Old Westbury Funds NCSRS Certified semi-annual shareholder report (management investment company)

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)

Marianna DiBenedetto

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: April 30, 2020

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.

Semi-Annual Report

April 30, 2020

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

Old Westbury Funds, Inc.
Disclosure of Fund Expenses
	*For the Period Ended April 30, 2020 (Unaudited)*

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 Nov 1, 2019 through April 30, 2020.

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 11/1/19		Actual Ending Account Value 04/30/20		Actual Expenses Paid During Period* 11/1/19-04/30/20		Actual Expense Ratio During Period** 11/1/19-04/30/20
All Cap Core Fund		$1,000.00		$ 998.80		$4.87		0.98	%
Large Cap Strategies Fund		1,000.00		928.20		5.27		1.10	%
All Cap ESG Fund		1,000.00		908.20		4.74		1.00	%
Small & Mid Cap Strategies Fund		1,000.00		899.20		5.24		1.11	%
Multi-Asset Opportunities Fund		1,000.00		819.70		5.43		1.20	%
Fixed Income Fund		1,000.00		1,045.30		2.90		0.57	%
Municipal Bond Fund		1,000.00		1,003.20		2.84		0.57	%
California Municipal Bond Fund		1,000.00		1,004.00		2.84		0.57	%
New York Municipal Bond Fund		1,000.00		993.20		2.82		0.57	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/366 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

Old Westbury Funds, Inc.
Disclosure of Fund Expenses – (Continued)
	*For the Period Ended April 30, 2020 (Unaudited)*

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 11/1/19		Hypothetical Ending Account Value 04/30/20		Hypothetical Expenses Paid During Period* 11/1/19-04/30/20		Hypothetical Expense Ratio During Period** 11/1/19-04/30/20
All Cap Core Fund		$1,000.00		$1,019.99		$4.92		0.98	%
Large Cap Strategies Fund		1,000.00		1,019.39		5.52		1.10	%
All Cap ESG Fund		1,000.00		1,019.89		5.02		1.00	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.34		5.57		1.11	%
Multi-Asset Opportunities Fund		1,000.00		1,018.90		6.02		1.20	%
Fixed Income Fund		1,000.00		1,022.03		2.87		0.57	%
Municipal Bond Fund		1,000.00		1,022.03		2.87		0.57	%
California Municipal Bond Fund		1,000.00		1,022.03		2.87		0.57	%
New York Municipal Bond Fund		1,000.00		1,022.03		2.87		0.57	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/366 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.

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	April 30, 2020 (Unaudited)

Shares			Value
COMMON STOCKS — 93.5%
Banks — 4.0%
	1,843,286	Bank of America Corp.	$	44,331,028
	764,797	Citigroup, Inc.		37,138,542
				81,469,570
Communication Services — 11.9%
	64,740	Alphabet, Inc. - Class C(a)		87,312,248
	79,049	Charter Communications, Inc. - Class A(a)		39,147,436
	320,909	Facebook, Inc. - Class A(a)		65,693,281
	328,500	Sea Ltd. - ADR(a)		18,258,030
	591,664	Tencent Holdings Ltd.		31,825,074
				242,236,069
Consumer Discretionary — 14.0%
	105,905	Advance Auto Parts, Inc.		12,804,974
	146,209	Alibaba Group Holding Ltd. - ADR(a)		29,632,178
	38,432	Amazon.com, Inc.(a)		95,080,768
	59,019	Burlington Stores, Inc.(a)		10,782,181
	349,144	Dollarama, Inc.		10,951,275
	270,570	Hilton Worldwide Holdings, Inc.		20,484,855
	117,504	Home Depot, Inc. (The)		25,830,904
	57,430	LVMH Moet Hennessy Louis Vuitton SE		22,181,412
	443,587	NIKE, Inc. - Class B		38,671,915
	137,000	Ross Stores, Inc.		12,516,320
	73,153	Samsonite International SA(b)		61,806
	130,530	Wyndham Hotels & Resorts, Inc.		4,922,286
				283,920,874
Consumer Staples — 2.3%
	35,509	Ingredion, Inc.		2,883,331
	323,825	PepsiCo, Inc.		42,838,809
				45,722,140
Diversified Financials — 5.4%
	40,427	BlackRock, Inc.		20,295,971
	653,955	Blackstone Group, Inc. - Class A (The)		34,162,609
	118,564	CME Group, Inc.		21,129,290
	132,994	Nasdaq, Inc.		14,585,453
	64,022	S&P Global, Inc.		18,750,763
				108,924,086
Health Care — 13.6%
	48,707	Cooper Cos., Inc. (The)		13,964,297
	286,369	Danaher Corp.		46,809,877
	294,533	IQVIA Holdings, Inc.(a)		41,997,460
	66,979	Laboratory Corp of America Holdings(a)		11,014,697
	75,998	STERIS Plc		10,829,715
	36,380	Teleflex, Inc.		12,201,852
	139,234	Thermo Fisher Scientific, Inc.		46,598,835
	150,893	UnitedHealth Group, Inc.		44,131,676

Shares			Value
Health Care (continued)
	39,654	West Pharmaceutical Services, Inc.	$	7,504,916
	314,347	Zoetis, Inc.		40,648,211
				275,701,536
Industrials — 10.7%
	71,456	Allegion Plc		7,184,186
	204,026	AO Smith Corp.		8,646,622
	79,578	Cintas Corp.		17,652,788
	64,469	Dover Corp.		6,037,522
	89,058	Equifax, Inc.		12,370,156
	415,849	Fortive Corp.		26,614,336
	310,314	IAA, Inc.(a)		11,978,120
	50,107	IDEX Corp.		7,697,938
	33,885	L3Harris Technologies, Inc.		6,563,525
	1,653,982	Rentokil Initial Plc		9,880,520
	202,506	Safran SA		18,689,857
	331,622	Union Pacific Corp.		52,989,879
	54,319	Verisk Analytics, Inc.		8,301,573
	231,628	Waste Management, Inc.		23,167,433
				217,774,455
Information Technology — 26.1%
	48,500	Adobe, Inc.(a)		17,151,540
	232,017	Amphenol Corp. - Class A		20,477,820
	43,761	ANSYS, Inc.(a)		11,457,943
	255,572	Apple, Inc.		75,087,054
	90,525	Cabot Microelectronics Corp.		11,092,934
	85,364	CDW Corp.		9,458,331
	379,683	Fidelity National Information Services, Inc.		50,076,391
	771,326	Microsoft Corp.		138,229,332
	33,170	Nice Ltd. - ADR(a)		5,449,831
	200,043	Salesforce.com, Inc.(a)		32,396,964
	55,649	ServiceNow, Inc.(a)		19,562,849
	100,299	Synopsys, Inc.(a)		15,758,979
	371,204	Texas Instruments, Inc.		43,085,648
	401,043	Visa, Inc. - Class A		71,674,405
	65,669	WEX, Inc.(a)		8,689,322
				529,649,343
Insurance — 0.8%
	152,941	CHUBB Ltd.		16,519,157
Materials — 0.8%
	82,948	AptarGroup, Inc.		8,882,072
	55,110	Vulcan Materials Co.		6,225,777
				15,107,849
Real Estate — 1.6%
	137,444	American Tower Corp. REIT		32,711,672
Utilities — 2.3%
	371,800	Ameren Corp.		27,048,450

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
Utilities (continued)
	160,613	American Water Works Co., Inc.	$	19,544,996
				46,593,446
Total Common Stocks (Cost $1,438,130,257)				1,896,330,197

INVESTMENT COMPANY — 2.3%
	47,780,825	SEI Daily Income Trust Government II Fund, Class A, 0.32%(c)		47,780,825
Total Investment Company (Cost $47,780,825)				47,780,825

EXCHANGE-TRADED FUNDS — 4.2%
	1,557,450	Energy Select Sector SPDR Fund		59,183,100
	252,490	Health Care Select Sector SPDR Fund		25,180,828
Total Exchange-Traded Funds (Cost $69,445,788)				84,363,928
TOTAL INVESTMENTS — 100.0% (Cost $1,555,356,870)			$	2,028,474,950
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				51,936
NET ASSETS — 100.0%			$	2,028,526,886

(a)	Non-income producing security.
(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.
(c)	The rate shown represents the current yield as of April 30, 2020.

The following abbreviations are used in the report:

ADR-American Depositary Receipt

REIT-Real Estate Investment Trust

SPDR-Standard & Poor’s Depository Receipts

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		26.1	%
Consumer Discretionary		14.0
Health Care		13.6
Communication Services		11.9
Industrials		10.7
Diversified Financials		5.4
Banks		4.0
Utilities		2.3
Consumer Staples		2.3
Real Estate		1.6
Insurance		0.8
Materials		0.8
Other*		6.5
		100.0	%

Includes cash and equivalents, exchange traded funds, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	April 30, 2020 (Unaudited)

Shares			Value
COMMON STOCKS — 88.1%
AUSTRALIA — 0.9%
	332,339	Atlassian Corp. Plc - Class A(a)	$	51,675,391
	433,360	CSL Ltd.		87,385,338
				139,060,729
BELGIUM — 0.3%
	232,237	Galapagos NV - ADR(a)		51,196,647
BELIZE — 0.6%
	6,645,994	Ambev SA - ADR		14,288,887
	1,107,254	B3 SA - Brasil Bolsa Balcao		7,788,386
	4,905,358	Banco Bradesco SA - ADR		17,266,860
	398,580	Cia Brasileira de Distribuicao - ADR		4,866,662
	3,978,588	Itau Unibanco Holding SA - ADR		16,749,855
	1,715,235	Localiza Rent a Car SA		10,837,911
	840,400	Lojas Renner SA		5,948,435
	1,346,260	WEG SA		9,840,901
				87,587,897
CANADA — 1.7%
	3,551,800	Alimentation Couche-Tard, Inc. - Class B		99,106,945
	415,330	Barrick Gold Corp.		10,690,954
	647,640	BCE, Inc.		26,190,348
	353,030	Emera, Inc.		14,053,229
	204,715	Enbridge, Inc.		6,272,563
	132,140	Intact Financial Corp.		12,575,585
	265,795	Loblaw Cos. Ltd.		13,080,181
	101,421	Shopify, Inc. - Class A(a)		64,127,484
	198,695	Thomson Reuters Corp.		13,999,079
	314,720	Toronto-Dominion Bank (The)		13,149,980
				273,246,348
CHILE — 0.0%
	251,810	Banco Santander Chile - ADR		4,235,444
CHINA — 0.4%
	3,208,203	Fuyao Glass Industry Group Co., Ltd.		8,970,159
	3,508,567	Hangzhou Hikvision Digital Technology Co., Ltd.		15,892,265
	393,289	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. - Class A		5,469,856
	2,479,929	Midea Group Co., Ltd.		18,832,598
	1,399,789	S.f. Holding Co., Ltd.		9,253,545
				58,418,423
COLOMBIA — 0.1%
	389,165	Bancolombia SA - ADR		10,157,207
CZECH REPUBLIC — 0.0%
	395,325	Komercni Banka AS(a)		8,380,307
EGYPT �� 0.1%
	2,817,842	Commercial International Bank Egypt SAE - GDR		10,820,513

Shares			Value
FINLAND — 0.2%
	206,835	Elisa Oyj	$	12,566,088
	544,660	Kesko Oyj - B Shares		8,863,491
	390,170	Neste Oyj		13,823,322
				35,252,901
FRANCE — 1.2%
	59,930	Iliad SA		8,931,739
	354,572	L’Oreal SA		103,084,777
	794,700	Schneider Electric SE		72,683,267
				184,699,783
GEORGIA — 0.6%
	218,566	Bank of Georgia Group Plc		2,741,813
	508,220	Deutsche Post AG		15,120,788
	300,145	HeidelbergCement AG		14,268,342
	2,657,215	Telefonica Deutschland Holding AG		7,556,434
	1,047,467	Zalando SE(a)(b)		51,068,794
				90,756,171
GERMANY — 0.3%
	90,210	Coloplast A/S - Class B		14,268,263
	283,285	Novozymes A/S - B Shares		13,878,750
	187,335	Pandora A/S		6,655,114
	75,500	SimCorp A/S		6,985,351
				41,787,478
HONG KONG — 1.5%
	14,849,226	AIA Group Ltd.		137,813,842
	995,809	ASM Pacific Technology Ltd.		10,121,864
	5,052,000	Guangdong Investment Ltd.		10,504,771
	7,886,910	Hong Kong & China Gas Co. Ltd.		14,100,300
	25,248,648	Sino Biopharmaceutical Ltd.		36,932,559
	2,479,500	Techtronic Industries Co. Ltd.		18,886,098
				228,359,434
ICELAND — 0.1%
	2,396,240	Bank Leumi Le-Israel BM		12,984,789
INDIA — 2.0%
	1,100,767	Asian Paints Ltd.		25,779,598
	7,262,700	HDFC Bank Ltd.		96,887,581
	318,428	HDFC Bank, Ltd. - ADR		13,803,854
	3,009,068	Housing Development Finance Corp. Ltd.		76,774,410
	1,114,877	Kotak Mahindra Bank Ltd.		20,149,292
	374,095	Maruti Suzuki India Ltd.		26,695,523
	852,371	Tata Consultancy Services, Ltd.		22,865,154
	2,290,759	Titan Co. Ltd.		29,591,195
				312,546,607
INDONESIA — 0.2%
	25,500,649	Astra International Tbk PT		6,600,168
	7,985,922	Bank Central Asia Tbk PT		13,878,056

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
INDONESIA (continued)
	80,195,368	Bank Rakyat Indonesia Persero Tbk PT	$	14,718,209
				35,196,433
IRAN — 0.8%
	77,935	Accenture Plc - Class A		14,432,783
	461,012	Aptiv Plc		32,063,385
	167,775	Cimpress PLC(a)		12,212,342
	606,595	Medtronic Plc		59,221,870
				117,930,380
ISLE OF MAN — 0.2%
	3,239,421	GVC Holdings Plc		30,763,422
JAPAN — 3.3%
	1,038,860	Ajinomoto Co, Inc.		18,547,787
	457,505	ANA Holdings, Inc.(a)		9,809,617
	246,100	Bandai Namco Holdings, Inc.		12,454,634
	245,500	Benesse Holdings, Inc.		7,023,110
	552,450	Fujifilm Holdings Corp.		26,455,207
	599,300	ITOCHU Corp.		11,867,050
	2,015	Japan Real Estate Investment Corp.		10,965,475
	1,674,700	JXTG Holdings, Inc.		5,972,210
	441,600	KDDI Corp.		12,793,500
	442,434	Keyence Corp.		159,839,409
	439,200	Kyowa Hakko Kirin Co. Ltd.		10,305,229
	225,100	Lawson, Inc.		11,683,427
	212,500	MS&AD Insurance Group Holdings, Inc.		6,182,034
	254,787	Nagoya Railroad Co. Ltd.		7,348,141
	978,100	Nihon M&A Center, Inc.		32,401,300
	1,037,251	Nippon Telegraph & Telephone Corp.		23,612,768
	352,700	Nissan Chemical Corp.		13,606,467
	282,245	NTT DOCOMO, Inc.		8,279,432
	482,500	PeptiDream, Inc.(a)		18,209,244
	115,702	Sawai Pharmaceutical Co. Ltd.		6,339,540
	545,600	Sega Sammy Holdings, Inc.		6,665,253
	895,605	Sekisui Chemical Co. Ltd.		11,433,433
	766,100	Sekisui House Ltd.		13,267,454
	1,277,935	Terumo Corp.		42,536,307
	347,360	Tobu Railway Co. Ltd.		11,862,968
	248,400	Trend Micro, Inc.		12,661,306
	86,800	West Japan Railway Co.		5,392,495
				517,514,797
KENYA — 0.1%
	1,910,779	East African Breweries Ltd.		3,077,735
	60,424,520	Safaricom Plc		16,056,865
				19,134,600
LUXEMBOURG — 0.1%
	732,571	Tenaris SA - ADR		10,021,571
MACAU — 0.2%
	7,133,400	Sands China Ltd.		29,352,526

Shares			Value
MEXICO — 0.4%
	278,437	Fomento Economico Mexicano SAB de CV - ADR	$	17,911,852
	105,660	Grupo Aeroportuario del Sureste SAB de CV - ADR		10,535,359
	3,906,072	Grupo Financiero Banorte SAB de CV - Series O		10,693,441
	6,906,045	Wal-Mart de Mexico SAB de CV		16,668,380
				55,809,032
MOROCCO — 0.1%
	3,484,885	Public Bank Berhad		13,274,981
NIGER — 1.7%
	50,390	Adyen NV(a)(b)		49,764,356
	358,788	ASML Holding NV		106,414,005
	266,804	ASML Holding NV		76,954,278
	160,305	Heineken NV		13,635,578
	166,215	Wolters Kluwer NV		12,225,736
				258,993,953
PANAMA — 0.1%
	237,597	Copa Holdings SA - Class A		10,504,163
PERU — 0.1%
	106,760	Credicorp. Ltd.		15,909,375
PUERTO RICO — 0.0%
	268,285	EVERTEC, Inc.		6,798,342
RUSSIA — 0.7%
	503,621	Lukoil PJSC - ADR		32,518,808
	205,276	NovaTek PJSC - GDR		28,820,750
	1,761,700	Sberbank of Russia PJSC - ADR		18,515,467
	1,116,353	Sberbank of Russia PJSC - ADR		11,894,741
	589,145	Yandex NV - Class A(a)		22,257,898
				114,007,664
SAUDI ARABIA — 0.1%
	1,639,460	Discovery Ltd.		8,579,624
	1,658,251	Standard Bank Group Ltd.		9,136,909
				17,716,533
SLOVENIA — 0.5%
	9,759,630	CapitaLand Mall Trust REIT		13,080,666
	853,050	Sea Ltd. - ADR(a)		47,412,519
	2,008,065	Singapore Exchange Ltd.		13,741,678
				74,234,863
SOUTH KOREA — 0.9%
	85,280	Amorepacific Corp.		12,388,329
	214,194	Coway Co. Ltd.		10,793,641
	36,772	Hankook Tire & Technology Co. Ltd.		641,311
	35,588	LG Household & Health Care Ltd.		40,481,733
	58,235	Samsung Electronics Co. Ltd. - GDR		59,742,914

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
SOUTH KOREA (continued)
	547,775	Shinhan Financial Group Co. Ltd.	$	13,734,274
				137,782,202
SPAIN — 0.1%
	736,705	Red Electrica Corp. SA		12,961,545
SWAZILAND — 2.5%
	155	Chocoladefabriken Lindt & Spruengli AG		12,974,877
	1,177,476	Coca-Cola HBC AG - CDI		29,882,919
	28,535	Geberit AG		12,803,428
	208,800	Lonza Group AG		91,155,991
	124,610	Nestle SA		13,154,891
	108,700	PSP Swiss Property AG		12,635,214
	283,185	Roche Holding AG		98,414,306
	57,875	Schindler Holding AG		12,861,111
	5,480	SGS SA		12,404,869
	126,545	Swiss Prime Site AG		12,021,939
	40,761	Swisscom AG		21,190,230
	812,695	TE Connectivity Ltd.		59,700,575
				389,200,350
SWEDEN — 0.5%
	1,445,951	Atlas Copco AB - A Shares		50,289,695
	1,427,295	Svenska Handelsbanken AB - A Shares(a)		13,211,224
	3,546,480	Telia Co. AB		12,269,104
				75,770,023
SWITZERLAND — 4.8%
	263,395	51job, Inc. - ADR(a)		15,787,896
	1,178,500	AAC Technologies Holdings, Inc.		5,768,987
	1,418,757	Alibaba Group Holding Ltd. - ADR(a)		287,539,481
	77,133	Autohome, Inc. - ADR		6,336,476
	125,668	Baidu, Inc. - ADR(a)		12,683,671
	76,041	CNOOC Ltd. - ADR		8,544,727
	7,144,114	CSPC Pharmaceutical Group Ltd.		14,191,468
	1,850,058	ENN Energy Holdings Ltd.		20,904,880
	2,557,000	Ping An Insurance Group Co. of China Ltd. - H Shares		26,287,378
	1,180,458	Shenzhou International Group Holdings Ltd.		13,757,418
	1,015,043	Sunny Optical Technology Group Co. Ltd.		14,415,509
	5,518,080	Tencent Holdings Ltd.		296,812,559
	339,363	Trip.com Group Ltd. - ADR(a)		8,741,991
	296,422	ZTO Express Cayman, Inc. - ADR		8,821,519
				740,593,960
TAIWAN — 1.3%
	463,000	Airtac International Group		9,015,082
	4,168,507	Chunghwa Telecom Co. Ltd.		15,349,874

Shares			Value
TAIWAN (continued)
	20,938,000	CTBC Financial Holding Co. Ltd.	$	14,082,357
	1,549,541	Eclat Textile Co. Ltd.		15,632,717
	10,170,000	First Financial Holding Co. Ltd.		7,541,187
	2,882,020	Hon Hai Precision Industry Co. Ltd.		7,462,732
	169,000	Largan Precision Co. Ltd.		23,358,163
	12,808,000	Mega Financial Holding Co. Ltd.		12,964,565
	11,103,906	Taiwan Cement Corp.		16,131,311
	7,536,000	Taiwan Semiconductor Manufacturing Co. Ltd.		77,168,194
	1,617,000	United Integrated Services Co. Ltd.		10,304,558
				209,010,740
THAILAND — 0.9%
	11,599,400	Airports of Thailand Public Co. Ltd.		22,316,880
	51,140,400	CP ALL Public Co. Ltd.		112,222,791
	5,769,800	Siam Commercial Bank Public Co. Ltd. (The)		12,215,463
				146,755,134
TURKEY — 0.0%
	494,870	Tupras Turkiye Petrol Rafinerileri AS(a)		6,428,814
UKRAINE — 0.1%
	857,178	DP World Plc		13,706,276
UNITED KINGDOM — 0.9%
	240,280	Coca-Cola European Partners Plc		9,524,699
	1,424,300	Diageo Plc		49,332,154
	932,900	London Stock Exchange Group Plc		87,606,615
				146,463,468
UNITED STATES — 57.5%
	338,625	Abbott Laboratories		31,183,976
	1,063,710	AbbVie, Inc.		87,436,962
	152,818	ABIOMED, Inc.(a)		29,226,443
	593,100	Activision Blizzard, Inc.		37,798,263
	451,200	Agilent Technologies, Inc.		34,588,992
	946,530	AGNC Investment Corp. REIT		11,755,903
	366,485	Air Products & Chemicals, Inc.		82,671,686
	145,832	Align Technology, Inc.(a)		31,332,005
	265,850	Alliant Energy Corp.		12,907,018
	143,505	Allstate Corp. (The)		14,597,329
	26,217	Alphabet, Inc. - Class A(a)		35,306,434
	194,752	Alphabet, Inc. - Class C(a)		262,654,232
	192,306	Amazon.com, Inc.(a)		475,765,044
	143,325	American Tower Corp. REIT		34,111,350
	322,100	AMETEK, Inc.		27,014,527
	284,725	Amgen, Inc.		68,111,915
	2,003,270	Annaly Capital Management, Inc. REIT		12,520,438

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	182,900	Anthem, Inc.	$	51,345,517
	1,402,690	Apple Hospitality REIT, Inc.		13,578,039
	1,241,109	Apple, Inc.		364,637,824
	135,045	AptarGroup, Inc.		14,460,619
	1,000,340	Associated Banc-Corp.		14,144,808
	70,263	Assurant, Inc.		7,464,741
	199,040	Automatic Data Processing, Inc.		29,197,178
	7,840,700	Bank of America Corp.		188,568,835
	238,930	Bank of Hawaii Corp.		16,290,247
	1,092,000	Baxter International, Inc.		96,947,760
	296,215	Berkshire Hathaway, Inc. - Class B(a)		55,498,842
	2,591,400	Blackstone Group, Inc. - Class A (The)		135,374,736
	325,821	Bluebird Bio, Inc.(a)		17,555,235
	2,317,800	Boston Scientific Corp.(a)		86,871,144
	656,100	Cadence Design Systems, Inc.(a)		53,229,393
	455,920	Carrier Global Corp.(a)		8,074,343
	163,255	Casey’s General Stores, Inc.		24,718,440
	189,940	CH Robinson Worldwide, Inc.		13,466,746
	668,605	Charles Schwab Corp. (The)		25,219,781
	1,990,200	Chevron Corp.		183,098,400
	1,015,645	Chimera Investment Corp., REIT		7,891,562
	84,825	Cigna Corp.		16,607,039
	1,444,825	Cisco Systems, Inc.		61,231,684
	46,374	Clorox Co. (The)		8,645,968
	218,005	CMS Energy Corp.		12,445,905
	1,265,600	Coca-Cola Co. (The)		58,078,384
	181,195	Cogent Communications Holdings, Inc.		15,189,577
	396,430	ConocoPhillips		16,689,703
	709,000	Copart, Inc.(a)		56,797,990
	313,587	Costco Wholesale Corp.		95,016,861
	797,700	Danaher Corp.		130,392,042
	65,061	DexCom, Inc.(a)		21,808,447
	902,700	Diamondback Energy, Inc.		39,303,558
	154,905	Dover Corp.		14,506,853
	459,800	Eaton Corp. Plc		38,393,300
	229,180	Edwards Lifesciences Corp.(a)		49,846,650
	320,628	Eli Lilly & Co.		49,581,914
	175,476	EPAM Systems, Inc.(a)		38,760,894
	331,308	Equity Commonwealth REIT		11,247,907
	230,840	Evergy, Inc.		13,487,981
	169,490	Exponent, Inc.		11,920,232
	1,252,152	Facebook, Inc. - Class A(a)		256,328,036
	1,289,400	Fiserv, Inc.(a)		132,885,564
	119,095	FTI Consulting, Inc.(a)		15,167,939
	570,326	Genuine Parts Co.		45,215,445
	178,215	Globe Life, Inc.		14,674,223
	535,775	Hawaiian Electric Industries, Inc.		21,147,040
	57,475	Helen of Troy Ltd.(a)		9,441,993
	400,219	Hershey Co. (The)		53,001,002

Shares			Value
UNITED STATES (continued)
	364,990	Highwoods Properties, Inc. REIT	$	14,165,262
	432,695	Home Depot, Inc. (The)		95,119,342
	4,415,920	Huntington Bancshares, Inc.		40,803,101
	96,770	IDEX Corp.		14,866,775
	647,575	Illinois Tool Works, Inc.		105,230,938
	151,648	Illumina, Inc.(a)		48,380,261
	816,130	International Business Machines Corp.		102,473,283
	85,208	Jack Henry & Associates, Inc.		13,935,768
	2,506,198	JPMorgan Chase & Co.		239,993,520
	580,200	Kansas City Southern		75,745,110
	729,200	Kellogg Co.		47,762,600
	910,400	Keysight Technologies, Inc.(a)		88,099,408
	282,600	Kimberly-Clark Corp.		39,134,448
	441,200	KLA Corp.		72,396,508
	170,435	Life Storage, Inc. REIT		14,928,402
	206,560	Lockheed Martin Corp.		80,364,234
	376,685	Loews Corp.		13,055,902
	1,054,900	Lowe’s Cos, Inc.		110,500,775
	118,320	M&T Bank Corp.		13,261,306
	495,089	Mastercard, Inc. - Class A		136,134,622
	766,465	McDonald’s Corp.		143,758,176
	871,890	Merck & Co., Inc.		69,175,753
	2,807,095	Microsoft Corp.		503,059,493
	918,100	Mondelez International, Inc. - Class A		47,227,064
	424,946	Motorola Solutions, Inc.		61,111,484
	394,345	National Instruments Corp.		15,150,735
	277,015	National Retail Properties, Inc. REIT		9,041,770
	144,796	Netflix, Inc.(a)		60,792,601
	41,405	NewMarket Corp.		17,035,673
	277,223	Newmont Corp.		16,489,224
	553,380	NextEra Energy, Inc.		127,897,186
	702,159	NIKE, Inc. - Class B		61,214,222
	126,100	Northrop Grumman Corp.		41,697,487
	1,603,050	Nuance Communications, Inc.(a)		32,381,610
	174,300	NVIDIA Corp.		50,944,404
	396,575	OGE Energy Corp.		12,500,043
	187,322	Okta, Inc.(a)		28,341,819
	227,959	Otis Worldwide Corp.(a)		11,605,393
	104,670	Parker-Hannifin Corp.		16,550,420
	772,475	Paychex, Inc.		52,929,987
	812,100	PepsiCo, Inc.		107,432,709
	614,165	Pinnacle West Capital Corp.		47,284,563
	126,780	PNC Financial Services Group, Inc. (The)		13,523,623
	33,140	Pool Corp.		7,014,412
	660,145	Portland General Electric Co.		30,888,185
	1,517,430	Procter & Gamble Co. (The)		178,859,474
	875,545	Prudential Financial, Inc.		54,607,742
	382,210	Public Storage REIT		70,880,845
	887,264	Quest Diagnostics, Inc.		97,696,639
	1,939,120	Raytheon Technologies Corp.		125,674,368

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	87,545	Regeneron Pharmaceuticals, Inc.(a)	$	46,038,165
	183,449	Republic Services, Inc.		14,371,395
	238,300	Roper Technologies, Inc.		81,267,449
	1,535,935	Ross Stores, Inc.		140,323,022
	297,200	Salesforce.com, Inc.(a)		48,131,540
	241,096	Sarepta Therapeutics, Inc.(a)		28,420,396
	162,085	Service Corp. International		5,955,003
	167,230	Shenandoah Telecommunications Co.		8,948,477
	142,000	Sherwin-Williams Co.		76,164,540
	299,255	Sonoco Products Co.		14,615,614
	226,645	Southern Co. (The)		12,857,571
	445,210	Starbucks Corp.		34,160,963
	661,905	Texas Instruments, Inc.		76,827,313
	212,500	Texas Roadhouse, Inc.		10,006,625
	151,182	Thermo Fisher Scientific, Inc.		50,597,592
	303,570	TJX Cos., Inc. (The)		14,890,109
	2,022,498	Truist Financial Corp.		75,479,625
	1,163,355	Uber Technologies, Inc.(a)		35,214,756
	362,100	Union Pacific Corp.		57,859,959
	416,665	UnitedHealth Group, Inc.		121,862,013
	130,280	Valmont Industries, Inc.		15,274,027
	2,281,700	Verizon Communications, Inc.		131,083,665
	936,889	Visa, Inc. - Class A		167,440,802
	336,720	Vornado Realty Trust		14,755,070
	248,900	Walt Disney Co. (The)		26,918,535
	260,200	Waste Management, Inc.		26,025,204
	72,635	WD-40 Co.		12,658,828
	372,427	Workday, Inc. - Class A(a)		57,316,515
	216,000	Xcel Energy, Inc.		13,728,960
	147,270	Yum! Brands, Inc.		12,728,546
	136,844	Zoom Video Communications, Inc. - Class A(a)		18,497,203
				8,933,968,989
Total Common Stocks (Cost $11,258,776,134)				13,689,294,814
MASTER LIMITED PARTNERSHIPS — 0.1%
UNITED STATES — 0.1%
	176,750	Magellan Midstream Partners LP		7,269,728
Total Master Limited Partnerships (Cost $5,948,637)				7,269,728
PREFERRED STOCKS — 0.1%
SOUTH KOREA — 0.1%
	11,263	Samsung Electronics Co. Ltd. - GDR		9,763,671
	5,320	Samsung Electronics Co. Ltd. - GDR		4,708,200
				14,471,871
Total Preferred Stocks (Cost $10,989,309)				14,471,871

EXCHANGE-TRADED FUNDS — 8.5%
	2,487,800	Health Care Select Sector SPDR Fund	$	248,108,294
	10,854,377	iShares MSCI ACWI ETF		745,912,787
	1,077,274	iShares MSCI Emerging Markets ETF		39,471,319
	3,785,500	iShares MSCI Europe Financials ETF		49,514,340
	1,514,329	iShares MSCI Japan ETF		78,381,669
	2,240,900	Materials Select Sector SPDR Fund		116,257,892
	1,667,935	Xtrackers Harvest CSI 300 China A-Shares ETF		44,900,810
Total Exchange-Traded Funds (Cost $1,203,248,898)				1,322,547,111
INVESTMENT COMPANY — 3.3%
	511,404,988	Federated Government Obligations Fund, 0.01%(c)		511,404,988
Total Investment Company (Cost $511,404,988)				511,404,988
TOTAL INVESTMENTS — 100.1% (Cost $12,990,367,966)			$	15,544,988,512
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(12,362,776	)
NET ASSETS — 100.0%			$	15,532,625,736

(a)	Non-income producing security.
(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.
(c)	The rate shown represents the current yield as of April 30, 2020.

