000	Allen Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/22		1,148,330
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/25		1,038,631
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/26		2,103,336
	1,100,000	Amarillo College District Refunding GO 4.00%, 02/15/20		1,166,407
	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/23		566,912
	1,950,000	Austin Community College District Refunding GO 5.00%, 08/01/27		2,371,844
	1,000,000	Austin Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 08/01/21		1,133,700

Principal Amount			Value
Texas (continued)
$	400,000	Beaumont Independent School District Improvements GO, (PSF-GTD) 4.00%, 02/15/18	$	403,367
	5,310,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/26		6,493,440
	3,070,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/28		3,768,057
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/01/27		1,313,285
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,950,524
	1,000,000	Burleson Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/25		1,214,290
	1,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/21		1,140,360
	2,360,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/21		2,583,681
	2,450,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/22		2,723,690
	2,535,000	City of Cedar Park Public Improvements Refunding GO 5.00%, 02/15/20		2,749,131
	4,020,000	City of College Station Improvements Advance Refunding GO 5.00%, 02/15/25		4,864,079
	935,000	City of Conroe Public Improvements GO 5.00%, 03/01/25		1,115,707
	2,075,000	City of Denton Public Improvements GO 5.00%, 02/15/23		2,433,477
	1,715,000	City of Denton Public Improvements GO 5.00%, 02/15/24		2,051,020
	1,290,000	City of Denton Public Improvements GO 5.00%, 02/15/28		1,554,605

See Notes to Financial Statements.

104

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Texas (continued)
$	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds 5.00%, 03/01/24	$	981,683
	350,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/25		417,645
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/26		1,489,938
	5,145,000	City of Fort Worth Water & Sewer System Improvements Revenue 5.00%, 02/15/25		6,248,757
	1,325,000	City of Lubbock Prerefunded Public Improvements GO 5.25%, 02/15/20(b)		1,392,906
	450,000	City of Lubbock Unrefunded Public Improvements GO 5.25%, 02/15/20		473,777
	2,240,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/25		2,701,686
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/26		2,878,681
	2,440,000	City of Plano Advance Refunding GO 5.00%, 09/01/23		2,888,082
	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds 5.00%, 05/01/26		1,446,066
	1,505,000	Clint Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,828,996
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,452,260
	2,130,000	County of Bexar Advance Refunding GO 5.00%, 06/15/26		2,584,499
	2,910,000	County of Bexar Refunding GO 5.00%, 06/15/22		3,358,664
	675,000	County of Collin Advance Refunding GO 5.00%, 02/15/24		803,702
	3,440,000	County of Dallas Public Improvements GO 5.00%, 08/15/26		4,230,271
	1,500,000	County of Denton Advance Refunding GO 5.00%, 07/15/24		1,807,020

Principal Amount			Value
Texas (continued)
$	1,590,000	County of Harris Advance Refunding Revenue, Series A 5.00%, 08/15/25	$	1,937,415
	1,000,000	County of Williamson Limited Tax Refunding GO 5.00%, 02/15/21		1,118,630
	360,000	Crystal City Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		433,688
	750,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A 5.00%, 12/01/25		903,893
	1,120,000	Dayton Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22		1,283,621
	1,085,000	Denver City Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/25		1,318,590
	2,665,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		3,262,386
	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/27		2,229,947
	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/25		3,620,850
	1,500,000	El Paso Independent School District Refunding GO (PSF-GTD) 5.00%, 08/15/25		1,809,555
	6,000,000	Fort Bend Independent School District Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25		7,242,480
	4,320,000	Fort Worth Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/22		4,966,618
	885,000	Frenship Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/26		1,055,486
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD) 6.13%, 08/15/21		259,963

See Notes to Financial Statements.

105

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Texas (continued)
$	2,500,000	Frisco Independent School District School Improvements GO, Series A, (PSF-GTD) 5.00%, 08/15/25	$	3,064,475
	1,385,000	Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25		1,682,124
	1,095,000	Graham Independent School District Refunding GO, Series B (PSF-GTD) 5.00%, 02/15/21		1,224,528
	1,000,000	Harris County Refunding GO, Series C, (AGM) 5.25%, 08/15/19		1,073,000
	2,730,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/27		3,349,819
	2,030,000	Houston Community College System University & College Improvements Revenue Bonds (AGM) 5.25%, 04/15/21		2,069,240
	960,000	Houston Community College System University & College Improvements Revenue Bonds (AGM) 5.25%, 04/15/21(b)		978,250
	3,750,000	Houston Independent School District School Improvement Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25		4,557,338
	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24		2,939,249
	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/24		696,928
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		603,475
	1,000,000	Klein Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/01/23		1,184,150
	1,835,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/21		2,048,282

Principal Amount			Value
Texas (continued)
$	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23	$	2,172,089
	1,760,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24		2,093,274
	225,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		275,146
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		3,268,507
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/24		4,093,091
	1,005,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/23		1,191,267
	1,060,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/24		1,279,505
	1,110,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25		1,358,818
	1,435,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/23		1,700,963
	1,650,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/25		2,019,864
	585,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/26		723,622
	980,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/24		1,182,938
	1,170,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/25		1,432,267
	1,000,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/21		1,135,050

See Notes to Financial Statements.

106

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Texas (continued)
$	595,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/26	$	735,991
	1,585,000	Mesquite Independent School District School Improvements GO, Series B (PSF-GTD) 5.00%, 08/15/26		1,960,582
	1,000,000	New Caney Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27		1,242,520
	250,000	Northside Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/26		309,239
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		1,338,379
	250,000	Pasadena Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/22		287,419
	750,000	Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/01/27		898,275
	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/23		1,786,782
	2,595,000	Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25		3,153,678
	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD) 5.00%, 02/15/25		1,206,950
	925,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/22		1,072,103
	1,020,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/23		1,204,100
	1,075,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/24		1,290,753

Principal Amount			Value
Texas (continued)
$	1,000,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25	$	1,215,280
	705,000	San Elizario Independent School District School Improvements GO, (PSF-GTD) 5.00%, 05/01/25		853,755
	145,000	Seagraves Independent School District School Building GO, (PSF-GTD) 4.00%, 02/15/19		150,277
	450,000	Spring Independent School District Advance Refunding GO (PSF-GTD) 5.00%, 08/15/27		552,168
	1,000,000	Spring Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,236,960
	2,160,000	Spring Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/22		2,510,006
	8,000,000	State of Texas Housing GO, Series D 0.92%, 06/01/45(a)(c)		8,000,000
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO 5.00%, 10/01/26		6,205,200
	2,695,000	State of Texas Public Finance Authority Refunding GO 5.00%, 10/01/20		2,984,093
	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/25		3,920,384
	6,500,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/25		7,907,250
	1,000,000	Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,229,730
	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/22		1,164,680
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/24		7,000,024

See Notes to Financial Statements.

107

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Texas (continued)
$	3,225,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/21	$	3,618,708
	9,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A 5.00%, 10/01/26		11,505,243
	1,000,000	Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds 5.00%, 08/01/24		1,202,430
	4,850,000	Tyler Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		5,687,886
	500,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/22		581,020
	1,680,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/23		1,991,371
	935,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/24		1,128,620
	2,085,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/25		2,552,374
	1,635,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/26		2,022,430
	1,000,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/27		1,251,280
	220,000	University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/20(b)		239,865
	420,000	University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/21(b)		471,542
	1,480,000	University of North Texas Unrefunded Refunding Revenue 5.00%, 04/15/20		1,615,154
	27,900,000	University of Texas Financing Systems Refunding Revenue Bonds, Series B 0.87%, 08/01/25(a)		27,900,000

Principal Amount			Value
Texas (continued)
$	15,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series B 0.87%, 08/01/32(a)	$	15,000,000
	9,000,000	University of Texas System University & College Improvements Revenue Bonds, Series J 5.00%, 08/15/26		11,140,830
	2,000,000	University of Texas System University and College Improvements Revenue, Series D 5.00%, 08/15/23		2,367,040
	145,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		145,465
	325,000	Waco Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/27		398,787
	640,000	Wall Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27		764,288
	1,210,000	Wichita Falls Independent School District School Improvements GO (PSF-GTD) 5.00%, 02/01/23		1,417,563
				320,901,449
Utah — 0.1%
	1,975,000	Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21		2,114,830
	1,085,000	Uintah County School District Refunding GO, (School Board GTY) 5.00%, 02/01/24		1,300,600
				3,415,430
Virginia — 2.8%
	5,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/27		6,266,600
	2,160,000	County of Fairfax Sewer Improvement Revenue Bonds 5.00%, 07/15/22		2,449,634

See Notes to Financial Statements.

108

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Virginia (continued)
$	1,350,000	Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A 4.50%, 03/01/20	$	1,452,060
	6,025,000	Hampton Roads Sanitation District Refunding Revenue Bonds, Series B 0.90%, 08/01/46(a)		6,025,000
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A 5.00%, 10/01/24		1,413,196
	1,000,000	Virginia College Building Authority Advance Refunding Revenue, Series A 5.00%, 09/01/28		1,222,680
	2,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program) 5.00%, 09/01/21		2,206,140
	500,000	Virginia College Building Authority, University and College Improvements Revenue, Series A 5.00%, 02/01/27		591,530
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 03/15/23		5,746,500
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 05/15/27		6,140,850
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/21		2,795,532
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation) 5.00%, 08/01/21		1,334,113
	5,000,000	Virginia Public School Authority Advance Refunding Revenue Bonds 5.00%, 02/01/24		5,957,550
	2,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 08/01/24		2,947,693

Principal Amount			Value
Virginia (continued)
$	5,000,000	Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 08/01/25	$	6,107,550
	1,500,000	Virginia Resources Authority Advance Refunding Revenue 5.00%, 11/01/26		1,867,455
	5,810,000	Virginia Resources Authority Advance Refunding Revenue Bonds 5.00%, 10/01/22		6,784,744
	1,120,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25		1,348,110
	30,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25(b)		36,263
				62,693,200
Washington — 1.8%
	1,025,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY) 5.00%, 12/01/21		1,171,719
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY) 5.00%, 12/01/26		1,277,808
	2,100,000	City of Seattle Public Improvements GO, Series A 5.00%, 11/01/24		2,546,103
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds 5.00%, 01/01/27		1,918,512
	2,525,000	Clark County School District No 117 Camas Refunding GO, (School Board GTY) 5.00%, 12/01/17		2,533,156
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY) 5.00%, 12/01/24		996,707
	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A 5.00%, 07/01/28		4,485,975
	680,000	King County Public Transportation Sales Tax Refunding GO 4.00%, 12/01/18		701,046
	1,035,000	King County Refunding GO 5.00%, 07/01/25		1,253,551

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
Washington (continued)
$	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY)  5.00%, 12/01/20	$	1,563,810
	1,180,000	Nooksack Valley School District No 506 School Improvements GO, (School Board GTY) 5.00%, 12/01/24		1,420,390
	750,000	Port of Seattle Inter Lien   Refunding Revenue Bonds 5.00%, 02/01/27		910,095
	1,120,000	Skagit County Consolidated   School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY) 5.00%, 12/01/23		1,333,349
	5,000,000	Snohomish County School   District No 201 Refunding GO (School Board GTY)   5.00%, 12/01/25		6,019,650
	1,315,000	Spokane County School District No 363 West Valley Refunding GO, (School Board GTY) 5.00%, 12/01/18		1,369,060
	800,000	State of Washington Refunding GO, Series R-2012C 5.00%, 07/01/23		926,832
	3,250,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue   Bonds 5.00%, 09/01/19		3,471,065
	4,435,000	Yakima County School District No 7 Yakima Advance   Refunding GO, (School Board GTY) 5.00%, 12/01/24		5,358,057
				39,256,885
Wisconsin — 0.1%
	1,200,000	State of Wisconsin General   Fund Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/27		1,453,944
Total Municipal Bonds (Cost $1,920,056,876)				1,933,116,982
U.S. GOVERNMENT SECURITIES — 12.4%
U.S. Treasury Notes — 12.4%
	50,000,000	0.75%, 02/28/2018		49,922,500
	35,000,000	1.13%, 02/28/2021		34,231,641
	65,000,000	1.13%, 06/30/2021		63,341,992

Principal Amount			Value
U.S. Treasury Notes (continued)
$	115,000,000	1.88%, 05/31/2022	$	114,528,321
	16,000,000	2.00%, 08/15/2025		15,669,375
Total U.S. Government Securities (Cost $278,010,379)				277,693,829
Shares
INVESTMENT COMPANY — 0.3%
	5,837,878	SEI Daily Income Trust Government II Fund, Class A, 0.88%(d)		5,837,878
TOTAL INVESTMENTS — 99.2% (Cost $2,203,905,133)			$	2,216,648,689
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%				18,854,503
NET ASSETS — 100.0%			$	2,235,503,192

(a)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(b)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	The rate shown represents the current yield at October 31, 2017.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

AMBAC — Insured by AMBAC Indemnity Corp.

COP — Certificates of Participation

FGIC — Insured by Financial Guaranty Insurance Corp.

GO — General Obligations

GTY — Guaranty

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

See Notes to Financial Statements.

110

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	October 31, 2017

	ALL CAP CORE FUND			LARGE CAP STRATEGIES FUND			SMALL & MID CAP STRATEGIES FUND
ASSETS:
Investments, at fair value		$	1,773,823,474		$	17,246,705,100		$	6,541,063,145
Foreign currency, at value (Cost $0, $841,787 and $2,525,929, respectively)			—			844,491			2,509,887
Cash			2			1,265,976			15,352,107
Dividends and interest receivable			753,754			23,128,516			4,991,144
Receivable for Fund shares sold			327,457			7,906,726			2,407,493
Receivable for investments sold			243,517			83,767,335			10,632,051
Unrealized appreciation on forward foreign currency exchange contracts			—			—			354,673
Prepaid expenses			25,018			76,927			41,222
Total Assets			1,775,173,222			17,363,695,071			6,577,351,722
LIABILITIES:
Payable for Fund shares redeemed			1,350,473			7,539,641			3,586,437
Payable for investments purchased			—			95,683,773			4,085,753
Deferred tax liability (Note 9)			—			990,860			1,153,404
Accrued expenses and other payables:
Investment advisory			998,367			11,435,032			4,300,726
Administration			90,639			852,182			327,324
Shareholder servicing fee			288,223			2,820,231			1,076,288
Custody			26,220			526,750			111,087
Legal and Audit			30,734			242,624			125,043
Other			20,970			125,210			204,390
Total Liabilities			2,805,626			120,216,303			14,970,452
NET ASSETS		$	1,772,367,596		$	17,243,478,768		$	6,562,381,270
NET ASSETS consist of:
Capital paid-in		$	1,400,277,069		$	12,950,241,197		$	4,586,354,856
Accumulated undistributed net investment income			8,109,244			99,067,585			24,074,288
Accumulated undistributed net realized gain/(loss) on investments and foreign currency transactions			25,487,071			842,973,100			418,228,473
Net unrealized appreciation on investments and foreign currency transactions			338,494,212			3,351,196,886			1,533,723,653
NET ASSETS		$	1,772,367,596		$	17,243,478,768		$	6,562,381,270
Net Asset Value, maximum offering price and redemption price per share		$	16.50		$	14.85		$	17.49
Number of shares authorized			2,500,000,000			3,000,000,000			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			107,420,895			1,161,075,287			375,111,383
INVESTMENTS, AT COST		$	1,435,330,067		$	13,894,450,002		$	5,006,502,155

See Notes to Financial Statements.

111

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	October 31, 2017

	STRATEGIC OPPORTUNITIES FUNDa
ASSETS:
Investments, at fair value		$	5,541,063,954
Foreign currency, at value (Cost $64,311,221)			57,562,952
Cash			2,866,891
Segregated cash for futures contracts (Note 6)			5,181,400
Segregated foreign currency for futures contracts (Note 6)			5,903,861
Due from broker for collateral			2,018,692
Due from broker for derivative contracts pending settlement			6,506,389
Structured option contracts, at value (Premium paid $9,225,953)			96,435,077
Dividends and interest receivable			10,754,784
Receivable for Fund shares sold			712,869
Receivable for investments sold			10,344,814
Unrealized appreciation on swap contracts			57,812,613
Unrealized appreciation on forward foreign currency exchange contracts			4,417,539
Prepaid expenses			37,650
Total Assets			5,801,619,485
LIABILITIES:
Payable to brokers for collateral			76,684,297
Written option contracts, at value (Premium received $125,845)			600,000
Structured option contracts, at value (Premium received $6,000,733)			3,423,831
Payable for Fund shares redeemed			2,893,501
Payable for investments purchased			136,349,085
Unrealized depreciation on swap contracts			12,821,434
Unrealized depreciation on forward foreign currency exchange contracts			12,876,511
Variation margin			693,670
Accrued expenses and other payables:
Investment advisory			4,202,769
Administration			285,951
Shareholder servicing fee			906,626
Custody			39,076
Legal and Audit			221,876
Other			72,750
Total Liabilities			252,071,377
NET ASSETS		$	5,549,548,108
NET ASSETS consist of:
Capital paid-in		$	4,919,497,371
Accumulated undistributed net investment income			163,409,734
Accumulated undistributed net realized gain on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions			186,193,542
Net unrealized appreciation on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions			280,447,461
NET ASSETS		$	5,549,548,108
Net Asset Value, maximum offering price and redemption price per share		$	8.30
Number of shares authorized			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			668,966,259
INVESTMENTS, AT COST		$	5,382,799,798

^a Consolidated Statement of Assets and Liabilities.

See Notes to Financial Statements.

112

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	October 31, 2017

	FIXED INCOME FUND				MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value		$	822,557,169			$	2,216,648,689
Cash			—				1
Dividends and interest receivable			4,106,058				20,049,460
Receivable for Fund shares sold			25,833				836,937
Receivable for investments sold			—				125,499
Prepaid expenses			21,904				26,643
Total Assets			826,710,964				2,237,687,229
LIABILITIES:
Payable for Fund shares redeemed			723,912				1,092,292
Accrued expenses and other payables:
Investment advisory			291,569				704,005
Administration			43,881				111,843
Shareholder servicing fee			67,755				183,532
Custody			10,164				27,529
Legal and Audit			21,238				41,722
Other			7,276				23,114
Total Liabilities			1,165,795				2,184,037
NET ASSETS		$	825,545,169			$	2,235,503,192
NET ASSETS consist of:
Capital paid-in		$	837,603,377			$	2,221,850,705
Accumulated undistributed net investment income			1,263,897				2,478,028
Accumulated undistributed net realized loss on investments			(11,801,523	)			(1,569,097	)
Net unrealized appreciation/(depreciation) on investments			(1,520,582	)			12,743,556
NET ASSETS		$	825,545,169			$	2,235,503,192
Net Asset Value, maximum offering price and redemption price per share		$	11.11			$	11.95
Number of shares authorized			2,000,000,000				2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			74,337,070				187,049,517
INVESTMENTS, AT COST		$	824,077,751			$	2,203,905,133

See Notes to Financial Statements.

113

Old Westbury Funds, Inc.
Statements of Operations
	For the Year Ended October 31, 2017

	ALL CAP CORE FUND				LARGE CAP STRATEGIES FUND				SMALL & MID CAP STRATEGIES FUND
INVESTMENT INCOME:
Interest		$	14,097			$	2,578,705			$	806,490
Dividends			25,541,462				309,427,688				105,533,972
Foreign tax withheld			(517,743	)			(13,718,070	)			(4,648,315	)
Total investment income			25,037,816				298,288,323				101,692,147
EXPENSES:
Investment advisory fees			10,483,817				129,007,113				50,795,891
Shareholder servicing fees			3,028,863				31,783,028				11,951,974
Administration and Accounting fees			705,350				7,164,319				2,709,723
Custodian fees			303,814				5,525,110				1,750,112
Directors fees and expenses			44,415				470,956				177,007
Insurance premiums			26,674				83,576				44,834
Interest expense			—				—				2,939
Legal and Audit fees			80,625				722,595				312,904
Printing and postage fees			10,731				108,151				45,043
Registration fees			38,783				106,866				68,340
Transfer agent fees			168,216				1,633,437				621,875
Miscellaneous expenses			21,659				105,093				440,981
Total expenses			14,912,947				176,710,244				68,921,623
Expenses waived by Adviser (Note 7)			—				—				(2,585,158	)
Net expenses			14,912,947				176,710,244				66,336,465
NET INVESTMENT INCOME			10,124,869				121,578,079				35,355,682
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES:
Net realized gains/(loss) on:
Investments			51,188,785				853,762,518				444,043,736
Foreign capital gains tax			—				—				(50,282	)
Forward foreign currency exchange contracts			—				7,974,588				782,394
Foreign currency transactions			(120,647	)			(1,482,181	)			(2,453,982	)
Net change in unrealized appreciation/(depreciation) on:
Investments			234,995,476				1,472,568,875				483,459,400
Foreign currency transactions			33,474				520,111				98,262
Forward foreign currency exchange contracts			—				(7,438,173	)			280,015
Foreign deferred taxes on unrealized appreciation			—				2,252,488				(698,705	)
Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, net of foreign taxes			286,097,088				2,328,158,226				925,460,838
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	296,221,957			$	2,449,736,305			$	960,816,520

See Notes to Financial Statements.

114

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Year Ended October 31, 2017

	STRATEGIC OPPORTUNITIES FUNDa
INVESTMENT INCOME:
Interest		$	142,989,097
Dividends			67,037,416
Foreign tax withheld			(939,578	)
Total investment income			209,086,935
EXPENSES:
Investment advisory fees			59,228,123
Shareholder servicing fees			11,470,624
Administration and Accounting fees			2,653,180
Custodian fees			407,042
Directors fees and expenses			173,689
Insurance premiums			46,195
Legal and Audit fees			510,403
Printing and postage fees			45,511
Registration fees			54,213
Transfer agent fees			598,288
Miscellaneous expenses			239,405
Total expenses			75,426,673
Expenses waived by Adviser (Note 7)			(6,593,225	)
Net expenses			68,833,448
NET INVESTMENT INCOME			140,253,487
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, SECURITIES SOLD SHORT, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES:
Net realized gain/(loss) on:
Investments			131,112,785
Futures contracts			21,690,189
Swap agreements			61,015,334
Written options and structured options			234,335,261
Forward foreign currency exchange contracts			5,347,251
Foreign currency transactions			(5,979,376	)
Foreign capital gains tax			(79,229	)
Net change in unrealized appreciation/(depreciation) on:
Investments			147,670,358
Securities sold short			1,871,202
Futures contracts			(3,296,684	)
Swap agreements			33,506,361
Written options and structured options			(13,573,692	)
Forward foreign currency exchange contracts			(224,369	)
Foreign currency transactions			(130,810	)
Foreign deferred taxes on unrealized depreciation			4,779
Net realized and change in unrealized gain/(loss) on investments, securities sold short, futures contracts, swap agreements, written options, foreign currency transactions, net of foreign taxes			613,269,360
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	753,522,847

^a Consolidated Statement of Operations.

See Notes to Financial Statements.

115

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Year Ended October 31, 2017

	FIXED INCOME FUND				MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest		$	15,038,471			$	36,556,373
Dividends			38,637				283,107
Total investment income			15,077,108				36,839,480
EXPENSES:
Investment advisory fees			3,414,313				8,148,411
Shareholder servicing fees			1,582,156				4,227,663
Administration and Accounting fees			374,488				958,840
Custodian fees			118,662				317,075
Directors fees and expenses			23,423				62,655
Insurance premiums			24,600				29,987
Interest expense			—				115
Legal and Audit fees			46,004				92,004
Printing and postage fees			5,120				13,616
Registration fees			29,722				44,841
Transfer agent fees			93,851				230,117
Miscellaneous expenses			22,333				71,888
Total expenses			5,734,672				14,197,212
Expenses waived by Shareholder Servicing Agent (Note 7)			(791,078	)			(2,113,832	)
Net expenses			4,943,594				12,083,380
NET INVESTMENT INCOME			10,133,514				24,756,100
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on:
Investments			(3,474,710	)			(1,529,655	)
Net change in unrealized appreciation/(depreciation) on:
Investments			(7,223,117	)			(12,618,806	)
Net realized and change in unrealized gain/(loss) on investments			(10,697,827	)			(14,148,461	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(564,313	)		$	10,607,639

See Notes to Financial Statements.

116

Old Westbury Funds, Inc.

Statements of Changes in Net Assets

	ALL CAP CORE FUND
	FOR THE YEAR ENDED OCTOBER 31, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016
FROM OPERATIONS:
Net investment income		$	10,124,869			$	12,473,350
Net realized gain/(loss) on investments and foreign currency transactions			51,068,138				(23,392,246	)
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes			235,028,950				26,380,786
Net increase in net assets resulting from operations			296,221,957				15,461,890
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(13,751,936	)			(12,767,618	)
Capital gains			—				(13,076,789	)
Net decrease in net assets from distributions			(13,751,936	)			(25,844,407	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			410,170,510				268,944,429
Reinvestment of distributions			4,963,160				13,209,958
Value of capital stock redeemed			(171,433,102	)			(171,467,228	)
Net increase in net assets resulting from capital stock transactions			243,700,568				110,687,159
Net increase in net assets			526,170,589				100,304,642
NET ASSETS:
Beginning of year			1,246,197,007				1,145,892,365
End of year		$	1,772,367,596			$	1,246,197,007
Undistributed net investment income		$	8,109,244			$	9,635,381
CAPITAL SHARE TRANSACTIONS:
Shares sold			27,459,497				20,570,567
Shares issued as reinvestment of distributions			349,518				1,012,257
Shares redeemed			(11,396,186	)			(12,921,809	)
Net increase in shares outstanding			16,412,829				8,661,015

See Notes to Financial Statements.

117

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

LARGE CAP STRATEGIES FUND								SMALL & MID CAP STRATEGIES FUND
FOR THE YEAR ENDED OCTOBER 31, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016				FOR THE YEAR ENDED OCTOBER 31, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016
	$	121,578,079			$	93,243,807			$	35,355,682			$	32,496,703
		860,254,925				170,409,214				442,321,866				328,653,233
		1,467,903,301				44,642,759				483,138,972				(71,561,629	)
		2,449,736,305				308,295,780				960,816,520				289,588,307
		(109,523,510	)			(109,206,576	)			(30,569,468	)			(41,515,802	)
		(151,604,603	)			(212,416,103	)			(298,283,586	)			(228,201,193	)
		(261,128,113	)			(321,622,679	)			(328,853,054	)			(269,716,995	)
		1,831,878,570				1,921,668,809				895,995,983				775,408,537
		123,183,224				166,548,307				188,125,990				159,969,805
		(1,496,082,470	)			(1,620,400,131	)			(625,327,694	)			(933,234,823	)
		458,979,324				467,816,985				458,794,279				2,143,519
		2,647,587,516				454,490,086				1,090,757,745				22,014,831
		14,595,891,252				14,141,401,166				5,471,623,525				5,449,608,694
	$	17,243,478,768			$	14,595,891,252			$	6,562,381,270			$	5,471,623,525
	$	99,067,585			$	88,579,044			$	24,074,288			$	17,748,968
		133,829,033				155,007,934				55,186,332				53,021,050
		9,497,550				13,388,128				12,384,858				10,860,136
		(108,984,517	)			(128,899,429	)			(38,512,284	)			(61,440,681	)
		34,342,066				39,496,633				29,058,906				2,440,505

See Notes to Financial Statements.

118

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	STRATEGIC OPPORTUNITIES FUND
	FOR THE YEAR				FOR THE YEAR
	ENDED				ENDED
	OCTOBER 31,				OCTOBER 31,
	2017a				2016a
FROM OPERATIONS:
Net investment income		$	140,253,487			$	106,351,867
Net realized gain/(loss) on investments, securities sold short, swap agreements, futures contracts, written options, foreign capital gains tax and foreign currency transactions			447,442,215				(174,541,583	)
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, futures contracts, written options, swap agreements, foreign currency transactions, net of foreign deferred taxes			165,827,145				77,848,131
Net increase/(decrease) in net assets resulting from operations			753,522,847				9,658,415
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(111,738,489	)			(105,784,964	)
Capital gains			—				(128,054,530	)
Net decrease in net assets from distributions			(111,738,489	)			(233,839,494	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			674,275,647				1,138,862,753
Reinvestment of distributions			33,139,282				112,339,997
Value of capital stock redeemed			(1,733,704,369	)			(2,188,724,376	)
Net increase/(decrease) in net assets resulting from capital stock transactions			(1,026,289,440	)			(937,521,626	)
Net increase/(decrease) in net assets			(384,505,082	)			(1,161,702,705	)
NET ASSETS:
Beginning of year			5,934,053,190				7,095,755,895
End of year		$	5,549,548,108			$	5,934,053,190
Undistributed net investment income		$	163,409,734			$	85,974,455
CAPITAL SHARE TRANSACTIONS:
Shares sold			87,048,713				161,379,147
Shares issued as reinvestment of distributions			4,454,204				15,410,151
Shares redeemed			(223,013,057	)			(303,283,841	)
Net increase/(decrease) in shares outstanding			(131,510,140	)			(126,494,543	)

^a Consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements.

119

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

FIXED INCOME FUND								MUNICIPAL BOND FUND
FOR THE YEAR				FOR THE YEAR				FOR THE YEAR				FOR THE YEAR
ENDED				ENDED				ENDED				ENDED
OCTOBER 31,				OCTOBER 31,				OCTOBER 31,				OCTOBER 31,
2017				2016				2017				2016
	$	10,133,514			$	7,136,031			$	24,756,100			$	20,073,688
		(3,474,710	)			2,141,711				(1,529,655	)			9,373,093
		(7,223,117	)			2,875,205				(12,618,806	)			(747,741	)
		(564,313	)			12,152,947				10,607,639				28,699,040
		(11,203,970	)			(8,506,761	)			(24,052,772	)			(19,986,880	)
		—				—				(9,374,029	)			(1,416,604	)
		(11,203,970	)			(8,506,761	)			(33,426,801	)			(21,403,484	)
		186,418,308				298,387,151				516,856,601				846,467,718
		6,088,035				4,352,215				9,250,202				5,542,028
		(140,609,434	)			(104,173,333	)			(322,920,119	)			(179,212,789	)
		51,896,909				198,566,033				203,186,684				672,796,957
		40,128,626				202,212,219				180,367,522				680,092,513
		785,416,543				583,204,324				2,055,135,670				1,375,043,157
	$	825,545,169			$	785,416,543			$	2,235,503,192			$	2,055,135,670
	$	1,263,897			$	770,831			$	2,478,028			$	1,776,685
		16,797,735				26,401,431				43,464,407				69,733,595
		549,399				386,760				782,318				459,206
		(12,660,942	)			(9,241,847	)			(27,216,140	)			(14,782,785	)
		4,686,192				17,546,344				17,030,585				55,410,016

See Notes to Financial Statements.

120

Old Westbury Funds, Inc.

All Cap Core Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of year	$	13.69		$	13.92		$	15.00		$	13.92		$	11.53
Investment operations:
Net investment income		0.10	a		0.14	a		0.15	a		0.21	a		0.24	a
Net realized and unrealized gains/(losses) on investments		2.86			(0.05	)		(0.41	)		1.08			2.38
Total from investment operations		2.96			0.09			(0.26	)		1.29			2.62
Distributions:
Net investment income		(0.15	)		(0.16	)		(0.19	)		(0.21	)		(0.23	)
Net realized gains		—			(0.16	)		(0.63	)		—			—
Total distributions		(0.15	)		(0.32	)		(0.82	)		(0.21	)		(0.23	)
Net asset value, end of year	$	16.50		$	13.69		$	13.92		$	15.00		$	13.92
Total return		21.8	%		0.7	%		(1.7	)%		9.4	%		23.1	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	1,772,368		$	1,246,197		$	1,145,892		$	1,029,373		$	835,858
Ratio of expenses to average net assets before expense waivers		0.99	%b		1.00	%b		1.01	%		1.04	%		1.06	%
Ratio of expenses to average net assets after expense waivers		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets		0.67	%		1.07	%		1.02	%		1.46	%		1.91	%
Portfolio turnover rate		57	%		34	%		43	%		43	%		63	%

a	Calculated using the average shares method for the period.
b	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

121

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of year	$	12.95		$	13.01		$	13.20		$	12.09		$	9.69
Investment operations:
Net investment income		0.11	a		0.08	a		0.12	a		0.10	a		0.11	a
Net realized and unrealized gains on investments and foreign currency transactions		2.02			0.16			0.13			1.09			2.36
Total from investment operations		2.13			0.24			0.25			1.19			2.47
Distributions:
Net investment income		(0.10	)		(0.10	)		(0.10	)		(0.08	)		(0.07	)
Net realized gains		(0.13	)		(0.20	)		(0.34	)		—			—
Total distributions		(0.23	)		(0.30	)		(0.44	)		(0.08	)		(0.07	)
Net asset value, end of year	$	14.85		$	12.95		$	13.01		$	13.20		$	12.09
Total return		16.7	%		1.9	%		2.0	%		9.9	%		25.7	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	17,243,479		$	14,595,891		$	14,141,401		$	12,624,586		$	9,564,418
Ratio of expenses to average net assets before expense waivers		1.11	%b		1.11	%b		1.11	%b		1.12	%b		1.15	%b
Ratio of expenses to average net assets after expense waivers		1.11	%		1.11	%		1.11	%		1.12	%		1.15	%
Ratio of net investment income to average net assets		0.77	%		0.67	%		0.88	%		0.82	%		1.00	%
Portfolio turnover rate		61	%		50	%		61	%		51	%		42	%

a	Calculated using the average shares method for the period.
b	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

122

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of year	$	15.81		$	15.86		$	17.09		$	17.30		$	14.64
Investment operations:
Net investment income		0.10	a		0.09	a		0.09	a		0.12	a		0.12	a
Net realized and unrealized gains on investments, foreign currency transactions and deferred taxes		2.54			0.66			0.40			0.83			3.61
Total from investment operations		2.64			0.75			0.49			0.95			3.73
Distributions:
Net investment income		(0.09	)		(0.12	)		(0.13	)		(0.13	)		(0.16	)
Net realized gains		(0.87	)		(0.68	)		(1.59	)		(1.03	)		(0.91	)
Total distributions		(0.96	)		(0.80	)		(1.72	)		(1.16	)		(1.07	)
Net asset value, end of year	$	17.49		$	15.81		$	15.86		$	17.09		$	17.30
Total return		17.6	%		5.1	%		2.9	%		5.7	%		26.8	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	6,562,381		$	5,471,624		$	5,449,609		$	6,385,783		$	6,624,651
Ratio of expenses to average net assets before expense waivers		1.15	%b		1.16	%b		1.16	%b		1.15	%b		1.16	%b
Ratio of expenses to average net assets after expense waivers		1.11	%		1.11	%		1.11	%		1.11	%		1.11	%
Ratio of net investment income to average net assets		0.59	%		0.61	%		0.56	%		0.67	%		0.73	%
Portfolio turnover rate		45	%		48	%		50	%		38	%		31	%

a

Calculated using the average shares method for the period.

b

When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.

See Notes to Financial Statements.

123

Old Westbury Funds, Inc.

Strategic Opportunities Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2017a			2016a			2015a			2014			2013
Net asset value, beginning of year	$	7.41		$	7.65		$	8.20		$	8.24		$	7.51
Investment operations:
Net investment income		0.19	b		0.12	b		0.09	b		0.09	b		0.15	b
Net realized and unrealized gains/(losses) on investments, securities sold short, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes		0.84			(0.10	)		(0.02	)		0.36			0.76
Total from investment operations		1.03			0.02			0.07			0.45			0.91
Distributions:
Net investment income		(0.14	)		(0.12	)		(0.17	)		(0.27	)		(0.18	)
Net realized gains		—			(0.14	)		(0.45	)		(0.22	)		—
Total distributions		(0.14	)		(0.26	)		(0.62	)		(0.49	)		(0.18	)
Net asset value, end of year	$	8.30		$	7.41		$	7.65		$	8.20		$	8.24
Total return		14.1	%		0.2	%		0.9	%		5.9	%		12.3	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	5,549,548		$	5,934,053		$	7,095,756		$	5,598,552		$	5,737,691
Ratio of expenses to average net assets before expense waivers		1.32	%c		1.32	%c		1.32	%c		1.32	%c		1.32	%c
Ratio of expenses to average net assets after expense waivers		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		2.45	%		1.67	%		1.16	%		1.14	%		1.97	%
Portfolio turnover rate		111	%		114	%		70	%		82	%		61	%

a	Consolidated Financial Highlights.
b	Calculated using the average shares method for the period.
c	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.

See Notes to Financial Statements.

124

Old Westbury Funds, Inc.

Fixed Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of year	$	11.28		$	11.19		$	11.22		$	11.34		$	11.66
Investment operations:
Net investment income		0.14	a		0.12	a		0.12	a		0.11	a		0.14	a
Net realized and unrealized gains/(losses) on investments		(0.15	)		0.11			—	b		(0.01	)		(0.18	)
Total from investment operations		(0.01	)		0.23			0.12			0.10			(0.04	)
Distributions:
Net investment income		(0.16	)		(0.14	)		(0.15	)		(0.20	)		(0.22	)
Net realized gains		—			—			—			(0.02	)		(0.06	)
Total distributions		(0.16	)		(0.14	)		(0.15	)		(0.22	)		(0.28	)
Net asset value, end of year	$	11.11		$	11.28		$	11.19		$	11.22		$	11.34
Total return		(0.1	)%		2.1	%		1.1	%		0.9	%		(0.3	)%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	825,545		$	785,417		$	583,204		$	563,716		$	533,444
Ratio of expenses to average net assets before expense waivers		0.72	%		0.74	%		0.74	%		0.75	%		0.75	%
Ratio of expenses to average net assets after expense waivers		0.62	%		0.64	%		0.64	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.28	%		1.07	%		1.03	%		0.94	%		1.26	%
Portfolio turnover rate		70	%		68	%		67	%		65	%		78	%

a	Calculated using the average shares method for the period.
b	Amount is less than $0.005 per share.

See Notes to Financial Statements.

125

Old Westbury Funds, Inc.

Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of year	$	12.09		$	12.00		$	12.02		$	11.96		$	12.33
Investment operations:
Net investment income		0.14	a		0.14	a		0.15	a		0.14	a		0.17	a
Net realized and unrealized gains/(losses) on investments		(0.08	)		0.10			0.03			0.10			(0.25	)
Total from investment operations		0.06			0.24			0.18			0.24			(0.08	)
Distributions:
Net investment income		(0.14	)		(0.14	)		(0.15	)		(0.15	)		(0.17	)
Net realized gains		(0.06	)		(0.01	)		(0.05	)		(0.03	)		(0.12	)
Total distributions		(0.20	)		(0.15	)		(0.20	)		(0.18	)		(0.29	)
Net asset value, end of year	$	11.95		$	12.09		$	12.00		$	12.02		$	11.96
Total return		0.5	%		2.1	%		1.5	%		2.0	%		(0.7	)%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	2,235,503		$	2,055,136		$	1,375,043		$	1,326,109		$	1,244,693
Ratio of expenses to average net assets before expense waivers		0.67	%		0.69	%		0.70	%		0.70	%		0.71	%
Ratio of expenses to average net assets after expense waivers		0.57	%		0.59	%		0.60	%		0.60	%		0.61	%
Ratio of net investment income to average net assets		1.17	%		1.17	%		1.28	%		1.20	%		1.38	%
Portfolio turnover rate		31	%		44	%		31	%		55	%		51	%

^a Calculated using the average shares method for the period.

See Notes to Financial Statements.

126

Old Westbury Funds, Inc.
Notes to Financial Statements
	October 31, 2017

1. Organization:

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of October 31, 2017, the Corporation consisted of six separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

Fund Name	Investment Objective
Old Westbury All Cap Core Fund (Formerly Old Westbury Large Cap Core Fund) (“All Cap Core Fund”)	Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”)	Long-term capital appreciation.
Old Westbury Small & Mid Cap Strategies Fund (Formerly Old Westbury Small & Mid Cap Fund) (“Small & Mid Cap Strategies Fund”)	Long-term capital appreciation.
Old Westbury Strategic Opportunities Fund (“Strategic Opportunities Fund”)	Long-term capital appreciation.
Old Westbury Fixed Income Fund (“Fixed Income Fund”)	Total return (consisting of current income and capital appreciation).
Old Westbury Municipal Bond Fund (“Municipal Bond Fund”)	Total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).

The Corporation has authorized a total of 20 billion shares of common stock (par value $0.001 per share).

Under the Corporation’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties for the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with vendors and others that provide for general indemnifications. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation. However, based on experience, the Corporation expects the risk of loss to be remote.

2. Basis for Consolidation for the Strategic Opportunities Fund:

The consolidated financial statements of the Strategic Opportunities Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Strategic Opportunities Fund Ltd. (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Subsidiary commenced operations on May 1, 2015. The Strategic Opportunities Fund commenced reporting on a consolidated basis as of such commencement date. The Subsidiary is a commodity pool, as defined in the regulations of the Commodity Futures Trade Commission (the “CFTC”), and is operated by Bessemer Investment Management LLC (“BIM” or the “Adviser”), a commodity pool operator registered with the CFTC effective January 1, 2013. The Strategic Opportunities Fund seeks to gain exposure to commodities through direct investments in commodities-related instruments, derivatives and other investments and through investments in the Subsidiary. The Subsidiary has the same investment goal as the Strategic Opportunities Fund. The Subsidiary pursues its investment goal by investing in commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Strategic Opportunities Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Strategic Opportunities Fund. The portion of the Strategic Opportunities Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time, some exposure could be substantial. To the extent of the Strategic Opportunities Fund’s investment through the Subsidiary, it will be subject to the risks associated with the derivatives and other instruments in which the Subsidiary invests. As of October 31, 2017, the Subsidiary represented $71,862,229 or 1.29% of the Strategic Opportunities Fund’s net assets.

3. Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Corporation in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect

127

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	October 31, 2017

the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants such as the Corporation.

A. Valuation of Investments. Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

Readily marketable equity securities traded in the over-the-counter market (“OTC”), including listed securities whose primary market is believed by BIM, or a sub-adviser, as applicable, to be over-the-counter, are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.

Shares of open-end investment companies are valued at the latest net asset value (“NAV”) reported by the investment company. Shares of investment companies that are traded intra-day on an exchange, such as exchange traded funds and closed-end funds, will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.

Debt instruments are valued on the basis of prices obtained from a broker-dealer or an approved pricing service.

Foreign securities generally are valued in their national currency at the latest available quoted sale price as of the close of trading on the foreign exchange or other principal market on which the security is traded. In the absence of current trade activity, the securities will be valued at the mean of the latest bid/ask quotations. As described below, this value is then converted into its U.S. dollar equivalent using the daily rate of exchange at the time of a Fund’s NAV calculation (normally 4:00 p.m. Eastern Time).

Forward currency contracts are valued at the mean between the bid and the asked prices. Quotations are available for regularly scheduled settlement dates such as on a 1-,2-,3-,4-,5-,6-,9-, and 12-month basis. Over-the-counter derivatives, such as swaps and non-exchange traded options and futures are valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser with BIM’s oversight where appropriate. An approved pricing service may also be used to price these instruments. Exchange-traded swaps, options and futures contracts and options thereon are valued at their last sale or settlement price as of the close of such exchanges or, if no sales are reported, at the mean between the last reported bid and asked prices. Repurchase agreements are valued at the original cost. Contracts for long puts and calls are valued at the bid price and short puts and calls are valued at the offering price of a broker-dealer or an exchange. Generally, options, rights/warrants and other “when-issued” securities follow the same pricing methods as equity securities.

Securities and other investments for which market quotations are not readily available are valued under the general supervision and responsibility of the Board and pursuant to policies and procedures established by the Board, which are designed to reflect, in good faith, the fair value of such investments. A market quotation is considered not readily available if, among other circumstances, the most recent reported price is deemed unreliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds’ Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or

128

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	October 31, 2017

region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’s fair value.

In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 3 days during the year ended October 31, 2017. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of October 31, 2017, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined level. There were no other transfers between Level 1 and Level 2 during the year ended October 31, 2017.

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies on at least a quarterly basis. The Pricing Committee is responsible for (i) establishing valuation processes and (ii) determining the fair value of the Funds’ holdings for which price quotations are not readily available, unreliable or for which an approved valuation method is deemed not to represent fair value. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of BIM or a sub-adviser, as applicable, and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy.

The significant unobservable inputs used in fair value measurement of the Funds’ Level 3 investments may include, where applicable: (i) an estimation of a normalized earnings level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third parties; and (iv) the value associated with the latest round of financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.

The Funds’ Pricing Committee employs various methods for calibrating the valuation approach related to investments categorized within Level 3 in the fair value hierarchy. These methods may include regular due diligence of the Funds’ pricing vendors including back testing of trigger related fair value prices, a regular review of key inputs and assumptions, reviews of missing and stale prices and price variance analysis, including investigation of unusual or unexpected pricing changes and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reviewed and approved by the Funds’ Board.

129

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	October 31, 2017

B. Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined using the identified cost method for maximum tax benefit to shareholders. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.

C. Payment-In-Kind Securities. The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

For the year ended October 31, 2017, there were no in-kind payments received by the Funds with respect to PIK securities.

D. Foreign Currency Transactions. The books and records of the Funds are maintained in U.S. dollars. Investments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates as of the date of the Statements of Assets and Liabilities. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and change in unrealized gain/(loss) on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions in the Statements of Operations.

Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

E. Securities Sold Short. The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. Short sales by a Fund involve certain risks and special considerations.

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily. The Funds had no short sales outstanding at October 31, 2017.

F. Collectibles. The Strategic Opportunities Fund may invest in collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have representative market valuations available. The Strategic Opportunities Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of October 31, 2017, the Strategic Opportunities Fund held no collectibles.

130

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	October 31, 2017

G. Commodities. In order to gain exposure to the commodities markets, the Strategic Opportunities Fund, directly or through its Subsidiary, may invest in commodities-related instruments, derivatives and other investments. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Strategic Opportunities Fund and its Subsidiary’s investments to greater volatility than investments in traditional securities.

H. Inflation-Protected Securities. The Funds may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

I. When-Issued and Delayed Delivery Securities. The Funds may purchase or sell securities that they are entitled to receive on a when-issued basis. The Funds may also purchase or sell securities on a delayed delivery basis. When-issued and delayed delivery securities involve risk that the security a Fund buys will lose value prior to its delivery. There is also a risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, a Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

J. Loan Participations and Assignments. The Strategic Opportunities Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the London InterBank Offered Rate, the Certificate of Deposit Rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade (“junk”), or not rated by any nationally recognized statistical ratings organization. Loans that are rated lower than investment grade typically entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund’s investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

Currently, the Strategic Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Strategic Opportunities Fund’s investments in loans are expected in most instances to be in the form of assignments. Generally, when a Fund purchases an assignment of a loan from a lender, it will step into the position of the lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

K. Credit Enhancements. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance (i.e., AMBAC and FGIC). The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

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	October 31, 2017

L. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund intends to limit the purchase of securities which have not been determined by BIM to be liquid, together with other securities considered to be illiquid, including repurchase agreements providing for settlement in more than seven days after notice, to not more than 15% of its net assets.

M. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Fixed Income Fund and Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund and Strategic Opportunities Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

N. Expenses. Expenses that are directly related to one of the Funds are charged directly to that Fund on an accrual basis. Other operating expenses of the Corporation are prorated to each Fund on an accrual basis utilizing relative net assets or another reasonable basis.

4. Market and Credit Risk:

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by a Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; changes or perceived changes in economic conditions; overall market changes; local, regional or global political, social or economic events or instability; and currency and interest rate and price fluctuations. Since 2008, the U.S. government has implemented various measures designed to stabilize the U.S. economy and support U.S. economic recovery, including by keeping the federal funds rate at or near zero percent and purchasing large quantities of securities issued or guaranteed by the U.S. government or its agencies and instrumentalities on the open market (“quantitative easing”). The Board of Governors of the Federal Reserve System has recently ended this quantitative easing and, to the extent it raises the federal funds rate, there is a risk that interest rates across the U.S. financial markets will rise suddenly and significantly, thereby exposing fixed income and related markets to heightened volatility and reduced liquidity. Such market events may cause a Fund to experience losses and/or high redemption requests, which may result in increased transactions costs and lower a Fund’s performance. Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Changes in foreign currency exchange rates can affect the value of a Fund’s portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which the Fund has unsettled or open transactions may default. Financial assets, which potentially expose a Fund to credit and counterparty risks, consist principally of investments, receivables for securities sold and cash due from brokers. The Funds’ Adviser and sub-advisers, as applicable, review the creditworthiness of counterparties that they believe entail material credit risk in relation to the investment policies of a Fund. The extent of a Fund’s exposure to credit and counterparty risks with respect to these financial assets is generally represented by their values recorded in the Fund’s Statements of Assets and Liabilities.

5. Fair Value Measurements:

The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

•        Level 1 - quoted prices generally in active markets for identical securities.

•        Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit ratings, etc.).

•        Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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October 31, 2017

The summary of inputs used to value the Funds’ investments as of October 31, 2017 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs(c)				Total
All Cap Core Fund
Equity Securities(b)	$	1,713,225,097(a	)	$	—			$	—		$	1,713,225,097
Investment Company		60,598,377			—				—			60,598,377
Total	$	1,773,823,474		$	—			$	—		$	1,773,823,474
Large Cap Strategies Fund
Equity Securities(b)	$	15,238,755,867(a	)	$	101,736,440(d	)		$	10,943(e	)	$	15,340,503,250
Master Limited Partnerships		968,347(a	)		—				—			968,347
Preferred Stocks		181,212,057			—				—			181,212,057
Exchange Traded Funds		633,640,284(a	)		—				—			633,640,284
U.S. Government Agencies		—			864,505,297				—			864,505,297
Investment Company		225,875,865			—				—			225,875,865
Total	$	16,280,452,420		$	966,241,737			$	10,943		$	17,246,705,100
Small & Mid Cap Strategies Fund
Equity Securities(b)
Argentina	$	852,860		$	—			$	—		$	852,860
Australia		109,815,117			94,822				56,679			109,966,618
Austria		12,812,250			—				—			12,812,250
Belgium		23,906,321			—				—			23,906,321
Bermuda		51,277,467			—				—			51,277,467
Brazil		30,597,901			—				40,547			30,638,448
Cambodia		258,415			—				—			258,415
Canada		159,758,566			11				—			159,758,577
Cayman Islands		1,017,744			—				—			1,017,744
Chile		7,285,558			—				—			7,285,558
China		89,408,810			9,769,831				331,762			99,510,403
Cyprus		169,406			—				—			169,406
Denmark		28,217,583			—				—			28,217,583
Faeroe Islands		346,481			—				—			346,481
Finland		27,797,313			—				1,085			27,798,398
France		127,008,993			—				—			127,008,993
Gabon		11,791			—				—			11,791
Georgia		251,398			—				—			251,398
Germany		172,650,406			—				—			172,650,406
Gibraltar		77,847			—				—			77,847
Greece		2,906,356			—				—			2,906,356
Hong Kong		78,841,459			—				600,050			79,441,509
Hungary		373,437			—				—			373,437
India		50,091,026			—				97,925			50,188,951
Indonesia		8,399,616			—				40,003			8,439,619
Ireland		95,113,759			—				—			95,113,759
Isle of Man		1,042,246			—				—			1,042,246
Israel		80,746,167			—				—			80,746,167
Italy		39,536,797			—				—			39,536,797
Japan		339,876,997			—				—			339,876,997
Jersey Channel Islands		2,111,923			—				—			2,111,923
Jordan		456,708			—				—			456,708
Liechtenstein		119,786			—				—			119,786

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October 31, 2017

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs(c)			Total
Luxembourg		$	17,948,417		$	—		$	—		$	17,948,417
Macau			15,863			—			—			15,863
Malaysia			11,248,907			—			49,485			11,298,392
Malta			691,163			—			—			691,163
Mexico			10,269,172			57,910			—			10,327,082
Monaco			239,972			—			—			239,972
Netherlands			43,210,252			—			—			43,210,252
New Zealand			41,053,792			—			—			41,053,792
Norway			9,922,352			—			—			9,922,352
Panama			103,603			—			—			103,603
Peru			749,055			—			—			749,055
Philippines			3,933,311			—			—			3,933,311
Poland			10,140,017			—			—			10,140,017
Portugal			2,364,843			—			—			2,364,843
Puerto Rico			1,300,500			—			—			1,300,500
Romania			192,183			—			—			192,183
Russia			4,822,033			—			—			4,822,033
Singapore			52,132,700			—			40,863			52,173,563
South Africa			20,614,347			—			—			20,614,347
South Korea			58,651,841			—			222,566			58,874,407
Spain			24,871,882			—			—			24,871,882
Sweden			58,928,672			—			—			58,928,672
Switzerland			81,580,696			—			—			81,580,696
Taiwan			81,064,870			—			45,230			81,110,100
Thailand			17,066			11,728,459			13,343			11,758,868
Turkey			8,727,426			—			—			8,727,426
United Kingdom			332,218,938			—			714			332,219,652
United States			3,502,480,442			348,930			—			3,502,829,372
Total Equities		$	5,922,632,819		$	21,999,963		$	1,540,252		$	5,946,173,034
Exchange Traded Funds			203,762,134			—			—			203,762,134
Investment Company			30,936,229			—			—			30,936,229
Rights/Warrants
Australia			2,149			—			—			2,149
Brazil			1,507			—			—			1,507
Chile			8,655			—			—			8,655
France			—			—			1,600			1,600
India			—			3,484			—			3,484
Malaysia			5,711			—			—			5,711
South Korea			—			31,989			—			31,989
Spain			60,147			—			—			60,147
Taiwan			—			10,023			—			10,023
Thailand			—			38,431			—			38,431
Total Rights/Warrants		$	78,169		$	83,927		$	1,600		$	163,696
U.S. Government Agencies			—			230,872,666			—			230,872,666
U.S. Government Securities			—			29,999,234			—			29,999,234
Cash Sweep			99,156,152			—			—			99,156,152

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October 31, 2017

	Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs(c)			Total
Other financial instruments - Assets*
Foreign currency exchange contracts		$	—			$	354,673			$	—		$	354,673
Total		$	6,256,565,503			$	283,310,463			$	1,541,852		$	6,541,417,818
Strategic Opportunities Fund
Equity Securities(b)
Belgium		$	1,239,483			$	—			$	—		$	1,239,483
Bermuda			25,287,970				—				—			25,287,970
Brazil			2,334,950				—				—			2,334,950
Canada			1,513,114				—				—			1,513,114
China			12,152,239				—				—			12,152,239
Denmark			2,290,875				—				—			2,290,875
Egypt			1,535,772				—				—			1,535,772
France			3,789,875				—				—			3,789,875
Germany			9,959,435				—				—			9,959,435
Hong Kong			12,595,557				—				44,164			12,639,721
Indonesia			2,757,943				—				—			2,757,943
Israel			1,748,179				—				—			1,748,179
Japan			42,251,559				—				—			42,251,559
Luxembourg			2,251,571				—				—			2,251,571
Malaysia			1,335,534				—				—			1,335,534
Morocco and Antilles			3,075,501				—				—			3,075,501
Netherlands			6,303,066				—				—			6,303,066
Pakistan			2,028,294				—				—			2,028,294
Qatar			2,412,513				—				—			2,412,513
South Africa			1,379,509				—				—			1,379,509
South Korea			7,430,607				—				—			7,430,607
Switzerland			5,519,637				—				—			5,519,637
Taiwan			42,357,442				—				—			42,357,442
United Arab Emirates			2,155,871				—				—			2,155,871
United Kingdom			4,480,753				—				—			4,480,753
United States			335,134,209				—				258,750			335,392,959
Total Equities		$	535,321,458			$	—			$	302,914		$	535,624,372
Closed-End Funds			221,355,967(a	)			—				—			221,355,967
Exchange Traded Funds			852,141,647(a	)			—				—			852,141,647
Preferred Stocks			5,277,250(a	)			—				—			5,277,250
Bank Loans			—				68,138,892(a	)			—			68,138,892
Rights/Warrants			43,265				—				—			43,265
Corporate Bonds			—				558,385,773(a	)			—			558,385,773
Asset-Backed Securities			—				827,258,531(a	)			—			827,258,531
Non-Agency Mortgage-Backed Securities			—				508,235,087(a	)			—			508,235,087
U.S. Government Sponsored Agency Mortgage-Backed Securities			—				38,605,553				—			38,605,553
U.S. Government Agencies			—				1,565,565,896				—			1,565,565,896
U.S. Government Securities			—				224,675,252				—			224,675,252
Cash Sweep			133,881,469				—				—			133,881,469
Other financial instruments - Assets*
Equity contracts			—				152,479,197				—			152,479,197
Interest rate contracts			7,802				247,044				—			254,846
Foreign currency exchange contracts			1,875,000				5,938,988				—			7,813,988

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October 31, 2017

	Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs(c)			Total
Other financial instruments - Liabilities*
Equity contracts		$	(1,171,282	)		$	(14,973,904	)		$	—		$	(16,145,186	)
Interest rate contracts			(4,499,657	)			(1,017,731	)			—			(5,517,388	)
Foreign currency exchange contracts			(600,000	)			(13,130,141	)			—			(13,730,141	)
Total		$	1,743,632,919			$	3,920,408,437			$	302,914		$	5,664,344,270
Fixed Income Fund
Corporate Bonds		$	—			$	270,827,831(a	)		$	—		$	270,827,831
Asset-Backed Securities			—				69,031,922(a	)			—			69,031,922
Collateralized Mortgage Obligations			—				1,372,236(a	)			—			1,372,236
U.S. Government Agencies			—				42,385,072				—			42,385,072
U.S. Government Securities			—				431,133,421				—			431,133,421
Government Bonds			—				3,010,150(a	)			—			3,010,150
Investment Company			4,796,537				—				—			4,796,537
Total		$	4,796,537			$	817,760,632			$	—			822,557,169
Municipal Bond Fund
Municipal Bonds		$	—			$	1,933,116,982(a	)		$	—		$	1,933,116,982
U.S. Government Securities			—				277,693,829				—			277,693,829
Investment Company			5,837,878				—				—			5,837,878
Total		$	5,837,878			$	2,210,810,811			$	—		$	2,216,648,689

(a)	The breakdown of the Fund’s investments into major categories or countries is disclosed in the respective Fund’s Portfolio of Investments and in footnote 6 for derivatives.
(b)	At October 31, 2017, the change in the S&P 500 Index did not exceed the Funds’ predetermined level (see footnote 3.A) and no transfers between levels occurred for the Funds for this reason. Certain Investments for reasons other than exceeding the predetermined level for the Small & Mid Cap Strategies Fund were transferred from Level 2 into Level 1 in the amount of $85,875 and from Level 1 into Level 2 in the amount of $58,985.
(c)	The Large Cap Strategies Fund, The Small & Mid Cap Strategies Fund and Strategic Opportunities Fund held certain investments categorized as Level 3 that had a combined fair value less than 1% of NAV for the respective Fund for the period ended October 31, 2017.
	There were transfers into Level 3 of $3,511,876 and out of Level 3 in the amount of $162,586 for the Small & Mid Cap Strategies Fund. In addition, there were no significant purchases and sales during the period. As of October 31, 2017, the percentage of NAV was 0.02% and 0.01% for the Small & Mid Cap Strategies Fund and Strategic Opportunities Fund, respectively. The Funds’ instrument types classified as Level 3 investments have no significant unobservable inputs to disclose, as they are generally valued using last trade price or broker quote.
(d)	Represents securities as disclosed in the Russia, Thailand, United Kingdom and Rights/warrants sections of the Fund’s Portfolio of Investments.
(e)	Represents securities in the South Korea section of the Fund’s portfolio of investments.

* Other financial instruments are exchange traded options and futures (Level 1), over-the-counter options (Level 2), forwards (Level 2) and swaps (Level 2). Futures, forwards and swaps are valued at the unrealized appreciation/(depreciation) on the instrument and options are shown at market value.

The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period.

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October 31, 2017

6. Derivative Instruments:

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts, as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the year ended October 31, 2017.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as due from brokers for collateral and payable to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.

When counterparties post cash collateral with respect to various derivative transactions, a Fund may invest the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses on the Statements of Operations and expense ratio in the Financial Highlights.

137

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Notes to Financial Statements - (Continued)

October 31, 2017

As of October 31, 2017, the Funds had transactions subject to enforceable master netting arrangements (“MNA”). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements or another similar arrangement in the Statements of Assets and Liabilities. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

Small & Mid Cap Strategies Fund

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities			Derivatives Available for Offset (b)		Non-Cash Collateral Received (c)		Cash Collateral Received (c)		Net Amount of Derivative Assets (e)
Citibank N.A.		$	354,673		$—		$—		$—		$	354,673
Total		$	354,673

Strategic Opportunities Fund
Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities			Derivatives Available for Offset (b)				Non-Cash Collateral Received (c)				Cash Collateral Received (c)				Net Amount of Derivative Assets (e)
Barclays Bank Plc		$	27,872,809		$	(3,478,958	)		$	—			$	(24,393,851	)		$	—
Bank of America N.A.			16,720,120			(253,630	)			(16,466,490	)			—				—
Bank of New York Mellon Corp.			302,544			(302,544	)			—				—				—
BNP Paribas SA			20,351,733			(4,602,757	)			(15,748,976	)			—				—
Citibank N.A.			19,666,942			—				—				(19,434,297	)			232,645
Credit Suisse International			12,023,785			—				—				(11,760,000	)			263,785
Goldman Sachs International			15,069,925			(2,943,478	)			—				(12,126,447	)			—
JPMorgan Chase Bank, N.A.			31,991,105			(8,741,188	)			(23,249,917	)			—				—
Societe Generale			12,546,194			(5,712,340	)			—				(6,750,000	)			83,854
UBS AG			2,120,072			(2,120,072	)			—				—				—
Derivatives not subject to a MNA or similar agreement (a)			1,875,000			—				—				—				1,875,000
Total		$	160,540,229

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Strategic Opportunities Fund

Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Derivatives Available for Offset (b)				Non-Cash Collateral Pledged (c)		Cash Collateral Pledged (c)				Net Amount of Derivative Liabilities (d)
Barclays Bank Plc		$	3,478,958		$	(3,478,958	)		$—		$	—			$	—
Bank of America N.A.			253,630			(253,630	)		—			—				—
Bank of New York Mellon Corp.			441,452			(302,544	)		—			(138,908	)			—
BNP Paribas SA			4,602,757			(4,602,757	)		—			—				—
Goldman Sachs Group, Inc.			2,943,478			(2,943,478	)		—			—				—
JPMorgan Chase Bank, N.A.			8,741,188			(8,741,188	)		—			—				—
Societe Generale			5,712,340			(5,712,340	)		—			—				—
UBS AG			2,947,973			(2,120,072	)		—			(827,901	)			—
Derivatives not subject to a MNA or similar agreement (a)			1,293,670			—			—			—				1,293,670
Total		$	30,415,446

(a)	Includes financial instruments (futures, centrally cleared options and/or forward currency contracts) which are not subject to a MNA, or another similar arrangement.
(b)	The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to a MNA. or another similar arrangement.
(c)	Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes.
(d)	Represents the net amount payable to counterparty in the event of default.
(e)	Represents the net amount receivable from counterparty in the event of default.

The Funds are subject to, among other risks, interest rate risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

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For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:

	Fair Values of Derivative Instruments as of October 31, 2017
	Derivative Assets			Derivative Liabilities
Small & Mid Cap Strategies Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign Currency Exchange Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	354,673	Unrealized depreciation on forward foreign currency exchange contracts	$	—
Total		$	354,673		$	—
Strategic Opportunities Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity Risk	Unrealized appreciation on swap agreements	$	57,305,910	Unrealized depreciation on swap agreements	$	11,550,073
				Variation Margin		693,670
	Structured option contracts, at value		95,173,287	Structured option contracts, at value		3,423,831
Foreign Currency Exchange Risk	Unrealized appreciation on swap agreements		259,659	Unrealized depreciation on swap agreements		253,630
	Investments at value (Purchased options)		1,875,000	Written option contracts, at value		600,000
	Structured option contracts, at value		1,261,790
	Unrealized appreciation on forward foreign currency exchange contracts		4,417,539	Unrealized depreciation on forward foreign currency exchange contracts		12,876,511
Interest Rate Risk	Unrealized appreciation on swap agreements		247,044	Unrealized depreciation on swap agreements		1,017,731
Total		$	160,540,229		$	30,415,446

	The Effect of Derivative Instruments on the Statements of Operations
	Year Ended October 31, 2017
	Net Realized Gain/(Loss) from Derivatives Recognized in Income
Large Cap Strategies Fund	Written Options and Structured Options		Futures Contracts		Swap Agreements		Foreign Currency Exchange Contracts			Total
Foreign Currency Exchange Risk		$—		$—		$—		$	7,974,588	$	7,974,588
Total		$—		$—		$—		$	7,974,588	$	7,974,588
Small & Mid Cap Strategies Fund	Written Options and Structured Options		Futures Contracts		Swap Agreements		Foreign Currency Exchange Contracts			Total
Foreign Currency Exchange Risk		$—		$—		$—		$	782,394	$	782,394
Total		$—		$—		$—		$	782,394	$	782,394

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	The Effect of Derivative Instruments on the Statements of Operations
	Year Ended October 31, 2017
	Net Realized Gain/(Loss) from Derivatives Recognized in Income
Strategic Opportunities Fund	Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Commodity Risk		$	(7,957,626	)		$	383,567			$	4,475,593			$	—		$	(3,098,466	)
Interest Rate Risk			3,732,059				(614,508	)			—				—			3,117,551
Equity Risk			243,435,423				21,921,130				55,472,475				—			320,829,028
Foreign Currency Exchange Risk			(4,874,595	)			—				1,067,266				5,347,251			1,539,922
Total		$	234,335,261			$	21,690,189			$	61,015,334			$	5,347,251		$	322,388,035
	Net Change in Unrealized Appreciation/(Depreciation)
	on Derivatives Recognized in Income
Large Cap Strategies Fund	Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Foreign Currency Exchange Risk		$	—			$	—			$	—			$	(7,438,173	)	$	(7,438,173	)
Total		$	—			$	—			$	—			$	(7,438,173	)	$	(7,438,173	)
Small & Mid Cap Strategies Fund	Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Foreign Currency Exchange Risk		$	—			$	—			$	—			$	280,015		$	280,015
Total		$	—			$	—			$	—			$	280,015		$	280,015
Strategic Opportunities Fund	Purchased Options, Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Commodity Risk		$	(86,220	)		$	2,366,453			$	(1,486,304	)		$	—		$	793,929
Interest Rate Risk			—				(4,491,855	)			(770,687	)			—			(5,262,542	)
Equity Risk			(14,319,388	)			(1,171,282	)			35,906,048				—			20,415,378
Foreign Currency Exchange Risk			3,458,718				—				(142,696	)			(224,369	)		3,091,653
Total		$	(10,946,890	)		$	(3,296,684	)		$	33,506,361			$	(224,369	)	$	19,038,418

For the year ended October 31, 2017, the quarterly average volume of derivative activities were as follows:

	Small & Mid Cap Strategies Fund		Strategic Opportunities Fund
Structured Options (Notional Amounts)		$—		$	2,836,577,688
Purchased Options (Cost $)		—			416,937
Written Options (Premium Received $)		—			31,461
Futures Long Position (Notional Amounts)		—			349,049,883
Futures Short Position (Notional Amounts)		—			72,846,970
Forward Currency Contracts Purchased (U.S. Dollar Amounts)		31,247,147			277,703,419
Forward Currency Contracts Sold (U.S. Dollar Amounts)		—			452,405,863
Currency Swaps (Notional Amount in U.S. Dollars)		—			2,657,070
Equity Swaps (Notional Amount in U.S. Dollars)		—			327,664,626
Interest Rate Swaps (Notional Amount in U.S. Dollars)		—			4,321,875
Commodity Swaps (Notional Amount in U.S. Dollars)		—			7,932,228

A. Futures Contracts. The Funds purchased or sold futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to a futures commission merchant an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds

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each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) may enter into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open. Risks may arise upon entering into these contracts from, for example, the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain on the contract.

The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.

C. Swap Agreements. The Funds entered into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

D. Options. The Funds purchased and wrote (sold) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or

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sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

The Strategic Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

7. Investment Advisory Fee, Administration Fee and Other Transactions:

A. Investment Advisory Fees. The Funds’ investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. (“Bessemer”). Bessemer is a subsidiary of The Bessemer Group, Incorporated (“BGI”). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

	First $500 million of average net assets			Next $500 million to $1 billion of average net assets			Average net assets exceeding $1 billion			Blended Advisory Rate
All Cap Core Fund (prior to 12/30/16)		0.70	%		0.65	%		0.60	%		0.69	%
All Cap Core Fund (from 12/30/16 to 10/31/17)		0.75	%		0.70	%		0.65	%		0.69	%
Fixed Income Fund		0.45	%		0.40	%		0.35	%		0.43	%
Municipal Bond Fund		0.45	%		0.40	%		0.35	%		0.39	%
										Average net assets
Small & Mid Cap Strategies Fund											0.85	%
	First $1.25 billion of average net assets			Next $1.25 billion to $2.5 billion of average net assets			Average net assets exceeding $2.5 billion			Blended Advisory Rate
Large Cap Strategies Fund		0.90	%		0.85	%		0.80	%		0.81	%

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	First $1.25 billion of average net assets			Next $1.25 billion to $2.5 billion of average net assets			Average net assets exceeding $2.5 billion			Blended Advisory Rate
Strategic Opportunities Fund		1.10	%		1.05	%		1.00	%		1.03	%

BIM has retained Harding Loevner LP (“Harding Loevner”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to manage a segment of the Large Cap Strategies Fund. Harding Loevner and Sands are paid for their services directly by BIM.

BIM has retained Baillie Gifford Overseas Limited (effective 9/5/17) (“Baillie Gifford”), Dimensional Fund Advisors LP (“Dimensional”), Champlain Investment Partners, LLC (“Champlain”), Martingale Asset Management, L.P. (“Martingale”), Mondrian Investment Partners Limited (“Mondrian”) and Polunin Capital Partners Limited (effective 9/5/17) (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Baillie Gifford, Dimensional, Champlain, Martingale, Mondrian and Polunin are paid for their services directly by BIM.

BIM has retained BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Strategic Opportunities Fund. BlackRock and Muzinich are paid for their services directly by BIM.

B. Administration, Fund Accounting, Transfer Agent and Underwriting Fees. The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the “Administrative Agreement”) with Bessemer, pursuant to which Bessemer and Bessemer Trust Company (“BTCO”), an affiliate of BIM, provide certain non-advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) acts as administrator, fund accounting agent and transfer agent for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain Officers of the Funds are also employees of BNY Mellon.

The Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds.

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets; however, with respect to the Fixed Income Fund and the Municipal Bond Fund, Bessemer has contractually committed to waive its shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% through October 31, 2019. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. Bessemer, however, does not have the ability to recapture fees currently being waived at a later date. For the year ended October 31 , 2017, Bessemer waived shareholder servicing fees in the amount of $791,078 with respect to the Fixed Income Fund and $2,113,832 with respect to the Municipal Bond Fund.

D. Custody Fees. The All Cap Core Fund, Large Cap Strategies Fund, Fixed Income Fund and Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian, and the Small & Mid Cap Strategies Fund has retained BTCO to serve as their co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash. BTCO serves as custodian for the Small & Mid Cap Strategies Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.075% of the average daily net assets of the non-U.S. investments for All Cap Core Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund and Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund and Large Cap Strategies Fund. The Strategic Opportunities Fund and the Subsidiary have retained Citibank, N.A. (“Citibank”) to serve as

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their custodian and the Small & Mid Cap Strategies Fund has retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash and assets of the Small & Mid Cap Strategies Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2019 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Strategies Fund at 1.15%, the Small & Mid Cap Strategies Fund at 1.11%, the Strategic Opportunities Fund at 1.20%, the Fixed Income Fund at 0.70% and the Municipal Bond Fund at 0.70%. Any waiver amounts are disclosed in the Statements of Operations. For the year ended October 31, 2017 , BIM waived $2,585,158 for the Small & Mid Cap Strategies Fund and $6,593,225 for the Strategic Opportunities Fund. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $791,078 and $2,113,832, respectively. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. Board of Directors’ Fees. Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $120,000 (plus $50,000 for serving as the Board’s Chairperson, $20,000 as the Audit Committee Chairperson, $10,000 each as the Pricing Committee Liaison, the Nominating Committee Chairperson and the Governance Committee Chairperson) and receives for attendance at Board and committee meetings the following:

	Noticed to be In-Person (whether participating by phone or in-person)		Noticed to be Telephonic
Regular Board Meeting		$9,000		$4,500
Special Board Meeting		6,000		3,000
Audit Committee Meeting		5,000		2,500
Nominating Committee Meeting		5,000		2,500
Governance Committee Meeting		5,000		2,500

Each Independent Director is reimbursed for all out-of-pocket expenses relating to attendance at meetings of the Board and any Board committee. Directors who are not Independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

8. Securities Transactions:

Investment transactions for the year ended October 31, 2017, excluding short-term debt investments and U.S. Government securities, were as follows:

	Purchases		Sales
All Cap Core Fund	$	1,074,880,448	$	832,831,080
Large Cap Strategies Fund		9,419,608,124		9,587,193,777
Small & Mid Cap Strategies Fund		2,579,980,243		2,677,972,370
Strategic Opportunities Fund (Consolidated)		3,896,131,196		3,823,695,300
Fixed Income Fund		245,842,479		249,017,655
Municipal Bond Fund		810,692,118		609,575,527

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2017 were as follows:

	Purchases		Sales
Fixed Income Fund	$	345,467,731	$	297,344,931
Municipal Bond Fund		236,482,813		8,713,633

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9. Federal Income Taxes:

It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to make distributions from net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from paydowns, real estate investment trusts, passive foreign investment companies, partnerships, utilization of earnings and profits on shareholder redemptions and the tax treatment of foreign currency gains/losses. Financial records are not adjusted for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.

As of October 31, 2017, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

	Cost of Investments Federal Income Tax Purposes		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments
All Cap Core Fund	$	1,435,333,660	$	359,140,401	$	(20,649,783	)	$	338,490,618
Large Cap Strategies Fund		13,918,499,670		3,682,371,044		(354,165,614	)		3,328,205,430
Small & Mid Cap Strategies Fund		5,020,920,315		1,671,481,781		(151,338,951	)		1,520,142,830
Strategic Opportunities Fund		5,410,169,136		408,284,114		(148,896,895	)		259,387,219
Fixed Income Fund		826,476,118		1,646,770		(5,565,719	)		(3,918,949	)
Municipal Bond Fund		2,203,944,575		20,887,157		(8,183,043	)		12,704,114

Permanent differences as of October 31, 2017, were as follows:

	Increase/(Decrease) Undistributed Net Investment Income			Increase/(Decrease) Net Realized Gains			Net Unrealized Appreciation (Depreciation)		Increase/ (Decrease) Paid-in-Capital
All Cap Core Fund	$	2,100,930		$	(2,100,930	)		$—	$	—
Large Cap Strategies Fund		(1,566,028	)		1,572,019			—		(5,991	)
Small & Mid Cap Strategies Fund		1,539,106			(19,395,328	)		—		17,856,222
Strategic Opportunities Fund		48,920,281			(83,304,765	)		—		34,384,484
Fixed Income Fund		1,563,522			(1,563,522	)		—		—
Municipal Bond Fund		(1,985	)		1,985			—		—

By investing in the Subsidiary, the Strategic Opportunities Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code.

The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as capital gains and in certain situations, unrealized gains. These taxes are accrued and applied to net investment income, net realized gains and unrealized gains, if applicable, as such income and/or gains are earned.

The Funds may accrue a deferred tax liability for unrealized gains on India and Pakistan securities based on existing tax rates and holding periods of the securities. As of October 31, 2017, the Large Cap Strategies Fund and the Small & Mid Cap Strategies Fund recorded liabilities of $990,860, and $1,153,404, respectively, in the Statements of Assets and Liabilities as an estimate for potential future India and Pakistan capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2017 was as follows (amounts in thousands):

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October 31, 2017

	All Cap Core Fund			Large Cap Strategies Fund			Small & Mid Cap Strategies Fund			Strategic Opportunities Fund			Fixed Income Fund			Municipal Bond Fund
Distributions paid from:
Ordinary Income		$	13,752		$	109,523		$	30,569		$	111,738		$	11,204		$	8,607
Net Long Term Capital Gains			—			151,605			298,284			—			—			2,686
Total Taxable Distributions			13,752			261,128			328,853			111,738			11,204			11,293
Tax Exempt Distributions			—			—			—			—			—			22,134
Total Distributions Paid		$	13,752		$	261,128		$	328,853		$	111,738		$	11,204		$	33,427

The tax character of distributions from the Funds during the year ended October 31, 2016 was as follows (amounts in thousands):

	All Cap Core Fund			Large Cap Strategies Fund			Small & Mid Cap Strategies Fund			Strategic Opportunities Fund			Fixed Income Fund			Municipal Bond Fund
Distributions paid from:
Ordinary Income		$	12,768		$	109,207		$	43,722		$	106,192		$	8,507		$	1,369
Net Long Term Capital Gains			13,076			212,416			250,506			127,647			—			1,053
Total Taxable Distributions			25,844			321,623			294,228			233,839			8,507			2,422
Tax Exempt Distributions			—			—			—			—			—			18,981
Total Distributions Paid		$	25,844		$	321,623		$	294,228		$	233,839		$	8,507		$	21,403

The difference in classification between the amounts reflected above and the Statements of Changes in Net Assets is primarily due to short-term capital gain distributions.

As of and during the year ended October 31, 2017, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2017. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

As of October 31, 2017, the components of accumulated earnings/(deficits) on a tax basis were as follows:

	All Cap Core Fund			Large Cap Strategies Fund			Small & Mid Cap Strategies Fund			Strategic Opportunities Fund				Fixed Income Fund				Municipal Bond Fund
Undistributed Tax Exempt Income		$	—		$	—		$	—		$	—			$	—			$	2,478,028
Undistributed Ordinary Income			8,109,243			100,838,951			33,865,393			272,321,254				1,263,897				—
Undistributed Long-Term Capital Gains			25,490,664			865,251,402			423,210,201			82,586,827				—				—
Accumulated Earnings			33,599,907			966,090,353			457,075,594			354,908,081				1,263,897				2,478,028
Other Accumulated Earnings			—			—			—			—				—				—
Deferred Qualified Late-Year Losses			—			—			—			—				—				—
Capital Loss Carryforwards			—			—			—			—				(9,403,156	)			(1,529,654	)
Unrealized Appreciation/(Depreciation)			338,490,618			3,327,147,217			1,518,950,821			275,169,143				(3,918,949	)			12,704,114
Other Temporary Differences			—			—			—			(26,488	)			—				—
Total Accumulated Earnings/(Deficits)		$	372,090,525		$	4,293,237,570		$	1,976,026,415		$	630,050,736			$	(12,058,208	)		$	13,652,488

The All Cap Core Fund utilized capital loss carryforwards of $23,056,130, and Strategic Opportunities Fund utilized capital loss carryforwards of $181,782,212 in the current year.

As of October 31, 2017, the Fixed Income Fund had a short-term capital loss carryforward of $2,516,017, and a long-term capital loss carryforward of $6,887,139 and the Municipal Bond Fund had a short-term capital loss carryforward of $1,529,654 available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. This capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character.

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October 31, 2017

The capital loss carryforward will reduce the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes.

10. Commitments

The Strategic Opportunities Fund may invest in floating rate loan interests. In connection with these investments, the Strategic Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Strategic Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of October 31, 2017, the Strategic Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Strategic Opportunities Fund would earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which would be included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

12. Additional Tax Information (Unaudited)

Qualified Dividend Income (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2017, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:

All Cap Core Fund	100.00	%
Large Cap Strategies Fund	100.00	%
Small & Mid Cap Strategies Fund	100.00	%
Strategic Opportunities Fund	12.37	%

Qualified Interest Income (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2017, as Qualified Interest Income as defined in the Code as follows:

All Cap Core Fund	0.43	%
Large Cap Strategies Fund	0.35	%
Small & Mid Cap Strategies Fund	0.57	%
Strategic Opportunities Fund	59.79	%
Fixed Income Fund	95.81	%
Municipal Bond Fund	6.91	%

Qualified Short Term Gain (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2016, as Qualified Short-Term Gain as defined in the Code as follows:

Strategic Opportunities Fund 100.00 %

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October 31, 2017

Dividends Received Deduction (Unaudited)

For the fiscal year ended October 31, 2017, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:

All Cap Core Fund	75.07	%
Large Cap Strategies Fund	75.90	%
Small & Mid Cap Strategies Fund	91.02	%
Strategic Opportunities Fund	9.15	%

Long Term Capital Gain Dividends (Unaudited)

The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2017 as follows:

Large Cap Strategies Fund	$	151,604,603
Small & Mid Cap Strategies Fund		314,622,440
Strategic Opportunities Fund		—
Municipal Bond Fund		2,685,368

U.S. Government Income (Unaudited)

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2017 which were derived from U.S. Treasury securities were as follows:

All Cap Core Fund	0.05	%
Large Cap Strategies Fund	0.28	%
Small & Mid Cap Strategies Fund	0.45	%
Strategic Opportunities Fund	3.60	%
Fixed Income Fund	38.70	%
Municipal Bond Fund	20.09	%

Tax Exempt Distributions (Unaudited)

The Municipal Bond Fund designates $22,134,133 as tax exempt dividends paid for the fiscal year ended October 31, 2017.

149

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of
Old Westbury Funds, Inc.

We have audited the accompanying statements of assets and liabilities of Old Westbury Funds, Inc. (comprising, respectively, All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, Strategic Opportunities Fund (consolidated), Fixed Income Fund and Municipal Bond Fund (collectively, the “Funds”)), including the portfolios of investments of All Cap Core Fund, Large Cap Strategies Fund, Strategic Opportunities Fund (consolidated), Fixed Income Fund and Municipal Bond Fund and the condensed portfolio of investments of Small & Mid Cap Strategies Fund, as of October 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective funds comprising Old Westbury Funds, Inc. at October 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

New York, New York

December 28, 2017

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Old Westbury Funds, Inc.

Directors and Officers of Old Westbury Funds, Inc. (Unaudited)

Independent and Interested Directors. The following table sets forth certain information with respect to the Directors of the Corporation, each of which, under current Board policy, may serve until the end of the calendar year during which he or she reaches the applicable mandatory retirement age established by the Board.

Name, Address, and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served as a Director of the Corporation	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Director- ships1 Held by Director During Past 5 Years
Interested Director
Jeffrey J. Glowacki2 10250 Constellation Boulevard, Suite 2600 Los Angeles, CA 90067 Age: 50	Director	Indefinite term; 5 Years	Managing Director and Western Region Head, Bessemer Trust Company, N.A. (since January 1, 2014); Managing Director and Senior Resident Officer of Bessemer Trust Company, N.A. (2005-2013).	6	0
Independent Directors
Alexander Ellis III 630 Fifth Avenue New York, NY 10111 Age: 68	Chairman & Director	Indefinite term; 4 Years	General Partner, Rockport Capital Partners (2000-Present).	6	13
Patricia L. Francy 630 Fifth Avenue New York, NY 10111 Age: 72	Director	Indefinite term; 13 Years	Director, corporate, and foundation boards.	6	14
J. David Officer 630 Fifth Avenue New York, NY 10111 Age: 69	Director	Indefinite term; 6 Years	Independent Director; Consultant, Fidelity (2011).	6	45
R. Keith Walton 630 Fifth Avenue New York, NY 10111 Age: 53	Director	Indefinite term; 1 Year	Vice President, Strategy, Arizona State University (Since 2013); Vice President, Global Government & Affairs, Alcoa Inc. (commercial manufacturing company) (2010-2012).	6	56

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Directors and Officers of Old Westbury Funds, Inc. (Unaudited) - (Continued)

1	Directorships held during the last five years in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities and Exchange Act of 1934, as amended, or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
2	Directors who are or may be deemed “interested persons” (as defined under the 1940 Act) of the Corporation, BIM (as defined below) or Bessemer (as defined below) are referred to as Interested Directors. Mr. Glowacki is deemed an Interested Director by virtue of his positions as Managing Director and Western Region Head of Bessemer Trust Company, N.A.
3	Mr. Ellis has served as Director of Clean Diesel Technologies Inc.
4	Ms. Francy has served as Director of Siebert Financial Corp.
5	Mr. Officer serves, or has served, as Director of the following entities: DBX ETF Trust (40); Man Long Short Fund; GLG International Small Cap Fund; and Ilex Partners (Asia) LLC.
6	Mr. Walton serves as Director of the following entities: Blue Crest Capital Management, LLC Funds, Global Infrastructure Partners, Systematica Investments Limited, Zweig Fund Inc. and Zweig Total Return Fund Inc.

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Directors and Officers of Old Westbury Funds, Inc. (Unaudited) - (Continued)

Officers. The table below sets forth certain information with respect to the Officers of the Corporation:

Name, Address, and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served as an Officer of the Corporation	Principal Occupation(s) During Past 5 Years
David W. Rossmiller 630 Fifth Avenue New York, NY 10111 Age: 59	President & Chief Executive Officer	Indefinite; 5 Years	Managing Director and Head of Fixed Income, Bessemer Trust Company, N.A. (Since 2010).
Steven L. Williamson 630 Fifth Avenue New York, NY 10111 Age: 64	Chief Legal Officer	Indefinite; 14 Years	Managing Director and General Counsel, The Bessemer Group, Incorporated and principal bank subsidiaries (Since 2007).
Matthew A. Rizzi 630 Fifth Avenue New York, NY 10111 Age: 44	Vice President & Treasurer	Indefinite; 3 Years	Principal and Head of Trust Accounting and Fees, Bessemer Trust Company, N.A. (Since 2015); Senior Vice President and Head of Trust Accounting, Bessemer Trust Company, N.A. (2007-2014).
Nicola R. Knight 630 Fifth Avenue New York, NY 10111 Age: 54	Assistant Secretary	Indefinite; 8 Years	Principal and Associate General Counsel of Bessemer Trust Company, N.A. (Since 2007).
Thomas G. Kennedy 630 Fifth Avenue New York, NY 10111 Age: 47	Chief Compliance Officer	Indefinite; 1 Year	Chief Compliance Officer of Bessemer Investment Management LLC (Since July 2016); Principal and Director of Investment Management Compliance, Bessemer Trust Company, N.A. (Since July 2016) Head of Alternatives Compliance, Aberdeen Asset Management Inc. (January 2016-April 2016); Managing Director and Chief Compliance Officer, Arden Asset Management LLC (2008-2015).
Richard Murtagh 630 Fifth Avenue New York, NY 10111 Age: 56	Vice President & Assitant Treasurer	Indefinite; 3 Years	Principal, Managing Director and Corporate Controller, Bessemer Trust Company, N.A. (Since 2010).

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Directors and Officers of Old Westbury Funds, Inc. (Unaudited) - (Continued)

Name, Address, and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served as an Officer of the Corporation	Principal Occupation(s) During Past 5 Years
David Schwart 801 Brickell Avenue Suite 2250 Miami, FL 33131 Age: 47	Vice President & Anti-Money Laundering Compliance Officer	Indefinite; 2 Years	Vice President and Associate Director of Bank Compliance, Bessemer Trust Company, N.A. (Since April 2013); Vice President and Internal Audit Manager, BNP Paribas, N.A. (2009-March 2013).
Andrew J. McNally 760 Moore Road King of Prussia, PA 19406 Age: 46	Vice President   Assistant Treasurer	Indefinite; 11 Years   8 Years	Vice President and Senior Director of Fund Accounting & Administration, The Bank of New York Mellon (“BNY Mellon”) (formerly, PNC Global Investment Servicing (U.S.) Inc.) (financial services company) (Since 2007).
Jack Jafolla 760 Moore Road King of Prussia, PA 19406 Age: 47	Assistant Treasurer	Indefinite; 11 Years	Senior Manager of NAV Operations, BNY Mellon (Since 2008).
Lisa M. King 301 Bellevue Parkway Wilmington, DE 19809 Age: 49	Secretary	Indefinite; 1 Year	Vice President and Counsel, BNY Mellon (Since 2016); Counsel, Stradley Ronon Stevens & Young LLP (2007-2016).
William H. Wallace, III 301 Bellevue Parkway Wilmington, DE 19809 Age: 47	Assistant Secretary	Indefinite; 1 Year	Vice President and Manager of BNY Mellon (Since 2010).

The Statement of Additional Information (“SAI”) includes additional information about the Corporation’s Directors and Officers and is available upon request, without charge. To obtain a copy of the SAI, please call (800) 607-2200.

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Additional Information (Unaudited)

Information on Proxy Voting:

The Funds’ proxy voting guidelines, used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Information on Form N-Q:

The Funds provide a complete list of the Funds’ holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the Schedule of Investments appear in the Funds’ semi-annual and annual reports to shareholders. For the first and third quarters, the Funds file the Schedule of Investments with the SEC on Form N-Q. Shareholders can obtain the Funds’ Form N-Q (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov. The Fund’s N-Q may be reviewed or copied at the SEC Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

155

Old Westbury Funds, Inc.

Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)

At a meeting held on July 26, 2017, the Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory agreement between Bessemer Investment Management LLC (“BIM” or the “Adviser”) and the Corporation on behalf of Old Westbury All Cap Core Fund (“All Cap Core Fund”), Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”), Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”), Old Westbury Strategic Opportunities Fund (“Strategic Opportunities Fund”), Old Westbury Fixed Income Fund (“Fixed Income Fund”), and Old Westbury Municipal Bond Fund (“Municipal Bond Fund”) (each, a “Fund” and, collectively, the “Funds”), (2) a sub-advisory agreement among BIM, Dimensional Fund Advisors LP (“Dimensional”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. (“BlackRock”) and the Corporation on behalf of the Strategic Opportunities Fund, (5) a sub-advisory agreement among BIM, Mondrian Investment Partners Limited (“Mondrian”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (6) a sub-advisory agreement among BIM, Sands Capital Management, LLC (“Sands”) and the Corporation on behalf of the Large Cap Strategies Fund, (7) a sub-advisory agreement among BIM, Muzinich & Co, Inc. (“Muzinich”) and the Corporation on behalf of the Strategic Opportunities Fund, (8) a sub-advisory agreement among BIM, Harding Loevner LP (“Harding Loevner”) and the Corporation on behalf of the Large Cap Strategies Fund, and (9) a sub-advisory agreement among BIM, Martingale Asset Management, L.P. (“Martingale”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund (Martingale, Dimensional, Champlain, BlackRock, Mondrian, Sands, Muzinich and Harding Loevner together, the “Sub-Advisers”). At both the meeting of the Board held on July 26, 2017 and the meeting of the Board held on April 24, 2017, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee rates charged and services provided by affiliated service providers. The Directors reviewed detailed due diligence questionnaires from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance, comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective organizations, compliance and regulatory processes and programs and financial conditions. The Directors also discussed and considered economies of scale and how the Adviser shared those economies with the Funds’ shareholders. The Board received and discussed information concerning BIM’s and each Sub-Adviser’s performance, the use of affiliated brokers to execute transactions, the use of soft dollars, best execution, portfolio manager compensation, and whether there are any other direct or indirect benefits received by the Adviser or the Sub-Advisers in managing the Funds. In addition, the Adviser supplied the Directors with additional information concerning its estimated profitability from managing the Funds. Moreover, the Board had received and considered materials and presentations throughout the course of the year relating to the investment management, performance and operation of the Funds.

The Board considered information about BIM and the Sub-Advisers, the performance of the Funds and certain additional factors described above and below that it deemed relevant. The following summary details the materials and factors that the Board considered, among others, and the conclusions they reached, in approving the continuance of the Agreements.

(1) The nature, extent and quality of services provided by the Adviser and Sub-Advisers.

The Board considered the scope and quality of services provided by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the investment, operational, compliance, legal and other personnel who are responsible for providing services to the Funds. The Board also considered the fact that the Adviser and Sub-Advisers pay the costs of all investment and management facilities necessary for the efficient conduct of their respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers for the Funds, including in overseeing the service of, and in monitoring the performance of, each Sub-Adviser, as well as determining the appropriate allocation of assets to Sub-Advisers. The Board also considered the Adviser’s role in making recommendations to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting the necessary searches and due diligence of prospective new sub-advisers. In this regard, the Board noted the information that it had received regarding the Adviser’s on-going due diligence with respect to each Sub-Adviser, including the Adviser’s review of, among other things, each Sub-Adviser’s investment process, compliance program and performance. The Board also considered the role of the Pricing Committee in the valuation of the Funds’ portfolio instruments, including its role in determining fair values for securities pursuant to the Corporation’s Valuation Policies, as well as its role in selecting and monitoring pricing service providers and, foreign fair value service providers.

In addition, the Board considered that the Adviser manages the overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds, both in connection with the Board’s annual review

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Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued)

of the Advisory and Sub-Advisory Agreements and at each Board meeting. The Board also noted that it received in-person reports from each Sub-Adviser on a rotating schedule. The Board evaluated these factors based on its direct experience with the Adviser, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser’s effectiveness in ensuring that the Funds are in compliance with their respective investment policies and restrictions and the requirements of the 1940 Act and related securities regulations. The Board further noted the Adviser’s and its affiliates’ efforts to oversee the Funds’ other service providers, including those providing administrative, accounting and custodial services.

Based on these factors, as well as other factors discussed herein, the Board concluded that the nature, quality and extent of services provided by the Adviser and Sub-Advisers have been and continue to be satisfactory.

(2) The performance of the Funds and the Adviser and Sub-Advisers.

The Board’s analysis of the Funds’ performance included the discussion and review of the performance data of each of the Funds against securities benchmarks as well as against a competitive group of similar funds, based on, in part, information provided by an independent, third-party mutual fund data provider. The Board considered that for some Funds, like the Strategic Opportunities Fund, the investment strategy employed by the Fund was distinct from any securities benchmark and was different than that employed by other funds, making performance comparisons against benchmarks and industry peers difficult or less meaningful. The Board reviewed comparative performance over long-, intermediate- and short-term periods. In reviewing performance, the Board placed greater emphasis on longer-term performance than on shorter-term performance, taking into account that over short periods of time underperformance may be transitory. The Board also considered the performance of the Funds in the context of whether the Funds were meeting the expectations of the clients invested in the Funds. In this regard, the Board considered that the Fixed Income Fund and the Municipal Bond Fund were designed as conservative investment products and that clients were most interested in capital preservation when investing in those particular Funds. As a result, the Board determined that the Fixed Income Fund and Municipal Bond Fund appeared to be meeting their investment objectives even though both Funds may have underperformed their competitive peer groups during certain periods.

The Board considered the performance of the Adviser and each of the Sub-Advisers both against comparative benchmarks as well as against similarly managed accounts, if applicable, managed by the Adviser and Sub-Advisers. When reviewing performance against similarly managed accounts, the Board considered, among other things, differences in the nature of such accounts from a regulatory and tax perspective and differences in the investment mandate from that of the Funds. In evaluating the Funds’ performance, the Board also considered the principal role of the Funds as part of the asset allocation strategy for client accounts maintained by Bessemer and its affiliates.

(3) The cost of the advisory and sub-advisory services and the profits to the Adviser and its affiliates from the relationship with the Funds.

In connection with the Board’s consideration of the level of the advisory and sub-advisory fees, the Board considered a number of factors. The Board’s analysis of each Fund’s advisory fees and expenses included a discussion and review of data concerning the current fee and expense ratios of each Fund compared to a peer group of similar funds and noted that each Fund’s advisory fee and expenses were generally in line with those of their representative group. The Board also noted the applicable advisory fee breakpoints as well as the Adviser’s contractual commitment to waive advisory fees for certain of the Funds. Additionally, the Board considered the Adviser’s profitability. With respect to the Sub-Advisory Agreements with the Sub-Advisers, the Board noted that the Sub-Advisers’ fees were paid entirely by the Adviser so that no additional expenses would be borne by shareholders for the engagement of the Sub-Advisers. The Board noted that Sub-Advisory fee levels were arrived at pursuant to an arms-length negotiation between the Adviser and each Sub-Adviser. The Board also considered fee data from the Sub-Advisers with respect to similarly managed accounts and considered the relevance of differences in the services provided to separate accounts as they relate to differences in the fees charged in connection with the Funds.

Based on this analysis as well as other factors described herein, including the fact that the Funds are intended principally to satisfy asset allocation requirements of client accounts maintained by Bessemer and its affiliates, the Board concluded that the advisory fee schedule for each Fund was fair and reasonable in light of the quality of services provided by the Adviser and Sub-Advisers.

157

Old Westbury Funds, Inc.

Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued)

(4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to All Cap Core Fund, Fixed Income Fund and Municipal Bond Fund, and at $1.25 billion and $2.5 billion for the Strategic Opportunities Fund and Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability analysis. With respect to the Small & Mid Cap Strategies Fund, the Board determined that it would continue to monitor whether breakpoints would be appropriate should this Fund continue to grow in size. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees charged by third-party service providers based on the combined size of the Funds.

(5) Ancillary benefits and other factors.

In addition to the above factors, the Board also discussed other benefits received by the Adviser, the Sub-Advisers and their affiliates from the management of the Funds (such as soft-dollar credits), including the ability to market their advisory services for similar products in the future. In addition, the Board discussed the compensation payable by the Funds to affiliates of the Adviser for other services including administrative services, shareholder servicing and custody. The Board considered comparative information relating to the fees charged for these services and reviewed reports from the Adviser and its affiliates regarding their capabilities and experience in providing these services. The Board also discussed the use of the Funds as asset allocation investment vehicles for clients of Bessemer and its affiliates, with the resulting expectation that the asset sizes of the Funds would grow as Bessemer’s client base grows. The Board concluded that advisory and sub-advisory fees were reasonable in light of these fall-out benefits.

Conclusion:

The Board, including all of the Independent Directors, concluded that the fees payable under the Advisory Agreement and Sub-Advisory Agreements were fair and reasonable with respect to the services that BIM and each Sub-Adviser provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.

158

Old Westbury Funds, Inc.

Approval of New Sub-Advisory Agreements with Baillie Gifford Overseas Limited and
Polunin Capital Partners Limited

(Unaudited)

At a meeting held on July 26, 2017, the Board of Directors, including the Independent Directors, unanimously approved a new Sub-Advisory Agreement among BIM, Baillie Gifford Overseas Limited (“Baillie Gifford”), and the Corporation on behalf of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) and a new Sub-Advisory Agreement among BIM, Polunin Capital Partners Limited (“Polunin”), and the Corporation on behalf of the Fund (together, the “Sub-Advisory Agreements”). The Board noted that the fees payable to Baillie Gifford and Polunin under the Sub-Advisory Agreements would be paid by the Adviser from the advisory fees that it receives from the Fund.

In approving the Sub-Advisory Agreements with Baillie Gifford and Polunin, the Board considered the overall fairness of each of the Sub-Advisory Agreements and whether each of the agreements were in the best interest of the Fund. The Board noted that it had received and reviewed substantial information regarding Baillie Gifford and Polunin, and the services to be provided by Baillie Gifford and Polunin to the Fund under the Sub-Advisory Agreements. This information, which included responses to detailed due diligence questionnaires from Baillie Gifford and Polunin, as well as information concerning their organization, compliance program and financial condition, formed, in part, the primary (but not exclusive) basis for the Board’s determinations. The Board also noted that the Independent Directors had met in executive session with their Counsel and Counsel to the Corporation, as well as with BIM to discuss BIM’s recommendation regarding Baillie Gifford’s and Polunin’s appointments. During the executive session, the Independent Directors reviewed their legal responsibilities in approving the Sub-Advisory Agreements and discussed materials and other information provided to them. The Board concluded that they had received adequate information to make a reasonable determination with respect to the approval of each of the Sub-Advisory Agreements.

The Board’s conclusions are based on the comprehensive consideration of all information presented to it and are not the result of any single controlling factor.

The following summary details the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of each of the proposed Sub-Advisory Agreements.

(1) The nature, extent and quality of services to be provided by Polunin and Baillie Gifford.

The Board considered the scope and quality of services to be provided by Polunin and Baillie Gifford, including the fact that Polunin and Baillie Gifford pay the costs of all investment and management facilities necessary for the efficient conduct of their services. The Board also considered, among other things, the qualifications and experience of the individual portfolio managers responsible for managing each of Polunin’s and Baillie Gifford’s portions of the Fund, as well as the compliance, operational and trading capabilities of Polunin and Baillie Gifford.

Based on these considerations, as well as those discussed below, the Board concluded that the nature, extent and quality of services to be provided by each of Polunin and Baillie Gifford were satisfactory.

(2) The performance of Polunin and Baillie Gifford.

The Board considered the performance data provided by Polunin and Baillie Gifford with respect to other accounts and determined that Polunin and Baillie Gifford had demonstrated an ability to appropriately manage assets in the style expected to be used by them in connection with the Fund.

(3) The cost of the advisory services and comparative fee rates.

As previously discussed, the Board noted that Polunin’s and Baillie Gifford’s fees would be paid entirely by BIM. The Directors reviewed the level of the proposed fees against benchmarks and peer comparisons. Based on these considerations, as well as other factors described herein, the Board, including all of the Independent Directors, concluded that Polunin’s and Baillie Gifford’s sub-advisory fees were fair and reasonable in light of the quality of services to be provided by Polunin and Baillie Gifford, respectively.

(4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

The Board discussed whether any economies of scale would be realized with respect to the management of the Fund and whether the Fund would benefit from any such economies of scale. The Board noted in this regard that BIM would bear Polunin’s and Baillie Gifford’s sub-advisory fees. The Directors undertook to continue to monitor the appropriateness of the sub-advisory fees, taking into account the potential impact of economies of scale, as the mandate grew.

159

Old Westbury Funds, Inc.

Approval of New Sub-Advisory Agreements with Baillie Gifford Overseas Limited and
Polunin Capital Partners Limited

(Unaudited) - (Continued)

(5) Ancillary benefits and other factors.

In addition to the above factors, the Board also discussed whether there were other benefits received by BIM, Polunin or Baillie Gifford, or their affiliates, from Polunin’s and Baillie Gifford’s relationships with the Fund. The Board concluded that any such fall-out benefits resulting from the proposed engagements of Polunin and Baillie Gifford were such that it did not affect the Board’s conclusion that the proposed sub-advisory fees were reasonable.

Conclusion:

The Board, including all of the Independent Directors, concluded that the fees to be paid to Polunin and Baillie Gifford under each of the Sub-Advisory Agreements were fair and reasonable with respect to the services that Polunin and Baillie Gifford would each provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.

160

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This Page Intentionally Left Blank

Investment Adviser:	Administrator:
Bessemer Investment Management LLC	BNY Mellon Investment Servicing (US) Inc.
630 Fifth Avenue	760 Moore Road
New York, NY 10111	King of Prussia, PA 19406
(212) 708-9100
Distributor:	Transfer Agent:
	BNY Mellon Investment Servicing (US) Inc.
Foreside Funds Distributors LLC	760 Moore Road
400 Berwyn Park	King of Prussia, PA 19406
899 Cassatt Road
Berwyn, PA 19312	Independent Registered Public Accounting Firm:
Custodians:	Ernst & Young LLP
	5 Times Square
Bessemer Trust Company	New York, NY 10036
100 Woodbridge Center Drive
Woodbridge, NJ 07095
Citibank, N.A.
388 Greenwich Street
New York, NY 10013

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risks, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Furthermore, Bessemer Investment Management LLC and its affiliates, as agents for their clients, and any of its officers or employees may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report.

Cusip 680414307

Cusip 680414604

Cusip 680414109

Cusip 680414406

Cusip 680414505

Cusip 680414802

(A21-AR2017)

(12/17)

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 12 (a)(1).

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s board of directors has determined that the registrant has three audit committee financial experts serving on its audit committee and those persons (Patricia L. Francy and J. David Officer and R. Keith Walton) are “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $685,000 in 2017 and $695,750 in 2016.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $7,400 in 2017 and $14,600 in 2016. Fees for both 2017 and 2016 relate to the review of financial statement data incorporated in the Funds periodic N-1A filings.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $192,948 in 2017 and $268,233 in 2016. Fees for both 2017 and 2016 relate to the review of federal income and excise tax returns, review of capital gains distribution calculations and certain global tax compliance services.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $54,000 in 2017 and $53,400 in 2016. Fees for both 2017 and 2016 relate to the review of holdings for the Funds affiliated custodian under Rule 17f-2 and regulatory reporting for OWF Strategic Opportunities Fund Ltd.

(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Before an auditor is engaged by the Funds to render audit services, the Audit Committee reviews and approves the engagement, including all related fees. The Audit Committee also reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Funds employ their auditor to render “permissible non-audit services” to the Funds, including all related fees. In addition, the Audit Committee reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds, employ the Funds’ Auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the Funds.  As a part of its review, the Audit Committee considers whether the provision of such services does not impact the Auditor’s independence.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 100%

(c) 100%

(d) 100%

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $1,477,912 in 2017 and $321,633 in 2016.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of reporting period for the Old Westbury Small & Mid Cap StrategiesFund is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury All Cap Core Fund, Old Westbury Large Cap Strategies Fund, Old Westbury Strategic Opportunities Fund, Old Westbury Fixed Income Fund and Old Westbury Municipal Bond Fundare included as part of the report to shareholders filed under Item 1 of this form.

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments	October 31, 2017

Shares			Value
COMMON STOCKS — 90.6%
ARGENTINA — 0.0%
	3,549	MercadoLibre, Inc.	$	852,860
AUSTRALIA — 1.7%
	1,547,765	A.C.N. 004 410 833 Ltd.(a)(b)		23,265
	29,208	Acrux Ltd.(b)		3,688
	99,433	Adelaide Brighton Ltd.		472,588
	69,555	AED Oil Ltd.(a)(b)(c)		0
	34,185	Ainsworth Game Technology Ltd.(b)		59,653
	105,636	ALS Ltd.		633,045
	13,518	Altium Ltd.		123,945
	475,084	Alumina Ltd.		850,838
	60,601	Ansell Ltd.		1,113,145
	14,818	AP Eagers Ltd.		85,171
	4,250	Arb Corp Ltd.		59,232
	1,933	Asaleo Care Ltd.		2,190
	9,691	AUB Group Ltd.		98,127
	94,887	Ausdrill Ltd.		157,589
	173,833	Ausnet Services		235,487
	39,283	Austal Ltd.		53,065
	188,262	Australian Agricultural Co. Ltd.(b)		211,807
	141,784	Australian Pharmaceutical Industries Ltd.		163,314
	93,769	Automotive Holdings Group Ltd.		232,522
	90,884	Bank of Queensland Ltd.		929,297
	299,483	Beach Energy Ltd.		223,479
	12,766	Bega Cheese Ltd.		71,813
	152,761	Bendigo & Adelaide Bank Ltd.		1,330,502
	2,067	Blackmores Ltd.		252,674
	231,682	BlueScope Steel Ltd.		2,276,764
	339,952	Boral Ltd.		1,860,306
	15,029	Breville Group Ltd.		134,004
	17,433	Brickworks Ltd.		189,328
	17,980	BT Investment Management Ltd.		148,344
	16,047	carsales.com Ltd.		168,381
	96,536	Cash Converters International Ltd.		26,598
	3,423	Cedar Woods Properties Ltd.		15,011
	187,629	Challenger Ltd.		1,909,907
	3,287,015	Charter Hall Retail REIT(a)		10,213,824
	456,872	Cleanaway Waste Management Ltd.		524,501
	75,240	Coca-Cola Amatil Ltd.		469,318
	8,941	Cochlear Ltd.		1,203,821
	24,170	Collins Foods Ltd.		102,482
	32,117	Computershare Ltd.		382,969
	7,007	Corporate Travel Management Ltd.		128,922
	2,184,574	Costa Group Holdings Ltd.		10,382,909
	8,836	Credit Corp. Group Ltd.		135,659
	302,614	CSR Ltd.		1,097,812
	17,343	Decmil Group Ltd.		16,857
	15,520	Domino’s Pizza Enterprises Ltd.		553,408

Shares			Value
AUSTRALIA (continued)
	333,327	Downer EDI Ltd.	$	1,783,234
	51,932	DuluxGroup Ltd.		292,930
	21,626	Eclipx Group Ltd.		67,034
	307,875	Emeco Holdings Ltd.(b)(c)		56,552
	32,208	Event Hospitality and Entertainment Ltd.		329,330
	597,107	Evolution Mining Ltd.		1,078,512
	715,392	Fairfax Media Ltd.		602,279
	9,044	Flight Centre Travel Group Ltd.		323,942
	11,536	G.U.D. Holdings Ltd.		105,419
	54,236	G8 Education Ltd.		189,284
	53,688	GrainCorp Ltd. - Class A		349,266
	16,663	Greencross Ltd.		67,719
	7,628	GWA Group Ltd.		14,829
	30,383	Hansen Technologies Ltd.		78,830
	164,992	Harvey Norman Holdings Ltd.		477,326
	89,017	Healthscope Ltd.		133,533
	1,000	HFA Holdings Ltd.		2,334
	39,987	Iluka Resources Ltd.		287,372
	12,050	IMF Bentham Ltd.		21,488
	721,969	Incitec Pivot Ltd.		2,110,778
	89,744	Independence Group NL		275,430
	2,591,585	Inghams Group Ltd.(a)		7,041,326
	1,213,526	Invocare Ltd.(a)		15,761,284
	61,813	IOOF Holdings Ltd.		509,041
	22,132	Iress Ltd.		199,030
	24,489	JB Hi-Fi Ltd.		429,207
	35,487	Kingsgate Consolidated Ltd.(b)		11,000
	19,560	Link Administration Holdings Ltd.		123,205
	37,216	MACA Ltd.		59,530
	328,362	Macmahon Holdings Ltd.(b)		60,315
	29,947	Macquarie Atlas Roads Group		136,603
	16,274	Magellan Financial Group Ltd.		302,291
	18,709	McMillan Shakespeare Ltd.		225,524
	87,069	Medibank Private Ltd.		204,580
	11,923	Melbourne IT Ltd.		28,197
	111,652	Metcash Ltd.		229,869
	53,989	Mineral Resources Ltd.		718,977
	886,000	MMG Ltd.(b)		400,900
	34,246	Monadelphous Group Ltd.		444,787
	34,487	Mortgage Choice Ltd.		58,332
	366,646	Myer Holdings Ltd.		214,669
	1,050	MyState Ltd.		3,841
	24,976	Navitas Ltd.		91,180
	120,898	New Hope Corp. Ltd.		185,059
	130,310	NIB Holdings Ltd.		628,317
	150,444	Northern Star Resources Ltd.		601,044
	33,366	Nufarm Ltd.		231,873
	7,415	Nufarm Ltd.(b)		51,530
	170,332	OceanaGold Corp.		456,824
	9,172	oOh!media Ltd.		30,747
	92,294	Orica Ltd.		1,474,201
	6,370	Orocobre Ltd.(b)		23,596
	130,800	Orora Ltd.		340,367
	124,310	OZ Minerals Ltd.		765,883

1

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
AUSTRALIA (continued)
	1,639,072	Pact Group Holdings Ltd.	$	7,275,900
	13,359	Peet Ltd.		14,928
	5,607	Perpetual Ltd.		208,043
	48,159	Platinum Asset Mangement Ltd.		269,067
	58,151	PMP Ltd.(b)		33,379
	11,475	Premier Investments Ltd.		116,279
	50,905	Primary Health Care Ltd.		133,244
	50,519	Qantas Airways Ltd.		237,788
	194,951	Qube Holdings Ltd.		383,459
	111,348	Quintis Ltd.(a)		20,027
	40,693	RCR Tomlinson Ltd.		133,921
	30,974	Reckon Ltd.		29,514
	8,332	Reece Ltd.		282,433
	99,706	Regis Resources Ltd.		296,846
	190,599	Resolute Mining Ltd.		150,251
	8,395	Retail Food Group Ltd.		28,271
	101,020	Ridley Corp. Ltd.		112,108
	4,184	Ruralco Holdings Ltd.		9,222
	28,716	Sandfire Resources NL		126,153
	177,820	Santos Ltd.(b)		612,426
	222,211	Saracen Mineral Holdings Ltd.(b)		247,451
	86,638	Seek Ltd.		1,218,087
	13,321	Select Harvests Ltd.		47,918
	16,377	Servcorp Ltd.		69,815
	21,331	Seven Group Holdings Ltd.		216,316
	63,604	Seven West Media Ltd.		32,859
	6,302,616	Shopping Centres Australasia Property Group REIT(a)		11,335,727
	212,165	Sigma Healthcare Ltd.		122,597
	9,054	Sirtex Medical Ltd.		94,657
	149,883	Southern Cross Media Group Ltd.		128,479
	112,599	Spark Infrastructure Group		218,892
	62,936	St Barbara Ltd.		139,688
	237,816	Star Entertainment Group Ltd.		1,046,573
	74,283	Steadfast Group Ltd.		152,365
	37,756	Sunland Group Ltd.		49,413
	22,520	Super Retail Group Ltd.		133,921
	237,680	Tabcorp Holdings Ltd.		816,770
	70,795	Tassal Group Ltd.		228,111
	341,492	Tatts Group Ltd.		1,089,876
	42,660	Technology One Ltd.		164,555
	36,550	Ten Network Holdings Ltd.(a)(b)(c)		0
	4,364	Tiger Resources Ltd.(a)(b)(c)		127
	57,260	Tox Free Solutions Ltd.		107,369
	8,735	TPG Telecom Ltd.		36,101
	47,759	Treasury Wine Estates Ltd.		572,045
	207,285	Troy Resources Ltd.(b)		16,658
	28,287	Village Roadshow Ltd.(b)		81,186
	492,324	Virgin Australia Holdings Ltd.(b)		69,708
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(a)(b)(c)		0
	12,200	Virtus Health Ltd.		51,168

Shares			Value
AUSTRALIA (continued)
	34,479	Vocus Group Ltd.	$	75,999
	9,912	Webjet Ltd.		87,241
	50,095	Western Areas NL		106,969
	43,208	Westgold Resources Ltd.(b)		62,005
	110,400	Whitehaven Coal Ltd.		315,165
	27,345	Worleyparsons Ltd.(b)		293,209
	65,654	WPP AUNZ Ltd.		46,228
				109,966,618
AUSTRIA — 0.2%
	1,139	Agrana Beteiligungs AG		141,367
	14,870	ams AG		1,355,612
	11,400	Andritz AG		644,576
	17,053	Austria Technologie & Systemtechnik AG		365,302
	23,704	BUWOG AG		683,663
	5,680	CA Immobilien Anlagen AG		162,100
	697	DO & CO AG		36,962
	5,480	EVN AG		86,495
	3,513	FACC AG(b)		61,279
	1,017	Flughafen Wien AG		40,953
	924	Kapsch TrafficCom AG		53,676
	1,397	Lenzing AG		189,092
	1,068	Mayr Melnhof Karton AG		155,134
	8,170	Oesterreichische Post AG		363,162
	1,990	Palfinger AG		88,086
	5,197	POLYTEC Holding AG		129,550
	646	Porr Ag		20,208
	49,153	Raiffeisen Bank International AG(b)		1,712,522
	6,198	Rhi Magnesita NV(b)		275,216
	516	Rosenbauer International AG		32,572
	5,208	S IMMO AG		91,756
	3,572	S&T AG		69,034
	1,691	Schoeller-Bleckmann Oilfield Equipment AG(b)		157,857
	1,824	Semperit AG Holding		53,330
	18,977	Strabag SE		793,140
	26,142	Telekom Austria AG		245,195
	333	UBM Development AG		15,167
	38,384	UNIQA Insurance Group AG		393,730
	21,803	Verbund AG		529,913
	10,623	Vienna Insurance Group AG Wiener Versicherung Gruppe		311,397
	48,015	Voestalpine AG		2,641,865
	31,255	Wienerberger AG		803,147
	1,581	Wolford AG(b)		29,319
	4,663	Zumtobel Group AG		79,873
				12,812,250
BELGIUM — 0.4%
	10,354	Ackermans & van Haaren NV		1,773,548
	1,443	Aedifica SA REIT(a)		137,496
	112,398	Ageas		5,452,445
	62,671	AGFA - Gevaert NV(b)		294,710
	320	Ascencio REIT		21,515

2

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
BELGIUM (continued)
	419	Atenor	$	23,625
	96	Banque Nationale de Belgique		319,262
	1,888	Barco NV		193,335
	1,791	Befimmo SA REIT		111,280
	21,523	Bekaert SA		1,018,010
	15,744	Bpost SA		444,088
	1,079	Celyad SA(b)		62,881
	4,522	Cie d’Entreprises CFE		661,328
	1,352	Cie Immobiliere de Belgique SA		83,657
	1,861	Cofinimmo SA REIT		236,180
	55,428	Colruyt SA		2,835,061
	40,458	Deceuninck NV		150,195
	12,200	Deceuninck NV- VVPR Strip(a)(b)(c)		0
	9,907	D’ieteren SA/NV		453,125
	30,060	Econocom Group SA/NV		231,382
	2,685	Elia System Operator SA NV		155,756
	78,187	Euronav NV		647,915
	3,009	EVS Broadcast Equipment SA		113,213
	6,033	Exmar NV(b)		40,071
	2,258	Fagron NV(b)		29,288
	15,640	Galapagos NV(b)		1,517,398
	101	Home Invest Belgium REIT		11,118
	972	Intervest Offices & Warehouses NV REIT		24,785
	460	Jensen-Group NV		22,154
	3,601	Kinepolis Group NV		243,288
	47	Lotus Bakeries		119,350
	4,584	MDxHealth(b)		25,492
	4,096	Melexis NV		410,373
	547	Montea SCA REIT		27,493
	6,369	Nyrstar NV(b)		50,857
	21,787	Ontex Group NV		766,306
	14,808	Orange Belgium SA		342,998
	540	Picanol		60,952
	29,109	Proximus SADP		966,706
	1,089	RealDolmen		31,757
	22,770	Recticel SA		225,451
	530	Resilux		93,038
	624	Retail Estates NV REIT		50,016
	4,023	Sioen Industries NV		122,450
	2,261	Sipef NV		166,320
	4,857	Telenet Group Holding NV(b)		335,953
	222	TER Beke SA		44,789
	15,963	Tessenderlo Chemie NV(b)		766,093
	38,370	Umicore SA		1,714,958
	1,138	Van de Velde NV		62,959
	1,885	Warehouses De Pauw CVA REIT		203,831
	95	Wereldhave Belgium NV REIT		10,070
				23,906,321
BERMUDA — 0.8%
	403,425	Argo Group International Holdings Ltd.(a)		25,395,604

Shares			Value
BERMUDA (continued)
	72,422	Aspen Insurance Holdings Ltd.	$	3,106,904
	8,668	Assured Guaranty Ltd.		321,583
	76,330	Axis Capital Holdings Ltd.		4,151,589
	26,400	Bank Of NT Butterfield & Son Ltd. (The)		986,040
	15,400	Blue Capital Reinsurance Holdings Ltd.		204,050
	400	Enstar Group Ltd.(b)		91,120
	19,650	Everest Re Group Ltd.		4,665,893
	87,972	Hiscox Ltd.		1,668,469
	34,000	James River Group Holdings Ltd.		1,438,880
	6,163	Maiden Holdings Ltd.		50,845
	7,258	Marvell Technology Group Ltd.		134,055
	35,842	RenaissanceRe Holdings Ltd.		4,959,099
	3,009	Third Point Reinsurance Ltd.(b)		50,250
	2,929	Triton International Ltd.		116,867
	72,172	Validus Holdings Ltd.		3,758,718
	4,386	XL Group Ltd.		177,501
				51,277,467
BRAZIL — 0.5%
	6,300	AES Tiete Energia SA - Units		24,997
	22,467	Aliansce Shopping Centers SA(b)		120,051
	32,600	Alpargatas SA - Preference Shares		173,897
	6,100	Alupar Investimento SA - Units		33,509
	6,100	Arezzo Industria e Comercio SA		94,279
	31,778	B2W Cia Digital(b)		205,455
	20,166	Banco ABC Brasil SA - Preference Shares		109,975
	127,187	Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares		587,472
	16,000	Banco Industrial e Comercial SA - Preference Shares(a)(b)(c)		40,547
	56,005	BR Malls Participacoes SA		217,768
	10,249	BR Properties SA		32,928
	37,153	Brasil Brokers Participacoes SA(b)		12,607
	8,600	Brasilagro - Co Brasileira de Propriedades Agricolas		33,361
	58,726	Cia Brasileira de Distribuicao - Preference Shares(b)		1,369,370
	1,850	Cia de Gas de Sao Paulo - COMGAS - Class A, Preference Shares		28,610
	11,800	Cia de Locacao das Americas		58,977
	24,300	Cia de Saneamento Basico do Estado de Sao Paulo		222,327
	2,800	Cia de Saneamento de Minas Gerais-COPASA		34,066
	10,700	Cia de Saneamento do Parana - Preference Shares		35,489
	3,700	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares		74,943

3

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
BRAZIL (continued)
	264,900	Cia Energetica de Minas Gerais - ADR	$	627,813
	19,900	Cia Energetica de Minas Gerais - Preference Shares		47,084
	1,833	Cia Energetica do Ceara - Class A, Preference Shares		29,456
	16,200	Cia Ferro Ligas da Bahia-FERBASA - Preference Shares		83,493
	31,800	Cia Hering		283,850
	3,400	Cia Paranaense de Energia - Class B, Preference Shares		26,139
	137,000	Cia Siderurgica Nacional SA(b)		354,718
	2,128	Construtora Tenda SA(b)		11,189
	21,562	Cosan Logistica SA(b)		61,694
	5,584	Cosan Logistica SA(b)		15,875
	17,800	Cosan SA Industria e Comercio		203,068
	9,600	CVC Brasil Operadora e Agencia de Viagens SA		127,480
	74,588	Cyrela Brazil Realty SA Empreendimentos e Participacoes		291,849
	30,000	Direcional Engenharia SA(b)		54,199
	202,995	Duratex SA		595,712
	22,800	EcoRodovias Infraestrutura e Logistica SA		85,100
	25,500	EDP - Energias do Brasil SA		113,652
	7,300	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Preference Shares		32,737
	222,272	Embraer SA		1,068,792
	42,200	Embraer SA - ADR		807,708
	3,000	Engie Brasil Energia SA		33,060
	16,700	Equatorial Energia SA		311,967
	29,000	Estacio Participacoes SA		260,985
	6,600	Eternit SA(b)		2,179
	69,200	Even Construtora e Incorporadora SA(b)		113,807
	20,700	Exactech, Inc.		866,295
	20,600	Ez Tec Empreendimentos e Participacoes SA		135,893
	417,018	Fibria Celulose SA		6,655,614
	28,600	Fleury SA		251,090
	8,000	Fras-Le SA		13,548
	7,100	GAEC Educacao SA		53,500
	34,100	Gerdau SA		112,996
	88,300	Gerdau SA - Preference Shares		295,566
	8,200	Gol-Linhas Aereas Inteligentes SA - Preference Shares(b)		34,767
	12,200	Grendene SA		102,186
	3,100	Guararapes Confeccoes SA		148,305
	45,131	Hypermarcas SA		473,342
	10,300	Iguatemi Empresa de Shopping Centers SA		121,032
	44,800	International Meal Company Alimentacao SA		143,659
	47,172	Iochpe-Maxion SA		322,719

Shares			Value
BRAZIL (continued)
	7,000	JSL SA(b)	$	19,858
	65,500	Klabin SA - Units		379,429
	138,684	Kroton Educacional SA		769,030
	9,000	Light SA(b)		50,127
	8,400	Linx SA		53,487
	20,574	Localiza Rent a Car SA		361,946
	33,406	Lojas Americanas SA		147,663
	15,044	Lojas Americanas SA - Preference Shares		80,433
	127,053	Lojas Renner SA		1,336,051
	20,700	M Dias Branco SA		306,137
	15,700	Magnesita Refratarios SA		221,248
	600	Mahle-Metal Leve SA		3,965
	12,687	Marcopolo SA(b)		12,915
	258,700	Marcopolo SA - Preference Shares(b)		314,745
	25,184	Marfrig Global Foods SA(b)		49,039
	12,201	Marisa Lojas SA(b)		29,614
	24,900	Mills Estruturas e Servicos de Engenharia SA(b)		32,730
	11,800	Minerva SA		41,338
	60,800	MRV Engenharia e Participacoes SA		235,483
	10,000	Multiplan Empreendimentos Imobiliarios SA		218,843
	6,500	Multiplus SA		75,624
	30,900	Natura Cosmeticos SA		292,442
	33,761	Odontoprev SA		162,030
	48,400	Paranapanema SA(b)		22,045
	51,655	Porto Seguro SA		564,663
	60,000	Portobello SA		108,397
	3,200	Profarma Distribuidora de Produtos Farmaceuticos SA(b)		8,090
	3,800	Prumo Logistica SA(b)		12,929
	58,000	Qualicorp SA		620,194
	8,400	Raia Drogasil SA		202,136
	70,700	Randon Participacoes SA - Preference Shares		151,069
	714	Restoque Comercio e Confeccoes de Roupas SA(b)		9,604
	41,490	Rumo SA(b)		160,694
	42,550	Santos Brasil Participacoes SA(b)		45,525
	56,483	Sao Martinho SA		318,044
	6,300	Ser Educacional SA		59,297
	700	Ser Educacional SA(b)		6,589
	16,500	SLC Agricola SA		111,318
	11,600	Smiles Fidelidade SA		299,494
	2,800	Sonae Sierra Brasil SA		23,701
	14,900	Springs Global Participacoes SA(b)		54,657
	167,612	Sul America SA - Units		919,706
	116,559	Suzano Papel e Celulose SA - Class A, Preference Shares(b)		721,880
	15,000	T4F Entretenimento SA		40,901
	7,400	Technos SA		9,750

4

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
BRAZIL (continued)
	68,500	Tim Participacoes SA	$	253,580
	17,621	Totvs SA		175,063
	32,800	TPI - Triunfo Participacoes e Investimentos SA(b)		38,502
	23,200	Transmissora Alianca de Energia Eletrica SA - Units		145,740
	32,900	Tupy SA		175,196
	15,400	Unipar Carbocloro SA - Preference Shares		62,282
	3,700	Usinas Siderurgicas de Minas Gerais SA(b)		13,573
	167,500	Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares(b)		450,585
	14,589	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		81,657
	92,200	Via Varejo SA - Units(b)		631,333
	12,400	Wiz Solucoes e Corretagem de Seguros SA		61,331
				30,638,448
CAMBODIA — 0.0%
	320,000	NagaCorp Ltd.		258,415
CANADA — 2.4%
	2,275	Absolute Software Corp.		14,725
	2,408	Acadian Timber Corp.		36,565
	83,136	Advantage Oil & Gas Ltd.(b)		440,136
	27,538	Aecon Group, Inc.		414,746
	1,900	AG Growth International, Inc.		74,374
	20,000	AGF Management Ltd. - Class B		128,827
	1,910	AGT Food & Ingredients, Inc.		34,244
	2,500	Air Canada(b)		49,531
	1,200	AirBoss of America Corp.		10,743
	40,768	Alamos Gold, Inc. - Class A		258,177
	2,681	Algoma Central Corp.		27,120
	44,100	Algonquin Power & Utilities Corp.		472,073
	2,050	Alio Gold, Inc.(b)		8,136
	19,458	AltaGas Ltd.		443,578
	4,000	Altus Group Ltd.		109,232
	1,400	Andrew Peller Ltd.		13,402
	55,510	ARC Resources Ltd.		676,825
	7,300	Atco Ltd. - Class I		264,704
	51,400	Athabasca Oil Corp.(b)		46,217
	15,400	ATS Automation Tooling Systems, Inc.(b)		177,265
	2,554	AutoCanada, Inc.		46,147
	2,400	Avigilon Corp.(b)		35,588
	267,386	B2Gold Corp.(b)		679,812
	2,400	Badger Daylighting Ltd.		54,638
	5,740	Bellatrix Exploration Ltd.(b)		13,748
	12,200	Birchcliff Energy Ltd.		49,647
	176,217	BlackBerry Ltd.(b)		1,928,675
	8,400	Bombardier, Inc. - Class A(b)		17,906
	76,155	Bombardier, Inc. - Class B(b)		161,153

Shares			Value
CANADA (continued)
	69,385	Bonavista Energy Corp.	$	147,364
	8,200	Boralex, Inc. - Class A		145,682
	1,328,652	CAE, Inc.		23,543,124
	16,500	Calfrac Well Services Ltd.(b)		66,506
	500	Calian Group Ltd.		12,875
	40,400	Cameco Corp.		328,185
	18,300	Canaccord Genuity Group, Inc.		60,853
	35,750	Canacol Energy Ltd.(b)		113,615
	6,800	Canadian Apartment Properties REIT		179,580
	3,400	Canadian Real Estate Investment Trust REIT		122,812
	22,300	Canadian Western Bank		628,154
	26,643	Canfor Corp.(b)		529,927
	11,757	Canfor Pulp Products, Inc.		128,406
	8,000	CanWel Building Materials Group Ltd.		41,113
	72,367	Capstone Mining Corp.(b)		82,458
	43,552	Cascades, Inc.		524,609
	31,157	Celestica, Inc.(b)		312,753
	67,326	Centerra Gold, Inc.(b)		457,155
	18,544	CES Energy Solutions Corp.		99,900
	2,700	Chesswood Group Ltd.		26,956
	13,300	CI Financial Corp.		295,670
	227,698	Cineplex, Inc.		6,886,889
	68,500	City Office REIT Inc.		893,240
	6,800	Cogeco Communications Inc.		488,877
	3,464	Cogeco, Inc.		236,124
	9,700	Colliers International Group, Inc.		568,496
	3,600	Cominar Real Estate Investment Trust		38,620
	6,825	Computer Modelling Group Ltd.		54,120
	49,000	Copper Mountain Mining Corp.(b)		59,251
	1,912	Corby Spirit and Wine Ltd.		32,457
	3,800	Corus Entertainment, Inc. - Class B		35,258
	50,217	Cott Corp.		752,807
	43,200	Crescent Point Energy Corp.		355,284
	18,491	Crew Energy, Inc.(b)		62,635
	48,220	Delphi Energy Corp.(b)		44,852
	10,500	Denison Mines Corp.(b)		4,314
	6,900	Descartes Systems Group, Inc. (The)(b)		200,031
	35,700	Detour Gold Corp.(b)		380,494
	4,300	DHX Media Ltd.		14,166
	11,696	Dominion Diamond Corp.		166,668
	11,430	Dominion Diamond Corp.(b)		162,666
	11,361	Dorel Industries, Inc. - Class B		296,244
	91,300	ECN Capital Corp.		299,356
	664	E-L Financial Corp. Ltd.		425,653
	9,887	Eldorado Gold Corp.		12,415
	91,300	Element Fleet Management Corp.		703,451
	33,669	Empire Co. Ltd. - Class A		582,768