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Forward foreign currency exchange contracts outstanding at April 30, 2020:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
JPY	7,493,150,000	USD	70,000,000	Barclays Bank PLC	06/17/20	$(125,900	)
JPY	14,987,560,000	USD	140,000,000	Barclays Bank PLC	06/17/20	(240,050	)

Total Forward Foreign Currency Exchange Contracts						$(365,950	)

The following abbreviations are used in the report:

ADR-American Depositary Receipt

CDI-Chess Depositary Interests

ETF-Exchange Traded Fund

GDR-Global Depositary Receipt

REIT-Real Estate Investment Trust

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		19.9	%
Consumer Discretionary		11.6
Health Care		11.6
Communication Services		8.9
Financials		8.7
Industrials		8.6
Consumer Staples		8.3
Utilities		2.4
Energy		2.3
Materials		2.0
Insurance		1.6
Real Estate		1.5
Banks		0.7
Diversified Financials		0.2
Other*		11.7
		100.0	%

*	Includes cash and equivalents, exchange traded funds, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc.
All Cap ESG Fund
Portfolio of Investments	April 30, 2020 (Unaudited)

Shares			Value
COMMON STOCKS — 99.2%
Banks — 1.8%
	533,490	Bank of China Ltd. - H Shares	$	204,381
	2,743	Bank of Montreal		139,461
	215,698	China Minsheng Banking Corp. Ltd. - H Shares		161,374
	7,140	Fifth Third BanCorp		133,447
				638,663
Communication Services — 7.4%
	11,059	AT&T, Inc.		336,968
	38,981	China Mobile Ltd.		314,010
	3,467	Cogeco Communications, Inc.		256,323
	9,250	Comcast Corp. - Class A		348,078
	7,925	JCDecaux SA		164,314
	13,205	NTT DOCOMO, Inc.		387,358
	477	Swisscom AG		247,976
	6,897	Verizon Communications, Inc.		396,233
	5,058	Yandex NV - Class A(a)		191,091
				2,642,351
Consumer Discretionary — 5.5%
	52,206	Barratt Developments Plc		341,259
	4,443	Cheesecake Factory, Inc. (The)		99,034
	1,336	Cracker Barrel Old Country Store, Inc.		130,126
	8,811	Electrolux AB - Series B		121,792
	7,508	Industria de Diseno Textil SA		191,293
	87,990	Kingfisher Plc		174,324
	3,383	Las Vegas Sands Corp.		162,452
	3,561	Starbucks Corp.		273,236
	61,506	Super Retail Group Ltd.		254,510
	2,184	Target Corp.		239,672
				1,987,698
Consumer Staples — 8.2%
	36,230	Arca Continental SAB de CV		139,292
	1,513	Clorox Co. (The)		282,084
	12,600	Coca-Cola European Partners Plc		499,463
	1,385	Hershey Co. (The)		183,416
	3,180	Kimberly-Clark Corp.		440,366
	4,611	PepsiCo, Inc.		609,989
	2,525	Reckitt Benckiser Group Plc		210,849
	9,439	Seven & I Holdings Co. Ltd.		312,508
	11,058	Tate & Lyle Plc		99,192
	3,595	Unilever NV		179,567
				2,956,726
Diversified Financials — 9.4%
	11,436	3i Group Plc		112,924
	720	FactSet Research Systems, Inc.		197,999
	934	Goldman Sachs Group, Inc. (The)		171,314
	7,125	IGM Financial, Inc.		150,900
	25,033	Janus Henderson Group Plc		448,091
	83,849	Jupiter Fund Management Plc		230,857

Shares			Value
Diversified Financials (continued)
	4,970	Lazard Ltd. - Class A	$	136,674
	920	Moody’s Corp.		224,387
	4,574	Morgan Stanley		180,353
	2,102	Morningstar, Inc.		327,828
	705	MSCI, Inc.		230,535
	2,666	S&P Global, Inc.		780,818
	15,395	UBS Group AG		164,915
				3,357,595
Energy — 2.2%
	7,472	Aker BP ASA		124,059
	26,147	ARC Resources Ltd.		110,265
	18,406	ENI SpA		175,764
	11,560	Equinor ASA		161,862
	17,821	Husky Energy, Inc.		57,229
	24,605	MOL Hungarian Oil & Gas Plc		156,199
				785,378
Financials — 0.4%
	19,240	SpareBank 1 SMN		140,661
Health Care — 17.9%
	3,012	Abbott Laboratories		277,375
	4,149	Agilent Technologies, Inc.		318,062
	1,127	Amgen, Inc.		269,601
	886	Anthem, Inc.		248,727
	41,678	Astellas Pharma, Inc.		693,824
	1,453	AstraZeneca Plc		152,296
	3,831	Baxter International, Inc.		340,116
	1,476	Biogen, Inc.(a)		438,121
	1,126	CSL Ltd.		227,053
	3,041	Danaher Corp.		497,082
	31,917	Fleury SA		133,352
	3,015	Medtronic Plc		294,354
	4,622	Merck & Co., Inc.		366,709
	8,471	Novo Nordisk A/S - B Shares		540,288
	11,956	Pfizer, Inc.		458,632
	1,887	Quest Diagnostics, Inc.		207,778
	737	Roche Holding AG		256,127
	2,332	Sanofi		227,928
	764	Thermo Fisher Scientific, Inc.		255,696
	1,717	Zimmer Biomet Holdings, Inc.		205,525
				6,408,646
Industrials — 10.8%
	4,650	Allison Transmission Holdings, Inc.		168,981
	6,121	Deutsche Post AG		182,115
	6,853	Ebara Corp.		153,197
	8,811	Electrolux Professional AB - B Shares(a)		20,285
	1,050	General Dynamics Corp.		137,150
	14,498	Hino Motors Ltd.		87,273
	1,239	Illinois Tool Works, Inc.		201,338
	15,379	Keppel Corp Ltd.		65,217
	12,670	Kongsberg Gruppen ASA		162,996
	526	Lockheed Martin Corp.		204,646

Old Westbury Funds, Inc.
All Cap ESG Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
Industrials (continued)
	2,156	ManpowerGroup, Inc.	$	160,061
	1,379	Norfolk Southern Corp.		235,947
	547	Northrop Grumman Corp.		180,876
	2,385	Regal-Beloit Corp.		169,359
	77,708	Royal Mail Plc		162,958
	16,683	Sandvik AB(a)		258,735
	1,525	Siemens AG		141,515
	7,309	Signify NV		149,099
	15,898	SKF AB - B Shares		253,486
	1,276	Snap-on, Inc.		166,250
	3,666	Thomson Reuters Corp.		258,288
	5,162	Toyota Tsusho Corp.		124,486
	2,252	Waste Management, Inc.		225,245
				3,869,503
Information Technology — 22.2%
	3,118	Accenture Plc - Class A		577,422
	5,811	Amdocs Ltd.		374,461
	682	Apple, Inc.		200,372
	2,053	Atos SE		146,371
	1,317	CACI International, Inc. - Class A(a)		329,434
	4,999	Canon, Inc.		106,418
	5,294	Cognizant Technology Solutions Corp. - Class A		307,158
	1,995	Fidelity National Information Services, Inc.		263,121
	3,171	Fujitsu Ltd.		311,294
	11,871	Intel Corp.		712,023
	2,714	International Business Machines Corp.		340,770
	1,164	Intuit, Inc.		314,059
	1,375	Jack Henry & Associates, Inc.		224,881
	7,475	Juniper Networks, Inc.		161,459
	101,358	Konica Minolta, Inc.		397,631
	3,041	Leidos Holdings, Inc.		300,481
	4,711	Micron Technology, Inc.(a)		225,610
	4,314	Microsoft Corp.		773,112
	2,089	NXP Semiconductor NV		208,002
	5,536	Oracle Corp.		293,242
	1,541	SAP SE		183,968
	4,229	Seagate Technology PLC		211,239
	2,288	Synopsys, Inc.(a)		359,491
	2,867	Texas Instruments, Inc.		332,773
	6,340	TietoEVRY Oyj(a)		154,517
	7,660	Western Union Co. (The)		146,076
				7,955,385
Insurance — 4.2%
	4,149	MetLife, Inc.		149,696
	1,557	Muenchener Rueckversicherungs-Gesellschaft AG		342,614
	3,448	Principal Financial Group, Inc		125,542
	4,457	Prudential Financial, Inc.		277,983
	1,415	Reinsurance Group of America, Inc.		148,122

Shares			Value
Insurance (continued)
	2,194	Swiss Re AG	$	158,336
	977	Willis Towers Watson Plc		174,189
	387	Zurich Insurance Group AG		123,207
				1,499,689
Materials — 3.5%
	8,554	Anglo American Plc		152,470
	4,990	Cabot Corp.		169,111
	4,222	Lyondellbasell Industries NV - Class A		244,665
	4,829	Newmont Corp.		287,229
	1,876	Packaging Corp. of America		181,315
	6,860	Westrock Co.		220,823
				1,255,613
Real Estate — 3.7%
	13,255	Brandywine Realty Trust REIT		147,926
	79,145	CapitaLand Ltd.		168,937
	8,482	Castellum AB		149,066
	62,310	China Overseas Land & Investment Ltd.		228,664
	48,310	China Resources Land Ltd.		198,163
	1,125	Gecina SA REIT		146,831
	107,529	Swire Properties Ltd.		301,678
				1,341,265
Utilities — 2.0%
	16,214	Cia de Saneamento Basico do Estado de Sao Paulo		120,221
	18,130	E.ON SE		181,711
	18,298	Enagas SA		426,906
				728,838
Total Common Stocks (Cost $37,792,905)				35,568,011

INVESTMENT COMPANY — 0.5%
	171,059	SEI Daily Income Trust Government II Fund, Class A, 0.32%(b)		171,059
Total Investment Company (Cost $171,059)				171,059

TOTAL INVESTMENTS — 99.7% (Cost $37,963,964)			$	35,739,070
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				102,453
NET ASSETS — 100.0%			$	35,841,523

(a)	Non-income producing security.
(b)	The rate shown represents the current yield as of April 30, 2020.

Old Westbury Funds, Inc.
All Cap ESG Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

The following abbreviation is used in the report:

REIT- Real Estate Investment Trust

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		22.2	%
Health Care		17.9
Industrials		10.8
Diversified Financials		9.4
Consumer Staples		8.2
Communication Services		7.4
Consumer Discretionary		5.5
Insurance		4.2
Real Estate		3.7
Materials		3.5
Energy		2.2
Utilities		2.0
Banks		1.8
Financials		0.4
Other*		0.8
		100.0	%

Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments	April 30, 2020 (Unaudited)

Shares			Value
COMMON STOCKS — 82.5%**
ARGENTINA — 0.2%
	19,694	Other Securities	$	11,491,646
AUSTRALIA — 1.7%
	111,348	Quintis Ltd.(a)(b)		0
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(a)(b)		0
	45,675,230	Other Securities(a)		99,589,406
				99,589,406
AUSTRIA — 0.1%
	288,214	Other Securities		4,483,816
BELGIUM — 0.6%
	12,200	Deceuninck NV - VVPR Strip(a)(b)		0
	783,189	Other Securities		36,347,516
				36,347,516
BERMUDA — 0.5%
	793,458	Other Securities		28,260,282
BRAZIL — 0.1%
	1,695,012	Other Securities		5,963,999
CAMBODIA — 0.0%
	28,000	Other Securities		33,156
CANADA — 2.2%
	1,436,800	Dollarama, Inc.		45,066,768
	7,691,311	Other Securities		84,605,410
				129,672,178
CAYMAN ISLANDS — 0.0%
	63,600	Other Securities		955,272
CHILE — 0.0%
	1,133,434	Other Securities		419,871
CHINA — 2.4%
	70,000	China Animal Healthcare Ltd.(a)(b)		847
	79,500	China Huiyuan Juice Group Ltd.(a)(b)		7,192
	164,000	China Taifeng Beddings Holdings Ltd.(a)(b)		0
	302,000	CT Environmental Group Ltd.(a)(b)		2,485
	63,000	Harmonicare Medical Holdings Ltd(a)(b)		3,108
	68,000	HOSA International Ltd.(a)(b)		477
	261,000	Qunxing Paper Holdings Co. Ltd.(a)(b)		0
	67,000	Real Gold Mining Ltd.(a)(b)		2,273
	255,000	Tenwow International Holdings Ltd.(a)(b)		2,345
	201,000	Trony Solar Holdings Co. Ltd.(a)(b)		0
	104,500	Youyuan International Holdings Ltd.(a)(b)		1,314

Shares			Value
CHINA (continued)
	40,000	Zhejiang Glass Co. Ltd. - H Shares(a)(b)	$	0
	163,491,691	Other Securities		145,206,074
				145,226,115
DENMARK — 0.5%
	8,231	Amagerbanken A/S(a)(b)		0
	1,065,828	Other Securities		32,827,969
				32,827,969
FAEROE ISLANDS — 0.0%
	2,144	Other Securities		83,087
FINLAND — 0.3%
	1,264,321	Other Securities		17,297,749
FRANCE — 0.6%
	3,646,645	Other Securities		35,533,396
GABON — 0.0%
	76	Other Securities		8,662
GEORGIA — 0.0%
	169,761	Other Securities		576,130
GERMANY — 0.9%
	2,428,188	Other Securities		53,967,440
GIBRALTAR — 0.0%
	11,850	Other Securities		21,552
GREECE — 0.1%
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b)		0
	22,848	Proton Bank SA(a)(b)		0
	12,534	T Bank SA(a)(b)		0
	31,091	TT Hellenic Postbank SA(a)(b)		0
	5,776,162	Other Securities		6,214,905
				6,214,905
HONG KONG — 0.7%
	74,000	Associated International Hotels Ltd.		156,543
	504,000	Bel Global Resources Holdings Ltd.(a)(b)		0
	289,000	Brightoil Petroleum Holdings Ltd.(a)(b)		20,969
	28,000	Camsing International Holding, Ltd.(a)(b)		1,571
	525,600	China Fiber Optic Network System Group Ltd.(a)(b)		3,559
	6,603,000	China High Precision Automation Group Ltd.(a)(b)		0
	193,200	China Metal Recycling Holdings Ltd.(a)(b)		0

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
HONG KONG (continued)
	244,000	DBA Telecommunication Asia Holdings Ltd.(a)(b)	$	11,979
	168,234	EganaGoldpfeil Holdings Ltd.(a)(b)		0
	166,000	Hsin Chong Group Holdings Ltd.(a)(b)		5,621
	220,000	Hua Han Health Industry Holdings Ltd.(a)(b)		11,280
	429,000	Mingfa Group International Co. Ltd.(a)(b)		3,115
	1,340,246	Pacific Andes International Holdings Ltd.(a)(b)		4,737
	48,000	Peace Mark Holdings Ltd.(a)(b)		0
	44,000	Up Energy Development Group Ltd.(a)(b)		137
	133,076,695	Other Securities		42,086,973
				42,306,484
HUNGARY — 0.0%
	20,533	Other Securities		203,297
INDIA — 0.4%
	297	Aarti Surfactants Ltd.(a)(b)		158
	56,756	Chennai Super Kings Cricket Ltd.(a)(b)		319
	2,835	Hemisphere Properties India Ltd.(a)(b)		2,361
	13,501,381	Other Securities		21,197,559
				21,200,397
INDONESIA — 0.1%
	9,876,000	Bakrie Telecom Tbk PT(a)(b)		6,224
	4,875,000	Truba Alam Manunggal Engineering PT(a)(b)		0
	73,552,282	Other Securities(a)		3,133,328
				3,139,552
IRELAND — 0.7%
	357,145	Allegion Plc		35,907,358
	4,646	Datalex Plc(a)(b)		87
	415,301	Other Securities		6,716,488
				42,623,933
ISLE OF MAN — 0.0%
	21,481	Other Securities		203,996
ISRAEL — 1.0%
	136,500	Nice Ltd. - ADR(b)		22,426,950
	6,284,591	Other Securities		34,398,815
				56,825,765
ITALY — 1.0%
	1,779	Mariella Burani SpA(a)(b)		0
	6,610	Uni Land SpA(a)(b)		0
	14,232,096	Other Securities		56,994,807
				56,994,807

Shares			Value
JAPAN — 6.5%
	29,726,570	Other Securities	$	390,866,155
JERSEY CHANNEL ISLANDS — 0.2%
	248,931	Other Securities		13,256,676
JORDAN — 0.0%
	3,419	Other Securities		102,057
LIECHTENSTEIN — 0.0%
	1,019	Other Securities		78,361
LUXEMBOURG — 0.0%
	45,432	Other Securities		673,804
MALAYSIA — 0.0%
	4,030,265	Other Securities		2,269,786
MALTA — 0.0%
	14,841	Other Securities		70,830
MEXICO — 0.0%
	1,357,154	Other Securities		1,917,297
MONACO — 0.0%
	1,900	Other Securities		34,207
NETHERLANDS — 0.7%
	86,230	SRH NV(a)(b)		0
	4,215,860	Other Securities		39,153,802
				39,153,802
NEW ZEALAND — 0.4%
	6,753	CBL Corp. Ltd.(a)(b)		2,462
	3,030,119	Other Securities		21,000,048
				21,002,510
NORWAY — 0.1%
	891,224	Other Securities		4,994,159
PERU — 0.0%
	18,863	Other Securities		33,095
PHILIPPINES — 0.0%
	4,047	Altus San Nicolas Corp.(a)(b)		156
	5,956,810	Other Securities		1,118,538
				1,118,694
POLAND — 0.2%
	5,995,607	Other Securities		9,481,599
PORTUGAL — 0.0%
	1,231,589	Banco Espirito Santo SA(a)(b)		0
	887,475	Other Securities		2,477,005
				2,477,005
PUERTO RICO — 0.1%
	122,200	Other Securities		3,096,548
QATAR — 0.0%
	672,596	Other Securities		753,033
ROMANIA — 0.0%
	151	Other Securities		653
RUSSIA — 0.6%
	5,678,256,262	Other Securities		33,772,770

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
SINGAPORE — 0.2%
	21,700	Best World International Ltd.(a)	$	3,890
	88,000	CW Group Holdings Ltd.(a)(b)		492
	584,900	Ezion Holdings Ltd.(a)(b)		3,360
	92,950	Jurong Technologies Industrial Corp. Ltd.(a)(b)		0
	400,600	Midas Holdings Ltd.(a)(b)		10,227
	19,197,484	Other Securities(a)		10,632,360
				10,650,329
SOUTH AFRICA — 0.3%
	3,369	Tongaat Hulett Ltd.(b)		1,183
	6,491,236	Other Securities		17,661,215
				17,662,398
SOUTH KOREA — 0.9%
	3,103,374	Other Securities(a)		51,530,124
SPAIN — 0.3%
	20,024	Caja de Ahorros del Mediterraneo(a)(b)		0
	2,459,037	Other Securities		20,963,379
				20,963,379
SWAZILAND — 0.0%
	17,176	Other Securities		1,886,939
SWEDEN — 1.2%
	8,686,595	Other Securities		70,525,956
SWITZERLAND — 0.8%
	2,136,505	Other Securities		47,296,506
TAIWAN — 1.4%
	121,000	Prodisc Technology, Inc.(a)(b)		0
	10,961	Sino-American Electronic Co. Ltd.(a)(b)		0
	44,673	Wintek Corp.(a)(b)		515
	123,890,733	Other Securities		82,854,722
				82,855,237
THAILAND — 0.2%
	42,829,611	Other Securities		10,551,561
TURKEY — 0.3%
	27,990,206	Other Securities		20,124,241
UKRAINE — 0.0%
	2,796	Other Securities		27,025
UNITED ARAB EMIRATES — 0.0%
	12,877	Other Securities		2,103
UNITED KINGDOM — 3.8%
	129,757	Afren Plc(a)(b)		0
	87,391	Carillion Plc(a)(b)		0
	2,576,699	Ocado Group Plc(b)		52,071,408
	5,827	Patisserie Holdings Plc(a)(b)		0
	6,805,666	Rentokil Initial Plc		40,655,533

Shares			Value
UNITED KINGDOM (continued)
	25,769,875	Other Securities	$	137,049,587
				229,776,528
UNITED STATES — 50.2%
	436,597	Advance Auto Parts, Inc.		52,788,943
	291,049	Alnylam Pharmaceuticals, Inc.(b)		38,331,153
	184,702	ANSYS, Inc.(b)		48,360,525
	842,800	AO Smith Corp.		35,717,864
	342,212	AptarGroup, Inc.		36,644,061
	710,000	Avanos Medical, Inc.(b)		22,045,500
	242,900	Burlington Stores, Inc.(b)		44,375,401
	373,500	Cabot Microelectronics Corp.		45,768,690
	555,000	Cardiovascular Systems, Inc.(b)		23,310,000
	385,000	Catalent, Inc.(b)		26,622,750
	352,400	CDW Corp.		39,045,920
	314,700	CONMED Corp.		23,259,477
	200,994	Cooper Cos., Inc. (The)		57,624,980
	389,420	Dover Corp.		36,469,183
	375,808	Equifax, Inc.		52,199,731
	300,000	Freshpet, Inc.(b)		22,623,000
	2,291,500	Hostess Brands, Inc.(b)		27,543,830
	1,277,555	IAA, Inc.(b)		49,313,623
	207,130	IDEX Corp.		31,821,382
	591,400	Integra LifeScience Holdings Corp.(b)		30,190,970
	325,000	John Bean Technologies Corp.		24,940,500
	138,935	L3Harris Technologies, Inc.		26,911,709
	276,155	Laboratory Corp of America Holdings(b)		45,413,690
	231,400	Lancaster Colony Corp.		31,153,382
	110,579	LendingTree, Inc.(b)		27,575,085
	92,726	MarketAxess Holdings, Inc.		42,191,257
	220,200	MSA Safety, Inc.		24,779,106
	547,510	Nasdaq, Inc.		60,045,422
	442,270	New Relic, Inc.(b)		23,745,476
	607,300	Prestige Consumer Healthcare, Inc.(b)		24,711,037
	1,845,000	Pure Storage, Inc. - Class A(b)		26,568,000
	390,000	Q2 Holdings, Inc.(b)		31,090,800
	476,849	Samsonite International SA		402,884
	312,080	STERIS Plc		44,471,400
	411,855	Synopsys, Inc.(b)		64,710,658
	186,556	Teladoc Health, Inc.(b)		30,705,252
	153,133	Teleflex, Inc.		51,360,808
	855,000	Tenable Holdings, Inc.(b)		22,281,300
	42,235	Tesla, Inc.(b)		33,022,702
	420,000	TreeHouse Foods, Inc.(b)		21,726,600
	221,495	Verisk Analytics, Inc.		33,851,081
	227,300	Vulcan Materials Co.		25,678,081
	167,040	West Pharmaceutical Services, Inc.		31,613,990

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	275,624	WEX, Inc.(b)	$	36,470,568
	661,890	Wyndham Hotels & Resorts, Inc.		24,959,872
	2,492,184	Yext, Inc.(b)		31,899,955
	46,996,537	Other Securities		1,412,724,314
				2,999,061,912
VIETNAM — 0.0%
	949,801	Other Securities		824,130
Total Common Stocks (Cost $4,612,274,555)				4,921,363,787
INVESTMENT COMPANY — 0.9%
	53,228,711	SEI Daily Income Trust Government II Fund, Class A 0.32%(c)		53,228,711
Total Investment Company (Cost $53,228,711)				53,228,711
EXCHANGE-TRADED FUNDS — 13.1%
	657,300	iShares Core S&P Small-Cap ETF		41,639,955
	747,000	iShares MSCI Emerging Markets ETF		27,370,080
	872,000	iShares MSCI Japan ETF		45,134,720
	629,500	iShares MSCI South Korea ETF		32,494,790
	2,008,575	iShares Russell 2000 ETF		261,737,408
	1,135,825	Vanguard Mid-Cap ETF		170,816,722
	974,500	Vanguard Small-Cap Growth ETF		170,556,990
	1,165,065	Xtrackers Harvest CSI 300 China A-Shares ETF		31,363,550
Total Exchange-Traded Funds (Cost $748,147,550)				781,114,215
RIGHTS/WARRANTS — 0.0%**
AUSTRALIA — 0.0%
	1,710	Centrebet Litigation Rights, 12/01/49(a)(b)		—
	1,710	Centrebet Litigation Units Rights, Expire 12/01/49(a)(b)		—
	93,478	Other Securities(a)		—
				—
AUSTRIA — 0.0%
	9,812	Intercell Contigent Value Rights AG, Expire 05/22/29(a)(b)		—
HONG KONG — 0.0%
	600	Other Securities(a)		—
INDIA — 0.0%
	3,452	Other Securities		—

Shares		Value
ISRAEL — 0.0%
11	Other Securities	$	394
SINGAPORE — 0.0%
169,647	Other Securities(a)		—
TAIWAN — 0.0%
397	Other Securities(a)		234
402,302	Other Securities(a)		—
			234
UNITED KINGDOM — 0.0%
128,742	GVC Holdings Plc - CVR Shares, Rights, Expire 12/31/30(a)(b)		—
UNITED STATES — 0.0%
9,600	Ligand Pharmaceuticals Contingent Value Rights(a)(b)		—
Total Rights/Warrants (Cost $1,825)			628
CASH SWEEP — 2.6%
157,364,511	Citibank - US Dollars on Deposit in Custody Account, 0.12%(b)(c)		157,364,511
Total Cash Sweep (Cost $157,364,511)			157,364,511
TOTAL INVESTMENTS — 99.1% (Cost $5,571,017,152)		$	5,913,071,852
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%			56,082,911
NET ASSETS — 100.0%		$	5,969,154,763

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy
(b)	Non-income producing security
(c)	The rate shown represents the current yield as of April 30, 2020
**	“Other Securities” represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of April 30, 2020

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Forward foreign currency exchange contracts outstanding at April 30, 2020:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Depreciation

JPY

8,030,825,000

USD

75,000,000

JPMorgan Chase Bank, N.A

06/17/20

$(112,046

)

Total Forward Foreign Currency Exchange Contracts

$(112,046

)

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 $2,791,083 (cost of $9,425,708) or 0.05% of net assets were fair valued by the Board of Directors.

The following abbreviations are used in the report:

ADR — American Depositary Receipt
CVR — Contingent Value Rights
ETF — Exchange Traded Fund
JPY — Japanese Yen
USD — U.S. Dollar
VVPR — Voter Verified Paper Record

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		16.3	%
Health Care		16.1
Industrials		13.7
Consumer Discretionary		9.4
Consumer Staples		4.8
Materials		4.7
Banks		4.4
Diversified Financials		3.3
Real Estate		2.6
Communication Services		2.4
Insurance		2.0
Utilities		1.9
Energy		0.6
Financials		0.3
Other*		17.5
Total		100.0	%

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

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments	April 30, 2020 (Unaudited)

Shares			Value
COMMON STOCKS — 22.7%
AUSTRALIA — 0.5%
	47,842	Australia & New Zealand Banking Group Ltd.	$	526,877
	55,375	BHP Group Ltd.		1,167,351
	76,253	BlueScope Steel Ltd.		509,324
	4,081	Cochlear Ltd.		490,655
	26,134	Commonwealth Bank of Australia		1,067,622
	68,476	Computershare Ltd.		543,499
	7,744	CSL Ltd.		1,561,547
	7,890	Macquarie Group Ltd.		527,827
	48,339	National Australia Bank Ltd.		534,241
	289,150	Oil Search Ltd.		574,694
	46,089	Orica Ltd.		538,206
	184,679	Santos Ltd.		594,508
	49,923	Westpac Banking Corp.		529,625
	37,584	Woodside Petroleum Ltd.		549,835
	21,184	Woolworths Group Ltd.		493,512
				10,209,323
AUSTRIA — 0.0%
	27,121	Erste Group Bank AG		589,212
BELGIUM — 0.1%
	8,500	Colruyt S.A.		508,772
	21,840	Proximus SADP		465,984
	5,437	UCB S.A.		497,745
				1,472,501
BRAZIL — 0.1%
	227,113	Ambev S.A.		474,866
	65,350	B3 SA - Brasil Bolsa Balcao		459,670
	277,583	BR Malls Participacoes S.A.		513,012
	159,366	Petroleo Brasileiro S.A.		548,618
	25,497	Raia Drogasil S.A.		494,054
	68,311	WEG S.A.		499,340
				2,989,560
CANADA — 0.5%
	23,092	Alimentation Couche-Tard, Inc. - Class B		644,343
	13,108	Bank of Nova Scotia (The)		525,469
	24,039	Barrick Gold Corp.		618,785
	22,174	Brookfield Asset Management, Inc. - Class A		749,355
	6,396	Canadian National Railway Co.		528,930
	38,914	Canadian Natural Resources Ltd.		651,665
	4,229	Canadian Pacific Railway Ltd.		961,160
	523	Constellation Software, Inc.		502,928
	16,335	Dollarama, Inc.		512,365
	20,949	Enbridge, Inc.		641,887
	13,298	Fortis, Inc.		515,316
	41,229	Manulife Financial Corp.		519,232
	17,469	Metro, Inc.		718,740
	11,905	Rogers Communications, Inc. - Class B		498,625

Shares			Value
CANADA (continued)
	14,014	Royal Bank of Canada	$	862,113
	33,224	Suncor Energy, Inc.		592,420
	11,247	TC Energy Corp.		517,607
	12,601	Toronto-Dominion Bank (The)		526,509
	14,658	Wheaton Precious Metals Corp.		556,961
				11,644,410
CHINA — 0.5%
	1,458,664	Agricultural Bank of China Ltd. - H Shares		613,382
	1,303,380	Bank of China Ltd. - H Shares		499,328
	1,140,858	China Construction Bank Corp. - H Shares		930,051
	328,602	China International Capital Corp. Ltd. - H Shares(a)		505,248
	246,910	China Life Insurance Co. Ltd.- H Shares		526,784
	143,193	China Merchants Bank Co. Ltd.- H Shares		686,181
	1,003,636	China Petroleum & Chemical Corp. - H Shares		507,482
	451,636	China Railway Construction Corp. Ltd. - H Shares		495,183
	272,758	China Shenhua Energy Co Ltd.- H Shares		487,640
	260,676	CITIC Securities Co. Ltd.- H Shares		503,027
	462,941	CNOOC Ltd.		524,895
	236,834	CSPC Pharmaceutical Group Ltd.		470,460
	405,013	Fosun International Ltd.		513,025
	540,957	Haitong Securities Co. Ltd.- H Shares		493,333
	949,245	Industrial & Commercial Bank of China Ltd. - H Shares		645,278
	152,916	New China Life Insurance Co. Ltd.- H Shares		530,595
	522,755	PICC Property & Casualty Co Ltd.- H Shares		501,009
	51,719	Poly Property Development Co. Ltd.- H Shares(b)		548,045
	11,208	Yum China Holdings, Inc.		543,140
				10,524,086
DENMARK — 0.2%
	4,132	Carlsberg A/S - Class B		521,017
	5,838	Chr Hansen Holding A/S		503,101
	3,783	Coloplast A/S - Class B		598,347
	47,006	Danske Bank A/S(b)		557,783
	7,018	DSV PANALPINA A/S		724,139
	11,431	GN Store Nord A/S		522,594
	24,062	Novo Nordisk A/S - Class B		1,534,696
	10,581	Novozymes A/S - Class B		518,386
				5,480,063
FINLAND — 0.1%
	8,537	Elisa Oyj		518,658

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
FINLAND (continued)
	33,088	Kesko Oyj - B Shares	$	538,456
	8,777	Kone Oyj - Class B		532,085
	18,823	UPM-Kymmene Oyj		521,045
				2,110,244
FRANCE — 0.6%
	6,001	Air Liquide S.A.		763,499
	11,613	Alstom S.A.		475,449
	7,358	Atos SE		524,598
	21,901	BNP Paribas S.A.		688,209
	6,724	Capgemini SE		631,777
	110,364	Credit Agricole S.A.		880,706
	12,591	Edenred		507,349
	801	Hermes International		586,181
	3,387	L’Oreal S.A.		984,703
	4,358	LVMH Moet Hennessy Louis Vuitton SE		1,683,207
	39,593	Peugeot S.A.		567,300
	5,754	Safran S.A.		531,053
	10,824	Sanofi		1,057,930
	2,420	Sartorius Stedim Biotech(b)		580,781
	10,096	Schneider Electric SE		923,380
	33,226	Societe Generale S.A.		519,219
	2,346	Teleperformance		525,744
	30,511	TOTAL S.A.		1,098,360
	6,059	Vinci S.A.		495,992
				14,025,437
GERMANY — 0.3%
	3,105	adidas AG		711,830
	13,005	BASF SE		665,335
	3,483	Bechtle AG		504,589
	3,318	Deutsche Boerse AG		515,409
	17,687	Deutsche Post AG		526,232
	37,029	Deutsche Telekom AG(b)		540,707
	21,181	Evonik Industries AG		521,326
	7,144	Fresenius Medical Care AG & Co KGaA		561,011
	16,886	Fresenius SE & Co KGaA		733,337
	18,375	RWE AG		528,377
	5,961	Siemens AG		553,163
	12,758	Vonovia SE		629,840
				6,991,156
HONG KONG — 0.6%
	164,362	AIA Group Ltd.		1,525,424
	160,499	BOC Hong Kong Holdings Ltd.		493,763
	137,978	China Mengniu Dairy Co. Ltd.		492,111
	121,298	China Mobile Ltd.		977,112
	148,530	China Overseas Land & Investment Ltd.		545,073
	105,259	China Resources Beer Holdings Co. Ltd.		501,686
	120,999	China Resources Land Ltd.		496,326
	230,853	CLP Holdings Ltd.		2,465,608