5

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
CANADA (continued)
	4,200	Enbridge Income Fund Holdings, Inc.	$	97,895
	18,173	EnerCare, Inc.		283,280
	41,281	Enerflex Ltd.		561,570
	26,031	Enerplus Corp.		238,700
	2,342	Enghouse Systems Ltd.		98,974
	6,417	Ensign Energy Services, Inc.		33,028
	50,333	Entertainment One Ltd.		188,917
	17,570	Epsilon Energy Ltd.(b)		43,581
	3,142	Equitable Group, Inc.		146,128
	2,800	Evertz Technologies Ltd.		40,933
	3,224	Exchange Income Corp.		86,716
	8,800	Exco Technologies Ltd.		71,418
	38	EXFO, Inc.(b)		147
	10,800	Extendicare, Inc.		78,440
	1,000	Fiera Capital Corp.		10,898
	76,082	Finning International, Inc.		1,855,313
	7,834	First Capital Realty Inc.		124,241
	21,951	First Majestic Silver Corp.(b)		147,860
	1,563	First National Financial Corp.		34,771
	202,903	First Quantum Minerals Ltd.		2,269,506
	9,700	FirstService Corp. - Voting Shares		675,263
	35,000	Fortuna Silver Mines, Inc.(b)		147,314
	1,000	GDI Integrated Facility Services, Inc.(b)		11,922
	23,321	Genworth MI Canada, Inc.		724,703
	3,400	Gluskin Sheff + Associates, Inc.		42,536
	400	goeasy Ltd.		9,689
	56,629	Gran Tierra Energy, Inc.(b)		123,345
	10,752	Great Canadian Gaming Corp.(b)		255,528
	8,500	H&R Real Estate Investment Trust		141,129
	10,074	Heroux-Devtek, Inc.(b)		114,944
	4,040	High Liner Foods, Inc.		44,499
	7,648	Home Capital Group, Inc.		82,758
	40,445	HudBay Minerals, Inc.		300,649
	104,563	IAMGOLD Corp.(b)		573,836
	7,400	IMAX Corp.		179,450
	18,778	Imperial Metals Corp.(b)		43,230
	36,900	Industrial Alliance Insurance and Financial Services, Inc.		1,672,098
	674,632	Innergex Renewable Energy, Inc.(a)		7,368,084
	27,000	Interfor Corp.(b)		439,501
	15,926	Intertape Polymer Group, Inc.		235,045
	18,416	Jean Coutu Group PJC, Inc. (The) Class A		349,449
	10,100	Just Energy Group, Inc.		56,211
	1,300	K-Bro Linen, Inc.		39,360
	8,800	Kelt Exploration Ltd.(b)		48,226
	20,366	Keyera Corp.		599,566
	1,953	Kingsway Financial Services, Inc.(b)		10,673
	514,345	Kinross Gold Corp.(b)		2,033,299
	36,601	Kirkland Lake Gold Ltd.		429,248

Shares			Value
CANADA (continued)
	16,100	Klondex Mines Ltd.(b)	$	46,549
	14,535	Laurentian Bank of Canada		675,994
	8,626	Leon’s Furniture Ltd.		130,851
	17,910	Linamar Corp.		1,086,733
	5,500	Liquor Stores NA Ltd.		41,822
	70,300	Lucara Dianmond Corp.		122,607
	1,327	Lululemon Athletica, Inc.(b)		81,624
	164,691	Lundin Mining Corp.		1,256,150
	7,130	Magellan Aerospace Corp.		106,776
	500	Mainstreet Equity Corp.(b)		14,635
	24,900	Major Drilling Group International, Inc.(b)		133,369
	47,229	Mandalay Resources Corp.		10,800
	19,300	Maple Leaf Foods, Inc.		500,564
	28,898	Martinrea International, Inc.		283,358
	7,862	Maxar Technologies Ltd.		497,340
	1,818	Maxar Technologies Ltd.		115,079
	2,100	Mediagrif Interactive Technologies, Inc.		21,894
	12,500	MEG Energy Corp.(b)		55,519
	2,123	Melcor Developments Ltd.		24,766
	2,617	Mercer International, Inc.		38,470
	13,200	Methanex Corp.(d)		643,500
	1,803	Methanex Corp.(d)		87,865
	6,054	Mitel Networks Corp.(b)		52,042
	10,302	Morneau Shepell, Inc.		171,607
	2,186	MTY Food Group, Inc.		86,298
	38,700	Mullen Group Ltd.		507,861
	7,829	New Flyer Industries, Inc.		332,191
	122,558	New Gold, Inc.(b)		405,645
	4,802	Norbord, Inc.		173,082
	10,846	North West Co., Inc. (The)		264,656
	16,129	Northland Power, Inc.		308,428
	324,613	Northview Apartment Real Estate Investment Trust		5,857,678
	2,700	NorthWest Healthcare Properties Real Estate Investment Trust		23,796
	65,000	NuVista Energy Ltd.(b)		404,077
	8,600	Osisko Gold Royalties Ltd.		108,258
	26,536	Pan American Silver Corp.		433,593
	12,837	Pan American Silver Corp.		209,628
	6,332	Paramount Resources Ltd. - Class A(b)		108,372
	54,424	Parex Resources, Inc.(b)		723,910
	45,056	Parkland Fuel Corp.		915,020
	14,000	Pason Systems, Inc.		203,256
	5,653	Pizza Pizza Royalty Corp.		75,192
	56,600	Precision Drilling Corp.(b)		169,787
	6,936	Premium Brands Holdings Corp.		561,289
	6,820	Pulse Seismic, Inc.(b)		17,657
	6,200	Pure Industrial Real Estate Trust REIT		32,007
	33,200	Quarterhill, Inc.		62,792
	26,700	Quebecor, Inc. - Class B		1,007,485

6

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
CANADA (continued)
	14,785	Questerre Energy Corp. - Class A(b)	$	8,481
	10,943	RB Energy, Inc.(a)(b)		11
	13,200	Richelieu Hardware Ltd.		345,731
	20,367	Richmont Mines, Inc.(b)		177,290
	789,000	Ritchie Bros Auctioneers, Inc.		22,115,670
	369,843	Ritchie Bros. Auctioneers, Inc.(d)		10,372,002
	3,100	Rocky Mountain Dealerships, Inc.		28,258
	26,754	Rogers Sugar, Inc.		131,686
	13,600	Russel Metals, Inc.		304,026
	33,588	Sandstorm Gold Ltd.(b)		144,756
	27,414	Secure Energy Services, Inc.		178,708
	118,801	SEMAFO, Inc.(b)		298,361
	7,250	Seven Generations Energy Ltd. - Class A(b)		109,472
	11,300	ShawCor Ltd.		244,902
	76,500	Sherritt International Corp.(b)		78,273
	6,082	Sienna Senior Living, Inc.		83,774
	12,100	Sierra Wireless, Inc.(b)		270,681
	3,400	Smart Real Estate Investment Trust REIT		76,375
	5,900	SNC-Lavalin Group, Inc.		265,800
	28,100	Sprott, Inc.		46,394
	48,544	SSR Mining, Inc.(b)		466,212
	12,222	Stantec, Inc.		349,200
	4,087	Stantec, Inc.		116,888
	19,615	Stars Group, Inc. (The)(b)		394,854
	7,060	Stella-Jones, Inc.		275,811
	2,100	Stuart Olson, Inc.		8,676
	22,548	Student Transportation, Inc.		131,957
	19,026	SunOpta, Inc.(b)		176,972
	20,300	Superior Plus Corp.		204,400
	42,709	Surge Energy, Inc.		71,507
	32,400	Tamarack Valley Energy Ltd.(b)		75,845
	15,975	Tembec, Inc.(b)		58,075
	14,598	Teranga Gold Corp.(b)		29,646
	21,164	TFI International, Inc.		510,850
	2,400	Theratechnologies, Inc.(b)		14,231
	4,501	TMX Group Ltd.		245,931
	44,000	TORC Oil & Gas Ltd.		231,579
	20,645	Toromont Industries Ltd.		910,070
	17,764	Total Energy Services, Inc.		209,158
	31,186	Tourmaline Oil Corp.(b)		570,732
	17,123	TransAlta Corp.		101,270
	13,378	TransAlta Corp.		79,599
	502,377	Transalta Renewables, Inc.		5,416,684
	30,590	Transcontinental, Inc. - Class A		679,093
	55,852	Trican Well Service Ltd.(b)		209,970
	101,200	Turquoise Hill Resources Ltd.(b)		309,068
	6,497	Uni-Select, Inc.		140,405
	3,080	Valener, Inc.		52,881
	9,795	Vermilion Energy, Inc.		334,303
	1,936	Vermilion Energy, Inc.		66,074

Shares			Value
CANADA (continued)
	3,202	Wajax Corp.	$	58,227
	63,793	Waste Connections, Inc.		4,507,195
	20,400	Wesdome Gold Mines Ltd.(b)		28,305
	7,900	West Fraser Timber Co. Ltd.		480,515
	148,038	Western Forest Products, Inc.		300,643
	6,800	Westjet Airlines Ltd.		142,104
	8,613	Westshore Terminals Investment Corp.		164,302
	55,124	Whitecap Resources, Inc.		395,666
	4,348	Winpak Ltd.		167,840
	327,069	WSP Global, Inc.		14,658,654
	132,566	Yamana Gold, Inc.		344,234
	11,914	Yellow Pages Ltd.(b)		76,465
	6,007	ZCL Composites, Inc.		63,325
				159,758,577
CAYMAN ISLANDS — 0.0%
	8,082	Bitauto Holdings Ltd.		365,064
	29,600	Greenlight Capital Re Ltd. - Class A(b)		652,680
				1,017,744
CHILE — 0.1%
	253,140	AES Gener SA		87,407
	1,830,940	Aguas Andinas SA - Class A		1,192,866
	61,605	Banmedica SA		200,365
	107,384	Besalco SA		125,964
	49,097	CAP SA		534,231
	18,740	Cia Cervecerias Unidas SA		270,431
	4,698,243	Cia Sud Americana de Vapores SA(b)		267,670
	47,017	Coca-Cola Embonor SA - Class B, Preference Shares		128,910
	465,357	Colbún SA		109,859
	46,074	Embotelladora Andina SA - Class B		236,208
	35,206	Empresa Nacional de Telecomunicaciones SA		409,207
	17,319	Empresas Hites SA		19,048
	493,391	Empresas La Polar SA(b)		56,467
	1,369,725	Enel Chile SA		159,667
	756,521	Engie Energia Chile SA		1,609,204
	364,029	Enjoy SA(b)		36,148
	10,794	Forus SA		46,978
	152,426	Grupo Security SA		69,017
	263,298	Inversiones Aguas Metropolitanas SA		478,442
	5,968	Inversiones La Construccion SA		101,291
	37,586,978	Itau CorpBanca		350,387
	273,781	Masisa SA(b)		21,061
	6,895	Parque Arauco SA		19,781
	49,518	PAZ Corp. SA		85,584
	11,951	Ripley Corp. SA		12,527
	141,573	Salfacorp SA		243,796
	120,485	Sigdo Koppers SA		233,947
	507,222	Sociedad Matriz SAAM SA		53,013
	29,332	Socovesa SA		18,592

7

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
CHILE (continued)
	28,425	SONDA SA	$	55,367
	29,577	Vina Concha y Toro SA		52,123
				7,285,558
CHINA — 1.5%
	22,302	21Vianet Group, Inc. - ADR(b)		167,488
	3,212	500.Com Ltd. - Class A - ADR(b)		30,225
	2,280	51Job, Inc. - ADR(b)		141,132
	9,841	58.Com Inc. - ADR(b)		661,020
	1,877,250	Agile Property Holdings Ltd.		2,733,556
	2,409,000	Agricultural Bank of China Ltd. - H Shares		1,133,262
	2,870,000	Aluminum Corp. of China Ltd. - H Shares(b)		2,310,303
	1,230,000	Angang Steel Co. Ltd. - H Shares		1,076,845
	91,000	ANTA Sports Products Ltd.		407,094
	410,000	Anton Oilfield Services Group(b)		48,876
	210,000	Asia Cement China Holdings Corp.		73,218
	128,813	Asia Plastic Recycling Holding Ltd.		54,883
	164,000	AVIC International Holdings Ltd.		153,039
	849,000	AviChina Industry & Technology Co. - H Shares		492,985
	270,500	Baic Motor Corp. Ltd.		316,567
	1,749,000	Bank of China Ltd. - H Shares		872,101
	140,500	Bank of Chongqing Co. Ltd. - H Shares		114,001
	1,257,000	Bank of Communications Co. Ltd. - H Shares		947,415
	104,000	Baoye Group Co. Ltd. - H Shares(b)		73,187
	27,775	Baozun, Inc. - ADR(b)		871,857
	1,089,000	BBMG Corp. - H Shares		543,006
	306,000	Beijing Capital International Airport Co. Ltd. - H Shares		502,064
	446,000	Beijing Capital Land Ltd. - H Shares		240,111
	176,000	Beijing North Star Co. Ltd. - H Shares		65,424
	34,000	Beijing Urban Construction Design & Development Group Co. Ltd.		19,655
	15,000	Bloomage BioTechnology Corp. Ltd.(a)(c)	��	31,225
	343,000	BYD Electronic International Co. Ltd.		927,692
	72,000	Cabbeen Fashion Ltd.		19,658
	206,000	CAR, Inc.(b)		183,518
	5,000	Cayman Engley Industrial Co. Ltd.		28,266
	287,656	Central China Real Estate Ltd.(b)		137,903

Shares			Value
CHINA (continued)
	120,000	Central China Securities Co. Ltd.	$	55,221
	32,000	Changshouhua Food Co. Ltd.		15,709
	140,000	Chaowei Power Holdings Ltd.		78,960
	70,000	China Animal Healthcare Ltd.(a)(b)(c)		8,748
	1,116,000	China Aoyuan Property Group Ltd.		676,632
	196,000	China BlueChemical Ltd. - H Shares		58,538
	708,000	China Coal Energy Co. Ltd. - H Shares		323,988
	846,000	China Communications Services Corp. Ltd. - H Shares		512,931
	33,000	China Conch Venture Holdings Ltd.		67,257
	967,000	China Construction Bank Corp. - H Shares		862,707
	121,000	China Datang Corp. Renewable Power Co. Ltd. - H Shares		15,975
	102,000	China Eastern Airlines Corp. Ltd. - H Shares		51,775
	268,000	China Energy Engineering Corp. Ltd.		47,407
	31,600	China Everbright Water Ltd.		11,243
	186,000	China Financial Services Holdings Ltd.		16,212
	29,004	China Gold International Resources Corp. Ltd.(b)		44,964
	25,638	China Great Star International Ltd.(b)		24,371
	124,000	China Greenland Broad Greenstate Group Co. Ltd.		23,524
	592,500	China Harmony New Energy Auto Holding Ltd.(b)		349,360
	259,000	China Hongqiao Group Ltd.(b)		310,744
	472,000	China Huishan Dairy Holdings Co. Ltd.(a)(b)(c)		472
	79,500	China Huiyuan Juice Group Ltd.(b)		25,272
	244,800	China International Capital Corp. Ltd.		504,574
	59,100	China International Marine Containers Group Co. Ltd. - H Shares		117,724
	2,216,000	China Lesso Group Holdings Ltd.		1,479,909
	173,000	China Lilang Ltd.		134,605
	76,000	China Maple Leaf Educational Systems Ltd.		82,416
	138,000	China Medical System Holdings Ltd.		255,077
	70,000	China Meidong Auto Holdings Ltd.		23,239
	201,000	China Mengniu Dairy Co. Ltd.		556,516
	337,000	China Merchants Bank Co. Ltd. - H Shares		1,285,122

8

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
CHINA (continued)
	863,000	China Minsheng Banking Corp. Ltd. - H Shares	$	835,190
	1,510,084	China National Building Material Co. Ltd. - H Shares		1,273,663
	975,000	China National Materials Co. Ltd. - H Shares		673,629
	92,000	China Oilfield Services Ltd.		81,488
	682,000	China Railway Construction Corp. Ltd. - H Shares		855,844
	1,285,000	China Railway Group Ltd. - H Shares		1,032,757
	143,000	China Railway Signal & Communication Corp. Ltd.		112,546
	1,012,000	China Reinsurance Group Corp.		224,416
	138,000	China Sanjiang Fine Chemicals Co. Ltd.		58,905
	6,735,400	China SCE Property Holdings Ltd.		3,039,020
	91,000	China Shineway Pharmaceutical Group Ltd.		85,268
	250,000	China Silver Group Ltd.		86,202
	352,000	China Southern Airlines Co. Ltd. - H Shares		259,892
	236,500	China Sunshine Paper Holdings Co. Ltd.		70,331
	111,000	China Suntien Green Energy Corp. Ltd. - H Shares		31,444
	164,000	China Taifeng Beddings Holdings Ltd.(a)(b)(c)		4,257
	649,500	China ZhengTong Auto Services Holdings Ltd.		683,518
	788,000	China Zhongwang Holdings Ltd.		464,635
	434,000	Chinasoft International Ltd.		253,121
	138,000	Chongqing Machinery & Electric Co. Ltd. - H Shares		16,805
	703,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		477,594
	1,930,000	CIFI Holdings Group Co. Ltd.		1,076,153
	36,000	Colour Life Services Group Co. Ltd.		21,412
	85,000	Consun Pharmaceutical Group Ltd.		78,230
	1,015,600	Coolpad Group Ltd.(a)(b)(c)		40,656
	280,093	COSCO Shipping Development Co. Ltd. - H Shares(b)		62,830
	390,000	COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares(c)		228,459
	300,000	COSCO Shipping Holdings Co. Ltd. - H Shares(b)		164,586
	330,000	Cosmo Lady China Holdings Co. Ltd.		131,976
	123,000	CPMC Holdings Ltd.		103,112
	532,000	CSPC Pharmaceutical Group Ltd.		924,696
	182,000	CT Environmental Group Ltd.		27,995

Shares			Value
CHINA (continued)
	104,000	Da Ming International Holdings Ltd.	$	42,126
	324,000	Dali Foods Group Co. Ltd.		250,847
	645,000	Dalian Port PDA Co. Ltd. - H Shares		112,441
	244,000	Datang International Power Generation Co .Ltd. - H Shares(b)		82,257
	474,000	Dongfeng Motor Group Co. Ltd. - H Shares		650,114
	240,000	Dongyue Group Ltd.		174,430
	95,000	Dynagreen Environmental Protection Group Co. Ltd. - H Shares		57,233
	7,659	Ehi Car Services Ltd. - ADR(b)		87,849
	44,000	ENN Energy Holdings Ltd.		322,609
	1,567,500	Fantasia Holdings Group Co. Ltd.		223,027
	32,000	First Tractor Co. Ltd. - H Shares		15,628
	83,000	Fu Shou Yuan International Group Ltd.		58,302
	454,600	Fufeng Group Ltd.		327,486
	1,214,000	Future Land Development Holdings Ltd.		583,549
	51,600	Fuyao Glass Industry Group Co. Ltd.		196,442
	86,000	Golden Eagle Retail Group Ltd.		104,174
	1,007,600	GOME Electrical Appliances Holdings Ltd.		129,156
	434,000	Goodbaby International Holdings Ltd.		236,988
	92,951	Grand Baoxin Auto Group Ltd.(b)		50,042
	223,000	Greatview Aseptic Packaging Co. Ltd.		139,493
	351,000	Greenland Hong Kong Holdings Ltd.		168,270
	945,000	Greentown China Holdings Ltd.		1,179,827
	61,000	Guangdong Yueyun Transportation Co. Ltd. - H Shares		39,096
	94,000	Guangshen Railway Co. Ltd. - H Shares		54,703
	1,291,600	Guangzhou R&F Properties Co. Ltd. - H Shares		2,751,608
	58,000	Guolian Securities Co. Ltd - H Shares		28,400
	86,000	Haichang Ocean Park Holdings Ltd.(b)		20,614
	94,000	Haitian International Holdings Ltd.		281,347
	150,000	Harbin Bank Co. Ltd. - H Shares(b)		45,184
	108,000	Harbin Electric Co. Ltd. - H Shares		50,806
	58,000	HC International, Inc.		45,723

9

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
CHINA (continued)
	21,000	Health and Happiness H&H International Holdings Ltd.(b)	$	109,692
	114,000	Hengan International Group Co. Ltd.		1,123,721
	41,000	Hengshi Mining Investments Ltd.(b)		10,196
	29,000	Hiroca Holdings Ltd.		111,060
	33,000	HNA Infrastructure Company Ltd. - H Shares		35,532
	68,000	HOSA International Ltd.		20,048
	138,000	Huan Yue Interactive Holdings Ltd.(b)		15,036
	2,228,000	Huaneng Renewables Corp. Ltd. - H Shares		765,381
	277,000	Huishang Bank Corp. Ltd. - H Shares		140,250
	1,383,000	Industrial & Commercial Bank of China Ltd. - H Shares		1,097,338
	27,100	Inner Mongolia Yitai Coal Co. Ltd. - H Shares		31,924
	24,700	JD.Com, Inc. - ADR(b)		926,744
	90,000	Jiangsu Expressway Co. Ltd. - H Shares		137,975
	169,000	Jiangxi Copper Co. Ltd. - H Shares		269,485
	13,935	Jinkosolar Holding Co., Ltd. - ADR(b)		371,089
	1,285,000	Kaisa Group Holdings Ltd.(b)		820,276
	186,000	Kangda International Environmental Co. Ltd.		46,968
	7,000	Kasen International Holdings Ltd.(b)		1,104
	26,568	Kingcan Holdings Ltd.		22,287
	908,000	Kingdee International Software Group Co. Ltd.(b)		486,508
	755,000	KWG Property Holding Ltd.		749,058
	96,500	Legend Holdings Corp.		253,576
	2,302,000	Lenovo Group Ltd.		1,333,740
	326,000	Leoch International Technology Ltd.		63,935
	450,000	Leyou Technologies Holdings Ltd.(b)		115,941
	398,000	Lifetech Scientific Corp.(b)		98,462
	850,000	Logan Property Holdings Co. Ltd.		786,654
	460,000	Lonking Holdings Ltd.		206,373
	238,000	Luye Pharma Group Ltd.		158,638
	2,850,000	Maanshan Iron & Steel Co. Ltd. - H Shares(b)		1,337,068
	5,414,000	Microport Scientific Corp.		5,343,631
	54,000	Minth Group Ltd.		291,409
	95,000	Mobile Internet China Holding Ltd.		27,277
	393,800	Modern Land China Co. Ltd.		77,232
	14,295	New Oriental Education & Technology Group, Inc. - ADR		1,189,916

Shares			Value
CHINA (continued)
	2,060	Noah Holdings Ltd. - ADR(b)	$	80,793
	5,100	On-Bright Electronics, Inc.		36,441
	54,000	O-Net Technologies Group Ltd.(b)		39,039
	162,000	Ozner Water International Holding Ltd.(b)		51,291
	456,500	Parkson Retail Group Ltd.		69,633
	19,900	Poly Culture Group Corp. Ltd.		47,853
	1,899,000	Postal Savings Bank of China Co. Ltd. - Class H		1,146,498
	900,000	Powerlong Real Estate Holdings Ltd.		428,000
	81,000	PW Medtech Group Ltd.(b)		16,924
	34,000	Q Technology Group Co. Ltd.		76,007
	169,000	Qingdao Port International Co. Ltd.		119,362
	342,000	Qinhuangdao Port Co. Ltd.(b)		116,610
	261,000	Qunxing Paper Holdings Co. Ltd.(a)(b)(c)		12,646
	67,000	Real Gold Mining Ltd.(a)(b)(c)		2,259
	222,400	Red Star Macalline Group Corp. Ltd. - H Shares		265,692
	140,000	Redco Properties Group Ltd.		69,629
	128,000	Ronshine China Holdings Ltd.(b)		144,220
	840,480	Semiconductor Manufacturing International Corp.(b)		1,288,505
	115,000	Shandong Chenming Paper Holdings Ltd. - H Shares		209,027
	1,120,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		803,958
	464,000	Shanghai Dasheng Agricultural Finance Technology Co. Ltd. - H Shares		38,660
	388,000	Shanghai Electric Group Co. Ltd. - H Shares(b)		176,061
	42,500	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares		212,189
	24,000	Shanghai Fudan Microelectronics Group Co., Ltd. - H Shares(b)		21,627
	10,300	Shanghai Haohai Biological Technology Co. Ltd.		50,369
	517,235	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares		186,304
	58,300	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares		150,581
	510,000	Shanghai Prime Machinery Co. Ltd. - H Shares		104,597
	77,500	Shengjing Bank Co. Ltd. - H Shares		60,697
	56,000	Shenzhen Expressway Co. Ltd. - H Shares		57,282
	50,000	Shenzhou International Group Holdings Ltd.		426,846
	793,881	Shui On Land Ltd.		196,399

10

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
CHINA (continued)
	681,000	Sihuan Pharmaceutical Holdings Group Ltd.	$	246,164
	6,000	Silergy Corp.		129,511
	67,636	Sino Grandness Food Industry Group Ltd.(b)		10,420
	3,040,062	Sino-Ocean Land Holdings Ltd.		1,983,479
	140,000	Sinopec Engineering Group Co. Ltd. - H Shares		120,055
	610,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		363,589
	114,000	Sinosoft Technology Group Ltd.		34,925
	852,000	Sinotrans Ltd. - H Shares		409,542
	290,000	Sinotruk Hong Kong Ltd.		385,110
	398,500	SOHO China Ltd.		230,884
	8,914	Sohu.Com, Inc.(b)		510,148
	294,000	Springland International Holdings Ltd.		53,890
	100,000	Sun King Power Electronics Group		23,073
	563,000	Sunac China Holdings Ltd.		2,865,011
	82,000	Sunny Optical Technology Group Co. Ltd.		1,200,349
	25,000	Sunshine 100 China Holdings Ltd.(b)		11,761
	27,456	TAL Education Group - ADR		755,040
	1,840	Tarena International, Inc. - ADR		26,955
	255,000	Tenwow International Holdings Ltd.		57,201
	36,000	Tian Shan Development Holdings Ltd.		14,444
	128,000	Tiangong International Co. Ltd.		15,095
	44,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		28,031
	284,000	Tianneng Power International Ltd.		273,756
	350,000	Tingyi Cayman Islands Holding Corp.		551,824
	64,000	Tong Ren Tang Technologies Co. Ltd. - H Shares		89,912
	12,800	Tonly Electronics Holdings Ltd.		15,767
	78,500	Travelsky Technology Ltd. - H Shares		203,258
	210,000	Trigiant Group Ltd.		27,995
	201,000	Trony Solar Holdings Co. Ltd.(a)(b)(c)		3,040
	521,900	Ubs Beijing Capital Retailing A Shares Pnote(b)		696,001
	518,400	Ubs Beijing Hualian Pnote(b)		456,721
	586,700	Ubs China Railway Tielong (Connect) Pnote(b)		984,219
	840,500	Ubs Daqin Railway (Connect) Pnote(b)		1,153,855
	635,700	Ubs Guangxi Liugong Machinery (Sz Connect) Pnote(b)		852,563

Shares			Value
CHINA (continued)
	56,798	Ubs Mls Co. Ltd. (Sz Connect) Pnote(b)	$	435,708
	657,300	Ubs Ping An Bank (Sz Connect) A Shares Pnote(b)		1,144,300
	1,297,300	Ubs Rizhao Port A Shares Pnote(b)		831,764
	562,300	Ubs Shandong Haihua Co.-A Pnote(b)		927,171
	1,364,000	Ubs Shandong Nanshan Aluminum (Connect) A Shares Pnote(b)		796,330
	779,000	Ubs Shenzhen Airport A Shares Pnote(b)		1,036,522
	187,200	Ubs Xiamen King Long Motor Pnote(b)		454,677
	623,400	Uni-President China Holdings Ltd.		521,005
	888,000	Want Want China Holdings Ltd.		726,208
	864,000	Weichai Power Co. Ltd. - H Shares		1,074,269
	312,000	Welling Holding Ltd.		63,589
	1,172,000	West China Cement Ltd.(b)		186,285
	454,000	Wuzhou International Holdings Ltd.(b)		54,121
	862,000	Xiamen International Port Co. Ltd. - H Shares		166,844
	453,101	Xingda International Holdings Ltd.		173,077
	15,000	Xingfa Aluminium Holdings Ltd.(b)		11,133
	86,240	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		109,218
	217,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(b)		29,763
	658,000	Xinyi Solar Holdings Ltd.		227,728
	222,500	XTEP International Holdings Ltd.		73,583
	34,500	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares		128,467
	218,000	Yanzhou Coal Mining Co. Ltd. - H Shares		217,402
	308,000	Yashili International Holdings Ltd.(b)		69,090
	15,000	Yichang HEC Changjiang Pharmaceutical Co. Ltd. - H Shares		43,261
	10,088	Yirendai Ltd. - ADR		437,718
	251,500	Youyuan International Holdings Ltd.(b)		158,610
	2,796,760	Yuzhou Properties Co. Ltd.		1,380,204
	4,979	YY Inc. - ADR(b)		450,052
	178,000	Zhaojin Mining Industry Co. Ltd. - H Shares		146,253
	62,000	Zhejiang Expressway Co. Ltd. - H Shares		76,691

11

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
CHINA (continued)
	40,000	Zhejiang Glass Co. Ltd. - H Shares(a)(b)(c)	$	0
	332,000	Zhong An Real Estate Ltd.(b)		43,833
	319,500	Zhongsheng Group Holdings Ltd.		656,086
	62,200	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		363,964
	274,000	Zijin Mining Group Co. Ltd. - Class H		94,829
	1,540,400	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		746,368
				99,510,403
CYPRUS — 0.0%
	23,857	Songa Offshore(b)		169,406
DENMARK — 0.4%
	12,751	ALK-Abello A/S		1,995,010
	36,992	Alm Brand A/S		382,182
	8,231	Amagerbanken A/S(a)(b)(c)		0
	5,774	Ambu A/S - B Shares		532,366
	7,172	Bang & Olufsen A/S(b)		166,158
	481	Bassett Furniture Industries, Inc.		18,663
	3,706	Bavarian Nordic A/S(b)		150,253
	1,472	Brodrene Hartmann A/S		79,957
	42,729	Chr. Hansen Holding A/S		3,738,976
	17,912	Columbus A/S		37,011
	11,507	D/S Norden A/S(b)		239,390
	17,125	Dfds A/S		993,200
	8,768	FLSmidth & Co. A/S		601,164
	4,056	Genmab A/S(b)		819,041
	60,956	GN Store Nord A/S		2,016,202
	9,156	H. Lundbeck A/S		544,064
	4,951	H+H International A/S - Class B(b)		100,752
	825	Harboes Bryggeri A/S - Class B		14,399
	3,213	IC Group A/S		78,964
	72,808	ISS A/S		3,081,796
	26,206	Jyske Bank A/S		1,480,901
	8,356	Matas A/S		93,524
	5,088	Nilfisk Holding A/S(b)		244,514
	5,088	NKT A/S(b)		217,992
	1,254	NNIT A/S		35,726
	2,218	Nordjyske Bank A/S		42,011
	1,840	Parken Sport & Entertainment A/S		21,026
	12,552	Per Aarsleff A/S		347,780
	7,650	Ringkjoebing Landbobank A/S		382,006
	481	Rockwool International A/S - A Shares		119,266
	2,414	Rockwool International A/S - B Shares		655,624
	9,265	Royal Unibrew A/S		533,427
	1,028	RTX A/S		30,494
	7,117	Santa Fe Group A/S(b)		55,704
	6,565	Schouw & Co.		682,885

Shares			Value
DENMARK (continued)
	8,811	SimCorp A/S	$	538,184
	1,591	Solar A/S - Class B		102,235
	28,027	Spar Nord Bank A/S		356,466
	36,294	Sydbank A/S		1,415,797
	561,792	TDC A/S		3,321,549
	132	Tivoli A/S		11,530
	21,852	TK Development A/S(b)		32,154
	16,542	Topdanmark A/S(b)		679,987
	29,778	Tryg A/S		708,994
	17,964	William Demant Holding A/S(b)		518,259
				28,217,583
FAEROE ISLANDS — 0.0%
	7,482	Bakkafrost		334,253
	662	BankNordik P/F		12,228
				346,481
FINLAND — 0.4%
	22,392	Afarak Group Oyj		21,780
	5,418	Aktia Bank Oyj		58,568
	4,177	Alma Media Oyj		33,816
	14,605	Amer Sports Oyj		363,560
	897	Asiakastieto Group Oyj		23,823
	5,440	Aspo Oyj		58,172
	6,463	Atria Oyj		90,115
	954	BasWare Oyj(b)		47,007
	12,077	Bittium Oyj		87,080
	10,302	Cargotec Oyj - Class B		608,414
	24,833	Caverion Corp.(b)		188,024
	40,986	Citycon Oyj		100,068
	22,539	Cramo Oyj		500,412
	29,832	Elisa Oyj		1,201,995
	862	Ferratum Oyj		27,106
	37,096	Finnair Oyj		483,966
	7,981	Fiskars Oyj Abp		199,320
	12,148	F-Secure Oyj		62,263
	10,645	HKScan Oyj - A Shares		39,059
	21,678	Huhtamaki Oyj		923,704
	2,500	Ilkka-Yhtyma Oyj		10,105
	63,837	Kemira Oyj		899,762
	2,280	Kesko Oyj - A Shares		115,609
	13,340	Kesko OYJ - B Shares		681,389
	35,936	Konecranes Oyj		1,655,983
	9,402	Lassila & Tikanoja Oyj		199,325
	2,070	Lemminkainen Oyj		55,483
	75,818	Metsa Board Oyj		562,576
	21,925	Metso Oyj		797,082
	79,905	Neste Oyj		4,451,887
	16,916	Nokian Renkaat Oyj		775,770
	4,247	Olvi Oyj - Class A		138,767
	27,474	Oriola Oyj - Class B		103,050
	6,792	Orion Oyj - Class A		278,569
	21,898	Orion Oyj - Class B		897,877
	146,050	Outokumpu Oyj		1,381,425
	25,811	Outotec Oyj(b)		205,501

12

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
FINLAND (continued)
	845	Ponsse Oyj	$	26,517
	3,126	Poyry Oyj(b)		17,842
	45,285	Raisio Oyj - V Shares		187,263
	31,582	Ramirent Oyj		290,627
	681	Revenio Group Oyj		29,200
	52,835	Sanoma Oyj		627,142
	7,186	SRV Group Oyj		34,571
	8,661	Stockmann OYJ Abp - Class B(b)		55,690
	299,539	Stora Enso Oyj - Class R		4,685,967
	163,338	Talvivaara Mining Co. Plc(a)(b)(c)		1,085
	18,666	Technopolis Oyj		84,146
	1,099	Teleste OYJ		10,177
	16,141	Tieto Oyj		494,676
	7,655	Tikkurila Oyj		151,320
	15,354	Uponor Oyj		309,233
	3,483	Vaisala Oyj - Class A		188,983
	54,430	Valmet Oyj		1,055,656
	15,103	Wartsila Oyj Abp		972,878
	32,499	YIT Oyj		247,013
				27,798,398
FRANCE — 1.9%
	4,968	ABC Arbitrage		35,821
	8,307	Actia Group		63,671
	135,901	Air France-KLM(b)		2,129,192
	1,984	Akka Technologies SA		119,713
	12,747	Albioma SA		303,797
	33,754	Alstom SA		1,365,919
	353	Altarea SCA REIT		79,463
	5,734	Alten SA		501,945
	25,305	Altran Technologies SA		468,087
	4,680	Amplitude Surgical SAS(b)		23,223
	656	ANF Immobilier REIT		16,926
	1,649	Antalis International SAS(b)		4,015
	2,203	APRIL SA		36,696
	304	Argan SA REIT		13,803
	50,239	Arkema SA		6,346,589
	3,814	Assystem		147,543
	1,208	Aubay		48,631
	612	Bastide le Confort Medical		32,957
	12,712	Beneteau SA		228,629
	1,510	Bigben Interactive(b)		23,728
	5,973	BioMerieux		468,528
	85,016	Boiron SA(a)		7,674,891
	10,155	Bonduelle SCA		479,431
	3,861	Bourbon SA		34,496
	52,614	Bureau Veritas SA		1,409,304
	130	Burelle SA		194,293
	8,854	Casino Guichard Perrachon SA		505,726
	479	Catering International Services		9,569
	1,749	Cegedim SA(b)		68,047
	45,377	Cellectis SA(b)		1,565,107
	9,020	Chargeurs SA		254,478
	110	Chargeurs SA(b)		2,950

Shares			Value
FRANCE (continued)
	5,908	Cie des Alpes	$	187,395
	17,825	Coface SA(b)		194,761
	69,200	Derichebourg SA		738,446
	1,675	Devoteam SA		156,558
	19,338	Edenred		557,515
	35,398	Eiffage SA		3,698,219
	410	Electricite de Strasbourg SA		59,665
	19,910	Elior Group		565,425
	21,415	Elis SA		558,649
	1,851	Eramet(b)		152,525
	1,990	Esso SA Francaise(b)		135,907
	5,729	Euler Hermes Group		664,740
	23,263	Europcar Groupe SA		332,762
	84,618	Eutelsat Communications SA		2,120,181
	1,226	Exel Industries SA - Class A		163,018
	43,377	Faurecia		3,153,432
	590	Fleury Michon SA		34,865
	2,326	Fonciere Des Regions REIT		236,886
	41,109	Gaztransport Et Technigaz SA		2,012,161
	2,777	Gecina SA REIT		450,606
	6,371	GL Events		194,066
	1,737	Groupe Crit		163,891
	68,766	Groupe Eurotunnel SE		864,301
	4,051	Groupe Fnac SA(b)(d)		382,884
	1,024	Groupe Fnac SA(b)(d)		96,779
	1,726	Groupe Open		58,305
	1,572	Guerbet		141,547
	4,545	Haulotte Group SA		82,855
	238	HERIGE SADCS		10,563
	3,255	ICADE REIT		284,369
	301	ID Logistics Group(b)		51,716
	11,216	Imerys SA		1,021,549
	114,320	Ingenico Group SA		11,098,021
	1,622	Interparfums SA		60,460
	5,550	Ipsen SA		671,058
	20,380	IPSOS		753,259
	6,546	Jacquet Metal Service		211,711
	10,725	JCDecaux SA		410,395
	375,900	Korian SA		12,216,487
	71,674	Lagardere SCA		2,360,663
	863	Laurent-Perrier		80,934
	1,403	Le Belier		77,056
	1,830	Le Noble Age		128,284
	4,484	Lectra		131,206
	1,180	Linedata Services		53,813
	202,041	LISI(a)		9,272,686
	438	Maisons France Confort SA		30,607
	3,615	Manitou BF SA		143,172
	72	Manutan International		7,104
	5,255	Mersen		230,466
	13,382	METabolic EXplorer SA(b)		34,605
	10,264	Metropole Television SA		237,327
	5,327	MGI Coutier		216,436
	1,975	Mr Bricolage		38,742
	1,247	Naturex(b)		141,625
	22,346	Neopost SA		823,581

13

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
FRANCE (continued)
	16,113	Nexans SA	$	1,054,830
	7,196	Nexity SA		442,164
	4,931	Nicox(b)		50,483
	1,512	NRJ Group(b)		19,092
	5,591	Oeneo SA		61,610
	4,277	OL Groupe SA(b)		14,149
	6,110	Orpea		732,007
	6,929	Parrot SA(b)		86,362
	2,367	Pierre & Vacances SA(b)		126,555
	17,792	Plastic Omnium SA		741,955
	6,264	Plastivaloire		160,453
	769	PSB Industries SA		42,540
	19,054	Rallye SA		325,823
	79,980	Rexel SA		1,427,748
	188	Robertet SA		87,914
	2,055	Rothschild & Co.		73,788
	259,786	Rubis SCA		16,304,713
	5,534	Sartorius Stedim Biotech		377,172
	2,786	Savencia SA		266,112
	54,627	SCOR SE		2,268,171
	6,771	SEB SA		1,261,951
	988	Seche Environnement SA		35,792
	2,032	Societe BIC SA		214,614
	436	Societe pour l’Informatique Industrielle		11,300
	49,337	Solocal Group(b)		54,597
	2,470	Somfy SA		250,315
	2,659	Sopra Steria Group		498,826
	16,659	SPIE SA		438,170
	38,627	Ste Industrielle d’Aviation Latecoere SA(b)		244,771
	1,739	Stef SA		192,176
	32,625	Suez Environnement Co.		573,849
	4,082	Synergie SA		221,104
	145,000	Talend SA - ADR(a)(b)		6,004,450
	9,324	Tarkett SA		396,754
	13,384	Technicolor SA		47,426
	14,768	Teleperformance SA		2,157,193
	36,528	Television Francaise 1		519,531
	436	Tessi SA		88,106
	83	TFF Group		15,179
	826	Thermador Groupe		100,960
	957	Touax SA(b)		15,083
	1,951	Trigano SA		314,758
	42,609	UBISOFT Entertainment(b)		3,250,966
	305	Union Financiere de France BQE SA		11,547
	106,014	Vallourec SA(b)		580,528
	10,371	Valneva SE(b)		33,584
	602	Vetoquinol SA		38,856
	7,551	Vicat SA		584,128
	1,831	VIEL & Cie SA		11,389
	2,914	Vilmorin & Cie SA		280,647
	596	Virbac SA(b)		76,749
	627	Vranken - Pommery Monopole SA		17,602

Shares			Value
FRANCE (continued)
	340	Worldline S.A.(b)	$	16,632
	6,029	Zodiac Aerospace		172,412
				127,008,993
GABON — 0.0%
	72	Total Gabon		11,791
GEORGIA — 0.0%
	5,317	BGEO Group Plc		251,398
GERMANY — 2.6%
	19,639	Aareal Bank AG		812,229
	25,024	ADVA Optical Networking SE(b)		155,365
	40,347	AIXTRON SE(b)		629,776
	174	All for One Steeb AG		12,167
	4,617	Allgeier SE		122,271
	9,399	Alstria Office REIT AG		133,078
	1,125	Amadeus Fire AG		103,421
	352	Atoss Software AG		29,698
	23,296	Aurubis AG		1,906,327
	24,594	Axel Springer SE		1,658,737
	310	Basler AG		63,392
	6,954	Bauer AG		222,598
	6,968	BayWa AG		271,908
	4,340	Bechtle AG		345,944
	2,119	Bertrandt AG		198,699
	1,508	Bijou Brigitte AG		94,329
	10,155	Bilfinger SE		408,575
	2,505	Biotest AG		79,660
	256	Biotest AG - Preference Shares		6,769
	48,216	Borussia Dortmund GmbH & Co. KGaA		400,227
	42,784	Brenntag AG		2,422,822
	2,756	CANCOM SE		203,278
	6,532	Carl Zeiss Meditec AG		348,179
	2,761	CENIT AG		65,256
	5,549	CENTROTEC Sustainable AG		119,967
	3,390	Cewe Stiftung & Co. KGaA		330,715
	6,990	Comdirect Bank AG		97,382
	39,273	Commerzbank AG(b)		538,215
	4,968	CompuGroup Medical SE		285,471
	10,956	Constantin Medien AG(b)		24,222
	16,237	CropEnergies AG		172,114
	9,664	CTS Eventim AG & Co KGaA		399,177
	183,814	Deutsche Lufthansa AG		5,866,769
	36,249	Deutsche Pfandbriefbank AG		520,419
	62,704	Deutz AG		531,736
	3,960	Dic Asset AG		46,359
	7,566	DMG Mori AG		438,107
	2,100	Dr Hoenle AG		97,603
	1,716	Draegerwerk AG & Co. KGaA		152,015
	5,318	Draegerwerk AG & Co. KGaA - Preference Shares		611,104
	6,958	Drillisch AG		489,543
	88,092	Duerr AG		12,144,358
	2,478	Eckert & Ziegler AG		104,419

14

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares				Value
GERMANY (continued)
	7,759		Elmos Semiconductor AG	$	219,489
	21,112		ElringKlinger AG		367,286
	182,583		Fielmann AG		16,004,299
	2,636		First Sensor AG(b)		64,773
	5,207		Francotyp-Postalia Holding AG		29,720
	27,736		Fraport AG Frankfurt Airport Services Worldwide		2,631,831
	34,885		Freenet AG		1,165,637
	9,156		Fuchs Petrolub SE		514,017
	7,844		Fuchs Petrolub SE		390,656
	28,744		GEA Group AG		1,386,005
	85,179		Gerresheimer AG		6,770,822
	10,596		Gerry Weber International AG		131,080
	6,342		Gesco AG		225,281
	3,907		GFT Technologies SE		58,641
	9,049		Grammer AG		524,875
	5,775		GRENKE AG		565,136
	5,430		H&R GmbH & Co. KGaA(b)		95,857
	8,905		Hamborner AG REIT		94,249
	14,465		Hamburger Hafen und Logistik AG		461,678
	172,589		Heidelberger Druckmaschinen AG(b)		687,558
	19,225		Hella KGaA Hueck & Co		1,156,886
	3,483		Hochtief AG		614,661
	11,858		HolidayCheck Group AG(b)		39,159
	2,152		Hornbach Baumarkt AG		78,211
	13,464		HUGO BOSS AG		1,205,123
	10,263		Indus Holding AG		718,845
	958		Isra Vision AG		185,132
	8,050		Jenoptik AG		271,043
	149,421		Jost Werke AG(a)(b)		6,834,190
	13,209		Jungheinrich AG - Preference Shares		599,920
	66,118		K+S AG		1,603,505
	37,788		KION Group AG		3,024,431
	28,513		Kloeckner & Co. SE		335,787
	4,252		Koenig & Bauer AG		330,609
	8,718		Krones AG		1,102,342
	210		KSB AG		114,726
	516		KWS Saat SE		217,765
	56,757		Lanxess AG		4,434,884
	5,043		Leg Immobilien AG		512,242
	1,596		Leifheit AG		56,768
	23,169		Leoni AG		1,537,799
	1,170		Manz AG(b)		52,048
	1,297		MasterFlex SE		12,117
	99,555		Metro Wholesale & Food Specialist AG(b)		1,901,272
	23,264	��	MLP AG		159,749
	16,492		Morphosys AG(b)		1,432,350
	115,639		MTU Aero Engines AG		19,498,119
	44,471		Nemetschek SE		3,969,589
	2,244		Nexus AG		68,106
	143,567		NORMA Group SE		9,768,135
	2,536		OHB SE		123,022

Shares			Value
GERMANY (continued)
	33,352	OSRAM Licht AG	$	2,551,672
	541	paragon AG		47,100
	23,955	Patrizia Immobilien AG(b)		505,341
	1,780	Pfeiffer Vacuum Technology AG		285,823
	56,197	PNE Wind AG		168,235
	1,310	Progress-Werk Oberkirch AG		73,810
	20,822	ProSiebenSat.1 Media SE		726,301
	322	Puma SE		145,757
	47,795	QSC AG		95,815
	870	R Stahl AG		32,242
	16,118	Rational AG		10,570,350
	25,667	Rheinmetall AG		3,027,192
	77,419	RHOEN-KLINIKUM AG		2,700,935
	8,336	RIB Software AG		205,225
	233,027	RWE AG(b)		5,825,132
	17,769	SAF-Holland SA		351,973
	12,816	Salzgitter AG		619,691
	6,413	Sartorius AG - Preference Shares		597,689
	1,391	Schaltbau Holding AG(b)		49,103
	330	Secunet Security Networks AG		31,909
	3,648	SHW AG		144,712
	1,480	Siltronic AG(b)		219,290
	7,992	Sixt Leasing SE		177,299
	6,938	Sixt SE		645,326
	8,410	Sixt SE - Preference Shares		542,818
	8,180	SMA Solar Technology AG		379,185
	977	Softing AG		10,454
	16,554	Software AG		842,856
	1,462	Sto Se & Co. KGAA - Preference Shares		221,391
	6,642	Stroeer SE & Co. KGaA		424,757
	22,636	Suedzucker AG		448,248
	5,516	Suess MicroTec AG(b)		105,953
	4,187	Surteco SE		125,393
	18,609	Symrise AG		1,448,219
	13,159	TAG Immobilien AG		226,322
	19,992	Takkt AG		414,637
	28,133	Talanx AG		1,104,865
	423	Technotrans AG		24,526
	4,769	TLG Immobilien AG		110,381
	8,774	Tom Tailor Holding AG(b)		90,696
	524	Traffic Systems SE		11,884
	67,209	Uniper SE		1,888,315
	21,585	United Internet AG		1,365,531
	14,542	VERBIO Vereinigte BioEnergie AG		136,767
	4,362	Villeroy & Boch AG - Preference Shares		101,876
	3,481	Vossloh AG(b)		219,975
	8,913	VTG AG		516,052
	10,394	Wacker Chemie AG		1,621,792
	10,042	Wacker Neuson SE		327,235
	1,892	Washtec AG		167,077
	16,854	Wirecard AG		1,659,917

15

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
GERMANY (continued)
	6,076	Wuestenrot & Wuerttem-bergische AG	$	163,281
	472	XING AG		140,256
				172,650,406
GIBRALTAR — 0.0%
	23,380	888 Holdings Plc		77,847
GREECE — 0.0%
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b)(c)		0
	507,838	Alpha Bank AE(b)		1,011,559
	801,389	Eurobank Ergasias SA(b)		654,382
	36,614	Intralot SA-Integrated Lottery Systems & Services(b)		45,635
	1,689,985	National Bank of Greece SA(b)		559,076
	49,761	OPAP SA		557,614
	22,848	Proton Bank SA(a)(b)(c)		0
	3,238	Sarantis SA		46,582
	12,534	T Bank SA(a)(b)(c)		0
	2,904	Terna Energy SA		14,106
	647	Thessaloniki Port Authority SA		17,402
	31,091	TT Hellenic Postbank SA(a)(b)(c)		0
				2,906,356
HONG KONG — 1.2%
	375,000	Agritrade Resources Ltd.		96,617
	900,000	Alibaba Pictures Group Ltd.(b)		146,512
	1,415,693	Allied Properties HK Ltd.		301,234
	58,000	AMVIG Holdings Ltd.		16,430
	520,000	Anxin-China Holdings Ltd.(a)(b)(c)		4,812
	144,250	APT Satellite Holdings Ltd.		68,414
	144,000	Asia Financial Holdings Ltd.		85,831
	500	Asia Satellite Telecommunications Holdings Ltd.		461
	296,200	ASM Pacific Technology Ltd.		4,309,316
	74,000	Associated International Hotels Ltd.(a)		241,880
	275,000	Auto Italia Holdings Ltd.(b)		5,499
	704,000	AVIC International Holding HK Ltd.(b)		46,925
	135,000	Beijing Enterprises Holdings Ltd.		802,068
	466,000	Beijing Enterprises Water Group Ltd.		391,250
	504,000	Bel Global Resources Holdings Ltd.(a)(b)(c)		0
	92,000	Bright Smart Securities & Commodities Group Ltd.		29,128
	355,000	Brightoil Petroleum Holdings Ltd.(a)(b)(c)		68,257
	196,000	Brilliance China Automotive Holdings Ltd.		495,439
	1,644,354	Brockman Mining Ltd.(b)		21,710

Shares			Value
HONG KONG (continued)
	398,186	C C Land Holdings Ltd.(b)	$	86,769
	44,000	Cafe de Coral Holdings Ltd.		135,360
	28,000	Canvest Environmental Protection Group Co. Ltd.		15,613
	92,000	Carrianna Group Holdings Co. Ltd.		10,849
	208,000	Cathay Pacific Airways Ltd.(b)		355,670
	166,800	Century City International Holdings Ltd.		15,822
	564,000	CGN New Energy Holdings Co. Ltd.		84,585
	80,213	Champion Technology Holdings Ltd.(b)		10,488
	134,359	Cheuk Nang Holdings Ltd.		86,629
	85,873	Chevalier International Holdings Ltd.		142,656
	504,000	China Aerospace International Holdings Ltd.		63,312
	872,137	China Agri-Industries Holdings Ltd.		425,929
	204,000	China All Access Holdings Ltd.		59,882
	53,000	China Animation Characters Co. Ltd.		20,381
	2,040,000	China Daye Non-Ferrous Metals Mining Ltd.(b)		29,810
	950,000	China Ever Grand Financial Leasing Group Co. Ltd.(b)		8,037
	87,000	China Everbright International Ltd.		122,670
	525,600	China Fiber Optic Network System Group Ltd.(a)(b)(c)		8,846
	20,000	China Flavors & Fragrances Co. Ltd.		5,332
	442,000	China Foods Ltd.		279,317
	90,000	China Gas Holdings Ltd.		273,412
	208,000	China Grand Pharmaceutical and Healthcare Holdings Ltd.(b)		76,520
	6,603,000	China High Precision Automation Group Ltd.(a)(b)(c)		193,611
	54,000	China High Speed Transmission Equipment Group Co. Ltd.		58,836
	2,684,000	China Jinmao Holdings Group Ltd.		1,204,143
	12,236,000	China Lumena New Materials Corp.(a)(b)(c)		0
	193,200	China Metal Recycling Holdings Ltd.(a)(b)(c)		0
	492,557	China New Town Development Co. Ltd.(b)		22,729
	484,000	China Oceanwide Holdings Ltd.(b)		40,326
	1,210,000	China Oil and Gas Group Ltd.		82,203
	580,500	China Overseas Grand Oceans Group Ltd.		340,052
	245,000	China Overseas Property Holdings Ltd.		59,041

16

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
HONG KONG (continued)
	85,000	China Power International Development Ltd.	$	27,021
	195,000	China Properties Group Ltd.(b)		43,742
	245,102	China Resources Beer Holdings Co. Ltd.		706,898
	428,440	China Resources Cement Holdings Ltd.		289,420
	70,800	China Resources Gas Group Ltd.		259,100
	44,000	China Resources Power Holdings Co. Ltd.		84,600
	168,000	China Ruifeng Renewable Energy Holdings Ltd.(b)		14,428
	86,920	China Singyes Solar Technologies Holdings Ltd.		31,196
	2,166,000	China South City Holdings Ltd.		605,261
	910,000	China Starch Holdings Ltd.		35,577
	1,471,716	China State Construction International Holdings Ltd.		2,067,579
	284,000	China Taiping Insurance Holdings Co. Ltd.		935,576
	528,000	China Traditional Chinese Medical Co. Ltd.		302,530
	1,214,000	China Travel International Investment Hong Kong Ltd.		449,722
	666,000	China Unicom Hong Kong Ltd.(b)		945,892
	28,000	China Vast Industrial Urban Development Co. Ltd.		15,290
	84,000	China Water Affairs Group Ltd.		61,158
	128,000	China Water Industry Group Ltd.(b)		27,728
	103,000	Chow Sang Sang Holdings International Ltd.		224,711
	110,000	Chu Kong Shipping Enterprises Group Co. Ltd.		28,059
	237,500	Chuang’s Consortium International Ltd.		55,407
	90,000	CIMC Enric Holdings Ltd.(b)		60,912
	185,000	CITIC Dameng Holdings Ltd.(b)		11,738
	769,000	CITIC Resources Holdings Ltd.		83,786
	649,000	CITIC Telecom International Holdings Ltd.		185,514
	274,000	Citychamp Watch & Jewellery Group Ltd.		68,839
	490,000	CK Life Sciences International Holdings, Inc.		37,686
	47,000	Clear Media Ltd.		53,920
	95,000	CNQC International Holdings Ltd.		34,584
	224,007	Comba Telecom Systems Holdings Ltd.		41,061
	1,400,000	Concord New Energy Group Ltd.		68,193
	2,865	COSCO Shipping Ports Ltd.		3,320
	93,000	Cowell e Holdings, Inc.		45,538
	2,052,000	CP Pokphand Co. Ltd.		165,709

Shares			Value
HONG KONG (continued)
	1,359,335	CSI Properties Ltd.	$	69,697
	530,000	Dah Chong Hong Holdings Ltd.		248,648
	84,924	Dah Sing Banking Group Ltd.		187,888
	60,678	Dah Sing Financial Holdings Ltd.		407,559
	80,000	Dawnrays Pharmaceutical Holdings Ltd.		47,376
	244,000	DBA Telecommunication Asia Holdings Ltd.(a)(b)(c)		2,052
	209,500	Digital China Holdings Ltd.(b)		126,752
	108,000	Dynasty Fine Wines Group Ltd.(a)(b)(c)		3,738
	92,000	Eagle Nice International Holdings Ltd.		45,874
	168,234	EganaGoldpfeil Holdings Ltd.(a)(b)(c)		0
	386,416	Emperor International Holdings Ltd.		136,707
	518,000	EVA Precision Industrial Holdings Ltd.		71,710
	9,500	Fairwood Holdings Ltd.		37,993
	591,893	Far East Consortium International Ltd.		323,207
	457,000	Far East Horizon Ltd.		453,989
	622,000	First Pacific Co. Ltd.		473,592
	168,000	First Shanghai Investments Ltd.(b)		22,827
	30,000	Fountain SET Holdings Ltd.		4,499
	272,500	Fullshare Holdings Ltd.		116,665
	546,000	GCL-New Energy Holdings Ltd.(b)		39,893
	5,030,000	GCL-Poly Energy Holdings Ltd.(b)		863,973
	1,326,000	Gemdale Properties & Investment Corp. Ltd.		135,976
	60,150	Get Nice Financial Group Ltd.		17,425
	2,406,000	Get Nice Holdings Ltd.		103,316
	266,000	Giordano International Ltd.		150,365
	471,000	Glorious Property Holdings Ltd.(b)		51,318
	220,000	Gold Peak Industries Holdings Ltd.		23,406
	86,000	Goldlion Holdings Ltd.		33,732
	16,000	Good Friend International Holdings, Inc.		3,917
	84,000	Guangdong Investment Ltd.		121,670
	14,000	Guoco Group Ltd.		221,447
	241,600	Guotai Junan International Holdings Ltd.		77,112
	93,000	Haier Electronics Group Co. Ltd.		244,975
	420,102	Haitong International Securities Group Ltd.		238,015
	181,000	Hang Lung Group Ltd.		635,706
	133,267	Hanison Construction Holdings Ltd.		24,599
	114,000	Harbour Centre Development Ltd.		215,977

17

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
HONG KONG (continued)
	204,000	Hi Sun Technology (China) Ltd.(b)	$	46,807
	4,871,565	HKBN Ltd.(a)		4,945,624
	65,441	HKC Holdings Ltd.		53,518
	102,400	HKR International Ltd.		65,367
	90,000	Hon Kwok Land Investment Co. Ltd.		59,643
	9,600	Hong Kong Aircraft Engineering Co. Ltd.		64,788
	253,651	Hongkong & Shanghai Hotels Ltd. (The)		412,922
	12,650	Hopewell Highway Infrastructure Ltd.		7,848
	135,500	Hopewell Holdings Ltd.		520,192
	208,000	Hopson Development Holdings Ltd.		212,762
	188,000	Hsin Chong Group Holdings Ltd.(a)(b)(c)		3,164
	220,000	Hua Han Health Industry Holdings Ltd.(a)(b)(c)		14,946
	527,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		189,146
	44,000	Hysan Development Co. Ltd.		212,629
	175,000	IPE Group Ltd.		43,966
	398,000	IT Ltd.		206,107
	66,905	ITC Properties Group Ltd.		24,870
	95,125	Johnson Electric Holdings Ltd.		383,480
	1,094,000	Joy City Property Ltd.		190,714
	538,000	Ju Teng International Holdings Ltd.		191,714
	521,002	K Wah International Holdings Ltd.		299,188
	84,000	Kader Holdings Co. Ltd.		10,983
	1,500,000	Kai Yuan Holdings Ltd.(b)		10,575
	153,000	Kerry Logistics Network Ltd.		211,024
	206,000	Kerry Properties Ltd.		926,834
	350,200	Kingboard Chemical Holdings Ltd.		2,076,134
	111,500	Kingboard Laminates Holdings Ltd.		187,229
	74,000	Kingmaker Footwear Holdings Ltd.		23,714
	1,428,000	Kingston Financial Group Ltd.		1,101,925
	328,000	Kowloon Development Co. Ltd.		365,781
	1,248,000	Kunlun Energy Co. Ltd.		1,156,592
	43,180	Lai Fung Holdings Ltd.		72,507
	41,495	Lai Sun Development Co. Ltd.		74,997
	120,640	Lai Sun Garment International Ltd.		235,670
	9,000	Lam Soon Hong Kong Ltd.		12,459
	68,000	Landsea Green Properties Co. Ltd.		7,409
	24,000	Lee & Man Chemical Co. Ltd.		13,382
	751,200	Lee & Man Paper Manufacturing Ltd.		916,685
	40,500	Lee’s Pharmaceutical Holdings Ltd.		36,288

Shares			Value
HONG KONG (continued)
	1,704,000	Li & Fung Ltd.	$	858,400
	131,000	Lifestyle China Group Ltd.(b)		43,659
	606,318	Link REIT (The)		5,094,489
	106,000	Luk Fook Holdings International Ltd.		448,381
	1,298,000	Magnificent Hotel Investment Ltd.		39,099
	260,000	Man Wah Holdings Ltd.		234,625
	3,700	Mandarin Oriental International Ltd.		8,139
	150,000	Melco International Development Ltd.		410,503
	109,000	Ming Fai International Holdings Ltd.		16,906
	429,000	Mingfa Group International Co. Ltd.(a)(b)(c)		12,373
	702,000	Minmetals Land Ltd.		104,381
	48,000	Miramar Hotel & Investment Co. Ltd.		103,612
	282,000	National Agricultural Holdings Ltd.(a)(b)(c)		16,133
	97,000	New World Department Store China Ltd.(b)		21,386
	366,000	Newocean Energy Holdings Ltd.(b)		93,360
	362,000	Next Digital Ltd.(b)		22,737
	825,000	Nine Dragons Paper Holdings Ltd.		1,514,344
	1,450,000	North Mining Shares Co. Ltd.(b)		29,738
	22,164	NWS Holdings Ltd.		44,831
	22,500	Orient Overseas International Ltd.		216,596
	4,000	Overseas Chinese Town Asia Holdings Ltd.		1,548
	1,340,246	Pacific Andes International Holdings Ltd.(a)(b)(c)		4,707
	614,000	Pacific Basin Shipping Ltd.(b)		140,093
	320,000	Pacific Plywood Holdings Ltd.(b)		19,279
	105,000	Pacific Textile Holdings Ltd.		110,499
	201,240	Paliburg Holdings Ltd.		86,930
	2,809,071	PCCW Ltd.		1,548,313
	48,000	Peace Mark Holdings Ltd.(a)(b)(c)		0
	408,000	Phoenix Satellite Television Holdings Ltd.		59,620
	368,000	Pico Far East Holdings Ltd.		155,664
	540,000	Playmates Holdings Ltd.		71,987
	116,000	Playmates Toys Ltd.		18,289
	2,421,000	Poly Property Group Co. Ltd.(b)		1,173,043
	460,000	Polytec Asset Holdings Ltd.		37,147
	597,000	Pou Sheng International Holdings Ltd.		109,430
	314,200	Regal Hotels International Holdings Ltd.		223,525
	21,000	Road King Infrastructure Ltd.		34,509
	14,000	Rotam Global Agrosciences Ltd.		14,297

18

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
HONG KONG (continued)
	199,800	SA SA International Holdings Ltd.	$	72,479
	116,000	SAS Dragon Holdings Ltd.		37,916
	36,495	Seaspan Corp.		255,465
	252,516	Shanghai Industrial Holdings Ltd.		775,214
	411,000	Shanghai Industrial Urban Development Group Ltd.		88,507
	400,000	Shanghai Zendai Property Ltd.(b)		6,101
	234,000	Shangri-La Asia Ltd.		465,516
	120,000	Shenwan Hongyuan HK Ltd.		43,531
	386,685	Shenzhen International Holdings Ltd.		738,535
	2,122,659	Shenzhen Investment Ltd.		946,863
	841,129	Shimao Property Holdings Ltd.		1,761,741
	842,000	Shougang Fushan Resources Group Ltd.		181,321
	652,000	Singamas Container Holdings Ltd.		135,391
	1,356,000	Sino Biopharmaceutical Ltd.		1,583,454
	2,225,000	Sino Oil And Gas Holdings Ltd.(b)		43,066
	344,000	Sinofert Holdings Ltd.(b)		60,851
	330,000	Sinopec Kantons Holdings Ltd.		213,616
	61,000	SITC International Holdings Co. Ltd.		58,800
	56,000	SJM Holdings Ltd.		48,094
	290,000	Skyfame Realty Holdings Ltd.(b)		95,906
	3,890,878	Skyworth Digital Holdings Ltd.		1,790,480
	21,643	SmarTone Telecommunications Holding Ltd.		26,938
	154,386	SMI Holdings Group Ltd.		79,158
	7,500	Soundwill Holdings Ltd.		16,228
	1,740,000	South China Holdings Co. Ltd.(b)		63,566
	269,212	SSY Group Ltd.		128,025
	90,500	Stella International Holdings Ltd.		147,326
	1,039,000	Sun Art Retail Group Ltd.		1,049,468
	271,801	Sun Hung Kai & Co. Ltd.		174,549
	576,000	TCC International Holdings Ltd.(a)(c)		267,275
	173,000	TCL Multimedia Technology Holdings Ltd.		93,137
	35,500	Television Broadcasts Ltd.		134,239
	93,500	Texhong Textile Group Ltd.		128,959
	224,000	Texwinca Holdings Ltd.		135,237
	185,800	Tian An China Investment Co. Ltd.(b)		138,611
	1,258,000	Tianjin Port Development Holdings Ltd.		196,729
	164,000	Tianyi Summi Holdings Ltd.		23,544
	184,000	Tibet Water Resources Ltd.(b)		75,945
	278,644	Tomson Group Ltd.		128,939
	330,000	Tongda Group Holdings Ltd.		93,483

Shares			Value
HONG KONG (continued)
	62,000	Top Spring International Holdings Ltd.	$	37,511
	81,027	Towngas China Co. Ltd.		66,472
	468,000	TPV Technology Ltd.		79,786
	58,000	Tradelink Electronic Commerce Ltd.		10,260
	80,800	Transport International Holdings Ltd.		258,410
	368,000	Truly International Holdings Ltd.		142,456
	233,000	TSC Group Holdings Ltd.(b)		23,594
	100,000	Tsui Wah Holdings Ltd.		15,125
	2,002,000	United Energy Group Ltd.(b)		109,064
	288,500	United Laboratories International Holdings Ltd. (The)(b)		251,098
	154,500	Universal Medical Financial & Technical Advisory Services Co. Ltd.		163,186
	44,000	Up Energy Development Group Ltd.(a)(b)(c)		136
	111,210	Valuetronics Holdings Ltd.		84,442
	42,000	Vinda International Holdings Ltd.		84,846
	152,000	Vitasoy International Holdings Ltd.		351,486
	483,600	VST Holdings Ltd.		225,020
	290,300	VTech Holdings Ltd.		4,126,730
	68,622	Wasion Group Holdings Ltd.		35,272
	68,000	Wing On Co. International Ltd.		240,572
	220,000	Wing Tai Properties Ltd.		152,280
	450,000	Xinyi Glass Holdings Ltd.		435,499
	3,000	YGM Trading Ltd.		3,034
	1,300,872	Yue Yuen Industrial Holdings Ltd.		4,985,781
	3,862,946	Yuexiu Property Co. Ltd.		747,693
	32,191	Yuexiu Transport Infrastructure Ltd.		23,603
	306,000	Zhuhai Holdings Investment Group Ltd.		45,892
				79,441,509
HUNGARY — 0.0%
	46,808	Magyar Telekom Telecommunications Plc		81,250
	11,745	Richter Gedeon Nyrt		292,187
				373,437
INDIA — 0.8%
	293	3M India Ltd.(b)		64,191
	2,639	5Paisa Capital Ltd.(a)(b)(c)		10,644
	4,102	Aarti Industries		60,373
	1,662	ABB India Ltd.		35,560
	2,329	ACC Ltd.		65,065
	59,679	Adani Enterprises Ltd.		121,899
	151,284	Adani Power Ltd.(b)		76,493
	84,016	Adani Transmission Ltd(b)		269,801