Shares			Value
HONG KONG (continued)
	77,759	Galaxy Entertainment Group Ltd.	$	506,023
	269,763	Guangdong Investment Ltd.		560,926
	235,684	Hang Lung Properties Ltd.		505,265
	28,351	Hang Seng Bank Ltd.		499,182
	38,087	Hong Kong Exchanges & Clearing Ltd.		1,238,042
	83,706	Sun Hung Kai Properties Ltd.		1,148,832
	67,257	Techtronic Industries Co. Ltd.		512,290
				12,467,663
INDIA — 0.0%
	47,347	Reliance Industries Ltd.		924,305
INDONESIA — 0.0%
	285,062	Bank Central Asia Tbk PT		495,385
	2,732,262	Bank Rakyat Indonesia Persero Tbk PT		501,450
				996,835
IRELAND — 0.2%
	6,829	Accenture Plc - Class A		1,264,663
	7,894	Aptiv Plc		549,028
	16,967	Experian Plc		507,747
	41,178	James Hardie Industries Plc		601,609
	4,491	Jazz Pharmaceuticals Plc(b)		495,133
	16,146	Medtronic Plc		1,576,334
				4,994,514
ISRAEL — 0.1%
	90,540	Bank Hapoalim BM		583,861
	4,719	Check Point Software Technologies Ltd.(b)		498,987
	3,572	Nice Ltd.(b)		594,616
				1,677,464
ITALY — 0.1%
	3,206	DiaSorin SpA		545,617
	78,277	Enel SpA		534,925
	53,245	FinecoBank Banca Fineco SpA		591,656
	336,604	Intesa Sanpaolo SpA		524,901
	30,080	Prysmian SpA		565,980
				2,763,079
JAPAN — 1.9%
	24,494	Aeon Co. Ltd.		495,632
	27,872	Ajinomoto Co, Inc.		497,626
	15,176	Asahi Group Holdings Ltd.		528,894
	30,447	Astellas Pharma, Inc.		506,859
	9,761	Bandai Namco Holdings, Inc.		493,985
	6,160	Chugai Pharmaceutical Co Ltd.		735,308
	36,094	Chugoku Electric Power Co. Inc. (The)		486,343
	3,959	Daikin Industries Ltd.		516,664
	20,175	Daiwa House Industry Co. Ltd.		518,404
	306	Daiwa House REIT Investment Corp. REIT		742,795

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
JAPAN (continued)
	2,200	Disco Corp.	$	499,185
	6,628	East Japan Railway Co.		486,253
	21,649	Fuji Electric Co. Ltd.		523,296
	5,040	Fujitsu Ltd.		494,771
	11,576	Hamamatsu Photonics KK		510,222
	17,393	Hitachi Ltd.		525,283
	6,814	Hoya Corp.		626,445
	25,386	ITOCHU Corp.		502,681
	179	Japan Real Estate Investment Corp. REIT		974,104
	27,295	Japan Tobacco, Inc.		512,377
	9,598	Kao Corp.		743,763
	20,741	KDDI Corp.		600,883
	3,199	Keyence Corp.		1,155,712
	8,962	Kyocera Corp.		482,611
	22,146	Kyowa Hakko Kirin Co. Ltd.		519,626
	9,162	Lawson, Inc.		475,538
	13,348	M3, Inc.		483,844
	25,069	Mitsubishi Corp.		537,285
	41,440	Mitsubishi Electric Corp.		517,638
	31,113	Mitsubishi Estate Co. Ltd.		510,988
	176,748	Mitsubishi UFJ Financial Group, Inc.		715,293
	36,123	Mitsui & Co. Ltd.		509,623
	29,428	Mitsui Fudosan Co. Ltd.		547,893
	11,203	Murata Manufacturing Co Ltd.		628,345
	18,941	Nabtesco Corp.		548,912
	19,327	Nichirei Corp.		483,738
	13,987	Nihon Kohden Corp.		502,445
	147	Nippon Building Fund, Inc. REIT		880,781
	369	Nippon Prologis REIT, Inc. REIT		1,016,413
	23,941	Nippon Telegraph & Telephone Corp.		545,011
	129,917	Nomura Holdings, Inc.		544,534
	20,912	Nomura Research Institute Ltd.		513,276
	45,490	NTT DOCOMO, Inc.		1,334,413
	3,450	Obic Co Ltd.		521,446
	30,997	Olympus Corp.(b)		498,396
	9,162	Omron Corp.		542,984
	29,764	Osaka Gas Co. Ltd.		554,426
	12,666	Otsuka Holdings Co. Ltd.		502,202
	68,307	Panasonic Corp.		526,266
	33,490	Recruit Holdings Co. Ltd.		993,013
	14,579	Seven & I Holdings Co. Ltd.		482,684
	19,102	Shimadzu Corp.		477,928
	4,543	Shin-Etsu Chemical Co Ltd.		508,635
	1,443	SMC Corp.		658,873
	38,244	Softbank Corp.		521,728
	17,798	Sony Corp.		1,149,660
	19,985	Sumitomo Mitsui Financial Group, Inc.		529,631
	19,675	Sumitomo Realty & Development Co. Ltd.		534,158
	13,861	Suntory Beverage & Food Ltd.		523,751

Shares			Value
JAPAN (continued)
	6,040	TDK Corp.	$	527,934
	16,920	Terumo Corp.		563,185
	15,058	Tobu Railway Co. Ltd.		514,258
	9,775	Toho Gas Co. Ltd.		479,118
	10,737	Tokio Marine Holdings, Inc.		508,861
	3,149	Tokyo Electron Ltd.		673,140
	26,746	Tokyo Gas Co. Ltd.		587,682
	12,047	Toyo Suisan Kaisha Ltd.		579,253
	21,805	Toyota Motor Corp.		1,354,444
	13,036	Unicharm Corp.		479,823
	12,356	Yamaha Corp.		504,303
				42,273,474
MALAYSIA — 0.1%
	174,107	Public Bank Berhad		663,226
	172,433	Tenaga Nasional Bhd		490,833
				1,154,059
MEXICO — 0.1%
	897,779	America Movil SAB de CV - Series L		542,370
	191,393	Grupo Financiero Banorte SAB de CV - Series O		523,966
	270,503	Grupo Mexico SAB de CV - Class B		575,216
	207,978	Wal-Mart de Mexico SAB de CV		501,974
				2,143,526
NETHERLANDS — 0.3%
	5,933	ASML Holding NV		1,759,686
	6,325	IMCD Group NV		559,493
	182,680	ING Groep NV		1,002,555
	23,275	Koninklijke Ahold Delhaize NV		565,213
	6,028	NXP Semiconductor NV		600,208
	43,494	Royal Dutch Shell Plc - Class A		725,840
	45,477	Royal Dutch Shell Plc - Class B		736,824
	6,926	Wolters Kluwer NV		509,433
				6,459,252
NORWAY — 0.1%
	36,585	Aker BP ASA		607,426
	32,558	Telenor ASA		499,729
				1,107,155
POLAND — 0.1%
	95,795	Powszechna Kasa Oszczednosci Bank Polski S.A.		508,207
	68,163	Powszechny Zaklad Ubezpieczen S.A.		497,487
				1,005,694
PORTUGAL — 0.0%
	29,180	Jeronimo Martins SGPS S.A.		492,926
QATAR — 0.0%
	134,022	Qatar National Bank QPSC		634,221

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
SINGAPORE — 0.0%
	239,657	CapitaLand Ltd.	$	511,554
SOUTH AFRICA — 0.1%
	113,417	Absa Group Ltd.		558,656
	40,693	Bid Corp Ltd.		530,521
	179,102	MTN Group Ltd.		469,701
	91,432	Standard Bank Group Ltd.		503,787
	78,306	Vodacom Group Ltd.		520,561
				2,583,226
SOUTH KOREA — 0.3%
	3,400	Hyundai Mobis Co. Ltd.		479,954
	18,868	KB Financial Group, Inc.		538,112
	20,414	Kia Motors Corp.		496,758
	1,511	Korea Zinc Co. Ltd.		478,679
	489	LG Household & Health Care Ltd.		556,243
	3,410	NAVER Corp.		552,731
	4,843	POSCO		733,336
	62,568	Samsung Electronics Co Ltd.		2,567,524
	16,412	Samsung Electronics Co Ltd. - Preference		569,089
				6,972,426
SPAIN — 0.2%
	11,639	Amadeus IT Group S.A.		560,184
	173,887	Banco Bilbao Vizcaya Argentaria S.A.		569,187
	353,085	Banco Santander S.A.		788,369
	103,124	Iberdrola S.A.		1,032,901
	18,131	Industria de Diseno Textil S.A.		461,953
	35,361	Red Electrica Corp. S.A.		622,139
				4,034,733
SWEDEN — 0.2%
	22,092	Atlas Copco AB - A Shares		768,352
	16,504	Essity AB - Class B(b)		537,124
	21,264	Hexagon AB - Class B(b)		1,061,707
	41,354	Sandvik AB(b)		641,354
	8,354	Swedish Match AB		518,587
	37,273	Tele2 AB - Class B		483,693
	95,316	Volvo AB - Class B		1,232,522
				5,243,339
SWITZERLAND — 0.9%
	4,324	CHUBB Ltd.		467,035
	61,459	Credit Suisse Group AG		555,598
	718	Georg Fischer AG		535,199
	152	Givaudan S.A.		509,107
	14,558	Logitech International S.A.		701,469
	1,840	Lonza Group AG		803,290
	30,736	Nestle S.A.		3,244,754
	22,675	Novartis AG		1,932,396
	6,629	Roche Holding AG		2,303,753
	3,692	Sika AG		610,839
	2,780	Sonova Holding AG		501,998
	21,677	STMicroelectronics NV		563,227

Shares			Value
SWITZERLAND (continued)
	6,166	Sunrise Communications Group AG(a)	$	493,791
	1,612	Swisscom AG		838,023
	9,569	TE Connectivity Ltd.		702,939
	72,564	Tencent Holdings Ltd.		3,903,152
	52,548	UBS Group AG		562,907
	1,705	Zurich Insurance Group AG		542,809
				19,772,286
TAIWAN — 0.5%
	990,090	Chunghwa Telecom Co. Ltd.		3,645,851
	111,974	Delta Electronics, Inc.		527,176
	211,821	Formosa Chemicals & Fibre Corp.		540,656
	360,464	Hon Hai Precision Industry Co. Ltd.		933,389
	40,925	MediaTek, Inc.		571,146
	518,432	Mega Financial Holding Co. Ltd.		524,769
	231,343	Pegatron Corp.		514,243
	65,338	Realtek Semiconductor Corp.		565,787
	358,582	Taiwan Cement Corp.		520,934
	307,506	Taiwan Semiconductor Manufacturing Co. Ltd.		3,148,843
	222,130	Uni-President Enterprises Corp.		519,161
				12,011,955
TURKEY — 0.0%
	62,319	BIM Birlesik Magazalar AS		493,505
	422,148	Eregli Demir ve Celik Fabrikalari TAS		488,615
				982,120
UNITED KINGDOM — 1.1%
	32,945	Anglo American Plc		587,223
	51,556	Antofagasta Plc(b)		527,917
	2,656	Aon Plc		458,612
	22,834	Ashtead Group Plc(b)		625,514
	15,085	AstraZeneca Plc(b)		1,581,135
	12,041	AVEVA Group Plc		541,411
	83,072	Barratt Developments Plc(b)		543,023
	16,550	Bellway Plc(b)		555,092
	268,454	BP Plc(b)		1,058,641
	27,907	British American Tobacco Plc(b)		1,082,755
	12,009	Coca-Cola European Partners Plc		476,037
	30,291	Compass Group Plc		509,702
	8,733	Croda International Plc		536,979
	25,175	Diageo Plc(b)		871,963
	63,162	easyJet Plc		479,858
	63,266	Fiat Chrysler Automobiles NV		555,752
	48,714	GlaxoSmithKline Plc(b)		1,019,106
	26,328	Hargreaves Lansdown Plc		477,669
	25,790	Imperial Brands Plc(b)		545,378
	11,324	InterContinental Hotels Group Plc		514,591

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	566,525	ITV Plc	$	545,854
	80,024	JD Sports Fashion Plc		533,581
	196,436	Legal & General Group Plc(b)		506,201
	309,179	M&G Plc		514,993
	30,077	Mondi Plc		534,133
	44,623	National Grid Plc		524,818
	9,098	Next Plc		541,546
	37,858	RELX Plc		856,605
	20,617	Rio Tinto Plc(b)		956,753
	26,183	Smith & Nephew Plc(b)		513,787
	34,035	Smiths Group Plc		531,763
	5,637	Spirax-Sarco Engineering Plc		619,667
	33,059	SSE Plc(b)		520,470
	295,914	Taylor Wimpey Plc(b)		548,058
	33,946	Unilever NV		1,695,570
	370,573	Vodafone Group Plc		523,396
				24,015,553
UNITED STATES — 12.9%
	6,236	3M Co.		947,373
	17,453	AbbVie, Inc.		1,434,636
	19,476	ACI Worldwide, Inc.(b)		533,641
	10,169	Activision Blizzard, Inc.		648,070
	6,341	Adobe, Inc.(b)		2,242,431
	6,310	Agilent Technologies, Inc.		483,725
	8,157	Agree Realty Corp. REIT(b)		531,102
	2,755	Air Products & Chemicals, Inc.(b)		621,473
	8,179	Albemarle Corp.(b)		502,436
	4,883	Alexion Pharmaceuticals, Inc.(b)		524,776
	2,640	Align Technology, Inc.(b)		567,204
	13,467	Alliance Data Systems Corp.(b)		674,293
	33,099	Ally Financial, Inc.		542,493
	3,331	Alphabet, Inc. - Class A(b)		4,485,858
	3,640	Alphabet, Inc. - Class C(b)		4,909,122
	6,528	Ameren Corp.(b)		474,912
	6,156	American Electric Power Co, Inc.(b)		511,625
	11,541	American Express Co.(b)		1,053,116
	5,328	American Tower Corp. REIT		1,268,064
	4,563	Ameriprise Financial, Inc.		524,471
	5,588	AmerisourceBergen Corp.(b)		501,020
	8,113	Amgen, Inc.(b)		1,940,792
	4,892	Analog Devices, Inc.(b)		536,163
	2,545	ANSYS, Inc.(b)		666,357
	3,608	Anthem, Inc.(b)		1,012,874
	14,969	AO Smith Corp.		634,386
	47,990	Apple, Inc.(b)		14,099,462
	15,453	Applied Materials, Inc.(b)		767,705
	12,972	ASGN, Inc.(b)		602,550
	7,375	Aspen Technology, Inc.(b)		754,094
	79,653	AT&T, Inc.		2,427,028
	4,971	Autodesk, Inc.(b)		930,223
	5,180	Automatic Data Processing, Inc.(b)		759,854

Shares			Value
UNITED STATES (continued)
	511	AutoZone, Inc.(b)	$	521,384
	4,593	Avery Dennison Corp.(b)		507,021
	7,444	Ball Corp.(b)		488,252
	100,065	Bank of America Corp.(b)		2,406,563
	27,459	Bank OZK		621,123
	10,317	Baxter International, Inc.(b)		915,943
	13,624	Berkshire Hathaway, Inc. - Class B(b)		2,552,593
	2,311	Biogen, Inc.(b)		685,974
	1,173	Bio-Rad Laboratories, Inc. - Class A(b)		516,237
	2,582	Bio-Techne Corp.		580,950
	9,774	Blackbaud, Inc.		540,111
	687	Booking Holdings, Inc.(b)		1,017,152
	18,726	BorgWarner, Inc.(b)		535,002
	33,165	Boyd Gaming Corp.		553,524
	26,217	Bristol-Myers Squibb Co.		1,594,256
	4,541	Broadcom, Inc.		1,233,426
	4,820	Broadridge Financial Solutions, Inc.		559,120
	7,943	Brown-Forman Corp. - Class B		494,055
	295	Cable One, Inc.		564,294
	24,174	Cabot Oil & Gas Corp.		522,642
	6,349	Cadence Design Systems, Inc.(b)		515,094
	9,480	California Water Service Group		425,842
	9,279	Capital One Financial Corp.		600,908
	9,868	Cardinal Health, Inc.		488,269
	7,113	Caterpillar, Inc.		827,811
	14,176	CDK Global, Inc.(b)		556,833
	10,647	Cerner Corp.		738,795
	19,230	Charles Schwab Corp. (The)		725,356
	1,866	Charter Communications, Inc. - Class A(b)		924,099
	1,124	Chemed Corp.		468,225
	16,518	Chevron Corp.		1,519,656
	6,891	Church & Dwight Co., Inc.		482,301
	5,130	Cigna Corp.		1,004,351
	37,820	Cinemark Holdings, Inc.		540,070
	57,384	Cisco Systems, Inc.		2,431,934
	25,699	CIT Group, Inc.		487,767
	38,488	Citigroup, Inc.		1,868,977
	36,964	Citizens Financial Group, Inc.		827,624
	5,549	Citrix Systems, Inc.		804,660
	3,559	Clorox Co. (The)		663,540
	5,513	CME Group, Inc.		982,472
	8,074	CMS Energy Corp.		460,945
	36,188	Coca-Cola Co. (The)		1,660,667
	12,611	Cognizant Technology Solutions Corp. - Class A		731,690
	21,816	Colfax Corp.(b)		562,635
	11,720	Colgate-Palmolive Co.		823,564
	53,643	Comcast Corp. - Class A		2,018,586
	20,383	Comerica, Inc.		710,551
	12,491	CommVault Systems, Inc.(b)		533,241
	14,411	ConocoPhillips		606,703

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	13,756	CoreLogic, Inc.	$	528,506
	5,083	Costco Wholesale Corp.		1,540,149
	4,998	Crown Castle International Corp. REIT		796,831
	15,976	CSX Corp.		1,058,090
	3,370	Cummins, Inc.		550,995
	14,993	CVS Health Corp.		922,819
	8,908	Danaher Corp.		1,456,102
	6,358	Digital Realty Trust, Inc. REIT		950,457
	14,559	Discover Financial Services		625,600
	2,780	Dollar General Corp.		487,334
	6,257	Dominion Energy, Inc.		482,602
	1,397	Domino’s Pizza, Inc.		505,616
	22,799	Domtar Corp.		532,585
	6,159	Duke Energy Corp.		521,421
	31,070	East West Bancorp, Inc.		1,089,625
	6,369	Eaton Corp. Plc		531,812
	23,202	eBay, Inc.		924,136
	3,626	Ecolab, Inc.		701,631
	3,579	Edwards Lifesciences Corp.(b)		778,433
	5,730	Electronic Arts, Inc.(b)		654,710
	10,292	Eli Lilly & Co.		1,591,555
	7,000	Encompass Health Corp.		463,750
	9,546	Entegris, Inc.		517,680
	8,773	Envestnet, Inc.(b)		548,488
	12,234	EOG Resources, Inc.		581,237
	23,530	Equity Commonwealth REIT		798,844
	7,971	Equity LifeStyle Properties, Inc. REIT		480,731
	5,754	Euronet Worldwide, Inc.(b)		527,987
	5,857	Eversource Energy		472,660
	5,402	Extra Space Storage, Inc. REIT		476,672
	31,275	Exxon Mobil Corp.		1,453,349
	3,146	Fair Isaac Corp.(b)		1,110,349
	14,045	Fastenal Co.		508,710
	8,346	Fidelity National Information Services, Inc.		1,100,754
	30,762	Fifth Third Bancorp		574,942
	5,269	Fiserv, Inc.(b)		543,023
	3,986	FleetCor Technologies, Inc.(b)		961,623
	62,601	Flex Ltd.(b)		610,986
	14,691	FLIR Systems, Inc.		637,589
	4,514	Fortinet, Inc.(b)		486,338
	6,157	General Dynamics Corp.		804,227
	12,821	General Mills, Inc.		767,850
	15,095	Gilead Sciences, Inc.		1,267,980
	10,485	Global Payments, Inc.		1,740,720
	6,167	Goldman Sachs Group, Inc. (The)		1,131,151
	10,735	Graco, Inc.		479,425
	5,699	Guidewire Software, Inc.(b)		517,697
	69,024	Halliburton Co.		724,752
	4,377	HCA Healthcare, Inc.		480,945
	6,980	HEICO Corp. - Class A		504,863
	28,983	Helmerich & Payne, Inc.		572,994
	5,601	Hershey Co. (The)		741,740

Shares			Value
UNITED STATES (continued)
	7,464	Hilton Worldwide Holdings, Inc.	$	565,099
	10,620	Home Depot, Inc. (The)		2,334,595
	7,999	Honeywell International, Inc.		1,135,058
	10,987	Hormel Foods Corp.		514,741
	43,153	HP, Inc.		669,303
	1,863	Humana, Inc.		711,331
	1,898	IDEXX Laboratories, Inc.(b)		526,885
	2,402	Illumina, Inc.(b)		766,310
	18,959	Ingersoll Rand, Inc.(b)		551,328
	10,301	Integra LifeScience Holdings Corp.(b)		525,866
	51,928	Intel Corp.		3,114,641
	5,598	Intercontinental Exchange, Inc.		500,741
	10,788	InterDigital, Inc.		623,223
	16,364	International Business Machines Corp.		2,054,664
	5,763	Intuit, Inc.		1,554,915
	2,959	Jack Henry & Associates, Inc.		483,944
	27,530	Johnson & Johnson		4,130,601
	17,103	Johnson Controls International Plc		497,868
	4,683	Jones Lang LaSalle, Inc.		494,431
	33,656	JPMorgan Chase & Co.		3,222,899
	3,606	Kansas City Southern		470,763
	22,789	Kennametal, Inc.		583,626
	5,879	Kimberly-Clark Corp.		814,124
	33,794	Kinder Morgan, Inc.		514,683
	4,318	KLA Corp.		708,541
	15,846	Kroger Co. (The)		500,892
	4,011	L3Harris Technologies, Inc.		776,931
	3,441	Laboratory Corp of America Holdings(b)		565,872
	2,705	Lam Research Corp.		690,532
	3,522	Lancaster Colony Corp.		474,167
	11,627	Las Vegas Sands Corp.		558,329
	5,211	Leidos Holdings, Inc.		514,899
	11,794	Lennar Corp. - Class A		590,526
	3,817	LHC Group, Inc.(b)		496,172
	20,085	Liberty Media Corp-Liberty Formula One - Class C(b)		646,536
	17,062	Lincoln National Corp.		605,189
	4,093	Lockheed Martin Corp.		1,592,423
	11,710	Lowe’s Cos, Inc.		1,226,623
	9,259	LPL Financial Holdings, Inc.		557,577
	8,634	Manhattan Associates, Inc.(b)		612,496
	20,325	Marathon Petroleum Corp.		652,026
	6,382	Marriott Vacations Worldwide Corp.		529,706
	19,326	Marvell Technology Group Ltd.		516,777
	12,569	Masco Corp.		515,832
	2,504	Masimo Corp.(b)		535,631
	10,357	Mastercard, Inc. - Class A		2,847,864
	10,066	Maxim Integrated Products, Inc.		553,429
	7,949	McDonald’s Corp.		1,490,914

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	3,567	McKesson Corp.	$	503,839
	29,989	Merck & Co., Inc.		2,379,327
	861	Mettler-Toledo International, Inc.(b)		619,868
	35,591	MGM Resorts International		598,997
	6,913	Microchip Technology, Inc.		606,477
	13,054	Micron Technology, Inc.(b)		625,156
	80,188	Microsoft Corp.		14,370,491
	6,216	Mohawk Industries, Inc.(b)		545,268
	2,965	Molina Healthcare, Inc.(b)		486,171
	22,811	Mondelez International, Inc. - Class A		1,173,398
	2,705	Monolithic Power Systems, Inc.		540,757
	9,056	Monster Beverage Corp.(b)		559,751
	7,082	Moody’s Corp.		1,727,300
	31,159	Morgan Stanley		1,228,599
	3,187	Motorola Solutions, Inc.		458,322
	2,311	MSCI, Inc.		755,697
	31,666	Mylan NV(b)		531,039
	67,673	Navient Corp.		515,668
	26,237	NCR Corp.(b)		538,383
	11,941	NetApp, Inc.		522,658
	93,494	New Residential Investment Corp. REIT		569,378
	17,482	Newmont Corp.		1,039,829
	11,161	NextEra Energy Partners LP		561,287
	8,521	NextEra Energy, Inc.		1,969,374
	12,129	NIKE, Inc. - Class B		1,057,406
	6,704	Norfolk Southern Corp.		1,147,054
	2,259	Northrop Grumman Corp.		746,984
	24,913	NortonLifeLock, Inc.		529,900
	41,008	Norwegian Cruise Line Holdings Ltd.(b)		672,531
	6,269	Novanta Inc.(b)		544,713
	26,726	Nuance Communications, Inc.(b)		539,865
	6,332	NVIDIA Corp.		1,850,717
	36,419	ON Semiconductor Corp.(b)		584,343
	31,583	Oracle Corp.		1,672,952
	1,365	O’Reilly Automotive, Inc.(b)		527,354
	7,448	PACCAR, Inc.		515,625
	7,571	Paychex, Inc.		518,765
	6,394	Pegasystems, Inc.		534,666
	36,078	Penn National Gaming, Inc.(b)		642,910
	14,373	PepsiCo, Inc.		1,901,404
	55,923	Pfizer, Inc.		2,145,206
	18,486	Philip Morris International, Inc.		1,379,056
	8,554	Phillips 66		625,896
	6,564	Pioneer Natural Resources Co.		586,231
	68,788	Plains GP Holdings LP - Class A		632,162
	5,624	PRA Health Sciences, Inc.(b)		542,716
	15,255	Premier, Inc. - Class A(b)		505,856
	24,554	Procter & Gamble Co. (The)		2,894,180
	13,289	Progress Software Corp.		543,653
	7,542	Prologis, Inc. REIT		672,973

Shares			Value
UNITED STATES (continued)
	8,566	PTC, Inc.(b)	$	593,196
	9,308	Public Service Enterprise Group, Inc.		472,009
	3,920	Public Storage REIT		726,964
	11,158	PVH Corp.		549,308
	12,685	QUALCOMM, Inc.		997,929
	5,337	Quest Diagnostics, Inc.		587,657
	12,742	Raytheon Technologies Corp.(b)		825,809
	8,356	RealPage, Inc.(b)		538,878
	1,259	Regeneron Pharmaceuticals, Inc.(b)		662,083
	3,254	ResMed, Inc.		505,411
	12,886	Rollins, Inc.		515,440
	2,302	Roper Technologies, Inc.		785,051
	13,636	Royal Caribbean Cruises Ltd.		637,756
	6,353	Saia, Inc.(b)		587,780
	1,616	SBA Communications Corp. REIT		468,511
	32,904	Schlumberger Ltd.		553,445
	6,225	Science Applications International Corp.		508,334
	9,770	Seagate Technology PLC		488,012
	989	Sherwin-Williams Co. (The)		530,470
	32,103	Six Flags Entertainment Corp.		642,381
	5,273	Skyworks Solutions, Inc.		547,759
	8,862	Southern Co. (The)		502,741
	13,151	Spectrum Brands Holdings, Inc.		566,282
	13,330	SS&C Technologies Holdings, Inc.		735,283
	10,648	Starbucks Corp.		817,021
	15,690	State Street Corp.		989,098
	10,271	Stericycle, Inc.(b)		501,225
	2,895	SVB Financial Group(b)		559,227
	32,435	Synchrony Financial		641,889
	4,789	Synopsys, Inc.(b)		752,448
	4,044	Take-Two Interactive Software, Inc.(b)		489,526
	6,555	Target Corp.(b)		719,346
	7,766	Teradyne, Inc.		485,686
	14,345	Texas Instruments, Inc.		1,665,024
	18,457	Textron, Inc.		486,527
	14,116	Timken Co. (The)		530,479
	12,876	TJX Cos., Inc. (The)		631,568
	5,448	Tractor Supply Co.		552,591
	1,454	TransDigm Group, Inc.		527,918
	4,848	Travelers Cos Inc. (The)(b)		490,666
	19,336	Trimble, Inc.(b)		669,606
	10,835	TriNet Group, Inc.(b)		530,590
	15,405	Truist Financial Corp.		574,915
	1,672	Tyler Technologies, Inc.(b)		536,194
	8,107	Tyson Foods, Inc. - Class A		504,174
	2,365	Ulta Beauty, Inc.(b)		515,381
	9,648	Union Pacific Corp.		1,541,654
	4,825	United Rentals, Inc.(b)		620,013
	4,865	United Therapeutics Corp.(b)		533,009

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	11,140	UnitedHealth Group, Inc.	$	3,258,116
	13,141	Universal Forest Products, Inc.		540,358
	3,090	Vail Resorts, Inc.		528,390
	9,961	Valero Energy Corp.		631,029
	2,420	VeriSign, Inc.(b)		506,966
	3,301	Verisk Analytics, Inc.		504,492
	44,725	Verizon Communications, Inc.		2,569,451
	20,449	Visa, Inc. - Class A		3,654,645
	28,817	Vistra Energy Corp.		563,084
	3,709	VMware, Inc. - Class A(b)		487,808
	11,317	Walgreens Boots Alliance, Inc.		489,913
	18,231	Walmart, Inc.		2,215,978
	5,064	Waste Management, Inc.		506,501
	2,516	Waters Corp.(b)		470,492
	2,945	WD-40 Co.		513,255
	6,925	WEC Energy Group, Inc.		627,059
	46,145	Wells Fargo & Co.		1,340,512
	10,194	Welltower, Inc. REIT		522,239
	20,906	WESCO International, Inc.(b)		540,838
	2,961	West Pharmaceutical Services, Inc.		560,399
	16,393	Westrock Co.		527,691
	9,588	WEX, Inc.(b)		1,268,684
	25,258	Weyerhaeuser Co. REIT		552,392
	12,745	WR Grace & Co.		601,946
	1,795	WW Grainger, Inc.		494,666
	7,597	Xcel Energy, Inc.		482,865
	6,080	Yum! Brands, Inc.		525,494
	2,448	Zebra Technologies Corp. - Class A(b)		562,208
	4,978	Zimmer Biomet Holdings, Inc.		595,867
				294,438,459
Total Common Stocks (Cost $490,595,720)				515,695,810

MASTER LIMITED PARTNERSHIPS — 0.0%
UNITED STATES — 0.0%
	71,233	Plains All American Pipeline LP		628,987
Total Master Limited Partnerships (Cost $501,794)				628,987
EXCHANGE-TRADED FUNDS — 3.1%
UNITED STATES — 3.1%
	1,909,506	iShares MSCI Emerging Markets ETF		69,964,300
Total Exchange-Traded Funds (Cost $82,884,541)				69,964,300

Contracts
CALL OPTIONS PURCHASED — 0.3%
	40,000	Energy Select Sector SPDR Fund, Strike $51.21, Expires 06/19/20, (Notional amount $2,048,400)		$	40,000
	15,000	SPDR Gold Shares, Strike $161.00, Expires 06/19/20, (Notional amount $2,415,000)			5,925,000
Total Call Options Purchased (Cost $10,816,484)					5,965,000

Principal Amount
BANK LOANS — 0.8%
UNITED STATES — 0.8%
$	3,363,636	Caliber Home Loans, Inc., (LIBOR + 3.000%), 0.00%, 04/24/21(c)(d)			3,312,845
	5,093,049	Lstar 19-1 Securities Financing, (LIBOR + 2.000%), 2.44%, 05/30/22(c)(d)			5,093,049
	7,925,774	Rntr Seer Financing, (LIBOR + 2.380%), 4.49%, 12/20/21(c)(d)			7,905,959
	2,867,042	Roundpoint Mortgage Servicing Corp., (LIBOR + 3.380%), 3.38%, 08/27/20(c)(d)			2,652,014
Total Bank Loans (Cost $19,249,501)					18,963,867

CORPORATE BONDS — 2.3%
AUSTRALIA — 0.0%			��
$	425,000	Macquarie Bank Ltd., 6.63%, 04/07/21(e)			440,755
BERMUDA — 0.1%
	1,250,000	Ooredoo International Finance Ltd., 5.00%, 10/19/25(e)			1,383,438
BRAZIL — 0.1%
	1,500,000	CSN Resources SA, 6.50%, 07/21/20(e)			1,470,000
CAYMAN ISLANDS — 0.4%
	4,565,210	Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%, 6.45%, 02/12/23(a)(f)			4,336,949
	2,000,000	DP World Crescent Ltd., 4.85%, 09/26/28(e)			1,918,000
	360,000	Emaar Sukuk Ltd., 3.88%, 09/17/29			308,009
	750,000	Itau Unibanco Holding SA, 5.13%, 05/13/23(e)			772,500

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	1,000,000	Itau Unibanco Holding SA/Cayman Island, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.981%, 6.13%, 06/12/68(e)(g)	$	927,500
	1,000,000	MAF Global Securities Ltd., 4.75%, 05/07/24		973,000
	1,000,000	MAF Global Securities Ltd., (5 yr. Swap Semi 30/360 US + 3.476%, 5.50%, 09/07/68(g)		772,336
	190,236	SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 12/05/22(e)(h)		173,117
				10,181,411
COLOMBIA — 0.1%
	2,100,000	Bancolombia SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.929%, 4.88%, 10/18/27(g)		1,850,645
	850,000	Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(e)		850,009
				2,700,654
GUATEMALA — 0.1%
	2,000,000	Central American Bottling Corp., 5.75%, 01/31/27(e)		1,960,000
HONG KONG — 0.1%
	1,600,000	Bank of East Asia Ltd. (The), (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.834%, 5.50%, 06/02/68(g)		1,528,000
INDIA — 0.1%
	810,000	Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(e)		686,673
	780,000	Adani Ports & Special Economic Zone Ltd., 4.38%, 07/03/29(e)		666,573
	500,000	Delhi International Airport Ltd., 6.13%, 02/03/22		482,612
				1,835,858
ISRAEL — 0.1%
	785,000	Bank Leumi Le-Israel BM, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.631%, 3.28%, 01/29/31(a)(g)		725,536
	1,500,000	Israel Electric Corp. Ltd., 4.25%, 08/14/28(a)		1,578,750
				2,304,286

Principal Amount			Value
JAPAN — 0.1%
$	1,500,000	SoftBank Group Corp., 5.50%, 04/20/23	$	1,467,582
LUXEMBOURG — 0.0%
	276,000	Ultrapar International SA, 5.25%, 10/06/26(e)		257,287
MAURITIUS — 0.0%
	772,000	UPL Corp. Ltd., 4.50%, 03/08/28		709,897
SAUDI ARABIA — 0.0%
	1,570,000	Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(e)		1,358,050
SINGAPORE — 0.1%
	1,500,000	Jubilant Pharma Ltd., 6.00%, 03/05/24		1,411,697
SOUTH KOREA — 0.1%