19

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
INDIA (continued)
	98,716	Aditya Birla Capital Ltd.(b)	$	271,132
	33,462	Aditya Birla Fashion and Retail Ltd.(b)		81,057
	12,792	Aegis Logistics Ltd.		45,918
	2,325	AIA Engineering Ltd.		49,414
	3,985	Ajanta Pharma Ltd.		75,063
	250	Akzo Nobel India Ltd.		7,385
	13,659	Alembic Pharmaceuticals Ltd.		106,442
	787	Alkem Laboratories Ltd.		22,768
	20,057	Allahabad Bank(b)		24,277
	9,410	Allcargo Logistics Ltd.		25,221
	2,907	Amara Raja Batteries Ltd.		31,399
	31,772	Ambuja Cements Ltd.		138,083
	28,807	Anant Raj Ltd.		26,796
	41,733	Andhra Bank(b)		42,557
	4,489	Apar Industries Ltd.		53,161
	8,379	Apollo Hospitals Enterprise Ltd.		134,350
	85,067	Apollo Tyres Ltd.		323,083
	50,716	Arvind Ltd.		314,023
	152,423	Ashok Leyland Ltd.		308,747
	11,792	Ashoka Buildcon Ltd.		38,769
	3,992	Astral Polytechnik Ltd.		46,945
	2,224	Atul Ltd.		82,330
	37,449	Aurobindo Pharma Ltd.		439,412
	6,484	Bajaj Corp. Ltd.		46,604
	4,605	Bajaj Electricals Ltd.		27,585
	102,837	Bajaj Hindusthan Sugar Ltd.(b)		23,657
	13,089	Bajaj Holdings & Investment Ltd.		599,967
	5,131	Balkrishna Industries Ltd.		135,061
	12,833	Balmer Lawrie & Co. Ltd.		46,758
	48,952	Balrampur Chini Mills Ltd.		129,576
	33,529	Bank of Baroda		87,949
	213,818	Bank of India(b)		630,845
	1,330	BASF India Ltd.		35,714
	5,028	Bata India Ltd.		62,963
	2,183	BEML Ltd. - Partly Paid Shares		57,754
	9,384	Berger Paints India Ltd.		38,545
	19,283	Bharat Electronics Ltd.		54,957
	4,628	Bharat Financial Inclusion Ltd.(b)		69,669
	24,210	Bharat Forge Ltd.		260,971
	521,900	Bharat Heavy Electricals Ltd.		789,644
	112,524	Bharti Airtel Ltd.		863,762
	3,536	Birla Corp. Ltd.		62,148
	4,707	Bliss Gvs Pharma Ltd.		12,619
	634	Blue Dart Express Ltd.		41,044
	2,155	Blue Star Ltd.		26,998
	10,347	Bodal Chemicals Ltd.		28,691
	18,485	Bombay Dyeing & Manufacturing Co. Ltd.		55,437
	13,389	Brigade Enterprises Ltd.		54,675
	1,291	Britannia Industries Ltd.		92,473
	6,303	Cadila Healthcare Ltd.		48,992
	8,545	Can Fin Homes Ltd.		63,344
	129,651	Canara Bank		811,879

Shares			Value
INDIA (continued)
	4,224	Capital First Ltd.	$	49,211
	7,476	Carborundum Universal Ltd.		41,702
	8,239	Castrol India Ltd.		50,868
	10,399	Ceat Ltd.		268,423
	4,533	Century Plyboards India Ltd.		19,760
	6,416	Century Textiles & Industries Ltd.		134,677
	1,713	CESC Ltd.		26,941
	64,732	CG Power and Industrial Solutions Ltd.(b)		82,850
	57,473	Chambal Fertilizers and Chemicals Ltd.		133,675
	3,941	Chennai Petroleum Corp Ltd.		28,524
	56,756	Chennai Super Kings Cricket Ltd.(a)(b)(c)		370
	6,538	Cholamandalam Investment and Finance Co. Ltd.		116,202
	26,937	Cipla Ltd.		261,006
	11,146	City Union Bank Ltd.		27,800
	7,047	Coffee Day Enterprises Ltd.(b)		24,202
	6,394	Colgate-Palmolive India Ltd.		105,099
	2,891	Container Corp. of India Ltd.		61,700
	14,352	Coromandel International Ltd.		114,169
	23,636	Corp. Bank(b)		16,531
	50,107	Cox & Kings Ltd.		202,103
	47,727	Crompton Greaves Consumer Electricals Ltd.		162,955
	2,991	Cummins India Ltd.		41,798
	14,681	Cyient Ltd.		122,521
	56,562	Dabur India Ltd.		290,664
	4,361	Dalmia Bharat Ltd.		201,459
	5,461	Dalmia Bharat Sugar & Industries Ltd.		15,475
	6,484	DB Corp. Ltd.		36,238
	27,921	DCB Bank Ltd.		76,709
	9,427	DCM Shriram Ltd.		76,235
	9,279	Deepak Fertilizers & Petrochemicals Corp. Ltd.		67,926
	4,866	Deepak Nitrite Ltd.		16,314
	8,598	Delta Corp Ltd.		35,237
	22,736	DEN Networks Ltd.(b)		30,065
	66,017	Dewan Housing Finance Corp. Ltd.		655,112
	16,231	Dhampur Sugar Mills Ltd.		79,525
	285,784	Dish TV India Ltd.(b)		342,608
	5,976	Dishman Carbogen Amcis Ltd.(b)		27,415
	9,900	Divi’s Laboratories Ltd.		134,886
	409,859	DLF Ltd.		1,274,101
	1,513	Dr Lal Pathlabs Ltd.		18,046
	9,101	Dr Reddys Laboratories Ltd.		341,179
	5,192	eClerx Services Ltd.		102,608
	31,357	EID Parry India Ltd.		180,020
	4,882	EIH Ltd.		11,607
	45,194	Electrosteel Castings Ltd.		22,258
	3,704	Elgi Equipments Ltd.		13,790
	6,196	Emami Ltd.		120,364

20

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
INDIA (continued)
	9,996	Escorts Ltd.	$	117,312
	20,879	Essel Propack Ltd.		91,950
	4,683	Eveready Industries India Ltd.(b)		24,387
	37,997	Exide Industries Ltd.		122,460
	9,612	FDC Ltd.		28,352
	89,105	Federal Bank Ltd.		167,490
	4,296	Federal-Mogul Goetze India Ltd.(b)		33,259
	11,892	Finolex Cables Ltd.		112,951
	12,286	Finolex Industries Ltd.		135,860
	92,745	Firstsource Solutions Ltd.(b)		62,788
	14,906	Fortis Healthcare Ltd.(b)		33,116
	14,283	Future Retail Ltd.(b)		114,789
	11,802	Gabriel India Ltd.		36,005
	2,880	GAIL India Ltd.		20,685
	8,390	Gateway Distriparks Ltd.		34,281
	10,841	Gayatri Projects Ltd.(b)		32,571
	18,405	Genus Power Infrastructures Ltd.		17,561
	12,605	GHCL Ltd.		44,254
	7,393	GIC Housing Finance Ltd.		55,073
	220	Gillette India Ltd.		20,295
	810	GlaxoSmithKline Consumer Healthcare Ltd.		63,408
	261	GlaxoSmithKline Pharmaceuticals Ltd.		10,421
	14,696	Glenmark Pharmaceuticals Ltd.		140,150
	198,377	GMR Infrastructure Ltd.(b)		58,804
	998	Godfrey Phillips India Ltd.		15,525
	5,642	Godrej Properties Ltd.(b)		59,171
	21,363	Granules India Ltd.		46,010
	8,395	Graphite India Ltd.		64,403
	51,208	Grasim Industries Ltd.		970,142
	9,635	Great Eastern Shipping Co. Ltd. (The)		58,103
	16,172	Greaves Cotton Ltd.		32,084
	770	Greenlam Industries Ltd.		11,207
	3,850	Greenply Industries Ltd.		16,557
	5,192	Grindwell Norton Ltd.		38,096
	8,265	Gruh Finance Ltd.		63,553
	6,920	Gujarat Ambuja Exports Ltd.		18,413
	10,988	Gujarat Flourochemicals Ltd.		157,734
	1,569	Gujarat Gas Ltd.		22,103
	21,698	Gujarat Mineral Development Corp. Ltd.		58,641
	13,800	Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		111,514
	10,870	Gujarat Pipavav Port Ltd.		23,789
	27,992	Gujarat State Fertilizers & Chemicals Ltd.		69,384
	27,120	Gujarat State Petronet Ltd.		85,625
	1,481	Hatsun Agro Products Ltd.		16,299
	9,482	Havells India Ltd.		70,964
	11,965	HCL Infosystems Ltd.(b)		8,830
	3,112	HEG Ltd.(b)		82,204
	14,346	HeidelbergCement India Ltd.		32,913

Shares			Value
INDIA (continued)
	1,292	Heritage Foods Ltd.	$	15,604
	23,347	Hexaware Technologies Ltd.		102,657
	3,702	Hikal Ltd.		14,457
	274,868	Himachal Futuristic Communications Ltd.(b)		125,188
	8,085	Himadri Chemicals & Industries Ltd.		21,651
	6,475	Himatsingka Seide Ltd.		36,743
	188,770	Hindalco Industries Ltd.		779,313
	2,430	Hinduja Global Solutions Ltd.		21,658
	98,252	Hindustan Construction Co. Ltd.(b)		60,449
	21,974	Hindustan Petroleum Corp. Ltd.		151,698
	207	Honeywell Automation India Ltd.		50,590
	28,793	Housing Development & Infrastructure Ltd.(b)		26,272
	10,019	HSIL Ltd.		65,686
	8,648	HT Media Ltd.		13,679
	4,443	Huhtamaki PPL Ltd.		17,698
	40,703	IDBI Bank Ltd.(b)		39,370
	366,841	Idea Cellular Ltd.(b)		525,869
	98,225	IDFC Bank Ltd.		85,909
	73,673	IDFC Ltd.		71,601
	1,838	IFB Industries Ltd.(b)		27,286
	73,581	IFCI Ltd.(b)		27,548
	65,995	IIFL Holdings Ltd.		623,767
	64,338	India Cements Ltd. (The)		192,901
	78,978	Indiabulls Housing Finance Ltd.		1,516,917
	30,078	Indiabulls Ventures Ltd.		132,764
	1,701	Indian Hume Pipe Co. Ltd.		13,330
	1,383	Indraprastha Gas Ltd.		33,846
	8,625	Inox Leisure Ltd.(b)		32,465
	11,904	Intellect Design Arena Ltd.(b)		25,831
	4,901	Interglobe Aviation Ltd.		94,420
	2,682	International Paper APPM Ltd.(b)		11,911
	5,383	Ipca Laboratories Ltd.		44,321
	7,797	IRB Infrastructure Developers Ltd.		29,198
	7,958	J Kumar Infraprojects Ltd.		32,540
	22,401	Jagran Prakashan Pvt Ltd.		61,440
	157,842	Jain Irrigation Systems Ltd. - DVR		249,662
	216,544	Jaiprakash Associates Ltd.(b)		61,849
	33,310	Jamna Auto Industries Ltd.		33,890
	133,928	Jaypee Infratech Ltd.(b)		27,604
	9,791	JBF Industries Ltd.		33,483
	9,545	Jindal Poly Films Ltd.		59,248
	29,253	Jindal Saw Ltd.		56,364
	60,947	Jindal Steel & Power Ltd.(b)		153,470
	2,351	JITF Infralogistics Ltd.(b)		1,377
	1,701	JK Cement Ltd.		26,325
	21,600	JK Paper Ltd.		37,800
	30,727	JK Tyre & Industries Ltd.		69,095
	103,647	JM Financial Ltd.		263,313

21

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
INDIA (continued)
	219,780	JSW Energy Ltd.	$	289,777
	255,874	JSW Steel Ltd.		1,020,987
	6,067	Jubilant Foodworks Ltd.		152,927
	22,225	Jubilant Organosys Ltd.		219,724
	6,571	Just Dial Ltd.(b)		47,255
	2,020	Jyothy Laboratories Ltd.		12,269
	8,493	Kajaria Ceramics Ltd.		89,190
	13,606	Kalpataru Power Transmission Ltd.		78,616
	10,556	Kalyani Steels Ltd.		68,522
	7,451	Kansai Nerolac Paints Ltd.		59,031
	23,836	Karnataka Bank Ltd. (The)		59,800
	26,068	Karur Vysya Bank Ltd. (The)		51,072
	2,611	Kaveri Seed Co. Ltd.		23,167
	942	Kaya Ltd.(b)		13,635
	12,734	KCP Ltd.		24,123
	22,177	KEC International Ltd.		100,252
	7,194	Kolte-Patil Developers Ltd.		28,106
	40,378	KPIT Technologies Ltd.		92,418
	858	KPR Mill Ltd.		10,416
	4,012	KRBL Ltd.		39,961
	59,988	L&T Finance Holdings Ltd.		186,295
	635	Lakshmi Machine Works Ltd.		57,404
	12,239	Lakshmi Vilas Bank Ltd. (The)		28,457
	94,778	LIC Housing Finance Ltd.		876,061
	1,512	Linde India Ltd.		10,072
	21,539	Mahindra & Mahindra Financial Services Ltd.		143,541
	3,236	Mahindra CIE Automotive Ltd.(b)		12,503
	3,376	Mahindra Holidays & Resorts India Ltd.		19,694
	3,461	Mahindra Lifespace Developers Ltd.		23,642
	208,274	Manappuram Finance Ltd.		324,126
	13,303	Mangalore Refinery & Petrochemicals Ltd.		29,236
	49,699	Marico Ltd.		241,891
	11,396	Max Ltd.(b)		23,884
	14,107	Mcleod Russel India Ltd.		36,143
	16,866	Meghmani Organics Ltd.		30,805
	57,898	Mercator Ltd.		40,851
	1,637	Merck Ltd.		28,107
	2,158	Minda Industries Ltd.		27,325
	40,920	MindTree Ltd.		303,025
	4,232	Mirza International Ltd.		10,444
	111,404	Motherson Sumi Systems Ltd.		628,130
	10,261	Mphasis Ltd.		109,864
	310	MRF Ltd.		317,903
	139,156	Mundra Port and Special Economic Zone Ltd.		924,574
	11,659	Muthoot Finance Ltd.		88,795
	63,997	National Aluminium Co. Ltd.		94,556
	5,329	Nava Bharat Ventures Ltd.		11,609
	1,175	Navin Fluorine International Ltd.		13,465

Shares			Value
INDIA (continued)
	12,073	Navneet Education Ltd.	$	31,025
	107,246	NCC Ltd.		180,230
	1,485	NESCO Ltd.		11,768
	35,322	NHPC Ltd.		15,569
	11,497	NIIT Technologies Ltd.		120,160
	534	Nilkamal Ltd.		13,261
	34,676	NOCIL Ltd.		98,185
	8,471	Oberoi Realty Ltd.		62,089
	2,889	OCL India Ltd.		64,307
	12,774	Oil India Ltd.		72,783
	10,701	OMAXE Ltd.		33,860
	953	Oracle Financial Sevices Software Ltd.		51,486
	6,159	Orient Cement Ltd.		16,008
	703	Page Industries Ltd.		216,597
	13,240	Patel Engineering Ltd.(b)		16,649
	24,262	PC Jeweller Ltd.		131,403
	7,587	Persistent Systems Ltd.		76,349
	34,067	Petronet LNG Ltd.		136,670
	765	Pfizer Ltd.		20,492
	7,094	Phillips Carbon Black Ltd.		101,227
	4,125	Phoenix Mills Ltd. (The)		33,473
	7,720	PI Industries Ltd.		97,830
	7,666	Pidilite Industries Ltd.		92,530
	4,946	Piramal Enterprises Ltd.		209,875
	14,053	Polaris Consulting & Services Ltd.(b)		61,140
	1,665	Polyplex Corp. Ltd.		14,485
	121,130	Power Finance Corp. Ltd.		260,414
	15,982	Prakash Industries Ltd.(b)		36,580
	38,916	Prestige Estates Projects Ltd.		182,680
	1,144	Procter & Gamble Hygiene & Health Care Ltd.		153,224
	101,946	PTC India Financial Services Ltd.		63,587
	54,787	PTC India Ltd.		104,125
	305,472	Punjab National Bank(b)		929,792
	2,139	PVR Ltd.		45,809
	11,659	Radico Khaitan Ltd.		39,466
	66,516	Rain Industries Ltd.		278,146
	23,629	Rajesh Exports Ltd.		285,370
	8,005	Rallis India Ltd.		30,273
	10,488	Ramco Cements Ltd. (The)		116,723
	1,209	Ramkrishna Forgings Ltd.		14,198
	38,276	Rashtriya Chemicals & Fertilizers Ltd.		53,362
	2,663	Ratnamani Metals & Tubes Ltd.		36,392
	1,973	Raymond Ltd.		27,180
	86,199	Redington India Ltd.		209,871
	99,093	Reliance Capital Ltd.		882,977
	59,490	Reliance Infrastructure Ltd.		461,757
	71,926	Reliance Power Ltd.(b)		45,307
	2,134	Repco Home Finance Ltd.		20,396
	315,023	Rural Electrification Corp. Ltd.		842,380
	816	Sanofi India Ltd.		52,655
	247	Schaeffler India Ltd.		19,669

22

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
INDIA (continued)
	5,871	Sequent Scientific Ltd.	$	9,980
	38,111	Shipping Corporation of India Ltd.(b)		54,309
	2,527	Shoppers Stop Ltd.		20,579
	310	Shriram City Union Finance Ltd.		11,038
	27,457	Shriram Transport Finance Co. Ltd.		495,124
	3,021	Sical Logistics Ltd.(b)		10,709
	2,703	Siemens Ltd.		53,093
	1,002	Simplex Infrastructures Ltd.		8,378
	129,196	Sintex Plastics Technology Ltd.(b)		185,403
	2,280	Siyaram Silk Mills Ltd.		20,859
	15,463	SJVN Ltd.		8,463
	1,544	SKF India Ltd.		39,188
	13,396	Sobha Ltd.		105,261
	1,625	Somany Ceramics Ltd.		21,302
	10,072	Sonata Software Ltd.		28,060
	195,503	South Indian Bank Ltd. (The)		92,211
	30,215	SREI Infrastructure Finance Ltd.		53,506
	6,128	SRF Ltd.		159,801
	780,364	Steel Authority of India Ltd.(b)		939,744
	24,084	Sterlite Technologies Ltd.		105,935
	4,387	Strides Shasun Ltd.		56,135
	4,094	Sudarshan Chemical Industries		25,248
	10,616	Sun TV Network Ltd.		140,380
	6,937	Sundram Fasteners Ltd.		55,349
	16,204	Sunteck Realty Ltd.		88,086
	4,767	Supreme Industries Ltd.		83,239
	8,752	Suven Life Sciences Ltd.		29,031
	99,039	Suzlon Energy Ltd.(b)		25,918
	516	Swaraj Engines Ltd.		16,662
	1,972	Symphony Ltd.		44,463
	21,028	Syndicate Bank(b)		26,784
	2,674	Syngene International Ltd.		20,861
	2,501	T&D India Ltd.		15,098
	13,420	TAKE Solutions Ltd.		35,875
	6,237	Tamil Nadu Newsprint & Papers Ltd.		34,988
	13,597	Tata Chemicals Ltd.		153,853
	4,668	Tata Communications Ltd.		49,328
	4,448	Tata Elxsi Ltd.		57,661
	27,232	Tata Power Co. Ltd.		35,695
	132,102	Tata Steel Ltd.		1,435,411
	70,598	Tata Tea Ltd.		247,366
	4,213	TCI Express Ltd.		36,688
	53,878	Tech Mahindra Ltd.		400,979
	4,740	Techno Electric & Engineering Co. Ltd.(b)		26,480
	2,619	Thermax Ltd.		40,036
	23,147	Ti Financial Holdings Ltd.		210,202
	31,953	Time Technoplast Ltd.		92,004
	2,787	Timken India Ltd.		33,338
	12,914	Titagarh Wagons Ltd.		28,631
	24,556	Titan Co. Ltd.		240,835

Shares			Value
INDIA (continued)
	4,248	Torrent Pharmaceuticals Ltd.	$	83,283
	13,348	Torrent Power Ltd.		55,909
	6,820	Transport Corp. of India Ltd.		29,419
	1,040	Trent Ltd.		4,747
	42,672	Trident Ltd.		67,726
	15,309	Triveni Engineering & Industries Ltd.		22,336
	5,808	Triveni Turbine Ltd.		11,706
	344	TTK Prestige Ltd.		34,751
	23,147	Tube Investments Of India Ltd.(a)(c)		86,911
	1,892	TV Today Network Ltd.		10,440
	77,904	TV18 Broadcast Ltd.(b)		52,440
	18,756	TVS Motor Co. Ltd.		209,448
	302	TVS Srichakra Ltd.		14,925
	16,121	Uflex Ltd.		113,370
	2,581	Ufo Moviez India Ltd.		17,272
	5,484	Unichem Laboratories Ltd.		25,840
	269,730	Union Bank of India(b)		734,799
	2,382,923	Unitech Ltd.(b)		246,492
	3,158	United Breweries Ltd.		50,090
	6,109	United Spirits Ltd.(b)		287,793
	63,786	UPL Ltd.		787,142
	7,625	VA Tech Wabag Ltd.		69,079
	17,091	Vakrangee Ltd.		148,372
	5,952	Vardhman Textiles Ltd.		118,514
	107,548	Vedanta Ltd.		551,013
	624	Vesuvius India Ltd.		12,963
	16,629	V-Guard Industries Ltd.		55,134
	18,328	Videocon Industries Ltd.(b)		4,513
	30,234	Vijaya Bank		30,784
	8,545	VIP Industries Ltd.		38,153
	10,224	Voltas Ltd.		89,594
	2,640	VRL Logistics Ltd.		14,581
	629	VST Industries Ltd.		30,583
	420	VST Tillers Tractors Ltd.		14,400
	368	WABCO India Ltd.		36,147
	34,344	Welspun Corp. Ltd.		77,679
	8,145	West Coast Paper Mills Ltd.		23,446
	3,983	Wockhardt Ltd.		39,786
	59,727	Zee Entertainment Enterprises Ltd.		499,698
	3,524	Zensar Technologies Ltd.		43,066
	888	Zydus Wellness Ltd.		12,496
				50,188,951
INDONESIA — 0.1%
	890,900	Ace Hardware Indonesia Tbk PT		82,439
	4,404,900	Adaro Energy Tbk PT		592,733
	242,553	Adhi Karya Persero Tbk PT		39,166
	2,440,500	Agung Podomoro Land Tbk PT		47,146
	187,800	AKR Corporindo Tbk PT		103,160
	2,912,400	Alam Sutera Realty Tbk PT		87,184
	517,329	Aneka Tambang Persero Tbk PT(b)		24,603

23

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
INDONESIA (continued)
	706,700	Arwana Citramulia Tbk PT	$	20,009
	28,100	Asahimas Flat Glass Tbk PT		13,882
	121,100	Astra Agro Lestari Tbk PT		130,141
	339,200	Asuransi Kresna Mitra Tbk PT(b)		21,884
	31,750,200	Bakrie & Brothers Tbk PT(b)		117,051
	9,876,000	Bakrie Telecom Tbk PT(a)(b)(c)		36,409
	1,260,766	Bank Bukopin Tbk PT		51,593
	916,916	Bank Danamon Indonesia Tbk PT		344,794
	2,438,350	Bank Pan Indonesia Tbk PT(b)		195,967
	754,000	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		136,206
	1,534,500	Bank Pembangunan Daerah Jawa Timur Tbk PT		78,634
	1,035,224	Bank Permata Tbk PT(b)		49,614
	1,306,100	Bank Tabungan Negara Persero Tbk PT		265,794
	60,500	Bank Tabungan Pensiunan Nasional Tbk PT		11,375
	2,538,800	Barito Pacific Tbk PT(b)		378,129
	2,167,400	Bekasi Fajar Industrial Estate Tbk PT		45,386
	40,300	Blue Bird Tbk PT		13,550
	806,900	Bumi Serpong Damai Tbk PT		102,331
	430,000	Charoen Pokphand Indonesia Tbk PT		104,627
	3,628,701	Ciputra Development Tbk PT		323,740
	644,973	Citra Marga Nusaphala Persada Tbk PT(b)		64,438
	617,700	Delta Dunia Makmur Tbk PT(b)		41,218
	765,500	Eagle High Plantations Tbk PT(b)		13,772
	374,800	Erajaya Swasembada Tbk PT		21,832
	47,800	Fajar Surya Wisesa Tbk PT		18,503
	870,500	Gajah Tunggal Tbk PT		44,608
	2,470,800	Global Mediacom Tbk PT		106,575
	5,879,000	Hanson International Tbk PT(b)		51,150
	1,043,600	Holcim Indonesia Tbk PT(b)		63,482
	533,800	Indah Kiat Pulp and Paper Corp. Tbk PT		207,616
	365,600	Indika Energy Tbk PT(b)		60,653
	101,500	Indo Tambangraya Megah Tbk PT		166,142
	1,260,200	Intiland Development Tbk PT		36,052
	1,762,000	Japfa Comfeed Indonesia Tbk PT		178,636
	161,509	Jasa Marga Persero Tbk PT		77,405
	168,400	Jaya Real Property Tbk PT		11,237
	8,204,340	Kawasan Industri Jababeka Tbk PT		183,898
	1,235,800	Kmi Wire & Cable Tbk PT		40,092
	334,200	Krakatau Steel Persero Tbk PT(b)		12,124

Shares			Value
INDONESIA (continued)
	883,300	Kresna Graha Investama PT Tbk(b)	$	39,728
	49,800	Link Net Tbk PT		18,323
	187,000	Lippo Cikarang Tbk PT(b)		52,394
	6,494,050	Lippo Karawaci Tbk PT		330,389
	306,100	Matahari Putra Prima Tbk PT(b)		13,090
	1,857,675	Mayora Indah Tbk PT		280,791
	2,388,900	Medco Energi Internasional Tbk PT(b)		139,151
	916,500	Media Nusantara Citra Tbk PT		105,419
	131,300	Mitra Adiperkasa Tbk PT		63,411
	232,900	Mitra Pinasthika Mustika Tbk PT		18,631
	115,500	Mnc Land Tbk PT(b)		10,454
	2,149,700	Modernland Realty Tbk PT		52,306
	198,000	Nippon Indosari Corpindo Tbk PT		18,541
	3,181,300	Nusantara Infrastructure Tbk PT(b)		44,568
	2,076,200	Pakuwon Jati Tbk PT		96,443
	332,600	Pan Brothers Tbk PT		11,918
	3,272,600	Panin Financial Tbk PT(b)		56,946
	786,793	Pembangunan Perumahan Persero Tbk PT		165,335
	347,200	Perusahaan Gas Negara Persero Tbk		47,104
	1,418,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		157,875
	1,230,300	Salim Ivomas Pratama Tbk PT		47,171
	143,800	Samindo Resources Tbk PT		7,051
	198,800	Sawit Sumbermas Sarana Tbk PT		21,914
	157,200	Selamat Sempurna Tbk PT		14,952
	376,100	Semen Indonesia Persero Tbk PT		302,267
	117,500	Sinar Mas Agro Resources & Technology Tbk PT		33,312
	6,746,600	Sri Rejeki Isman Tbk PT		181,070
	292,700	Sumber Alfaria Trijaya Tbk PT		14,999
	523,400	Summarecon Agung Tbk PT		39,942
	357,600	Surya Semesta Internusa Tbk PT		15,556
	154,200	Tambang Batubara Bukit Asam Persero Tbk PT		130,466
	1,797,800	Timah Persero Tbk PT		108,696
	586,900	Tiphone Mobile Indonesia Tbk PT		48,250
	193,600	Tower Bersama Infrastructure Tbk PT		97,068
	4,875,000	Truba Alam Manunggal Engineering PT(a)(b)(c)		3,594
	1,281,200	Tunas Baru Lampung Tbk PT		131,781
	539,500	Tunas Ridean Tbk PT		45,746
	43,000	United Tractors Tbk PT		109,937
	578,300	Vale Indonesia Tbk PT(b)		125,361
	1,938,200	Visi Media Asia Tbk PT(b)		40,300
	694,685	Waskita Karya Persero Tbk PT		108,589

24

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
INDONESIA (continued)
	320,700	Wijaya Karya Persero Tbk PT	$	46,583
	903,700	XL Axiata Tbk PT(b)		225,217
				8,439,619
IRELAND — 1.5%
	826,557	Allegion Plc		68,926,588
	3,987	Anglo-Eastern Plantations PLC		43,713
	549,198	Bank Of Ireland Group Plc(b)		4,304,124
	99,747	C&C Group Plc		342,296
	6,171	COSMO Pharmaceuticals NV		893,810
	3,336	Datalex PLC		13,795
	8,890	DCC PLC		843,035
	3,350	Endo International Plc(b)		21,373
	5,572	FBD Holdings Plc(b)		58,090
	644,304	Glanbia Plc		12,451,080
	55,515	Grafton Group Plc - Units		606,445
	83,881	Greencore Group PLC		214,791
	55,324	Hibernia REIT plc		95,055
	16,165	IFG Group Plc		34,459
	25,492	Irish Continental Group Plc - Units		169,852
	789	Jazz Pharmaceuticals Plc(b)		111,667
	430	Kenmare Resources Plc(b)		1,633
	12,297	Kingspan Group Plc(d)		514,237
	6,121	Kingspan Group PLC		257,252
	11,560	Paddy Power Betfair Plc		1,182,285
	1,200	Perrigo Co. Plc		97,188
	100,315	Smurfit Kappa Group Plc		2,991,992
	4,022	Tarsus Group Plc		16,439
	75,135	United Drug Plc		922,560
				95,113,759
ISLE OF MAN — 0.0%
	19,921	GVC Holdings Plc		248,043
	52,500	Paysafe Group Plc(b)		408,604
	29,505	Playtech Plc		385,599
	��			1,042,246
ISRAEL — 1.2%
	7,252	Airport City Ltd.(b)		92,928
	931	Alrov Properties and Lodging		29,834
	3,712	AudioCodes Ltd.(b)		25,616
	28	Bayside Land Corp.		13,073
	561,733	Check Point Software Technologies Ltd.(b)		66,121,591
	7,778	Clal Insurance Enterprise Holdings Ltd.(b)		149,187
	9,651	Delek Automotive Systems Ltd.		72,466
	771	Delek Group Ltd.		126,513
	3,947	Delta-Galil Industries Ltd.		128,120
	9,680	Direct Insurance Financial Investments Ltd.		107,982
	56,421	El Al Israel Airlines		30,860
	905	Electra Ltd.		205,943
	1,009	Equital Ltd.(b)		23,242

Shares			Value
ISRAEL (continued)
	14,334	First International Bank of Israel Ltd.	$	272,090
	3,036	Formula Systems 1985 Ltd.		124,587
	9,837	Frutarom Industries Ltd.		809,868
	1,135	Hadera Paper Ltd.(b)		77,810
	43,055	Harel Insurance Investments & Financial Services Ltd.		294,064
	850	Hilan Ltd.		16,675
	1	Industrial Buildings Corp. Ltd.(b)		1
	274,008	Israel Discount Bank Ltd. - Class A(b)		727,653
	4,804	Jerusalem Oil Exploration(b)		257,986
	4,100	Magic Software Enterprises Ltd.		34,989
	16,429	Matrix IT Ltd.		180,562
	1,459	Melisron Ltd.		76,101
	15,752	Menora Mivtachim Holdings Ltd.		194,862
	34,854	Migdal Insurance & Financial Holding Ltd.		40,484
	76,835	Mizrahi Tefahot Bank Ltd.		1,386,249
	7,596	Naphtha Israel Petroleum Corp. Ltd.		44,160
	736	Neto ME Holdings Ltd.		73,616
	1,810	Nice Ltd.		149,169
	7,762	Nova Measuring Instruments Ltd.(b)		235,863
	3,514,144	Oil Refineries Ltd.		1,805,349
	75,901	Orbotech Ltd.(b)		3,394,293
	5,275	Partner Communications Co. Ltd.(b)		28,073
	2,872	Paz Oil Co. Ltd.		468,981
	14,145	Phoenix Holdings Ltd. (The)(b) .		70,057
	1,121	Plasson Industries Ltd.		53,038
	715	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		34,986
	1,316	Sapiens International Corp NV(b)(d)		18,156
	800	Sapiens International Corp. NV(b)		11,175
	2,783,400	Sarine Technologies Ltd.(a)		1,990,914
	68,879	Shikun & Binui Ltd.		162,923
	35,913	Shufersal Ltd.		228,249
	6,039	Strauss Group Ltd.		122,778
	3,075	Summit Real Estate Holdings Ltd.		23,447
	664	Taro Pharmaceutical Industries Ltd.(b)		74,647
	3,108	Tower Semiconductor Ltd.(b)		102,993
	6,295	Union Bank of Israel(b)		31,964
				80,746,167
ITALY — 0.6%
	898,515	A2A SpA		1,543,786
	25,860	ACEA SpA		421,120
	8,753	Aeffe SpA(b)		25,123

25

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
ITALY (continued)
	14,575	Amplifon SpA	$	221,389
	31,512	Anima Holding SpA		239,695
	21,662	Ansaldo STS SpA(b)		299,011
	89,441	Arnoldo Mondadori Editore SpA(b)		231,500
	22,281	Ascopiave SpA		93,590
	40,350	Astaldi SpA		279,660
	23,294	Autogrill SpA		304,715
	19,613	Azimut Holding SpA		387,471
	10,128	Banca Generali SpA		333,636
	11,800	Banca IFIS SpA		643,414
	36,629	Banca Mediolanum SpA		312,111
	109,428	Banca Popolare di Sondrio SCPA		433,133
	90,926	Banca Profilo SpA		26,553
	20,838	Banca Sistema SpA		58,692
	112,913	Banco BPM SpA(b)		393,791
	10,567	Banco di Desio e della Brianza SpA		30,157
	15,143	BasicNet SpA		62,090
	22,339	BE		23,432
	4,057	Biesse SpA		180,903
	117,410	BPER Banca		572,225
	27,525	Brembo SpA		454,646
	2,597	Brunello Cucinelli SpA		87,184
	21,385	Buzzi Unicem SpA		596,104
	22,083	Cairo Communication SpA		111,897
	1,027	Cembre SpA		28,711
	28,463	Cementir Holding SpA		241,867
	40,991	Cerved Information Solutions SpA		527,619
	188,481	CIR-Compagnie Industriali Riunite SpA		283,222
	28,212	Credito Emiliano SpA		247,292
	5,049	Danieli & C Officine Meccaniche SpA		120,861
	4,885	Datalogic SpA		194,096
	78,394	Davide Campari-Milano SpA		628,262
	9,415	De’ Longhi SpA		308,723
	3,485	DiaSorin SpA		317,047
	2,953	Ei Towers SpA		172,678
	2,136	El.En. SpA		60,461
	21,581	Emak SpA		46,557
	34,953	ERG SpA		584,260
	7,087	Esprinet SpA		33,979
	3,153	Eurotech SpA(b)		4,980
	114,391	Falck Renewables SpA		199,073
	1,070	Fila SpA		23,220
	72,388	Fincantieri SpA(b)		90,055
	67,104	FinecoBank Banca Fineco SpA		627,673
	58,249	FNM SpA		46,342
	65,158	GEDI Gruppo Editoriale SpA(b)		57,987
	14,723	Geox SpA		64,313
	3,426	Gruppo Mutuionline SpA		52,638
	297,877	Hera SpA		958,364

Shares			Value
ITALY (continued)
	34,030	Immobiliare Grande Distribuzione SIIQ SpA REIT	$	39,343
	172,287	IMMSI SpA(b)		128,441
	3,035	Industria Macchine Automatiche SpA		272,220
	22,679	Infrastrutture Wireless Italiane SPA		154,939
	128,806	Intek Group SpA(b)		44,997
	8,170	Interpump Group SpA		275,131
	61,258	Iren SpA		168,544
	34,122	Italgas SpA		199,331
	3,287	Italmobiliare SpA		88,447
	91,700	Juventus Football Club SpA(b)		79,792
	4,568	La Doria SpA		86,626
	218,720	Leonardo SpA		3,778,326
	23,268	Maire Tecnimont SpA		130,532
	1,779	Mariella Burani SpA(a)(b)(c)		0
	6,331	MARR SpA		161,726
	1,350	Massimo Zanetti Beverage Group SpA		13,052
	462,698	Mediaset SpA(b)		1,699,923
	185,015	Mediobanca SpA		2,027,993
	25,555	Moncler SpA		725,737
	3,949	Nice SpA		16,965
	38,588	OVS SpA		288,574
	4,871	Panariagroup Industrie Ceramiche SpA		36,313
	48,389	Parmalat SpA		183,189
	101,272	Piaggio & C SpA		331,250
	194,542	Poste Italiane SpA		1,421,991
	1,015	Prima Industrie SpA		49,835
	42,317	Prysmian SpA		1,459,071
	15,155	RAI Way SpA		91,885
	19,423	Recordati SpA		902,959
	54,124	Reno de Medici SpA		37,796
	3,324	Reply SpA		176,716
	29,208	Retelit SpA(b)		49,061
	15,984	Rizzoli Corriere Della Sera Mediagroup SpA(b)		24,000
	2,521	Sabaf SpA		61,521
	1,494	SAES Getters SpA		45,822
	5,491	Safilo Group SpA(b)		34,699
	58,929	Saipem SpA(b)		247,665
	123,151	Salini Impregilo SpA		520,732
	9,274	Salvatore Ferragamo SpA		243,495
	298,524	Saras SpA		797,010
	6,627	Servizi Italia SpA		44,541
	316	Sesa SpA		10,012
	26,947	Snaitech SpA(b)		48,214
	47,277	Societa Cattolica di Assicurazioni SCRL		512,432
	42,701	Societa Iniziative Autostradali e Servizi SpA		726,705
	15,060	Sogefi SpA(b)		73,679
	15,067	SOL SpA		181,651
	116,292	Terna Rete Elettrica Nazionale SpA		701,697

26

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
ITALY (continued)
	20,102	Tiscali SpA(b)	$	920
	3,726	Tod’s SpA		247,827
	6,610	Uni Land SpA(a)(b)(c)		0
	348,379	Unione di Banche Italiane SpA		1,636,222
	207,824	Unipol Gruppo Finanziario SpA		937,832
	322,477	UnipolSai Assicurazioni SpA		734,746
	10,439	Vittoria Assicurazioni SpA		146,040
	56,569	Yoox Net-A-Porter Group SpA(b)		2,115,209
	3,856	Zignago Vetro SpA		36,113
				39,536,797
JAPAN — 5.2%
	11,400	77 Bank Ltd. (The)		287,644
	2,700	A&D Co. Ltd.		12,728
	4,600	Achilles Corp.		92,320
	70,900	Adastria Co. Ltd.		1,538,905
	102,600	ADEKA Corp.		1,761,358
	2,500	Advan Co. Ltd.		23,614
	1,800	Advanex, Inc.		51,053
	20,400	Advantest Corp.		460,908
	1,200	Aeon Delight Co. Ltd.		44,642
	2,200	Aeon Fantasy Co. Ltd.		85,907
	4,700	Aeon Mall Co. Ltd.		83,290
	11,700	Ahresty Corp.		94,769
	3,900	Ai Holdings Corp.		95,283
	5,900	Aica Kogyo Co. Ltd.		204,960
	2,700	Aichi Bank Ltd. (The)		165,745
	9,700	Aichi Corp.		71,403
	5,500	Aichi Steel Corp.		221,780
	1,600	Aichi Tokei Denki Co. Ltd.		57,412
	9,500	Aida Engineering Ltd.		110,118
	3,800	Ain Holdings, Inc.		259,004
	41,700	Air Water, Inc.		793,622
	4,700	Airport Facilities Co. Ltd.		25,917
	15,000	Aisan Industry Co. Ltd.		170,309
	11,000	Akebono Brake Industry Co. Ltd.(b)		37,246
	4,400	Akita Bank Ltd. (The)		140,082
	500	Albis Co. Ltd.		18,579
	6,800	Alconix Corp.		118,950
	5,900	Alinco, Inc.		65,224
	3,100	Alpen Co. Ltd.		61,479
	2,800	Alpha Corp.		56,416
	10,600	Alpine Electronics, Inc.		233,432
	6,600	Alps Logistics Co. Ltd.		48,758
	800	Altech Corp.		27,580
	24,900	Amada Holdings Co. Ltd.		306,802
	10,100	Amano Corp.		247,115
	500	Amiyaki Tei Co. Ltd.		23,394
	3,700	Anest Iwata Corp.		37,259
	1,200	Anicom Holdings, Inc.		30,954
	1,900	Anritsu Corp.		17,763
	300	AOI Electronics Co. Ltd.		14,010
	3,300	AOI TYO Holdings, Inc.		35,175
	20,300	AOKI Holdings, Inc.		281,367

Shares			Value
JAPAN (continued)
	5,000	Aomori Bank Ltd. (The)	$	160,283
	9,900	Aoyama Trading Co. Ltd.		365,683
	6,100	Arakawa Chemical Industries Ltd.		147,048
	2,500	Arata Corp.		105,976
	12,300	Arcland Sakamoto Co. Ltd.		199,582
	800	Arcland Service Holdings Co., Ltd.		17,618
	9,738	Arcs Co. Ltd.		217,019
	118,800	Ariake Japan Co. Ltd.		9,058,493
	2,090	As One Corp.		114,145
	3,100	Asahi Co. Ltd.		37,569
	11,600	Asahi Diamond Industrial Co. Ltd.		112,016
	4,350	Asahi Holdings, Inc.		94,035
	67,700	Asahi Intecc Co. Ltd.		3,905,826
	1,800	Asahi Kogyosha Co. Ltd.		57,069
	4,600	Asahi Yukizai Corp.		60,400
	24,000	Asanuma Corp.		88,439
	2,300	Asax Co. Ltd.		36,794
	2,700	Ashimori Industry Co. Ltd.		74,324
	6,000	Asia Pile Holdings Corp.		33,772
	11,900	Asics Corp.		180,742
	2,400	ASKA Pharmaceutical Co. Ltd.		45,359
	400	Asti Corp.		15,918
	6,700	Asunaro Aoki Construction Co. Ltd.		60,456
	1,000	Ateam, Inc.		26,340
	10,200	Atom Corp.		74,366
	15,400	Autobacs Seven Co. Ltd.		263,834
	4,000	Avex Group Holdings, Inc.		55,090
	53,000	Awa Bank Ltd. (The)		357,047
	3,800	Axial Retailing, Inc.		154,400
	9,300	Azbil Corp.		404,046
	19,900	Bando Chemical Industries Ltd.		218,243
	4,400	Bank of Iwate Ltd. (The)		180,133
	10,100	Bank of Kyoto Ltd. (The)		525,852
	3,700	Bank of Nagoya Ltd. (The)		146,757
	6,600	Bank of Okinawa Ltd. (The)		267,297
	4,100	Bank of Saga Ltd. (The)		101,792
	9,500	Bank of the Ryukyus Ltd.		143,538
	2,200	Belc Co. Ltd.		122,475
	1,300	Bell System24 Holdings, Inc.		14,143
	17,300	Belluna Co. Ltd.		195,358
	2,200	Benefit One, Inc.		42,063
	3,500	Benesse Holdings, Inc.		118,047
	8,700	Bic Camera, Inc.		106,507
	4,800	BML, Inc.		105,621
	1,400	Bookoff Corp.		10,059
	2,800	Broadleaf Co. Ltd.		22,901
	20,000	Bunka Shutter Co. Ltd.		169,737
	1,200	C Uyemura & Co. Ltd.		74,403
	900	Can Do Co. Ltd.		14,057
	2,500	Canon Electronics, Inc.		55,934
	94,900	Canon Marketing Japan, Inc.		2,376,986
	5,300	Capcom Co. Ltd.		133,823

27

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	3,400	Carlit Holdings Co. Ltd.	$	25,327
	14,400	Casio Computer Co. Ltd.		211,241
	3,700	Cawachi Ltd.		90,527
	21,800	Central Glass Co. Ltd.		484,487
	900	Central Security Patrols Co. Ltd.		16,266
	1,300	Central Sports Co. Ltd.		46,647
	15,600	Chiba Kogyo Bank Ltd. (The)		88,081
	1,300	Chino Corp.		15,286
	4,000	Chiyoda Co. Ltd.		101,983
	2,900	Chiyoda Integre Co. Ltd.		70,367
	3,800	Chori Co. Ltd.		69,079
	9,900	Chubu Shiryo Co. Ltd.		176,137
	6,000	Chuetsu Pulp & Paper Co. Ltd.		115,562
	150,500	Chugai Mining Co. Ltd.(b)		43,679
	25,600	Chugoku Bank Ltd. (The)		363,157
	21,700	Chugoku Marine Paints Ltd.		182,829
	3,200	Chukyo Bank Ltd. (The)		64,982
	14,000	CI Takiron Corp.		88,527
	4,600	Ci:z Holdings Co. Ltd.		168,700
	71,100	Citizen Watch Co. Ltd.		517,750
	12,600	CKD Corp.		246,227
	21,000	Clarion Co. Ltd.		79,416
	7,000	Cleanup Corp.		55,468
	3,000	CMIC Holdings Co. Ltd.		44,220
	12,900	CMK Corp.		132,738
	2,290	Cocokara Fine, Inc.		127,082
	4,500	COLOPL Inc.		49,708
	6,400	Colowide Co. Ltd.		119,608
	4,700	Computer Engineering & Consulting Ltd.		111,811
	15,400	COMSYS Holdings Corp.		387,489
	4,500	CONEXIO Corp.		82,595
	19,200	Cosmo Energy Holdings Co. Ltd.		437,342
	1,500	Cosmos Pharmaceutical Corp.		311,200
	4,100	Create Restaurants Holdings, Inc.		43,811
	5,400	Create SD Holdings Co. Ltd.		135,065
	30,100	Credit Saison Co. Ltd.		601,974
	4,700	CTI Engineering Co. Ltd.		44,849
	12,000	CyberAgent, Inc.		369,377
	3,900	D.A. Consortium Holdings, Inc.		64,380
	8,600	Dai Nippon Toryo Co. Ltd.		130,999
	9,100	Daibiru Corp.		106,522
	3,000	Dai-Dan Co. Ltd.		76,646
	3,400	Daido Kogyo Co. Ltd.		55,079
	11,600	Daido Metal Co. Ltd.		106,711
	14,800	Daido Steel Co. Ltd.		930,654
	10,000	Daihatsu Diesel Manufacturing Co. Ltd.		75,546
	26,000	Daihen Corp.		233,235
	34,000	Daiho Corp.		164,461
	2,600	Daiichi Jitsugyo Co. Ltd.		76,144
	1,000	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		14,423
	1,500	Dai-ichi Seiko Co. Ltd.		37,848

Shares			Value
JAPAN (continued)
	6,600	Daiichikosho Co. Ltd.	$	309,960
	4,600	Daiken Corp.		124,199
	19,000	Daiki Aluminium Industry Co. Ltd.		154,734
	2,300	Daikoku Denki Co. Ltd.		35,095
	400	Daikokutenbussan Co. Ltd.		18,152
	8,600	Daikyo, Inc.		164,656
	4,800	Daikyonishikawa Corp.		81,010
	6,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		273,339
	37,000	Daio Paper Corp.		441,898	��
	4,910	Daiseki Co. Ltd.		120,478
	6,400	Daishi Bank Ltd. (The)		311,262
	5,700	Daito Bank Ltd. (The)		85,221
	3,760	Daito Pharmaceutical Co. Ltd.		96,030
	10,200	Daiwabo Holdings Co. Ltd.		403,228
	113,680	DCM Holdings Co. Ltd.		1,039,771
	7,500	DeNA Co. Ltd.		175,256
	33,200	Denka Co. Ltd.		1,099,318
	5,700	Denyo Co. Ltd.		95,297
	87,300	Descente Ltd.		1,208,480
	9,200	Dexerials Corp.		103,324
	37,400	DIC Corp.		1,378,180
	1,400	Digital Arts, Inc.		57,069
	26,400	Digital Garage, Inc.		564,893
	1,900	Dip Corp.		46,153
	23,000	DKS Co. Ltd.		157,574
	3,500	DMG Mori Co. Ltd.		69,751
	4,000	Doshisha Co. Ltd.		87,525
	5,674	Doutor Nichires Holdings Co. Ltd.		134,334
	15,200	Dowa Holdings Co. Ltd.		635,645
	400	DSB Co. Ltd.		2,790
	3,200	DTS Corp.		95,545
	2,300	Dunlop Sports Co. Ltd.		33,983
	500	DyDo Group Holdings, Inc.		24,449
	400	Dynic Corp.		4,408
	7,900	Eagle Industry Co. Ltd.		152,018
	35,500	Ebara Corp.		1,267,578
	1,400	Ebara Jitsugyo Co. Ltd.		21,535
	1,100	Eco’s Co Ltd/Japan		12,306
	46,900	EDION Corp.		471,867
	700	eGuarantee, Inc.		19,639
	10,400	Ehime Bank Ltd. (The)		133,721
	8,000	Eidai Co. Ltd.		39,330
	41,000	Eighteenth Bank Ltd. (The)		109,617
	1,900	Eiken Chemical Co. Ltd.		74,443
	2,800	Elecom Co. Ltd.		55,948
	700	Elematec Corp.		15,963
	2,600	Endo Lighting Corp.		29,680
	3,000	en-japan, Inc.		115,035
	5,500	EPS Holdings Inc.		107,722
	4,800	Es-Con Japan Ltd.		22,627
	4,200	ESPEC Corp.		95,188
	2,300	Excel Co. Ltd.		51,116

28

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	15,200	Exedy Corp.	$	451,836
	5,200	Ezaki Glico Co. Ltd.		287,657
	5,800	F@N Communications, Inc.		59,732
	3,000	FALCO HOLDINGS Co. Ltd.		46,726
	231,000	FCC Co. Ltd.		5,529,942
	35,680	Feed One Co. Ltd.		91,942
	9,700	Ferrotec Holdings Corp.		197,830
	26,400	FIDEA Holdings Co. Ltd.		49,919
	9,300	Financial Products Group Co. Ltd.		107,146
	8,500	FJ Next Co. Ltd.		72,587
	11,400	Foster Electric Co. Ltd.		265,387
	2,200	FP Corp.		115,122
	5,400	France Bed Holdings Co. Ltd.		49,961
	7,100	F-Tech, Inc.		117,704
	9,400	Fudo Tetra Corp.		15,955
	3,700	Fuji Co. Ltd.		87,306
	10,600	Fuji Corp. Ltd.		76,350
	114,000	Fuji Electric Co. Ltd.		819,120
	13,000	Fuji Kiko Co. Ltd.		84,376
	6,000	Fuji Kyuko Co. Ltd.		133,345
	13,800	Fuji Oil Co. Ltd.		53,159
	9,600	Fuji Oil Holdings, Inc.		257,508
	2,200	Fuji Pharma Co. Ltd.		79,425
	5,800	Fuji Seal International, Inc.		189,499
	3,800	Fuji Soft, Inc.		114,797
	3,500	Fujibo Holdings, Inc.		110,044
	2,700	Fujicco Co. Ltd.		60,836
	10,700	Fujikura Kasei Co. Ltd.		67,190
	159,300	Fujikura Ltd.		1,375,776
	1,200	Fujikura Rubber Ltd.		9,825
	2,200	Fujimi, Inc.		54,214
	4,300	Fujimori Kogyo Co. Ltd.		147,865
	1,300	Fujita Kanko, Inc.		41,216
	14,100	Fujitec Co. Ltd.		208,329
	6,200	Fujitsu Frontech Ltd.		108,073
	8,000	Fujitsu General Ltd.		152,183
	1,200	Fujiya Co. Ltd.		27,144
	7,000	FuKoKu Co. Ltd.		68,027
	2,000	Fukuda Corp.		121,894
	4,300	Fukui Bank Ltd. (The)		114,208
	1,300	Fukui Computer Holdings, Inc.		32,470
	89,000	Fukuoka Financial Group, Inc.		454,765
	7,400	Fukushima Bank Ltd. (The)		59,158
	3,100	Fukushima Industries Corp.		119,414
	5,600	Fukuyama Transporting Co. Ltd.		180,995
	6,300	FULLCAST Holdings Co. Ltd.		115,800
	1,000	Fumakilla Ltd.		17,800
	3,600	Funai Soken Holdings, Inc.		131,551
	4,400	Furukawa Co. Ltd.		79,251
	26,400	Furukawa Electric Co. Ltd.		1,597,397
	7,200	Furuno Electric Co. Ltd.		49,201
	4,000	Furusato Industries Ltd.		65,151
	3,500	Fuso Chemical Co. Ltd.		111,429

Shares			Value
JAPAN (continued)
	1,100	Fuso Pharmaceutical Industries Ltd.	$	27,562
	24,900	Futaba Industrial Co. Ltd.		239,792
	3,200	Future Corp.		32,139
	8,900	Fuyo General Lease Co. Ltd.		578,435
	500	G-7 Holdings, Inc.		10,593
	2,000	Gakken Holdings Co. Ltd.		57,693
	8,000	Gecoss Corp.		90,058
	1,300	Genki Sushi Co. Ltd.		35,728
	800	Genky Stores, Inc.		29,409
	11,700	Geo Holdings Corp.		189,847
	2,100	Gfoot Co. Ltd.		14,018
	700	Giken Ltd.		20,039
	2,500	GLOBERIDE, Inc.		43,446
	12,100	Glory Ltd.		449,074
	8,000	GMO Internet, Inc.		122,633
	1,600	GMO Payment Gateway, Inc.		116,512
	3,400	Godo Steel Ltd.		68,147
	2,280	Goldcrest Co. Ltd.		49,107
	78,000	GS Yuasa Corp.		388,954
	2,400	GSI Creos Corp.		38,183
	8,300	G-Tekt Corp.		176,066
	31,900	GungHo Online Entertainment, Inc.		85,568
	48,300	Gunma Bank Ltd. (The)		308,393
	3,900	Gunze Ltd.		176,641
	3,500	Gurunavi, Inc.		44,972
	6,500	H.I.S. Co. Ltd.		216,943
	27,635	H2O Retailing Corp.		507,227
	62,900	Hachijuni Bank Ltd. (The)		390,549
	3,200	Hagihara Industries, Inc.		55,442
	700	Hagiwara Electric Co. Ltd.		21,208
	3,500	Hakudo Co. Ltd.		69,597
	4,800	Hakuto Co. Ltd.		73,707
	6,600	Hamakyorex Co. Ltd.		184,293
	9,800	Haneda Zenith Holdings Co. Ltd.		35,768
	62,400	Hanwa Co. Ltd.		2,351,559
	7,000	Happinet Corp.		120,109
	5,000	Hard Off Corp. Co. Ltd.		51,141
	3,200	Harima Chemicals Group, Inc.		25,441
	2,400	Harmonic Drive Systems, Inc.		124,111
	50,900	Haseko Corp.		734,145
	24,260	Hazama Ando Corp.		196,717
	71,131	Heiwa Corp.		1,306,826
	5,500	Heiwa Real Estate Co. Ltd.		95,242
	17,000	Heiwado Co. Ltd.		369,289
	5,000	Hibiya Engineering Ltd.		107,955
	3,870	Hiday Hidaka Corp.		112,998
	4,700	HI-LEX Corp.		118,797
	3,200	Hiramatsu, Inc.		17,589
	200	Hirata Corp.		22,374
	52,000	Hiroshima Bank Ltd. (The)		436,287
	20,700	Hitachi Capital Corp.		501,912
	11,000	Hitachi Kokusai Electric, Inc.		303,285
	2,300	Hitachi Maxell Ltd.		51,965

29

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	16,800	Hitachi Transport System Ltd.	$	413,554
	59,200	Hitachi Zosen Corp.		310,305
	8,000	Hochiki Corp.		164,777
	1,000	Hodogaya Chemical Co. Ltd.		69,830
	129,400	Hogy Medical Co. Ltd.		8,842,514
	12,800	Hokkaido Electric Power Co., Inc.(b)		100,302
	25,000	Hokkan Holdings Ltd.		95,642
	10,000	Hokko Chemical Industry Co. Ltd.		61,035
	3,400	Hokkoku Bank Ltd. (The)		154,593
	6,700	Hokuetsu Bank Ltd. (The)		161,394
	7,100	Hokuetsu Industries Co. Ltd.		69,561
	43,500	Hokuetsu Kishu Paper Co. Ltd.		277,362
	12,500	Hokuhoku Financial Group, Inc.		204,367
	1,700	Hokuriku Electric Industry Co. Ltd.		23,324
	4,000	Hokuriku Electric Power Co.		35,179
	3,400	Hokuriku Electrical Construction Co. Ltd.		31,008
	2,500	Hokuto Corp.		43,490
	2,800	H-One Co. Ltd.		39,991
	3,320	Honeys Holdings Co. Ltd.		34,980
	9,600	Hoosiers Holdings		90,508
	7,700	Horiba Ltd.		454,395
	1,400	Hosokawa Micron Corp.		88,404
	4,600	House Foods Group, Inc.		136,133
	3,300	Howa Machinery Ltd.		53,372
	44,000	Hyakugo Bank Ltd. (The)		204,705
	26,000	Hyakujushi Bank Ltd. (The)		93,751
	39,300	Ibiden Co. Ltd.		650,824
	8,500	IBJ Leasing Co. Ltd.		220,751
	400	Ichibanya Co. Ltd.		15,479
	1,200	Ichiken Co., Ltd.		29,983
	14,000	Ichikoh Industries Ltd.		108,597
	7,300	ICHINEN Holdings Co. Ltd.		103,428
	4,500	Ichiyoshi Securities Co. Ltd.		51,251
	4,300	Idec Corp.		90,383
	7,200	IDOM, Inc.		52,177
	46,400	Iino Kaiun Kaisha Ltd.		217,095
	4,580	IJT Technology Holdings Co. Ltd.		42,294
	2,600	Imagica Robot Holdings, Inc.		21,677
	5,200	Imasen Electric Industrial		66,724
	3,500	Inaba Denki Sangyo Co. Ltd.		152,830
	13,200	Inabata & Co. Ltd.		190,039
	5,600	Inageya Co. Ltd.		91,999
	3,300	Ines Corp.		30,706
	1,980	I-Net Corp.		30,822
	3,000	Infocom Corp.		76,804
	134,400	Infomart Corp.		1,007,069
	2,300	Information Services International-Dentsu Ltd.		50,974
	2,400	Innotech Corp.		20,643
	2,800	Intage Holdings, Inc.		36,618

Shares			Value
JAPAN (continued)
	7,500	Internet Initiative Japan, Inc.	$	156,523
	1,000	I-O Data Device, Inc.		9,982
	3,000	Iriso Electronics Co. Ltd.		167,803
	5,500	Iseki & Co. Ltd.		121,653
	34,300	Isetan Mitsukoshi Holdings Ltd.		370,436
	15,900	Ishihara Sangyo Kaisha Ltd.(b)		237,441
	11,000	Ito En Ltd.		383,580
	26,200	Itochu Enex Co. Ltd.		265,675
	7,100	Itochu Techno-Solutions Corp.		274,746
	1,300	Itochu-Shokuhin Co. Ltd.		59,223
	14,000	Itoham Yonekyu Holdings, Inc.		133,099
	16,200	Itoki Corp.		123,810
	3,100	IwaiCosmo Holdings, Inc.		39,450
	2,300	Iwasaki Electric Co. Ltd.		37,199
	6,400	Iwatani Corp.		191,935
	31,500	Iyo Bank Ltd. (The)		269,276
	7,500	Izumi Co. Ltd.		387,186
	13,900	J Trust Co. Ltd.		101,709
	42,500	J. Front Retailing Co. Ltd.		623,455
	1,500	JAC Recruitment Co. Ltd.		27,611
	7,600	Jaccs Co. Ltd.		188,822
	900	Jalux, Inc.		22,218
	1,900	Jamco Corp.		39,419
	4,000	Japan Airport Terminal Co. Ltd.		141,067
	7,400	Japan Asia Group Ltd.		30,718
	13,000	Japan Aviation Electronics Industry Ltd.		235,979
	164,100	Japan Display, Inc.(b)		350,700
	600	Japan Drilling Co. Ltd.(b)		11,414
	1,900	Japan Lifeline Co. Ltd.		90,902
	1,500	Japan Material Co. Ltd.		43,270
	3,900	Japan Medical Dynamic Marketing, Inc.		37,523
	900	Japan Property Management Center Co., Ltd.		12,071
	4,200	Japan Pulp & Paper Co. Ltd.		176,377
	13,700	Japan Securities Finance Co. Ltd.		76,389
	17,600	Japan Steel Works Ltd. (The)		443,463
	20,000	Japan Transcity Corp.		85,660
	18,800	Japan Wool Textile Co. Ltd. (The)		167,986
	6,000	JBCC Holdings, Inc.		55,407
	1,000	JCU Corp.		43,094
	6,000	Jeol Ltd.		31,555
	41,900	Jimoto Holdings, Inc.		81,438
	1,500	JINS, Inc.		77,833
	3,600	JK Holdings Co. Ltd.		28,368
	3,500	JMS Co. Ltd.		21,455
	2,800	Joban Kosan Co. Ltd.		45,950
	3,400	J-Oil Mills, Inc.		121,850
	7,500	Joshin Denki Co. Ltd.		258,234
	8,500	JP-Holdings, Inc.		29,752
	4,900	JSP Corp.		157,508
	35,100	JSR Corp.		675,421
	3,200	Juki Corp.		49,475

30

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	4,000	Juroku Bank Ltd. (The)	$	134,031
	3,300	Justsystems Corp.		70,496
	64,900	JVC Kenwood Corp.		202,625
	27,900	kabu.com Securities Co. Ltd.		88,334
	2,900	Kadokawa Dwango Corp.		33,284
	9,700	Kaga Electronics Co. Ltd.		288,343
	1,400	Kagome Co. Ltd.		46,418
	14,700	Kakaku.com, Inc.		200,775
	25,500	Kaken Pharmaceutical Co. Ltd.		1,287,278
	1,000	Kameda Seika Co. Ltd.		45,205
	13,800	Kamei Corp.		231,932
	13,500	Kamigumi Co. Ltd.		321,160
	1,800	Kanaden Corp.		20,564
	1,000	Kanagawa Chuo Kotsu Co. Ltd.		33,156
	7,600	Kanamoto Co. Ltd.		247,641
	157,000	Kandenko Co. Ltd.		1,539,554
	105,000	Kaneka Corp.		860,648
	1,300	Kaneko Seeds Co. Ltd.		19,368
	44,000	Kanematsu Corp.		575,032
	1,800	Kanematsu Electronics Ltd.		55,802
	5,700	Kansai Urban Banking Corp.		72,337
	7,400	Kanto Denka Kogyo Co. Ltd.		77,186
	11,900	Kasai Kogyo Co. Ltd.		177,393
	1,000	Katakura & Co-op Agri Corp.		12,093
	2,600	Kato Sangyo Co. Ltd.		80,718
	4,500	Kato Works Co. Ltd.		140,099
	2,400	KAWADA Technologies, Inc.		140,996
	2,300	Kawai Musical Instruments Manufacturing Co. Ltd.		48,526
	67,000	Kawasaki Kisen Kaisha Ltd.(b)		1,739,449
	8,200	Keihan Holdings Co. Ltd.		249,523
	15,900	Keihanshin Building Co. Ltd.		111,029
	30,200	Keihin Corp.		550,588
	40,000	Keiyo Bank Ltd. (The)		194,187
	7,800	Keiyo Co. Ltd.		52,409
	27,100	Kenedix, Inc.		157,540
	2,600	Kenko Mayonnaise Co. Ltd.		67,615
	6,600	Kewpie Corp.		163,803
	1,825	KEY Coffee, Inc.		34,300
	2,000	KFC Holdings Japan Ltd.		35,319
	500	Kinki Sharyo Co. Ltd. (The)(b)		11,688
	1,400	Kintetsu Department Store Co. Ltd.(b)		45,803
	5,800	Kintetsu World Express, Inc.		99,213
	5,900	Kitagawa Iron Works Co. Ltd.		160,077
	1,600	Kitamura Co. Ltd.		10,511
	2,600	Kita-Nippon Bank Ltd. (The)		80,489
	21,000	Kitano Construction Corp.		94,191
	7,900	Kito Corp.		100,674
	34,300	Kitz Corp.		292,005
	20,700	Kiyo Bank Ltd. (The)		353,541
	7,300	Koa Corp.		151,515
	22,000	Koatsu Gas Kogyo Co. Ltd.		165,428
	1,000	Kobe Bussan Co. Ltd.		42,918
	116,400	Kobe Steel Ltd.(b)		972,517
	9,600	Kohnan Shoji Co. Ltd.		204,318

Shares			Value
JAPAN (continued)
	1,300	Kohsoku Corp.	$	15,092
	300	Koike Sanso Kogyo Co. Ltd.		7,902
	13,800	Kokuyo Co. Ltd.		246,132
	800	KOMAIHALTEC, Inc.		18,448
	3,400	Komatsu Wall Industry Co. Ltd.		64,798
	9,900	Komeri Co. Ltd.		294,723
	6,300	Kondotec, Inc.		66,765
	27,500	Konica Minolta, Inc.		238,952
	6,300	Konishi Co.Ltd.		108,985
	10,700	Konoike Transport Co. Ltd.		164,210
	5,100	Kosaido Co. Ltd.(b)		23,099
	500	Koshidaka Holdings Co. Ltd.		20,162
	3,400	Kotobuki Spirits Co. Ltd.		139,642
	2,000	Kourakuen Holdings Corp.		39,893
	2,500	Krosaki Harima Corp.		106,855
	4,200	KRS Corp.		119,309
	22,056	K’s Holdings Corp.		503,949
	2,000	KU Holdings Co. Ltd.		18,733
	4,700	Kumagai Gumi Co. Ltd.		148,393
	12,067	Kumiai Chemical Industry Co. Ltd.		81,717
	2,100	Kura Corp.		93,822
	63,000	Kurabo Industries Ltd.		182,288
	6,400	Kureha Corp.		374,302
	2,100	Kurimoto Ltd.		43,919
	8,100	Kurita Water Industries Ltd.		255,741
	900	Kuriyama Holdings Corp.		15,181
	9,500	Kuroda Electric Co. Ltd.		168,770
	2,000	Kusuri No Aoki Holdings Co. Ltd.		110,813
	11,100	KYB Corp.		715,562
	3,300	Kyodo Printing Co. Ltd.		109,705
	6,700	Kyoei Steel Ltd.		116,729
	9,600	Kyokuto Kaihatsu Kogyo Co. Ltd.		170,884
	1,400	Kyokuto Securities Co. Ltd.		20,636
	1,600	Kyokuyo Co. Ltd.		51,572
	6,500	KYORIN Holdings, Inc.		132,853
	3,540	Kyoritsu Maintenance Co. Ltd.		111,146
	400	Kyoritsu Printing Co. Ltd.		1,252
	18,000	Kyosan Electric Manufacturing Co. Ltd.		102,581
	3,500	Kyowa Electronic Instruments Co. Ltd.		13,944
	19,800	Kyowa Exeo Corp.		428,546
	2,700	Kyowa Leather Cloth Co. Ltd.		23,033
	7,000	Kyudenko Corp.		308,430
	125,940	Kyushu Financial Group, Inc.		794,151
	7,000	Lasertec Corp.		152,245
	1,200	LEC, Inc.		31,513
	88,600	Leopalace21 Corp.		657,653
	2,400	Life Corp.		63,533
	55,400	Lifull Co. Ltd.		423,399
	3,800	Link and Motivation, Inc.		25,900
	8,000	Lintec Corp.		220,923

31

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	400	M&A Capital Partners Co. Ltd.(b)	$	20,861
	17,000	M3, Inc.		504,595
	3,700	Mabuchi Motor Co. Ltd.		192,313
	10,450	Macnica Fuji Electronics Holdings, Inc.		217,078
	10,000	Maeda Corp.		124,885
	2,400	Maeda Kosen Co. Ltd.		41,434
	29,000	Maeda Road Construction Co. Ltd.		621,547
	32,000	Makino Milling Machine Co. Ltd.		298,879
	4,100	Mamezou Holdings Co. Ltd.		47,020
	4,600	Mandom Corp.		136,538
	1,800	Mani, Inc.		51,211
	7,700	Marubun Corp.		66,568
	38,000	Marudai Food Co. Ltd.		177,459
	400	Marufuji Sheet Piling Co. Ltd.		12,242
	11,700	Maruha Nichiro Corp.		359,628
	27,000	Marui Group Co. Ltd.		409,613
	6,900	Maruichi Steel Tube Ltd.		209,358
	7,800	Marusan Securities Co. Ltd.		71,000
	2,500	Maruwa Co. Ltd.		144,673
	2,000	Maruyama Manufacturing Co., Inc.		34,440
	20,000	Maruzen Showa Unyu Co. Ltd.		94,279
	6,400	Marvelous, Inc.		60,226
	2,900	Matsuda Sangyo Co. Ltd.		41,419
	7,700	Matsui Construction Co. Ltd.		68,464
	16,400	Matsui Securities Co. Ltd.		136,877
	7,200	Matsumotokiyoshi Holdings Co. Ltd.		515,439
	700	Matsuya Foods Co. Ltd.		26,811
	6,000	Max Co. Ltd.		84,535
	2,400	Maxvalu Nishinihon Co. Ltd.		35,819
	3,700	Maxvalu Tokai Co. Ltd.		72,793
	4,400	MCJ Co. Ltd.		46,165
	31,590	Mebuki Financial Group, Inc.		130,577
	2,900	MEC Co. Ltd.		46,444
	17,500	Medipal Holdings Corp.		322,897
	1,400	Megachips Corp.		45,803
	97,162	Megmilk Snow Brand Co. Ltd.		2,708,795
	45,000	Meidensha Corp.		176,509
	6,300	Meiko Electronics Co. Ltd.		114,692
	2,600	Meiko Network Japan Co. Ltd.		30,046
	12,000	Meisei Industrial Co. Ltd.		83,585
	5,500	Meitec Corp.		267,490
	13,200	Meiwa Corp.		60,367
	1,400	Menicon Co. Ltd.		63,040
	500	Metawater Co. Ltd.		13,236
	4,500	Michinoku Bank Ltd. (The)		75,986
	4,400	Micronics Japan Co. Ltd.		43,418
	1,000	Mie Bank Ltd. (The)		23,851
	4,300	Mie Kotsu Group Holdings, Inc.		18,530
	5,900	Mikuni Corp.		30,666

Shares			Value
JAPAN (continued)
	1,237	Milbon Co. Ltd.	$	77,132
	6,700	Mimasu Semiconductor Industry Co. Ltd.		118,556
	6,300	Minato Bank Ltd. (The)		118,736
	2,900	Ministop Co. Ltd.		58,661
	10,800	Miraca Holdings, Inc.		500,558
	16,940	Mirait Holdings Corp.		219,599
	2,300	Miroku Jyoho Service Co. Ltd.		53,482
	8,500	Misawa Homes Co. Ltd.		75,129
	382,100	MISUMI Group, Inc.		10,417,396
	6,400	Mitani Corp.		253,006
	6,900	Mito Securities Co. Ltd.		23,606
	6,000	Mitsuba Corp.		99,046
	7,000	Mitsubishi Logistics Corp.		180,071
	55,400	Mitsubishi Materials Corp.		2,090,198
	11,800	Mitsubishi Nichiyu Forklift Co. Ltd.		86,447
	6,600	Mitsubishi Paper Mills Ltd.(b)		44,346
	4,200	Mitsubishi Pencil Co. Ltd.		99,030
	1,600	Mitsubishi Research Institute, Inc.		47,351
	2,800	Mitsubishi Shokuhin Co. Ltd.		82,617
	2,400	Mitsubishi Steel Manufacturing Co. Ltd.		59,311
	74,600	Mitsubishi UFJ Lease & Finance Co. Ltd.		389,714
	13,000	Mitsuboshi Belting Ltd.		161,778
	4,300	Mitsui Engineering & Shipbuilding Co. Ltd.		55,780
	5,300	Mitsui High-Tec, Inc.		110,796
	14,000	Mitsui Home Co. Ltd.		92,221
	2,100	Mitsui Matsushima Co. Ltd.		26,300
	16,100	Mitsui Mining & Smelting Co. Ltd.		831,160
	42,900	Mitsui Osk Lines Ltd.		1,301,658
	2,700	Mitsui Sugar Co. Ltd.		92,133
	47,000	Mitsui-Soko Holdings Co. Ltd.(b)		145,499
	1,300	Mixi, Inc.		63,111
	1,800	Miyaji Engineering Group, Inc.		49,233
	4,300	Miyazaki Bank Ltd. (The)		153,538
	1,800	Miyoshi Oil & Fat Co. Ltd.		23,682
	3,800	Mizuno Corp.		107,445
	27,464	Mochida Pharmaceutical Co. Ltd.		1,999,929
	4,300	Modec, Inc.		98,627
	30,200	Monex Group, Inc.		95,616
	600	Monogatari Corp. (The)		44,114
	22,200	Monotaro Co. Ltd.		607,203
	900	Moresco Corp.		16,495
	5,200	Morinaga & Co. Ltd.		295,888
	66,823	Morinaga Milk Industry Co. Ltd.		2,562,317
	8,400	Morita Holdings Corp.		143,983
	2,400	Mory Industries, Inc.		74,192
	3,000	Mr Max Corp.		19,683
	6,200	MTI Ltd.		37,133
	1,900	Mugen Estate Co. Ltd.		19,551

32

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	218,100	Musashi Seimitsu Industry Co. Ltd.	$	6,895,647
	2,700	Musashino Bank Ltd. (The)		86,909
	10,800	Nabtesco Corp.		426,472
	5,100	NAC Co. Ltd.		43,328
	40,000	Nachi-Fujikoshi Corp.		244,141
	800	Nafco Co. Ltd.		12,376
	1,800	Nagaileben Co. Ltd.		44,674
	3,500	Nagano Bank Ltd.		61,040
	1,700	Nagano Keiki Co. Ltd.		19,211
	34,600	Nagase & Co. Ltd.		583,944
	5,000	Nagatanien Holdings Co. Ltd.		59,584
	11,000	Nakabayashi Co. Ltd.		70,718
	2,500	Nakanishi, Inc.		113,012
	2,500	Nakano Corp.		14,093
	3,800	Nakayama Steel Works Ltd.		26,168
	8,000	Nankai Electric Railway Co. Ltd.		205,866
	1,400	Nanto Bank Ltd. (The)		39,277
	1,100	Natori Co. Ltd.		19,851
	900	NDS Co. Ltd.		30,315
	4,700	NEC Capital Solutions Ltd.		92,590
	9,300	NEC Networks & System Integration Corp.		230,159
	11,000	NET One Systems Co. Ltd.		135,535
	75,300	NHK Spring Co. Ltd.		852,965
	1,800	Nice Holdings, Inc.		25,455
	31,000	Nichias Corp.		402,137
	3,000	Nichiban Co. Ltd.		66,725
	5,900	Nichiha Corp.		236,612
	12,300	Nichii Gakkan Co.		126,023
	10,150	Nichi-Iko Pharmaceutical Co. Ltd.		156,751
	24,000	Nichirei Corp.		614,643
	15,600	Nichireki Co. Ltd.		196,466
	1,200	Nichirin Co. Ltd.		43,428
	325,700	Nifco, Inc.		21,196,781
	5,500	Nihon Dempa Kogyo Co. Ltd.		42,663
	2,300	Nihon Eslead Corp.		41,770
	14,900	Nihon House Holdings Co. Ltd.		81,507
	8,700	Nihon Kohden Corp.		192,279
	247,800	Nihon M&A Center, Inc.		11,790,141
	14,500	Nihon Nohyaku Co. Ltd.		83,528
	12,000	Nihon Parkerizing Co. Ltd.		194,925
	2,800	Nihon Plast Co. Ltd.		29,895
	1,100	Nihon Tokushu Toryo Co. Ltd.		19,871
	600	Nihon Trim Co. Ltd.		23,350
	15,300	Nihon Unisys Ltd.		252,432
	3,000	Nihon Yamamura Glass Co. Ltd.		5,250
	19,300	Nikkiso Co. Ltd.		179,922
	17,000	Nikkon Holdings Co. Ltd.		432,980
	136,658	Nikon Corp.		2,575,596
	400	Nippi, Inc.		15,109
	28,000	Nippo Corp.		582,384

Shares			Value
JAPAN (continued)
	4,000	Nippon Air Conditioning Services Co. Ltd.	$	26,595
	1,700	Nippon Carbide Industries Co. Inc.		36,241
	3,100	Nippon Chemical Industrial Co. Ltd.		70,858
	1,000	Nippon Chemi-Con Corp.		34,431
	300	Nippon Chemiphar Co. Ltd.		13,799
	7,500	Nippon Concrete Industries Co. Ltd.		31,529
	8,000	Nippon Densetsu Kogyo Co. Ltd.		172,587
	21,400	Nippon Electric Glass Co. Ltd.		866,690
	47,100	Nippon Express Co. Ltd.		2,970,028
	2,300	Nippon Fine Chemical Co. Ltd.		21,421
	15,500	Nippon Flour Mills Co. Ltd.		236,784
	5,400	Nippon Gas Co. Ltd.		170,494
	7,500	Nippon Hume Corp.		51,581
	62,896	Nippon Kayaku Co. Ltd.		994,565
	900	Nippon Kinzoku Co. Ltd.		24,854
	1,300	Nippon Kodoshi Corp.		26,365
	8,700	Nippon Koei Co. Ltd.		318,297
	2,100	Nippon Koshuha Steel Co. Ltd.		17,749
	336,100	Nippon Light Metal Holdings Co. Ltd.		981,357
	56,500	Nippon Paper Industries Co. Ltd.		1,121,006
	37,600	Nippon Parking Development Co. Ltd.		54,893
	4,700	Nippon Piston Ring Co. Ltd.		100,279
	15	Nippon Prologis REIT, Inc. REIT		31,503
	4,000	Nippon Rietec Co. Ltd.		43,973
	3,000	Nippon Road Co. Ltd. (The)		172,024
	800	Nippon Seisen Co. Ltd.		38,697
	9,000	Nippon Sharyo Ltd.(b)		25,329
	27,300	Nippon Sheet Glass Co. Ltd.(b)		217,286
	6,000	Nippon Shokubai Co. Ltd.		449,057
	11,400	Nippon Signal Co. Ltd.		125,124
	32,000	Nippon Soda Co. Ltd.		198,971
	8,748	Nippon Steel & Sumikin Bussan Corp.		480,850
	51,100	Nippon Suisan Kaisha Ltd.		310,092
	8,000	Nippon Thompson Co. Ltd.		46,295
	4,300	Nippon Valqua Industries Ltd.		99,383
	64,000	Nippon Yusen KK(b)		1,341,295
	32,800	Nipro Corp.		475,680
	14,600	Nishimatsu Construction Co. Ltd.		439,136
	3,500	Nishimatsuya Chain Co. Ltd.		38,415
	19,200	Nishi-Nippon Financial Holdings, Inc.		221,711
	5,600	Nishi-Nippon Railroad Co. Ltd.		148,982
	3,900	Nishio Rent All Co. Ltd.		135,311
	24,300	Nissan Shatai Co. Ltd.		257,094
	9,600	Nissan Tokyo Sales Holdings Co. Ltd.		34,447

33

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	1,200	Nissei ASB Machine Co. Ltd.	$	53,085
	5,500	Nissei Build Kogyo Co. Ltd.		62,495
	1,500	Nissei Plastic Industrial Co. Ltd.		19,894
	4,500	Nissha Printing Co. Ltd.		143,661
	6,800	Nisshin Fudosan Co. Ltd.		47,664
	8,000	Nisshin Oillio Group Ltd. (The)		262,082
	9,824	Nisshin Steel Co. Ltd.		142,213
	55,568	Nisshinbo Holdings, Inc.		661,704
	5,600	Nissin Corp.		171,883
	7,000	Nissin Electric Co. Ltd.		85,265
	19,400	Nissin Kogyo Co. Ltd.		356,931
	3,200	Nitta Corp.		131,287
	1,900	Nitta Gelatin, Inc.		13,535
	14,400	Nitto Boseki Co. Ltd.		481,879
	10,100	Nitto Kogyo Corp.		172,145
	2,600	Nitto Kohki Co. Ltd.		64,140
	12,000	Nitto Seiko Co. Ltd.		69,337
	13,100	Nittoc Construction Co. Ltd.		70,970
	3,200	Noda Corp.		37,177
	1,200	Noevir Holdings Co. Ltd.		72,081
	196,834	NOF Corp.		5,643,365
	2,700	Nohmi Bosai Ltd.		45,354
	6,500	Nojima Corp.		150,917
	43,900	NOK Corp.		1,068,302
	5,000	Nomura Co. Ltd.		103,909
	58,300	Nomura Real Estate Holdings, Inc.		1,274,648
	2,100	Noritake Co. Ltd.		100,840
	3,800	Noritsu Koki Co. Ltd.		58,552
	6,600	Noritz Corp.		120,733
	62,900	North Pacific Bank Ltd.		209,657
	1,000	Nozawa Corp.		12,726
	4,100	NS Solutions Corp.		98,944
	4,600	NS United Kaiun Kaisha Ltd.		105,913
	3,100	NSD Co. Ltd.		61,861
	150,700	NTN Corp.		723,646
	8,400	NTT Urban Development Corp.		86,360
	400	Nuflare Technology, Inc.		20,650
	2,200	Obara Group, Inc.		126,538
	1,800	Odelic Co. Ltd.		79,785
	27,000	Oenon Holdings, Inc.		78,361
	3,500	Ogaki Kyoritsu Bank Ltd. (The)		99,270
	4,500	Ohashi Technica, Inc.		66,527
	900	Ohsho Food Service Corp.		37,558
	7,245	Oiles Corp.		141,835
	4,600	Oita Bank Ltd. (The)		184,680
	11,100	Okabe Co. Ltd.		105,919
	8,000	Okamoto Industries, Inc.		86,751
	900	Okamoto Machine Tool Works Ltd.		24,102
	11,900	Okamura Corp.		132,391
	11,000	Okasan Securities Group, Inc.		67,139
	3,200	Okinawa Cellular Telephone Co.		110,743
	2,337	Okinawa Electric Power Co., Inc. (The)		53,130

Shares			Value
JAPAN (continued)
	1,800	OKK Corp.	$	19,899
	7,000	OKUMA Corp.		425,399
	4,800	Okumura Corp.		183,000
	26,000	Okura Industrial Co. Ltd.		175,384
	10,000	Okuwa Co. Ltd.		101,139
	2,600	ONO Sokki Co. Ltd.		17,127
	2,400	Onoken Co. Ltd.		40,631
	26,000	Onward Holdings Co. Ltd.		218,601
	4,800	Open House Co. Ltd.		184,055
	3,400	OPT Holding, Inc.		36,839
	1,800	Optex Group Co. Ltd.		74,086
	1,800	Organo Corp.		47,491
	18,000	Orient Corp.		28,970
	2,000	Origin Electric Co. Ltd.		35,882
	6,400	Osaka Organic Chemical Industry Ltd.		76,380
	4,800	Osaka Soda Co. Ltd.		125,546
	16,000	Osaki Electric Co. Ltd.		116,793
	12,500	OSG Corp.		269,117
	12,200	OSJB Holdings Corp.		37,553
	500	OUG Holdings, Inc.		12,005
	8,000	Outsourcing Inc.		109,687
	24,900	Pacific Industrial Co. Ltd.		321,474
	3,100	Pacific Metals Co. Ltd.(b)		92,287
	2,450	Pack Corp. (The)		84,787
	1,400	PAL Group Holdings Co. Ltd.		39,585
	5,050	PALTAC Corp.		199,637
	53,999	Paramount Bed Holdings Co. Ltd.		2,367,398
	4,500	Parco Co. Ltd.		59,799
	60,741	Park24 Co. Ltd.		1,399,065
	3,000	Pasco Corp.		9,076
	1,900	Pasona Group, Inc.		26,602
	9,100	PC Depot Corp.		69,067
	4,100	Pegasus Sewing Machine Manufacturing Co. Ltd.		27,296
	57,100	Penta-Ocean Construction Co. Ltd.		375,126
	26,700	PeptiDream, Inc.(b)		842,997
	700	PIA Corp.		35,460
	18,300	Pigeon Corp.		644,576
	6,200	Pilot Corp.		311,350
	6,600	Piolax, Inc.		181,390
	141,100	Pioneer Corp.(b)		271,764
	3,500	Plenus Co. Ltd.		71,074
	2,600	Pocket Card Co. Ltd.		24,467
	62,000	Press Kogyo Co. Ltd.		344,611
	4,000	Pressance Corp.		53,612
	6,000	Prestige International, Inc.		64,535
	15,000	Prima Meat Packers Ltd.		97,753
	2,300	Proto Corp.		33,052
	6,400	PS Mitsubishi Construction Co. Ltd.		40,807
	3,700	Qol Co. Ltd.		67,782
	17,400	Raito Kogyo Co. Ltd.		177,206
	2,000	Rasa Industries Ltd.		40,016

34

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	2,000	Raysum Co. Ltd.	$	17,677
	2,300	Relia, Inc.		26,943
	19,000	Relo Group, Inc.		468,880
	2,000	Renesas Easton Co. Ltd.		13,016
	111,840	Rengo Co. Ltd.		728,846
	519,900	Resorttrust, Inc.		10,173,497
	3,000	Rheon Automatic Machinery Co. Ltd.		45,090
	9,200	Ricoh Leasing Co. Ltd.		329,308
	4,800	Right On Co. Ltd.		39,850
	2,900	Riken Corp.		149,967
	6,500	Riken Keiki Co. Ltd.		139,712
	19,000	Riken Technos Corp.		116,134
	900	Riken Vitamin Co. Ltd.		34,510
	3,000	Ringer Hut Co. Ltd.		64,905
	16,200	Riso Kagaku Corp.		308,884
	8,500	Riso Kyoiku Co. Ltd.		67,279
	1,800	Rock Field Co. Ltd.		31,550
	11,400	Rohto Pharmaceutical Co. Ltd.		261,777
	1,400	Rokko Butter Co. Ltd.		31,372
	1,300	Roland DG Corp.		35,728
	1,700	Rorze Corp.		44,629
	25,800	Round One Corp.		332,186
	5,400	Royal Holdings Co. Ltd.		139,055
	13,600	Ryobi Ltd.		347,700
	3,000	Ryoden Corp.		46,330
	7,500	Ryosan Co. Ltd.		302,427
	66,900	S Foods, Inc.		2,535,852
	1,700	Sac’s Bar Holdings, Inc.		20,647
	2,200	Saibu Gas Co. Ltd.		54,891
	4,700	Saizeriya Co. Ltd.		144,466
	5,600	Sakai Chemical Industry Co. Ltd.		139,378
	1,400	Sakai Heavy Industries Ltd.		45,187
	1,800	Sakai Moving Service Co. Ltd.		104,006
	1,800	Sakai Ovex Co. Ltd.		36,853
	9,300	Sakata INX Corp.		178,467
	5,100	SAMTY Co. Ltd.		72,213
	2,300	San-A Co. Ltd.		105,387
	31,000	San-Ai Oil Co. Ltd.		366,967
	8,400	Sanden Holdings Corp.(b)		169,840
	1,900	Sanei Architecture Planning Co. Ltd.		42,076
	20,350	Sangetsu Corp.		372,441
	40,800	San-In Godo Bank Ltd. (The)		371,741
	34,000	Sanken Electric Co. Ltd.		211,407
	800	Sanko Metal Industrial Co. Ltd.		28,847
	4,900	Sankyo Co. Ltd.		157,508
	12,300	Sankyo Tateyama, Inc.		178,488
	10,400	Sankyu, Inc.		428,055
	14,600	Sanoh Industrial Co. Ltd.		128,274
	4,600	Sanoyas Holdings Corp.		12,905
	1,800	Sansei Technologies, Inc.		15,213
	6,800	Sanshin Electronics Co. Ltd.		102,384
	30,800	Sanwa Holdings Corp.		384,374
	3,800	Sanyo Chemical Industries Ltd.		198,848

Shares			Value
JAPAN (continued)
	1,800	Sanyo Denki Co. Ltd.	$	118,728
	400	Sanyo Electric Railway Co. Ltd.		10,135
	2,400	Sanyo Housing Nagoya Co. Ltd.		26,067
	800	Sanyo Industries Ltd.		15,577
	12,000	Sanyo Special Steel Co. Ltd.		306,161
	2,100	Sanyo Trading Co. Ltd.		54,095
	13,000	Sapporo Holdings Ltd.		409,305
	1,500	SATO Holdings Corp.		36,265
	2,700	Sato Shoji Corp.		29,302
	4,100	Satori Electric Co. Ltd.		38,150
	7,800	Sawada Holdings Co. Ltd.		69,490
	33,292	Sawai Pharmaceutical Co. Ltd.		1,882,657
	3,500	SAXA Holdings, Inc.		66,118
	94,980	SBI Holdings, Inc.		1,486,033
	8,500	SBS Holdings, Inc.		66,831
	1,900	Scala, Inc.		13,268
	2,900	SCREEN Holdings Co. Ltd.		224,695
	5,800	Scroll Corp.		24,382
	800	SCSK Corp.		34,264
	50,900	Sega Sammy Holdings, Inc.		711,315
	800	Seibu Electric Industry Co. Ltd.		17,885
	3,200	Seika Corp.		84,570
	11,400	Seikitokyu Kogyo Co. Ltd.		64,367
	10,800	Seiko Holdings Corp.		267,471
	38,300	Seino Holdings Co. Ltd.		554,770
	12,300	Seiren Co. Ltd.		212,563
	6,600	Sekisui Plastics Co. Ltd.		86,255
	35,500	Senko Group Holdings Co. Ltd.		255,701
	2,000	Senshu Electric Co. Ltd.		44,149
	83,320	Senshu Ikeda Holdings, Inc.		319,489
	8,800	Senshukai Co. Ltd.		54,330
	13,000	Septeni Holdings Co. Ltd.		36,472
	32,062	Seria Co. Ltd.		1,821,560
	70,200	Seven Bank Ltd.		258,068
	1,200	Shibaura Electronics Co. Ltd.		48,758
	11,000	Shibaura Mechatronics Corp.		47,307
	3,400	Shibusawa Warehouse Co. Ltd. (The)		62,914
	4,400	Shibuya Corp.		167,750
	1,400	Shidax Corp.		5,454
	42,000	Shiga Bank Ltd. (The)		238,987
	4,400	Shikibo Ltd.		61,953
	4,000	Shikoku Bank Ltd. (The)		62,055
	14,000	Shikoku Chemicals Corp.		232,215
	8,100	Shikoku Electric Power Co., Inc.		105,288
	4,900	Shima Seiki Manufacturing Ltd.		273,647
	12,749	Shimachu Co. Ltd.		358,235
	1,800	Shimizu Bank Ltd. (The)		59,997
	3,100	Shin Nippon Air Technologies Co. Ltd.		44,385
	3,200	Shinagawa Refractories Co. Ltd.		107,647
	700	Shindengen Electric Manufacturing Co. Ltd.		47,280
	20,700	Shinko Electric Industries Co. Ltd.		157,473

35

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	12,700	Shinko Plantech Co. Ltd.	$	109,012
	18,000	Shinmaywa Industries Ltd.		175,560
	8,400	Shinnihon Corp.		74,245
	2,800	Shinoken Group Co. Ltd.		68,310
	2,200	Shinsho Corp.		63,172
	900	Shinwa Co. Ltd.		20,413
	8,800	Ship Healthcare Holdings, Inc.		273,585
	3,000	Shizuki Electric Co., Inc.		19,128
	27,900	Shizuoka Gas Co. Ltd.		216,173
	700	Shochiku Co. Ltd.		103,795
	800	Shoei Co. Ltd.		26,701
	2,400	Shoei Foods Corp.		96,566
	1,000	Showa Aircraft Industry Co. Ltd.		12,348
	19,600	Showa Corp.		254,944
	40,200	Showa Denko KK		1,334,638
	6,400	Showa Sangyo Co. Ltd.		166,438
	96,500	Showa Shell Sekiyu KK		1,130,452
	2,600	Siix Corp.		110,329
	3,000	Sinanen Holdings Co. Ltd.		66,857
	31,000	Sinfonia Technology Co. Ltd.		125,412
	2,600	Sinko Industries Ltd.		42,257
	1,400	SK-Electronics Co. Ltd.		15,058
	101,000	SKY Perfect JSAT Holdings, Inc.		465,450
	2,800	Skylark Co. Ltd.		41,740
	17,000	SMK Corp.		79,689
	2,800	SMS Co. Ltd.		83,849
	9,300	Sodick Co. Ltd.		127,512
	2,400	Softbank Technology Corp.		44,431
	2,700	Sogo Medical Co. Ltd.		149,360
	2,400	Sohgo Security Services Co. Ltd.		114,823
	315,700	Sojitz Corp.		946,781
	1,700	Soken Chemical & Engineering Co. Ltd.		36,869
	6,000	Sotetsu Holdings, Inc.		153,925
	18,500	Sparx Group Co. Ltd.		45,068
	700	SPK Corp.		20,223
	5,000	Square Enix Holdings Co. Ltd.		200,959
	300	ST Corp.		7,390
	3,000	St. Marc Holdings Co. Ltd.		90,497
	5,600	Star Micronics Co. Ltd.		98,008
	19,400	Start Today Co. Ltd.		527,206
	4,900	Starts Corp., Inc.		132,298
	2,200	Starzen Co. Ltd.		107,383
	3,200	Stella Chemifa Corp.		122,703
	1,300	Studio Alice Co. Ltd.		30,000
	2,700	Sugi Holdings Co. Ltd.		136,775
	2,700	Sugimoto & Co. Ltd.		41,674
	10,500	Sumco Corp.		227,813
	4,800	Sumida Corp.		82,994
	7,000	Suminoe Textile Co. Ltd.		19,639
	104,000	Sumitomo Bakelite Co. Ltd.		840,561
	6,900	Sumitomo Densetsu Co. Ltd.		139,147
	67,800	Sumitomo Forestry Co. Ltd.		1,135,317

Shares			Value
JAPAN (continued)
	27,400	Sumitomo Heavy Industries Ltd.	$	1,142,219
	25,300	Sumitomo Mitsui Construction Co. Ltd.		154,864
	471,474	Sumitomo Osaka Cement Co. Ltd.		2,147,870
	7,000	Sumitomo Precision Products Co. Ltd.		22,594
	19,100	Sumitomo Riko Co. Ltd.		183,769
	37,900	Sumitomo Rubber Industries Ltd.		714,635
	3,800	Sumitomo Seika Chemicals Co. Ltd.		201,187
	7,500	Sun Frontier Fudousan Co. Ltd.		89,772
	2,200	Suncall Corp.		13,718
	3,600	Sun-Wa Technos Corp.		67,628
	9,990	Suzuken Co. Ltd.		358,025
	4,200	SWCC Showa Holdings Co. Ltd.(b)		39,080
	1,700	Systena Corp.		52,254
	7,000	T&K Toka Co. Ltd.		81,017
	3,200	T. Hasegawa Co. Ltd.		64,757
	3,000	T. RAD Co. Ltd.		124,005
	3,240	Tachibana Eletech Co. Ltd.		54,710
	6,700	Tachi-S Co. Ltd.		124,625
	36,700	Tadano Ltd.		553,542
	3,000	Taihei Dengyo Kaisha Ltd.		76,171
	33,430	Taiheiyo Cement Corp.		1,328,909
	9,600	Taiho Kogyo Co. Ltd.		142,685
	5,000	Taikisha Ltd.		144,673
	700	Taiko Pharmaceutical Co. Ltd.		14,430
	300	Taisei Lamick Co., Ltd.		8,166
	3,000	Taiyo Holdings Co. Ltd.		143,529
	38,500	Taiyo Yuden Co. Ltd.		662,970
	3,300	Takaoka Toko Co. Ltd.		53,721
	17,700	Takara Holdings, Inc.		172,011
	13,600	Takara Leben Co. Ltd.		62,076
	11,000	Takara Standard Co. Ltd.		186,905
	5,200	Takasago International Corp.		179,728
	134,900	Takasago Thermal Engineering Co. Ltd.		2,364,502
	1,800	Takashima & Co. Ltd.		35,840
	115,000	Takashimaya Co. Ltd.		1,049,822
	3,100	Take And Give Needs Co. Ltd.		23,556
	2,600	Takeei Corp.		26,113
	5,700	Takeuchi Manufacturing Co. Ltd.		119,008
	3,300	Takisawa Machine Tool Co.Ltd.		60,018
	9,000	Takuma Co. Ltd.		110,180
	6,800	Tama Home Co. Ltd.		44,075
	1,900	Tamron Co. Ltd.		39,385
	29,000	Tamura Corp.		196,640
	1,950	Tanseisha Co. Ltd.		23,066
	16,300	Tatsuta Electric Wire and Cable Co. Ltd.		118,840
	9,000	Tayca Corp.		211,020

36

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	10,700	TBK Co. Ltd.	$	49,028
	600	Techno Medica Co. Ltd.		10,416
	58,600	Teijin Ltd.		1,233,277
	1,200	Tekken Corp.		40,051
	900	T-Gaia Corp.		18,229
	7,900	THK Co. Ltd.		286,250
	21,266	TIS, Inc.		656,468
	6,000	Toa Corp.		62,900
	5,200	Toa Corp.(b)		112,685
	58,000	Toa Oil Co. Ltd.		77,024
	2,200	Toa Road Corp.		89,873
	39,450	Toagosei Co. Ltd.		508,629
	56,100	Tobishima Corp.		83,382
	500	Tobu Store Co. Ltd.		13,544
	17,100	TOC Co. Ltd.		152,344
	2,200	Tocalo Co. Ltd.		88,422
	34,700	Tochigi Bank Ltd. (The)		156,555
	34,000	Toda Corp.		275,397
	300	Toda Kogyo Corp.		12,427
	2,000	Toei Co. Ltd.		216,173
	4,200	Toenec Corp.		122,079
	59,000	Toho Bank Ltd. (The)		226,235
	4,000	Toho Co. Ltd.		100,928
	3,200	Toho Gas Co. Ltd.		89,073
	6,900	Toho Holdings Co. Ltd.		134,838
	5,000	Toho Titanium Co. Ltd.		44,677
	6,800	Toho Zinc Co. Ltd.		328,323
	2,600	Tohoku Bank Ltd. (The)		35,763
	15,000	Tokai Carbon Co. Ltd.		148,278
	2,400	Tokai Corp.		107,436
	19,000	TOKAI Holdings Corp.		151,225
	1,200	Tokai Lease Co. Ltd.		22,458
	17,100	Tokai Rika Co. Ltd.		355,821
	20,000	Tokai Tokyo Financial Holdings, Inc.		129,810
	700	Token Corp.		84,095
	3,084	Tokushu Tokai Paper Co. Ltd.		124,087
	10,800	Tokuyama Corp.		304,419
	11,750	Tokyo Century Corp.		508,938
	28,100	Tokyo Dome Corp.		262,206
	1,100	Tokyo Electron Device Ltd.		21,467
	7,000	Tokyo Energy & Systems, Inc.		81,201
	2,600	Tokyo Individualized Educational Institute, Inc.		22,889
	5,000	Tokyo Keiki, Inc.		66,840
	8,800	Tokyo Ohka Kogyo Co. Ltd.		319,247
	400	Tokyo Rakutenchi Co. Ltd.		20,580
	5,300	Tokyo Rope Manufacturing Co. Ltd.		82,223
	2,500	Tokyo Sangyo Co. Ltd.		11,763
	6,800	Tokyo Seimitsu Co. Ltd.		267,323
	27,500	Tokyo Steel Manufacturing Co. Ltd.		236,049
	44,400	Tokyo Tatemono Co. Ltd.		617,355
	4,400	Tokyo Tekko Co. Ltd.		82,772
	6,275	Tokyo Ty Financial Group, Inc.		167,767

Shares			Value
JAPAN (continued)
	1,700	Tokyotokeiba Co. Ltd.	$	51,506
	12,500	Tokyu Construction Co. Ltd.		109,604
	197,600	Tokyu Fudosan Holdings Corp.		1,285,994
	27,000	Toli Corp.		97,832
	1,100	Tomen Devices Corp.		31,199
	7,300	Tomoe Corp.		30,239
	1,300	Tomoe Engineering Co. Ltd.		24,764
	8,200	Tomoku Co. Ltd.		152,454
	26,700	TOMONY Holdings, Inc.		127,506
	11,800	Tomy Co. Ltd.		189,912
	1,700	Tonami Holdings Co. Ltd.		84,174
	8,100	Topcon Corp.		169,758
	17,200	Toppan Forms Co. Ltd.		176,682
	8,100	Topre Corp.		237,219
	7,200	Topy Industries Ltd.		244,105
	4,000	TORIDOLL Holdings Corp.		128,402
	2,500	Torii Pharmaceutical Co. Ltd.		67,499
	5,000	Torishima Pump Manufacturing Co. Ltd.		51,669
	12,100	Tosei Corp.		118,334
	26,000	Toshiba Machine Co. Ltd.		160,063
	9,300	Toshiba Plant Systems & Services Corp.		159,655
	41,000	Toshiba TEC Corp.		238,345
	2,000	Tosho Co. Ltd.		55,055
	5,900	Totetsu Kogyo Co. Ltd.		196,658
	9,400	Towa Bank Ltd. (The)		99,121
	5,500	Towa Corp.		94,033
	3,300	Towa Pharmaceutical Co. Ltd.		170,072
	23,700	Toyo Construction Co. Ltd.		119,433
	600	Toyo Denki Seizo KK		10,606
	3,200	Toyo Engineering Corp.		38,106
	89,000	Toyo Ink SC Holdings Co. Ltd.		520,514
	2,600	Toyo Kohan Co. Ltd.		11,044
	2,100	Toyo Machinery & Metal Co. Ltd.		16,068
	16,000	Toyo Securities Co. Ltd.		44,325
	48,300	Toyo Seikan Group Holdings Ltd.		846,593
	95,232	Toyo Suisan Kaisha Ltd.		3,647,468
	700	Toyo Tanso Co. Ltd.		19,669
	29,200	Toyo Tire & Rubber Co. Ltd.		655,880
	2,000	Toyo Wharf & Warehouse Co. Ltd.		33,666
	47,000	Toyobo Co. Ltd.		900,690
	36,000	Toyoda Gosei Co. Ltd.		870,041
	9,200	Toyota Boshoku Corp.		183,830
	5,100	TPR Co. Ltd.		178,739
	1,200	Trancom Co. Ltd.		72,820
	3,000	Transcosmos, Inc.		69,469
	5,200	Trusco Nakayama Corp.		132,578
	10,900	TS Tech Co. Ltd.		387,283
	47,000	Tsubakimoto Chain Co.		400,536
	1,600	Tsubakimoto Kogyo Co. Ltd.		41,201
	7,000	Tsudakoma Corp.(b)		12,497
	20,833	Tsukuba Bank Ltd.		76,403

37

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
JAPAN (continued)
	5,000	Tsukui Corp.	$	35,794
	8,800	Tsumura & Co.		325,826
	1,200	Tsurumi Manufacturing Co. Ltd.		20,221
	7,000	TTK Co. Ltd.		34,106
	2,400	Tv Tokyo Holdings Corp.		49,940
	12,184	UACJ Corp.		355,753
	32,780	Ube Industries Ltd.		998,924
	4,200	Uchida Yoko Co. Ltd.		132,791
	600	Ueki Corp.		14,348
	2,500	UKC Holdings Corp.		42,786
	7,200	Ulvac, Inc.		505,941
	18,500	Unipres Corp.		492,986
	2,600	United Arrows Ltd.		96,953
	9,300	United Super Markets Holdings, Inc.		86,616
	6,200	Unitika Ltd.(b)		54,363
	3,900	Universal Entertainment Corp.		126,736
	3,700	Unizo Holdings Co. Ltd.		97,784
	8,600	U-Shin Ltd.(b)		57,785
	2,100	UT Group Co. Ltd.(b)		42,737
	8,800	Utoc Corp.		41,173
	600	V Technology Co. Ltd.		104,534
	9,500	Valor Holdings Co. Ltd.		215,307
	2,200	Vector, Inc.		28,848
	1,400	Village Vanguard Co. Ltd.		14,135
	11,200	Vital KSK Holdings, Inc.		90,522
	16,200	VT Holdings Co. Ltd.		87,479
	11,500	Wacoal Holdings Corp.		327,184
	3,300	Wakachiku Construction Co. Ltd.		54,881
	5,900	Wakita & Co. Ltd.		72,281
	7,600	Warabeya Nichiyo Holdings Co. Ltd.		187,084
	2,700	WATAMI Co. Ltd.		35,191
	600	Weathernews, Inc.		19,313
	6,680	Welcia Holdings Co. Ltd.		252,619
	5,900	West Holdings Corp.		38,657
	1,000	Wowow, Inc.		31,089
	6,500	Xebio Holdings Co. Ltd.		123,763
	1,000	Y.A.C. Holdings Co. Ltd.		10,035
	4,000	Yachiyo Industry Co. Ltd.		53,472
	6,000	Yahagi Construction Co. Ltd.		53,929
	600	Yakuodo Co. Ltd.		16,754
	9,600	YAMABIKO Corp.		129,683
	253,172	Yamada Denki Co. Ltd.		1,340,394
	8,400	Yamagata Bank Ltd. (The)		196,804
	51,000	Yamaguchi Financial Group, Inc.		613,588
	5,400	Yamaichi Electronics Co. Ltd.		110,797
	45,000	Yamanashi Chuo Bank Ltd. (The)		199,068
	5,100	Yamatane Corp.		90,782
	2,600	Yamato Corp.		19,185
	800	Yamaya Corp.		16,759
	100	Yamazawa Co. Ltd.		1,529
	10,300	Yamazen Corp.		117,036

Shares			Value
JAPAN (continued)
	1,200	Yaoko Co. Ltd.	$	58,573
	700	Yashima Denki Co. Ltd.		5,929
	4,700	Yellow Hat Ltd.		143,846
	10,100	Yokogawa Bridge Holdings Corp.		214,249
	127,500	Yokogawa Electric Corp.		2,397,388
	22,300	Yokohama Reito Co. Ltd.		211,419
	42,500	Yokohama Rubber Co. Ltd. (The)		945,649
	1,000	Yokowo Co. Ltd.		12,990
	1,400	Yondoshi Holdings, Inc.		38,415
	8,300	Yorozu Corp.		167,964
	2,700	Yoshinoya Holdings Co. Ltd.		44,784
	6,800	Yuasa Trading Co. Ltd.		249,083
	2,700	Yuken Kogyo Co. Ltd.		63,615
	2,700	Yumeshin Holdings Co. Ltd.		18,997
	15,000	Yurtec Corp.		130,337
	8,000	Yusen Logistics Co. Ltd.		92,731
	900	Yushiro Chemical Industry Co. Ltd.		13,543
	2,400	Zenrin Co. Ltd.		75,670
	14,300	Zensho Holdings Co. Ltd.		264,230
	52,000	Zeon Corp.		687,358
	1,500	ZERIA Pharmaceutical Co. Ltd.		26,173
	1,000	ZIGExN Co., Ltd.(b)		13,702
	4,000	Zojirushi Corp.		35,988
				339,876,997
JERSEY CHANNEL ISLANDS — 0.0%
	400,611	Centamin Plc		741,173
	24,590	Novocure Ltd.(b)		531,144
	49,289	Phoenix Group Holdings		495,554
	3,503	Randgold Resources Ltd.		344,052
				2,111,923
JORDAN — 0.0%
	29,542	Hikma Pharmaceuticals Plc		456,708
LIECHTENSTEIN — 0.0%
	502	Liechtensteinische Landesbank AG		25,033
	690	VP Bank AG		94,753
				119,786
LUXEMBOURG — 0.3%
	19,503	APERAM SA		1,049,234
	53,577	B&M European Value Retail SA		282,711
	60,129	d’Amico International Shipping SA(b)		18,323
	1,249	Eurofins Scientific SE		781,280
	22,500	L’Occitane International SA		42,742
	197,324	SES SA		3,208,745
	137,705	Stabilus SA		12,508,429
	1,389	Sword Group		56,953
				17,948,417

38

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
MACAU — 0.0%
	99,000	Macau Legend Development Ltd.(b)	$	15,863
MALAYSIA — 0.2%
	45,000	7-Eleven Malaysia Holdings Berhad		16,582
	75,100	Aeon Co. (M) Berhad		36,721
	9,450	Aeon Credit Service M Berhad		31,028
	314,490	Affin Holdings Berhad		190,172
	585,500	AirAsia Berhad		461,927
	402,900	AirAsia X Berhad(b)		35,689
	297,900	Alliance Financial Group Berhad		259,655
	844,400	Ammb Holdings Berhad		853,675
	20,100	Amway Malaysia Holdings Berhad		34,042
	39,200	Ann Joo Resources Berhad		34,723
	29,700	APM Automotive Holdings Berhad		25,606
	146,000	Astro Malaysia Holdings Berhad		96,908
	32,700	Batu Kawan Berhad		152,937
	855,519	Berjaya Corp. Berhad(b)		67,698
	99,600	Berjaya Land Berhad(b)		8,940
	75,119	Berjaya Sports Toto Berhad		42,763
	95,200	Bermaz Auto Berhad		45,874
	59,100	BIMB Holdings Berhad		61,285
	579,307	Boustead Holdings Berhad		413,253
	59,400	Boustead Plantation Berhad		22,590
	5,000	British American Tobacco Malaysia Berhad		46,297
	596,400	Bumi Armada Berhad(b)		102,840
	64,500	Bursa Malaysia Berhad		152,204
	60,400	Cahya Mata Sarawak Berhad		52,788
	19,400	Carlsberg Brewery-Malaysia Berhad		73,045
	98,060	CB Industrial Product Holding Berhad		44,704
	70,800	Datasonic Group Berhad		20,570
	93,460	Dialog Group Berhad		49,892
	151,900	DRB-Hicom Berhad		60,997
	2,300	Dutch Lady Milk Industries Berhad		32,619
	181,174	Eastern & Oriental Berhad		65,905
	150,900	Eco World Development Group Berhad(b)		55,249
	180,600	Ekovest Berhad(c)		49,485
	275,850	Evergreen Fibreboard Berhad		50,172
	636,100	Felda Global Ventures Holdings Berhad		286,985
	2,200	Fraser & Neave Holdings Berhad		13,148
	225,400	Gadang Holdings Berhad		67,085
	158,800	Gamuda Berhad		196,929
	31,000	Genting Plantations Berhad		78,205
	44,550	George Kent Malaysia Berhad		34,095
	23,300	Globetronics Technology Berhad		36,270

Shares			Value
MALAYSIA (continued)
	27,600	Goldis Berhad	$	18,157
	41,100	GuocoLand Malaysia Berhad		11,359
	28,500	Hai-O Enterprise Berhad		36,690
	240,680	HAP Seng Consolidated Berhad		527,580
	93,500	Hap Seng Plantations Holdings Berhad		58,969
	59,800	Hartalega Holdings Berhad		107,636
	26,100	Heineken Malaysia Berhad		117,014
	44,500	Hengyuan Refining Co Berhad(b)		89,032
	47,600	Heveaboard Berhad		18,777
	240,700	Hibiscus Petroleum Berhad(b)		40,368
	39,700	Hong Leong Industries Berhad		90,119
	519,180	IJM Corp. Berhad		391,209
	36,700	IJM Plantations Berhad		24,880
	52,754	Inari Amertron Berhad		35,016
	104,400	Insas Berhad		24,291
	217,600	Ioi Properties Group Berhad		102,285
	59,079	Kenanga Investment Bank Berhad		7,466
	45,100	Kian JOO CAN Factory Berhad		31,427
	33,300	Kossan Rubber Industries		56,791
	262,100	KPJ Healthcare Berhad		63,149
	293,574	KSL Holdings Berhad(b)		87,375
	35,950	Kumpulan Fima Berhad		14,266
	486,980	Land & General Berhad		25,307
	157,800	Landmarks Berhad(b)		27,210
	134,300	LBS Bina Group Berhad		60,908
	79,000	Lingkaran Trans Kota Holdings Berhad		109,911
	14,100	LPI Capital Berhad		60,683
	15,900	Magni-Tech Industries Berhad		26,140
	430,873	Mah Sing Group Berhad		156,737
	83,300	Malakoff Corp Berhad		20,267
	73,050	Malayan Flour Mills Berhad		33,475
	137,923	Malaysia Airports Holdings Berhad		269,754
	340,001	Malaysia Building Society Berhad		89,146
	27,400	Malaysian Pacific Industries Berhad		90,093
	248,800	Malaysian Resources Corp. Berhad		62,296
	82,600	Malton Berhad		24,194
	71,500	Matrix Concepts Holdings Berhad		38,000
	36,900	Mega First Corp. Berhad		30,594
	125,370	MKH Berhad		61,301
	316,100	MMC Corp. Berhad		148,586
	68,250	MNRB Holdings Berhad(b)		37,079
	84,500	Mudajaya Group Berhad(b)		23,952
	103,000	Muhibbah Engineering M Berhad		69,340
	191,100	My EG Services Berhad		98,857
	31,800	Naim Holdings Berhad(b)		8,788
	33,800	Padini Holdings Berhad		37,684

39

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
MALAYSIA (continued)
	2,600	Panasonic Manufacturing Malaysia Berhad	$	23,964
	45,300	Paramount Corp. Berhad		18,726
	31,100	Pestech International Berhad		12,195
	23,600	Petron Malaysia Refining & Marketing Berhad		65,223
	94,300	POS Malaysia Berhad		122,288
	311,360	Press Metal Berhad		325,812
	148,550	Protasco Berhad		40,002
	57,980	QL Resources Berhad		53,276
	1,175,100	Sapura Energy Berhad		444,115
	64,857	Sarawak Oil Palms Berhad		70,165
	26,600	Scientex Berhad		55,921
	51,400	Shangri-La Hotels (Malaysia) Berhad		63,135
	124,600	SKP Resources Berhad		52,094
	150,917	SP Setia Berhad		116,570
	60,223	Sunway Berhad		24,610
	88,466	Sunway Construction Group Berhad		48,062
	129,900	Supermax Corp. Berhad		54,310
	35,000	Syarikat Takaful Malaysia Berhad		31,829
	52,236	Ta Ann Holdings Berhad		45,530
	269,700	TA Enterprise Berhad		40,772
	195,360	TA Global Berhad		17,536
	126,800	TAN Chong Motor Holdings Berhad		48,522
	33,400	TH Plantations Berhad		8,678
	21,800	Thong Guan Industries Berhad		23,018
	34,760	Time dotCom Berhad		75,374
	76,500	Tiong NAM Logistics Holdings		26,925
	79,220	Top Glove Corp. Berhad		119,761
	159,001	Tropicana Corp. Berhad		37,558
	43,600	TSH Resources Berhad		17,508
	51,400	Tune Protect Group Berhad		14,812
	41,800	UEM Edgenta Berhad		26,066
	341,908	UEM Sunrise Berhad(b)		89,646
	55,400	UMW Holdings Berhad(b)		68,571
	564,026	UMW Oil & Gas Corp Berhad(b)		42,633
	122,900	Unisem M Berhad		116,121
	23,700	United Malacca Berhad		37,844
	20,800	United Plantations Berhad		134,720
	10,800	United U-Li Corp Berhad		10,970
	202,900	UOA Development Berhad		122,214
	63,100	VS Industry Berhad		45,907
	123,137	WCT Holdings Berhad(b)		48,283
	86,300	Westports Holdings Berhad		75,628
	126,900	Yinson Holdings Berhad		118,702
	43,014	YNH Property Berhad(b)		14,326
	587,826	YTL Corp. Berhad		176,341
	151,164	YTL Power International Berhad		46,419
				11,298,392

Shares			Value
MALTA — 0.0%
	54,127	Kindred Group Plc - SDR	$	691,163
MEXICO — 0.2%
	104,738	Alpek SAB de CV		109,864
	82,188	Alsea SAB de CV		248,728
	170,367	Axtel SAB de CV - CPO Units(b)		36,878
	99,209	Banregio Grupo Financiero SAB de CV		529,170
	51,537	Bolsa Mexicana de Valores SAB de CV		85,995
	12,524	Cia Minera Autlan SAB de CV - Series B		11,759
	17,900	Concentradora Fibra Danhos SA de CV REIT		30,073
	183,251	Consorcio ARA SAB de CV		64,997
	58,388	Controladora Vuela Cia de Aviacion SAB de CV(b)		59,662
	25,361	Corp. Actinver SAB de CV		17,197
	61,938	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		57,910
	27,300	Corp. Moctezuma SAB de CV		108,507
	1,260	Corporativo Fragua SAB de CV		15,773
	71,496	Credito Real SAB de CV SOFOM ER		114,861
	24,124	Elementia SAB de CV(b)		31,458
	182,900	Fibra Uno Administracion SA de CV REIT		286,966
	129,006	Genomma Lab Internacional SAB de CV - Class B(b)		150,661
	229,844	Gentera SAB de CV		232,580
	15,205	Gruma SAB de CV - Series B		199,566
	4,919	Grupo Aeromexico SAB de CV(b)		7,849
	16,818	Grupo Aeroportuario del Centro Norte SAB de CV		84,960
	169,244	Grupo Aeroportuario del Pacifico SAB de CV - Series B		1,609,216
	63,812	Grupo Aeroportuario del Sureste SAB de CV - Series B		1,140,989
	7,388	Grupo Carso SAB de CV - Series A1		23,946
	113,912	Grupo Cementos de Chihuahua SAB de CV		540,810
	58,415	Grupo Comercial Chedraui SA de CV		115,326
	9,143	Grupo Elektra SAB de CV		366,407
	45,428	Grupo Famsa SAB de CV - Class A(b)		24,785
	35,937	Grupo Financiero Interacciones SA de CV		163,417
	29,254	Grupo Gicsa SA de CV(b)		17,700
	92,311	Grupo Herdez SAB de CV		197,413
	26,671	Grupo Industrial Saltillo SAB de CV		50,068
	17,079	Grupo KUO SAB de CV - Series B		35,001

40

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
MEXICO (continued)
	42,298	Grupo Lala SAB de CV	$	65,328
	9,061	Grupo Rotoplas SAB de CV		14,056
	19,200	Grupo Sanborns SAB de CV		21,101
	15,920	Grupo Simec SAB de CV - Series B(b)		52,182
	51,350	Hoteles City Express SAB de CV(b)		63,238
	256,075	Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(b)		466,022
	33,147	Industrias Bachoco SAB de CV - Series B		163,247
	140,613	Industrias CH SAB de CV - Series B(b)		560,347
	6,209	Industrias Penoles SAB de CV		144,766
	39,900	Infraestructura Energetica Nova SAB de CV		203,540
	15,801	Kimberly-Clark de Mexico SAB de CV - Class A		27,182
	166,313	La Comer SAB de CV(b)		161,353
	72,900	Macquarie Mexico Real Estate Management SA de CV REIT		88,027
	90	Medica Sur SAB de CV - Series B		184
	44,125	Megacable Holdings SAB de CV - CPO Shares		174,827
	153,670	Mexichem SAB de CV		395,802
	62,689	Minera Frisco SAB de CV(b)		36,982
	11,623	Organizacion Cultiba SAB de CV		9,639
	124,599	Organizacion Soriana SAB de CV - Series B(b)		261,264
	24,222	Prologis Property Mexico SA de CV REIT		47,189
	30,304	Promotora y Operadora de Infraestructura SAB de CV		288,154
	1,100	Promotora y Operadora de Infraestructura SAB de CV - Series L		8,227
	19,043	Qualitas Controladora SAB de CV - Class I		31,537
	13,174	Rassini SAB de CV		48,871
	16,731	Rassini SAB de CV - Series A		31,330
	202,323	TV Azteca SAB de CV - CPO Shares		36,620
	37,764	Unifin Financiera SAB de CV SOFOM ENR		128,035
	7,426	Vitro SAB de CV - Series A		27,540
				10,327,082
MONACO — 0.0%
	12,500	Endeavour Mining Corp.(b)		222,173
	5,000	Scorpio Tankers, Inc.		17,799
				239,972
NETHERLANDS — 0.7%
	28,432	Aalberts Industries NV		1,402,424
	9,307	Accell Group NV		284,258

Shares			Value
NETHERLANDS (continued)
	462,685	Aegon NV	$	2,731,441
	6,845	AMG Advanced Metallurgical Group NV		327,826
	4,136	Amsterdam Commodities NV		116,037
	35,728	Arcadis NV		826,112
	8,704	ASM International NV		583,187
	6,555	Atrium European Real Estate Ltd.		30,695
	6,009	BE Semiconductor Industries NV		472,122
	3,301	Beter Bed Holding NV		67,560
	14,804	BinckBank NV		75,444
	162,690	Boskalis Westminster		5,817,938
	3,196	Brunel International NV		54,335
	9,766	Corbion NV		326,375
	768	Core Laboratories NV		76,723
	11,506	Euronext NV		683,675
	14,579	Fugro NV - CVA(b)		187,910
	8,519	Gemalto NV		337,196
	11,509	GrandVision NV		287,296
	10,014	Heijmans NV - CVA(b)		106,826
	2,073	Hunter Douglas NV		167,848
	3,058	IMCD Group NV		192,354
	8,679	KAS Bank NV - CVA		100,693
	3,442	Kendrion NV		150,634
	40,176	Koninklijke BAM Groep NV		226,975
	32,497	Koninklijke Vopak NV		1,407,227
	669	Nederland Apparatenfabriek		31,175
	3,676	Nostrum Oil & Gas Plc(b)		18,377
	2,441	NSI NV REIT		92,567
	15,773	OCI NV(b)		374,170
	20,929	Ordina NV		36,203
	1,805	Philips Lighting NV		68,386
	28,293	PostNL NV		120,656
	213,339	QIAGEN NV		7,225,365
	28,961	Randstad Holding NV		1,781,894
	537,344	Refresco Gerber NV		12,424,609
	128,034	SBM Offshore NV		2,284,830
	10,300	Sligro Food Group NV		463,301
	86,230	SNS REAAL NV(a)(b)(c)		0
	8,477	TKH Group NV		571,236
	26,326	TomTom NV(b)		299,912
	4,395	Van Lanschot Kempen NV - CVA		133,389
	12,798	Wessanen		243,071
				43,210,252
NEW ZEALAND — 0.6%
	7,184	a2 Milk Co. Ltd.(b)		42,622
	320,760	Air New Zealand Ltd.		724,336
	3,211,087	Auckland International Airport Ltd.		13,689,446
	65,726	Chorus Ltd.		180,580
	105,881	Contact Energy Ltd.		416,612
	19,426	Ebos Group Ltd.		233,960
	23,408	Freightways Ltd.		122,698

41

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
NEW ZEALAND (continued)
	34,123	Genesis Energy Ltd.	$	57,208
	53,576	Heartland Bank Ltd.		69,658
	36,913	Infratil Ltd.		81,209
	7,542	Kathmandu Holdings Ltd.		12,386
	76,737	Kiwi Property Group Ltd.		69,577
	22,834	Mainfreight Ltd.		382,194
	6,364,208	Mercury Ltd.(a)		14,328,015
	28,706	Metlifecare Ltd.		113,539
	19,783	New Zealand Oil & Gas Ltd.		9,815
	13,133	New Zealand Refining Co. Ltd. (The)		22,647
	56,805	NZME Ltd.		35,650
	45,243	NZX Ltd.		36,532
	73,491	PGG Wrightson Ltd.		28,162
	80,140	Pike River Coal Ltd.(a)(b)(c)		0
	226,520	Port of Tauranga Ltd.		709,934
	23,490	Restaurant Brands New Zealand Ltd.		108,983
	15,128	Sanford Ltd.		81,781
	74,844	Skellerup Holdings Ltd.		91,676
	127,402	SKY Network Television Ltd.		217,953
	2,777,691	SKYCITY Entertainment Group Ltd.		7,393,997
	55,636	Summerset Group Holdings Ltd.		185,409
	29,035	Tilt Renewables Ltd.		38,744
	43,782	Tower Ltd.(b)		24,268
	82,337	Trade Me Group Ltd.		254,107
	29,035	TrustPower Ltd.		115,635
	25,065	Vector Ltd.		57,802
	17,197	Warehouse Group Ltd. (The)		24,830
	46,382	Xero Ltd.(b)		1,091,827
				41,053,792
NORWAY — 0.2%
	71,942	ABG Sundal Collier Holding ASA		49,852
	1,087	AF Gruppen ASA		16,901
	49,880	Akastor ASA(b)		114,807
	9,669	Aker ASA - Class A		437,993
	14,634	Aker BP ASA		336,467
	57,652	Aker Solutions ASA(b)		316,352
	18,643	American Shipping Co. ASA		52,268
	14,276	Archer Ltd.(b)		17,024
	18,135	Atea ASA		228,686
	41,175	Austevoll Seafood ASA	��	412,103
	17,720	Avance Gas Holding Ltd.(b)		42,738
	12,020	Bonheur ASA		121,775
	22,473	Borregaard ASA		216,669
	107,939	BW Offshore Ltd.(b)		354,158
	103,333	DNO ASA(b)		125,244
	389,756	DOF ASA(b)		41,037
	3,173	Ekornes ASA		44,479
	9,266	Entra ASA		127,623
	25,626	Fred Olsen Energy ASA(b)		70,591
	35,356	Frontline Ltd.		216,430

Shares			Value
NORWAY (continued)
	17,070	Grieg Seafood ASA	$	162,069
	14,061	Hexagon Composites ASA(b)		47,341
	194,372	Kongsberg Automotive ASA(b)		228,687
	5,903	Kongsberg Gruppen ASA		107,682
	66,705	Kvaerner ASA(b)		127,399
	83,110	Leroy Seafood Group ASA		499,189
	87,300	NEL ASA(b)		29,820
	16,893	Nordic Semiconductor ASA(b)		84,589
	3,692	Norwegian Air Shuttle ASA(b)		104,414
	15,648	Ocean Yield ASA		139,372
	26,554	Odfjell Drilling Ltd.(b)		106,307
	8,670	Odfjell SE - Class A		30,252
	23,394	Opera Software ASA		67,020
	190,145	Petroleum Geo-Services ASA(b)		311,244
	12,370	Protector Forsikring ASA		134,786
	10,518	Salmar ASA		313,814
	13,890	Scatec Solar ASA		79,925
	5,087	Sevan Marine ASA(b)		8,221
	3,100	Ship Finance International Ltd.		46,190
	7,106	Skandiabanken ASA		71,991
	26,538	SpareBank 1 SR-Bank ASA		294,036
	116,544	Storebrand ASA		998,072
	67,097	TGS Nopec Geophysical Co. ASA		1,540,241
	1,010,558	Thin Film Electronics ASA(b)		300,643
	26,311	Tomra Systems ASA		367,220
	14,551	Veidekke ASA		163,004
	4,646	Wilh Wilhelmsen Holding ASA		135,944
	7,396	XXL ASA		79,683
				9,922,352
PANAMA — 0.0%
	841	Copa Holdings SA		103,603
PERU — 0.0%
	50,300	Cia de Minas Buenaventura SAA - ADR		693,637
	18,932	Hochschild Mining Plc		55,418
				749,055
PHILIPPINES — 0.1%
	1,055,800	Alliance Global Group, Inc.(b)		327,221
	190,966	Belle Corp.		14,057
	300,300	Bloomberry Resorts Corp.(b)		54,912
	86,020	Cebu Air, Inc.		181,621
	104,400	Century Pacific Food, Inc.		30,739
	133,952	China Banking Corp.		86,923
	485,700	Cosco Capital, Inc.		80,158
	130,900	Del Monte Pacific Ltd.		29,770
	432,700	DMCI Holdings, Inc.		128,574
	48,300	East West Banking Corp.		30,313
	72,800	EEI Corp.(b)		17,373
	165,200	Emperador, Inc.		23,039
	374,754	Energy Development Corp.		41,885
	2,062,375	Filinvest Land, Inc.		79,099
	86,000	First Gen Corp.		29,286
	123,070	First Philippine Holdings Corp.		152,213

42

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
PHILIPPINES (continued)
	6,345	GT Capital Holdings, Inc.	$	145,029
	173,000	Integrated Micro-Electronics, Inc.		59,314
	56,320	International Container Terminal Services, Inc.		115,531
	48,240	Jollibee Foods Corp.		232,673
	1,274,700	Lopez Holdings Corp.		143,211
	410,200	LT Group, Inc.		142,865
	67,500	Manila Water Co., Inc.		40,533
	166,300	Megawide Construction Corp.(b)		54,182
	1,778,696	Megaworld Corp.		183,641
	88,400	Nickel Asia Corp.		11,986
	623,000	Pepsi-Cola Products Philippines, Inc.		34,755
	864,600	Petron Corp.		163,123
	124,300	Philex Mining Corp.		18,323
	16,160	Philippine National Bank(b)		18,296
	99,100	Phoenix Petroleum Philippines, Inc.		22,076
	105,900	Puregold Price Club, Inc.		104,618
	75,400	Rizal Commercial Banking Corp.		86,171
	322,700	Robinsons Land Corp.		157,521
	41,000	Robinsons Retail Holdings, Inc.		77,036
	48,560	San Miguel Corp.		96,885
	43,571	Security Bank Corp.		207,622
	136,040	Semirara Mining & Power Corp.		111,994
	149,000	SSI Group, Inc.(b)		11,198
	398,000	STI Education Systems Holdings, Inc.		13,877
	6	Top Frontier Investment Holdings, Inc.(b)		35
	161,290	Union Bank of Philippines, Inc.		272,123
	860,500	Vista Land & Lifescapes, Inc.		101,510
				3,933,311
POLAND — 0.2%
	1,147	Agora SA(b)		5,168
	4,317	Alior Bank SA(b)		85,784
	1,433	Amica SA		55,510
	231	AmRest Holdings SE(b)		22,409
	348	Apator SA		2,916
	34,481	Asseco Poland SA		451,859
	76,172	Bank Millennium SA(b)		166,995
	27,216	Boryszew SA(b)		74,770
	1,938	Budimex SA		99,297
	2,732	CCC SA		204,865
	10,845	CD Projekt SA		359,320
	11,507	Ciech SA(b)		195,653
	265	ComArch SA		11,692
	10,857	Cyfrowy Polsat SA		75,642
	990	Dom Development SA		22,844
	2,172	Emperia Holding SA(b)		54,778
	68,542	Enea SA		262,309
	185,687	Energa SA		645,322
	5,380	Eurocash SA		54,407