	550,000	KDB Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity +7.50%, 11/21/68(g)		527,439
	200,000	Kia Motors Corp., 3.50%, 10/25/27(e)		196,344
	1,500,000	Kyobo Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.091%, 3.95%, 01/01/00(e)(g)		1,485,000
				2,208,783
SWITZERLAND — 0.0%
	225,000	Credit Suisse AG, 6.50%, 08/08/23(e)		237,226
UNITED ARAB EMIRATES — 0.0%
	619,034	Emirates Airline, 4.50%, 02/06/25(e)		550,940
UNITED KINGDOM — 0.0%
	758,000	MARB BondCo Plc, 7.00%, 03/15/24(e)		740,945
UNITED STATES — 0.9%
	1,600,000	Alcon Finance Corp., 3.00%, 09/23/29(a)		1,665,867
	280,122	Ambac Assurance Corp., 5.10%, 06/07/20(a)		372,561
	700,000	Constellation Brands, Inc., 4.75%, 12/01/25		779,961
	1,550,000	Deutsche Bank AG/New York NY, 3.15%, 01/22/21		1,547,839
	750,000	Deutsche Bank AG/New York NY, 4.25%, 10/14/21		754,897
	1,075,000	Diamondback Energy, Inc., 5.38%, 05/31/25		1,025,676

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,875,000	Ford Motor Credit Co. LLC, 4.06%, 11/01/24	$	1,631,250
	225,000	Hanesbrands, Inc., 5.38%, 05/15/25(a)		225,000
	1,150,000	iStar, Inc., REIT, 4.75%, 10/01/24		960,250
	250,000	Kraft Heinz Foods Co., 4.88%, 02/15/25(a)		257,016
	1,575,000	Plains All American Pipeline LP / PAA Finance Corp., 3.60%, 11/01/24		1,480,315
	1,990,000	Rockies Express Pipeline LLC, 3.60%, 05/15/25(a)		1,795,975
	1,725,000	Rockies Express Pipeline LLC, 4.95%, 07/15/29(a)		1,529,385
	1,950,000	Rockies Express Pipeline LLC, 4.80%, 05/15/30(a)		1,667,250
	3,395,000	Southern Star Central Corp., 5.13%, 07/15/22(a)		3,236,795
	1,475,000	Wabtec Corp., 4.40%, 03/15/24		1,480,916
	42,119,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(d)		0
	21,131,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(d)		0
	9,840,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(d)		0
	3,000,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(d)		0
				20,410,953
Total Corporate Bonds (Cost $56,880,212)				53,157,762

ASSET-BACKED SECURITIES — 28.9%
CAYMAN ISLANDS — 8.4%
Collateralized Loan Obligations — 7.7%
	11,750,000	Adams Mill CLO Ltd., Series 2014-1A,Class F, (3 mo. LIBOR US + 5.690%), 6.91%, 07/15/26(a)(f)		6,628,961
	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.700%), 6.84%, 04/20/31(a)(f)		603,123
	1,500,000	BlueMountain CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 5.450%), 6.76%, 04/13/27(a)(f)		1,174,226

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class DR, (3 mo. LIBOR US + 4.350%), 5.34%, 04/27/27(a)(f)	$	686,620
	911,452	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR US + 8.500%), 9.64%, 07/20/32(a)(f)		597,682
	17,550,000	CBAM CLO Management, Series 2019-10A, Class SUB, 0.00%, 04/20/32(a)(i)		9,503,207
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 0.00%, 01/20/31(a)(i)		5,869,972
	11,500,000	Jackson Mill CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.000%), 6.22%, 04/15/27(a)(f)		8,226,514
	20,000,000	Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 0.00%, 04/15/27(a)(i)		2,583,864
	7,400,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, (3 mo. LIBOR US + 8.150%), 9.29%, 10/20/31(a)(f)		3,405,402
	1,250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.000%), 6.22%, 01/15/28(a)(f)		863,478
	6,000,000	Romark CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.650%), 7.69%, 10/23/30(a)(f)		4,344,267
	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 0.00%, 10/23/30(a)(i)		1,946,192
	15,100,000	Romark CLO Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 6.250%), 7.24%, 07/25/31(a)(f)		10,265,812
	5,000,000	Romark CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/25/31(a)(i)		2,381,468
	125,000,000	Romark Credit Funding I Ltd., Series 2020-1A, Class SUB, 0.00%, 04/28/38(a)(i)		104,900,188
	6,375,000	THL Credit Wind River CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/15/30(a)(i)		3,140,313
	1,000,000	Westcott Park CLO Ltd., (3 mo. LIBOR US + 3.250%), 4.39%, 07/20/28(a)(f)		866,555
	4,500,000	York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.400%), 7.54%, 10/20/29(a)(f)		2,870,236

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	4,000,000	York CLO-3 Ltd., Series 2016-1A,Class SUB, 0.00%, 10/20/29(a)(i)	$	1,253,181
	6,375,000	York CLO-3 Ltd., Series 2018-1A,Class SUB, 0.00%, 10/22/31(a)(i)		2,777,318
				174,888,579
Other Asset-Backed Securities — 0.7%
	1,000,000	ALM Loan Funding Ltd., Series 2013-7RA, Class DR, (3 mo. LIBOR US + 7.140%), 8.36%, 10/15/28(a)(f)		722,185
	2,000,000	ALM Loan Funding Ltd., Series 2015-16A, Class DR2, (3 mo. LIBOR US + 5.100%), 6.32%, 07/15/27(a)(f)		1,380,587
	5,000,000	Atrium VIII, Series 8A, Class SUB, 0.00%, 10/23/24(a)(i)		321,628
	2,000,000	Atrium XII, Series 12A, Class ER, (3 mo. LIBOR US + 5.250%), 6.35%, 04/22/27(a)(f)		1,377,430
	12,131,250	Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/47(a)(i)		6,932,177
	2,000,000	Madison Park Funding XVI, Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.500%), 6.64%, 04/20/26(a)(f)		1,515,393
	7,500,000	Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR US + 8.100%), 9.24%, 04/20/31(a)(f)		3,361,802
				15,611,202
				190,499,781
UNITED STATES — 20.5%
Collateralized Loan Obligations — 0.3%
	3,604,030	Ari Investments LLC, 4.61%, 01/06/25(d)		2,218,122
	3,146,133	Ari Investments LLC, 4.55%, 01/30/25(d)		2,831,520
	2,438,878	CWHEQ Revolving Home Equity Loan Trust, Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 0.99%, 05/15/36(f)		2,242,977

Principal Amount			Value
UNITED STATES (continued)
Collateralized Loan Obligations (continued)
$	1,500,000	RMF Buyout Issuance Trust, Series 2019-1, Class M5, 6.00%, 07/25/29(a)(d)(i)	$	1,222,560
				8,515,179
Collateralized Mortgage Obligations — 0.6%
	13,171,296	ChaseFlex Trust, Series 2007-1, Class 2A7, 6.00%, 02/25/37		8,077,798
	1,935,000	RMF Buyout Issuance Trust, Series 2020-1, Class M5, 6.00%, 02/25/30(a)(d)(i)		1,532,675
	11,124,833	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A, 6.00%, 10/25/36(a)		4,258,257
				13,868,730
Other Asset-Backed Securities — 19.6%
	4,406,709	Ajax Mortgage Loan Trust, Series 2017-D, Class A, 3.75%, 12/25/57(a)		4,120,718
	1,431,017	Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(d)(i)		755,004
	2,468,483	Ajax Mortgage Loan Trust, Series 2018-A, Class A, 3.85%, 04/25/58(a)		2,175,941
	769,691	Ajax Mortgage Loan Trust, Series 2018-A, Class B, 0.00%, 04/25/58(a)		337,790
	6,917,989	Ajax Mortgage Loan Trust, Series 2018-D, Class A, 3.75%, 08/25/58(a)(i)		6,650,977
	1,824,312	Ajax Mortgage Loan Trust, Series 2018-D, Class B, 0.00%, 08/25/58(a)(d)(i)		866,731
	1,312,500	Ajax Mortgage Loan Trust, Series 2018-E, Class B, 5.25%, 06/25/58(a)(d)(i)		1,050,000
	3,274,532	Ajax Mortgage Loan Trust, Series 2018-E, Class C, 0.00%, 06/25/58(a)(i)		2,243,405
	1,498,613	Ajax Mortgage Loan Trust, Series 2018-F, Class B, 5.25%, 11/25/58(a)(d)(i)		1,198,891
	3,539,742	Ajax Mortgage Loan Trust, Series 2018-F, Class C, 0.00%, 11/25/58(a)		1,876,045
	16,775,558	Ajax Mortgage Loan Trust, Series 2018-G, Class A, 4.38%, 06/25/57(a)(i)		16,376,574
	2,100,000	Ajax Mortgage Loan Trust, Series 2018-G, Class B, 5.25%, 06/25/57(a)(d)(i)		1,470,000

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,365,481	Ajax Mortgage Loan Trust, Series 2018-G, Class C, 0.00%, 06/25/57(a)(d)	$	5,088,085
	18,295,413	Ajax Mortgage Loan Trust, Series 2019-A, Class-A, 3.75%, 08/25/57(a)(i)		18,438,591
	2,450,000	Ajax Mortgage Loan Trust, Series 2019-A, Class-B, 5.25%, 08/25/57(a)(i)		1,987,736
	6,127,642	Ajax Mortgage Loan Trust, Series 2019-A, Class-C, 0.00%, 08/25/57(a)(d)		4,861,671
	9,802,150	Ajax Mortgage Loan Trust, Series 2019-B, Class A, 3.75%, 01/25/59(a)(i)		9,873,756
	2,100,000	Ajax Mortgage Loan Trust, Series 2019-B, Class B, 5.25%, 01/25/59(a)(d)(i)		1,470,000
	5,377,564	Ajax Mortgage Loan Trust, Series 2019-B, Class C, 0.00%, 01/25/59(a)(d)		4,427,348
	6,779,546	Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.95%, 10/25/58(a)(i)		6,741,814
	14,679,118	Ajax Mortgage Loan Trust, Series 2019-G, Class A, STEP, 3.00%, 09/25/59(a)		12,520,772
	2,927,374	Ajax Mortgage Loan Trust, Series 2019-G, Class B, STEP, 4.25%, 09/25/59(a)		2,234,913
	7,494,458	Ajax Mortgage Loan Trust, Series 2019-G, Class C, 0.00%, 09/25/59(a)		5,181,975
	45,155,257	Ajax Mortgage Loan Trust, Series 2020-A, Class A, STEP, 2.38%, 12/25/59(a)(d)		44,906,903
	4,328,402	Ajax Mortgage Loan Trust, Series 2020-A, Class B, STEP, 3.50%, 12/25/59(a)(d)		4,298,103
	11,700,000	Ajax Mortgage Loan Trust, Series 2020-A, Class C, 0.00%, 12/25/59(a)(d)		6,922,890
	10,862,995	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.480%), 0.97%, 05/25/35(f)		9,038,531
	4,672,528	Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1, (1 mo. LIBOR US + 0.460%), 0.95%, 01/25/36(f)		2,856,721

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	6,015,564	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. LIBOR US + 0.420%), 0.91%, 01/25/36(f)	$	3,483,610
	5,740,000	Bank of America Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(i)		3,535,318
	5,000,000	Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.50%, 12/10/25(i)		2,453,398
	9,802,117	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 1.44%, 05/28/39(a)(f)		8,554,911
	2,164,364	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 1.74%, 05/28/39(a)(f)		1,836,238
	3,421,991	Bayview Financial Revolving Asset Trust, Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 1.44%, 02/28/40(a)(f)		2,841,589
	2,050,862	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 1.44%, 12/28/40(a)(f)		1,757,221
	4,307,271	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR US + 0.930%), 1.37%, 12/28/40(a)(f)		3,447,110
	1,808,462	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 1.17%, 12/25/35(f)		1,617,933
	2,950,595	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR US + 0.350%), 0.84%, 03/25/36(f)		353,891
	2,950,595	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR US + 0.350%), 0.84%, 03/25/36(f)		353,891
	5,261,801	Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR US + 0.140%), 0.63%, 12/25/36(f)		5,309,882

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,790,504	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/15/30(i)	$	1,100,317
	3,553,597	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/15/30(i)		979,589
	2,534,740	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/15/30(i)		898,437
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR US + 0.420%), 0.91%, 02/25/37(f)		3,334,310
	6,467,258	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1, (1 mo. LIBOR US + 0.500%), 0.99%, 02/25/37(f)		3,405,503
	4,844,132	Cascade MH Asset Trust, Series 2019-MH1, Class A, 4.00%, 11/25/44(a)(i)		4,957,982
	11,192,746	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(i)		4,073,720
	2,606,851	Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(i)		2,345,679
	2,682,242	Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(i)		2,548,958
	2,533,397	Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(i)		1,539,614
	2,858,073	Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(i)		1,675,010
	2,687,478	Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 6.05%, 05/25/36		2,576,798
	732,384	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 0.65%, 09/25/46(f)		697,419
	5,418,366	Countrywide Asset-Backed Certificates, Series 2006-22, Class M1, (1 mo. LIBOR US + 0.230%), 0.72%, 05/25/47(f)		2,459,158

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,641,001	Countrywide Asset-Backed Certificates, Series 2006-26, Class S1, (1 mo. LIBOR US + 0.250%), 0.74%, 06/25/37(f)	$	3,171,741
	369,194	Countrywide Asset-Backed Certificates, Series 2006-S4, Class A4, 5.93%, 07/25/34(i)		372,357
	1,258,080	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 1.11%, 12/15/33(a)(f)		1,194,088
	973,568	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR US + 0.240%), 1.05%, 02/15/30(a)(f)		856,460
	750,322	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 1.00%, 05/15/35(a)(f)		666,441
	2,900,477	Credit-Based Asset Servicing & Securitization LLC, Series 2007-CB6, Class A4, (1 mo. LIBOR US + 0.340%), 0.83%, 07/25/37(a)(f)		1,979,621
	8,974,373	CWABS Asset-Backed Certificates Trust, Series 2006-18, Class M1, (1 mo. LIBOR US + 0.300%), 0.79%, 03/25/37(f)		5,105,504
	6,879,000	Finance of America Structured Securities Trust, Series 2019-HB1, Class M5, 6.00%, 04/25/29(a)(d)(i)		6,215,177
	2,363,434	First Franklin Mortgage Loan Trust, Series 2003-FF4, Class-M1, (1 mo. LIBOR US + 1.800%), 2.78%, 10/25/33(f)		2,199,519
	4,885,773	First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR US + 0.360%), 1.49%, 03/25/36(f)		3,352,162
	9,124,442	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR US + 0.250%), 0.74%, 07/25/36(f)		5,315,933
	4,155,113	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 0.89%, 01/25/36(f)		2,226,408

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,455,289	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR US + 0.150%), 0.64%, 03/25/37(f)	$	2,505,701
	1,500,000	Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR US + 0.410%), 0.90%, 11/25/35(f)		1,174,886
	1,007,159	GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR US + 0.500%), 0.99%, 02/25/36(f)		944,088
	538,176	GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR US + 0.320%), 0.80%, 11/25/36(f)		520,016
	6,655,392	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(i)		4,911,901
	2,463,906	GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.350%), 0.84%, 12/25/35(f)		888,659
	10,499,406	GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. LIBOR US + 0.180%), 0.67%, 03/25/36(f)		4,432,352
	485,226	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(i)		267,913
	3,566,000	GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. LIBOR US + 2.250%), 2.74%, 02/25/47(f)		3,362,932
	4,375,000	Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 0.64%, 05/25/37(f)		3,505,654
	5,457,219	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.88%, 12/25/36		2,664,581
	1,048,461	Invitation Homes Trust, Series 2017-SFR2, Class D, (1 mo. LIBOR US + 1.800%), 2.55%, 12/17/36(a)(f)		967,681
	1,468,996	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(a)		1,407,802
	6,000,000	Legacy Mortgage Asset Trust, Series 2018-SL1, Class M, 4.50%, 02/25/58(a)(i)		5,855,539
	6,804,995	Legacy Mortgage Asset Trust, Series 2019-SL1, Class A, 4.00%, 12/28/54(a)(i)		6,503,264

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,050,382	Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 0.00%, 02/25/59(a)(d)	$	386,497
	1,900,000	Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(a)(d)(i)		1,463,000
	3,826,433	Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(i)		3,909,073
	323,546	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 0.58%, 06/25/37(a)(f)		229,217
	9,805,138	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, (1 mo. LIBOR US + 0.300%), 0.79%, 06/25/37(a)(f)		7,126,399
	6,658,373	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A2, (1 mo. LIBOR US + 0.200%), 0.69%, 06/25/37(a)(f)		4,394,487
	1,116,056	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR US + 0.110%), 0.60%, 11/25/36(f)		416,490
	5,923,677	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 0.65%, 10/25/36(f)		2,070,599
	3,090,243	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 3.74%, 03/25/32(f)		3,038,619
	4,203,434	Mastr Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR US + 0.320%), 0.81%, 03/25/36(f)		598,026
	3,088,562	Merit Securities Corp., Series 13, Class M2, STEP, 7.33%, 12/28/33		2,567,483
	10,544,491	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR US + 0.250%), 0.74%, 10/25/37(f)		4,275,739
	1,302,227	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, (1 mo. LIBOR US + 0.240%), 0.73%, 06/25/36(f)		804,885
	7,231,353	Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 0.62%, 11/25/36(f)		3,629,154

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,549,840	Morgan Stanley Capital I, Series 2006-NC2, Class M1, (1 mo. LIBOR US + 0.360%), 0.85%, 02/25/36(f)	$	2,746,028
	4,877,356	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36		1,777,638
	1,780,109	Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, STEP, (1 mo. LIBOR US + 0.300%), 0.79%, 03/25/36(f)		1,731,873
	3,200,000	Nationstar HECM Loan Trust, Series 2018-2A, Class M4, 5.06%, 07/25/28(a)(d)(i)		3,015,168
	5,000,000	Nationstar HECM Loan Trust, Series 2019-2A, Class M4, 5.68%, 11/25/29(a)(d)(i)		4,479,000
	8,000,000	Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR US + 0.300%), 0.79%, 03/25/37(f)		5,252,043
	5,668,092	New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR US + 0.450%), 0.94%, 12/25/35(f)		3,679,413
	2,122,137	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 0.89%, 10/25/36(a)(f)		1,911,443
	2,018,395	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		1,859,987
	10,207,805	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(i)		3,935,869
	8,572,117	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(i)		1,731,006
	5,947,218	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(i)		1,340,924
	6,795,981	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(i)		1,716,588
	747,694	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(i)		532,328
	3,805,688	Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/15/32(i)		3,542,104
	925,750	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(i)		927,168

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(a)	$	3,424,333
	2,955,985	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 5.25%, 07/25/35		2,105,175
	1,000,000	Progress Residential Trust, Series 2019-SFR3, Class F, 3.87%, 09/17/36(a)		831,657
	3,000,000	Progress Residential Trust, Series 2019-SFR4, Class F, 3.68%, 10/17/36(a)		2,466,613
	2,000,000	Residential Asset Securities Corp, Series 2006-KS4, Class M2, (1 mo. LIBOR US + 0.290%), 0.78%, 06/25/36(f)		1,559,101
	3,825,000	Residential Asset Securities Corp., Class M4, (1 mo. LIBOR US + 0.580%), 1.07%, 11/25/35(f)		2,415,542
	1,787,325	SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR US + 0.260%), 0.75%, 07/25/36(f)		1,718,605
	4,312,804	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR US + 0.320%), 0.81%, 09/25/36(f)		2,416,401
	8,466,301	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 0.78%, 01/25/47(f)		5,134,064
	3,078,183	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR US + 0.270%), 0.76%, 02/25/37(f)		1,999,142
	11,547,642	Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR US + 0.250%), 0.74%, 07/25/36(f)		5,426,266
	3,998,760	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR US + 0.450%), 0.94%, 11/25/35(f)		2,024,616
	4,372,231	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR US + 0.500%), 0.99%, 07/25/35(f)		2,147,873
	1,975,048	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR US + 0.440%), 0.93%, 02/25/37(f)		1,112,132

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	10,000,000	Towd Point Mortgage Trust, Series 2019-SJ2, Class M1, 4.50%, 11/25/58(a)(i)	$	9,973,057
	1,837,000	Tricon American Homes Trust, Series 2019-SFR1, Class F, 3.75%, 03/17/38(a)		1,409,824
	9,659,392	Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 0.89%, 06/25/37(a)(f)		3,605,682
				445,536,082
				467,919,991
Total Asset-Backed Securities (Cost $825,348,767)				658,419,772

NON-AGENCY MORTGAGE-BACKED SECURITIES — 17.1%
COLLATERALIZED MORTGAGE OBLIGATIONS — 15.0%
	708,437	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.79%, 07/25/35(i)		639,501
	2,122,731	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.90%, 03/25/37(i)		1,611,522
	1,518,689	Ajax Mortgage Loan Trust, Series 2018-B, Class A, 3.75%, 02/26/57(a)(d)		1,351,633
	955,323	Ajax Mortgage Loan Trust, Series 2018-B, Class B, 0.00%, 02/26/57(a)		258,568
	32,584,824	Ajax Mortgage Loan Trust, Series 2019-E, Class A, STEP, 3.00%, 09/25/59(a)		28,918,376
	3,512,199	Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP, 4.88%, 09/25/59(a)		2,745,846
	8,358,279	Ajax Mortgage Loan Trust, Series 2019-E, Class C, 0.00%, 09/25/59(a)(d)		3,790,480
	1,901,500	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.83%, 09/25/46(f)		1,570,951
	1,633,804	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1,STEP, 6.25%, 06/25/37		1,423,244
	12,533,958	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 3.94%, 07/31/57(a)(i)		4,267,439

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,956,952	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 0.89%, 01/25/37(f)	$	1,321,049
	294,780	Banc of America Funding Corp., Series 2005-F, Class 6A1, 3.92%, 09/20/35(i)		253,891
	616,772	Banc of America Funding Corp., Series 2006-A, Class 3A2, 3.83%, 02/20/36(i)		526,209
	607,170	Banc of America Funding Corp., Series 2006-E, Class 2A1, 4.39%, 06/20/36(i)		524,803
	1,827,388	Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37		1,887,544
	3,279,382	Banc of America Funding Corp., Series 2015-R3, Class 1A2, 1.41%, 03/27/36(a)(i)		2,354,462
	594,336	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.99%, 10/25/35(i)		548,444
	3,816,963	BCAP LLC, Series 2012-RR3, Class 1A5, 6.50%, 12/26/37(a)(i)		3,121,794
	1,295,721	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12,Class 23A1, 3.71%, 02/25/36(i)		1,188,247
	319,717	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6,Class 5A1, 4.03%, 08/25/35(i)		277,662
	446,613	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.04%, 05/25/47(i)		398,882
	1,759,294	Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 0.93%, 04/25/36(f)		2,201,065
	3,805,361	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 0.81%, 11/25/36(f)		3,933,657
	1,776,879	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 0.77%, 08/25/36(f)		1,701,368
	1,245,851	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 0.79%, 11/25/36(f)		1,153,071
	2,240,032	CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 5.76%, 07/25/39(a)		1,678,448
	4,617,788	Chase Mortgage Finance Trust,Series 2007-S6, Class 1A1, 6.00%, 12/25/37		3,071,552

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,774,318	Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(a)(i)	$	1,768,855
	2,350,910	CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 1.89%, 08/25/35(f)		1,839,420
	3,170,687	CHL Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1, 3.41%, 03/25/37(i)		2,639,252
	3,166,667	Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37		2,688,854
	3,646,913	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		3,031,475
	289,191	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 4.22%, 05/25/35(i)		271,521
	211,096	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 4.04%, 06/25/36(i)		180,633
	3,945,398	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(a)		3,078,214
	509,428	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		458,518
	1,064,723	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 0.79%, 08/25/35(f)		919,079
	7,394,226	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 5.500%), 5.01%, 11/25/35(f)		1,634,628
	594,953	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.71%, 12/25/35(i)		546,894
	96,617	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 2.87%, 12/25/35(f)		84,028
	1,560,585	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 0.94%, 05/25/35(f)		1,307,698
	893,115	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		702,498
	3,299,105	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 0.84%, 05/25/36(f)		1,361,658

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS(continued)
$	2,082,754	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36	$	1,382,085
	4,037,182	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		2,700,159
	1,378,175	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 0.84%, 08/25/36(f)		644,152
	1,378,175	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 7.150%), 6.66%, 08/25/36(f)		388,905
	1,420,705	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36		982,354
	1,425,062	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 0.89%, 03/25/36(f)		627,313
	4,002,884	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		2,689,792
	1,527,433	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		1,128,283
	1,105,988	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		812,103
	1,398,402	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		1,040,778
	3,197,556	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		2,379,821
	6,095,284	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, (1 mo. LIBOR US + 0.340%), 0.83%, 02/25/37(f)		3,140,495
	3,047,642	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, (1 mo. LIBOR US + 6.600%), 6.11%, 02/25/37(f)		770,349
	189,363	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		178,234
	537,240	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 0.89%, 05/25/36(f)		419,670
	3,340,036	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		2,112,454

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,881,302	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.49%, 11/20/46(f)	$	2,067,019
	5,738,353	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 3.60%, 11/25/46(f)		4,379,092
	2,913,694	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 0.68%, 11/25/46(f)		2,370,612
	4,019,163	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.850%), 2.72%, 11/25/46(f)		3,157,519
	4,299,419	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 0.91%, 03/20/47(f)		3,246,400
	958,350	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 0.70%, 05/25/36(f)		776,988
	3,553,547	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 0.67%, 04/25/46(f)		2,703,983
	2,320,217	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		1,570,526
	2,337,024	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,620,745
	1,161,943	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		824,198
	4,903,729	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		2,900,461
	4,497,320	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		3,084,581
	1,073,061	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		624,668
	533,952	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.21%, 11/25/36		600,328

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	10,304,664	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 2.71%, 03/25/47(f)	$	7,721,215
	471,698	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 0.67%, 04/25/47(f)		148,110
	2,000,710	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 0.73%, 08/25/47(f)		1,679,838
	1,794,451	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		1,376,064
	1,457,760	Countrywide Alternative Resecuritization, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		1,158,716
	1,617,545	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.31%, 01/25/36(i)		1,344,707
	417,756	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		385,807
	11,441,068	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.83%, 04/01/46(f)		4,754,419
	3,304,237	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 0.69%, 04/25/46(f)		2,757,180
	816,735	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 0.91%, 07/25/36(a)(f)		700,481
	2,177,378	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38		1,611,272
	22,340	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		20,056
	2,583,725	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		2,267,714
	7,025,598	Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(a)		3,754,709

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	10,255,496	Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class B3, 18.43%, 09/27/66(a)(d)	$	5,640,523
	4,054,492	Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class PT2, 0.00%, 03/25/59(a)(d)		1,581,252
	9,664,809	Credit Suisse Mortgage Trust Mortgage-Backed Trust, 0.00%, 02/01/47(d)		9,386,945
	2,906,874	Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(i)		1,082,761
	4,106,689	Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 4.00%, 04/27/37(a)(i)		3,081,695
	7,000,000	Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 1.10%, 10/27/36(a)(f)		4,677,852
	33,895	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 1.31%, 03/27/36(a)(f)		33,844
	6,557,595	Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 1.84%, 11/25/35(f)		1,346,012
	624,618	GMACM Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.89%, 11/19/35(i)		536,179
	4,281,744	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 0.84%, 01/25/35(a)(f)		3,664,528
	1,577,374	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 0.84%, 01/25/36(a)(f)		1,228,680
	431,406	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.09%, 01/25/35(i)		391,659
	88,721	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		201,029
	3,369,650	GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, 6.50%, 08/25/36		1,781,750
	117,433	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		120,473
	546,473	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.03%, 01/25/36(i)		496,251

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	759,818	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37	$	624,800
	6,089,478	GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, 2.83%, 06/25/47(i)		4,147,951
	2,705,850	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 0.97%, 07/19/47(f)		2,111,766
	5,000,000	Headlands Residential LLC, Series 2019-RPL1, Class NOTE, STEP, 3.97%, 06/25/24(a)		4,500,531
	680,763	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 3.40%, 04/25/37(i)		583,740
	27,870,379	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 2.22%, 07/25/47(i)		1,924,441
	2,689,899	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR US + 0.270%), 0.76%, 06/25/37(f)		2,313,149
	7,291,042	JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37		3,781,838
	1,903,585	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.38%, 10/25/37(i)		1,327,642
	66,067	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		65,718
	3,145,889	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 1.64%, 12/25/37(f)		2,662,904
	8,995,574	LSTAR Securities Investment Trust, Series 2019-1, Class A1, (1 mo. LIBOR US + 1.700%), 2.07%, 03/01/24(a)(f)		8,653,965
	5,901,308	MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37		3,396,940
	3,343,188	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(a)		3,115,123
	1,755,980	MASTR Resecuritization Trust, Series 2008-3, Class A1, 1.38%, 08/25/37(a)(i)		1,001,945
	565,763	MCM Capital LLC Trust, Series 2018-NPL1, Class A, 4.00%, 05/28/58(a)		570,349
	2,130,181	MCM Capital LLC Trust, Series 2018-NPL1, Class B, 0.00%, 05/28/58(a)		1,684,956

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	9,974,800	MCM Capital LLC Trust, Series 2018-NPL2, Class B, 0.00%, 10/25/28(a)(d)	$	3,021,367
	6,456,340	MCM Trust, Series 2018-NPL2, Class A, STEP, 4.00%, 10/25/28(a)(d)		6,465,379
	3,480,065	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 0.70%, 04/25/37(f)		2,719,624
	1,481,759	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.87%, 05/25/36(i)		1,246,122
	641,095	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		479,998
	5,391,880	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 2.15%, 05/26/37(a)		4,436,893
	1,238,084	Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 1.11%, 07/26/45(a)(f)		1,170,584
	4,332,697	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(a)		3,278,234
	1,917,830	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(a)		1,445,940
	803,061	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		721,215
	4,969,901	Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5, (1 mo. LIBOR US + 0.550%), 1.04%, 01/25/37(f)		3,519,955
	133,737	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		126,413
	2,994,275	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 5.04%, 08/25/36(i)		2,111,683
	11,023,679	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(a)(h)		1,248,543
	18,989,044	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 0.93%, 07/25/56(a)(i)		2,545,173
	4,829,659	Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 2.22%, 11/25/57(i)		2,992,135
	9,140,360	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 1.85%, 08/25/57(a)(i)		3,005,761

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,035,207	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 3.76%, 05/25/35(i)	$	1,622,537
	2,881,483	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.70%, 04/25/36(i)		2,079,620
	4,169,856	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 0.71%, 05/25/46(f)		2,021,831
	2,192,802	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 0.67%, 09/25/47(f)		2,049,112
	3,562,548	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 0.84%, 06/25/35(a)(f)		2,951,322
	946,328	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 3.85%, 04/25/37(i)		735,999
	290,409	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 3.86%, 04/25/37(i)		209,178
	730,283	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 2.21%, 06/25/47(f)		648,506
	30,339,250	Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 3.38%, 02/25/38(a)(i)		9,926,132
	836,716	Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 0.89%, 04/26/37(a)(f)		823,956
	9,441,415	WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 2A, (Cost of Funds for the 11th District of San Franciso + 1.250%), 2.24%, 05/25/47(f)		8,041,270
	1,141,004	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		1,007,620
	4,444,145	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		1,619,531
	5,986,823	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36		4,531,396

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,129,170	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.61%, 07/25/37(i)	$	912,211
	1,636,320	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.83%, 08/25/46(f)		1,054,162
	1,117,304	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, (1 mo. LIBOR US + 0.320%), 0.81%, 03/25/37(f)		901,644
	9,334,571	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 6.680%), 6.19%, 03/25/37(f)		1,445,935
	1,978,071	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8, (1 mo. LIBOR US + 0.540%), 1.03%, 03/25/37(f)		1,614,544
	1,778,527	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9, (1 mo. LIBOR US + 0.490%), 0.98%, 03/25/37(f)		1,451,434
	2,572,637	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.13%, 03/25/38(i)		2,241,201
				342,380,639
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1%
	1,304,125	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 0.96%, 01/25/36(a)(f)		1,138,365
	1,112,535	Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR US + 0.500%), 0.99%, 01/25/36(a)(f)		963,624
	1,709,038	Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR US + 0.870%), 1.36%, 07/25/36(a)(f)		1,421,775
	8,506,420	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 0.94%, 09/25/37(a)(f)		6,506,698
	7,628,500	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 1.99%, 10/25/37(a)(f)		4,641,259

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	10,127,000	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 1.99%, 12/25/37(a)(f)	$	8,735,084
	4,777,003	BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR US + 2.650%), 3.46%, 10/15/36(a)(f)		4,346,407
	2,399,123	Velocity Commercial Capital Loan Trust, Series 2014-1, Class M7, 8.36%, 09/25/44(a)(i)		1,982,733
	3,881,000	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 8.66%, 04/25/46(a)(i)		3,690,741
	3,055,000	Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(a)(i)		2,065,406
	3,495,273	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(a)(i)		3,150,364
	980,459	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(a)(i)		819,252
	1,889,129	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(a)(i)		1,777,128
	2,784,134	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(a)(i)		2,565,318
	3,059,893	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(a)(i)		2,668,112
	1,590,845	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(a)(i)		1,255,590
				47,727,856
Total Non-Agency Mortgage-Backed Securities (Cost $437,768,799)				390,108,495

U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.2%

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%
	1,365,930	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 10.49%, 07/25/29(f)		775,814
	3,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2018-DNA1, Class B1, 3.64%, 07/25/30(f)		1,930,895

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2018-SPI2, Class M2, 3.81%, 05/25/48(a)(i)	$	1,649,290
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $6,209,825)				4,355,999
U.S. GOVERNMENT AGENCIES — 1.5%

Federal Home Loan Bank — 1.5%
	34,000,000	1.51%, 05/05/20(h)(j)		33,999,660
Total U.S. Government Agencies (Cost $33,994,144)				33,999,660
U.S. GOVERNMENT SECURITIES — 0.2%

U.S. Treasury Bills — 0.2%
	5,000,000	1.50%, 05/28/20(h)(j)		4,999,794
Total U.S. Government Securities (Cost $4,994,384)				4,999,794

Shares
CASH SWEEP — 20.0%

UNITED STATES — 20.0%
	453,911,013	Citibank - US Dollars on Deposit in Custody Account, 0.12%(k)		453,911,013
Total Cash Sweep (Cost $453,911,013)				453,911,013

INVESTMENT COMPANY — 0.0%

UNITED STATES — 0.0%
	490	Federated Government Reserves Fund		490
Total Investment Company (Cost $490)				490

TOTAL INVESTMENTS — 97.1% (Cost $2,423,155,674)			$	2,210,170,949

OTHER ASSETS IN EXCESS OF LIABILITIES — 2.9%				65,176,726
NET ASSETS — 100.0%			$	2,275,347,675

(a)	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 $664,658,508, which is 29.21% 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 (b) below.
(b)	Non-income producing security.
(c)	Variable rate security. Rate shown is the rate in effect as of

	April 30, 2020.
(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $150,880,791 which is 6.63% of net assets and the cost is $159,547,977.
(e)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(f)	Floating rate security. Rate shown is the rate in effect as of April 30, 2020.
(g)	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 April 30, 2020.
(h)	Zero coupon bond. The rate represents the yield at time of purchase.
(i)	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 April 30, 2020.
(j)	The rate represents the annualized yield at time of purchase.
(k)	The rate shown represents the current yield as of April 30, 2020.