Shares			Value
POLAND (continued)
	1,397	Fabryki Mebli Forte SA	$	25,530
	7,502	Famur SA(b)		11,851
	162,514	Getin Holding SA(b)		71,882
	67,759	Getin Noble Bank SA(b)		29,971
	8,378	Grupa Azoty SA		168,023
	119	Grupa Azoty Zaklady Chemiczne Police SA		683
	1,899	Grupa Kety SA		205,815
	68,000	Grupa Lotos SA		1,233,544
	49,265	Impexmetal SA(b)		58,063
	1,298	Inter Cars SA		102,700
	7,681	Jastrzebska Spolka Weglowa SA(b)		206,588
	46,335	KGHM Polska Miedz SA		1,565,101
	2,355	Lubelski Wegiel Bogdanka SA		47,702
	51,340	Netia SA		57,829
	17,977	Orange Polska SA(b)		27,707
	9,252	Orbis SA		222,407
	1,145	Pfleiderer Group SA		12,583
	200,124	PGE Polska Grupa Energetyczna SA(b)		717,487	��
	3,502	PKP Cargo SA(b)		50,010
	4,554	Polnord SA(b)		10,384
	323,590	Polskie Gornictwo Naftowe I Gazownictwo SA		594,738
	50,911	Powszechny Zaklad Ubezpieczen SA		657,097
	36,927	Stalexport Autostrady SA		38,551
	365	Stalprodukt SA		53,146
	55,201	Synthos SA		74,765
	979,021	Tauron Polska Energia SA(b)		946,759
	6,571	Trakcja SA		13,936
	14,504	Vistula Group SA(b)		13,548
	4,785	Warsaw Stock Exchange		60,471
	2,786	Zespol Elektrowni Patnow Adamow Konin SA		9,606
				10,140,017
PORTUGAL — 0.0%
	11,806	Altri SGPS SA		75,431
	1,754,743	Banco Comercial Portugues SA(b)		524,289
	1,231,589	Banco Espirito Santo SA(a)(b)(c)		0
	8,821	CTT-Correios de Portugal SA		51,951
	29,184	Jeronimo Martins SGPS SA		530,322
	40,539	Mota-Engil SGPS SA		162,821
	47,493	Navigator Co. SA (The)		242,256
	36,299	NOS SGPS SA		217,503
	15,219	REN - Redes Energeticas Nacionais SGPS SA		48,344
	10,012	Semapa - Sociedade de Investimento e Gestao		200,186
	22,814	Sonae Capital SGPS SA		22,642
	241,425	Sonae SGPS SA		289,098
				2,364,843

43

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
PUERTO RICO — 0.0%
	86,700	Evertec, Inc.	$	1,300,500
ROMANIA — 0.0%
	13,747	NEPI Rockcastle Plc		192,183
RUSSIA — 0.1%
	460,735	Gazprom PJSC - ADR		1,978,626
	42,236	MegaFon PJSC - GDR		441,366
	1,224,652	Surgutneftegas OJSC		610,965
	910,000	United Co. RUSAL Plc		586,728
	35,600	Yandex NV - Class A(b)		1,204,348
				4,822,033
SINGAPORE — 0.8%
	106,800	Accordia Golf Trust - Units		58,763
	6,935,700	Ascendas Real Estate Investment Trust		13,941,617
	1,739,400	Ascott Residence Trust REIT		1,524,894
	233,100	ASL Marine Holdings Ltd.(b)		20,179
	7,400	Bonvests Holdings Ltd.		7,763
	25,598	Boustead Projects Ltd.		16,338
	48,229	Boustead Singapore Ltd.		31,844
	16,000	Breadtalk Group Ltd.		18,487
	40,000	Bukit Sembawang Estates Ltd.		186,340
	24,746	BW LPG Ltd.(b)		92,919
	8,774,400	CapitaLand Mall Trust REIT		13,002,926
	42,000	China Aviation Oil Singapore Corp. Ltd.		54,537
	116,500	Chip Eng Seng Corp. Ltd.		82,048
	115,600	COSCO Shipping International Singapore Co. Ltd.(b)		24,594
	88,000	CW Group Holdings Ltd.		15,905
	65,300	CWT Ltd.		111,620
	41,300	Delfi Ltd.		44,842
	282,746	Ezion Holdings Ltd.(a)(b)(c)		40,863
	130,121	Far East Orchard Ltd.		147,962
	73,900	First Resources Ltd.		106,803
	164,000	Fragrance Group Ltd.		20,453
	15,000	Frasers Centrepoint Ltd.		22,889
	59,100	GL Ltd.		40,105
	594,900	Golden Agri-Resources Ltd.		172,391
	58,000	GP Industries Ltd.		30,211
	118,666	Guocoland Ltd.		208,064
	32,000	Hiap Hoe Ltd.		20,541
	66,600	Ho Bee Land Ltd.		123,614
	285,340	Hong Fok Corp. Ltd.		186,305
	91,800	Hong Leong Asia Ltd.		82,499
	9,000	Hour Glass Ltd. (The)		4,490
	862,700	Hutchison Port Holdings Trust - Units		370,961
	29,000	IGG, Inc.		38,883
	129,600	Indofood Agri Resources Ltd.		42,785
	47,400	Japfa Ltd.		20,516
	92,950	Jurong Technologies Industrial Corp. Ltd.(a)(b)(c)		0
	81,178	Keppel Infrastructure Trust - Units		33,052

Shares			Value
SINGAPORE (continued)
	1,471	Kulicke & Soffa Industries, Inc.(b)	$	33,318
	166,600	Lian Beng Group Ltd.		98,999
	42,000	Low Keng Huat Singapore Ltd.		21,414
	75,000	Lum Chang Holdings Ltd.		22,834
	39,000	M1 Ltd.		51,500
	209,700	Midas Holdings Ltd.(b)		32,307
	214,300	Olam International Ltd.		369,456
	34,400	Oxley Holdings Ltd.		18,297
	26,250	Pan-United Corp. Ltd.		11,169
	113,400	Penguin International Ltd.(b)		27,038
	100,770	QAF Ltd.		91,300
	66,275	Raffles Medical Group Ltd.		54,941
	90,300	RHT Health Trust - Units		55,647
	81,700	Rotary Engineering Ltd.		26,972
	217,500	Roxy-Pacific Holdings Ltd.		90,951
	4,320,000	SATS Ltd.		14,895,459
	259,600	Sembcorp Industries Ltd.		628,479
	97,000	Sheng Siong Group Ltd.		67,247
	14,500	SIA Engineering Co. Ltd.		34,678
	131,100	SIIC Environment Holdings Ltd.		50,974
	552,500	Sinarmas Land Ltd.		172,264
	108,200	Singapore Airlines Ltd.		815,211
	106,200	Singapore Post Ltd.		100,115
	174,000	Singapore Reinsurance Corp. Ltd.		39,572
	440,400	Stamford Land Corp. Ltd.		166,390
	36,600	Sunningdale Tech Ltd.		62,025
	66,500	Tiong Woon Corp Holding Ltd(b)		13,904
	378,314	Tuan Sing Holdings Ltd.		115,179
	53,188	UMS Holdings Ltd.		41,166
	220,554	United Engineers Ltd.		427,161
	405,492	United Industrial Corp. Ltd.		978,702
	158,057	UOB-Kay Hian Holdings Ltd.		157,118
	87,611	UOL Group Ltd.		581,031
	33,000	Venture Corp. Ltd.		471,844
	62,946	Vibrant Group Ltd.		18,010
	179,912	Wheelock Properties (Singapore) Ltd.		263,975
	30,300	Wing Tai Holdings Ltd.		53,349
	871	XP Power Ltd.		40,419
	96,800	Yongnam Holdings Ltd.(b)		24,145
				52,173,563
SOUTH AFRICA — 0.3%
	9,257	Adcock Ingram Holdings Ltd.		38,485
	67,486	Advtech Ltd.		84,627
	30,266	Aeci Ltd.		226,244
	9,268	African Oxygen Ltd.		16,060
	42,506	African Rainbow Minerals Ltd.		372,968
	10,747	Afrimat Ltd.		21,466
	276,028	Alexander Forbes Group Holdings Ltd.		142,321
	12,771	Allied Electronics Corp. Ltd. - A Shares(b)		11,110

44

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SOUTH AFRICA (continued)
	38,527	Alviva Holdings Ltd.	$	53,490
	51,747	Anglo American Platinum Ltd.(b)		1,440,187
	90,825	AngloGold Ashanti Ltd.		837,218
	3,371	Assore Ltd.		73,727
	3,359	Astral Foods Ltd.		46,080
	44,855	Attacq Ltd.(b)		59,167
	63,673	Aveng Ltd.(b)		11,349
	61,658	AVI Ltd.		430,205
	134,474	Barloworld Ltd.		1,268,010
	40,840	Bidvest Group Ltd. (The)		495,380
	174,597	Blue Label Telecoms Ltd.		213,017
	1,957	Cashbuild Ltd.		50,383
	15,038	Caxton and CTP Publishers and Printers Ltd.		13,933
	5,038	City Lodge Hotels Ltd.		44,893
	45,549	Clicks Group Ltd.		510,394
	40,941	Coronation Fund Managers Ltd.		206,605
	10,913	Curro Holdings Ltd.(b)		31,028
	73,980	DataTec Ltd.		313,998
	3,467	Distell Group Ltd.		31,853
	38,509	Exxaro Resources Ltd.		391,552
	5,854	Foschini Group Ltd. (The)		56,102
	351,825	Gold Fields Ltd.		1,404,438
	46,544	Grand Parade Investments Ltd.		9,876
	194,690	Grindrod Ltd.(b)		214,398
	3,258	Holdsport Ltd.		13,605
	1,317	Howden Africa Holdings Ltd.(b)		3,167
	8,133	Hudaco Industries Ltd.		72,444
	74,268	Hulamin Ltd.		37,820
	218,135	Impala Platinum Holdings Ltd.(b)		605,093
	47,176	Imperial Holdings Ltd.		676,105
	170,143	Investec Plc		1,164,899
	1,143	Invicta Holdings Ltd.		4,429
	7,257	JSE Ltd.		68,814
	282,891	KAP Industrial Holdings Ltd.		170,070
	35,575	Kumba Iron Ore Ltd.		684,389
	4,835	Lewis Group Ltd.		9,308
	29,431	Liberty Holdings Ltd.		231,139
	39,290	Life Healthcare Group Holdings Ltd.		72,807
	41,335	Mediclinic International Plc		319,511
	560,963	Merafe Resources Ltd.		70,623
	12,050	Metrofile Holdings Ltd.		3,750
	60,572	Mpact Ltd.		110,701
	42,743	Mr Price Group Ltd.		529,800
	171,949	Murray & Roberts Holdings Ltd.		194,585
	145,546	Nampak Ltd.(b)		191,471
	1,304	Net 1 UEPS Technologies, Inc.(b)		11,748
	34,968	Northam Platinum Ltd.(b)		130,165
	6,339	Oceana Group Ltd.		40,440
	4,750	Omnia Holdings Ltd.		48,969
	145,014	Peregrine Holdings Ltd.		290,772

Shares			Value
SOUTH AFRICA (continued)
	4,372	Pioneer Foods Group Ltd.	$	36,797
	437,098	PPC Ltd.(b)		227,843
	2,961	PSG Group Ltd.		54,972
	31,202	Raubex Group Ltd.		44,799
	234,464	Redefine Properties Ltd. REIT		175,946
	24,150	Resilient REIT Ltd.		240,565
	45,825	Reunert Ltd.		225,386
	8,824	Royal Bafokeng Platinum Ltd.(b)		20,346
	2,420	Santam Ltd.		43,098
	437,458	Sappi Ltd.		2,930,052
	165,345	Sibanye Gold Ltd.		214,126
	29,288	Spar Group Ltd. (The)		344,610
	13,883	Spur Corp. Ltd.		26,404
	17,155	Stadio Holdings Ltd.(b)		7,426
	175,040	Super Group Ltd.(b)		493,968
	33,617	Telkom SA SOC Ltd.		125,920
	25,406	Tongaat Hulett Ltd.		207,435
	31,655	Transaction Capital Ltd.		33,561
	39,562	Trencor Ltd.		123,118
	6,418	Truworths International Ltd.		34,208
	11,813	Wilson Bayly Holmes-Ovcon Ltd.		126,579
				20,614,347
SOUTH KOREA — 0.9%
	4,875	ABco Electronics Co. Ltd.		32,156
	15,397	Ace Technologies Corp.(b)		51,330
	1,839	Aekyung Petrochemical Co. Ltd.		25,443
	7,680	AJ Rent A Car Co. Ltd.(b)		88,772
	2,287	AK Holdings, Inc.		137,381
	12,123	ALUKO Co. Ltd.		41,443
	1,630	Amotech Co. Ltd.(b)		55,141
	832	Asia Cement Co. Ltd.		64,089
	564	ASIA Holdings Co. Ltd.		57,893
	612	Asia Paper Manufacturing Co. Ltd.		10,652
	35,171	Asiana Airlines, Inc.(b)		145,192
	6,791	Austem Co. Ltd.		31,277
	2,350	Autech Corp.		19,633
	2,934	Baiksan Co. Ltd.		20,165
	735	Binggrae Co. Ltd.		39,822
	93,019	BNK Financial Group, Inc.		825,286
	1,467	Boditech Med, Inc.		22,456
	1,549	Bookook Securities Co. Ltd.		38,022
	1,205	Boryung Pharmaceutical Co. Ltd.		42,592
	13,473	Byucksan Corp.		40,948
	5,849	Capro Corp.(b)		43,071
	430	Caregen Co. Ltd.		28,133
	1,433	Cell Biotech Co. Ltd.		47,453
	5,025	Chabiotech Co. Ltd.(b)		58,756
	1,861	Changhae Ethanol Co. Ltd.		29,401
	3,728	Cheil Worldwide, Inc.		69,213
	1,609	Chemtronics Co. Ltd.(b)		9,364

45

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SOUTH KOREA (continued)
	2,370	Chokwang Paint Ltd.	$	22,318
	628	Chong Kun Dang Pharmaceutical Corp.		63,061
	1,209	Chongkundang Holdings Corp.		74,244
	73	Chosun Refractories Co. Ltd.		5,662
	1,068	CJ CGV Co. Ltd.		66,348
	2,424	CJ CheilJedang Corp.		791,881
	1,771	CJ Corp.		294,811
	1,413	CJ E&M Corp.		106,573
	1,668	CJ Freshway Corp.		58,436
	333	CJ Korea Express Corp.(b)		46,665
	1,557	CJ O Shopping Co. Ltd.		274,891
	2,061	CKD Bio Corp.		40,103
	1,487	Com2uSCorp.		177,057
	524	Cosmax, Inc.		65,012
	637	Crown Confectionery Co. Ltd.(b)		9,666
	495	Crown Haitai Holdings Co. Ltd.		7,887
	447	Cuckoo Electronics Co. Ltd.		60,047
	2,180	Dae Dong Industrial Co. Ltd.		14,769
	8,286	Dae Hyun Co. Ltd.		21,041
	4,781	Dae Won Chemical Co. Ltd.(b)		10,028
	18,236	Dae Won Kang Up Co. Ltd.		66,410
	45,928	Dae Young Packaging Co. Ltd.(b)		35,870
	12,386	Daea TI Co. Ltd.(b)		20,563
	509	Daechang Forging Co. Ltd.		27,941
	7,593	Daehan Steel Co. Ltd.		74,890
	4,839	Dae-Il Corp.		40,816
	3,101	Daelim B&Co Co. Ltd.		18,656
	4,913	Daelim Industrial Co. Ltd.		365,729
	3,143	Daeryuk Can Co. Ltd.		18,628
	6,325	Daesang Corp.		134,364
	8,133	Daesang Holdings Co. Ltd.		71,577
	2,180	Daesung Holdings Co. Ltd.		16,462
	1,090	Daewon Pharmaceutical Co. Ltd.		17,366
	10,306	Daewon San Up Co. Ltd.		68,716
	92,550	Daewoo Engineering & Construction Co. Ltd.(b)		607,170
	912	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		14,937
	7,695	Daewoong Co. Ltd.		106,803
	513	Daewoong Pharmaceutical Co. Ltd.		51,971
	902	Daihan Pharmaceutical Co. Ltd.		27,575
	9,921	Daishin Securities Co. Ltd.		119,546
	8,198	Dayou Automotive Seat Technology Co. Ltd.		8,378
	1,831	Deutsch Motors, Inc.(b)		10,280
	50,455	DGB Financial Group, Inc.		470,616
	5,919	Digital Power Communications Co. Ltd.		21,503
	887	Dio Corp(b)		26,839
	1,795	DNF Co. Ltd.(b)		26,276
	4,862	Dong Ah Tire & Rubber Co. Ltd.(c)		105,889

Shares			Value
SOUTH KOREA (continued)
	358	Dong-A Socio Holdings Co. Ltd.	$	38,984
	585	Dong-A ST Co. Ltd.		46,681
	4,103	Dong-Ah Geological Engineering Co. Ltd.		47,792
	16,507	DONGBU Co. Ltd.(b)		11,566
	2,480	Dongbu HiTek Co. Ltd.(b)		31,654
	20,908	Dongbu Insurance Co. Ltd.		1,315,673
	810	Dong-IL Corp.		40,198
	3,239	Dongjin Semichem Co. Ltd.		59,556
	665	DongKook Pharmaceutical Co. Ltd.		36,801
	15,324	Dongkuk Industries Co. Ltd.		57,447
	33,778	Dongkuk Steel Mill Co. Ltd.		327,122
	2,706	Dongsuh Cos., Inc.		66,421
	10,227	DONGSUNG Corp.		52,214
	1,553	Dongwha Enterprise Co. Ltd.		49,278
	17,479	Dongwon Development Co. Ltd.		88,460
	287	Dongwon F&B Co. Ltd.		52,131
	392	Dongwon Industries Co. Ltd.		99,894
	221	Dongyang E&P, Inc.		2,387
	2,644	Doosan Corp.		316,237
	11,359	Doosan Engine Co. Ltd.(b)		42,786
	23,714	Doosan Heavy Industries & Construction Co. Ltd.		370,416
	41,564	Doosan Infracore Co. Ltd.(b)		343,538
	1,300	Doubleugames Co. Ltd.		59,526
	2,601	DRB Holding Co. Ltd.		19,687
	2,814	Duozone Bizon Co. Ltd.		80,375
	9,936	DY Corp.		67,668
	2,154	DY POWER Corp.		45,758
	382	e Tec E&C Ltd.		51,247
	153	E1 Corp.		7,852
	14,440	Easy Bio, Inc.		80,040
	3,279	Elentec Co. Ltd.		12,527
	6,808	EM-Tech Co. Ltd.		95,708
	2,881	ENF Technology Co. Ltd.		70,074
	15,659	Eugene Corp.		75,894
	36,140	Eugene Investment & Securities Co. Ltd.(b)		95,806
	3,297	EVERDIGM Corp.		30,458
	1,101	Exicon Co. Ltd.		9,926
	936	F&F Co. Ltd.		33,000
	3,794	Farmsco		40,807
	35,290	Farmstory Co. Ltd.(b)		40,476
	519	Fila Korea Ltd.		31,362
	7,435	Foosung Co. Ltd.(b)		59,262
	452	Gamevil, Inc.(b)		25,538
	520	Gaon Cable Co. Ltd.		11,000
	404	Geumhwa PSC Co. Ltd.		14,424
	696	Golfzon Co. Ltd.		28,794
	4,062	GOLFZONNEWDIN Co. Ltd.		19,143
	3,647	Grand Korea Leisure Co. Ltd.		91,147
	5,299	Green Cross Corp.		997,982
	3,228	Green Cross Holdings Corp.		109,055

46

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SOUTH KOREA (continued)
	38,056	GS Engineering & Construction Corp.(b)	$	883,167
	17,664	GS Global Corp.(b)		49,191
	25,901	GS Holdings Corp.		1,530,456
	2,839	GS Retail Co. Ltd.		84,637
	1,861	G-SMATT GLOBAL Co. Ltd.(b)		21,262
	3,231	Halla Holdings Corp.		195,241
	5,493	Han Kuk Carbon Co. Ltd.		28,731
	27,554	Hana Financial Group, Inc.		1,179,287
	3,827	Hana Micron, Inc.(b)		17,319
	1,039	Hana Tour Service, Inc.		92,553
	3,787	Hancom, Inc.		53,576
	174	Handok, Inc.		3,805
	7,271	Handsome Co. Ltd.		194,698
	1,590	Hanil Cement Co. Ltd.		190,173
	11,706	Hanjin Heavy Industries & Construction Co. Ltd.(b)		39,913
	5,472	Hanjin Kal Corp.(b)		105,498
	975	Hanjin Transportation Co. Ltd.		24,977
	1,696	Hankook Cosmetics Co. Ltd.(b)		26,946
	680	Hankuk Paper Manufacturing Co. Ltd.		16,054
	841	Hanmi Pharm Co. Ltd.(b)		347,930
	857	Hanmi Science Co. Ltd.(b)		70,221
	3,807	Hanmi Semiconductor Co. Ltd.		34,150
	2,383	Hanmiglobal Co. Ltd.		20,398
	5,194	Hanon Systems		60,269
	1,441	Hans Biomed Corp.(b)		21,351
	7,442	Hansae Yes24 Holdings Co. Ltd.		67,090
	143	Hanshin Construction Co. Ltd.		2,049
	5,869	Hanshin Machinery Co.		20,011
	966	Hansol Chemical Co. Ltd.		63,633
	29,704	Hansol HomeDeco Co. Ltd.(b)		38,974
	8,608	Hansol Paper Co. Ltd.		126,391
	4,293	Hansol Technics Co. Ltd.(b)		67,632
	662	Hanssem Co. Ltd.		100,746
	39,670	Hanwha Chemical Corp.		1,078,191
	25,115	Hanwha Corp.		1,000,924
	195	Hanwha Galleria Timeworld Co. Ltd.(b)		6,266
	28,083	Hanwha General Insurance Co. Ltd.(a)		204,541
	28,818	Hanwha Investment & Securities Co. Ltd.(b)		74,338
	5,184	Hanwha Life Insurance Co. Ltd.		36,647
	2,501	Hanwha Techwin Co. Ltd.(b)		85,722
	1,616	Hanyang Securities Co. Ltd.		11,683
	11,947	HB Technology Co. Ltd.		45,640
	2,857	Heungkuk Fire & Marine Insurance Co., Ltd.(b)		15,760
	3,210	Hite Jinro Co. Ltd.		76,214
	3,034	HMC Investment Securities Co. Ltd.		31,549
	2,579	Hotel Shilla Co. Ltd.		180,243
	5,644	HS Industries Co. Ltd.		53,904
	2,585	Huchems Fine Chemical Corp.		54,337

Shares			Value
SOUTH KOREA (continued)
	861	Humedix Co. Ltd.	$	26,783
	647	Huons Co. Ltd.(b)		38,750
	2,671	Huons Global Co. Ltd.		101,085
	3,840	Huvis Corp.		26,735
	1,889	Huvitz Co. Ltd.		23,015
	5,630	Hwangkum Steel & Technology Co. Ltd.		47,840
	5,485	Hwasung Industrial Co. Ltd.		74,171
	3,670	Hy-Lok Corp.		80,911
	4,450	Hyosung Corp.		534,230
	2,903	Hyundai BNG Steel Co. Ltd.		32,260
	2,091	Hyundai Construction Equipment Co. Ltd.(b)		698,027
	9,009	Hyundai Department Store Co. Ltd.		735,773
	17,020	Hyundai Development Co-Engineering & Construction		609,186
	1,913	Hyundai Electric & Energy System Co. Ltd.(b)		402,971
	2,902	Hyundai Elevator Co. Ltd.		141,946
	35,653	Hyundai Engineering & Construction Co. Ltd.		1,204,504
	1,457	Hyundai Glovis Co. Ltd.		196,373
	3,301	Hyundai Greenfood Co. Ltd.		47,142
	3,594	Hyundai Livart Furniture Co. Ltd.		76,669
	34,970	Hyundai Marine & Fire Insurance Co. Ltd.		1,415,530
	1,752	Hyundai Rotem Co. Ltd.(b)		30,650
	1,724	ICD Co. Ltd.		23,159
	28,243	IHQ, Inc.(b)		47,897
	687	Il Dong Pharmaceutical Co. Ltd.		13,920
	2,212	Iljin Electric Co. Ltd.		9,082
	7,945	Iljin Holdings Co. Ltd.		36,805
	3,445	Iljin Materials Co. Ltd.		99,167
	403	Ilshin Spinning Co. Ltd.		43,165
	1,171	InBody Co. Ltd.		30,416
	3,473	Initech Co. Ltd.(b)		19,003
	1,372	Innocean Worldwide Inc.		94,051
	2,072	Innox Advanced Materials Co., Ltd.(b)		135,193
	4,028	Insun ENT Co. Ltd.(b)		24,376
	1,393	Interojo Co. Ltd.		46,626
	10,896	Interpark Holdings Corp.		40,701
	2,599	IS Dongseo Co. Ltd.		80,149
	1,378	ISC Co. Ltd.		26,075
	5,011	ISU Chemical Co. Ltd.		76,707
	5,556	IsuPetasys Co. Ltd.		21,944
	1,973	J.ESTINA Co. Ltd.		11,746
	1,265	Jastech Ltd.		21,001
	52,431	JB Financial Group Co. Ltd.		275,645
	6,109	Jcontentree Corp.(b)		22,629
	861	Jeju Air Co. Ltd.		27,090
	5,350	Jusung Engineering Co. Ltd.(b)		65,422
	522	JVM Co. Ltd.		26,651

47

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SOUTH KOREA (continued)
	2,470	JW Holdings Corp.	$	17,748
	1,234	JW Pharmaceutical Corp.		45,875
	4,489	JYP Entertainment Corp.(b)		46,479
	2,895	Kaon Media Co. Ltd.		24,987
	20,670	KB Financial Group Inc.		1,077,456
	3,881	KC Tech Co. Ltd.(c)		83,138
	48,073	KEC Corp.(b)		56,854
	1,953	KEPCO Engineering & Construction Co., Inc.		31,203
	2,361	KG Chemical Corp.		34,350
	7,458	KG Eco Technology Service Co. Ltd.		26,561
	4,404	Kginicis Co. Ltd.		59,357
	4,335	KGMobilians Co. Ltd.		26,737
	848	KISCO Corp.		28,649
	533	KISCO Holdings Co. Ltd.		38,012
	680	Kishin Corp.		2,989
	3,044	KISWIRE Ltd.		95,639
	2,226	KIWOOM Securities Co. Ltd.		142,459
	4,490	KMH Co. Ltd.(b)		37,472
	18,872	Kodaco Co. Ltd.		51,629
	1,319	Koh Young Technology, Inc.		90,417
	1,469	Kolmar BNH Co. Ltd.		44,712
	8,408	Kolon Industries, Inc.		568,113
	1,741	Kolon Plastic, Inc.		11,624
	5,221	Korea Autoglass Corp.		88,310
	3,419	Korea Circuit Co. Ltd.		50,811
	2,568	Korea Electric Terminal Co. Ltd.		160,450
	4,846	Korea Information & Communications Co. Ltd.(b)		42,692
	4,932	Korea Investment Holdings Co. Ltd.		278,659
	1,117	Korea Kolmar Co. Ltd.		82,552
	1,588	Korea Kolmar Holdings Co. Ltd.		63,925
	5,252	Korea Line Corp.(b)		153,526
	618	Korea PetroChemical Ind Co. Ltd.		137,903
	1,632	Korea United Pharm, Inc.		35,179
	17,345	Korean Air Lines Co. Ltd.(b)		489,998
	42,800	Korean Reinsurance Co.		427,866
	2,714	Kortek Corp.		35,126
	1,183	KPX Chemical Co. Ltd.		79,511
	2,793	KSS LINE Ltd.		24,257
	5,046	KT Skylife Co. Ltd.		62,605
	10,044	Kt Submarine Co. Ltd.		41,015
	12,081	KTB Investment & Securities Co. Ltd.(b)		37,310
	3,749	KTCS Corp.		8,048
	4,664	Ktis Corp.		12,739
	700	Kukdo Chemical Co. Ltd.		36,801
	1,376	Kumho Industrial Co. Ltd.		11,864
	3,137	Kumho Petrochemical Co. Ltd.		194,321
	8,836	Kwang Dong Pharmaceutical Co. Ltd.		63,883
	10,229	Kwangju Bank		107,736

Shares			Value
SOUTH KOREA (continued)
	1,092	Kyeryong Construction Industrial Co. Ltd.(b)	$	17,447
	4,466	Kyobo Securities Co. Ltd.		36,275
	1,118	Kyongbo Pharmaceutical Co. Ltd.		12,174
	682	Kyung Dong Navien Co. Ltd.		24,623
	2,747	Kyungbang Ltd.		35,675
	1,746	Kyungdong Pharm Co. Ltd.		30,701
	8,473	Kyung-In Synthetic Corp.		35,961
	12,520	LB Semicon, Inc.(b)		28,608
	7,239	Leadcorp Inc (The)		43,162
	5,650	Lee Ku Industrial Co. Ltd.		11,624
	1,206	LEENO Industrial, Inc.		55,114
	9,257	LF Corp.		213,175
	13,197	LG Electronics, Inc.		1,071,921
	1,813	LG Hausys Ltd.		147,098
	1,565	LG Innotek Co. Ltd.		240,264
	10,592	LG International Corp.		274,644
	1,098	LIG Nex1 Co. Ltd.		70,466
	1,596	LMS Co. Ltd./South Korea		14,459
	1,768	Lock & Lock Co. Ltd.		34,165
	1,167	Loen Entertainment, Inc.		110,935
	2,654	LOTTE Fine Chemical Co. Ltd.		95,348
	3,512	LOTTE Himart Co. Ltd.		232,284
	41,858	Lotte Non-Life Insurance Co. Ltd.		123,480
	7,553	LS Corp.		532,590
	4,601	LS Industrial Systems Co. Ltd.		245,994
	7,860	Lumens Co. Ltd.(b)		25,362
	14,408	Macquarie Korea Infrastructure Fund		109,569
	867	Macrogen, Inc.(b)		21,049
	564	Maeil Dairies Co., Ltd.(b)		35,239
	762	Mando Corp.		222,067
	1,128	Mds Technology Co. Ltd.		17,166
	639	Medy-Tox, Inc.		241,546
	16,916	Meritz Financial Group, Inc.		246,111
	11,185	Meritz Fire & Marine Insurance Co. Ltd.		256,576
	68,787	Meritz Securities Co. Ltd.		273,527
	3,448	META BIOMED Co. Ltd.		10,587
	7,104	MiCo Ltd.(b)		22,574
	1,302	Minwise Co. Ltd.		28,124
	35,221	Mirae Asset Life Insurance Co. Ltd.		184,224
	7,937	Mobase Co. Ltd.		49,945
	2,127	Modetour Network, Inc.		55,816
	9,910	Moorim P&P Co. Ltd.		37,151
	2,624	Muhak Co. Ltd.		42,510
	2,496	Namhae Chemical Corp.		20,229
	1,026	Neopharm Co. Ltd.		32,098
	2,543	NEPES Corp.(b)		20,428
	12,127	Nexen Corp.		88,218
	12,832	Nexen Tire Corp.		147,178
	35,520	NH Investment & Securities Co. Ltd.		445,447

48

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SOUTH KOREA (continued)
	3,304	NHN KCP Corp.(b)	$	51,904
	3,584	NICE Holdings Co. Ltd.		50,864
	5,313	NICE Information Service Co. Ltd.		40,546
	3,498	NICE Total Cash Management Co. Ltd.		32,159
	4,876	NK Co. Ltd.(b)		5,658
	754	Nong Shim Holdings Co. Ltd.		77,059
	1,577	Nong Woo Bio Co. Ltd.(b)		22,451
	728	NongShim Co. Ltd.		225,804
	454	Noroo Holdings Co. Ltd.		7,294
	3,414	Noroo Paint & Coatings Co. Ltd.		27,608
	2,740	NPC		14,747
	6,272	NS Shopping Co. Ltd.		84,254
	16,910	OCI Co. Ltd.		1,705,565
	3,811	OPTRON-TEC, Inc.(b)		24,424
	5,224	Orion Corp./Republic Of Korea(b)		494,260
	2,075	Osstem Implant Co. Ltd.(b)		133,166
	199	Ottogi Corp.		134,816
	4,424	Paik Kwang Industrial Co. Ltd.(b)		10,741
	35,393	Pan Ocean Co. Ltd.(b)		166,169
	5,362	Paradise Co. Ltd.		96,199
	4,829	Partron Co. Ltd.		37,672
	15,667	Paru Co. Ltd.(b)		59,013
	765	Pharma Research Products Co. Ltd.		30,522
	8,309	Poongsan Corp.		363,776
	898	POSCO Coated & Color Steel Co. Ltd.		22,443
	8,282	Posco Daewoo Corp.		143,411
	4,494	Posco ICT Co. Ltd.		28,199
	15,195	Power Logics Co. Ltd.(b)		67,271
	1,912	Protec Co. Ltd.		30,463
	4,647	PSK, Inc.		93,118
	180	Pulmuone Co. Ltd.		19,039
	4,584	Pyeong Hwa Automotive Co. Ltd.		46,849
	5,481	S&S Tech Corp.(b)		20,914
	1,497	S&T Motiv Co. Ltd.		60,930
	1,685	S-1 Corp.		137,766
	854	Sajo Industries Co. Ltd.		55,721
	1,443	Sam Chun Dang Pharm Co. Ltd.		16,808
	422	Sam Yung Trading Co. Ltd.		6,724
	163	Samchully Co. Ltd.		14,913
	5,492	Samick Musical Instruments Co. Ltd.		9,583
	1,305	Samick THK Co. Ltd.		20,967
	6,581	Samji Electronics Co. Ltd.(b)		45,230
	2,001	Samjin Pharmaceutical Co. Ltd.		59,118
	577	Samkwang Glass Co. Ltd.		25,957
	3,500	Sammok S-Form Co. Ltd.		40,769
	6,651	Samsung Card Co. Ltd.		217,574

Shares			Value
SOUTH KOREA (continued)
	11,301	Samsung Electro-Mechanics Co. Ltd.	$	1,049,051
	79,682	Samsung Engineering Co. Ltd.(b)		867,693
	47,468	Samsung Heavy Industries Co. Ltd.(b)		499,953
	6,903	Samsung Pharmaceutical Co. Ltd.(b)		21,565
	4,416	Samsung SDI Co. Ltd.		811,975
	6,252	Samsung SDS Co. Ltd.		1,155,143
	10,934	Samsung Securities Co. Ltd.		347,436
	11,879	SAMT Co. Ltd.		21,842
	2,242	Samwha Capacitor Co. Ltd.		45,626
	617	Samyang Corp.		53,420
	426	Samyang Foods Co. Ltd.		23,080
	2,726	Sang-A Frontec Co. Ltd.		33,699
	10,570	Savezone I&C Corp.		48,588
	5,185	SBS Media Holdings Co. Ltd.		14,046
	6,080	Seah Besteel Corp.		172,303
	485	SeAH Holdings Corp.		68,182
	388	SeAH Steel Corp.		31,792
	3,601	Sebang Co. Ltd.		43,713
	3,398	Sebang Global Battery Co. Ltd.		102,666
	1,617	Sebo Manufacturing Engineer Corp.		15,588
	2,801	Sekonix Co. Ltd.		33,502
	2,726	Seobu T&D		36,133
	8,526	Seoul Semiconductor Co. Ltd.		208,898
	3,508	Seowonintech Co. Ltd.		32,877
	5,267	Seoyon E-Hwa Co. Ltd.		56,415
	3,334	SFA Engineering Corp.		121,266
	21,427	SFA Semicon Co. Ltd.(b)		48,004
	8,409	SH Energy & Chemical Co. Ltd.		11,221
	2,153	Shinsegae Co. Ltd.		440,074
	802	Shinsegae Information & Communication Co. Ltd.		55,120
	4,524	Showbox Corp.		22,290
	36,517	Signetics Corp.(b)		46,284
	3,938	Silicon Works Co. Ltd.		157,822
	642	SK Bioland Co. Ltd.		11,203
	5,896	SK Chemicals Co. Ltd.		388,909
	1,727	SK Gas Ltd.		144,283
	869	SK Materials Co. Ltd.		145,434
	142,100	SK Networks Co. Ltd.		843,455
	56,731	SK Securities Co. Ltd.(b)		63,043
	4,247	SKC Co. Ltd.		150,683
	1,591	SKCKOLONPI, Inc.		49,916
	4,287	SL Corp.		87,818
	1,105	SM Entertainment Co.(b)		32,794
	3,546	Songwon Industrial Co. Ltd.		68,049
	2,069	Soulbrain Co. Ltd.		127,056
	15,386	Ssangyong Cement Industrial Co. Ltd.		222,478
	790	Suheung Co. Ltd.		23,587
	5,080	Sung Kwang Bend Co. Ltd.		45,026

49

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SOUTH KOREA (continued)
	11,506	Sungchang Enterprise Holdings Ltd.	$	28,191
	3,961	Sungdo Engineering & Construction Co. Ltd.		23,370
	7,382	Sungshin Cement Co. Ltd.(b)		35,317
	20,469	Sungwoo Hitech Co. Ltd.		122,593
	2,525	Sunjin Co. Ltd.		34,933
	67	Suprema, Inc.(b)		1,462
	2,233	Systems Technology, Inc.		36,375
	6,520	Tae Kyung Industrial Co. Ltd.		30,146
	210	Taekwang Industrial Co. Ltd.		213,871
	21,432	Taeyoung Engineering & Construction Co. Ltd.(b)		164,133
	8,575	TBH Global Co. Ltd. (The)(b)		67,201
	2,118	Techwing, Inc.		31,571
	1,053	Tera Semicon Co. Ltd.		27,727
	1,108	TES Co Ltd.		34,169
	8,316	Texcell-Netcom Co. Ltd.(b)		74,227
	2,262	Thinkware Systems Corp.(b)		21,099
	16,250	TK Chemical Corp.(b)		29,371
	753	Tokai Carbon Korea Co. Ltd.		34,950
	4,967	Top Engineering Co. Ltd.		30,901
	1,904	Toptec Co. Ltd.		47,840
	7,156	Tovis Co. Ltd.		51,737
	1,613	UIL Co. Ltd.		10,611
	3,120	Unid Co. Ltd.		128,799
	4,676	Union Semiconductor Equipment & Materials Co. Ltd.		27,755
	2,607	UniTest, Inc.		26,993
	1,674	Value Added Technologies Co. Ltd.		43,555
	1,227	Viatron Technologies, Inc.		22,178
	4,146	Vitzrocell Co. Ltd.(a)(b)(c)		33,539
	495	Vp PLC		5,259
	1,916	Webzen Inc(b)		47,885
	3,260	Whanin Pharmaceutical Co. Ltd.		60,524
	4,480	WiSoL Co. Ltd.		54,583
	8,940	Wonik Holdings Corp.(b)		60,246
	1,674	Wonik IPS Co. Ltd.(b)		54,164
	411	Wonik Materials Co. Ltd.(b)		25,313
	2,740	Wonik QnC Corp.(b)		28,492
	12,035	Woongjin Co. Ltd.(b)		24,868
	62,406	Woori Bank		913,517
	3,901	Wooshin Systems Co. Ltd.		30,084
	4,055	Y G-1 Co. Ltd.		50,672
	3,685	Yearimdang Publishing Co. Ltd.(b)		32,661
	1,080	YESCO Co. Ltd.		36,631
	2,162	Youlchon Chemical Co. Ltd.		32,130
	49	Young Poong Corp.		48,679
	11,398	Youngone Corp.		349,972
	2,002	Youngone Holdings Co. Ltd.		100,069
	16,555	Yuanta Securities Korea Co. Ltd.(b)		49,871
	899	Yuhan Corp.		163,695

Shares			Value
SOUTH KOREA (continued)
	6,279	Yungjin Pharmaceutical Co. Ltd.(b)	$	49,824
	2,552	Zeus Co. Ltd.		38,154
				58,874,407
SPAIN — 0.4%
	22,780	Acciona SA		1,886,923
	56,641	Acerinox SA		813,842
	54,887	ACS Actividades de Construccion y Servicios SA		2,164,523
	17,364	Almirall SA		168,082
	33,799	Applus Services SA		472,449
	12,806	Atresmedia Corp. de Medios de Comunicaion SA		131,568
	2,752	Azkoyen SA		25,709
	1,029,597	Banco de Sabadell SA		2,061,641
	59,752	Banco Popular Espanol SA(b)(c)		0
	143,492	Bankinter SA		1,354,389
	895	Baron de Ley(b)		116,765
	16,407	Bolsas y Mercados Espanoles SHMSF SA		563,699
	20,024	Caja de Ahorros del Mediterraneo(a)(b)(c)		0
	35,477	Cellnex Telecom SA		880,850
	6,043	Cia de Distribucion Integral Logista Holdings SA		141,593
	15,715	Cie Automotive SA		467,159
	4,520	Construcciones y Auxiliar de Ferrocarriles SA		186,122
	80,465	Deoleo SA(b)		16,871
	129,987	Distribuidora Internacional de Alimentacion SA		635,944
	23,741	Ebro Foods SA		571,208
	86,329	EDP Renovaveis SA		713,978
	22,694	eDreams ODIGEO SA(b)		70,317
	15,183	Elecnor SA		214,530
	85,982	Enagas SA		2,476,860
	67,086	Ence Energia y Celulosa SA		389,163
	90,277	Ercros SA		292,237
	32,853	Euskaltel SA		263,136
	27,381	Faes Farma SA		92,814
	9,353	Fluidra SA		94,785
	8,488	Fomento de Construcciones y Contratas SA(b)		90,132
	16,692	Grupo Catalana Occidente SA		702,500
	47,660	Grupo Ezentis SA(b)		31,534
	1,905	Iberpapel Gestion SA		59,426
	25,809	Indra Sistemas SA(b)		370,985
	25,895	Inmobiliaria Colonial SA		246,408
	1,502	Laboratorios Farmaceuticos Rovi SA		28,186
	138,741	Liberbank SA(b)		64,160
	393,018	Mapfre SA		1,285,979
	46,589	Mediaset Espana Comunicacion SA		506,440
	20,767	Melia Hotels International SA		284,238

50

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SPAIN (continued)
	3,643	Miquel y Costas & Miquel SA	$	131,974
	36,835	NH Hotel Group SA		232,986
	44,830	Obrascon Huarte Lain SA(b)		251,806
	24,898	Papeles y Cartones de Europa SA		258,702
	9,982	Pharma Mar SA(b)		38,138
	1,765	Prim SA		20,416
	31,611	Prosegur Cia de Seguridad SA		241,184
	28,335	Red Electrica Corp. SA		627,444
	88,815	Sacyr SA(b)		228,121
	12,063	Saeta Yield SA		134,741
	2,458	Siemens Gamesa Renewable Energy SA		35,647
	32,524	Talgo SA		159,498
	861	Tecnicas Reunidas SA		27,711
	30,529	Tubacex SA(b)		108,463
	38,173	Tubos Reunidos SA(b)		39,797
	4,430	Vidrala SA		401,212
	8,488	Viscofan SA		513,939
	34,839	Vocento SA(b)		60,467
	39,000	Zardoya Otis SA		422,491
				24,871,882
SWEDEN — 0.9%
	222,625	AAK AB(a)		18,003,276
	28,539	Acando AB		96,816
	3,798	Addlife AB		74,856
	5,641	AddNode Group AB		45,820
	12,819	AddTech AB - Class B		284,045
	697,344	AF AB - B Shares(a)		14,368,952
	11,378	Ahlstrom-Munksjo Oyj		249,434
	4,896	Alimak Group AB		87,725
	3,189	Atrium Ljungberg AB - Class B		52,873
	6,581	Attendo AB		77,392
	2,983	Avanza Bank Holding AB		112,419
	75,816	Axactor AB(b)		27,289
	19,917	Axfood AB		360,196
	4,430	BE Group AB(b)		28,046
	5,500	Beijer Alma AB		177,384
	3,886	Beijer Ref AB		135,542
	7,695	Bergman & Beving AB - Class B		87,551
	44,970	Betsson AB		352,921
	35,606	Bilia AB - A Shares		318,987
	78,125	BillerudKorsnas AB		1,344,754
	2,871	BioGaia AB - Class B		104,426
	8,156	Biotage AB		72,581
	3,705	Bjorn Borg AB		14,782
	1,799	Bonava AB		25,959
	53,125	Bonava AB - Class B		773,556
	13,752	Bufab AB		164,269
	7,831	Bulten AB		111,081
	33,716	Byggmax Group AB		229,562
	21,585	Castellum AB		346,272
	1,272	Catena AB		22,639
	7,218	Clas Ohlson AB - Class B		124,803

Shares			Value
SWEDEN (continued)
	78,435	Cloetta AB - B Shares	$	265,146
	5,320	Collector AB(b)		56,208
	30,492	Com Hem Holding AB		457,836
	4,799	Coor Service Management Holding AB		37,834
	1,200	Dedicare AB - Class B		15,911
	5,878	Dios Fastigheter AB		38,617
	36,761	Dometic Group AB		319,674
	13,750	Doro AB		79,659
	15,850	Duni AB		236,189
	8,279	Dustin Group AB		74,170
	862	Elanders AB - B Shares		9,396
	37,905	Elekta AB - Class B		364,486
	4,800	Eltel AB(b)		13,646
	2,635	Enea AB		26,203
	1,232	eWork Group AB		14,054
	12,359	Fabege AB		261,008
	6,669	Fagerhult AB		84,641
	8,150	Fastighets AB Balder - Class B(b)		212,228
	999	FastPartner AB		16,229
	42,592	Getinge AB - B Shares		838,444
	42,380	Granges AB		439,157
	27,379	Gunnebo AB		112,830
	3,932	Haldex AB(b)		43,680
	12,523	Hemfosa Fastigheter AB		152,131
	49,658	Hexpol AB		502,414
	5,834	HIQ International AB		41,813
	16,146	Holmen AB - Class B		793,640
	9,802	Hufvudstaden AB - Class A		161,344
	19,749	Indutrade AB		547,768
	16,846	Intrum Justitia AB		590,399
	10,171	Inwido AB		112,078
	4,575	ITAB Shop Concept AB - Class B		35,932
	30,789	JM AB		812,419
	43,237	KappAhl AB		315,046
	8,338	Karo Pharma AB		39,540
	33,241	Klovern AB - B Shares		44,749
	6,404	KNOW IT AB		117,039
	16,156	Kungsleden AB		115,308
	8,118	Lagercrantz Group AB - B Shares		86,303
	3,734	Lifco AB - B Shares		133,809
	27,257	Lindab International AB		224,655
	31,407	Loomis AB - Class B		1,260,159
	11,667	Mekonomen AB		235,524
	31,113	Modern Times Group MTG AB - Class B		1,187,041
	7,695	Momentum Group AB - Class B(b)		94,675
	8,390	MQ Holding AB		31,970
	13,849	Mycronic AB		164,600
	19,291	NCC AB - Class B		416,391
	2,159	Nederman Holding AB		62,539
	66,395	Net Insight AB - Class B(b)		41,637

51

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SWEDEN (continued)
	33,902	NetEnt AB	$	268,692
	27,131	New Wave Group AB - Class B		179,865
	41,644	Nibe Industrier AB - Class B		416,607
	31,265	Nobia AB		256,569
	32,613	Nobina AB		177,252
	7,901	Nolato AB - B Shares		437,914
	556	OEM International AB - B Shares		12,951
	175,440	Opus Group AB		129,930
	117,641	Peab AB		1,141,750
	2,570	Platzer Fastigheter Holding AB - Class B		15,349
	37,175	Pricer AB - B Shares		40,409
	2,279	Proact IT Group AB		53,085
	38,765	Qliro Group AB(b)		84,738
	52,789	Ratos AB - B Shares		253,426
	2,630	Raysearch Laboratories AB(b)		58,276
	8,060	Recipharm AB - B Shares		98,684
	22,978	Rottneros AB		20,586
	8,304	Saab AB - Class B		424,343
	166	Sagax AB - Class B		2,019
	61,478	SAS AB(b)		190,199
	23,896	Scandi Standard AB		169,123
	8,472	Scandic Hotels Group AB		109,295
	3,644	Sectra AB - B Shares		71,386
	7,592	Semcon AB		45,344
	10,844	SkiStar AB		237,044
	31,885	SSAB AB - A Shares(b)		157,107
	147,413	SSAB AB - B Shares(b)		594,130
	69,161	SSAB AB - Class A(b)		339,541
	176,772	SSAB AB - Class B(b)		712,650
	13,247	Sweco AB - Class B		283,401
	18,817	Swedish Orphan Biovitrum AB(b)		278,715
	8,490	Swedol AB - Class B		34,988
	3,229	Systemair AB		48,888
	24,010	Tele2 AB - B Shares		305,443
	3,843	Thule Group AB		85,980
	4,188	Tobii AB(b)		21,511
	866	Troax Group AB		29,275
	9,116	Victoria Park AB - B Shares		33,647
	2,479	Vitrolife AB		198,103
	15,269	Wallenstam AB		142,628
	6,462	Wihlborgs Fastigheter AB		153,452
				58,928,672
SWITZERLAND — 1.2%
	4,983	Allreal Holding AG		833,122
	3,034	ALSO Holding AG		410,555
	276	APG SGA SA		111,836
	15,516	Arbonia AG(b)		271,392
	31,625	Aryzta AG		1,003,923
	11,073	Ascom Holding AG		253,614
	827	Autoneum Holding AG		223,401
	275	Bachem Holding AG - Class B		34,732
	28,329	Baloise Holding AG		4,466,648

Shares			Value
SWITZERLAND (continued)
	640	Bank Cler AG	$	27,136
	554	Banque Cantonale de Geneve		89,293
	935	Banque Cantonale Vaudoise		672,443
	424	Barry Callebaut AG		661,723
	1,131	Belimo Holding AG(a)		4,849,815
	715	Bell Food Group AG		308,712
	2,721	Bellevue Group AG		63,276
	1,224	Berner Kantonalbank AG		220,839
	987	BKW AG		57,678
	2,740	Bobst Group SA		292,772
	1,166	Bossard Holding AG		275,474
	2,875	Bucher Industries AG		1,125,332
	14,425	Burckhardt Compression Holding AG		4,297,931
	232	Burkhalter Holding AG		27,789
	1,012	Calida Holding AG		37,532
	111	Carlo Gavazzi Holding AG		37,022
	12,616	Cavotec SA		39,483
	5,780	Cembra Money Bank AG		517,949
	178	Cham Paper Holding AG		72,215
	446	Cicor Technologies(b)		22,978
	539	Cie Financiere Tradition SA		51,353
	133,112	Clariant AG		3,348,981
	638	Coltene Holding AG		63,311
	203	Conzzeta AG		199,409
	25,226	Daetwyler Holding AG		4,232,779
	3,583	DKSH Holding AG		300,424
	821	dormakaba Holding AG		812,236
	9,998	Dufry AG(b)		1,488,200
	2,785	EDAG Engineering Group AG		43,617
	38,356	EFG International AG		350,631
	1,177	Emmi AG		734,998
	2,219	Energiedienst Holding AG		57,496
	721	Feintool International Holding AG		85,640
	554	Fenix Outdoor International AG		66,110
	46,077	Ferrexpo Plc		155,563
	7,003	Flughafen Zuerich AG		1,523,231
	291	Forbo Holding AG		439,862
	61,396	GAM Holding AG		956,957
	3,740	Garmin Ltd.		211,721
	2,355	Georg Fischer AG		2,901,113
	228	Gurit Holding AG		262,132
	3,618	Helvetia Holdings AG		1,945,629
	3,758	Highlight Communications AG(b)		22,128
	289	HOCHDORF Holding AG		80,386
	4,590	Huber & Suhner AG		248,444
	12	Hypothekarbank Lenzburg AG		53,526
	7,940	Implenia AG		501,796
	338	Inficon Holding AG		209,884
	136	Interroll Holding AG		194,393
	104	Intershop Holding AG		51,080
	100,579	IWG Plc		287,739
	578	Jungfraubahn Holding AG		73,637

52

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
SWITZERLAND (continued)
	1,015	Kardex AG	$	120,866
	1,169	Komax Holding AG		334,536
	19,796	Kudelski SA		243,072
	60,115	Landis+Gyr Group AG(b)		4,097,449
	144	LEM Holding SA		188,363
	27,163	Logitech International SA		970,370
	1,064	Luzerner Kantonalbank AG		479,128
	725	MCH Group AG		49,234
	74	Metall Zug AG - Class B		284,310
	16,431	Meyer Burger Technology AG(b)		30,634
	1,603	Mobilezone Holding AG		20,004
	2,383	Mobimo Holding AG		601,931
	111,727	OC Oerlikon Corp AG		1,791,843
	5,837	Oriflame Holding AG		210,356
	2,258	Orior AG		176,539
	1,572	Panalpina Welttransport Holding AG		216,344
	288	Phoenix Mecano AG		167,433
	326	Plazza AG		75,712
	2,374	PSP Swiss Property AG		208,928
	1,363	Rieter Holding AG		318,737
	154	Romande Energie Holding SA		174,584
	95	Schaffner Holding AG(b)		30,186
	272,660	Schmolz & Bickenbach AG(b)		251,438
	262	Schweiter Technologies AG		321,443
	3,690	SFS Group AG		437,185
	1,808	Siegfried Holding AG		565,425
	1,983	Sonova Holding AG		357,980
	861	St. Galler Kantonalbank AG		388,794
	39,008	STMicroelectronics NV		917,857
	1,913	Straumann Holding AG		1,335,543
	4,456	Sulzer AG		570,818
	18,875	Sunrise Communications Group AG		1,570,315
	8,494	Swiss Life Holding AG		2,952,658
	2,320	Swissquote Group Holding SA		80,577
	953	Tamedia AG		132,206
	6,327	Tecan Group AG		1,338,142
	22,864	Temenos Group AG		2,640,137
	235	Thurgauer Kantonalbank		23,190
	25,930	Transocean Ltd.(b)		272,265
	45,534	U-Blox AG		8,936,558
	6,050	Valiant Holding AG		622,799
	1,862	Valora Holding AG		596,777
	437	Vaudoise Assurances Holding SA		231,499
	94	Vetropack Holding AG		178,926
	8,356	Vifor Pharma AG		1,074,600
	16,937	Von Roll Holding AG(b)		25,296
	14,574	Vontobel Holding AG		906,447
	60	VZ Holding AG		20,734
	679	Walter Meier AG		27,973
	14,014	Weatherford International Plc(b)		48,629
	1,680	Wizz Air Holdings Plc(b)		73,075

Shares			Value
SWITZERLAND (continued)
	331	Ypsomed Holding AG	$	57,630
	7,747	Zehnder Group AG		284,208
	61	Zug Estates Holding AG - B Shares		107,368
	34	Zuger Kantonalbank AG		180,624
				81,580,696
TAIWAN — 1.2%
	66,000	AcBel Polytech, Inc.		50,223
	71,000	Accton Technology Corp.		228,823
	1,857,878	Acer, Inc.		960,987
	66,000	Aces Electronic Co. Ltd.		59,524
	7,000	Acter Co. Ltd.		41,546
	16,000	Actron Technology Corp.		58,887
	3,000	Addcn Technology Co. Ltd.		27,156
	9,998	Adlink Technology, Inc.		22,807
	8,000	Advanced Ceramic X Corp.		87,800
	50,000	Advanced Connectek, Inc.		15,252
	48,000	Advanced International Multitech Co. Ltd.		59,524
	26,000	Advanced Optoelectronic Technology, Inc.		30,345
	65,373	Advancetek Enterprise Co. Ltd.		39,450
	64,000	AGV Products Corp.(b)		15,979
	17,916	Airtac International Group		290,189
	9,000	All Ring Tech Co. Ltd.		22,381
	26,850	Alltek Technology Corp.		18,785
	11,000	Alltop Technology Co. Ltd.		31,148
	85,000	Alpha Networks, Inc.		65,949
	49,050	Altek Corp.		47,408
	44,000	Ambassador Hotel (The)		33,555
	18,000	AMPOC Far-East Co. Ltd.		15,756
	28,000	AmTRAN Technology Co. Ltd.		14,344
	20,000	Apacer Technology, Inc.		26,128
	26,000	APCB, Inc.		25,690
	14,000	Apex Biotechnology Corp.		15,319
	79,161	Apex International Co. Ltd.		56,038
	37,000	Arcadyan Technology Corp.		58,151
	165,872	Ardentec Corp.		157,020
	315,000	Asia Cement Corp.		280,956
	193,000	Asia Pacific Telecom Co. Ltd.(b)		63,865
	132,100	Asia Vital Components Co. Ltd.		125,269
	4,208	Asmedia Technology, Inc.		47,020
	4,000	ASPEED Technology, Inc.		92,442
	19,000	Aten International Co. Ltd.		48,635
	1,925,000	AU Optronics Corp.		788,267
	44,800	Audix Corp.		66,325
	24,291	AVY Precision Technology, Inc.		39,949
	13,000	Axiomtek Co. Ltd.		22,242
	100,278	Bank of Kaohsiung Co. Ltd.		30,722
	49,000	BenQ Materials Corp.(b)		32,007
	174,350	BES Engineering Corp.		39,946
	11,000	Bothhand Enterprise, Inc.		24,947
	13,000	C Sun Manufacturing Ltd.		12,371
	9,000	Capital Futures Corp.		13,876

53

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TAIWAN (continued)
	316,781	Capital Securities Corp.	$	109,762
	118,000	Career Technology Manufacturing Co. Ltd.		137,525
	177,300	Cathay Real Estate Development Co. Ltd.		99,057
	22,000	Center Laboratories, Inc.(b)		35,087
	19,760	Central Reinsurance Co. Ltd.		10,286
	180,000	Chailease Holding Co. Ltd.		464,331
	26,000	ChainQui Construction Development Co. Ltd.		18,018
	1,730	Chang Wah Electromaterials, Inc.		8,087
	50,000	Channel Well Technology Co. Ltd.		56,699
	12,000	Chant Sincere Co. Ltd.		13,230
	30,185	Charoen Pokphand Enterprise		63,754
	14,000	CHC Healthcare Group		17,315
	13,000	CHC Resources Corp.		23,535
	15,000	Chen Full International Co. Ltd.		24,047
	22,000	Chenbro Micom Co. Ltd.		36,363
	230,920	Cheng Loong Corp.		135,139
	189,797	Cheng Uei Precision Industry Co. Ltd.		308,677
	36,000	Chenming Mold Industry Corp.		23,038
	13,000	Chian Hsing Forging Industrial Co. Ltd.		34,914
	125,649	Chicony Electronics Co. Ltd.		314,544
	30,150	Chicony Power Technology Co. Ltd.		65,679
	32,251	Chilisin Electronics Corp.		110,143
	76,000	Chimei Materials Technology Corp.(b)		34,649
	1,283,744	China Airlines Ltd.(b)		523,551
	209,000	China Bills Finance Corp.		104,987
	64,000	China Chemical & Pharmaceutical Co. Ltd.		37,985
	51,000	China Electric Manufacturing Corp.(b)		15,997
	73,444	China General Plastics Corp.		68,794
	277,374	China Life Insurance Co. Ltd.		262,112
	106,077	China Metal Products		97,602
	1,341,000	China Petrochemical Development Corp.(b)		598,035
	12,114	China Steel Chemical Corp.		48,401
	37,000	China Steel Structure Co. Ltd.		23,984
	742,387	China Synthetic Rubber Corp.		1,033,845
	31,360	China Wire & Cable Co. Ltd.		28,075
	21,000	Chinese Maritime Transport Ltd.		19,705
	85,883	Chin-Poon Industrial Co. Ltd.		179,116
	284,000	Chipbond Technology Corp.		553,696
	117,751	Chipmos Technologies, Inc.		117,323
	16,000	Chong Hong Construction Co. Ltd.		39,099
	33,876	Chroma ATE, Inc.		165,115
	64,000	Chun Yu Works & Co. Ltd.		30,345
	162,779	Chun Yuan Steel		60,989

Shares			Value
TAIWAN (continued)
	400,000	Chung Hung Steel Corp.(b)	$	153,186
	138,779	Chung Hwa Pulp Corp.		49,236
	56,125	Chung-Hsin Electric & Machinery Manufacturing Corp.		39,173
	1,000	Chunghwa Precision Test Tech Co. Ltd.		36,307
	14,000	Chyang Sheng Dyeing & Finishing Co. Ltd.		12,464
	7,000	Cleanaway Co. Ltd.		40,269
	113,348	Clevo Co.		116,507
	533,000	CMC Magnetics Corp.(b)		78,997
	30,034	CoAsia Microelectronics Corp.(b)		15,485
	2,749,000	Compal Electronics, Inc.		2,023,502
	1,451,000	Compeq Manufacturing Co. Ltd.		1,705,531
	18,000	Compucase Enterprise		24,022
	51,000	Concord Securities Co. Ltd.(b)		14,238
	8,400	Concraft Holding Co. Ltd.		101,102
	68,873	Continental Holdings Corp.		32,998
	157,200	Coretronic Corp.		188,164
	30,148	Co-Tech Development Corp.(b)		44,783
	94,000	CSBC Corp. Taiwan(b)		40,206
	1,324,000	CTBC Financial Holding Co. Ltd.		847,269
	54,838	CTCI Corp.		85,004
	7,590	Cub Elecparts, Inc.		74,869
	18,000	CviLux Corp.		19,606
	6,000	Cyberpower Systems, Inc.		22,878
	36,000	CyberTAN Technology, Inc.		22,023
	6,600	Cypress Technology Co. Ltd.		27,026
	81,000	DA CIN Construction Co. Ltd.		48,209
	76,321	Da-Li Development Co. Ltd.		84,774
	95,000	Danen Technology Corp.(b)		24,097
	98,000	Darfon Electronics Corp.		86,109
	147,000	Darwin Precisions Corp.		159,139
	29,111	De Licacy Industrial Co. Ltd.		24,710
	66,201	Delpha Construction Co. Ltd.		29,962
	24,000	Depo Auto Parts Industrial Co. Ltd.		64,139
	198,904	D-Link Corp.		74,524
	60,183	Dynamic Electronics Co. Ltd.(b)		23,347
	39,000	Dynapack International Technology Corp.		66,208
	118,000	E Ink Holdings, Inc.		164,718
	31,620	Eclat Textile Co. Ltd.		377,958
	3,000	ECOVE Environment Corp.		16,612
	38,000	Edison Opto Corp.(b)		19,656
	45,895	Edom Technology Co. Ltd.		23,891
	13,520	eGalax_eMPIA Technology, Inc.		22,504
	51,320	Elan Microelectronics Corp.		78,700
	14,000	E-LIFE MALL Corp.		29,245
	20,736	Elite Advanced Laser Corp.		84,224
	18,967	Elite Material Co. Ltd.		75,467

54

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TAIWAN (continued)
	37,000	Elite Semiconductor Memory Technology, Inc.	$	60,973
	126,489	Elitegroup Computer Systems Co. Ltd.(b)		98,978
	7,000	eMemory Technology, Inc.		85,761
	57,011	ENG Electric Co. Ltd.		23,062
	8,000	Ennoconn Corp.		113,662
	133,000	EnTie Commercial Bank Co. Ltd.		55,785
	28,000	Epileds Technologies, Inc.(b)		19,682
	986,015	Epistar Corp.(b)		1,595,435
	16,000	Eson Precision Ind. Co., Ltd.		28,382
	142,033	Eternal Materials Co. Ltd.		143,401
	28,000	E-Ton Solar Tech Co. Ltd.(b)		9,173
	6,000	Eurocharm Holdings Co. Ltd.		18,601
	7,728,074	Eva Airways Corp.		3,805,166
	154,960	Everest Textile Co. Ltd.		75,786
	246,000	Evergreen International Storage & Transport Corp.		114,193
	1,592,138	Evergreen Marine Corp. Taiwan Ltd.(b)		952,870
	129,342	Everlight Chemical Industrial Corp.		81,055
	88,643	Everlight Electronics Co. Ltd.		135,347
	403,062	Far Eastern Department Stores Ltd.		198,461
	750,724	Far Eastern International Bank		232,987
	39,478	Faraday Technology Corp.		60,671
	78,000	Farglory Land Development Co. Ltd.		85,217
	127,255	Federal Corp.		59,705
	13,000	Feedback Technology Corp.		38,880
	103,320	Feng Hsin Steel Co. Ltd.		178,483
	49,720	Feng TAY Enterprise Co. Ltd.		224,205
	1,635,000	First Financial Holding Co. Ltd.		1,054,419
	72,120	First Hotel		37,185
	61,000	First Insurance Co. Ltd. (The)		27,103
	270,859	First Steamship Co. Ltd.(b)		71,757
	52,049	FLEXium Interconnect, Inc.		199,329
	9,955	Flytech Technology Co. Ltd.		28,024
	37,000	Focaltech Systems Co. Ltd.		39,810
	9,764	Formosa International Hotels Corp.		49,047
	7,000	Formosa Laboratories, Inc.		19,102
	31,203	Formosa Oilseed Processing Co. Ltd.		67,197
	114,792	Formosan Union Chemical		70,224
	33,000	Fortune Electric Co. Ltd.		21,063
	58,210	Founding Construction & Development Co. Ltd.		30,013
	316,000	Foxconn Technology Co. Ltd.		1,006,900
	11,550	Foxsemicon Integrated Technology, Inc.		81,954
	12,000	Fulgent Sun International Holding Co. Ltd.		30,359
	169,000	Fulltech Fiber Glass Corp.		89,096
	106,466	Fwusow Industry Co. Ltd.		61,953

Shares			Value
TAIWAN (continued)
	40,000	Gemtek Technology Corp.	$	32,295
	20,000	General Interface Solution Holding Ltd.		183,358
	7,000	Genius Electronic Optical Co. Ltd.(b)		78,798
	112,000	Getac Technology Corp.		156,342
	21,000	Giant Manufacturing Co. Ltd.		107,926
	122,000	Giantplus Technology Co. Ltd.		94,657
	103,781	Gigabyte Technology Co. Ltd.		160,698
	6,400	Gigasolar Materials Corp.		57,826
	54,000	Gigastorage Corp.(b)		34,467
	150,570	Gintech Energy Corp.(b)		94,357
	167,000	Global Brands Manufacture Ltd.		76,967
	8,000	Global Mixed Mode Technology, Inc.		18,409
	7,000	Global PMX Co. Ltd.		41,082
	6,000	Global Unichip Corp.		59,683
	14,000	Globalwafers Co. Ltd.		161,773
	76,650	Globe Union Industrial Corp.		51,211
	170,880	Gloria Material Technology Corp.		112,751
	13,000	Glory Science Co. Ltd.		27,026
	181,770	Gold Circuit Electronics Ltd.(b)		62,078
	187,852	Goldsun Building Materials Co. Ltd.(b)		56,182
	12,485	Gourmet Master Co. Ltd.		143,232
	42,000	Grand Ocean Retail Group Ltd.		31,194
	376,000	Grand Pacific Petrochemical		284,872
	4,000	Grand Plastic Technology Corp.		25,531
	8,000	Grape King Bio Ltd.		46,022
	59,000	Great China Metal Industry		49,885
	40,000	Great Taipei Gas Co. Ltd.		34,284
	216,946	Great Wall Enterprise Co. Ltd.		246,730
	72,000	Greatek Electonics, Inc.		132,973
	92,000	Green Energy Technology, Inc.(b)		59,026
	141,000	Hannstar Board Corp.		85,321
	3,217,000	HannStar Display Corp.		1,247,995
	221,000	HannsTouch Solution, Inc.(b)		77,307
	30,300	Harvatek Corp.(b)		16,929
	89,000	Hey Song Corp.		91,775
	66,666	Highwealth Construction Corp.		89,081
	77,620	Hitron Technology, Inc.		56,363
	23,026	Hiwin Technologies Corp.		230,569
	273,531	Ho Tung Chemical Corp.(b)		82,623
	87,000	Hocheng Corp.(b)		26,972
	28,000	Holtek Semiconductor, Inc.		64,802
	26,106	Holy Stone Enterprise Co. Ltd.		48,646
	52,514	Hong Pu Real Estate Development Co. Ltd.		35,259
	29,624	Hota Industrial Manufacturing Co. Ltd.		138,005
	46,678	Hsin Kuang Steel Co. Ltd.		46,509
	54,143	Hsing TA Cement Co.		23,159
	338,000	HTC Corp.(b)		757,599
	11,000	Hu Lane Associate, Inc.		62,733

55

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TAIWAN (continued)
	62,479	Huaku Development Co. Ltd.	$	140,249
	31,000	Hung Ching Development & Construction Co. Ltd.		20,609
	74,000	Hung Sheng Construction Ltd.		58,519
	42,830	Hwa Fong Rubber Co. Ltd.		16,260
	30,110	Ibase Technology, Inc.		53,013
	34,341	Ichia Technologies, Inc.(b)		18,674
	9,436	Innodisk Corp.		34,885
	2,164,000	Innolux Corp.		947,124
	15,000	Integrated Service Technology, Inc.		56,699
	4,000	International Games System Co. Ltd.		21,088
	1,435,155	Inventec Corp.		1,113,501
	12,000	I-Sheng Electric Wire & Cable Co. Ltd.		17,268
	42,000	ITEQ Corp.		87,873
	15,000	Jarllytec Co. Ltd.		27,006
	10,000	Jentech Precision Industrial Co. Ltd.		25,630
	10,500	Jess-Link Products Co. Ltd.		11,802
	459,731	Jih Sun Financial Holdings Co. Ltd.		122,099
	4,680	Johnson Health Tech Co. Ltd.		5,121
	13,000	Kaulin Manufacturing Co. Ltd.		8,513
	136,682	Kenda Rubber Industrial Co. Ltd.		181,279
	38,000	Kerry TJ Logistics Co. Ltd.		46,052
	109,000	Kindom Construction Corp.		69,572
	36,720	King Chou Marine Technology Co. Ltd.		40,605
	4,000	King Slide Works Co. Ltd.		53,515
	526,184	King Yuan Electronics Co. Ltd.		557,422
	5,000	Kingpak Technology, Inc.		44,762
	374,185	King’s Town Bank Co. Ltd.		408,806
	27,062	King’s Town Construction Co. Ltd.(b)		20,413
	25,000	Kinik Co.		65,236
	24,000	Kinko Optical Co. Ltd.		37,123
	646,343	Kinpo Electronics, Inc.		222,881
	277,000	Kinsus Interconnect Technology Corp.		698,022
	5,000	KMC Kuei Meng International, Inc.		21,884
	16,328	KS Terminals, Inc.		43,419
	6,000	Kung Long Batteries Industrial Co. Ltd.		29,046
	81,000	Kung Sing Engineering Corp.		30,886
	31,000	Kuo Toong International Co. Ltd.(b)		18,656
	104,982	Kuoyang Construction Co. Ltd.		42,467
	74,799	Kwong Fong Industries Corp.		52,330
	17,000	Kwong Lung Enterprise Co. Ltd.		24,153
	39,000	L&K Engineering Co. Ltd.		48,815
	8,000	Land Mark Optoelectronics Corp.		101,991

Shares			Value
TAIWAN (continued)
	14,000	Lanner Electronics, Inc.	$	19,868
	17,000	Laser Tek Taiwan Co. Ltd.		17,671
	1,218,000	LCY Chemical Corp.		1,663,874
	94,714	Lealea Enterprise Co. Ltd.(b)		35,487
	43,000	LEE CHI Enterprises Co. Ltd.		17,465
	15,000	Lelon Electronics Corp.		25,664
	62,275	Leofoo Development Co. Ltd.(b)		16,539
	199,000	Lextar Electronics Corp.(b)		120,418
	12,400	Li Cheng Enterprise Co. Ltd.		22,695
	167,788	Li Peng Enterprise Co. Ltd.(b)		48,012
	34,629	Lian Hwa Food Corp.		38,579
	282,640	Lien Hwa Industrial Corp.		299,888
	137,000	Lingsen Precision Industries Ltd.		73,135
	75,882	Lite-On Semiconductor Corp.		95,357
	18,000	Lite-On Technology Corp.		25,395
	122,000	Long Bon International Co. Ltd.		56,835
	267,746	Long Chen Paper Co. Ltd.		394,168
	29,000	Longwell Co.		70,482
	8,451	Lotes Co. Ltd.		52,119
	69,000	Lucky Cement Corp.		19,927
	12,545	Lumax International Corp. Ltd.		23,959
	5,000	Macauto Industrial Co. Ltd.		25,780
	10,500	Macroblock Inc.		23,674
	90,274	Macronix International(b)		164,627
	11,000	Mag Layers Scientific-Technics Co. Ltd.		22,248
	30,213	Makalot Industrial Co. Ltd.		139,747
	327,998	Masterlink Securities Corp.		91,789
	26,095	Meiloon Industrial Co. Ltd.		28,596
	178,740	Mercuries & Associates Holding Ltd.		144,606
	305,517	Mercuries Life Insurance Co. Ltd.(b)		161,068
	12,091	Merry Electronics Co. Ltd.		92,207
	64,000	Microbio Co. Ltd.(b)		44,351
	36,404	Micro-Star International Co. Ltd.		88,718
	48,000	MIN AIK Technology Co. Ltd.(c)		44,722
	34,036	Mirle Automation Corp.		51,913
	4,000	Nak Sealing Technologies Corp.		11,061
	34,000	Namchow Chemical Industrial Co. Ltd.		68,655
	42,590	Nan Kang Rubber Tire Co. Ltd.		38,552
	68,005	Nantex Industry Co. Ltd.		49,381
	21,000	National Petroleum Co. Ltd.		27,121
	114,428	Neo Solar Power Corp.(b)		58,050
	11,000	Nexcom International Co. Ltd.		11,507
	34,043	Nichidenbo Corp.		32,226
	24,000	Nien Made Enterprise Co. Ltd.		249,872
	955,000	Novatek Microelectronics Corp.		3,530,645
	17,000	Nuvoton Technology Corp.		42,839
	137,090	OptoTech Corp.		94,546

56

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TAIWAN (continued)
	177,000	Orient Semiconductor Electronics Ltd.(b)	$	53,993
	35,500	Oriental Union Chemical Corp.		30,545
	19,440	Paiho Shih Holdings Corp.		42,929
	156,453	Pan Jit International, Inc.		156,663
	7,000	Parade Technologies Ltd.		113,845
	4,242	Paragon Technologies Co. Ltd.		4,923
	13,323	PChome Online, Inc.		77,086
	2,000	Pharmally International Holding Co. Ltd.		30,936
	103,616	Phihong Technology Co. Ltd.(b)		44,319
	21,000	Phison Electronics Corp.		249,623
	12,000	Planet Technology Corp.		22,441
	24,000	Plotech Co. Ltd.		14,324
	5,099	Posiflex Technology, Inc.		22,572
	665,200	Powertech Technology, Inc.		2,079,887
	9,242	Poya International Co. Ltd.		118,438
	417,377	President Securities Corp.(b)		198,590
	86,000	Primax Electronics Ltd.		222,988
	277,370	Prince Housing & Development Corp.		102,084
	4,000	Pro Hawk Corp.		18,966
	121,000	Prodisc Technology, Inc.(a)(b)(c)		0
	26,000	Promate Electronic Co. Ltd.		24,052
	1,853,520	Qisda Corp.		1,352,060
	118,000	Quintain Steel Co. Ltd.		35,604
	208,008	Radiant Opto-Electronics Corp.		462,094
	201,677	Radium Life Tech Co. Ltd.(b)		90,275
	355,825	Realtek Semiconductor Corp.		1,339,085
	45,771	Rechi Precision Co. Ltd.		47,047
	182,616	Rich Development Co. Ltd.		56,372
	446,597	Ritek Corp.(b)		74,187
	128,400	Ruentex Development Co. Ltd.(b)		131,765
	75,335	Sampo Corp.		34,721
	37,113	San Fang Chemical Industry Co. Ltd.		43,439
	17,600	San Shing Fastech Corp.		35,539
	33,080	Sanyang Motor Co. Ltd.		23,911
	7,000	Scientech Corp.		17,872
	31,000	SDI Corp.		97,134
	10,000	Senao International Co. Ltd.		17,175
	53,000	Sercomm Corp.		151,481
	49,674	Sesoda Corp.		48,258
	16,800	Sharehope Medicine Co. Ltd.		20,945
	19,000	Sheng Yu Steel Co. Ltd.		21,104
	54,000	Shieh Yih Machinery Industry Co. Ltd.		22,918
	87,000	Shih Wei Navigation Co. Ltd.(b)		25,299
	4,221,606	Shin Kong Financial Holding Co. Ltd.		1,350,768
	17,000	Shin Zu Shing Co. Ltd.		47,123
	134,040	Shining Building Business Co. Ltd.(b)		46,444
	116,000	Shinkong Insurance Co. Ltd.		101,540

Shares			Value
TAIWAN (continued)
	198,314	Shinkong Synthetic Fibers Corp.	$	63,914
	33,000	Shinkong Textile Co. Ltd.		43,767
	12,000	Shiny Chemical Industrial Co. Ltd.		31,512
	164,000	Sigurd Microelectronics Corp.		142,469
	88,200	Simplo Technology Co. Ltd.		507,392
	28,364	Sinbon Electronics Co. Ltd.		81,162
	36,170	Sincere Navigation Corp.		26,085
	33,000	Sinher Technology, Inc.		54,490
	6,487	Sinmag Equipment Corp.		32,909
	10,961	Sino-American Electronic Co. Ltd.		3,907
	49,000	Sino-American Silicon Products, Inc.		136,474
	192,000	Sinon Corp.		112,999
	15,146	Sinphar Pharmaceutical Co. Ltd.		10,998
	24,217	Sinyi Realty, Inc.		28,144
	15,000	Sirtec International Co. Ltd.		24,321
	14,000	Sitronix Technology Corp.		39,643
	36,000	Siward Crystal Technology Co. Ltd.		23,575
	99,616	Solar Applied Materials Technology Co.(b)		47,233
	57,013	Solartech Energy Corp.(b)		29,774
	16,160	Solteam Electronics Co. Ltd.		21,781
	15,000	Sonix Technology Co. Ltd.		18,427
	117,000	Southeast Cement Co. Ltd.		56,639
	11,361	Sporton International, Inc.		57,635
	8,000	St Shine Optical Co. Ltd.		195,494
	65,762	Standard Foods Corp.		162,881
	26,400	Stark Technology, Inc.		29,893
	27,000	Sunko Ink Co. Ltd.		11,549
	11,000	Sunny Friend Environmental Technology Co. Ltd.		69,663
	22,000	Sunonwealth Electric Machine Industry Co. Ltd.		49,019
	48,000	Sunspring Metal Corp.		62,150
	174,245	Supreme Electronics Co. Ltd.		187,478
	36,000	Swancor Holding Co. Ltd.		90,240
	79,969	Sweeten Real Estate Development Co. Ltd.		38,845
	15,000	Syncmold Enterprise Corp.		34,765
	211,550	Synnex Technology International Corp.		267,949
	14,700	Sysage Technology Co. Ltd.		14,232
	12,000	Systex Corp.		23,555
	183,470	TA Chen Stainless Pipe Co. Ltd.		116,191
	99,340	Ta Ya Electric Wire & Cable(b)		30,600
	6,000	Ta Yih Industrial Co. Ltd.		16,234
	46,262	TA-I Technology Co. Ltd.		37,734
	775,880	Taichung Commercial Bank Co. Ltd.		248,512
	10,500	TaiDoc Technology Corp.		30,359
	47,580	Taiflex Scientific Co. Ltd.		76,356
	16,000	Taimide Tech, Inc.		22,679

57

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TAIWAN (continued)
	839,045	Tainan Spinning Co. Ltd.	$	376,964
	2,473,000	Taishin Financial Holding Co. Ltd.		1,082,365
	35,716	Taisun Enterprise Co. Ltd.(b)		21,968
	29,000	Taiwan Acceptance Corp.		103,848
	2,384,906	Taiwan Business Bank		658,707
	616,000	Taiwan Cement Corp.		684,229
	12,000	Taiwan Chinsan Electronic Industrial Co. Ltd.		22,162
	61,088	Taiwan Cogeneration Corp.		47,802
	6,000	Taiwan FamilyMart Co. Ltd.		36,605
	91,000	Taiwan Fertilizer Co. Ltd.		118,881
	54,320	Taiwan Fire & Marine Insurance Co. Ltd.		36,382
	61,000	Taiwan FU Hsing Industrial Co. Ltd.		77,566
	211,919	Taiwan Glass Industrial Corp.(b)		109,264
	81,081	Taiwan Hon Chuan Enterprise Co. Ltd.		146,518
	30,000	Taiwan Hopax Chemicals Manufacturing Co. Ltd.		18,999
	214,701	Taiwan Land Development Corp.(b)		71,900
	12,471	Taiwan Line Tek Electronic		14,328
	49,544	Taiwan Navigation Co. Ltd.(b)		25,627
	40,032	Taiwan Paiho Ltd.		165,254
	128,000	Taiwan PCB Techvest Co. Ltd.		139,843
	25,000	Taiwan Prosperity Chemical Corp.(b)		15,252
	73,120	Taiwan Pulp & Paper Corp.(b)		46,186
	39,000	Taiwan Sakura Corp.		50,432
	28,408	Taiwan Secom Co. Ltd.		83,643
	50,000	Taiwan Semiconductor Co. Ltd.		123,510
	50,010	Taiwan Shin Kong Security Co. Ltd.		64,255
	167,500	Taiwan Styrene Monomer		113,298
	99,875	Taiwan Surface Mounting Technology Corp.		94,876
	100,469	Taiwan TEA Corp.		53,467
	28,000	Taiwan Union Technology Corp.		71,858
	25,322	Taiyen Biotech Co. Ltd.		23,677
	6,904	TCI Co. Ltd.		46,928
	571,000	Teco Electric and Machinery Co. Ltd.		532,955
	4,400	Tehmag Foods Corp.		32,607
	18,000	Test Research, Inc.		25,067
	81,000	Test Rite International Co. Ltd.		61,503
	11,000	Thinking Electronic Industrial Co. Ltd.		33,446
	25,525	Thye Ming Industrial Co, Ltd.		32,626
	160,100	Ton Yi Industrial Corp.		72,460
	8,000	Tong Hsing Electronic Industries Ltd.		34,218
	141,834	Tong Yang Industry Co. Ltd.		295,806

Shares			Value
TAIWAN (continued)
	49,946	Tong-Tai Machine & Tool Co. Ltd.	$	33,866
	9,000	TOPBI International Holdings Ltd.		32,079
	19,662	Topco Scientific Co. Ltd.		49,547
	5,000	Topco Technologies Corp.		11,224
	37,049	Topoint Technology Co. Ltd.		26,411
	17,000	Toung Loong Textile Manufacturing Co.		44,586
	114,000	TPK Holding Co. Ltd.(b)		376,100
	8,137	Transcend Information, Inc.		23,095
	149,000	Tripod Technology Corp.		548,384
	22,000	Tsang Yow Industrial Co. Ltd.		32,461
	3,000	TSC Auto ID Technology Co. Ltd.		21,933
	89,000	Tsec Corp(b)		33,936
	61,942	TSRC Corp.		70,959
	15,000	Ttet Union Corp.		44,762
	23,000	TTY Biopharm Co. Ltd.		70,999
	251,315	Tung Ho Steel Enterprise Corp.		202,072
	7,000	Tung Thih Electronic Co. Ltd.		45,375
	8,000	TURVO International Co. Ltd.		31,963
	82,815	TXC Corp.		110,660
	56,000	TYC Brother Industrial Co. Ltd.		64,059
	88,303	Tycoons Group Enterprise(b)		17,772
	94,458	Tyntek Corp.		43,534
	38,000	UDE Corp.		75,850
	44,000	U-Ming Marine Transport Corp.		52,229
	1,653,000	Unimicron Technology Corp.		942,708
	432,686	Union Bank of Taiwan		129,119
	136,037	Unitech Printed Circuit Board Corp.(b)		64,276
	2,057,000	United Microelectronics Corp.		1,057,163
	11,920	United Orthopedic Corp.		26,994
	60,000	Univacco Technology, Inc.		37,998
	262,780	Universal Cement Corp.		203,449
	9,000	Universal Microwave Technology, Inc.		23,187
	152,000	Unizyx Holding Corp.		72,574
	267,445	UPC Technology Corp.		148,534
	377,743	USI Corp.		186,620
	68,000	Vanguard International Semiconductor Corp.		128,968
	39,800	Ve Wong Corp.		32,925
	16,000	Visual Photonics Epitaxy Co. Ltd.		35,544
	8,000	Voltronic Power Technology Corp.		150,666
	136,287	Wafer Works Corp.(b)		169,910
	54,000	Wah Lee Industrial Corp.		94,716
	1,093,000	Walsin Lihwa Corp.		558,106
	205,000	Walton Advanced Engineering, Inc.		108,755
	148,300	Wan Hai Lines Ltd.		89,739
	32,000	Wei Chuan Foods Corp.(b)		21,433
	20,000	Well Shin Technology Co. Ltd.		41,446
	42,460	Win Semiconductors Corp.		347,035

58

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TAIWAN (continued)
	687,977	Winbond Electronics Corp.	$	595,375
	51,000	Winstek Semiconductor Co. Ltd.		42,022
	44,673	Wintek Corp.(a)(b)(c)		508
	136,663	Wisdom Marine Lines Co. Ltd.		122,346
	1,858,684	Wistron Corp.		1,549,956
	62,643	Wistron NeWeb Corp.		179,665
	11,000	Wowprime Corp.		55,256
	329,865	WPG Holdings Co. Ltd.		451,713
	106,126	WT Microelectronics Co. Ltd.		167,848
	12,000	XAC Automation Corp.		19,556
	17,204	Xxentria Technology Materials Corp.		36,508
	191,144	Yageo Corp.		1,517,896
	103,489	YC Co. Ltd.		47,182
	77,084	YC INOX Co. Ltd.		65,814
	27,000	Yeong Guan Energy Technology Group Co. Ltd.		62,309
	12,000	YFC-Boneagle Electric Co. Ltd.		21,923
	460,624	YFY, Inc.(b)		180,221
	28,213	Yi Jinn Industrial Co. Ltd.		11,693
	603,480	Yieh Phui Enterprise Co. Ltd.		230,111
	13,000	Yonyu Plastics Co. Ltd.		14,009
	56,110	Youngtek Electronics Corp.		104,743
	313,000	Yulon Motor Co. Ltd.		261,530
	14,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		36,904
	28,350	YungShin Global Holding Corp.		37,694
	79,000	Yungtay Engineering Co. Ltd.		157,164
	13,000	Zeng Hsing Industrial Co. Ltd.		54,311
	27,000	Zenitron Corp.		16,741
	34,000	Zero One Technology Co. Ltd.		22,490
	95,000	Zhen Ding Technology Holding Ltd.		238,134
	100,826	Zig Sheng Industrial Co. Ltd.		40,619
	46,169	Zinwell Corp.		46,461
	23,000	Zippy Technology Corp.		27,683
				81,110,100
THAILAND — 0.2%
	40,400	Advanced Information Technology Public Co. Ltd. - FOR		34,052
	474,600	AJ Advance Technology Public Co. Ltd. - FOR(b)		8,000
	27,700	AJ Plast PCL		11,590
	47,800	Amata Corp. Public Co. Ltd. - FOR		30,936
	663,900	Ananda Development Public Co. Ltd. - FOR		118,910
	520,168	AP Thailand Public Co. Ltd. - FOR		139,359
	237,900	Asia Plus Group Holdings Securities Public Co. Ltd. - FOR		29,505

Shares			Value
THAILAND (continued)
	255,300	Bangchak Corp. Public Co. Ltd. - FOR	$	320,854
	20,425	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR		29,820
	146,700	Bangkok Chain Hospital Public Co. Ltd. - FOR		72,864
	303,306	Bangkok Expressway & Metro Public Co. Ltd. - FOR		71,216
	26,500	Bangkok Insurance Public Co. Ltd. - FOR		287,974
	1,628,000	Bangkok Land Public Co. Ltd. - FOR		90,662
	115,800	Bangkok Ranch Public Co. Ltd. - FOR		28,235
	324,700	Banpu Public Co. Ltd. - FOR		171,049
	123,600	Beauty Community Public Co. Ltd. - FOR		66,600
	157,200	BEC World Public Co. Ltd. - FOR		82,338
	228,300	Better World Green Public Co. Ltd. - FOR		12,095
	87,500	BJC Heavy Industries Public Co. Ltd. - FOR		9,324
	477,500	BTS Group Holdings Public Co. Ltd. - FOR		122,178
	71,520	Buriram Sugar Public Co. Ltd. - FOR - Class F		21,960
	691,508	Cal-Comp Electronics Thailand Public Co. Ltd. - FOR		72,440
	52,100	Central Plaza Hotel Public Co. Ltd. - FOR		71,751
	76,822	CH Karnchang Public Co. Ltd. - FOR		63,016
	29,800	Charoong Thai Wire & Cable Public Co. Ltd. - FOR		9,060
	601,400	Chularat Hospital Public Co. Ltd. - FOR		47,069
	238,800	CK Power Public Co. Ltd. - FOR		31,198
	70,900	Com7 Public Co. Ltd. - FOR		33,081
	411,800	Country Group Development Public Co. Ltd. - FOR(b)		15,743
	47,700	Delta Electronics Thailand Public Co. Ltd. - FOR		123,486
	52,100	Dhipaya Insurance Public Co. Ltd. - FOR		78,025
	376,500	Dynasty Ceramic Public Co. Ltd. - FOR		46,014
	260,900	Eastern Water Resources Development and Management Public Co. Ltd. - FOR		96,601
	3,700	Electricity Generating Public Co. Ltd. - FOR		25,617
	148,000	Energy Absolute Public Co. Ltd.		192,685
	404,800	Energy Earth Public Co. Ltd. - FOR(a)(c)		13,343
	451,400	Erawan Group Public Co. Ltd. (The) - FOR		97,156

59

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
THAILAND (continued)
	497,300	Esso Thailand Public Co. Ltd. - FOR(b)	$	229,039
	459	Fabrinet(b)		17,066
	23,800	Forth Smart Service Public Co. Ltd. - FOR		15,045
	116,400	GFPT Public Co. Ltd. - FOR		64,822
	36,100	Global Power Synergy Public Co. Ltd. - FOR		66,288
	79,600	Golden Land Property Development Public Co. Ltd. - FOR		23,003
	333,800	Grand Canal Land Public Co. Ltd. - FOR		20,498
	67,000	Hana Microelectronics Public Co. Ltd. - FOR		98,322
	38,100	ICC International Public Co. Ltd. - FOR		43,295
	10,808,300	IRPC Public Co. Ltd. - FOR		2,098,541
	5,316,991	Italian-Thai Development Public Co. Ltd. - FOR		649,819
	331,800	Jasmine International Public Co. Ltd. - FOR		75,908
	56,466	Jay Mart Public Co., Ltd. - FOR		29,916
	13,100	KCE Electronics Public Co. Ltd. - FOR		39,434
	178,900	KGI Securities Thailand Public Co. Ltd. - FOR		24,126
	450,966	Khon Kaen Sugar Industry Public Co. Ltd.		61,088
	82,700	Kiatnakin Bank Public Co. Ltd. - FOR		188,577
	7,700	Krungthai Card Public Co. Ltd. - FOR		31,871
	59,000	Land and Houses Public Co. Ltd. - FOR		19,359
	90,560	Land and Houses Public Co. Ltd. - NVDR		29,714
	21,900	Lanna Resources Public Co. Ltd. - FOR		9,493
	771,200	LH Financial Group Public Co. Ltd. - FOR		40,858
	90,330	Loxley Public Co. Ltd. - FOR		8,701
	51,900	Major Cineplex Group Public Co. Ltd. - FOR		50,775
	16,400	Malee Group Public Co. Ltd. - FOR		21,475
	30,600	Maybank Kim Eng Securities Thailand Public Co. Ltd. - FOR		20,357
	353,700	MBK Public Co. Ltd. - FOR		250,209
	89,400	MCS Steel Public Co. Ltd. - FOR		44,135
	28,500	Mega Lifesciences Public Co. Ltd. - FOR		36,033
	29,800	MK Restaurants Group Public Co. Ltd. - FOR		67,952
	3,100	Muang Thai Insurance Public Co. Ltd. - FOR		12,831

Shares			Value
THAILAND (continued)
	72,700	Muangthai Leasing Public Co. Ltd. - FOR	$	85,896
	102,600	PCS Machine Group Holding Public Co. Ltd. - FOR		20,539
	105,900	Polyplex Public Co. Ltd. - FOR		44,630
	72,650	Precious Shipping Public Co. Ltd. - FOR(b)		23,400
	202,200	Pruksa Real Estate Public Co. Ltd. - FOR		153,689
	89,000	PTG Energy Public Co. Ltd. - FOR		64,299
	879,731	Quality Houses Public Co. Ltd. - FOR		77,857
	156,700	Ratchthani Leasing Public Co. Ltd. - FOR		45,048
	34,100	Regional Container Lines Public Co. Ltd. - FOR(b)		8,571
	11,900	Robinson Public Co. Ltd. - FOR		26,598
	496,100	Rojana Industrial Park Public Co. Ltd. - FOR		90,349
	45,000	Samart Corp. Public Co. Ltd. - FOR		17,339
	100,000	Samart Telcoms Public Co. Ltd. - FOR		46,057
	2,354,500	Sansiri Public Co. Ltd. - FOR		165,850
	26,700	Sappe Public Co. Ltd. - FOR		26,523
	1,026,676	SC Asset Corp. Public Co. Ltd. - FOR		105,078
	17,620	Siam City Cement Public Co. Ltd. - FOR		147,983
	267,441	Siam Future Development Public Co. Ltd. - FOR		58,367
	91,652	Siam Global House Public Co. Ltd - FOR		50,489
	120,000	Siamgas & Petrochemicals Public Co. Ltd. - FOR		81,276
	202,600	Singha Estate Public Co. Ltd. - FOR(b)		23,663
	39,200	Sino-Thai Engineering & Construction Public Co. Ltd. - FOR		29,264
	140,917	Somboon Advance Technology Public Co. Ltd. - FOR		86,960
	153,600	SPCG Public Co. Ltd.		115,593
	113,560	Sri Trang Agro-Industry Public Co. Ltd. - FOR		43,414
	19,200	Srisawad Corp. Public Co. Ltd. - FOR		40,169
	364,000	Srithai Superware Public Co. Ltd. - FOR		19,066
	855,900	Star Petroleum Refining Public Co. Ltd. - FOR		448,304
	247,900	Supalai Public Co. Ltd. - FOR		183,574
	325,900	SVI Public Co. Ltd.		51,014
	368,600	Syntec Construction Public Co. Ltd. - FOR		68,239
	31,100	Taokaenoi Food & Marketing Public Co. Ltd. - FOR		24,107

60

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
THAILAND (continued)
	1,547,500	Tata Steel Thailand Public Co. Ltd. - FOR(b)	$	46,583
	4,380	Thai Agro Energy Public Co. Ltd. - FOR		367
	380,300	Thai Airways International Public Co. Ltd. - FOR(b)		212,931
	15,000	Thai Central Chemical Public Co. Ltd. - FOR		23,254
	82,500	Thai Metal Trade Public Co. Ltd. - FOR		40,480
	11,900	Thai Stanley Electric Public Co. Ltd. - FOR		80,599
	187,100	Thai Union Group Public Co. Ltd. - FOR		103,068
	51,100	Thai Vegetable Oil Public Co. Ltd. - FOR		42,686
	72,200	Thai Wah Public Co. Ltd. - FOR		20,756
	116,500	Thaicom Public Co. Ltd. - FOR		48,396
	202,200	Thanacart Capital Public Co. Ltd. - FOR		333,247
	17,300	Thitikorn Public Co. Ltd. - FOR		9,061
	121,084	Thoresen Thai Agencies Public Co. Ltd. - FOR		35,356
	111,770	Ticon Industrial Connection Public Co. Ltd. - FOR		56,188
	72,300	Tipco Asphalt Public Co. Ltd. - FOR		48,751
	26,000	Tisco Financial Group Public Co. Ltd. - FOR		68,679
	2,876,400	TMB Bank Public Co. Ltd. - FOR		223,393
	14,700	Total Access Communication Public Co. Ltd. - FOR(b)		23,563
	731,700	TPI Polene Public Co. Ltd. - FOR		49,338
	105,400	TTW Public Co. Ltd. - FOR		34,583
	118,800	Unique Engineering & Construction Public Co. Ltd. - FOR		63,298
	449,400	Univentures Public Co. Ltd. - FOR		167,747
	184,700	Vanachai Group Public Co. Ltd. - FOR		66,719
	382,600	VGI Global Media Public Co. Ltd. - FOR		70,831
	270,200	Vibhavadi Medical Center Public Co. Ltd. - FOR		22,612
	139,700	Vinythai Public Co. Ltd. - FOR		87,050
	596,100	WHA Corp Public Co. Ltd. - FOR		68,905
	24,700	Workpoint Entertainment Public Co. Ltd. - FOR		72,866
				11,758,868
TURKEY — 0.1%
	9,076	Adana Cimento Sanayii T.A.S. - Class A		15,335

Shares			Value
TURKEY (continued)
	17,831	AKIS Gayrimenkul Yatirimi AS REIT	$	14,900
	17,532	Aksa Akrilik Kimya Sanayii AS		61,697
	26,465	Aksa Enerji Uretim AS(b)		23,929
	29,600	Aksigorta AS(b)		24,423
	29,721	Alarko Holding AS		58,446
	92,924	Albaraka Turk Katilim Bankasi AS		31,844
	1,359	Alkim Alkali Kimya AS		8,805
	87,793	Anadolu Cam Sanayii AS		55,311
	45,730	Anadolu Efes Biracilik Ve Malt Sanayii AS		264,721
	9,733	Anadolu Hayat Emeklilik AS		17,318
	12,296	Aygaz AS		52,217
	7,874	Bagfas Bandirma Gubre Fabrik AS(b)		21,753
	15,627	Borusan Mannesmann Boru Sanayi ve Ticaret AS		46,260
	19,362	Boyner Perakende Ve Tekstil Yatirimlari AS(b)		43,180
	12,202	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS(b)		23,802
	10,435	Bursa Cimento Fabrikasi AS		15,157
	5,730	Cimsa Cimento Sanayi VE Ticaret AS		21,645
	10,780	Coca-Cola Icecek AS		109,688
	3,327,803	Dogan Sirketler Grubu Holding AS(b)		807,049
	80,727	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT(b)		56,179
	15,003	Ford Otomotiv Sanayi AS		211,783
	22,092	Global Yatirim Holding AS(b)		19,043
	361	Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS		6,966
	14,783	Goodyear Lastikleri TAS		16,873
	184,835	GSD Holding AS(b)		38,004
	16,968	Gubre Fabrikalari TAS(b)		21,112
	294,548	Ihlas Holding AS(b)		47,363
	19,196	Is Gayrimenkul Yatirim Ortakligi AS REIT		6,730
	25,617	Izmir Demir Celik Sanayi AS(b)		22,284
	147,575	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		98,032
	14,106	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class B(b)		11,081
	390,783	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D(b)		249,290
	30,773	Karsan Otomotiv Sanayii Ve Ticaret AS(b)		16,873
	4,973	Migros Ticaret AS(b)		34,215
	14,657	Netas Telekomunikasyon AS(b)		64,716
	5,730	Nuh Cimento Sanayi AS		14,802
	653,679	Petkim Petrokimya Holding AS		1,144,160
	31,891	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		24,632

61

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
TURKEY (continued)
	68,018	Sekerbank TAS(b)	$	27,433
	55,241	Selcuk Ecza Deposu Ticaret ve Sanayi AS		53,588
	53,498	Soda Sanayii AS		74,037
	44,575	TAV Havalimanlari Holding AS		221,726
	34,027	Tekfen Holding AS		114,902
	89,608	Trakya Cam Sanayii AS		97,083
	36,442	Tupras Turkiye Petrol Rafinerileri AS		1,311,261
	456,707	Turk Hava Yollari AO(b)		1,249,652
	102,718	Turkiye Halk Bankasi AS		299,472
	357,721	Turkiye Sinai Kalkinma Bankasi AS		129,187
	291,904	Turkiye Sise ve Cam Fabrikalari AS		342,417
	474,882	Turkiye Vakiflar Bankasi TAO - Class D		792,398
	11,630	Ulker Biskuvi Sanayi AS		62,050
	39,024	Vestel Elektonik Sanayi ve Ticaret AS(b)		101,634
	67,419	Zorlu Enerji Elektrik Uretim AS(b)		28,968
				8,727,426
UNITED KINGDOM — 5.1%
	1,160	4imprint Group PLC		29,627
	16,302	A.G. Barr Plc		135,213
	383,638	Abcam Plc		5,069,791
	18,704	Acacia Mining Plc		44,789
	14,305	Acal PLC		60,227
	96,900	Adaptimmune Therapeutics Plc - ADR(b)		760,665
	25,242	Admiral Group Plc		645,022
	129,757	Afren Plc(a)(b)(c)		0
	12,891	Aggreko Plc		160,425
	45,257	Aldermore Group Plc(b)		180,925
	1,859	Arrow Global Group Plc		10,450
	47,156	Ashmore Group Plc		241,063
	13,140	ASOS Plc(b)		994,230
	27,283	Assura Plc REIT		21,886
	37,432	Auto Trader Group Plc		170,274
	5,635	Avon Rubber PLC		73,269
	94,106	Babcock International Group PLC		1,014,889
	102,410	Balfour Beatty PLC		372,682
	319,650	Barratt Developments PLC		2,778,624
	237,739	BBA Aviation Plc		1,004,722
	192,377	Beazley Plc		1,291,575
	52,442	Bellway PLC		2,542,246
	3,312	Belmond Ltd. - Class A(b)		43,553
	37,557	Berkeley Group Holdings Plc		1,866,053
	10,409	Big Yellow Group PLC		107,487
	112,748	Bodycote Plc		1,403,117
	33,993	Booker Group Plc		90,837
	39,276	Bovis Homes Group PLC		613,451
	5,261	Braemar Shipping Services PLC		21,539
	42,050	Brewin Dolphin Holdings PLC		197,257

Shares			Value
UNITED KINGDOM (continued)
	19,353	British Land Co. PLC (The)	$	154,479
	23,921	Britvic Plc		240,503
	21,123	BTG PLC		211,530
	55,211	Burberry Group Plc		1,394,702
	14,681	Cambian Group Plc		37,827
	24,814	Capital & Counties Properties Plc		87,632
	44,553	Capital & Regional PLC		32,249
	25,009	Card Factory Plc		104,264
	1,647	Cardtronics Plc - Class A(b)		37,716
	87,391	Carillion PLC		52,811
	3,352	Carpetright PLC		7,390
	52,706	Chemring Group Plc		120,752
	48,977	Chesnara Plc		250,437
	1,714,165	Cineworld Group Plc		15,128,400
	19,803	Circassia Pharmaceuticals Plc(b)		21,962
	2,013	Clarkson PLC		78,362
	55,392	Close Brothers Group PLC		1,021,868
	130,692	Cobham Plc(b)		241,273
	55,701	Communisis PLC		39,949
	26,022	Computacenter Plc		343,882
	8,765	Concentric AB		147,102
	11,234	Connect Group Plc		16,450
	5,916	Consort Medical PLC		87,216
	10,718	Costain Group Plc		61,495
	11,142	Cranswick PLC		455,784
	44,512	Crest Nicholson Holdings Plc		334,906
	397,317	Croda International Plc		22,078,737
	23,730	Daily Mail & General Trust PLC		218,570
	34,422	Dairy Crest Group PLC		277,733
	9,017	De La Rue Plc		83,831
	198,560	Debenhams Plc		115,376
	8,007	Dechra Pharmaceuticals PLC		218,644
	4,685	Derwent London PLC		166,510
	51,874	Devro PLC		167,762
	7,996	DFS Furniture Plc		22,195
	32,605	Dialog Semiconductor Plc(b)		1,619,844
	4,728	Dignity Plc		152,152
	784,625	Diploma PLC(a)		11,244,211
	279,412	Direct Line Insurance Group Plc		1,379,377
	81,959	Domino’s Pizza Group Plc		365,421
	48,473	Drax Group Plc		178,845
	153,705	DS Smith PLC		1,063,582
	6,273	Dunelm Group Plc		60,986
	21,230	easyJet Plc		377,551
	192,576	EI Group Plc(b)		344,009
	159,024	Electrocomponents PLC		1,466,832
	1,160,834	Elementis PLC		4,383,211
	161,056	EnQuest Plc(b)		55,081
	9,265	Ensco Plc - Class A		49,938
	1,190,431	Equiniti Group Plc		4,789,045
	12,758	Essentra Plc		90,145
	62,061	Esure Group Plc		221,314

62

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED KINGDOM (continued)
	8,122	Euromoney Institutional Investor PLC	$	124,700
	19,818	Evraz Plc		75,937
	50,183	Fenner PLC		229,777
	2,100	Ferroglobe Plc		33,579
	359,569	Fiat Chrysler Automobiles NV		6,215,642
	6,971	Fidessa Group PLC		210,723
	422,903	Firstgroup PLC		617,844
	35,534	Foxtons Group Plc		37,401
	3,059	Fuller Smith & Turner Plc - Class A		39,043
	112,080	G4S Plc		418,292
	18,966	Galliford Try Plc		307,313
	5,545	Games Workshop Group PLC		167,176
	26,321	Gem Diamonds Ltd.(b)		27,966
	44,127	Genus PLC		1,377,852
	580,156	GKN Plc		2,442,584
	5,199	Go-Ahead Group PLC		122,219
	26,527	Gocompare.Com Group Plc		35,848
	764,195	Greene King Plc		5,490,942
	30,359	Greggs Plc		513,691
	18,043	Gulf Keystone Petroleum Ltd.(b)		24,982
	85,828	Halfords Group Plc		376,744
	660,324	Halma PLC		10,366,209
	11,646	Hammerson PLC		81,050
	67,725	Hansteen Holdings Plc REIT		123,230
	41,002	Hargreaves Lansdown Plc		861,503
	73,639	Hays PLC		182,305
	11,940	Headlam Group PLC		93,562
	26,404	Helical Plc		107,660
	8,793	Henry Boot PLC		37,517
	27,440	Hill & Smith Holdings PLC		481,794
	632	Hilton Food Group Plc		7,487
	5,026	Hogg Robinson Group Plc		5,006
	100,738	HomeServe Plc		1,145,282
	109,344	Howden Joinery Group PLC		595,566
	28,336	Hunting PLC		197,016
	14,815	Imagination Technologies Group PLC		35,516
	22,425	IMI Plc		363,956
	127,184	Inchcape Plc		1,320,100
	25,333	Indivior Plc(b)		125,028
	141,286	Informa Plc		1,307,908
	57,563	Inmarsat Plc		474,767
	32,301	Intertek Group Plc		2,327,347
	21,818	Intu Properties PLC		62,591
	44,620	ITE Group PLC		105,338
	22,370	J D Wetherspoon PLC		369,897
	343,043	J Sainsbury Plc		1,104,856
	6,901	Jackpotjoy Plc(b)		74,791
	11,666	James Fisher & Sons PLC		241,089
	22,831	Janus Henderson Group Plc		793,377
	25,740	Jardine Lloyd Thompson Group PLC		445,449
	80,166	JD Sports Fashion Plc		380,744

Shares			Value
UNITED KINGDOM (continued)
	11,499	John Laing Group Plc	$	43,618
	17,247	John Menzies PLC		160,346
	151,724	John Wood Group Plc		1,433,754
	25,658	Johnson Matthey Plc		1,152,162
	38,882	Jupiter Fund Management Plc		307,005
	8,237	Just Eat Plc(b)		85,331
	56,252	Just Group Plc		115,204
	55,928	KAZ Minerals Plc(b)		603,900
	122,169	KCOM Group PLC		174,427
	32,991	Keller Group PLC		410,345
	12,170	Kier Group PLC		168,101
	128,742	Ladbrokes Coral Group Plc		217,839
	4,314,613	Laird Plc(a)		9,340,602
	32,223	Lancashire Holdings Ltd.		321,618
	26,949	LivaNova Plc(b)		1,991,531
	20,610	Londonmetric Property Plc REIT		48,286
	115,356	Lookers Plc		160,870
	16,503	Low & Bonar PLC		15,124
	11,902	LSL Property Services Plc		36,911
	332,941	Man Strategic Holdings Plc		856,087
	385,129	Marks & Spencer Group Plc		1,760,096
	29,565	Marshalls Plc		187,184
	249,397	Marston’s Plc		353,097
	537,660	Mcbride Plc(a)(b)(c)		714
	18,540	McBride PLC		52,941
	13,685	McColl’s Retail Group Plc		51,937
	18,776	Mears Group PLC		113,028
	274,902	Meggitt PLC		1,893,093
	619,773	Melrose Industries Plc		1,810,103
	39,016	Merlin Entertainments Plc		196,290
	2,769	Michael Kors Holdings Ltd.(b)		135,155
	44,090	Millennium & Copthorne Hotels PLC		354,275
	90,011	Mitie Group PLC		283,328
	103,302	Moneysupermarket.com Group Plc		445,763
	65,172	Morgan Advanced Materials PLC		271,792
	12,987	Morgan Sindall Group PLC		249,070
	19,828	Mothercare PLC		25,544
	38,272	N Brown Group Plc		153,102
	204,239	National Express Group PLC		996,877
	3,594	NCC Group Plc		10,979
	70,609	NEX Group Plc		595,028
	17,895	Noble Corp. Plc(b)		74,443
	63,435	Northgate Plc		377,444
	401,218	Ocado Group Plc(b)		1,533,083
	2,574	OM Asset Management Plc		39,331
	29,443	Onesavings Bank Plc		158,765
	70,583	Ophir Energy Plc(b)		61,168
	6,094	Oxford Instruments PLC		76,931
	22,060	Pagegroup Plc		137,031
	5,282	PayPoint Plc		64,435
	132,586	Pearson PLC		1,238,817
	412,005	Pendragon Plc		138,169

63

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED KINGDOM (continued)
	20,546	Pennon Group Plc	$	216,667
	46,429	Persimmon PLC		1,727,837
	753,438	Petropavlovsk Plc(b)		80,154
	19,177	Pets at Home Group Plc		44,852
	36,290	Photo-Me International PLC		86,396
	13,974	Polypipe Group Plc		76,558
	1,385	Porvair PLC		8,646
	296,794	Premier Foods Plc(b)		154,718
	243,580	Premier Oil Plc(b)		219,986
	53,646	PZ Cussons Plc		235,480
	179,176	QinetiQ Group Plc		580,889
	28,721	Rank Group Plc		90,748
	97,202	Redrow PLC		840,430
	128,562	Renewi PLC		177,237
	23,226	Renishaw PLC		1,528,493
	51,233	Renold PLC		29,770
	195,018	Rentokil Initial Plc		869,763
	29,192	Restaurant Group Plc (The)		117,748
	7,870	Ricardo PLC		85,501
	21,005	Rightmove Plc		1,158,870
	17,462	Robert Walters PLC		144,139
	150,939	Rotork Plc		526,632
	36,853	RPC Group PLC		461,317
	98,326	RPS Group PLC		384,264
	223,118	RSA Insurance Group Plc		1,863,935
	13,220	Safestore Holdings Plc REIT		78,169
	51,636	Saga Plc		131,057
	22,285	Savills Plc		276,147
	21,495	SDL PLC		153,591
	67,804	Segro Plc REIT		488,991
	140,739	Senior PLC		538,895
	73,665	Severfield Plc		63,839
	13,492	Severn Trent Plc		378,277
	16,397	Shaftesbury PLC		215,598
	158,633	SIG PLC		363,436
	133,882	Smiths Group Plc		2,793,468
	192,123	Spectris PLC		6,532,279
	126,321	Speedy Hire PLC		92,694
	236,194	Spirax-Sarco Engineering Plc		17,724,039
	129,217	Spirent Communications PLC		169,474
	15,991	Sportech Plc(b)		22,300
	63,174	Sports Direct International Plc(b)		331,757
	18,929	SSP Group Plc		147,072
	12,066	St Ives PLC		11,779
	78,970	St James’s Place PLC		1,234,480
	48,691	St Modwen Properties PLC		246,194
	995	Stallergenes Greer Plc(b)		50,997
	846,861	STERIS Plc(a)		79,037,537
	24,157	Sthree Plc		113,898
	7,112	Stobart Group Ltd.		26,722
	10,189	Stock Spirits Group Plc		34,102
	14,730	Stolt-Nielsen Ltd.		207,389
	8,341	SuperGroup Plc		205,387
	54,149	Synthomer PLC		352,253
	90,072	Talktalk Telecom Group Plc		255,407

Shares			Value
UNITED KINGDOM (continued)
	93,409	Tate & Lyle PLC	$	802,052
	679,854	Taylor Wimpey PLC		1,801,374
	4,185	Ted Baker PLC		153,965
	7,809	Telecom Plus PLC		126,532
	117,616	Thomas Cook Group Plc		187,141
	3,226	Topps Tiles Plc		2,989
	103,584	TP ICAP Plc		749,093
	154,509	Travelport Worldwide Ltd.		2,424,246
	63,929	Travis Perkins PLC		1,290,586
	16,317	Trifast PLC		47,731
	107,872	Trinity Mirror PLC		121,063
	52,377	TT Electronics PLC		155,128
	194,449	Tullow Oil PLC		470,027
	26,201	U & I Group PLC		64,204
	61,174	UBM Plc		571,579
	387,065	Ultra Electronics Holdings Plc		9,376,789
	16,892	UNITE Group PLC (The)		157,718
	15,981	United Utilities Group Plc		176,805
	69,305	Vectura Group Plc(b)		92,047
	155,304	Vesuvius Plc		1,212,845
	468,829	Victrex PLC		14,931,693
	28,483	Virgin Money Holdings UK Plc		110,387
	11,826	Vitec Group PLC (The)		176,700
	14,613	Weir Group PLC (The)		379,042
	22,284	WH Smith Plc		605,838
	244,679	William Hill Plc		839,720
	15,003	Wilmington PLC		47,200
	12,913	Wincanton Plc		42,876
	734,715	Wm Morrison Supermarkets PLC		2,187,761
	11,514	Workspace Group Plc REIT		135,336
	25,204	Worldpay Group Plc		135,907
	94,956	Xaar PLC		617,019
				332,219,652
UNITED STATES — 53.4%
	27,400	1st Source Corp.		1,405,894
	13,800	A Schulman, Inc.		542,340
	1,373	AAON, Inc.		48,055
	85,079	Aaron’s, Inc.		3,130,907
	3,386	Abercrombie & Fitch Co.		45,474
	732	ABIOMED, Inc.		141,217
	983	ABM Industries, Inc.		41,257
	2,279	Acadia Healthcare Co. Inc.(b)		71,469
	6,908	ACCO Brands Corp.(b)		90,148
	117,200	Aceto Corp.		1,180,204
	3,182	ACI Worldwide, Inc.		76,623
	4,700	ACNB Corp.		131,130
	500,421	Actuant Corp. - Class A		12,760,736
	964	Acxiom Corp.		24,254
	12,200	Addus HomeCare Corp.		439,200
	3,010	Adient Plc		253,924
	1,660	Adtalem Global Education, Inc.		61,337
	49,544	Aduro Biotech, Inc.(b)		393,875
	755,687	Advance Auto Parts, Inc.		61,769,855

64

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	56,700	Advanced Disposal Services, Inc.(b)	$	1,412,964
	444	Advanced Energy Industries, Inc.		37,616
	377	AdvanSix, Inc.(b)		17,444
	246	Advisory Board Co. (The)(b)		13,266
	5,633	AECOM(b)		197,493
	16,547	Aerovironment, Inc.		846,545
	3,005	AES Corp/VA		31,943
	3,132	Affiliated Managers Group, Inc.		584,118
	61,000	AG Mortgage Investment Trust, Inc.		1,147,410
	2,939	AGCO Corp.		201,527
	220,265	AGNC Investment Corp. REIT		4,433,934
	8,516	Air Lease Corp.		370,020
	2,413	Air Transport Services Group, Inc.(b)		58,395
	1,706	Akamai Technologies, Inc.(b)		89,139
	3,760	Akorn, Inc.		122,463
	12,721	Alamo Group, Inc.		1,342,066
	1,864	Albany International Corp.		112,492
	4,900	Albemarle Corp.		690,361
	823	Alexander & Baldwin, Inc.		37,233
	3,708	Alexander’s, Inc.		1,523,988
	644	Alexandria Real Estate Equities, Inc.		79,830
	921	Align Technology, Inc.		220,101
	105	Alleghany Corp.		59,453
	42,988	ALLETE, Inc.		3,368,110
	2,122	Alliant Energy Corp.		91,798
	2,680	Allison Transmission Holdings, Inc.		113,873
	9,428	Allscripts Healthcare Solutions, Inc.(b)		127,089
	17,400	Ally Financial, Inc.		454,662
	36,171	Alnylam Pharmaceuticals, Inc.(b)		4,407,075
	34,600	Alpha & Omega Semiconductor Ltd.(b)		637,678
	551	Altra Industrial Motion Corp.		26,393
	10,230	Ambarella, Inc.(b)		577,381
	1,438	AMC Networks, Inc. - Class A(b)		73,165
	4,197	Amdocs Ltd.		273,225
	464	Amedisys, Inc.		22,323
	600	AMERCO		235,584
	2,603	American Axle & Manufacturing Holdings, Inc.		46,307
	1,233	American Campus Communities, Inc.		51,268
	8,120	American Eagle Outfitters, Inc.		105,722
	6,301	American Equity Investment Life Holding Co.		185,943
	2,197	American Financial Group, Inc.		231,762
	1,561	American Homes 4 Rent - Class A REIT		33,218

Shares			Value
UNITED STATES (continued)
	4,500	American National Bankshares, Inc.	$	176,175
	461	American National Insurance Co.		56,118
	33,994	American Outdoor Brands Corp.(b)		487,134
	1,044	American Public Education, Inc.(b)		20,879
	52,300	American Software, Inc./GA		649,043
	26,100	American States Water Co.		1,402,875
	200	American Woodmark Corp.		19,319
	989	Ameris Bancorp		47,373
	17,730	AMERISAFE, Inc.		1,147,131
	1,991	Amkor Technology, Inc.		23,036
	1,083	AMN Healthcare Services, Inc.		47,544
	482,000	Amplify Snack Brands, Inc.(b)		3,079,980
	22,200	Analogic Corp.		1,782,660
	700	Andersons, Inc. (The)		26,215
	63,200	AngioDynamics, Inc.(b)		1,072,504
	992	Anixter International, Inc.		68,150
	383,764	Annaly Capital Management, Inc., REIT		4,397,935
	598,824	ANSYS, Inc.(b)		81,865,229
	172,400	Anworth Mortgage Asset Corp.		963,716
	1,597	AO Smith Corp.		94,542
	1,789	Apartment Investment & Management Co. - Class A REIT		78,680
	212,046	Apollo Commercial Real Estate Finance, Inc., REIT		3,831,671
	13,700	Appfolio, Inc. - Class A(b)		628,830
	1,163	Apple Hospitality REIT, Inc.		22,027
	41,254	Applied Industrial Technologies, Inc.		2,625,817
	1,238	Aptargroup, Inc.		107,793
	1,333	Aqua America, Inc.		47,295
	6,223	Aramark		271,883
	1,344	ArcBest Corp.		43,814
	3,279	Arconic, Inc.		82,368
	3,700	Ares Commercial Real Estate Corp. REIT		48,026
	18,119	Argan, Inc.		1,245,681
	31,200	Argonaut Gold, Inc.(b)		56,349
	448	Arista Networks, Inc.		89,551
	1,290	Armstrong World Industries, Inc.(b)		65,919
	6,443	ARRIS International Plc(b)		183,626
	7,163	Arrow Electronics, Inc.		598,755
	10,185	Arrow Financial Corp.		359,531
	16,300	Artesian Resources Corp.		662,106
	2,847	Arthur J Gallagher & Co.		180,301
	854	Artisan Partners Asset Management Inc. - Class A		29,378
	397	Asbury Automotive Group, Inc.		24,376
	744	Ashland Global Holdings, Inc.		50,577
	51,116	Aspen Technology, Inc.		3,298,004
	5,003	Associated Banc-Corp		126,576

65

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	28,013	Assurant, Inc.	$	2,819,508
	415	Astronics Corp.		14,275
	680	athenahealth, Inc.(b)		86,958
	1,228	Atlas Air Worldwide Holdings, Inc.		75,338
	872	Atmos Energy Corp.		76,073
	350	ATN International Inc.		19,002
	2,400	Atrion Corp.		1,578,360
	5,067	Autoliv, Inc.		632,666
	6,072	AutoNation, Inc.(b)		287,813
	1,444	Avery Dennison Corp.		153,309
	1,111	Avis Budget Group, Inc.		45,829
	23,200	Avista Corp.		1,211,968
	8,244	Avnet, Inc.		328,111
	81,010	AVX Corp.		1,526,228
	1,725,795	Axalta Coating Systems Ltd.(b)		57,382,684
	776	Axon Enterprise, Inc.(b)		17,825
	450,000	B&G Foods, Inc.		14,310,000
	609	Badger Meter, Inc.		26,674
	32,200	Balchem Corp.		2,714,138
	22,500	Baldwin & Lyons, Inc.		516,375
	28,672	BancFirst Corp.		1,566,925
	6,227	Bancorpsouth, Inc.		196,773
	484	Bank of Hawaii Corp.		39,499
	2,100	Bank of Marin Bancorp		142,275
	3,461	Bank of the Ozarks		161,352
	27,100	BankFinancial Corp.		429,264
	2,019	Bankrate, Inc.(b)		28,064
	6,924	Bankunited, Inc.		241,301
	1,199	Banner Corp.		68,727
	1,719	Barnes Group, Inc.		111,890
	472	Barracuda Networks, Inc.		11,002
	6,100	Barrett Business Services, Inc.		370,819
	6,400	BCB Bancorp, Inc.		89,920
	1,801	Beacon Roofing Supply, Inc.		99,793
	20,300	Bel Fuse, Inc.		656,705
	2,524	Belden, Inc.		201,693
	2,464	Bemis Co., Inc.		110,929
	66,500	Benchmark Electronics, Inc.(b)		2,058,175
	2,498	Beneficial Bancorp, Inc.		41,217
	15,751	Benefitfocus, Inc.(b)		431,577
	18,472	Berkshire Hills Bancorp, Inc.		707,478
	2,087	Berry Global Group, Inc.(b)		124,072
	4,800	BG Staffing, Inc.		81,024
	6,886	BGC Partners, Inc. - Class A		104,461
	46,176	Big Lots, Inc.		2,369,291
	700	Biglari Holdings, Inc.(b)		250,208
	433	Bio-Rad Laboratories, Inc. - Class A		95,169
	396	Bio-Techne Corp.		51,884
	9,469	Bizlink Holding, Inc.		94,817
	38,238	BJ’s Restaurants, Inc.		1,212,145
	650	Black Hills Corp.		42,419
	2,167	Black Knight, Inc.(b)		98,273
	402,451	Blackbaud, Inc.		40,768,286

Shares			Value
UNITED STATES (continued)
	1,082	Blackhawk Network Holdings, Inc.	$	36,734
	130,752	Bloomin’ Brands, Inc.		2,324,771
	60,700	Blucora, Inc.		1,317,190
	3,583	Blue Buffalo Pet Products, Inc.(b)		103,656
	2,148	BMC Stock Holdings, Inc.(b)		46,075
	33,182	Bob Evans Farms, Inc./DE		2,561,319
	1,300	Boise Cascade Co.(b)		46,085
	2,960	BOK Financial Corp.		255,951
	2,676	Booz Allen Hamilton Holding Corp.		101,126
	12,227	BorgWarner, Inc.		644,607
	74,156	Boston Beer Co., Inc. (The) - Class A(b)		13,203,476
	2,633	Boston Private Financial Holdings, Inc.		41,865
	50,500	Bottomline Technologies de, Inc.(b)		1,644,280
	229,951	Brady Corp. - Class A		8,749,636
	1,157	Bright Horizons Family Solutions, Inc.(b)		99,849
	177,493	Brinker International, Inc.		5,452,585
	5,909	Brink’s Co. (The)		449,675
	1,948	Broadridge Financial Solutions, Inc.		167,372
	19,812	Brookline Bancorp, Inc.		305,105
	57,800	Brooks Automation, Inc.		1,987,742
	8,006	Brown & Brown, Inc.		399,019
	1,773	Bruker Corp.		55,672
	1,774	Brunswick Corp.		89,853
	278,600	Bryn Mawr Bank Corp.(a)		12,216,610
	5,300	BSB Bancorp, Inc.(b)		158,470
	45,500	Buffalo Wild Wings, Inc.(b)		5,378,100
	3,906	Builders FirstSource, Inc.(b)		70,386
	3,000	Bunge Ltd.		206,340
	472	Burlington Stores, Inc.(b)		44,316
	1,941	BWX Technologies, Inc.		116,305
	5,700	C&F Financial Corp.		330,600
	138	Cable One, Inc.		97,954
	1,875	Cabot Corp.		114,300
	15,295	Cabot Microelectronics Corp.		1,478,568
	2,395	Cabot Oil & Gas Corp.		66,342
	917	CACI International, Inc. - Class A(b)		131,819
	4,685	Cadence Design Systems, Inc.(b)		202,205
	6,269	Calatlantic Group, Inc.		309,312
	383	Calavo Growers, Inc.		28,227
	2,219	Caleres, Inc.		60,645
	579	California Water Service Group		24,317
	1,938	Callaway Golf Co.		27,965
	2,126	Callon Petroleum Co.(b)		23,577
	23,692	Calpine Corp.(b)		353,958
	35,200	Cambium Learning Group, Inc.(b)		215,424
	771	Cambrex Corp.(b)		33,346

66

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	2,499	Camden National Corp.	$	107,882
	983	Camden Property Trust REIT		89,689
	113,420	Cantel Medical Corp.		11,124,234
	17,900	Capella Education Co.		1,457,955
	1,029	Capital Bank Financial Corp. - Class A		41,777
	4,600	Capital City Bank Group, Inc.		113,436
	4,000	Capitol Federal Financial, Inc.		55,160
	433,818	Capstead Mortgage Corp. REIT		3,826,275
	450,000	Cardiovascular Systems, Inc.(a)(b)		10,831,500
	3,597	Carlisle Cos., Inc.		395,059
	1,726	Carpenter Technology Corp.		85,938
	400	Carriage Services, Inc.		10,359
	36,200	Carrols Restaurant Group, Inc.(b)		407,250
	1,819	Cars.com, Inc.		43,329
	953	Carter’s, Inc.		92,184
	65,700	Casella Waste Systems, Inc. - Class A(b)		1,212,822
	731	Casey’s General Stores, Inc.		83,751
	366,341	Catalent, Inc.(b)		15,602,463
	75,700	CatchMark Timber Trust, Inc. - Class A REIT		968,960
	5,246	Cathay General Bancorp		219,283
	356	Cavco Industries, Inc.(b)		55,856
	98,139	CBIZ, Inc.(b)		1,663,456
	52,095	CBOE Holdings, Inc.		5,889,861
	1,113	CDK Global, Inc.		70,742
	2,624	CDW Corp.		183,680
	786	Centerstate Banks, Inc.		20,939
	67,349	Central Garden & Pet Co. - Class A(b)		2,485,852
	10,400	Central Garden & Pet Co. - Class A(b)		397,072
	47,900	Central Pacific Financial Corp.		1,490,648
	22,000	Central Valley Community Bancorp		444,400
	3,035	Century Aluminum Co.(b)		42,490
	50,700	Century Casinos, Inc.(b)		418,275
	11,717	CEVA, Inc.(b)		565,931
	3,716	CF Industries Holdings, Inc.		141,134
	1,340	CH Robinson Worldwide, Inc.		105,230
	499	Charles River Laboratories International, Inc.(b)		58,029
	670	Chart Industries, Inc.(b)		29,145
	30,000	Charter Financial Corp (MD)		575,100
	10,700	Chase Corp.		1,270,625
	16,700	Chatham Lodging Trust REIT		363,225
	121,515	Cheesecake Factory, Inc. (The)		5,436,581
	38,764	Chegg, Inc.(b)		601,230
	15,345	Chemed Corp.		3,428,533
	2,348	Chemical Financial Corp.		123,716
	1,814	Chemours Co. (The)		102,691
	2,300	Chemung Financial Corp.		108,652
	1,071	Cheniere Energy, Inc.(b)		50,059

Shares			Value
UNITED STATES (continued)
	33,600	Cherry Hill Mortgage Investment Corp. REIT	$	611,856
	41,000	Chesapeake Lodging Trust REIT		1,143,900
	27,200	Chesapeake Utilities Corp.		2,190,960
	594	Children’s Place, Inc. (The)		64,627
	15,700	Churchill Downs, Inc.		3,274,235
	13,300	Chuy’s Holdings, Inc.(b)		299,250
	3,232	Ciena Corp.(b)		68,745
	3,062	Cinemark Holdings, Inc.		111,273
	49,872	Cirrus Logic, Inc.(b)		2,792,832
	12,911	CIT Group, Inc.		601,911
	800	Citi Trends, Inc.		17,407
	7,200	Citizens & Northern Corp.		175,896
	12,201	City Holding Co.		860,048
	25,400	Civitas Solutions, Inc.(b)		473,710
	3,354	Clean Harbors, Inc.(b)		179,473
	636	CoBiz Financial, Inc.		13,000
	7,551	Coca-Cola Bottling Co. Consolidated		1,703,204
	89,759	Codexis, Inc.(b)		552,018
	2,432	Coeur Mining, Inc.(b)		18,459
	478	Cogent Communications Group, Inc.		25,764
	617	Cognex Corp.		75,984
	900	Cohen & Steers, Inc.		39,141
	487	Coherent, Inc.(b)		127,940
	4,065	Colfax Corp.(b)		169,551
	16,800	Collectors Universe, Inc.		415,968
	1,850	Columbia Banking System, Inc.		80,494
	1,890	Columbia Sportswear Co.		117,898
	600	Comfort Systems USA, Inc.		26,579
	2,698	Commerce Bancshares Inc/MO		156,916
	200	Commerce Union Bancshares, Inc.		4,831
	6,116	Commercial Metals Co.		119,140
	3,154	CommScope Holding Co., Inc.(b)		101,370
	201,420	Community Bank System, Inc.		11,136,512
	28,523	Community Trust Bancorp, Inc.		1,377,661
	405,400	CommVault Systems, Inc.(b)		21,101,070
	502	Compass Minerals International, Inc.		32,931
	26,400	Computer Programs & Systems, Inc.		795,960
	464,417	CONMED Corp.(a)		24,251,856
	2,075	Connectone Bancorp, Inc.		55,714
	12,332	CONSOL Energy, Inc.(b)		198,915
	1,039	Continental Building Products, Inc.(b)		27,741
	80,221	Convergys Corp.		2,064,086
	319,220	Cooper Cos., Inc. (The)		76,695,797
	3,536	Cooper Tire & Rubber Co.		115,981
	21,894	Cooper-Standard Holding Inc.(b)		2,440,743
	3,716	Copart, Inc.(b)		134,854
	1,801,569	CoreLogic, Inc.(a)(b)		84,493,586