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Description	Call/Put	Counterparty	Strike Price	Units	Expiration Date	Notional Amount (000)		Value

Options Written
SPDR Gold Shares	Call	SG Cowen SEC Corp.	172.00	258,000	06/19/2020	$	15	$	(2,310,000	)
Energy Select Sector SPDR	Call	Macro Risk Advisors	55.00	220,000	06/19/2020		40		(200,000	)

Total Options Written (Premiums received $(4,881,857))								$	(2,510,000	)

Description	Call/Put	Counterparty	Strike Price	Units		Expiration Date	Notional Amount (000)		Value

Structured Options

Equity Options
EURO STOXX 50	Call	Credit Suisse International	3,451.74	59,680		12/18/2020	$	205,000	$	1,980,364
S&P 500 Index	Call	Goldman Sachs International	2,472.56	81,697		05/15/2020		202,000		35,525,283
Euro STOXX 50	Call	Credit Suisse International	3,730.00	27,225		06/19/2020		101,500		2,378
Euro STOXX 50	Put	Credit Suisse International	3,685.00	27,225		06/19/2020		100,300		602,022
Nikkei 225 Index	Call	Societe Generale	22,854.80	4,423		05/08/2020		100,100		3,839
S&P 500 Index	Call	Barclays Bank PLC	2,825.50	27,074		06/19/2020		76,500		4,886,315
United States Oil Fund	Call	Goldman Sachs International	11.50	44,498		07/17/2020		512		15,236
									$	43,015,437
S&P 500 Index	Call	JPMorgan Chase Bank, N.A.	19.35	(500,000	)	12/18/2020		9,000		(16,439,959	)
Nikkei 225 Index	Put	Societe Generale	22,628.50	(4,423	)	05/08/2020		100,000		(10,760,327	)
Euro STOXX 50	Put	Credit Suisse International	3,685.00	(27,225	)	06/19/2020		100,300		(20,847,683	)
									$	(48,047,969	)
Total Structured Options (Net premiums paid $35,309,690)									$	(5,032,532	)

Description

Counterparty

Number of Contracts

Expiration Date

Dispersion Strike

Payment Frequency

Notional
Amount
(000)

Value

Basket Options

Palladium on U.S. Stock - paying cumulative performance dispersion of underlying equities above 33.80% at expiry.

Citigroup Global Markets Inc

1,000,000

03/18/2022

33.80%

At Maturity

100,000

6,796,900

Palladium on U.S. Stock - paying cumulative performance dispersion of underlying equities above 29.00% at expiry.

Societe Generale

1,000,000

11/19/2021

29.00%

At Maturity

100,000

6,648,000

Total Basket Options
(Net premiums paid $6,200,000)

13,444,900

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

The following table represents the individual equities underlying the Share Basket Option with Societe Generale, as of period end:

Underlying Equities	Notional Amount (000)		% of Basket Value
Advanced Micro Devices		5,000		5.0	%
Cardinal Health, Inc.		5,000		5.0	%
Conocophillips		5,000		5.0	%
CVS Health Corp		5,000		5.0	%
First Republic Bank/CA		5,000		5.0	%
Fifth Third Bancorp		5,000		5.0	%
Goldman Sachs Group, Inc.		5,000		5.0	%
Hess Corp.		5,000		5.0	%
Incyte Corp.		5,000		5.0	%
Intercontinental Exchange In.		5,000		5.0	%
Kellogg Co.		5,000		5.0	%
Kroger Co.		5,000		5.0	%
Marathon Petroleum Corp.		5,000		5.0	%
Mccormick & Co.		5,000		5.0	%
Mondelez International, Inc. - Class A		5,000		5.0	%
Salesforce.com, Inc.		5,000		5.0	%
Skyworks Solutions, Inc.		5,000		5.0	%
Valero Energy Corp.		5,000		5.0	%
Vertex Pharmaceuticals, Inc.		5,000		5.0	%
Western Digital Corp.		5,000		5.0	%
		100,000		100	%

The following table represents the individual equities underlying the Share Basket Option with Citigroup Global Markets, Inc., as of period end:

Underlying Equities	Notional Amount (000)		% of Basket Value
American Airlines Group, Inc.		5,263		5.3	%
Aptiv PLC		5,263		5.3	%
Baker Hughes Co.		5,263		5.3	%
Boeing Co. (The)		5,263		5.3	%
Bristol-Myers Squibb Co.		5,263		5.3	%
Caterpillar, Inc.		5,263		5.3	%
Celanese Corp.		5,263		5.3	%
CenturyLink, Inc.		5,263		5.3	%
Facebook, Inc.		5,263		5.3	%
Freeport-McMoRan, Inc.		5,263		5.3	%
Netflix, Inc.		5,263		5.3	%
Noble Energy, Inc.		5,263		5.3	%
NVIDA Corp.		5,263		5.3	%
QUALCOMM, Inc.		5,263		5.3	%
Servicenow, Inc.		5,263		5.3	%
SVB Financial Corp.		5,263		5.3	%
Vertex Pharmaceuticals, Inc.		5,263		5.3	%
Vulcan Materials Corp.		5,263		5.3	%
WABTEC Corp.		5,263		5.3	%
		100,000		100	%

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Reference Entity	Variance/ Volatility Strike Price	Counterparty	Payment/ Expiration Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)

Variance/Volatility/Total Return Swaps
Total return swap with Barclays Bank PLC receiving total return of the MSCI ACWI Index over the initial equity level of 241.60 and paying a floating amount of -0.35% with quarterly payments until expiration date, expiring 07/27/20 (Notional amount USD 326,000,000).	N/A	Barclays Bank PLC	07/27/2020		326,000		$	4,631,369			—	$	4,631,369
NKY 225 Index Societe Generale receiving an amount if the volatility of Nikkei 225 Index is under 21.35 and paying an amount if the volatility of Nikkei 225 Index is over 21.35 at expiration date	21.35	Societe Generale	09/11/2020		500	*		5,292,459			—		5,292,459
S&P 500 Index Societe Generale receiving an amount if the volatility of the S&P 500 Index is under 21.10 and paying an amount if the volatility of the S&P 500 Index is over 21.10 at expiration date	21.10	Societe Generale	12/18/2020		1,000	*		11,537,532			—		11,537,532
USD/JPY Citbank N.A. paying an amount if the volatility of USD/JPY foreign exchange rate is over 6.70 and receiving an amount if the volatility of USD/JPY foreign exchange rate is under 6.70 at expiration date	6.70	Citigroup Global Markets Inc	04/15/2021		1,000	*		469,446			—		469,446
												$	21,930,806
NKY 225/S&P 500 Index Societe Generale receiving an amount if the volatility of Nikkei 225 Index is under 17.90 and paying an amount if the volatility of S&P 500 Index is over 17.20 at expiration date	17.90/17.20	Societe Generale	06/19/2020		1,000	*		(8,831,260	)		—		(8,831,260	)
HSCEI /S&P 500 Index Societe Generale receiving an amount if the volatility of HSCEI Index is under 21.35 and paying an amount if the volatility of S&P 500 Index is over 16.40 at expiration date	21.35/16.40	Societe Generale	06/19/2020		1,000	*		(15,223,840	)		—		(15,223,840	)
BXIIC 10T Barclays receiving variance of the Shiller Barclays Cape US total return Index over the target volatility of 11.00 and paying variance of the Shiller Barclays Cape US total return Index under the target volatility of 11.00 at expiration date	11.00	Barclays Bank PLC	07/27/2020		500	*		(1,318,182	)		—		(1,318,182	)

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of investments- (Continued)	*April 30, 2020*
	*(Unaudited)*

Reference Entity	Variance/ Volatility Strike Price	Counterparty	Payment/ Expiration Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
NKY 225/S&P 500 Index Societe Generale receiving an amount if the volatility of Nikkei 225 Index is under 18.80 and paying an amount if the volatility of S&P 500 Index is over 18.70 at expiration date	18.80/18.70	Societe Generale	09/11/2020		500	*	$	(9,966,410	)		—	$	(9,966,410	)
NKY 225/S&P 500 Index Societe Generale receiving variance of the S&P 500 Index over the target volatility of 21.35 and paying variance of the S&P 500 Index under the target volatility of 20.80 at expiration date	21.35/20.80	Societe Generale	09/18/2020		500	*		(13,025,173	)		—		(13,025,173	)
HSCEI /S&P 500 Index Societe Generale paying an amount if the volatility of HSCEI Index is over 20.20 and receiving an amount if the volatility of SPX 500 Index is under 18.15 at expiration date	20.20/18.15	Societe Generale	09/29/2020		500	*		(12,219,550	)		—		(12,219,550	)
BXIIC 10T Barclays receiving variance of the Shiller Barclays Cape US total return Index over the target volatility of 11.00 and paying variance of the Shiller Barclays Cape US total return Index under the target volatility of 11.00 at expiration date	11.00	Barclays Bank PLC	10/03/2020		500	*		(568,182	)		—		(568,182	)
USD/CHF JPMorgan Chase Bank N.A. paying variance of the USD/CHF over the target volatility of 8.35 and receiving variance of the USD/CHF under the target volatility of 8.35 at expiration date	8.35	JPMorgan Chase Bank, N.A.	12/08/2020		1,000	*		(1,884,717	)		—		(1,884,717	)
CHF/USD Goldman Sachs International receiving an amount if the volatility of CHF/USD foreign exchange rate is under 8.30 and paying an amount if the volatility of CHF/USD foreign exchange rate is over 8.30 at expiration date	8.30	Goldman Sachs International	12/14/2020		1,000	*		(1,915,752	)		—		(1,915,752	)
S&P 500 Composite Stock Price Index Societe Generale receiving an amount if the volatility of the S&P 500 Composite Stock Price Index is under 44.65 and paying an amount if the volatility of the S&P 500 Composite Stock Price Index is over 44.65 at expiration date	44.65	Societe Generale	12/18/2020		1,000	*		(4,249,760	)		—		(4,249,760	)
HSCEI /S&P 500 Index Societe Generale paying an amount if the volatility of HSCEI Index is over 21.70 and receiving an amount if the volatility of SPX 500 Index is under 17.00 at expiration date	21.70/17.00	Societe Generale	12/18/2020		1,000	*		(16,847,270	)		—		(16,847,270	)

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Reference Entity	Variance/ Volatility Strike Price	Counterparty	Payment/ Expiration Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
HSCEI /S&P 500 Index UBS AG paying an amount if the volatility of HSCEI Index is over 22.60 and receiving an amount if the volatility of S&P 500 Index is under 18.00 at expiration date	22.60/18.00	UBS AG	12/30/2020		1,000	*		(15,210,125	)		—		$	(15,210,125	)
Hang Seng China Ent Index Societe Generale receiving an amount if the volatility of the Hang Seng China Ent Index is under 28.4 and paying an amount if the volatility of the Hang Seng China Ent Index is over 28.4 at expiration date	28.40	Societe Generale	03/30/2021		500	*		(665,702	)		—			(665,702	)
Total return swap with Barclays Bank PLC receiving total return of the Barclays US Intermediate Treasury Index over the initial equity level of 2083.22 and paying a floating amount of 0.15% with quarterly payments until expiration date, expiring 05/24/21 (Notional amount USD 200,000,000).	N/A	Barclays Bank PLC	05/24/2021		200,000			(278,230	)		(246,806	)		(31,424	)
													$	(101,957,347	)
Total Variance/Volatility/Total Return Swaps													$	(80,026,541	)

*	Vega Notional

Forward foreign currency exchange contracts outstanding at April 30, 2020:

Currency Sold		Currency Purchased		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
CNH	77,458,100	EUR	10,000,000	Citigroup Global Markets Inc	05/27/20	$	28,354
EUR	10,000,000	CNH	77,540,095	Citigroup Global Markets Inc	05/27/20		(16,778	)

Total Forward Foreign Currency Exchange Contracts						$	11,576

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	*April 30, 2020*
	*(Unaudited)*

The following abbreviations are used in the report:

CHF — Swiss Franc

CLO — Collateralized Loan Obligation

CNY — Chinese Yuan

ETF — Exchange Traded Fund

EUR — Euro

HSCEI — Hang Seng China Enterprise Index

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International Index

NKY — NIKKEI Index

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipts

SPX — S&P Index

S&P GSCI — Goldman Sachs Commodity Index

STEP — Step Coupon Bond

USD — U.S. Dollar

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		28.9	%
Collateralized Mortgage Obligations		15.0
Commercial Mortgage-Backed Securities		2.1
Communication Services		1.8
Consumer Discretionary		1.8
Consumer Staples		2.2
Diversified Financials		0.8
Energy		1.3
Financials		3.0
Health Care		3.1
Industrials		2.4
Information Technology		5.4
Materials		1.0
Real Estate		1.0
Telecommunication Services		0.1
U.S. Government Agencies and Securities		1.7
Utilities		1.0
Other*		27.4
		100.0	%

Includes cash and equivalents, options, exchange traded funds, rights/warrants, structured options, investment companies, U.S. Government agencies and securities, bank loans, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	April 30, 2020 (Unaudited)

Principal Amount			Value
CORPORATE BONDS — 20.1%
Banks — 4.8%
$	1,750,000	Banco Santander Chile, 2.50%, 12/15/20(a)	$	1,755,249
	2,800,000	Banco Santander SA, 3.85%, 04/12/23		2,905,865
	6,000,000	Bank of America Corp., (3 mo. LIBOR US + 0.810%), 3.37%, 01/23/26(b)		6,402,946
	2,000,000	Bank of Montreal, 3.10%, 04/13/21		2,041,693
	3,675,000	Bank of New York Mellon Corp. (The), 1.60%, 04/24/25		3,727,957
	5,000,000	BNP Paribas SA, 2.95%, 05/23/22(a)		5,085,413
	5,785,000	Citigroup, Inc., (3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28(b)		6,169,680
	5,065,000	Credit Suisse AG/New York NY, 2.10%, 11/12/21		5,118,583
	3,030,000	JPMorgan Chase & Co., 3.20%, 06/15/26		3,229,630
	5,885,000	JPMorgan Chase & Co., (3 mo. LIBOR US + 1.260%), 4.20%, 07/23/29(b)		6,657,644
	5,000,000	Mizuho Financial Group, Inc., (3 mo. LIBOR US + 1.000%), 3.92%, 09/11/24(b)		5,323,708
	2,685,000	Morgan Stanley, 2.80%, 06/16/20		2,689,887
	4,400,000	Morgan Stanley, 3.88%, 04/29/24		4,745,939
	3,500,000	PNC Bank NA, 2.70%, 10/22/29		3,623,112
	4,500,000	Royal Bank of Canada, 3.35%, 10/22/21(a)		4,664,180
	2,200,000	Sumitomo Mitsui Financial Group, Inc., 2.72%, 09/27/29		2,244,251
	2,000,000	Svenska Handelsbanken AB, 1.88%, 09/07/21		2,015,094
	6,000,000	Truist Bank, 1.25%, 03/09/23		5,987,588
				74,388,419
Communication Services — 1.4%
	5,720,000	Comcast Corp., 4.15%, 10/15/28		6,695,890
	1,715,000	Discovery Communications LLC, 2.95%, 03/20/23		1,764,685
	6,000,000	Omnicom Group, Inc., 3.65%, 11/01/24		6,376,064

Principal Amount			Value
Communication Services (continued)
$	5,930,000	Verizon Communications, Inc., 4.13%, 03/16/27	$	6,883,158
				21,719,797
Consumer Discretionary — 1.7%
	2,460,000	Carnival Corp., 3.95%, 10/15/20		2,389,468
	2,000,000	Costco Wholesale Corp., 1.38%, 06/20/27		2,011,519
	1,000,000	Dollar General Corp., 3.50%, 04/03/30		1,098,174
	4,000,000	Estee Lauder Cos., Inc. (The), 2.60%, 04/15/30		4,169,535
	5,000,000	Lowe’s Cos, Inc., 2.50%, 04/15/26		5,194,111
	4,205,000	McDonald’s Corp. MTN, 3.30%, 07/01/25		4,581,396
	2,500,000	VF Corp., 2.05%, 04/23/22		2,526,424
	3,890,000	Walmart, Inc., 3.40%, 06/26/23		4,199,950
				26,170,577
Consumer Staples — 2.1%
	5,000,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 02/01/26		5,447,965
	5,870,000	Costco Wholesale Corp., 2.15%, 05/18/21		5,974,916
	5,000,000	Diageo Capital PLC, 2.63%, 04/29/23		5,211,344
	5,000,000	Mondelez International Holdings Netherlands BV, 2.13%, 09/19/22(a)		5,079,291
	1,450,000	NIKE, Inc., 2.40%, 03/27/25		1,527,826
	1,000,000	PepsiCo., Inc., Class B, 1.63%, 05/01/30		994,049
	1,250,000	Procter & Gamble Co. (The), 2.45%, 03/25/25		1,339,313
	6,000,000	Tyson Foods, Inc., 2.25%, 08/23/21		6,079,043
				31,653,747
Diversified Financials — 1.7%
	3,950,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 05/15/21		3,833,733
	2,000,000	Air Lease Corp., 2.30%, 02/01/25		1,732,260
	1,760,000	American Express Co., 3.70%, 08/03/23		1,867,278

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
Diversified Financials (continued)
$	2,690,000	General Motors Financial Co., Inc., 2.90%, 02/26/25	$	2,437,730
	3,070,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 0.780%), 1.54%, 10/31/22(c)		3,023,326
	3,065,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 1.000%), 2.02%, 07/24/23(c)		3,009,568
	5,000,000	Magna International, Inc., 3.63%, 06/15/24		5,215,491
	2,470,000	National Rural Utilities Cooperative Finance Corp. MTN, 2.90%, 03/15/21		2,513,074
	2,350,000	Visa, Inc., 1.90%, 04/15/27		2,431,443
				26,063,903
Energy — 0.8%
	2,840,000	Energy Transfer Operating LP, 5.88%, 01/15/24		2,957,125
	3,380,000	Occidental Petroleum Corp., 2.70%, 08/15/22		2,940,599
	5,170,000	Sabine Pass Liquefaction LLC, 5.88%, 06/30/26		5,518,340
				11,416,064
Health Care — 2.2%
	5,010,000	AbbVie, Inc., 2.50%, 05/14/20		5,011,854
	4,000,000	AbbVie, Inc., 2.60%, 11/21/24(a)		4,162,029
	5,000,000	Anthem, Inc., 3.65%, 12/01/27		5,460,109
	5,000,000	Bristol-Myers Squibb Co., 2.88%, 08/15/20(a)		5,025,997
	3,000,000	Bristol-Myers Squibb Co., 2.90%, 07/26/24(a)		3,246,890
	5,000,000	HCA, Inc., 5.00%, 03/15/24		5,423,862
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		5,495,295
				33,826,036
Industrials — 1.3%
	3,875,000	General Dynamics Corp., 3.63%, 04/01/30		4,465,616
	6,185,000	Northrop Grumman Corp., 2.55%, 10/15/22		6,402,094
	2,000,000	Otis Worldwide Corp., (3 mo. LIBOR US + 0.450%), 2.09%, 04/05/23(a)(c)		1,946,494

Principal Amount			Value
Industrials (continued)
$	2,522,000	Precision Castparts Corp., 3.25%, 06/15/25	$	2,741,822
	3,725,000	Roper Technologies, Inc., 2.80%, 12/15/21		3,799,873
				19,355,899
Information Technology — 1.8%
	1,000,000	Adobe, Inc., 1.70%, 02/01/23		1,025,662
	5,000,000	Apple, Inc., 2.40%, 05/03/23		5,241,288
	3,090,000	Hewlett Packard Enterprise Co., 2.25%, 04/01/23		3,135,391
	3,000,000	Intel Corp., 3.40%, 03/25/25		3,317,479
	5,071,000	Microsoft Corp., 2.40%, 08/08/26		5,473,146
	5,000,000	Oracle Corp., 2.50%, 05/15/22		5,144,683
	4,000,000	VMware, Inc., 4.50%, 05/15/25		4,218,868
				27,556,517
Insurance — 0.3%
	5,000,000	Metropolitan Life Global Funding I, 2.40%, 01/08/21(a)		5,047,517
Materials — 0.8%
	5,000,000	Air Products and Chemicals, Inc., 1.50%, 10/15/25		5,044,466
	2,500,000	Carrier Global Corp., 2.49%, 02/15/27(a)		2,395,093
	5,000,000	DuPont de Nemours, Inc., 4.21%, 11/15/23		5,405,442
				12,845,001
Real Estate — 0.1%
	2,000,000	American Tower Corp. REIT, 2.40%, 03/15/25		2,060,000
Utilities — 1.1%
	2,390,000	Berkshire Hathaway Energy Co., 2.38%, 01/15/21		2,410,627
	1,250,000	Consolidated Edison Co. of New York, Inc., 3.35%, 04/01/30		1,374,839
	1,500,000	Duke Energy Corp., 3.55%, 09/15/21		1,537,690
	4,180,000	Florida Power & Light Co., 2.75%, 06/01/23		4,411,025
	1,000,000	Florida Power & Light Co., 2.85%, 04/01/25		1,083,571

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
Utilities (continued)
$	1,000,000	Southern California Edison Co., 2.85%, 08/01/29	$	1,030,633
	5,000,000	Xcel Energy, Inc., 3.30%, 06/01/25		5,357,194
				17,205,579
Total Corporate Bonds (Cost $300,035,460)				309,309,056

ASSET-BACKED SECURITIES — 2.7%
CANADA — 0.4%
Other Asset-Backed Securities — 0.4%
	1,962,768	Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class A3, 3.00%, 11/19/21(a)		1,971,734
	1,584,123	Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(a)		1,568,590
	3,000,000	Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, 03/15/23(a)		3,047,508
				6,587,832
CAYMAN ISLANDS — 1.2%
Collateralized Loan Obligations — 1.2%
	2,977,829	Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 2.49%, 04/24/29(a)(c)		2,915,950
	3,306,178	Black Diamond CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.450%), 2.58%, 02/06/26(a)(c)		3,292,492
	662,400	Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 2.28%, 10/17/26(a)(c)		660,181
	4,000,000	Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 2.44%, 04/20/30(a)(c)		3,855,073
	5,000,000	THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.230%), 2.37%, 07/20/30(a)(c)		4,798,612
	2,462,133	Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.950%), 2.13%, 07/16/27(a)(c)		2,406,809
				17,929,117

Principal Amount			Value
UNITED STATES — 1.1%
Other Asset-Backed Securities — 1.1%
	230,023	Ally Auto Receivables Trust, Series 2017-2, Class A3, 1.78%, 08/16/21	$	230,115
	383,675	CarMax Auto Owner Trust, Series 2017-2, Class A3, 1.93%, 03/15/22		384,841
	1,500,000	Enterprise Fleet Financing LLC, Series 2017-2, Class A3, 2.22%, 01/20/23(a)		1,500,888
	840,759	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/22		846,726
	2,000,000	GM Financial Consumer Automobile, Series 2017-1A, Class A4, 2.06%, 05/16/23(a)		2,012,305
	3,000,000	Sofi Professional Loan Program, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a)		3,027,539
	1,968,483	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.10%, 09/15/22		1,978,946
	69,769	Verizon Owner Trust, Series 2017-1A, Class A, 2.06%, 09/20/21(a)		69,815
	748,666	Verizon Owner Trust, Series 2017-3A, Class A1A, 2.06%, 04/20/22(a)		750,424
	1,000,000	Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3, 3.02%, 11/21/22		1,014,515
	399,430	Wheels SPV 2 LLC, Series 2018-1A, Class A2, 3.06%, 04/20/27(a)		400,664
	2,416,932	World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23		2,437,498
	2,150,000	World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.04%, 05/15/24		2,195,405
				16,849,681
Total Asset-Backed Securities (Cost $41,668,880)				41,366,630

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%
	874,161	JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A 3.00%, 01/27/38(a)		927,733
Total Collateralized Mortgage Obligations (Cost $889,074)				927,733

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 0.1%
Overseas Private Investment Corp. — 0.1%
$	1,406,060	5.14%, 12/15/23	$	1,517,772
Small Business Administration — 0.0%
	273,695	4.08%, 03/10/21		279,270
Total U.S. Government Agencies (Cost $1,679,760)				1,797,042
U.S. GOVERNMENT SECURITIES — 76.1%
U.S. Treasury Bonds — 6.0%
	66,500,000	1.50%, 02/15/30		72,022,618
	13,726,000	3.50%, 02/15/39		19,723,619
				91,746,237
U.S. Treasury Notes — 70.1%
	6,472,000	1.38%, 09/15/20		6,502,338
	14,977,000	1.88%, 12/15/20		15,140,811
	9,592,000	2.63%, 05/15/21		9,837,794
	23,866,000	1.88%, 11/30/21		24,500,873
	64,991,000	1.88%, 01/31/22		66,884,878
	176,813,000	1.75%, 01/31/23		184,141,070
	95,163,000	1.25%, 07/31/23		98,203,755
	144,856,000	2.75%, 07/31/23		156,495,406
	34,966,190	0.63%, 01/15/24(d)		35,903,791
	114,615,000	2.38%, 08/15/24		124,599,042
	21,080,000	2.25%, 11/15/24		22,888,269
	84,198,000	2.25%, 11/15/25		92,621,089
	83,729,000	1.63%, 02/15/26		89,370,895
	126,311,000	2.00%, 11/15/26		138,552,312
	5,000,000	0.50%, 04/30/27		4,987,889
	6,750,000	2.63%, 02/15/29		7,926,768
				1,078,556,980
Total U.S. Government Securities (Cost $1,098,185,518)				1,170,303,217

Shares
INVESTMENT COMPANY — 0.6%
	9,071,908	SEI Daily Income Trust Government II Fund, Class A, 0.32%(e)		9,071,907
Total Investment Company (Cost $9,071,908)				9,071,907
TOTAL INVESTMENTS — 99.6% (Cost $1,451,530,600)			$	1,532,775,585
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				5,842,236
NET ASSETS — 100.0%			$	1,538,617,821

(a)	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.
(b)	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 April 30, 2020.
(c)	Floating rate security. Rate shown is the rate in effect as of April 30, 2020.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	The rate shown represents the current yield as of April 30, 2020.

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

REIT — Real Estate Investment Trust

Portfolio diversification by Sector (Unaudited)


Sector	Percentage of Net Assets
U.S. Government Agencies and Securities		76.2	%
Corporate Bonds		20.1
Asset Backed Securities		2.7
Collateralized Mortgage Obligations		0.0
Other*		1.0
		100.0	%

Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
MUNICIPAL BONDS — 91.8%
Alabama — 1.4%
$	2,000,000	Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A 5.00%, 09/01/22	$	2,175,800
	1,750,000	Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds 5.00%, 09/01/21		1,845,235
	5,000,000	Alabama Federal Aid Highway Finance Authority Revenue Bonds 5.00%, 09/01/20		5,067,450
	1,500,000	Alabama Public School & College Authority Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24		1,713,585
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/22		3,309,518
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/26		4,238,536
	1,500,000	City of Huntsville Warrants Refunding GO, Series A 5.00%, 08/01/26		1,732,935
	6,725,000	State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/31		8,375,181
	3,095,000	State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/33		3,810,781
	425,000	UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/27		514,169
	550,000	UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/31		674,233
	15,625,000	Water Works Board of the City of Birmingham Water Utility Improvements Revenue Bonds, Series B 5.00%, 01/01/45(a)		18,439,063
				51,896,486

Principal Amount			Value
Arizona — 1.6%
$	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds 5.00%, 07/01/25	$	1,007,711
	1,300,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Series A 5.00%, 07/01/29(a)		1,418,352
	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A 5.00%, 09/01/23		2,693,028
	150,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/22		160,415
	1,715,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/24		1,934,674
	2,750,000	Arizona State Board of Transportation Refunding Revenue Bonds 5.00%, 07/01/22		2,984,740
	1,250,000	Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/26		1,449,825
	5,000,000	City of Phoenix Advance Refunding GO 5.00%, 07/01/25		5,907,550
	4,000,000	City of Phoenix Civic Improvement Corp. Revenue Bonds 5.00%, 07/01/40		5,003,280
	10,000,000	City of Phoenix Civic Improvement Corp. Revenue Bonds 5.00%, 07/01/44		12,371,200
	2,875,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds 5.00%, 07/01/20		2,894,406
	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/21		5,135,900
	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/22		5,336,600

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Arizona (continued)
$	8,950,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/30	$	11,244,870
				59,542,551
Arkansas — 0.2%
	7,250,000	State of Arkansas Public Improvements GO 5.00%, 10/01/26		8,385,785
California — 2.2%
	2,500,000	California Educational Facilities Authority University and College Improvements Revenue Bonds, Series V-1 5.00%, 05/01/49		3,994,525
	500,000	California Municipal Finance Authority California Armenian Home Project Nursing Homes Revenue Bonds 5.00%, 05/15/36		581,535
	200,000	California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation) 5.00%, 05/15/25		231,717
	325,000	California Statewide Communities Development Authority Green Bond Marin General Hospital Revenue Bonds 5.00%, 08/01/32		377,237
	1,500,000	County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A 5.00%, 10/01/23		1,687,620
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22		5,313,350
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24		5,782,550
	1,000,000	Rio Hondo Community College District Current Refunding GO, Series B 5.00%, 08/01/30		1,297,830
	3,500,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B 5.00%, 08/15/49(b)		4,040,750

Principal Amount			Value
California (continued)
$	800,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/24	$	918,055
	1,000,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO 5.00%, 08/01/24		1,158,450
	750,000	State of California Current Refunding GO 5.00%, 04/01/24		853,845
	3,250,000	State of California Current Refunding GO 5.00%, 08/01/26		3,918,623
	2,000,000	State of California Current Refunding GO 5.00%, 04/01/27		2,446,920
	1,620,000	State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/22		1,785,694
	2,865,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21		3,052,944
	7,000,000	State of California Public Improvements GO 5.00%, 09/01/22		7,611,940
	3,000,000	State of California Public Improvements GO 5.00%, 03/01/26		3,489,180
	5,715,000	State of California Public Improvements GO 5.00%, 10/01/27		6,809,594
	8,000,000	State of California Refunding GO 5.00%, 10/01/25		9,215,680
	7,230,000	State of California School Improvements GO 5.00%, 11/01/28		8,916,614
	6,360,000	University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AJ 4.60%, 05/15/31		7,543,278
				81,027,931
Colorado — 0.7%
	800,000	City & County of Broomfield Advance Refunding COP 5.00%, 12/01/21		851,175
	4,000,000	City & County of Denver Co. Airport System Refunding Revenue Bonds, Series D 5.00%, 11/15/31(b)		4,324,040

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Colorado (continued)
$	1,000,000	City of Thornton Co. School Improvement COP 5.00%, 12/01/29	$	1,253,920
	2,060,000	Colorado Higher Education Refunding COP, Series A 5.00%, 11/01/24		2,400,786
	2,000,000	Denver City & County School District No 1 Refunding GO (State Aid Intercept Program) 5.00%, 12/01/24		2,340,220
	100,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding) 5.00%, 12/01/23		113,633
	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding) 5.00%, 12/15/22		1,301,398
	10,000,000	University of Colorado Hospital Authority Revenue Current Refunding Revenue Bonds, Series C 5.00%, 11/15/47(b)		11,347,900
	890,000	Weld County School District No RE-2 Eaton Schools Improvements GO, (State Aid Intercept Program) 5.00%, 12/01/23		1,010,996
	1,630,000	Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 05/15/26		1,850,865
				26,794,933

Connecticut — 2.9%
	9,000,000	Connecticut State Health & Educational Facilities Authority Refunding Revenue Bonds, Series A 1.45%, 07/01/42(b)(c)		9,045,450
	10,000,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series A-4 2.00%, 07/01/49(b)		10,151,200
	8,880,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1 5.00%, 07/01/40(b)		11,107,548