67

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	1,211	Core-Mark Holding Co., Inc.	$	41,247
	209	CoreSite Realty Corp., REIT		23,147
	14,217	CorVel Corp.(b)		853,020
	414	CoStar Group, Inc.(b)		122,441
	1,900	County Bancorp, Inc.		62,054
	4,655	Cousins Properties, Inc. REIT		41,988
	2,311	Covanta Holding Corp.		37,207
	1,274	Covenant Transportation Group, Inc. - Class A(b)		37,838
	17,300	CRA International, Inc.		731,098
	44,924	Cracker Barrel Old Country Store, Inc.		7,013,984
	661	Crane Co.		54,942
	444	Credit Acceptance Corp.(b)		127,308
	1,889	Cree, Inc.(b)		67,437
	1,401	Crocs, Inc.(b)		14,290
	2,266	Crown Holdings, Inc.(b)		136,345
	31,810	CSG Systems International, Inc.		1,346,835
	2,835	CSRA, Inc.		90,692
	1,113	CTS Corp.		30,274
	1,390	CubeSmart REIT		37,836
	101	Cubic Corp.		5,510
	528	Cullen/Frost Bankers, Inc.		52,008
	23,600	Culp, Inc.		748,120
	30,599	Curtiss-Wright Corp.		3,618,332
	2,033	Customers Bancorp, Inc.(b)		55,582
	25,200	Cutera, Inc.(b)		990,360
	608,234	CVB Financial Corp.		14,512,463
	6,688	Cypress Semiconductor Corp.		106,072
	835	Cyrusone, Inc. REIT		51,261
	4,205	Dana, Inc.		128,210
	54,902	Darden Restaurants, Inc.		4,516,788
	10,205	Darling Ingredients, Inc.(b)		186,241
	11,724	Dave & Buster’s Entertainment, Inc.(b)		565,097
	530	Dct Industrial Trust, Inc. REIT		30,751
	696	Deckers Outdoor Corp.(b)		47,495
	48,100	Del Frisco’s Restaurant Group, Inc.(b)		668,590
	26,929	Del Taco Restaurants, Inc.(b)		341,729
	1,705	Delek US Holdings, Inc.		44,415
	730	Deluxe Corp.		50,845
	120,900	Denny’s Corp.(b)		1,580,163
	1,139,400	DENTSPLY SIRONA, Inc.		69,583,158
	16,333	DexCom, Inc.(b)		734,495
	2,056	Diamond Offshore Drilling, Inc.(b)		34,397
	637	Diamondback Energy, Inc.(b)		68,261
	1,807	DiamondRock Hospitality Co. REIT		19,624
	23,439	Digimarc Corp.(b)		836,772
	439	Digital Realty Trust, Inc. REIT		51,995
	2,659	Dime Community Bancshares, Inc.		58,631
	60,497	Diodes, Inc.(b)		2,077,467

Shares			Value
UNITED STATES (continued)
	1,716	Dolby Laboratories, Inc. - Class A	$	99,425
	462	Domino’s Pizza, Inc.		84,546
	4,148	Domtar Corp.		196,283
	2,273	Donaldson Co., Inc.		107,308
	21,700	Donegal Group, Inc. - Class A		371,938
	2,260	Dorian LPG Ltd.(b)		16,159
	482	Dorman Products, Inc.(b)		33,311
	400	Douglas Dynamics, Inc.		16,779
	953	Douglas Emmett, Inc. REIT		37,920
	995,500	Dover Corp.		95,060,295
	857	DST Systems, Inc.		50,237
	3,893	DSW, Inc. - Class A		74,551
	2,900	Ducommun, Inc.(b)		95,613
	3,199	Duke Realty Corp. REIT		91,108
	794,152	Dun & Bradstreet Corp. (The)(a)		92,780,778
	781	Dunkin’ Brands Group Inc.		46,134
	1,026	Dycom Industries, Inc.(b)		90,114
	4,573	Dynegy, Inc.(b)		56,934
	114,600	Dynex Capital, Inc. REIT		802,200
	7,817	E*TRADE Financial Corp.(b)		340,743
	1,323	Eagle Bancorp, Inc.(b)		88,178
	957	Eagle Materials, Inc.		101,030
	4,118	East West Bancorp, Inc.		246,421
	27,500	Easterly Government Properties, Inc. REIT		553,300
	6,000	Eastern Co. (The)		173,400
	12,595	EastGroup Properties, Inc. REIT		1,140,981
	2,071	Eaton Vance Corp.		104,523
	2,963	EchoStar Corp. - Class A(b)		165,780
	1,730	Edgewell Personal Care Co.(b)		112,329
	47,628	El Paso Electric Co.		2,738,610
	365,000	El Pollo Loco Holdings, Inc.(b)		4,197,500
	2,480	Eldorado Resorts, Inc.(b)		63,736
	570	Electronics For Imaging, Inc.(b)		17,590
	500,000	Elf Beauty, Inc.(b)		10,595,000
	7,386	Ellie Mae, Inc.(b)		664,371
	24,200	Ellington Residential Mortgage REIT		323,796
	16,300	EMC Insurance Group, Inc.		480,198
	39,244	EMCOR Group, Inc.		3,159,534
	1,341	Emergent BioSolutions, Inc.(b)		54,968
	1,923	Empire State Realty Trust, Inc. - Class A REIT		38,556
	44,096	Employers Holdings, Inc.		2,103,379
	602	Encore Wire Corp.		27,180
	724	Energen Corp.(b)		37,431
	1,315	EnerSys, Inc.		91,222
	909	Engility Holdings, Inc.(b)		30,606
	61,000	Ennis, Inc.		1,229,150
	1,486	Enova International, Inc.(b)		22,067
	143	EnPro Industries, Inc.		11,975
	1,942	Ensign Group, Inc. (The)		44,821
	10,500	Entegra Financial Corp.(b)		286,125
	1,173	Entegris, Inc.		38,416

68

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	31,580	Enterprise Financial Services Corp.	$	1,376,888
	3,000	Entravision Communications Corp. - Class A		15,599
	31,903	EPAM Systems, Inc.(b)		2,907,958
	11,778	ePlus, Inc.(b)		1,125,977
	489	EPR Properties REIT		33,829
	145,818	Equity Commonwealth REIT(b)		4,381,831
	884	Equity Lifestyle Properties, Inc. REIT		78,216
	420	Erie Indemnity Co. - Class A		50,736
	2,500	Escalade, Inc.		30,875
	600	ESCO Technologies, Inc.		34,770
	12,600	ESSA Bancorp, Inc.		203,742
	66,100	Essent Group Ltd.(b)		2,817,182
	1,966	Esterline Technologies Corp.(b)		186,475
	1,088	Ethan Allen Interiors, Inc.		32,368
	1,005	Euronet Worldwide, Inc.(b)		97,123
	3,000	Evans Bancorp, Inc.		130,650
	628	Evercore Partners, Inc. - Class A		50,303
	2,574	EW Scripps Co. (The) - Class A(b)		44,633
	14,748	Exact Sciences Corp.(b)		810,993
	31,438	ExlService Holdings, Inc.(b)		1,962,360
	2,923	Expeditors International of Washington Inc.		170,645
	375	Exponent, Inc.		27,694
	5,737	Extended Stay America Inc. - Units		113,707
	715	Exterran Corp.(b)		23,073
	1,081	Extra Space Storage, Inc. REIT		88,199
	1,061	F5 Networks, Inc.(b)		128,667
	649	Factset Research Systems, Inc.		123,226
	21,648	Fair Isaac Corp.		3,142,424
	291	Farmer Brothers Co.(b)		9,879
	700	Farmers Capital Bank Corp.		29,120
	9,700	Farmers National Banc Corp.		140,650
	12,740	FARO Technologies, Inc.(b)		659,932
	638	FBL Financial Group, Inc. - Class A		49,349
	1,206	FCB Financial Holdings Inc. - Class A(b)		56,320
	365	Federal Agricultural Mortgage Corp. - Class C		27,098
	288	Federal Realty Investment Trust REIT		34,710
	1,300	Federal Signal Corp.		27,755
	3,048	Federated Investors, Inc. - Class B		94,701
	6,100	Federated National Holding Co.		93,574
	1,775	Ferro Corp.(b)		42,281
	35,031	Fidelity Southern Corp.		768,230
	591,377	Financial Engines, Inc.(a)		21,348,710
	29,100	Financial Institutions, Inc.		954,480
	7,302	First American Financial Corp.		397,375
	1,000	First Bancorp		36,700

Shares			Value
UNITED STATES (continued)
	6,400	First Bancshares, Inc. (The)	$	204,160
	61,263	First Busey Corp.		1,906,505
	12,100	First Business Financial Services, Inc.		268,983
	7,212	First Citizens BancShares, Inc. - Class A		2,920,860
	6,224	First Commonwealth Financial Corp.		90,621
	16,700	First Community Bancshares, Inc.		498,829
	17,500	First Defiance Financial Corp.		948,500
	2,240	First Financial Bancorp		61,152
	190,548	First Financial Bankshares, Inc.		8,698,516
	20,200	First Financial Corp.		959,500
	6,970	First Horizon National Corp.		130,827
	1,000	First Internet Bancorp		37,700
	844	First Interstate BancSystem, Inc.		33,169
	1,544	First Merchants Corp.		66,392
	14,800	First Mid-Illinois Bancshares, Inc.		571,280
	5,819	First Midwest Bancorp, Inc.		134,361
	26,795	First Solar, Inc.(b)		1,468,902
	1,654	FirstCash, Inc.		105,608
	983	Five Below, Inc.(b)		54,311
	493	Five Prime Therapeutics, Inc.(b)		22,116
	3,323	Flagstar Bancorp, Inc.(b)		124,181
	13,474	Flex Ltd.(b)		239,837
	2,000	Flexsteel Industries, Inc.		100,540
	684	FLIR Systems, Inc.		32,025
	2,807	Flowers Foods, Inc.		53,417
	933	Flowserve Corp.		41,117
	2,021	Fluor Corp.		87,085
	1,685	Flushing Financial Corp.		50,516
	1,675	FMC Corp.		155,541
	900	FNB Bancorp/CA		31,095
	13,990	FNB Corp/PA		188,725
	5,136	FNF Group		192,189
	13,700	Fogo De Chao, Inc.(b)		151,385
	1,804	Forest City Realty Trust, Inc. - Class A REIT		44,433
	18,900	Forrester Research, Inc.		825,930
	1,040	Fortune Brands Home & Security Inc.		68,702
	35,646	Forward Air Corp.		2,047,506
	21,368	Foundation Medicine, Inc.(b)		961,560
	500	Fox Factory Holding Corp.(b)		21,275
	696	Franklin Electric Co., Inc.		31,668
	166,200	Franklin Street Properties Corp. REIT		1,662,000
	47,057	Fresh Del Monte Produce, Inc.		2,094,507
	46,715	FTI Consulting, Inc.(b)		1,997,066
	5,761	Fulton Financial Corp.		104,850
	3,498	GameStop Corp. - Class A		65,378
	1,498	Gaming and Leisure Properties Inc. REIT		54,737
	8,862	Gannett Co., Inc.		77,099

69

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	9,539	Gap, Inc. (The)	$	247,919
	802	Gartner, Inc.(b)		100,499
	981	Generac Holdings, Inc.(b)		51,100
	623	General Communication, Inc. - Class A(b)		25,474
	1,793	Genesee & Wyoming, Inc. - Class A(b)		128,702
	3,855	Genpact Ltd.		117,385
	6,891	Gentex Corp.		133,754
	1,483	Gentherm, Inc.(b)		49,681
	225,000	German American Bancorp, Inc.(a)		8,095,500
	55,700	Getty Realty Corp. REIT		1,582,437
	250,000	Gigamon, Inc.(b)		9,625,000
	2,264	G-III Apparel Group Ltd.(b)		57,370
	2,405	Glacier Bancorp, Inc.		91,294
	52,400	Gladstone Commercial Corp. REIT		1,134,984
	38,900	Global Brass & Copper Holdings, Inc.		1,361,500
	1,400	Global Net Lease, Inc. REIT		30,240
	29,504	Globus Medical, Inc. - Class A(b)		940,292
	1,166	GoDaddy, Inc. - Class A(b)		54,452
	1,800	Golden Entertainment, Inc.(b)		48,024
	14,986	Goodyear Tire & Rubber Co. (The)		458,422
	145,553	Gorman-Rupp Co. (The)(a)		4,654,785
	20,500	GP Strategies Corp.(b)		595,525
	998	Graco, Inc.		131,526
	56	Graham Holdings Co. - Class B		31,161
	1,466	Gramercy Property Trust REIT		43,540
	683	Grand Canyon Education, Inc.(b)		61,135
	1,488	Granite Construction, Inc.		94,771
	7,838	Graphic Packaging Holding Co.		121,411
	3,759	Gray Television, Inc.(b)		58,528
	9,500	Great Ajax Corp. REIT		134,425
	2,700	Great Lakes Dredge & Dock Corp.(b)		13,769
	1,460	Great Plains Energy, Inc.		47,932
	17,400	Great Southern Bancorp, Inc.		935,250
	1,956	Great Western Bancorp Inc.		79,394
	1,627	Green Dot Corp. - Class A(b)		92,121
	928	Green Plains Inc.		17,075
	358	Greif, Inc.		22,500
	1,077	Greif, Inc. - Class A		59,806
	500	Griffon Corp.		11,275
	3,261	Groupon, Inc.(b)		15,555
	37,485	GrubHub, Inc.(b)		2,287,335
	500	GTT Communications, Inc.(b)		18,225
	60,824	Guess?, Inc.		985,957
	305,000	Guidewire Software, Inc.(b)		24,393,900
	808	H&E Equipment Services, Inc.		26,616
	27,782	H&R Block, Inc.		687,327
	44,600	Hackett Group, Inc. (The)		688,624
	59,238	Haemonetics Corp.(b)		2,817,359

Shares			Value
UNITED STATES (continued)
	15,300	Hallmark Financial Services, Inc.(b)	$	177,327
	23,420	Halyard Health, Inc.(b)		987,153
	9,000	Hamilton Beach Brands Holding Co.(a)(b)		348,930
	9,000	Hamilton Beach Brands Holding Co. - Class A(b)		348,930
	2,798	Hancock Holding Co.		136,403
	3,594,109	Hanesbrands, Inc.		80,867,453
	16,908	Hanmi Financial Corp.		519,921
	1,417	Hanover Insurance Group, Inc. (The)		139,404
	2,907	Harley-Davidson, Inc.		137,617
	2,000	Harsco Corp.(b)		42,500
	26,900	Haverty Furniture Cos., Inc.		641,565
	342	Hawaiian Electric Industries, Inc.		12,469
	16,400	Hawkins, Inc.		624,840
	452,674	HB Fuller Co.		25,743,570
	243	HCI Group, Inc.		9,103
	3,250	HD Supply Holdings, Inc.(b)		115,018
	532	Healthcare Realty Trust, Inc. REIT		17,152
	41,019	Healthcare Services Group, Inc.		2,169,495
	838	HealthEquity Inc.(b)		42,084
	62,677	HealthSouth Corp.		2,891,917
	103,706	Heartland Express, Inc.		2,212,049
	36,870	Heartland Financial USA, Inc.		1,815,848
	15,475	Hecla Mining Co.		73,042
	505	Heico Corp.		45,793
	732	Heico Corp. - Class A		55,705
	205,461	Helen of Troy Ltd.(b)		19,087,327
	3,034	Helix Energy Solutions Group, Inc.(b)		20,692
	1,471	Herbalife Ltd.(b)		106,824
	400	Herc Holdings, Inc.(b)		19,383
	40,000	Heritage Commerce Corp.		615,200
	53,250	Heritage Financial Corp.		1,624,125
	1,442	Heritage Insurance Holdings, Inc.		23,130
	26,800	Heritage-Crystal Clean, Inc.(b)		523,940
	55,405	Herman Miller, Inc.		1,861,608
	69,000	Hersha Hospitality Trust REIT		1,220,610
	3,675	Hertz Global Holdings, Inc.(b)		91,397
	9,600	Heska Corp.(b)		936,000
	1,811	Hexcel Corp.		109,910
	11,100	HFF, Inc. - Class A		486,846
	150,000	Hibbett Sports, Inc.(b)		1,920,000
	1,228	Highwoods Properties, Inc. REIT		62,689
	1,935	Hillenbrand, Inc.		76,529
	1,731	Hill-Rom Holdings, Inc.		139,709
	3,178	Hilltop Holdings, Inc.		74,874
	1,720	Hilton Grand Vacations, Inc.(b)		70,451
	2,400	Hingham Institution For Savings		467,280
	3,268	HMS Holdings Corp.(b)		62,876

70

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	1,187	HNI Corp.	$	40,619
	5,318	HollyFrontier Corp.		196,500
	13,000	Home Bancorp, Inc.		556,920
	8,395	Home BancShares, Inc.		188,720
	46,214	HomeStreet, Inc.(b)		1,342,517
	2,500	Hooker Furniture Corp.		118,500
	3,506	Hope Bancorp Inc.		64,686
	1,441	Horace Mann Educators Corp.		63,116
	2,311	Horizon Pharma Plc(b)		31,337
	1,087	Hospitality Properties Trust REIT		31,066
	2,014	Houghton Mifflin Harcourt Co.(b)		19,939
	500	Howard Hughes Corp.( The)(b)		63,815
	60,067	HRG Group, Inc.(b)		974,287
	1,122	HSN, Inc.		42,299
	1,192	Hub Group, Inc. - Class A(b)		51,614
	500	Hubbell, Inc.		62,910
	932	Hudson Pacific Properties Inc. REIT		31,520
	441	Huntington Ingalls Industries, Inc.		102,678
	3,563	Huntsman Corp.		114,087
	13,400	Hurco Cos., Inc.		599,650
	700	Hyatt Hotels Corp. - Class A(b)		43,862
	282	Hyster-Yale Materials Handling, Inc.		22,134
	1,103	IAC/InterActiveCorp.(b)		142,342
	1,380	IBERIABANK Corp.		101,775
	26,500	ICF International, Inc.(b)		1,423,050
	4,170	Iconix Brand Group, Inc.(b)		6,839
	111,377	ICU Medical, Inc.(b)		21,284,145
	31,628	IDACORP, Inc.		2,910,725
	430,832	IDEX Corp.(a)		55,236,971
	1,141	II-VI, Inc.(b)		51,573
	2,275	ILG Inc.		67,499
	1,814	Impax Laboratories, Inc.(b)		32,924
	121,534	INC Research Holdings, Inc. - Class A(b)		6,945,668
	190,587	Independent Bank Corp.(a)(d)		13,741,323
	36,200	Independent Bank Corp.(d)		814,500
	300	Independent Bank Group, Inc.		18,869
	16,557	Infinity Property & Casuality Corp.		1,562,153
	75,500	InfraREIT, Inc.(b)		1,691,200
	766	Ingevity Corp.(b)		54,562
	953	Ingredion, Inc.		119,459
	31,010	Innophos Holdings, Inc.		1,517,319
	205,162	Innospec, Inc.(a)		12,689,270
	4,201	Inogen, Inc.(b)		415,605
	1,845	Inovalon Holdings, Inc.(b)		30,904
	18,000	Insight Enterprises, Inc.(b)		810,900
	22,169	Insperity, Inc.		2,103,838
	600	Installed Building Products, Inc.(b)		41,820
	275,000	Insulet Corp.(b)		16,172,750

Shares			Value
UNITED STATES (continued)
	9,904	Integer Holdings Corp.(b)	$	481,334
	673,948	Integra LifeScience Holdings Corp.(b)		31,527,287
	1,608	Integrated Device Technology, Inc.(b)		49,961
	875	Inter Parfums, Inc.		40,513
	337	Interactive Brokers Group, Inc. - Class A		18,205
	448	InterDigital, Inc.		32,861
	3,481	International Bancshares Corp.		141,329
	351	International Flavors & Fragrances, Inc.		51,744
	1,100	International Game Technology Plc		25,849
	9,517	Interpublic Group of Cos., Inc. (The)		183,202
	1,057	INTL. FCStone, Inc.(b)		43,876
	1,504	Intra-Cellular Therapies, Inc.(b)		23,447
	118,500	Invesco Mortgage Capital, Inc. REIT		2,040,570
	500	Investment Technology Group, Inc.		11,735
	10,281	Investors Bancorp Inc.		141,364
	2,200	Investors Title Co.		417,340
	10,192	IPG Photonics Corp.(b)		2,169,979
	23,562	iRobot Corp.(b)		1,583,131
	2,128	Iron Mountain, Inc. REIT		85,120
	8,400	Itron, Inc.(b)		656,460
	2,934	ITT, Inc.		136,842
	58,814	J & J Snack Foods Corp.		7,832,260
	25,800	J Alexander’s Holdings, Inc.(b)		270,900
	49,122	j2 Global, Inc.		3,641,905
	10,901	Jabil, Inc.		308,280
	1,279	Jack Henry & Associates, Inc.		140,856
	12,768	Jack in the Box, Inc.		1,321,616
	3,843	Jacobs Engineering Group, Inc.		223,701
	25,722	JetBlue Airways Corp.(b)		492,576
	450,800	JM Smucker Co. (The)		47,807,340
	16,000	John B. Sanfilippo & Son, Inc.		941,600
	115,476	John Bean Technologies Corp.		12,344,384
	481,625	John Wiley & Sons, Inc. - Class A(a)		26,320,806
	943	Jones Lang LaSalle, Inc.		122,109
	61,200	K12, Inc.(b)		992,664
	6,400	Kadant, Inc.		727,040
	56,392	Kaman Corp.		3,154,568
	4,410	Kansas City Southern		459,610
	6,205	KapStone Paper and Packaging Corp.		139,364
	1,641,755	KAR Auction Services, Inc.(a)		77,704,264
	1,629	KB Home		44,683
	3,668	KBR, Inc.		72,003
	2,513	Kearny Financial Corp (MD)		37,821
	24,905	Kelly Services, Inc. - Class A		655,251
	1,834	Kemper Corp.		117,559
	3,461	Kennedy-Wilson Holdings, Inc.		67,316
	1,846	Keysight Technologies, Inc.(b)		82,461

71

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	1,096	Kilroy Realty Corp. REIT	$	78,068
	47,812	Kimball Electronics, Inc.(b)		1,051,864
	24,200	Kimball International, Inc. - Class B		463,914
	2,578	Kindred Healthcare, Inc.		15,597
	23,200	Kinsale Capital Group, Inc.		1,006,416
	3,570	Kirby Corp.(b)		252,935
	831	KLX, Inc.(b)		45,589
	12,600	KMG Chemicals, Inc.		694,638
	4,795	Knight-Swift Transportation Holdings, Inc.(b)		198,753
	1,725	Knoll, Inc.		36,605
	14,163	Kohl’s Corp.		591,447
	12,200	Koppers Holdings, Inc.(b)		592,310
	1,405	Korn/Ferry International		58,771
	3,217	Kosmos Energy Ltd.(b)		24,707
	2,893	Kraton Corp.(b)		141,844
	1,391	Kronos Worldwide, Inc.		36,597
	5,633	La Quinta Holdings, Inc.(b)		99,253
	673,400	Laboratory Corp of America Holdings(b)		103,508,314
	1,668	Lakeland Bancorp, Inc.		34,277
	905	Lakeland Financial Corp.		43,693
	1,182	Lamb Weston Holdings, Inc.		60,270
	20,189	Lancaster Colony Corp.		2,528,067
	17,500	Landec Corp.(b)		231,875
	930	Landstar System, Inc.		91,838
	2,834	Laredo Petroleum, Inc.(b)		33,781
	1,303	LaSalle Hotel Properties REIT		36,758
	3,958	La-Z-Boy, Inc.		106,668
	703	LCI Industries		87,031
	5,200	LCNB Corp.		106,080
	1,780	Lear Corp.		312,550
	1,655	LegacyTexas Financial Group, Inc.		66,018
	3,360	Legg Mason, Inc.		128,285
	1,679	Leggett & Platt, Inc.		79,350
	4,299	Leidos Holdings, Inc.		268,773
	19,600	LeMaitre Vascular, Inc.		627,396
	15,673	Lendingtree, Inc.(b)		4,201,148
	4,752	Lennar Corp. - Class A		264,544
	700	Lennox International, Inc.		133,791
	10,985	Leucadia National Corp.		277,921
	209,400	Lexington Realty Trust REIT		2,119,128
	20,600	LHC Group, Inc.(b)		1,376,286
	18,234	Liberty Interactive Corp QVC Group - Class A(b)		414,276
	894	Liberty Property Trust REIT		38,335
	12,000	Liberty Tax, Inc.		156,600
	2,716	Liberty Ventures - Series A(b)		154,703
	2,743	LifePoint Health, Inc.(b)		132,075
	15,300	Lifetime Brands, Inc.		285,345
	6,200	Ligand Pharmaceuticals, Inc.(b)		901,170
	661	Lincoln Electric Holdings, Inc.		60,594
	1,408	Lions Gate Entertainment Corp. - Class A(b)		40,860

Shares			Value
UNITED STATES (continued)
	826	Lions Gate Entertainment Corp. - Class B(b)	$	22,847
	664	Lithia Motors, Inc. - Class A		75,152
	451	Littelfuse, Inc.		94,259
	5,150	Live Nation Entertainment, Inc.(b)		225,467
	10,860	LKQ Corp.(b)		409,313
	220,617	LogMein, Inc.		26,705,688
	4,954	Louisiana-Pacific Corp.(b)		134,650
	2,252	LPL Financial Holdings, Inc.		111,722
	811	Lumentum Holdings, Inc.(b)		51,215
	66,100	Luminex Corp.		1,411,235
	350,364	Lydall, Inc.(a)(b)		20,251,039
	1,017	M/I Homes, Inc.(b)		33,968
	1,169	Macerich Co. REIT (The)		63,827
	2,083	Macquarie Infrastructure Corp.		144,873
	528	Madison Square Garden Co. (The) - Class A(b)		117,580
	24,565	Magellan Health, Inc.(b)		2,095,395
	700	MainSource Financial Group, Inc.		26,383
	3,987	Mallinckrodt Plc(b)		126,268
	1,613	Manhattan Associates, Inc.(b)		67,520
	3,739	ManpowerGroup, Inc.		460,944
	42,213	ManTech International Corp. - Class A		1,959,105
	1,526	Marcus & Millichap, Inc.(b)		43,369
	24,163	Marcus Corp. (The)		656,025
	800	MarineMax, Inc.(b)		14,839
	14,400	MarketAxess Holdings, Inc.		2,505,600
	9,400	Marlin Business Services Corp.		205,860
	1,921	Marriott Vacations Worldwide Corp.		252,842
	31,665	Masimo Corp.(b)		2,778,920
	358	Masonite International Corp.(b)		24,022
	1,602	MasTec, Inc.(b)		69,767
	813	Matador Resources Co.(b)		21,585
	1,614	Materion Corp.		82,879
	1,201	Matthews International Corp. - Class A		75,483
	40,621	MAXIMUS, Inc.		2,698,453
	824	Maxlinear, Inc.(b)		20,163
	3,000	MB Financial, Inc.		137,820
	37,167	McGrath RentCorp.		1,661,365
	2,232	MDC Holdings, Inc.		82,673
	1,400	MDU Resources Group, Inc.		38,290
	62,900	MedEquities Realty Trust, Inc. REIT		730,898
	1,569	Medical Properties Trust, Inc. REIT		20,758
	255,000	Medidata Solutions, Inc.(b)		19,183,650
	24,800	Medifast, Inc.		1,547,520
	1,009	Mercantile Bank Corp.		36,425
	674	Mercury General Corp.		37,724
	599	Mercury Systems, Inc.(b)		30,232
	683	Meredith Corp.		36,199
	1,100	Meridian Bancorp, Inc.		21,669

72

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	1,600	Meridian Bioscience, Inc.	$	23,919
	32,205	Merit Medical Systems, Inc.(b)		1,225,400
	2,878	Meritage Homes Corp.(b)		140,159
	900	Mesa Laboratories, Inc.		143,505
	13,366	Meta Financial Group, Inc.		1,166,184
	949	Methode Electronics, Inc.		44,508
	552,153	MFA Financial, Inc. REIT		4,549,741
	40,100	MGE Energy, Inc.		2,648,605
	400	MGP Ingredients, Inc.		27,183
	1,949	Michaels Cos. Inc (The)(b)		37,850
	1,450	Microsemi Corp.(b)		77,387
	5,900	MicroStrategy, Inc. - Class A(b)		780,334
	661	Middleby Corp. (The)(b)		76,610
	30,700	Middlesex Water Co.		1,334,836
	18,200	MidWestOne Financial Group, Inc.		640,822
	660	Milacron Holdings Corp.(b)		11,847
	23,500	Miller Industries, Inc.		663,875
	19,050	MINDBODY, Inc. - Class A(b)		614,363
	2,043	Minerals Technologies, Inc.		146,892
	1,570	Mistras Group, Inc.(b)		32,986
	7,398	MKS Instruments, Inc.		803,793
	1,835	Mobile Mini, Inc.		60,739
	3,452	Modine Manufacturing Co.(b)		72,665
	300	Moelis & Co. - Class A		12,825
	1,901	Molina Healthcare, Inc.(b)		128,945
	99,100	Monmouth Real Estate Investment Corp. REIT		1,688,664
	20,506	Monolithic Power Systems, Inc.		2,494,965
	44,200	Monotype Imaging Holdings, Inc.		1,018,810
	690	Monro Muffler Brake, Inc.		34,052
	33,683	Moog, Inc. - Class A(b)		2,956,020
	500	Morningstar, Inc.		42,605
	973	Mosaic Co. (The)		21,737
	1,469	Motorcar Parts of America, Inc.(b)		42,469
	677	Movie Gallery, Inc.(a)(b)(c)		0
	144,824	MSA Safety, Inc.		11,513,508
	1,538	MSCI, Inc.		180,500
	88,300	MTGE Investment Corp. REIT		1,598,230
	14,042	MTS Systems Corp.		730,886
	1,320	Mueller Industries, Inc.		45,870
	3,489	Mueller Water Products, Inc. - Class A		41,659
	42,810	MuleSoft, Inc.(b)		1,001,326
	309	Multi-Color Corp.		25,554
	5,737	Murphy Oil Corp.		153,465
	1,265	Murphy USA, Inc.(b)		94,065
	8,500	MutualFirst Financial, Inc.		328,950
	4,977	Myriad Genetics, Inc.(b)		170,612
	9,441	Nabors Industries Ltd.		53,153
	5,200	NACCO Industries, Inc. - Class A		216,320
	1,441,000	Nasdaq, Inc.(a)		104,688,650
	7,200	Nathan’s Famous Inc.(b)		583,920

Shares			Value
UNITED STATES (continued)
	501	National Beverage Corp.	$	49,048
	12,000	National Commerce Corp.(b)		489,000
	531	National Fuel Gas Co.		30,825
	76,554	National General Holdings Corp.		1,544,860
	31,700	National Health Investors, Inc. REIT		2,415,223
	41,543	National HealthCare Corp.		2,658,752
	18,025	National Instruments Corp.		811,125
	13,983	National Presto Industries, Inc.		1,634,613
	487	National Retail Properties, Inc. REIT		19,568
	132	National Western Life Group, Inc.		47,201
	400	Natural Gas Services Group, Inc.(b)		11,119
	1,122	Natus Medical, Inc.(b)		47,573
	39,300	Navigant Consulting, Inc.(b)		680,283
	348,048	Navigators Group, Inc. (The)(a)		20,186,784
	885	NBT Bancorp, Inc.		33,754
	2,010	NCI Building Systems Inc.(b)		32,060
	1,246	NCR Corp.		39,984
	485	Neenah Paper, Inc.		42,098
	1,119	Nelnet, Inc. - Class A		65,506
	36,500	Neogen Corp.(b)		2,927,300
	2,963	NetApp, Inc.		131,616
	1,085	NETGEAR, Inc.(b)		50,615
	1,916	NetScout Systems, Inc.(b)		54,414
	1,058	New Jersey Resources Corp.		47,028
	2,679	New Media Investment Group, Inc.		42,784
	450,000	New Relic, Inc.(b)		23,098,500
	31,115	New York Community Bancorp, Inc.		390,804
	2,800	New York Times Co. (The) - Class A		53,480
	1,818,900	Newell Brands, Inc.		74,174,742
	207	NewMarket Corp.		82,881
	12,255	News Corp. - Class A		167,403
	5,413	News Corp. - Class B		75,241
	8,400	NexPoint Residential Trust, Inc., REIT		199,500
	1,404	Nexstar Media Group Inc. - Class A		89,575
	6,267,181	Nexteer Automotive Group Ltd.		12,258,977
	724,927	NIC, Inc.		12,323,759
	4,400	Nicolet Bankshares, Inc.		250,536
	3,595	NiSource, Inc.		94,800
	1,777	NN, Inc.		52,510
	933	Nordson Corp.		118,202
	2,850	Nordstrom, Inc.		113,003
	17,600	Northeast Bancorp		453,200
	9,400	Northrim Bancorp, Inc.		305,500
	124,325	Northwest Bancshares, Inc.		2,097,363
	113,782	Northwest Natural Gas Co.		7,549,436
	46,000	NorthWestern Corp.		2,726,880

73

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	2,400	Norwegian Cruise Line Holdings Ltd.(b)	$	133,800
	7,450	Norwood Financial Corp.		222,532
	25,400	Novanta Inc.(b)		1,201,420
	4,737	NRG Energy, Inc.		118,425
	10,500	NRG Yield, Inc. - Class A		192,675
	797	Nu Skin Enterprises, Inc. - Class A		50,697
	8,712	Nuance Communications, Inc.(b)		128,415
	615	NutriSystem, Inc.		30,719
	385,000	NuVasive, Inc.(b)		21,841,050
	8,100	NVE Corp.		689,148
	66	NVR, Inc.(b)		216,570
	5,507	Oceaneering International, Inc.		111,352
	7,800	OceanFirst Financial Corp.		216,450
	17,599	Office Depot, Inc.		54,557
	2,350	OGE Energy Corp.		86,574
	270,000	Okta, Inc.(b)		7,808,400
	1,548	Old Dominion Freight Line, Inc.		187,509
	9,000	Old Line Bancshares Inc.		271,350
	2,374	Old National Bancorp		43,207
	17,455	Old Republic International Corp.		354,162
	4,827	Olin Corp.		176,330
	1,283	Ollie’s Bargain Outlet Holdings, Inc.(b)		57,286
	1,233	Omega Healthcare Investors, Inc. REIT		35,584
	38,099	Omega Protein Corp.		834,368
	421,043	Omnicell, Inc.(b)		20,967,941
	2,800	On Assignment, Inc.(b)		171,416
	4,484	ON Semiconductor Corp.(b)		95,599
	40,292	ONE Gas, Inc.		3,101,678
	35,600	One Liberty Properties, Inc. REIT		862,588
	955	Opus Bank(b)		24,735
	8,032	Orbital ATK, Inc.		1,067,694
	2,983	Oritani Financial Corp.		50,562
	2,287	Ormat Technologies, Inc.		148,495
	28,900	Orthofix International NV(b)		1,552,797
	3,063	Oshkosh Corp.		280,448
	554	OSI Systems, Inc.(b)		48,963
	32,000	Otter Tail Corp.		1,470,400
	65,200	Owens & Minor, Inc.		1,601,964
	9,006	Owens Corning, Inc.		744,706
	12,300	Owens Realty Mortgage, Inc. REIT		220,908
	2,791	Owens-Illinois, Inc.(b)		66,677
	23,984	Oxford Industries, Inc.		1,549,366
	792	Pacific Premier Bancorp, Inc.(b)		31,997
	25,253	Pacira Pharmaceuticals, Inc./DE(b)		809,359
	1,770	Packaging Corp. of America		205,798
	7,687	PacWest Bancorp		371,436

Shares			Value
UNITED STATES (continued)
	31,200	Papa John’s International, Inc.	$	2,123,160
	33,800	Par Pacific Holdings, Inc.(b)		709,462
	1,400	Paramount Group, Inc. REIT		22,287
	1,354	Park Hotels & Resorts, Inc. REIT		38,982
	584	Park National Corp.		64,117
	500	Park-Ohio Holdings Corp.		23,575
	1,746	Parsley Energy, Inc. - Class A(b)		46,444
	278	Patrick Industries Inc(b)		25,853
	972	Pattern Energy Group, Inc.		22,424
	1,925	Patterson Cos., Inc.		71,225
	1,609	Paycom Software, Inc.(b)		132,260
	26,570	PC Connection, Inc.		717,390
	28,500	Peapack Gladstone Financial Corp.		988,665
	686	Pebblebrook Hotel Trust REIT		24,463
	740	Pegasystems, Inc.		43,142
	2,100	Penns Woods Bancorp Inc.		101,682
	105,500	Pennymac Mortgage Investment Trust REIT		1,694,330
	5,119	Penske Automotive Group, Inc.		238,648
	129,905	Penumbra, Inc.(b)		13,061,948
	31,700	Peoples Bancorp, Inc.		1,049,904
	4,200	Peoples Financial Services Corp.		190,428
	9,949	People’s United Financial, Inc.		185,648
	21,300	People’s Utah Bancorp		662,430
	57,500	Perficient, Inc.(b)		1,118,375
	62,074	Performance Food Group Co.(b)		1,756,694
	3,136	PerkinElmer, Inc.		226,796
	25,900	Perry Ellis International, Inc.(b)		603,211
	900	PGT Innovations, Inc.(b)		12,689
	1,914	PH Glatfelter Co.		40,117
	1,854	PharMerica Corp.(b)		54,322
	800	PHH Corp.(b)		10,567
	36,000	Phibro Animal Health Corp. - Class A		1,355,400
	3,640	Photronics, Inc.(b)		35,308
	4,112	Pilgrim’s Pride Corp.(b)		130,679
	1,476	Pinnacle Financial Partners, Inc.		97,711
	2,235	Pinnacle Foods, Inc.		121,629
	901	Pinnacle West Capital Corp.		79,027
	5,485	Pitney Bowes, Inc.		75,364
	28,300	PJT Partners, Inc. - Class A		1,092,380
	1,867	Planet Fitness Inc. - Class A(b)		49,737
	38,803	Plantronics, Inc.		1,760,104
	23,053	Platform Specialty Products Corp.(b)		246,667
	42,597	Plexus Corp.(b)		2,616,734
	10,800	PNM Resources, Inc.		468,720
	614	Polaris Industries, Inc.		72,716
	2,203	PolyOne Corp.		101,492
	419	Pool Corp.		50,607
	62,617	Portland General Electric Co.		2,989,336

74

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares				Value
UNITED STATES (continued)
	3,700	Post Holdings, Inc.(b)	$	306,841
	13,900	Potbelly Corp.(b)		167,495
	9,700	Potlatch Corp. REIT		502,460
	12,100	Powell Industries, Inc.		350,658
	600	Power Integrations, Inc.		48,210
	1,374	PRA Health Sciences, Inc.(b)		111,885
	31,600	Preferred Apartment Communities, Inc. - Class A REIT		627,260
	22,100	Preferred Bank		1,364,233
	12,360	Premier Financial Bancorp Inc.		255,852
	1,270	Premier, Inc. - Class A(b)		41,491
	266,812	Prestige Brands Holdings, Inc.(b)		12,513,483
	506	PriceSmart, Inc.		42,403
	1,531	Primerica, Inc.		135,494
	46,059	Primoris Services Corp.		1,302,088
	1,773	ProAssurance Corp.		99,377
	76,200	Progress Software Corp.		3,225,546
	202,312	Prosperity Bancshares, Inc.		13,308,083
	388	Proto Labs, Inc.(b)		33,853
	9,700	Provident Financial Holdings, Inc.		187,501
	59,764	Provident Financial Services, Inc.		1,625,581
	20,800	PS Business Parks, Inc. REIT		2,752,464
	26,542	PulteGroup, Inc.		802,365
	375,000	Pure Storage, Inc. - Class A(b)		6,161,250
	4,072	PVH Corp.		516,370
	145,000	Q2 Holdings, Inc.(b)		6,169,750
	23,700	QAD Inc.		876,900
	25,600	QCR Holdings, Inc.		1,222,400
	4,086	Qorvo, Inc.(b)		309,760
	1,530	Quad Graphics, Inc.		34,869
	351	Quaker Chemical Corp.		54,517
	91,070	Quality Systems, Inc.(b)		1,281,355
	525,984	Qualys, Inc.(a)(b)		27,824,554
	4,601	Quanta Services, Inc.		173,596
	43,162	Quest Diagnostics, Inc.		4,047,732
	1,185	Ralph Lauren Corp.		105,975
	3,485	Rambus, Inc.(b)		51,264
	3,045	Rayonier Advanced Materials, Inc.		43,757
	347	RBC Bearings, Inc.(b)		42,966
	8,700	RCI Hospitality Holdings, Inc.		239,685
	687	Re Max Holdings, Inc. - Class A		45,686
	12,215	Realogy Holdings Corp.		394,911
	6,210	RealPage, Inc.(b)		268,893
	7,900	Reata Pharmaceuticals, Inc. - Class A(b)		239,212
	725,433	REC Silicon ASA(b)		95,031
	580	Red Robin Gourmet Burgers, Inc.(b)		39,672
	2,255	Regal-Beloit Corp.		182,993
	1,145	Regency Centers Corp. REIT		70,475
	3,349	Regis Corp.(b)		50,001

Shares				Value
UNITED STATES (continued)
	1,754	Reinsurance Group of America, Inc.	$	262,013
	2,000	Reis Inc.		36,500
	2,400	Reliance Steel & Aluminum Co.		184,416
	41,396	Renasant Corp.		1,713,794
	11,900	Republic Bancorp, Inc. - Class A		467,908
	1,547	ResMed, Inc.		130,226
	600	Resources Connection, Inc.		9,449
	983	Retail Opportunity Investments Corp. REIT		17,674
	3,777	REX American Resources Corp.(b)		333,056
	3,895	Rexnord Corp.(b)		99,400
	5,447	Rice Energy, Inc.(b)		154,422
	49,400	Riverview Bancorp, Inc.		438,672
	677	RLI Corp.		40,004
	15,200	RMR Group Inc. (The) - Class A		797,240
	2,089	Robert Half International, Inc.		108,148
	40,448	Rockwell Collins, Inc.		5,484,749
	498	Rogers Corp.(b)		75,736
	1,480	Rollins, Inc.		64,987
	8,980	Rowan Cos Plc - Class A(b)		128,683
	1,166	Royal Gold, Inc.		98,072
	2,026	RPM International, Inc.		108,047
	4,010	RPX Corp.		52,210
	926	Rudolph Technologies, Inc.(b)		25,697
	37,362	Rush Enterprises, Inc. - Class A(b)		1,897,242
	63,000	Ruth’s Hospitality Group Inc.		1,329,300
	3,125	Ryder System, Inc.		253,375
	42,701	Ryman Hospitality Properties Inc. REIT		2,823,817
	2,261	S&T Bancorp, Inc.		92,452
	911	Sabra Health Care REIT, Inc. REIT		18,147
	1,798	Sabre Corp.		35,169
	22,143	Safety Insurance Group, Inc.		1,820,155
	4,800	Saga Communications, Inc. - Class A		210,000
	3,655	Saia, Inc.(b)		236,844
	11,694,600	Samsonite International SA(a)		48,793,708
	58,930	Sanderson Farms, Inc.		8,814,160
	12,454	Sandy Spring Bancorp, Inc.		503,266
	63,424	Sanmina Corp.(b)		2,075,550
	23,445	Santander Consumer USA Holdings, Inc.		390,125
	49,900	ScanSource, Inc.(b)		2,143,205
	788	Schnitzer Steel Industries, Inc. - Class A		23,207
	1,097	Schweitzer-Mauduit International, Inc.		46,326
	16,050	Science Applications International Corp.		1,177,107
	974	Scientific Games Corp. - Class A(b)		46,362
	570	Scotts Miracle-Gro Co. (The)		56,783

75

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	2,413	Scripps Networks Interactive, Inc. - Class A	$	200,955
	153	Seaboard Corp.		673,218
	633	SEACOR Holdings, Inc.(b)		29,878
	3,132	Sealed Air Corp.		138,528
	7,733	Seattle Genetics, Inc.(b)		474,110
	1,826	SEI Investments Co.		117,795
	32,000	Select Income REIT		773,120
	8,962	Select Medical Holdings Corp.(b)		171,622
	59,048	Selective Insurance Group, Inc.		3,519,261
	1,190	Semtech Corp.(b)		48,850
	2,045	Senior Housing Properties Trust REIT		37,628
	4,271	Sensata Technologies Holding NV(b)		208,895
	34,103	Sensient Technologies Corp.		2,593,533
	1,918	Service Corp. International		68,012
	2,340	ServiceMaster Global Holdings, Inc.(b)		110,237
	1,179	ServisFirst Bancshares, Inc.		48,351
	1,438	Shenandoah Telecommunications Co.		54,644
	20,400	Shore Bancshares, Inc.		335,784
	3,644	Shutterfly, Inc.(b)		155,599
	13,000	SI Financial Group, Inc.		195,000
	24,300	Sierra Bancorp		642,978
	876	Signature Bank(b)		113,889
	3,108	Signet Jewelers Ltd.		203,792
	2,610	Silgan Holdings, Inc.		76,343
	506	Silicon Laboratories, Inc.(b)		48,019
	2,208	Simmons First National Corp. - Class A		127,402
	285,000	Simply Good Foods Co. (The)(b)		3,283,200
	1,434	Simpson Manufacturing Co., Inc.		79,931
	31,500	Simulations Plus, Inc.		513,450
	1,522	Sinclair Broadcast Group, Inc. - Class A		48,247
	1,099,664	SIX Flags Entertainment Corp.		69,047,903
	33,900	SJW Corp.		2,010,609
	8,011	Skechers U.S.A., Inc. - Class A(b)		255,711
	4,607	SkyWest, Inc.		216,990
	982	Sleep Number Corp.(b)		31,915
	8,075	SLM Corp.(b)		85,514
	589,128	Snap-on, Inc.		92,952,616
	811,000	Snyder’s-Lance, Inc.(a)		30,517,930
	1,970	Sonoco Products Co.		102,026
	679	Sotheby’s(b)		35,186
	578	South Jersey Industries, Inc.		19,635
	874	South State Corp.		78,704
	4,200	Southern First Bancshares, Inc.(b)		161,910
	12,600	Southern Missouri Bancorp, Inc.		465,318

Shares			Value
UNITED STATES (continued)
	300	Southside Bancshares, Inc.	$	10,623
	97,194	Southwest Gas Holdings, Inc.		8,007,814
	32,300	SP Plus Corp.(b)		1,251,625
	26,100	Spark Energy, Inc. Class A		365,400
	31,200	SpartanNash Co.		765,960
	646,803	Spectrum Brands Holdings, Inc.(a)		71,096,586
	545	Speedway Motorsports, Inc.		10,873
	38,500	Spire, Inc.		3,039,575
	3,042	Spirit AeroSystems Holdings, Inc. - Class A		243,664
	10,801	Splunk, Inc.(b)		726,907
	26,100	Spok Holdings, Inc.		442,395
	4,171	Sprouts Farmers Market, Inc.(b)		77,122
	787	SPX Corp.(b)		23,051
	1,179	SPX Flow, Inc.(b)		48,610
	2,400	SRC Energy, Inc.(b)		22,895
	1,456	SS&C Technologies Holdings, Inc.		58,531
	908	St Joe Co. (The)(b)		16,162
	40,808	STAAR Surgical Co.(b)		540,706
	8,399	Stamps.com, Inc.(b)		1,884,736
	1,623	Standard Motor Products, Inc.		70,876
	185,907	Standex International Corp.(a)		19,250,670
	20,700	StarTek, Inc.(b)		247,158
	941	Starwood Waypoint Homes REIT		34,168
	5,300	State Auto Financial Corp.		135,892
	1,458	State Bank Financial Corp.		42,151
	2,402	State National Cos., Inc.		50,490
	4,571	Steel Dynamics, Inc.		170,087
	4,384	Steelcase, Inc. - Class A		63,787
	26,546	Stepan Co.		2,119,964
	505	Stericycle, Inc.(b)		35,779
	6,121	Sterling Bancorp		153,331
	4,607	Steven Madden Ltd.(b)		179,673
	40,375	Stewart Information Services Corp.		1,531,828
	2,205	Stifel Financial Corp.		116,931
	199,542	Stock Yards Bancorp, Inc.(a)		7,532,711
	22,300	Stoneridge, Inc.(b)		507,102
	1,527	STORE Capital Corp. REIT		37,702
	30,565	Stratasys Ltd.(b)		688,324
	226	Strayer Education, Inc.		21,183
	31,171	Sturm Ruger & Co., Inc.		1,544,523
	1,944	Summit Materials, Inc. - Class A(b)		61,042
	798	Sun Communities, Inc. REIT		72,027
	1,971	SunCoke Energy, Inc.(b)		21,858
	2,604	Sunstone Hotel Investors, Inc. REIT		42,497
	41,753	Super Micro Computer, Inc.(b)		830,885
	1,030	Superior Industries International, Inc.		16,017
	9,400	Superior Uniform Group, Inc.		220,618
	310,764	Supernus Pharmaceuticals, Inc.(b)		12,927,782

76

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	1,490	SVB Financial Group(b)	$	326,727
	40,519	Sykes Enterprises, Inc.(b)		1,172,620
	24,789	SYNNEX Corp.		3,343,540
	600	Synopsys, Inc.(b)		51,912
	3,657	Synovus Financial Corp.		171,330
	10,425	Tahoe Resources, Inc.		50,020
	1,477	Take-Two Interactive Software, Inc.(b)		163,430
	2,182	Tapestry, Inc.		89,353
	2,056	Taylor Morrison Home Corp.(b)		49,652
	11,222	TCF Financial Corp.		204,465
	30,149	Tech Data Corp.(b)		2,796,923
	7,600	TechTarget, Inc.(b)		94,696
	5,458	TEGNA, Inc.		66,751
	102	Tejon Ranch Co.(b)		1,923
	163,367	Teladoc, Inc.(b)		5,399,279
	1,000	Teledyne Technologies, Inc.(b)		169,960
	389	Teleflex, Inc.		92,185
	5,182	Telephone & Data Systems, Inc.		151,055
	31,200	TeleTech Holdings, Inc.		1,299,480
	614	Tempur Sealy International, Inc.(b)		40,137
	300	Tennant Co.		20,805
	1,221	Tenneco, Inc.		70,952
	2,726	Teradata Corp.(b)		91,185
	1,528	Teradyne, Inc.		65,536
	3,081	Terex Corp.		145,146
	14,900	Territorial Bancorp Inc.		470,691
	6,016	Tesla Motors, Inc.(b)		1,994,484
	61,970	Tetra Tech, Inc.		3,052,023
	1,481	Texas Capital Bancshares, Inc.(b)		127,440
	130,863	Texas Roadhouse, Inc.		6,544,459
	1,300	TFS Financial Corp.		20,045
	600	Thermon Group Holdings, Inc.(b)		12,905
	1,001	Thor Industries, Inc.		136,356
	88,100	Tier REIT, Inc.		1,724,117
	2,365	Tiffany & Co.		221,411
	13,600	Timberland Bancorp, Inc.		412,216
	2,104	Timken Co. (The)		99,204
	754	Tivity Health, Inc.(b)		34,873
	67,503	TiVo Corp.		1,225,179
	5,434	Toll Brothers, Inc.		250,181
	415	Tompkins Financial Corp.		36,155
	13,390	Tootsie Roll Industries, Inc.		476,684
	1,090	Topbuild Corp.(b)		71,929
	3,226	Torchmark Corp.		271,403
	1,753	Toro Co. (The)		110,176
	4,337	Total System Services, Inc.		312,481
	29,429	TowneBank		985,872
	1,261	TransUnion(b)		66,190
	315,400	TreeHouse Foods, Inc.(b)		20,936,252
	587	Trex Co., Inc.(b)		64,247
	10,791	TRI Pointe Group, Inc.(b)		190,893

Shares			Value
UNITED STATES (continued)
	2,390	Tribune Media Co.	$	97,823
	35,490	TriCo Bancshares		1,469,996
	550,000	TriMas Corp.(a)(b)		14,602,500
	3,157	Trimble, Inc.(b)		129,058
	1,596	Trinet Group, Inc.(b)		55,413
	6,964	Trinity Industries, Inc.		226,469
	1,148	Trinseo SA		81,508
	1,448	Triumph Group, Inc.		44,960
	27,439	Trupanion, Inc.(b)		772,682
	148,150	TrustCo Bank Corp.		1,359,276
	1,207	Trustmark Corp.		39,759
	7,205	TTM Technologies, Inc.(b)		113,695
	1,399	Tupperware Brands Corp.		82,191
	14,800	Turning Point Brands, Inc.(b)		259,000
	2,155	Tutor Perini Corp.(b)		60,771
	525	Tyler Technologies, Inc.(b)		93,077
	1,485	Ubiquiti Networks, Inc.(b)		92,337
	2,356	UDR, Inc. REIT		91,389
	12,800	UFP Technologies, Inc.(b)		394,880
	1,399	UGI Corp.		66,956
	411	Ultimate Software Group, Inc.(The)(b)		83,264
	236,484	UMB Financial Corp.		17,388,669
	57,900	UMH Properties, Inc. REIT		865,026
	7,321	Umpqua Holdings Corp.		149,788
	1,224	Unifi, Inc.(b)		46,573
	354	UniFirst Corp.		55,755
	1,779	Union Bankshares Corp.		61,393
	900	United Bankshares, Inc.		32,355
	2,535	United Community Banks, Inc.		69,510
	37,944	United Fire Group, Inc.		1,748,839
	1,860	United Natural Foods, Inc.(b)		72,112
	798	United Rentals, Inc.(b)		112,901
	1,723	United States Cellular Corp.(b)		63,045
	1,377	United States Steel Corp.		34,866
	612	United Therapeutics Corp.(b)		72,577
	35,300	Unitil Corp.		1,835,600
	2,759	Univar, Inc.(b)		82,080
	34,735	Universal Corp.		1,992,052
	1,389	Universal Forest Products, Inc.		156,818
	9,500	Universal Health Realty Income Trust		695,495
	211	Universal Health Services, Inc. - Class B		21,670
	14,371	Universal Insurance Holdings, Inc.		342,748
	405	Univest Corp. of Pennsylvania		11,867
	6,879	Unum Group		357,983
	11,300	Upland Software, Inc.(b)		248,261
	5,190	Urban Outfitters, Inc.(b)		127,259
	56,800	Urstadt Biddle Properties, Inc. - Class A REIT		1,234,264
	364	US Concrete, Inc.(b)		28,465
	13,600	US Ecology, Inc.		646,680
	10,700	US Physical Therapy, Inc.		727,065
	16,815	USANA Health Sciences, Inc.(b)		1,104,746

77

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
UNITED STATES (continued)
	8,530	USG Corp.(b)	$	292,835
	8,300	Utah Medical Products Inc.		625,820
	487	Vail Resorts, Inc.		111,533
	66,088	Valeant Pharmaceuticals International, Inc.(b)		771,991
	8,739	Valley National Bancorp		100,499
	291	Valmont Industries, Inc.		46,240
	2,042	Valvoline, Inc.		49,049
	1,489,500	Vantiv, Inc. - Class A(b)		104,265,000
	22,438	Varex Imaging Corp.(b)		771,194
	1,094	Varian Medical Systems, Inc.(b)		113,984
	118,335	Vector Group Ltd.		2,459,001
	732	Vectren Corp.		49,878
	536	Vectrus, Inc.(b)		16,353
	18,071	Veeco Instruments, Inc.(b)		326,182
	1,828	Veeva Systems, Inc. - Class A(b)		111,398
	7,844	Vereit, Inc. REIT		61,889
	7,259	VeriFone Systems, Inc.(b)		138,502
	60,956	Verint Systems, Inc.(b)		2,572,343
	983	VeriSign, Inc.		105,692
	35,918	Viad Corp.		2,085,040
	1,213	ViaSat, Inc.(b)		78,966
	12,000	Village Super Market, Inc. - Class A		287,880
	490	Virtus Investment Partners, Inc.		57,036
	330	Virtusa Corp.(b)		12,593
	40,682	Vishay Intertechnology, Inc.		905,175
	8,400	Vishay Precision Group, Inc.(b)		206,220
	955	Visteon Corp.(b)		120,368
	35,700	Vocera Communications, Inc.(b)		1,007,454
	55,700	Vonage Holdings Corp.(b)		452,841
	6,219	Voya Financial, Inc.		249,755
	3,200	VSE Corp.		157,120
	5,848	VWR Corp.(b)		193,569
	3,334	Wabash National Corp.		75,015
	895	WABCO Holdings, Inc.(b)		132,075
	1,123,982	Wabtec Corp.(a)		85,984,623
	5,214	Waddell & Reed Financial, Inc. - Class A		97,450
	25,868	Walker & Dunlop, Inc.(b)		1,419,895
	217,097	Washington Trust Bancorp, Inc.(a)		12,048,884
	401,851	Waters Corp.(b)		78,782,889
	49,200	Waterstone Financial Inc.		944,640
	275	Watsco, Inc.		45,807
	600	Watts Water Technologies, Inc. - Class A		40,440
	33,178	Wayfair, Inc. - Class A(b)		2,319,142
	372	WD-40 Co.		41,236
	35,827	Web.com Group, Inc.(b)		863,431
	2,743	Webster Financial Corp.		150,838
	889	Weingarten Realty Investors REIT		27,070
	1,100,600	Welbilt, Inc.(b)		24,279,236

Shares			Value
UNITED STATES (continued)
	841	WellCare Health Plans, Inc.(b)	$	166,299
	2,902	Wendy’s Co (The)		44,139
	5,508	Werner Enterprises, Inc.		196,360
	1,572	WesBanco, Inc.		63,509
	3,219	WESCO International, Inc.(b)		203,280
	6,400	West Bancorp, Inc.		156,480
	469	West Pharmaceutical Services, Inc.		47,557
	3,142	Western Alliance Bancorp(b)		175,324
	4,140	Western Union Co. (The)		82,220
	3,397	Westlake Chemical Corp.		288,439
	3,900	Westwood Holdings Group, Inc.		253,110
	175,353	WEX, Inc.(b)		21,671,877
	10,700	Weyco Group, Inc.		290,933
	300	White Mountains Insurance Group Ltd.		266,745
	2,316	Williams-Sonoma, Inc.		119,506
	1,100	Winmark Corp.		143,825
	1,190	Winnebago Industries, Inc.		58,489
	7,544	Wintrust Financial Corp.		613,252
	947,444	Wolverine World Wide, Inc.		25,865,221
	276,270	Woodward, Inc.		21,363,959
	408	World Acceptance Corp.(b)		35,700
	1,662	Worthington Industries, Inc.		75,621
	361	WP Carey, Inc. REIT		24,602
	4,362	WR Berkley Corp.		299,146
	1,138	WR Grace & Co.		87,046
	1,000	WSFS Financial Corp.		49,700
	4,417	WW Grainger, Inc.		873,241
	996,731	Wyndham Worldwide Corp.		106,500,707
	876	Wynn Resorts Ltd.		129,201
	118,900	Xenia Hotels & Resorts, Inc. REIT		2,587,264
	19,657	Xerox Corp.		595,804
	48,300	XO Group Inc.(b)		964,068
	6,475	XPO Logistics, Inc.(b)		449,041
	3,364	Xylem Inc.		223,807
	3,973	Zayo Group Holdings, Inc.(b)		143,266
	1,004	Zebra Technologies Corp. - Class A(b)		116,454
	13,421	Zillow Group, Inc. - Class A(b)		554,422
	34,417	Zillow Group, Inc. - Class C(b)		1,420,734
	13,017	Zions Bancorporation		604,770
	23,592	Zynga, Inc. - Class A(b)		92,009
				3,502,829,372
Total Common Stocks (Cost $4,406,488,739)				5,946,173,034

78

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares			Value
INVESTMENT COMPANY — 0.5%
	30,936,229	SEI Daily Income Trust Government II Fund, Class A 0.88%(e)	$	30,936,229
Total Investment Company (Cost $30,936,229)				30,936,229

Shares				Value
EXCHANGE TRADED FUNDS — 3.1%
	2,231,500	SPDR S&P Oil & Gas Exploration & Production ETF	$	76,495,820
	2,178,600	VanEck Vectors Gold Miners ETF		48,974,928
	1,565,365	VanEck Vectors Junior Gold Miners ETF		50,076,026
	1,164,000	VanEck Vectors Oil Services ETF		28,215,360
Total Exchange Traded Funds (Cost $208,953,327)				203,762,134
RIGHTS/WARRANTS — 0.0%
AUSTRALIA — 0.0%
	8,641	Westgold Resources Ltd.		2,149
	1,710	Centrebet Litigation Rights(a)(b)(c)		0
	1,710	Centrebet Litigation Units(a)(b)(c)		0
				2,149
AUSTRIA — 0.0%
	9,812	Intercell Contigent Value Rights AG(a)(b)(c)		0
BRAZIL — 0.0%
	22,087	Helbor Empreendimentos SA(b)		338
	3,162	Cia Energetica de Minas Gerais(b)		1,169
				1,507
CHILE — 0.0%
	933,622	Cia Sud Americana de Vapores SA(b)		8,655
CHINA — 0.0%
	18,134	CTBH Financial Rights(b)		0
FRANCE — 0.0%
	34,332	Etablissements Maurel et Prom Contingent Value Rights(a)(b)(c)		1,600
INDIA — 0.0%
	5,698	HCL Info(a)(b)		70
	4,345	Karur Vysya Bank(a)(b)		3,414
				3,484
MALAYSIA — 0.0%
	49,750	Malaysian Resources(a)(b)		0
	7,743	Sunway Berhad		1,171
	103,900	UMW Oil & Gas Corp. Berhad		4,540
				5,711

79

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Shares				Value
SOUTH KOREA — 0.0%
	6,437	Hanwha General Insurance(a)(b)	$	5,459
	594	Hyundai Electric & Energy System Co. Ltd.(b)		26,530
				31,989
SPAIN — 0.0%
	138,741	Liberbank SA(b)		49,938
	24,898	Papeles y Cartones de Europa SA(b)		10,209
				60,147
TAIWAN — 0.0%
	14,468	TA Chen Stainless(a)(b)		528
	8,340	TSEC Corp.(a)(b)		277
	61,495	Winbond Electronics Corp.(a)(b)		8,360
	5,984	Wisdom Marine Rights(a)(b)		694
	14,124	Yang Ming Marine Transport(a)(b)		164
				10,023
THAILAND — 0.0%
	4,007	Buriram Sugar Public Co. Ltd. Rights, Expire 12/31/19(b)		0
	61,975	Supalai Public Co. Ltd. - FOR(a)		38,431
	7,158	TPI Polene Public Co. Ltd. Rights(b)(c)		0
				38,431
UNITED STATES — 0.0%
	9,600	Ligand Pharmaceuticals Contingent Value Rights(b)(c)		0
Total Rights/Warrants (Cost $93,858)				163,696
Principal Amount
U.S. GOVERNMENT AGENCIES — 3.5%
Federal Home Loan Bank — 3.5%
$	8,000,000	0.50%, 11/01/2017(f)		8,000,000
	5,000,000	1.01%, 11/08/2017(f)		4,999,020
	72,000,000	1.01%, 11/10/2017(f)		71,981,784
	29,000,000	1.01%, 11/13/2017(f)		28,990,227
	20,000,000	1.02%, 11/17/2017(f)		19,991,020
	17,000,000	1.02%, 11/22/2017(f)		16,989,987
	26,000,000	1.02%, 12/04/2017(f)		25,975,222
	54,000,000	1.02%, 12/06/2017(f)		53,945,406
Total U.S. Government Agencies (Cost $230,874,583)				230,872,666

80

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 0.5%
U.S. Treasury Bills — 0.5%
$	30,000,000	0.88%, 11/02/2017(f)	$	29,999,234
Total U.S. Government Securities (Cost $29,999,267)				29,999,234
	Shares			Value
CASH SWEEP — 1.5%
	99,156,152	Citibank - US Dollars on Deposit in Custody Account,0.10%(e)		99,156,152
Total Cash Sweep (Cost $99,156,152)				99,156,152
TOTAL INVESTMENTS — 99.7% (Cost $5,006,502,155)				6,541,063,145
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				21,318,125
NET ASSETS — 100.0%			$	6,562,381,270

(a)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $476,084,778 or 7.25% of net assets.
(b)	Non-income producing security.
(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $1,541,852 which is 0.02% of net assets and the cost is $9,019,653.
(d)	Securities incorporated in the same country but traded on different exchanges.
(e)	The rate shown represents the current yield as of October 31, 2017.
(f)	The rate represents the annualized yield at time of purchase.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CPO — Certificate of Participation-Common

CVR — Contingent Value Rights

DVR — Differential Voting Rights

FOR — Foreign Ownership Restrictions

NVDR — Non Voting Depositary Receipt

NZD — New Zealand Dollar

REIT — Real Estate Investment Trust

SDR — Swedish Depositary Receipt

USD — U.S. Dollar

VVPR — Voter Verified Paper Record

Forward Foreign Currency Exchange Contracts Outstanding as of October 31, 2017:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	28,929,616	NZD	41,822,000	Citibank N.A.	01/31/18	$	354,673
						$	354,673

81

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	October 31, 2017

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Industrials		20.9	%
Consumer Discretionary		14.7
Information Technology		13.5
Health Care		12.7
Consumer Staples		6.6
Materials		5.9
Banks		4.4
Diversified Financials		3.3
Real Estate		2.8
Insurance		2.3
Utilities		2.0
Energy		0.9
Telecommunication Services		0.4
Financials		0.2
Other*		9.4
Total		100.0	%

* Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, U.S government securitities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

82

Old Westbury Funds, Inc.

The Board of Directors and Shareholders of Small & Mid Cap Strategies Fund, a fund comprised within the Old Westbury Funds, Inc.

We have audited the accompanying statements of assets and liabilities of Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) (one of the funds comprising the Old Westbury Funds, Inc.), including the condensed portfolio of investments as of October 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended (collectively, the “financial statements”), the financial highlights for each of the five years in the period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR) and the portfolio of investments as of October 31, 2017 (included in Item 6 of this Form N-CSR). These financial statements, financial highlights and portfolio of investments are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements, financial highlights and portfolio of investments based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights and portfolio of investments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and portfolio of investments. An audit also includes assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements, financial highlights and portfolio of investments referred to above present fairly, in all material respects, the financial position of Old Westbury Small & Mid Cap Strategies Fund at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 28, 2017

83

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Old Westbury Funds, Inc.
By (Signature and Title)*	/s/ David W. Rossmiller
	David W. Rossmiller, President (Principal Executive Officer)

Date  1/11/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ David W. Rossmiller
	David W. Rossmiller, President (Principal Executive Officer)

Date  1/11/2018

By (Signature and Title)*	/s/ Matthew A. Rizzi
	Matthew A. Rizzi, Treasurer (Principal Financial Officer)

Date  1/11/2018

^* Print the name and title of each signing officer under his or her signature.