Principal Amount			Value
Connecticut (continued)
$	12,885,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S 5.00%, 07/01/27	$	16,176,731
	1,000,000	Hartford County Metropolitan District Refunding Notes GO 5.00%, 03/01/25		1,115,950
	325,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/23		364,790
	5,860,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/25		6,864,170
	2,350,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 03/01/29		2,757,138
	1,380,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 05/01/31		1,687,105
	1,200,000	State of Connecticut Current Refunding GO, Series F 5.00%, 09/15/20		1,217,820
	1,000,000	State of Connecticut Refunding GO, Series B 5.00%, 04/15/21		1,035,870
	32,445,000	State of Connecticut Refunding GO, Series C 5.00%, 06/01/23		34,502,013
	3,100,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A 5.00%, 08/01/22		3,338,979
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds 5.00%, 08/01/22		1,346,363
	1,900,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/24		2,152,225
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 09/01/27		5,626,000

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Connecticut (continued)
$	825,000	Town of New Canaan CT Refunding GO, Series C 5.00%, 04/01/25	$	979,193
				109,468,545
Delaware — 2.4%
	21,155,000	Delaware State Health Facilities Authority Current Refundin Revenue Bonds 5.00%, 10/01/45		24,815,238
	5,010,000	State of Delaware Advance Refunding GO, Series A 5.00%, 01/01/28		6,367,810
	720,000	State of Delaware Current Refunding GO, Series A 5.00%, 10/01/26		888,314
	7,705,000	State of Delaware Current Refunding GO, Series A 5.00%, 10/01/27		9,742,973
	10,800,000	State of Delaware Public Facilities GO 5.00%, 02/01/25		12,740,544
	9,650,000	State of Delaware Public Facilities GO 5.00%, 02/01/26		11,700,722
	15,000,000	State of Delaware Public Facilities GO 5.00%, 02/01/28		19,101,450
	2,885,000	State of Delaware Public Improvements GO 5.00%, 03/01/24		3,311,634
				88,668,685
District Of Columbia — 1.8%
	4,000,000	District of Columbia Current Refunding Revenue Bonds, Series C 5.00%, 10/01/28		5,124,960
	1,000,000	District of Columbia Public Improvements GO, Series A 5.00%, 06/01/25		1,187,080
	3,000,000	District of Columbia Public Improvements GO, Series A 5.00%, 10/15/27		3,772,680
	4,145,000	District of Columbia Public Improvements Revenue Bonds, Series A 5.00%, 03/01/25		4,886,541
	8,800,000	District of Columbia Public Improvements Revenue Bonds, Series A 5.00%, 03/01/26		10,649,320
	3,500,000	District of Columbia Public Improvements Revenue Bonds, Series B 5.00%, 10/01/27		4,397,575

Principal Amount			Value
District Of Columbia (continued)
$	1,000,000	District of Columbia Refunding Revenue Bonds, Series A 5.00%, 12/01/20	$	1,024,569
	11,735,000	District of Columbia Refunding Revenue Bonds, Series C 5.00%, 10/01/23		13,270,055
	9,340,000	District of Columbia Transit Improvements Revenue Bonds, Series A 5.00%, 03/01/26		11,302,801
	10,000,000	District of Columbia Water & Sewer Authority Revenue Bonds, Series B 5.00%, 10/01/52		11,670,000
				67,285,581
Florida — 2.7%
	4,790,000	County of Miami-Dade Public Improvements GO 5.00%, 07/01/24		5,445,559
	3,970,000	County of Palm Beach Advance Refunding Revenue Bonds 5.00%, 11/01/26		4,613,537
	1,000,000	County of Sarasota Refunding Revenue Bonds 5.00%, 10/01/24		1,165,000
	4,620,000	Florida Department of Management Services Current Refunding Revenue Bonds, Series A 5.00%, 09/01/28		5,748,481
	1,000,000	Lee County School Board Refunding COP 5.00%, 08/01/25		1,154,410
	4,000,000	Miami-Dade County Refunding GO, Series B 5.00%, 07/01/24		4,547,440
	2,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series A 5.00%, 10/01/20		2,034,400
	3,990,000	State of Florida Advance Refunding GO, Series B 5.00%, 06/01/27		4,867,162
	20,005,000	State of Florida Current Refunding GO 5.00%, 07/01/24		23,180,194
	3,475,000	State of Florida Current Refunding GO, Series A 5.00%, 06/01/24		4,016,509
	2,845,000	State of Florida Current Refunding GO, Series C 5.00%, 06/01/25		3,384,953
	10,865,000	State of Florida Current Refunding GO, Series C 5.00%, 06/01/28		13,927,952

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Florida (continued)
$	2,565,000	State of Florida Current Refunding GO, Series D 5.00%, 06/01/23	$	2,873,262
	1,750,000	State of Florida Current Refunding GO, Series F 5.00%, 06/01/28		2,128,998
	1,100,000	State of Florida Economic Defeasance GO, Series D 5.00%, 06/01/28		1,338,227
	9,800,000	State of Florida Refunding GO 5.00%, 07/01/24		10,627,806
	5,350,000	State of Florida Refunding GO, Series C 5.00%, 06/01/23		5,992,963
	3,895,000	State of Florida Refunding GO, Series C 5.00%, 06/01/24		4,358,077
				101,404,930
Georgia — 4.0%
	1,295,000	Americus-Sumter Payroll Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/32		1,517,818
	1,570,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/27		1,891,881
	1,755,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/28		2,107,246
	500,000	Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/26		599,549
	1,010,000	Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/33		1,217,767
	3,090,000	Bleckley County & Dodge County Joint Development Authority Current Refunding Revenue Bonds 5.00%, 07/01/32		3,624,755
	1,185,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds 5.00%, 07/01/21		1,240,707

Principal Amount			Value
Georgia (continued)
$	1,950,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds 5.00%, 07/01/23	$	2,158,143
	18,000,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds, Series A 4.00%, 07/01/49		19,016,820
	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding) 5.00%, 02/01/23		829,995
	260,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/21		271,991
	2,710,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/23		2,971,325
	2,100,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/24		2,354,331
	3,375,000	County of Cobb GA Water & Sewerage Current Refunding Revenue Bonds 5.00%, 07/01/27		4,237,211
	10,000,000	County of Forsyth Public Improvements GO 5.00%, 09/01/25		11,985,100
	3,250,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/21		3,344,315
	5,310,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/22		5,654,619
	4,250,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/23		4,551,665
	5,000,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/24		5,455,000
	6,010,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/25		6,662,025
	3,000,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/26		3,369,330

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Georgia (continued)
$	3,120,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/27	$	3,543,665
	2,165,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/28		2,480,982
	1,555,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds 5.00%, 02/15/29		1,791,080
	2,000,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B 5.00%, 06/01/21		2,089,280
	3,935,000	Lowndes County Board of Education School Improvements GO (State Aid Withholding) 5.00%, 02/01/22		4,211,709
	1,975,000	Lowndes County Board of Education School Improvements GO (State Aid Withholding) 5.00%, 02/01/23		2,177,181
	1,095,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/25		1,260,564
	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26		1,821,340
	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26		1,288,408
	3,265,000	State of Georgia Advance Refunding GO, Series C-1 5.00%, 01/01/24		3,727,193
	11,295,000	State of Georgia Advance Refunding GO, Series E 5.00%, 12/01/26		13,986,824
	1,950,000	State of Georgia Public Improvements GO, Series A-2 5.00%, 02/01/25		2,227,212
	2,500,000	State of Georgia School Improvements GO, Series A (Tranche 1) 5.00%, 07/01/26		3,062,825
	2,230,000	State of Georgia School Improvements GO, Series A-1 5.00%, 02/01/25		2,629,571

Principal Amount			Value
Georgia (continued)
$	18,020,000	State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/24	$	20,624,250
				151,983,677
Hawaii — 1.1%
	10,000,000	City & County of Honolulu HI Refunding GO 5.00%, 09/01/25		11,865,700
	4,940,000	City & County of Honolulu HI Transit Improvements GO 5.00%, 09/01/29(b)		5,486,018
	3,000,000	City & County of Honolulu Public Improvements Refunding GO, Series D 5.00%, 08/01/23		3,368,460
	1,000,000	State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A 5.00%, 07/01/21		1,044,870
	5,000,000	State of Hawaii Public Facilities GO, Series FT 5.00%, 01/01/30		6,159,750
	1,300,000	State of Hawaii Public Facilities GO, Series FW 5.00%, 01/01/30		1,638,026
	5,420,000	State of Hawaii Public Improvements GO, Series EH 5.00%, 08/01/33(a)		6,117,175
	2,515,000	State of Hawaii Public Improvements GO, Series FK 5.00%, 05/01/29		3,071,947
	1,570,000	University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/21		1,660,777
	1,180,000	University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/22		1,289,834
				41,702,557
Idaho — 0.1%
	900,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY) 5.00%, 09/15/25		1,058,760
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D 5.00%, 09/15/23		1,637,580

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Idaho (continued)
$	740,000	Madison County School District No 321 Rexburg School Improvements GO, (School Board GTY), Series B 5.00%, 09/15/28	$	923,801
				3,620,141
Illinois — 0.4%
	5,000,000	Illinois Finance Authority General Revenue Bonds 5.00%, 01/01/27		6,175,800
	1,000,000	Illinois Finance Authority Memorial Health System Current Refunding Revenue Bonds 5.00%, 04/01/29		1,212,910
	1,220,000	Illinois State Toll Highway Authority Current Refunding Revenue Bonds, Series A 5.00%, 01/01/21		1,249,060
	3,250,000	Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A 5.00%, 12/01/24		3,740,198
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D 5.00%, 12/01/22		2,179,400
	1,400,000	Peoria Metropolitan Airport Authority Advance Refunding GO, Series D 5.00%, 12/01/26		1,634,318
				16,191,686
Indiana — 0.1%
	500,000	Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program) 5.00%, 07/15/20		503,919
	235,000	Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22		255,021
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 01/15/22		1,414,176
	250,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22		271,073

Principal Amount			Value
Indiana (continued)
$	2,000,000	Indiana Finance Authority University Health Obligated Group Revenue Bonds 1.65%, 12/01/42(b)	$	2,006,460
				4,450,649
Iowa — 0.7%
	5,675,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/21		5,921,465
	4,000,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/26		4,837,680
	6,110,000	Iowa Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/01/21		6,418,555
	4,000,000	Iowa Finance Authority Green Bond, Series A 5.00%, 08/01/35		5,127,080
	1,800,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds 5.00%, 08/01/20		1,818,684
	3,000,000	State of Iowa Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/28		3,617,250
				27,740,714
Kansas — 0.0%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2 5.00%, 08/01/23		1,418,193
Louisiana — 0.0%
	1,000,000	State of Louisiana Highway Improvement Revenue Bonds, Series A 5.00%, 09/01/30		1,252,620
Maine — 0.1%
	725,000	Maine Governmental Facilities Authority Facilities Improvements Revenue Bonds, Series A 5.00%, 10/01/23		818,540
	165,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21		172,423

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Maine (continued)
$	5,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21(a)	$	5,245
	600,000	Maine Municipal Bond Bank Miscellaneous Purpose Revenue Bonds, Series B 5.00%, 11/01/23		677,837
				1,674,045
Maryland — 7.4%
	5,735,000	County of Anne Arundel School Improvements GO 5.00%, 04/01/27		6,727,786
	2,410,000	County of Anne Arundel School Improvements GO 5.00%, 10/01/27		3,024,189
	2,810,000	County of Anne Arundel School Improvements GO 5.00%, 04/01/28		3,288,515
	3,575,000	County of Baltimore Refunding GO 5.00%, 03/01/27		4,431,034
	1,200,000	County of Baltimore Refunding GO, (Special Assessment) 5.00%, 02/01/29		1,440,108
	2,730,000	County of Baltimore Refunding Notes GO 5.00%, 03/01/23		3,030,928
	3,835,000	County of Baltimore Refunding Public Notes GO 5.00%, 03/01/23		4,257,732
	8,165,000	County of Baltimore Refunding Public Notes GO 5.00%, 03/01/24		9,355,865
	2,860,000	County of Charles Public School Improvements GO 5.00%, 10/01/21		3,027,024
	3,910,000	County of Frederick MD Public Improvements GO, Series A 5.00%, 08/01/27		4,894,030
	1,500,000	County of Frederick Refunding GO, Series A 5.00%, 02/01/25		1,766,490
	3,220,000	County of Howard MD Advance Refunding Public Improvements GO, Series B 5.00%, 02/15/29		3,951,359
	1,750,000	County of Howard MD Advance Refunding Public Improvements GO, Series C 1.45%, 08/15/24		1,764,175

Principal Amount			Value
Maryland (continued)
$	1,010,000	County of Howard MD Advance Refunding Public Improvements GO, Series C 1.55%, 08/15/25	$	1,020,403
	5,000,000	County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/22		5,416,700
	4,500,000	County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/23		5,040,810
	6,650,000	County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/22		7,287,403
	19,000,000	County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/26		23,349,480
	2,000,000	County of Montgomery Public Improvements GO, Series A 5.00%, 12/01/27		2,324,760
	1,200,000	County of Montgomery Refunding GO, Series A 5.00%, 11/01/23		1,362,300
	10,320,000	County of Montgomery Refunding Public Notes GO, Series A 5.00%, 11/01/27		12,991,126
	12,500,000	County of Prince George’s Advance Refunding Public Improvements GO, Series B 5.00%, 07/15/23		14,057,750
	3,185,000	County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/25		3,815,757
	3,180,000	County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/26		3,903,545
	3,110,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/24		3,603,619
	9,355,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/25		11,145,641
	1,000,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds 5.00%, 10/01/20		1,017,409
	7,585,000	State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/24		8,817,638
	9,255,000	State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/25		11,061,854

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Maryland (continued)
$	6,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 02/01/25	$	6,592,500
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 11/01/26		11,598,300
	2,750,000	State of Maryland Public Facilities GO, Series 1 5.00%, 03/15/32		3,501,218
	8,035,000	State of Maryland Public Improvements GO, Series A 5.00%, 08/01/24(a)		9,112,654
	3,000,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/25		3,548,310
	8,145,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/27		10,141,095
	5,000,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/28		6,205,200
	4,350,000	State of Maryland Refunding GO, Series 2-C 5.00%, 08/01/23		4,902,102
	6,700,000	State of Maryland School Improvements GO 5.00%, 06/01/23		7,509,561
	20,000,000	State of Maryland School Improvements GO, Series A 5.00%, 03/15/23		22,262,600
	7,500,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO 5.00%, 06/01/22		8,125,050
	5,000,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series 5.00%, 06/01/25		5,943,550
	9,110,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements, Current Refunding Revenue Bond 5.00%, 06/01/28		11,598,214
				278,215,784
Massachusetts — 5.6%
	5,150,000	Berkshire Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/31/20		5,166,429

Principal Amount			Value
Massachusetts (continued)
$	1,000,000	Cape Ann Transportation Authority Cash Flow Management Revenue Notes 2.00%, 07/02/20	$	1,002,159
	7,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/25		8,309,000
	840,000	Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/26		1,022,977
	6,430,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/27		7,998,020
	1,500,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/28		1,912,755
	13,025,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/31		15,656,311
	9,330,000	Commonwealth of Massachusetts Advance Refunding GO, Series C 5.00%, 10/01/26		11,433,635
	10,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series E 5.00%, 11/01/24		11,654,300
	4,000,000	Commonwealth of Massachusetts Current Refunding GO, Series C 5.00%, 05/01/27		4,956,640
	2,900,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B 5.00%, 06/15/22		3,142,759
	2,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C 5.00%, 07/01/32		2,336,560
	1,125,000	Commonwealth of Massachusetts Public Improvements GO, Series D 5.00%, 02/01/33		1,350,214
	7,225,000	Commonwealth of Massachusetts Public Improvements GO, Series E 5.00%, 11/01/31		8,899,827
	8,000,000	Commonwealth of Massachusetts Refunding GO, Series C, (AGM) 5.25%, 11/01/26		9,948,080

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Massachusetts (continued)
$	7,000,000	Commonwealth of Massachusetts Transit Improvements GO, Series F 5.00%, 05/01/28	$	8,897,490
	4,500,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/27		5,425,065
	1,000,000	Massachusetts Bay Transportation Authority Advance Refunding Revenue Bonds, Senior Series B 5.00%, 07/01/33		1,145,880
	5,000,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Series 2020 5.00%, 02/01/36		5,699,200
	5,500,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Sub Series 2017A 5.00%, 02/01/33		6,025,470
	8,500,000	Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017 5.00%, 08/01/21		8,925,935
	5,710,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds 3.01%, 10/01/42		5,268,103
	15,885,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds 3.09%, 10/01/49		13,812,008
	5,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/33		5,960,000
	10,000,000	Massachusetts Development Finance Agency Miscellaneous Purpose Revenue Bonds, Series A 5.25%, 04/01/37		10,402,800
	3,500,000	Massachusetts School Building Authority Refunding Revenue Bonds, Senior Series A 5.00%, 08/15/23		3,803,800
	7,780,000	Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B 5.00%, 08/01/20		7,860,523
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/22		544,225

Principal Amount			Value
Massachusetts (continued)
$	8,535,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B, (AGM) 5.25%, 08/01/26	$	10,572,305
	2,700,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/22		2,938,815
	13,050,000	Montachusett Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/30/20		13,091,108
	5,000,000	Worcester Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 06/26/20		5,009,750
				210,172,143
Michigan — 0.4%
	425,000	Avondale School District School Improvement GO, (Q-SBLF) 5.00%, 11/01/29		531,769
	200,000	Caledonia Community Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/23		222,487
	800,000	Eastpointe Community Schools Advance Refunding GO, (Q-SBLF) 5.00%, 05/01/27		974,655
	450,000	Lansing School District School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/31		568,607
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 10/15/21		1,059,110
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 10/15/23		1,130,380
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 04/15/24		1,147,180
	1,000,000	Michigan State University Refunding Revenue Bonds, Series A 5.00%, 08/15/31		1,161,000
	400,000	Midland Public School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/30		508,383

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Michigan (continued)
$	1,000,000	University of Michigan Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/22	$	1,074,430
	3,000,000	University of Michigan University & College Improvements Revenue Bonds, Series A 5.00%, 04/01/26		3,611,580
	1,000,000	Utica Community School Improvements GO, (Q-SBLF) 5.00%, 05/01/31		1,251,330
	290,000	Wayne-Westland Community Schools Improvements GO, (Q-SBLF) 5.00%, 11/01/22		316,889
	935,000	Wayne-Westland Community Schools Improvements GO, (Q-SBLF) 5.00%, 11/01/28		1,174,332
				14,732,132
Minnesota — 1.3%
	1,515,000	Cambridge-Isanti Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program) 5.00%, 02/01/24		1,726,161
	1,000,000	City of Rochester Advance Refunding GO, Series B 5.00%, 12/01/24		1,173,040
	1,620,000	County of Hennepin MN Current Refunding GO, Series C 5.00%, 12/01/28		2,086,544
	2,120,000	Hennepin County Regional Railroad Authority Current Refunding GO, Series D 5.00%, 12/01/28		2,740,439
	1,815,000	Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B 5.00%, 03/01/27		2,191,885
	2,535,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/23		2,800,288
	2,805,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24		3,191,529

Principal Amount			Value
Minnesota (continued)
$	2,200,000	Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A 5.00%, 02/01/25	$	2,583,064
	2,870,000	State of Minnesota Highway Improvements GO, Series B 5.00%, 10/01/23		3,247,491
	3,325,000	State of Minnesota Highway Improvements GO, Series B 5.00%, 08/01/29		4,329,183
	785,000	State of Minnesota Public Improvements COP 5.00%, 06/01/23		877,315
	1,395,000	State of Minnesota Public Improvements COP 5.00%, 06/01/24		1,603,343
	2,740,000	State of Minnesota Public Improvements COP 5.00%, 06/01/25		3,143,355
	2,910,000	State of Minnesota Public Improvements COP 5.00%, 06/01/26		3,332,125
	1,000,000	State of Minnesota Refunding Revenue Bonds, Series B 5.00%, 03/01/21		1,034,459
	3,915,000	State of Minnesota School Improvements GO, Series A 5.00%, 08/01/28		4,767,296
	1,505,000	University of Minnesota Current Refunding Revenue Bonds, Series B 5.00%, 10/01/29		1,946,341
	5,170,000	Virginia Independent School District No 706 School Improvement GO, Series A, (School District Credit Program) 5.00%, 02/01/25		6,057,172
	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24		1,139,380
				49,970,410
Mississippi — 0.4%
	730,000	Medical Center Educational Building Corporation Advance Refunding Revenue Bonds 5.00%, 06/01/30		881,351

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

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	$	626,875
	2,310,000	Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A 5.00%, 01/01/25		2,687,662
	310,000	Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds 5.00%, 11/01/22		339,304
	10,000,000	State of Mississippi Public Improvements GO, Series B 5.00%, 12/01/31		11,224,800
				15,759,992
Missouri — 0.5%
	1,000,000	Belton School District No 124 school Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/28		1,266,480
	4,000,000	Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25		4,536,800
	7,500,000	Health & Educational Facilities Authority of the State of Missouri University and College Improvements Revenue Bonds, Series A 3.23%, 05/15/50		8,283,750
	905,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/25		1,057,420
	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/21		2,110,140
	500,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/24		572,519

Principal Amount			Value
Missouri (continued)
$	1,800,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25	$	2,053,854
				19,880,963
New Hampshire — 0.2%
	3,990,000	State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/21		4,248,472
	3,990,000	State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/22		4,393,788
				8,642,260
New Jersey — 1.6%
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds (County GTY), Series B 5.00%, 12/01/23		1,132,560
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds (County GTY), Series B 5.00%, 12/01/24		1,166,710
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY) 5.00%, 12/01/22		219,595
	2,000,000	New Jersey Economic Development Authority Advance Refunding Revenue Bonds, Series B (State Appropriation) 5.00%, 11/01/21		2,040,880
	1,800,000	New Jersey Economic Development Authority Refunding Revenue Bonds 5.00%, 03/01/21		1,820,502
	700,000	New Jersey Economic Development Authority Refunding Revenue Bonds 5.00%, 03/01/21(a)		722,113
	3,295,000	New Jersey Economic Development Authority Refunding Revenue Bonds, Series GG 5.00%, 09/01/21		3,332,530

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
New Jersey (continued)
$	1,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds 5.00%, 07/01/23	$	1,635,825
	990,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds 5.00%, 07/01/21		1,035,718
	1,000,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds 5.00%, 07/01/23		1,089,590
	1,855,000	New Jersey Transit Corp. Refunding Revenue Bonds, Series A 5.00%, 09/15/21		1,946,173
	8,500,000	New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds 5.00%, 06/15/23		9,008,725
	5,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds (NATL-RE) 5.25%, 12/15/21		5,129,600
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.25%, 12/15/21		2,051,840
	3,860,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.50%, 12/15/21		3,975,067
	7,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series B (NATL-RE) 5.50%, 12/15/21		7,208,670
	1,500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A 5.25%, 12/15/22		1,546,710
	650,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/21		669,104
	440,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series AA 5.00%, 06/15/21		446,745

Principal Amount			Value
New Jersey (continued)
$	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/27	$	1,174,460
	2,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A 5.00%, 01/01/29		2,333,220
	3,250,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E 5.00%, 01/01/32		3,599,765
	3,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E 5.00%, 01/01/33		3,311,760
	4,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds,Series A 5.00%, 01/01/34		4,567,800
				61,165,662
New Mexico — 0.3%
	8,600,000	State of New Mexico University and College Improvements GO 5.00%, 03/01/28		10,819,144
New York — 15.2%
	10,025,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/21		10,467,504
	30,000,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		32,292,000
	15,000,000	City of New York Current Refunding GO, Series E 5.00%, 08/01/23		16,589,400
	9,400,000	City of New York Current Refunding GO, Series E 5.00%, 08/01/24		10,659,694
	8,000,000	City of New York GO, Sub-Series B-3 0.49%, 10/01/46(b)		8,000,000
	1,500,000	City of New York Public Improvements GO, Series F-1 5.00%, 04/01/43		1,725,915
	2,910,000	City of New York Public Improvements GO, Sub-Series D-1 5.00%, 08/01/22		3,132,324
	32,750,000	City of New York Public Improvements GO, Sub-Series D-3 5.00%, 08/01/38(b)(c)		36,116,045

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
New York (continued)
$	1,855,000	City of New York Refunding GO, Series C 5.00%, 08/01/20	$	1,871,918
	650,000	City of New York Refunding GO, Series C 5.00%, 08/01/22		699,659
	8,170,000	City of New York Refunding GO, Series D 5.00%, 08/01/22		8,794,188
	3,575,000	City of New York Refunding GO, Series F 5.00%, 08/01/29		3,793,182
	2,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/21		2,610,350
	18,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/22		19,913,400
	5,000,000	City of New York Refunding GO, Series I 5.00%, 08/01/25		5,558,300
	9,450,000	City of New York Refunding GO, Series J, Subseries J11 5.00%, 08/01/25(c)		10,960,583
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/23		5,199,900
	2,035,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/26		2,325,924
	2,055,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.25%, 11/15/31		2,347,529
	240,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28		241,055
	1,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/29		1,024,487
	3,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30		3,024,923
	20,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(b)		20,285,600

Principal Amount			Value
New York (continued)
$	940,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series C-1 5.00%, 11/15/27	$	944,672
	24,820,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 09/01/22		24,674,803
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F 5.00%, 11/15/21		1,927,214
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/21		1,912,197
	20,000,000	Metropolitan Transportation Authority Transit Improvements Revenue Notes, Series D2 4.00%, 07/01/20		19,942,600
	11,475,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G 2.00%, 11/01/57(b)		11,492,672
	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		2,856,175
	7,500,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding) 5.00%, 07/15/28		9,310,725
	975,000	New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding) 5.00%, 07/15/21(a)		1,024,169
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C 5.00%, 11/01/23		1,514,295
	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21		16,904,652

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
New York (continued)
$	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/21	$	2,574,986
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/21		1,629,940
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvement Revenue Bonds, Series C-1 5.00%, 05/01/22		3,219,540
	2,210,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/29		2,466,382
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/31		10,662,930
	600,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/20		612,731
	3,545,000	New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24		4,072,851
	6,200,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2 5.00%, 06/15/25		7,013,564
	1,000,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series DD-2 5.00%, 06/15/24		1,092,550
	5,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 12/01/21		5,323,900
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23		10,024,378

Principal Amount			Value
New York (continued)
$	7,790,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/22	$	8,333,898
	14,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24		15,880,200
	2,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/31		2,322,600
	5,000,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1 (State Aid Withholding) 5.00%, 01/15/30		5,957,250
	1,000,000	New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue 5.00%, 07/01/25		1,133,430
	8,770,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series A-Group A 5.00%, 03/15/22		9,382,321
	5,000,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series B-Group B 5.00%, 02/15/28		5,773,600
	15,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/20		15,379,200
	4,160,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26		4,694,227
	10,000,000	New York State Dormitory Authority Revenue Bonds, Series A 5.00%, 07/01/50		12,077,900
	6,600,000	New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E 5.00%, 03/15/30		8,129,022
	1,045,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/21		1,079,475

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
New York (continued)
$	5,200,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/25	$	5,914,636
	1,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 02/15/27		1,197,550
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/27		7,624,990
	4,185,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/28		5,182,411
	12,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A-Group 2 5.00%, 03/15/29		14,720,160
	22,680,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C 5.00%, 03/15/27		27,493,603
	13,375,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series D 5.00%, 02/15/25		15,526,369
	6,325,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series C 5.00%, 03/15/30		7,709,353
	1,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A 5.00%, 07/01/32		1,852,560
	3,000,000	New York State Environmental Facilities Corp Refunding Revenue Bonds 5.00%, 06/15/29		3,429,840
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A 5.00%, 03/15/21		8,120,240
	2,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24		2,268,600

Principal Amount			Value
New York (continued)
$	2,105,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27	$	2,503,940
	5,875,000	New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A 5.00%, 03/15/25		6,834,446
	5,605,000	New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/22		5,996,341
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22		5,033,503
	4,215,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27		4,667,522
	5,880,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28		6,496,224
	1,025,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/27		1,256,824
	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds 5.00%, 12/15/24		1,760,688
				574,564,729
North Carolina — 2.3%
	680,000	Appalachian State University Refunding Revenue Bonds 5.00%, 05/01/20		679,999
	1,880,000	City of Charlotte Current Refunding GO, Series A 5.00%, 06/01/27		2,357,069
	3,000,000	County of Union University & College Improvements GO, Series C 5.00%, 09/01/25		3,595,530
	3,325,000	County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/26		4,079,709
	1,150,000	County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/29		1,393,720

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
North Carolina (continued)
$	7,225,000	County of Wake Refunding Public Notes GO, Series A 5.00%, 03/01/26	$	8,774,979
	675,000	Dare County Refunding Revenue Bonds, Series D 5.00%, 06/01/21		704,761
	1,000,000	Durham Capital Financing Corp Advance Refunding Revenue Bonds 5.00%, 12/01/25		1,201,800
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A 5.00%, 01/01/22		2,138,420
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A 5.00%, 01/01/23(a)		2,179,820
	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A 5.00%, 10/01/21		343,558
	3,250,000	State of North Carolina Advance Refunding Revenue Bonds 5.00%, 03/01/22		3,480,783
	13,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/23		14,441,440
	2,010,000	State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24		2,300,425
	5,000,000	State of North Carolina Highway Improvements Revenue Bonds 5.00%, 03/01/29		6,346,100
	6,675,000	State of North Carolina Highway Improvements Revenue Bonds 5.00%, 03/01/30		8,412,770
	1,500,000	State of North Carolina Highway Improvements Revenue Bonds, Series A 5.00%, 05/01/22		1,614,075
	3,735,000	State of North Carolina Highway Improvements Revenue Bonds, Series A 5.00%, 05/01/28		4,715,251
	8,025,000	State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/26		9,810,242

Principal Amount			Value
North Carolina (continued)
$	5,270,000	State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/27	$	6,607,315
				85,177,766
Ohio — 3.7%
	1,175,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/23		1,335,188
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/24		1,170,600
	1,285,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/25		1,545,855
	3,500,000	City of Columbus GO, Series A 4.00%, 08/15/25		3,989,650
	3,730,000	City of Columbus Refunding GO, Series 1 5.00%, 07/01/21		3,907,996
	2,000,000	City of Columbus Refunding GO, Series 5 5.00%, 08/15/23		2,251,820
	1,100,000	County of Cuyahoga Refunding Revenue Bonds 5.00%, 12/01/22		1,211,914
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/26		1,168,170
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/27		1,764,627
	1,000,000	Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds 5.00%, 12/01/23		1,136,330
	3,000,000	Ohio Water Development Authority Revenue Bonds 5.00%, 06/01/26		3,649,710
	10,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bond, Series A 5.00%, 12/01/24		11,710,900
	10,285,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds 5.00%, 06/01/28		12,968,357

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Ohio (continued)
$	3,045,000	Revere Local School District School Improvements GO, Series A 5.00%, 12/01/42(a)	$	3,314,909
	2,350,000	Revere Local School District School Improvements GO, Series A 5.00%, 12/01/45(a)		2,558,304
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds 5.00%, 06/01/24		356,909
	1,075,000	State of North Carolina Highway capital Improvements GO, Series Q 5.00%, 05/01/21		1,118,957
	16,790,000	State of Ohio Advance Refunding GO, Series A 5.00%, 12/15/24		19,684,260
	2,500,000	State of Ohio Advance Refunding GO, Series A 5.00%, 09/01/27		3,131,200
	1,400,000	State of Ohio Advance Refunding GO, Series C 5.00%, 08/01/27		1,750,140
	4,790,000	State of Ohio Advance Refunding GO, Series U 5.00%, 05/01/27		5,953,587
	1,000,000	State of Ohio Advance Refunding Revenue Bonds 5.00%, 10/01/21		1,056,520
	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24		1,672,718
	300,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24		347,277
	550,000	State of Ohio Facilities Improvements Revenue Bonds 5.00%, 10/01/24		638,175
	210,000	State of Ohio Highway Improvements Revenue Bonds 5.00%, 12/15/24		245,068
	2,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/20		2,051,320
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue Bonds 5.00%, 06/01/25		2,357,940

Principal Amount			Value
Ohio (continued)
$	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A 5.00%, 02/01/24	$	1,610,553
	970,000	State of Ohio Recreation Facilities Improvements Revenue Bonds 5.00%, 04/01/21		1,005,434
	775,000	State of Ohio Recreation Facilities Improvements Revenue Bonds 5.00%, 04/01/25		909,711
	5,000,000	State of Ohio School Improvements GO, Series B 5.00%, 06/15/23		5,603,050
	7,505,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/27		9,328,115
	5,445,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/28		6,422,922
	2,200,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/28(a)		2,387,242
	12,365,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/30		15,133,029
	1,000,000	University of Cincinnati Advance Refunding Revenue, Series A 5.00%, 06/01/26		1,208,770
				137,657,227
Oklahoma — 0.6%
	675,000	City of Oklahoma City Current Refunding GO 5.00%, 03/01/24		773,719
	3,650,000	City of Oklahoma City Public Improvements GO 5.00%, 03/01/26		4,421,610
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 4.00%, 01/01/21		2,041,120
	5,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/26		6,000,700
	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/28		3,769,130

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Oklahoma (continued)
$	1,575,000	Tulsa Metropolitan Utility Authority Refunding Revenue Bonds, Series A 5.00%, 04/01/27	$	1,953,709
	2,000,000	University of Oklahoma Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/25		2,298,400
	1,250,000	University of Oklahoma Refunding Revenue Bonds, Series A 5.00%, 07/01/25		1,436,500
				22,694,888
Oregon — 1.5%
	1,040,000	Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/27		1,296,287
	1,455,000	Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/28		1,853,757
	10,000,000	Multnomah County School District No 1 Portland/OR School Improvements GO, (School Board GTY) 5.00%, 06/15/31		12,975,200
	5,000,000	State of Oregon Advance Refunding GO, Series I 5.00%, 08/01/28		6,245,850
	3,290,000	State of Oregon Advance Refunding GO, Series M 5.00%, 11/01/23		3,734,973
	10,350,000	State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/25		12,258,437
	4,940,000	State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/27		6,158,698
	4,140,000	State of Oregon Refunding GO, Series G 5.00%, 11/01/30		4,664,993
	4,700,000	State of Oregon School Improvements GO 5.00%, 06/01/28		5,850,419
	2,000,000	Washington County School District No 1 West Union School Improvements GO, (School Board GTY) 5.00%, 06/15/28		2,491,560
				57,530,174

Principal Amount			Value
Pennsylvania — 1.2%
$	15,000,000	Commonwealth of Pennsylvania Advance Refunding GO 5.00%, 07/15/26	$	18,057,300
	9,775,000	Commonwealth of Pennsylvania Current Refunding GO, 1St Series 5.00%, 07/01/21		10,235,696
	5,000,000	Commonwealth of Pennsylvania Public Facilities GO, Series 1 5.00%, 03/01/22		5,351,300
	1,000,000	Lancaster County Hospital Authority Advance Refunding Revenue Bonds 5.00%, 08/15/26		1,176,670
	4,120,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/21		4,305,812
	2,755,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/22		2,983,803
	3,500,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/23		3,916,395
				46,026,976
Rhode Island — 0.4%
	6,950,000	Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue 5.00%, 06/15/23		7,729,373
	3,000,000	Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A 5.00%, 05/15/22		3,228,570
	550,000	State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D 5.00%, 04/01/24		625,928
	960,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/24		1,097,616
	1,010,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/25		1,184,255
				13,865,742

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
South Carolina — 0.6%
$	3,600,000	Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District) 5.00%, 03/01/22	$	3,867,876
	4,010,000	Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/27		4,964,300
	3,000,000	Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/28		3,727,320
	2,350,000	Lexington County School District No 2 School Improvements GO (South Carolina School District) 5.00%, 03/01/26		2,837,978
	1,500,000	State of South Carolina Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 04/01/26		1,824,795
	1,485,000	State of South Carolina University & College Improvements GO, Series B (State Aid Withholding) 5.00%, 04/01/22		1,599,924
	4,680,000	State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding) 5.00%, 04/01/22		5,042,185
				23,864,378
South Dakota — 0.1%
	2,455,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds 5.00%, 08/01/29		2,820,893
Tennessee — 0.2%
	1,000,000	County of Montgomery Advance Refunding School Improvements GO 5.00%, 04/01/26		1,210,180
	400,000	Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A 5.00%, 05/15/23		446,787
	1,005,000	State of Tennessee Refunding GO, Series A 5.00%, 09/01/23		1,134,896

Principal Amount			Value
Tennessee (continued)
$	2,000,000	State of Tennessee Refunding Notes GO, Series A 5.00%, 08/01/21	$	2,102,280
	2,335,000	State of Tennessee Refunding Notes GO, Series A 5.00%, 08/01/27		2,857,363
	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/25		1,048,455
				8,799,961
Texas — 14.7%
	2,250,000	Alief Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/28		2,765,453
	1,000,000	Allen Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/22		1,072,250
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/25		1,011,695
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/26		2,074,784
	235,000	Anna Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/28		293,687
	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/23		535,988
	1,315,000	Austin Community College District Refunding GO 5.00%, 08/01/27		1,598,646
	2,525,000	Austin Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/27		3,059,543
	1,000,000	Austin Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 08/01/21		1,051,140
	895,000	Barbers Hill Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27		1,104,170

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Texas (continued)
$	120,000	Bay City Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/28	$	151,022
	5,310,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/26		6,395,470
	2,050,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/28		2,527,076
	2,000,000	Bexar County Hospital District Current Refunding GO 5.00%, 02/15/30		2,486,860
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/01/27		1,295,450
	540,000	Bridgeport Independent School District Current Refunding GO, (PSF-GTD) 5.00%, 08/15/26		660,010
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,889,727
	5,000,000	Burleson Independent School District School Improvement GO, (PSF-GTD) 2.50%, 02/01/47(b)		5,092,050
	1,000,000	Burleson Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/25		1,185,160
	1,420,000	Burleson Independent School District Refunding GO, Series B, (PSF-GTD) 5.50%, 08/01/27		1,812,687
	1,120,000	Channelview Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/15/30		1,414,504
	1,700,000	City of Austin Public Improvements GO 5.00%, 11/01/22		1,864,220
	5,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds 5.00%, 11/15/29		6,031,150
	1,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/21		1,062,650

Principal Amount			Value
Texas (continued)
$	2,360,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/21	$	2,436,322
	2,450,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/22		2,590,189
	4,020,000	City of College Station Improvements Advance Refunding GO 5.00%, 02/15/25		4,722,937
	935,000	City of Conroe Public Improvements GO 5.00%, 03/01/25		1,065,713
	2,075,000	City of Denton Public Improvements GO 5.00%, 02/15/23		2,296,776
	1,715,000	City of Denton Public Improvements GO 5.00%, 02/15/24		1,956,969
	1,290,000	City of Denton Public Improvements GO 5.00%, 02/15/28		1,544,169
	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds 5.00%, 03/01/24		947,029
	350,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/25		399,917
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/26		1,427,263
	5,145,000	City of Fort Worth Water & Sewer System Improvements Revenue 5.00%, 02/15/25		6,052,527
	2,040,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/25		2,397,000
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/26		2,842,455
	930,000	City of Pflugerville Advance Refunding GO 5.00%, 08/01/26		1,128,741
	1,815,000	City of Plano Advance Refunding GO 5.00%, 09/01/23		2,046,394
	2,820,000	City of Plano Recreation Facilities Improvements GO 5.00%, 09/01/30		3,525,197

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Texas (continued)
$	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds 5.00%, 05/01/26	$	1,427,198
	1,205,000	City of Round Rock TX Utility System Revenue Advance Refunding 5.00%, 08/01/25		1,430,130
	875,000	Clear Creek Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/24		1,000,904
	1,000,000	Clear Creek Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/25		1,177,920
	1,505,000	Clint Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,788,828
	1,535,000	College of the Mainland University and College Improvements GO 5.00%, 08/15/29		1,922,864
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,417,676
	900,000	Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/21		928,979
	460,000	Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22		493,235
	1,400,000	Coppell Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/32		1,737,148
	2,130,000	County of Bexar Advance Refunding GO 5.00%, 06/15/26		2,536,958
	7,500,000	County of Bexar Advance Refunding GO 5.00%, 06/15/29		9,059,700
	2,910,000	County of Bexar Refunding GO 5.00%, 06/15/22		3,154,847
	675,000	County of Collin Advance Refunding GO 5.00%, 02/15/24		770,506
	2,800,000	County of Dallas Public Improvements GO 5.00%, 08/15/28		3,414,712
	1,500,000	County of Denton Advance Refunding GO 5.00%, 07/15/24		1,724,775

Principal Amount			Value
Texas (continued)
$	1,590,000	County of Harris Advance Refunding Revenue, Series A 5.00%, 08/15/25	$	1,884,500
	1,485,000	County of Harris Current Refunding GO, Series A 5.00%, 10/01/24		1,727,248
	1,850,000	County of Williamson Limited Tax Advance Refunding GO 5.00%, 02/15/24		2,122,857
	1,000,000	County of Williamson Limited Tax Refunding GO 5.00%, 02/15/21		1,032,199
	360,000	Crystal City Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		420,941
	1,500,000	Cuero Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/30		1,843,920
	3,420,000	Dallas Area Rapid Transit Advance Refunding Revenue Bonds, Series C 2.82%, 12/01/42		3,414,015
	750,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A 5.00%, 12/01/25		874,665
	1,120,000	Dayton Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22		1,200,920
	3,000,000	Deer Park Independent School District Improvements GO, (PSF-GTD) 1.55%, 10/01/42(b)(c)		3,003,270
	7,715,000	Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26		9,017,138
	6,000,000	Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/29		7,156,440
	1,085,000	Denver City Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/25		1,270,871
	2,665,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		3,173,589
	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/27		2,222,625

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Texas (continued)
$	10,000,000	Eagle Mountain & Saginaw Independent School District School Improvements GO, (PSF-GTD), Series 2011 2.00%, 08/01/50(b)(c)	$	10,225,200
	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/25		3,516,960
	1,500,000	El Paso Independent School District Refunding GO (PSF-GTD) 5.00%, 08/15/25		1,745,775
	2,280,000	Fort Bend Independent School District Refunding Notes GO, Series A, (PSF-GTD) 1.95%, 08/01/49(b)		2,292,996
	4,320,000	Fort Worth Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/22		4,632,120
	885,000	Frenship Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/26		1,009,511
	4,890,000	Frisco Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26		5,892,597
	8,495,000	Garland Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/23		9,407,873
	1,285,000	Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25		1,507,742
	1,095,000	Graham Independent School District Refunding GO, Series B (PSF-GTD) 5.00%, 02/15/21		1,130,259
	8,500,000	Grand Parkway Transportation Corp Highway Improvements Revenue Bonds, Sub-Tier Series B 5.00%, 10/01/52(b)		9,424,885
	8,000,000	Grand Parkway Transportation Corp. Highway Improvements Revenue Bonds, Series A 5.50%, 04/01/53(a)		9,247,040
	2,865,000	Harris County Flood Control District Advance Refunding 5.00%, 10/01/28		3,575,348

Principal Amount			Value
Texas (continued)
$	5,000,000	Harris County Flood Control District Refunding Revenue Bonds, Series A 5.00%, 10/01/23	$	5,650,500
	5,030,000	Harris County Metropolitan Authority Transit Improvements Revenue Bonds, Series B 5.00%, 11/01/23(a)		5,355,039
	2,040,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27		2,507,874
	2,730,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/27		3,294,619
	4,000,000	Houston Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/28		4,928,000
	175,000	Hutto Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/01/25		204,502
	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24		2,807,268
	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/24		666,140
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		584,895
	750,000	Klein Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/01/23		842,625
	1,645,000	La Joya Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/31		2,038,435
	13,725,000	Lone Star College System Advance Refunding GO 5.00%, 02/15/29		16,353,612
	4,455,000	Lone Star College System Advance Refunding GO, Series B 5.00%, 02/15/23		4,933,734
	1,835,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/21		1,894,087

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Texas (continued)
$	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23	$	2,060,415
	560,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24		639,458
	225,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		270,855
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		3,176,526
	300,000	Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/26		365,309
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/24		3,945,711
	1,005,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/23		1,129,459
	1,060,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/24		1,226,939
	1,110,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25		1,318,702
	1,435,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/23		1,612,710
	1,650,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/25		1,960,233
	585,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/26		711,465
	580,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/24		671,344
	1,170,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/25		1,389,983

Principal Amount			Value
Texas (continued)
$	1,000,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/21	$	1,052,730
	595,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/26		723,627
	1,585,000	Mesquite Independent School District School Improvements GO, Series B (PSF-GTD) 5.00%, 08/15/26		1,927,645
	3,000,000	Midlothian Independent School District Refunding GO, Series C (PSF-GTD) 2.00%, 08/01/51(b)(c)		3,062,580
	1,000,000	New Caney Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27		1,232,260
	250,000	Northside Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/26		305,393
	3,000,000	Northwest Independent School District Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/23		3,328,500
	2,525,000	Northwest Independent School District Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25		2,966,522
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		1,265,374
	1,220,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/28		1,446,225
	250,000	Pasadena Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/22		268,063
	4,420,000	Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD) 5.00%, 02/15/25		4,880,829
	26,505,000	Permanent University Fund - Texas A&M University System Refunding Revenue Bonds 5.50%, 07/01/28		31,349,054
	750,000	Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/01/27		874,559

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Texas (continued)
$	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/23	$	1,693,757
	5,000,000	Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26		6,003,550
	1,050,000	Point Isabel Independent School District Current Refunding GO, (PSF-GTD) 5.00%, 02/01/25		1,231,230
	1,995,000	Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25		2,336,763
	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD) 5.00%, 02/15/25		1,173,340
	10,000,000	Prosper Independent School District School Improvement GO, (PSF-GTD), Series B 2.00%, 02/15/50(b)		10,088,600
	925,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/22		1,007,048
	1,020,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/23		1,145,970
	1,075,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/24		1,243,324
	1,000,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,186,900
	1,330,000	San Antonio Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/23		1,498,844
	7,000,000	San Antonio Water System Water Utility Improvements Revenue Bonds, Series A 2.63%, 05/01/49(b)		7,252,770
	205,000	San Elizario Independent School District School Improvements GO, (PSF-GTD) 5.00%, 05/01/25		242,363

Principal Amount			Value
Texas (continued)
$	1,195,000	Southside Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/29	$	1,475,598
	5,000,000	Spring Branch Independent School District School Improvement GO, (PSF-GTD) 1.55%, 06/15/41(b)(c)		5,007,300
	450,000	Spring Independent School District Advance Refunding GO (PSF-GTD) 5.00%, 08/15/27		543,371
	1,000,000	Spring Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,219,540
	2,160,000	Spring Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/22		2,356,711
	7,180,000	Spring Independent School District Advance Refunding GO, Series A 5.00%, 08/15/28		8,641,130
	250,000	Stafford Municipal School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/30		313,573
	3,720,000	State of Texas Highway Improvements Revenue Bonds GO 5.00%, 04/01/44(a)		4,293,550
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO 5.00%, 10/01/26		6,127,350
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO 2.18%, 10/01/27		5,248,450
	2,000,000	State of Texas Public Finance Authority Advance Refunding GO 2.53%, 10/01/31		2,146,220
	2,720,000	State of Texas Public Finance Authority Advance Refunding GO 2.65%, 10/01/32		2,934,472
	2,695,000	State of Texas Public Finance Authority Refunding GO 5.00%, 10/01/20		2,742,836
	2,500,000	State of Texas Refunding Public Notes GO, Series A 5.00%, 10/01/21		2,647,100

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Texas (continued)
$	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/25	$	3,823,520
	5,000,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/28		5,928,200
	1,840,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/30		2,283,366
	6,500,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/25		7,663,695
	9,320,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/27		11,219,975
	12,005,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/30(a)		12,984,128
	3,500,000	State of Texas Transportation Commission Refunding GO, Series A 5.00%, 10/01/22		3,834,565
	2,500,000	State of Texas Water Financial Assistance Refunding GO, Series 2019 C 5.00%, 08/01/22		2,723,450
	1,030,000	State of Texas Water Utility Improvement Refunding GO, Series B1 5.00%, 08/01/26		1,256,991
	1,000,000	State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-2 5.00%, 08/01/28		1,161,600
	3,500,000	State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-3 5.00%, 08/01/27		4,375,350
	1,000,000	Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,219,540
	5,325,000	Tarrant County Cultural Education Facilities Finance Corp. Refunding Revenue Bonds 5.00%, 11/15/40(a)		5,444,333
	3,000,000	Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds 5.00%, 12/01/32		3,688,110

Principal Amount			Value
Texas (continued)
$	1,750,000	Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds 5.00%, 12/01/33	$	2,141,213
	1,000,000	Temple Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 02/01/27		1,227,530
	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/22		1,094,340
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/24		6,734,087
	3,225,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/21		3,348,227
	4,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A 5.00%, 10/01/26		5,211,180
	2,080,000	Texas Water Development Board Water Utility Improvements Revenue Bonds 5.00%, 08/01/31		2,675,691
	1,250,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, Series A 5.00%, 10/15/23		1,414,338
	1,000,000	Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds 5.00%, 08/01/24		1,154,850
	500,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/22		544,705
	1,680,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/23		1,889,210
	935,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/24		1,083,946
	2,085,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/25		2,479,378

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Texas (continued)
$	1,635,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/26	$	1,990,662
	1,000,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/27		1,243,370
	420,000	University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/21		436,855
	1,065,000	University of Texas System Refunding Revenue Bonds, Series A 5.00%, 08/15/29		1,234,655
	2,000,000	University of Texas System University and College Improvements Revenue, Series D 5.00%, 08/15/23		2,252,500
	3,000,000	University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/21		3,158,580
	7,000,000	University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/26		8,546,230
	325,000	Waco Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/27		392,434
	640,000	Wall Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27		746,726
	1,210,000	Wichita Falls Independent School District School Improvements GO (PSF-GTD) 5.00%, 02/01/23		1,337,667
				552,745,531
Utah — 0.7%
	840,000	Salt Lake County Municipal Building Authority Public Facilities Revenue Bonds 5.00%, 01/15/31		1,035,258
	10,000,000	State of Utah Highway Improvements Revenue Bonds GO 5.00%, 07/01/26		12,244,600
	11,000,000	Utah Transit Authority Advance Refunding Revenue Bonds 2.77%, 12/15/38		11,151,470
				24,431,328

Principal Amount			Value
Virginia — 5.8%
$	2,000,000	City of Richmond Public Utility Revenue, Advance Refunding Revenue Bonds, Series B 2.35%, 01/15/27	$	2,087,080
	2,250,000	City of Richmond Public Utility Revenue, Advance Refunding Revenue Bonds, Series B 2.45%, 01/15/28		2,359,350
	1,415,000	City of Richmond Public Utility Revenue, Advance Refunding Revenue Bonds, Series B 2.95%, 01/15/34		1,496,716
	1,000,000	City of Richmond Public Utility Revenue, Advance Refunding Revenue Bonds, Series B 3.05%, 01/15/35		1,058,410
	2,955,000	City of Richmond Public Utility Revenue, Sewer Improvement Revenue Bonds, Series A 5.00%, 01/15/34		3,705,925
	2,300,000	City of Richmond Public Utility Revenue, Sewer Improvement Revenue Bonds, Series A 5.00%, 01/15/35		2,873,781
	4,110,000	City of Suffolk Public Improvements GO 5.00%, 02/01/26(a)		4,237,657
	1,600,000	City of Virginia Beach Current Refunding GO, Series B, (State Aid Withholding) 5.00%, 07/15/26		1,962,176
	5,175,000	City of Virginia Beach Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 07/15/26		6,346,413
	7,430,000	Commonwealth of Virginia Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 06/01/28		8,811,906
	3,815,000	Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/22		4,132,942
	3,865,000	Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/27		4,699,531
	7,000,000	Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/22		7,670,950
	5,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/27		6,267,100

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Virginia (continued)
$	4,630,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28	$	5,974,506
	2,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28		2,496,840
	7,965,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/29		9,890,698
	2,660,000	County of Arlington Public Improvements GO 5.00%, 08/15/31		3,386,978
	3,270,000	County of Chesterfield School Improvements GO, Series A, (State Aid Withholding) 5.00%, 01/01/27		4,050,745
	1,630,000	County of Chesterfield School Improvements GO, Series A, (State Aid Withholding) 5.00%, 01/01/28		2,067,671
	2,160,000	County of Fairfax Sewer Improvement Revenue Bonds 5.00%, 07/15/22(a)		2,272,126
	7,530,000	County of Loudoun Public Facilities GO, Series A, (State Aid Withholding) 5.00%, 12/01/26		9,319,203
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A 5.00%, 10/01/24		1,364,150
	10,000,000	Virginia College Building Authority Advance Refunding Revenue Bonds 5.00%, 02/01/27		12,282,600
	1,000,000	Virginia College Building Authority Advance Refunding Revenue, Series A 5.00%, 09/01/28		1,216,150
	2,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program) 5.00%, 09/01/21		2,026,720
	10,000,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series A 5.00%, 02/01/28		12,541,700

Principal Amount			Value
Virginia (continued)
$	18,175,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series A 5.00%, 02/01/31	$	22,874,692
	5,285,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series B 5.00%, 02/01/24		6,015,387
	2,800,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series B 5.00%, 02/01/25		3,277,652
	500,000	Virginia College Building Authority, University and College Improvements Revenue, Series A 5.00%, 02/01/27(a)		575,849
	6,000,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds 5.00%, 09/15/29		7,368,780
	2,600,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/23		2,908,256
	5,375,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/28		6,677,040
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 03/15/23(a)		5,398,350
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 05/15/27		6,063,000
	6,145,000	Virginia Public Building Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/26		7,499,235
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/21		2,589,162
	500,000	Virginia Public School Authority Advance Refunding Revenue Bonds 5.00%, 02/01/26		604,095

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Virginia (continued)
$	2,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 08/01/24	$	2,818,431
	5,000,000	Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 08/01/25		5,906,350
	2,790,000	Virginia Public School Authority School Improvement Revenue Bonds, Series A 5.00%, 10/01/23		3,144,972
	2,750,000	Virginia Public School Authority School Improvement Revenue Bonds, Series A 5.00%, 10/01/26		3,354,918
	1,500,000	Virginia Resources Authority Advance Refunding Revenue 5.00%, 11/01/26		1,847,250
	1,120,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25		1,304,744
	30,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25(a)		35,301
				216,863,488
Washington — 2.8%
	1,025,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY) 5.00%, 12/01/21		1,089,903
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY) 5.00%, 12/01/26		1,271,928
	2,100,000	City of Seattle Public Improvements GO, Series A 5.00%, 11/01/24		2,454,417
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds 5.00%, 01/01/27		1,901,008
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY) 5.00%, 12/01/24		967,757
	1,000,000	County of King WA Sewer Advance Refunding Revenue Bonds 5.00%, 07/01/30		1,225,620

Principal Amount			Value
Washington (continued)
$	7,000,000	County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B 5.00%, 07/01/29	$	8,843,030
	10,000,000	Energy Northwest Advance Refunding Revenue Bonds 5.00%, 07/01/27		12,099,200
	3,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/27		3,542,880
	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A 5.00%, 07/01/28		4,223,310
	1,035,000	King County Refunding GO 5.00%, 07/01/25		1,212,885
	5,395,000	King County Refunding GO 5.00%, 07/01/26		6,319,649
	9,000,000	King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/32		11,005,650
	3,000,000	King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/33		3,654,210
	1,180,000	Nooksack Valley School District No 506 School Improvements GO, (School Board GTY) 5.00%, 12/01/24		1,378,441
	2,995,000	Pierce County School District No 10 Tacoma Current Refunding GO, (School Board GTY) 5.00%, 12/01/26		3,574,443
	1,000,000	Pierce County School District No 402 Franklin Pierce School Improvements GO, (School Board GTY) 5.00%, 12/01/30		1,235,370
	750,000	Port of Seattle Inter Lien Refunding Revenue Bonds 5.00%, 02/01/27		866,925
	5,000,000	Port of Seattle Refunding GO 5.00%, 06/01/24		5,770,500
	4,000,000	Port of Seattle WA Refunding GO, Series A 5.00%, 11/01/21		4,245,520
	1,120,000	Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY) 5.00%, 12/01/23		1,269,733

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
Washington (continued)
$	5,000,000	Snohomish County School District No 201 Refunding GO (School Board GTY) 5.00%, 12/01/25	$	5,755,350
	360,000	Spokane County School District No 354 Mead School Improvement GO, (School Board GTY) 5.00%, 12/01/22		395,950
	3,195,000	State of Washington Public Improvements GO, Series B 5.00%, 08/01/27		3,894,833
	5,475,000	State of Washington Public Improvements GO, Series C 5.00%, 02/01/30		6,378,813
	800,000	State of Washington Refunding GO, Series R-2012C 5.00%, 07/01/23		868,287
	2,315,000	State of Washington School Improvements GO, Series C 5.00%, 02/01/27		2,858,493
	3,100,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, Series C 5.00%, 06/01/29		3,737,174
	4,435,000	Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY) 5.00%, 12/01/24		5,176,488
				107,217,767
Wisconsin — 1.9%
	9,140,000	State of Wisconsin Advance Refunding GO, Series 3 5.00%, 11/01/28		11,362,848
	4,700,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds 5.00%, 06/01/29(a)		5,454,961
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, Series 1 5.00%, 06/01/23		1,124,060
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Refunding Revenue Bonds, Series 1 5.00%, 06/01/26(a)		1,124,060
	14,000,000	State of Wisconsin Current Refunding Revenue Bonds, Series A 5.00%, 05/01/29		17,141,740

Principal Amount			Value
Wisconsin (continued)
$	10,465,000	State of Wisconsin Environmental Improvement Fund Revenue, Green Bond, Series A 5.00%, 06/01/35	$	13,060,843
	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/27		1,446,792
	3,205,000	State of Wisconsin Public Improvements GO, Series B 5.00%, 05/01/30(a)		3,477,778
	1,900,000	State of Wisconsin Refunding Bonds GO, Series 3 5.00%, 11/01/25		2,097,904
	1,000,000	State of Wisconsin Refunding GO, Series 1 5.00%, 05/01/24		1,125,980
	2,770,000	State of Wisconsin Refunding GO, Series 2 5.00%, 11/01/26		3,411,255
	860,000	State of Wisconsin Refunding Notes GO, Series A 5.00%, 05/01/28		1,017,655
	6,385,000	Wisconsin Department of Transportation Refunding Revenue Bonds, Series 1 5.00%, 07/01/29(a)		7,208,984
	2,250,000	Wisconsin Health & Educational Facilities Authority Refunding Revenue Bonds, Series A 5.13%, 04/15/31(a)		2,518,875
				71,573,735
Total Municipal Bonds (Cost $3,405,309,403)				3,459,702,782
U.S. GOVERNMENT SECURITIES — 5.6%
U.S. Treasury Bonds — 0.4%
	15,000,000	1.50%, 02/15/2030		16,245,703
U.S. Treasury Notes — 5.2%
	100,000,000	1.50%, 03/31/2023		103,671,875
	37,940,000	2.00%, 02/15/2025		40,902,581
	46,000,000	2.25%, 01/31/2024		49,352,969
				193,927,425
Total U.S. Government Securities (Cost $202,024,265)				210,173,128

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Principal Amount			Value
CORPORATE BONDS — 0.7%
UNITED STATES — 0.7%
$	12,500,000	Advocate Health & Hospitals Corp., 2.21%, 06/15/30	$	12,548,670
	5,000,000	Ascension HealthB, 2.53%, 11/15/29		5,193,188
	3,000,000	BayCare Health System, Inc., 2.61%, 11/15/22		3,035,011
	2,000,000	BayCare Health System, Inc., 2.70%, 11/15/23		2,034,480
	5,000,000	Stanford Health Care, 3.31%, 08/15/30		5,434,461
				28,245,810
Total Corporate Bonds (Cost $28,165,058)				28,245,810

Shares
INVESTMENT COMPANY — 1.3%
	48,182,569	SEI Daily Income Trust Government II Fund, Class A, 0.32%(d)		48,182,569
Total Investment Company (Cost $48,182,569)				48,182,569

TOTAL INVESTMENTS — 99.4% (Cost $3,683,681,295)			$	3,746,304,289
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				24,250,404
NET ASSETS — 100.0%			$	3,770,554,693

(a)	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.
(b)	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 April 30, 2020.
(c)	These securities are 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 as of April 30, 2020.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligations

GTY — Guaranty

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

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*April 30, 2020*
	*(Unaudited)*

Portfolio diversification by State (Unaudited)

State	Percentage of Net Assets
Alabama		1.4	%
Arizona		1.6
Arkansas		0.2
California		2.2
Colorado		0.7
Connecticut		2.9
Delaware		2.4
District Of Columbia		1.8
Florida		2.7
Georgia		4.0
Hawaii		1.1
Idaho		0.1
Illinois		0.4
Indiana		0.1
Iowa		0.7
Kansas		0	**
Louisiana		0	**
Maine		0.1
Maryland		7.4
Massachusetts		5.6
Michigan		0.4
Minnesota		1.3
Mississippi		0.4
Missouri		0.5
New Hampshire		0.2
New Jersey		1.6
New Mexico		0.3
New York		15.2
North Carolina		2.3
Ohio		3.7
Oklahoma		0.6
Oregon		1.5
Pennsylvania		1.2
Rhode Island		0.4
South Carolina		0.6
South Dakota		0.1
Tennessee		0.2
Texas		14.7
Utah		0.7
Virginia		5.8
Washington		2.8
Wisconsin		1.9
Other*		8.2
		100.0	%

*	Includes cash and equivalents, U.S. Government Securities, Corporate Bonds, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
**	Represents less than 0.01% of net assets.

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments	April 30, 2020 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 87.0%

California — 87.0%
$	1,000,000	Abag Finance Authority for Nonprofit Corps Odd fellows Home CA Refunding Revenue Bonds, Series A 5.00%, 04/01/23	$	1,109,570
	175,000	Alameda County Joint Powers Authority Refunding Revenue Bonds 5.00%, 12/01/20		179,340
	150,000	Allan Hancock Joint Community College District/CA University & College Improvements GO, Series E 5.00%, 08/01/28		190,247
	635,000	Anaheim Housing & Public Improvements Authority Pre-refunding Revenue Bonds 5.00%, 10/01/41(a)		671,995
	250,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/38(a)		280,430
	6,000,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/43(a)		6,730,320
	24,695,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.25%, 04/01/48(a)		27,878,186
	100,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/22		107,619
	125,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/23		137,600
	6,000,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 2.00%, 04/01/53(b)		6,033,480
	110,000	Brentwood Infrastructure Financing Authority Refunding Revenue Bonds 5.00%, 07/01/24		125,149

Principal Amount			Value
California (continued)
$	150,000	Cabrillo Community College District Refunding GO 5.00%, 08/01/23(a)	$	164,496
	100,000	Cabrillo Community College District Refunding GO 5.00%, 08/01/24(a)		109,663
	930,000	Cabrillo Community College District Refunding GO 5.00%, 08/01/27(a)		1,019,875
	500,000	California Educational Facilities Authority Advance Refunding Revenue Bonds 5.00%, 01/01/27		595,860
	1,550,000	California Educational Facilities Authority Refunding Revenue Bonds 5.00%, 10/01/23		1,767,884
	2,500,000	California Educational Facilities Authority University and College Improvements Revenue Bonds, Series V-1 5.00%, 05/01/49		3,994,525
	275,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/22		299,709
	1,000,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/01/23		1,120,610
	100,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/25		118,104
	1,565,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bond, Series A-1 5.00%, 04/01/33		2,158,166
	125,000	California Infrastructure & Economic Development Bank University & College Improvements Revenue Bonds 5.00%, 05/15/23		138,829
	150,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/22		164,642
	250,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23		283,693

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	100,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23	$	113,477
	150,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/26		185,588
	125,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/27		158,569
	5,725,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/35		7,031,273
	100,000	California Municipal Finance Authority Advance Refunding Anaheim Water System Project Revenue Bonds, Series A 5.00%, 10/01/24		116,735
	100,000	California Municipal Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/15/23		111,391
	405,000	California Municipal Finance Authority Pre-refunding Revenue Bonds 6.35%, 12/01/31(a)		418,296
	415,000	California Municipal Finance Authority Pre-refunding Revenue Bonds 6.80%, 12/01/36(a)		429,620
	160,000	California Municipal Finance Authority Retirement Facilities California Armenian Home Project Revenue Bonds 5.00%, 05/15/22		171,587
	100,000	California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/23		109,959
	125,000	California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/24		141,085
	645,000	California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds 4.00%, 07/01/23		694,446

Principal Amount			Value
California (continued)
$	670,000	California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds 4.00%, 07/01/24	$	734,273
	4,770,000	California State Current Refunding GO 5.00%, 08/01/27		5,533,629
	250,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/23		280,880
	460,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/24		530,647
	100,000	California State Public Works Board Correctional Facilities Improvements, Series A 5.00%, 11/01/25		117,998
	200,000	California State Public Works Board Correctional Facilities Improvements, Series C 5.00%, 11/01/27		245,846
	150,000	California State Public Works Board Public Improvements Revenue Bonds, Series G 5.00%, 11/01/22		163,752
	325,000	California State Public Works Board Refunding Revenue Bonds, Series F 5.00%, 05/01/26		378,066
	100,000	California State Public Works Board, Advance Refunding Revenue Bonds 5.00%, 11/01/26		120,590
	250,000	California State University & College Improvements Current Refunding Revenue Bonds, Series A 5.00%, 11/01/23		282,708
	10,000	California State University & College Improvements Pre-refunding Revenue Bonds 5.00%, 11/01/24		9,999
	1,785,000	California State University & College Improvements Revenue Bonds, Series A 5.00%, 11/01/24		2,075,187
	390,000	California State University & College Improvements Unrefunded Revenue Bonds 5.00%, 11/01/24		390,000

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	1,000,000	California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/24	$	1,096,340
	250,000	California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/25		289,930
	120,000	California State University Current Refunding Revenue Bonds, Series C 5.00%, 11/01/21		127,366
	150,000	California Statewide Communities Development Authority 5.00%, 08/15/23		168,113
	150,000	California Statewide Communities Development Authority Advance Refunding Revenue Bonds 5.00%, 08/15/25		177,783
	745,000	California Statewide Communities Development Authority Current Refunding Revenue Bonds 4.00%, 11/15/25		814,896
	100,000	California Statewide Communities Development Authority Nursing Homes Retirement Facilities Revenue Bonds 5.00%, 07/01/28		123,610
	5,000,000	Carlsbad Unified School District School Improvements GO, Series B 6.00%, 05/01/34		5,872,850
	885,000	Chabot-Las Positas Community College District Refunding GO 5.00%, 08/01/25		992,492
	3,000,000	City & County of San Francisco CA Current Refunding COP 5.00%, 04/01/25		3,546,510
	325,000	City & County of San Francisco CA Public Improvements GO, Series B 5.00%, 06/15/22		352,274
	100,000	City & County of San Francisco CA Refunding COP 5.00%, 04/01/21		103,745
	150,000	City & County of San Francisco CA Refunding COP 5.00%, 04/01/23		167,121
	2,500,000	City & County of San Francisco CA Refunding Public Improvements COP 5.00%, 04/01/23		2,747,500

Principal Amount			Value
California (continued)
$	100,000	City of Los Angeles CA Wastewater System Revenue Advance Refunding Revenue Bonds, Subseries A 5.00%, 06/01/24	$	114,935
	100,000	City of Los Angeles CA Wastewater System Revenue Green Bond, Subseries A 5.00%, 06/01/27		123,999
	2,550,000	City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A 5.00%, 06/01/25		2,841,669
	1,800,000	City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A 5.00%, 06/01/27		2,004,138
	7,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds 5.00%, 05/15/40		8,884,350
	3,645,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/23		4,028,746
	1,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/24		1,703,445
	200,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/24		227,126
	100,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/25		116,331
	275,000	City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/23		311,688
	150,000	City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/24		175,029
	200,000	City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/25		239,842
	100,000	City of Roseville CA Water Utility Revenue Advance Refunding COP 5.00%, 12/01/23		113,821

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	150,000	City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/25	$	179,691
	165,000	City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/26		202,909
	100,000	City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Green Bond, Series D 5.00%, 11/01/26		122,382
	1,900,000	City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds 5.00%, 11/01/28		2,234,191
	200,000	City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/20		202,784
	450,000	City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/22		491,733
	550,000	Contra Costa Community College District University & College Improvements GO, Series B2 5.00%, 08/01/27		691,873
	330,000	Contra Costa Transportation Authority Advance Refunding Revenue Bonds, Series A 4.00%, 03/01/23		354,532
	275,000	Contra Costa Water District Refunding Revenue Bonds, Series T 5.00%, 10/01/25		321,409
	425,000	County of Marin CA Advance Refunding Public Improvements 5.00%, 11/01/26		510,663
	225,000	County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/23		246,823
	225,000	County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/26		262,406
	100,000	County of San Diego CA Refunding COP, Series A 5.00%, 10/15/25		116,726

Principal Amount			Value
California (continued)
$	100,000	Cucamonga Valley Water District Financing Authority Current Refunding Revenue Bonds 5.00%, 09/01/24	$	116,448
	1,445,000	Desert Community College District Refunding GO 5.00%, 08/01/26		1,753,797
	200,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/22		216,668
	300,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/23		336,054
	225,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/24		260,062
	150,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/25		178,469
	115,000	East Bay Municipal Utility District Water System Revenue Pre-refunded Revenue Bonds, Subseries A 5.00%, 06/01/23(a)		115,384
	805,000	Garden Grove Unified School District School Improvements GO, Series C 5.00%, 08/01/30(a)		905,794
	275,000	Gilroy School Facilities Financing Authority Refunding Revenue Bonds, Series A 4.00%, 08/01/42(a)		301,617
	200,000	Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/25		231,510
	1,100,000	Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/29		1,255,155
	1,000,000	Los Angeles Community College District/CA University & College Improvements GO, Series 2008-F 5.00%, 08/01/24		1,124,870

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	850,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Senior Series B 5.00%, 07/01/25	$	951,626
	3,000,000	Los Angeles County Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/23		3,369,630
	100,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23		112,321
	125,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24		144,564
	120,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/25		138,517
	250,000	Los Angeles County Metropolitan Transportation Authority Green Bond, Series A 5.00%, 07/01/22		272,240
	800,000	Los Angeles County Metropolitan Transportation Authority Green Bond, Series A 5.00%, 07/01/23		898,568
	125,000	Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds 5.00%, 07/01/21		131,264
	275,000	Los Angeles County Metropolitan Transportation Authority, Refunding Revenue Bonds 5.00%, 07/01/24		318,040
	250,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23		280,388
	125,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27		156,351

Principal Amount			Value
California (continued)
$	2,065,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23	$	2,279,079
	150,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22		159,401
	450,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/23		495,662
	600,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/24		681,120
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24		5,782,550
	330,000	Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/21		345,434
	1,425,000	Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/22		1,546,638
	100,000	Los Angeles Department of Water & Power Power System Revenue Electricity Light & Power Improvements Revenue Bonds, Series C 5.00%, 07/01/22		108,535
	195,000	Los Angeles Department of Water & Power Power System Revenue Unrefunded Revenue Bonds, Series A 5.00%, 07/01/22		204,112
	200,000	Los Angeles Department of Water Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27		247,528
	200,000	Los Angeles Department of Water Water Utility Improvements Current Refunding Revenue Bonds, Series B 5.00%, 07/01/28		255,742

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	100,000	Los Angeles Department of Water Water Utility Improvements Revenue Bonds, Series A 5.00%, 07/01/28	$	126,003
	1,800,000	Los Rios Community College District Refunding GO 5.00%, 08/01/27		1,950,840
	175,000	Marin Community College District Advance Refunding GO 5.00%, 08/01/23		197,090
	275,000	Mount San Antonio Community College District University & College Improvements GO, Series 2018-A 5.00%, 08/01/27		341,635
	1,100,000	Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A 5.00%, 08/01/28		1,296,955
	2,000,000	Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A 5.00%, 11/01/24		2,254,840
	325,000	Nevada County Finance Authority Revenue Bonds 4.00%, 10/01/22		346,824
	450,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/22		480,614
	125,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24		140,336
	210,000	Northern California Transmission Agency California-Oregon Project Advance Refunding Revenue Bonds 5.00%, 05/01/26		250,656
	2,545,000	Novato Sanitary District Repayment Of Bank Loan Revenue Bonds 5.00%, 02/01/29		3,273,481
	160,000	Ohlone Community College District Advance Refunding GO 5.00%, 08/01/24		185,856
	100,000	Orange County Sanitation District Advance Refunding Revenue Bonds 5.00%, 02/01/26		121,128

Principal Amount			Value
California (continued)
$	3,000,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A 5.00%, 02/01/34	$	3,448,470
	150,000	Orange County Sanitation District Current Refunding Revenue Bonds, Series A 5.00%, 02/01/27		186,417
	100,000	Orange County Water District Advance Refunding Revenue Bonds, Series A 5.00%, 08/15/27		124,205
	475,000	Orange County Water District Repayment Of Bank Loan Revenue Bonds, Series C 5.00%, 08/15/25		568,333
	100,000	Otay Water District Financing Authority Current Refunding Revenue Bonds, Series A 5.00%, 09/01/27		126,042
	100,000	Palomar Community College District University & College Improvements GO, Series 2006-D 5.00%, 08/01/22		108,495
	200,000	Placer County Water Agency Current Refunding COP 5.00%, 07/01/22		217,298
	150,000	Placer County Water Agency Current Refunding COP 5.00%, 07/01/28		192,608
	150,000	Regents of the University of California Medical Center Pooled Revenue Advance Refunding Revenue Bonds, Series L 5.00%, 05/15/23		165,887
	1,145,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L 5.00%, 05/15/24		1,302,220
	1,320,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J 5.00%, 05/15/24(a)		1,481,014
	6,150,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J 5.25%, 05/15/27(a)		6,946,056
	1,100,000	Rio Hondo Community College District/CA Current Refunding GO, Series B 5.00%, 08/01/24		1,267,871

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	675,000	Rio Hondo Community College District/CA Current Refunding GO, Series B 5.00%, 08/01/25	$	799,227
	870,000	Riverside County Transportation Commission Pre-refunding Refunding Notes Highway Improvements, Series A 5.25%, 06/01/24(a)		988,494
	200,000	Sacramento County Sanitation Districts Financing Authority Current Refunding Revenue Bonds 5.00%, 08/01/25		239,046
	3,000,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Series A 5.00%, 08/15/49(b)		3,301,860
	1,075,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Series H 5.00%, 08/15/29		1,389,470
	5,250,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B 5.00%, 08/15/49(b)		6,061,125
	275,000	Saddleback Valley Unified School District Refunding GO 5.00%, 08/01/24		307,192
	1,000,000	San Diego Community College District Advance Refunding GO 5.00%, 08/01/28		1,227,780
	1,030,000	San Diego Community College District Pre-refunded University & College Improvements GO 5.00%, 08/01/24(a)		1,086,238
	100,000	San Diego County Regional Transportation Commission Sales & Use Tax Refunding Revenue Bonds, Series A 5.00%, 04/01/25		114,503
	120,000	San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/22		129,622
	150,000	San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/23		167,477
	300,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/25		356,718

Principal Amount			Value
California (continued)
$	1,115,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/28	$	1,353,276
	300,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/23		336,744
	1,000,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Subseries A 5.00%, 08/01/31		1,078,940
	175,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/22		190,026
	100,000	San Diego Regional Building Authority County Operation Centre Current Advance Revenue Bonds, Series A 5.00%, 10/15/23		111,741
	1,460,000	San Francisco Bay Area Rapid Transit District Sales Tax Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/28		1,707,528
	1,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO 5.00%, 08/01/24		1,737,675
	500,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A 5.00%, 05/01/23		550,470
	3,810,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A 5.00%, 05/01/26		4,511,764
	2,400,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds 5.00%, 05/01/24		2,715,720
	3,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H 5.00%, 05/01/29		3,607,230

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	1,095,000	San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series D 5.00%, 05/01/26	$	1,132,690
	8,000,000	San Francisco City & County Public Utilities Commission Wastewater Revenue Green Bond, Series C 2.13%, 10/01/48(b)		8,114,800
	200,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/23		220,748
	175,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/26		209,276
	100,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/27		122,264
	1,290,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/28		1,417,284
	1,165,000	San Joaquin County Transportation Authority Refunding Revenue Bonds, Series A 5.50%, 03/01/41(a)		1,211,600
	830,000	San Jose Evergreen Community College District Advance Refunding GO 5.00%, 09/01/24		963,846
	785,000	San Mateo County Community College District Refunding GO 5.00%, 09/01/24		858,751
	100,000	San Mateo Joint Powers Financing Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/24		115,073
	100,000	San Mateo Joint Powers Financing Authority Public Facilities Health Improvements Capital Project Refunding Bonds, Series A 5.00%, 07/15/27		123,723

Principal Amount			Value
California (continued)
$	100,000	San Mateo Joint Powers Financing Authority Public Improvements Capital Project Revenue Bonds, Series A 5.00%, 07/15/25	$	118,104
	705,000	San Mateo Joint Powers Financing Authority Refunding Revenue Bonds 5.00%, 06/15/22		762,154
	1,000,000	San Mateo Union High School District Refunding GO 5.00%, 09/01/27(a)		1,176,780
	275,000	San Mateo Union High School District Refunding GO, Series C 5.00%, 09/01/24		319,853
	125,000	San Rafael Joint Powers Financing Authority Green Bonds Public Facilities 5.00%, 06/01/23		139,418
	1,000,000	San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/24		1,160,250
	750,000	San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/25		895,163
	100,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/22		108,155
	125,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/26		151,510
	300,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/27		372,807
	250,000	Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/22		271,453
	100,000	Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/25		115,695
	350,000	Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/23		392,774
	245,000	Santa Clara Unified School District School Improvements GO 5.00%, 07/01/27		298,692

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	175,000	Santa Clara Valley Water District Current Refunding COP, Series A 5.00%, 02/01/23	$	193,918
	1,540,000	Santa Clarita Community College District Refunding GO 5.00%, 08/01/24		1,722,875
	100,000	Santa Clarita Community College District University & College Improvements GO 5.00%, 08/01/26		121,370
	150,000	Santa Monica Public Financing Authority Current Refunding Revenue Bonds 5.00%, 07/01/25		178,878
	100,000	Southern California Public Power Authority Advance Refunding Revenue Bonds, Series C 5.00%, 07/01/25		116,645
	225,000	Southern California Public Power Authority Electricity Light & Power Improvements Mead-Pheonix Project Revenue Bonds 5.00%, 07/01/26		269,219
	100,000	State of California (Other Revenue LOC) Advance Refunding GO 5.00%, 09/01/22		108,741
	125,000	State of California Advance Refunding GO 5.00%, 11/01/23		140,759
	325,000	State of California Advance Refunding GO 5.00%, 09/01/25		383,435
	1,155,000	State of California Advance Refunding GO 5.00%, 08/01/26		1,392,618
	200,000	State of California Advance Refunding GO 5.00%, 09/01/26		241,616
	1,000,000	State of California Advance Refunding GO 5.00%, 08/01/27		1,232,260
	1,345,000	State of California Advance Refunding GO, Series B 5.00%, 09/01/23		1,507,099
	125,000	State of California Current Refunding GO 5.00%, 02/01/22		133,700
	3,310,000	State of California Current Refunding GO 5.00%, 08/01/24		3,803,322

Principal Amount			Value
California (continued)
$	2,000,000	State of California Current Refunding GO 5.00%, 10/01/25	$	2,364,420
	1,000,000	State of California Current Refunding GO 5.00%, 10/01/25		1,151,960
	2,355,000	State of California Current Refunding GO 5.00%, 08/01/26		2,839,494
	6,065,000	State of California Current Refunding GO 5.00%, 10/01/26		6,986,637
	3,000,000	State of California Current Refunding GO 5.00%, 04/01/27		3,670,380
	200,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21		213,120
	1,000,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/25		1,205,390
	100,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/27		126,200
	150,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/22		165,342
	100,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/24		117,255
	1,300,000	State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O 5.00%, 05/01/22		1,403,961
	100,000	State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/21		104,139
	150,000	State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/20		150,000

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	80,000	State of California Department of Water Resources Pre-refunded Water Utility Improvements Refunding Revenue Bonds, Series AQ 4.00%, 12/01/30(a)	$	87,863
	300,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AS 5.00%, 12/01/25		351,765
	125,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AV 5.00%, 12/01/27		151,828
	1,000,000	State of California Multi Utility Improvements GO 5.00%, 10/01/25		1,182,210
	10,000,000	State of California Multi Utility Improvements GO 5.00%, 10/01/26		12,104,200
	1,500,000	State of California Refunding GO 5.00%, 04/01/24		1,707,690
	550,000	Turlock Irrigation District Revenue Bonds 5.00%, 01/01/25		641,273
	3,000,000	University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AJ 4.60%, 05/15/31		3,558,150
	13,915,000	University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AK 5.00%, 05/15/48(b)		15,498,388
	1,955,000	University of California Advance Refunding Revenue Bonds, Series AY 5.00%, 05/15/24		2,248,270
	995,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/24(a)		1,116,370
	1,270,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/26(a)		1,424,915
	3,235,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/30(a)		3,629,605
	465,000	University of California Current Refunding Revenue Bonds, Series AF 5.00%, 05/15/20		465,614

Principal Amount			Value
California (continued)
$	1,000,000	University of California Current Revenue Bonds, Series I 5.00%, 05/15/23	$	1,114,430
	1,575,000	University of California Pre-refunded Limited Project Current Refunding Revenue Bonds, Series G 5.00%, 05/15/30(a)		1,709,631
	200,000	University of California University & College Improvements Refunding Revenue Bonds, Series BB 5.00%, 05/15/25		236,592
	100,000	University of California University & College Improvements Revenue Bonds, Series AM 5.00%, 05/15/26		114,787
	275,000	University of California University & College Improvements Unrefunded Revenue Bonds, Series S 5.00%, 05/15/20		275,363
	130,000	University of California Unrefunded Limited Project Current Refunding Revenue Bonds, Series G 5.00%, 05/15/23		140,314
	125,000	Ventura County Community College District Advance Refunding GO 5.00%, 08/01/24		145,200
	425,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/24		497,339
	460,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/26		568,105
	100,000	Walnut Energy Center Authority Current Refunding Revenue Bonds 5.00%, 01/01/23		110,505
	250,000	West Valley-Mission Community College District Current Refunding GO, Series A 5.00%, 08/01/27		311,355
	100,000	William S Hart Union High School District Advance Refunding GO 5.00%, 08/01/24		115,261

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
California (continued)
$	125,000	Yosemite Community College District Current Refunding GO 5.00%, 08/01/25	$	147,659
Total Municipal Bonds (Cost $304,330,827)				308,647,840

U.S. GOVERNMENT SECURITIES — 9.8%

U.S. Treasury Notes — 9.8%
	30,770,000	2.00%, 02/15/2025		33,172,704
	1,300,000	2.25%, 02/15/2027		1,451,988
Total U.S. Government Securities (Cost $32,712,543)				34,624,692

CORPORATE BONDS — 0.6%

UNITED STATES — 0.6%
	2,000,000	Stanford Health Care, 3.31%, 08/15/30		2,173,784
Total Corporate Bonds (Cost $2,000,000)				2,173,784

Shares
INVESTMENT COMPANY — 1.9%
	6,701,463	SEI Daily Income Trust Government II Fund, Class A, 0.32%(c)		6,701,463
Total Investment Company (Cost $6,701,463)				6,701,463

TOTAL INVESTMENTS — 99.3% (Cost $345,744,833)			$	352,147,779
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				2,358,128
NET ASSETS — 100.0%			$	354,505,907

(a)	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.
(b)	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 April 30, 2020.
(c)	The rate shown represents the current yield as of April 30, 2020.

The following abbreviations are used in the report:

COP — Certificates of Participation

GO — General Obligations

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
California		87.0	%
U.S. Government Securities		9.8
Other*		3.2
		100.0	%

Includes cash and equivalents, U.S. Government Securities, corporate bonds, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments	April 30, 2020 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 90.5%

New York — 90.5%
$	2,000,000	Battery Park City Authority Current Refunding Revenue Bonds, Series A 5.00%, 11/01/25	$	2,263,140
	100,000	Build NYC Resource Corp. Refunding Revenue Bonds, Series A 5.00%, 06/01/24		115,755
	1,110,000	City of New York Public Improvements GO, Series 2018-1 5.00%, 08/01/25		1,287,434
	225,000	City of New York Advance Refunding GO, Series 2015-A 5.00%, 08/01/24		255,152
	2,520,000	City of New York Advance Refunding GO, Series A 5.00%, 08/01/26		2,982,420
	350,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		376,740
	150,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		161,460
	875,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/23		967,715
	200,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/23		221,192
	1,515,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/27		1,738,811
	100,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/28		120,205
	125,000	City of New York Advance Refunding GO, Series D 5.00%, 08/01/24		141,751
	100,000	City of New York Advance Refunding GO, Series E 5.00%, 08/01/24		113,401
	4,500,000	City of New York Current Refunding GO, Series 2019-A 5.00%, 08/01/25		5,219,325
	4,250,000	City of New York Current Refunding GO, Series E 5.00%, 08/01/24		4,819,543
	225,000	City of New York Public Improvements GO, Series 1 5.00%, 08/01/21		234,932
	255,000	City of New York Public Improvements GO, Series 1 5.00%, 08/01/23		282,020

Principal Amount			Value
New York (continued)
$	1,000,000	City of New York Public Improvements GO, Sub-Series D-3 5.00%, 08/01/38(a)(b)	$	1,102,780
	200,000	City of New York Public Improvements GO, Sub-Series F-1 5.00%, 04/01/23		219,200
	100,000	City of New York Public Improvements GO, Sub-Series F-1 5.00%, 03/01/24		109,875
	4,775,000	City of New York Public Improvements GO, Sub-Series F-1 5.00%, 03/01/28		5,238,223
	1,500,000	City of New York Public Improvements GO, Sub-Series F-1 5.00%, 04/01/43		1,725,915
	100,000	City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/23(a)		111,581
	1,500,000	City of New York Public Improvements GO, Sub-Series H-A 5.00%, 01/01/25(a)		1,716,765
	1,325,000	City of New York Public Improvements GO, Sub-Series I-1 5.00%, 03/01/25		1,501,199
	3,000,000	City of New York Public Improvements GO, Sub-Series I-1 5.00%, 03/01/26		3,386,970
	200,000	City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/25(a)		233,662
	275,000	City of New York Refunding Cash Flow Management GO Notes, Series 1 5.00%, 08/01/22(a)		296,010
	300,000	City of New York Refunding GO, Series B 5.00%, 08/01/25		347,955
	400,000	City of New York Refunding GO, Series C 5.00%, 08/01/27		469,688
	1,250,000	City of New York Refunding GO, Series C-1 5.00%, 08/01/25		1,449,813
	29,000,000	City of New York Refunding GO, Series C-1 5.00%, 08/01/26		34,321,500

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	200,000	City of New York Refunding GO, Series D 5.00%, 08/01/22	$	215,280
	100,000	City of New York Refunding GO, Series F 5.00%, 08/01/29		106,103
	10,410,000	City of New York Refunding GO, Series F 5.00%, 08/01/30		11,026,688
	1,035,000	City of New York Refunding GO, Series H 5.00%, 08/01/22		1,114,074
	150,000	City of New York Refunding GO, Series J 5.00%, 08/01/22		161,460
	325,000	City of New York Refunding GO, Series J 5.00%, 08/01/24		368,553
	500,000	City of New York Refunding GO, Series J 5.00%, 08/01/25		555,830
	100,000	City of New York Refunding GO, Sub-Series H-3 5.00%, 08/01/23(a)		110,595
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/21		366,496
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/22		380,191
	100,000	County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/23		112,221
	110,000	County of Westchester NY Sewer Improvements GO, Series C 5.00%, 07/01/22		119,489
	375,000	Erie County Fiscal Stability Authority Advance Refunding Revenue Bonds 5.00%, 09/01/22		410,689
	150,000	Erie County Fiscal Stability Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/22		161,340
	300,000	Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/23		335,520

Principal Amount			Value
New York (continued)
$	125,000	Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/24	$	144,539
	100,000	Erie County Industrial Development Agency (The) Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/21		104,089
	100,000	Erie County Industrial Development Agency (The) School Improvements City School District of the City of Buffalo Project Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/22		103,997
	500,000	Long Island Power Authority Electric System General Revenue Bonds 5.00%, 09/01/25		579,615
	1,200,000	Long Island Power Authority Electric System General Revenue Bonds 5.00%, 09/01/35		1,404,888
	4,000,000	Long Island Power Authority Refunding Revenue Bonds, Series B 5.00%, 09/01/25		4,306,560
	2,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/26		2,285,920
	900,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B 5.00%, 11/15/25		903,438
	125,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D 5.00%, 11/15/24		125,399
	100,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F 5.00%, 11/15/23		100,255
	700,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/23		701,302
	2,225,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28		2,229,139

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	205,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/25	$	205,381
	1,500,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30		1,502,445
	1,000,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Sub-Series C-1 5.00%, 11/15/27		1,003,820
	370,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds 5.00%, 11/15/26		371,628
	1,500,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds 5.00%, 11/15/48(b)		1,542,780
	150,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2 5.00%, 11/15/25		150,573
	2,570,000	Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/23		2,787,191
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/27		289,893
	3,000,000	Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/28		3,462,630
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1 5.00%, 11/15/23		250,638
	375,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Sub-Series B-2 5.00%, 11/15/26		428,610
	150,000	Metropolitan Transportation Authority Prerefunded Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/25(c)		177,315
	1,600,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/25		1,695,040

Principal Amount			Value
New York (continued)
$	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/29	$	2,633,850
	525,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(b)		532,497
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1 5.00%, 11/15/29(a)		2,684,225
	100,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/23(a)		100,185
	8,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/27(a)		8,014,800
	150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series B 5.00%, 11/15/20		150,059
	100,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/22		100,185
	150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1 5.00%, 11/15/25		150,527
	375,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/22		375,698
	600,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/23		601,530
	100,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/26		100,439
	100,000	Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/24		113,487

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	300,000	Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/24	$	350,205
	2,500,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds 1.75%, 05/01/59(b)		2,502,875
	3,000,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series L 2.75%, 05/01/50(b)		3,095,490
	250,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/23		278,083
	100,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/25		117,021
	1,035,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/26		1,237,974
	300,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding) 5.00%, 07/15/23		333,699
	100,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding) 5.00%, 07/15/24		114,247
	150,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/25		171,906

Principal Amount			Value
New York (continued)
$	125,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/26	$	146,048
	8,000,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/28		8,621,680
	1,075,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-2A, (State Aid Withholding) 5.00%, 07/15/25		1,257,987
	125,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding) 5.00%, 07/15/23		139,041
	250,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding) 5.00%, 07/15/24		285,618
	100,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/23		111,233
	525,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/24		599,797
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/25		2,340,440
	150,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/27		183,092

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,000,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series- S1, (State Aid Withholding) 5.00%, 07/15/22	$	1,080,730
	330,000	New York City Transitional Finance Authority Building Aid Revenue Unrefunded Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/22		356,641
	475,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/23		532,808
	250,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/24		287,808
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/23		111,367
	4,375,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/24		5,003,731
	200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/28		232,624
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 02/01/30		3,577,770
	4,575,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 11/01/23		5,131,778
	225,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/26		269,366

Principal Amount			Value
New York (continued)
$	150,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1 5.00%, 05/01/23	$	165,839
	200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI 5.00%, 08/01/25		226,890
	190,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI 5.00%, 08/01/29		214,630
	2,650,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series I 5.00%, 05/01/26		2,919,134
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds 5.00%, 11/01/25		112,741
	150,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21		159,278
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series C 5.00%, 11/01/23		5,608,500
	670,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series C 5.00%, 11/01/27		753,991
	600,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1 5.00%, 05/01/23		663,354
	300,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1 5.00%, 05/01/24		340,836
	350,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/23		389,788

100

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	200,000	New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24	$	229,780
	1,825,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA 5.00%, 06/15/26		2,205,713
	2,000,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series CC 5.00%, 06/15/25		2,359,220
	7,500,000	New York City Water & Sewer System Refunding Revenue Bonds 5.00%, 06/15/28		8,738,025
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2 5.00%, 06/15/25		2,262,440
	150,000	New York City Water & Sewer System Refunding Revenue Bonds, Series FF 5.00%, 06/15/25		176,942
	125,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG 5.00%, 06/15/25		147,451
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG 5.00%, 06/15/27		2,335,500
	1,040,000	New York City Water & Sewer System Refunding Revenue Bonds, Series HH 5.00%, 06/15/31		1,078,636
	450,000	New York City Water & Sewer System Refunding Revenue Bonds, Sub-Series BB-2 5.00%, 06/15/29		549,860
	1,500,000	New York City Water & Sewer System Refunding Revenue Bonds, Sub-Series FF-1 5.00%, 06/15/49		1,770,345
	4,750,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2 5.00%, 06/15/25		5,373,295
	390,000	New York State Dormitory Authority Advance Refunding Revenue Bonds 5.00%, 07/01/23		432,393
	255,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22		272,804

Principal Amount			Value
New York (continued)
$	150,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/22	$	161,432
	500,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24		575,835
	6,170,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/25		7,162,445
	1,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/26		1,212,550
	360,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/28		434,974
	4,715,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/29		5,667,807
	100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/24		113,167
	6,775,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/27		8,113,401
	600,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/28		717,348
	525,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24		595,508
	1,600,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/25		1,861,296
	650,000	New York State Dormitory Authority Green Bond Revenue Bonds 5.00%, 07/01/24		748,586
	100,000	New York State Dormitory Authority Master BOCES Program Advance Refunding Revenue Bonds, (State Appropriation) 5.00%, 08/15/27		122,095

101

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,600,000	New York State Dormitory Authority Prerefunded Revenue Bonds, Series A 5.00%, 07/01/26(c)	$	1,810,768
	3,765,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E 5.00%, 02/15/26		4,362,581
	1,455,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E 5.00%, 02/15/30		1,671,446
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-A 5.00%, 03/15/24		141,535
	150,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/26		177,477
	10,335,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/29		12,129,053
	2,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/24		2,264,560
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/26		118,721
	230,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/27		275,639
	350,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/25		406,298
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/26		118,803
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/27		151,708

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/28	$	5,773,600
	500,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/30		574,380
	100,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/23		108,773
	200,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/25		228,334
	3,275,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/27		3,889,423
	125,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/22		136,851
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/24		3,307,500
	150,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/24		164,615
	1,925,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/25		2,176,001
	1,025,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26		1,156,631
	5,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/29		6,462,335
	4,765,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/29		5,185,464
	5,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/50		6,038,950

102

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	350,000	New York State Dormitory Authority Refunding Revenue Bonds, Series C 5.00%, 03/15/25	$	396,547
	400,000	New York State Dormitory Authority Refunding Revenue Bonds, Series E 5.00%, 02/15/24		452,668
	3,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/28		3,714,990
	350,000	New York State Dormitory Authority School Improvements Bidding Group 1 Revenue Bonds, Series C 5.00%, 03/15/23		385,553
	625,000	New York State Dormitory Authority School Improvements Bidding Group 2 Unrefunded Refunding Revenue Bonds 5.00%, 03/15/24		707,675
	3,000,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/24		3,402,900
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/24		141,535
	8,050,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/27		9,787,593
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/27		151,530
	100,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series E 5.00%, 03/15/23		110,157
	2,500,000	New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A 5.00%, 02/15/28		2,987,300

Principal Amount			Value
New York (continued)
$	5,420,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/23	$	5,978,639
	1,305,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/24		1,480,262
	425,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 02/15/26		504,917
	355,000	New York State Dormitory Authority Third Generation Resolution State Universal Refunding Revenue Bonds 5.00%, 05/15/24		382,495
	150,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/22		162,671
	140,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/24		161,480
	2,525,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25		2,993,009
	100,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25		118,535
	1,025,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 03/15/26		1,163,795
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/26		2,126,583
	200,000	New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A 5.00%, 07/01/22		215,420

103

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	145,000	New York State Dormitory Authority Unrefunded Refunding Revenue Bonds 5.00%, 07/01/21	$	145,948
	150,000	New York State Dormitory Authority Unrefunded Refunding Revenue Bonds, (State Appropriation) 5.00%, 08/15/23		151,764
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds 5.00%, 03/15/23		110,983
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C 5.00%, 02/15/27		123,371
	175,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22		189,495
	100,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22		108,283
	475,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/27		530,428
	6,250,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/28		7,156,250
	100,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/22		108,283
	275,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/24		317,141
	125,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A 5.00%, 06/15/21		130,738
	1,485,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A 5.00%, 06/15/24		1,608,003
	3,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/23		3,355,950

Principal Amount			Value
New York (continued)
$	985,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24	$	1,135,941
	550,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24		634,282
	4,240,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/27		5,271,846
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/36		1,241,060
	100,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/23		111,865
	605,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/24		697,710
	100,000	New York State Housing Finance Agency Refunding Revenue Bonds, Series A 5.00%, 09/15/20		101,551
	100,000	New York State Thruway Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22		106,981
	375,000	New York State Thruway Authority Current Refunding Revenue Bonds, Series L 5.00%, 01/01/26		444,206
	150,000	New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A 5.00%, 04/01/23		161,427
	895,000	New York State Thruway Authority Prerefunded Revenue Bonds, Series I 5.00%, 01/01/28(c)		958,948
	2,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series J 5.00%, 01/01/27		2,223,640

104

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	375,000	New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/24	$	422,610
	300,000	New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/26		336,492
	250,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/23		274,048
	125,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/24		140,869
	200,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/25		231,328
	100,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/27		118,671
	1,925,000	New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27		2,289,826
	300,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24		340,290
	425,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22		454,674
	100,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23		110,307
	1,050,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/26		1,249,815

Principal Amount			Value
New York (continued)
$	1,920,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/28	$	2,276,794
	200,000	New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/23		220,614
	225,000	New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A 5.00%, 03/15/24		255,218
	150,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/22		160,473
	200,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/24		226,860
	15,000,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26		17,006,850
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26		119,029
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/27		121,585
	150,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 5.00%, 03/15/23		155,067
	400,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 4.00%, 03/15/24		409,284

105

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	175,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/23	$	193,037
	5,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/26		5,508,850
	3,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/28		3,297,300
	2,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/29		2,195,240
	1,190,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 09/01/25		1,380,793
	2,085,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/26		2,391,975
	175,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 12/15/26		196,565
	2,250,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 09/01/34		2,496,173
	100,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 175 5.00%, 12/01/22		108,493
	150,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/24		168,804
	375,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/25		431,948
	125,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 205 5.00%, 11/15/22		135,449

Principal Amount			Value
New York (continued)
$	2,885,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/25	$	3,203,187
	800,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27		885,888
	5,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28		5,524,000
	300,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/22		322,026
	100,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/23		110,299
	325,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/24		367,585
	125,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/23		142,208
	475,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/24		557,379
	5,150,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/30		5,931,564
	8,195,000	State of New York Green Current Refunding GO, Series B 2.55%, 02/15/29		8,517,473
	425,000	State of New York Green GO, Series A 5.00%, 02/15/22		456,174
	100,000	State of New York Green GO, Series A 5.00%, 02/15/26		121,185
	250,000	State of New York Public Improvements GO, Series A 5.00%, 03/01/24		278,895
	1,000,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A 4.00%, 05/01/33		1,151,710

106

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,915,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A 4.00%, 05/01/34	$	2,194,571
	1,000,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A 4.00%, 05/01/35		1,138,640
	1,000,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A 4.00%, 05/01/36		1,133,890
	400,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 4.00%, 05/01/22		424,280
	150,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/23		155,982
	500,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/26		609,895
	375,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/24		435,893
	3,715,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/25		4,085,200
	475,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/26		521,740
	1,050,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/27		1,151,682

Principal Amount			Value
New York (continued)
$	1,575,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/29	$	1,722,641
	100,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25		119,215
	265,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/23		299,532
	435,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/27		508,228
	6,340,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/29		6,973,746
	1,500,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/30		1,647,135
	250,000	Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds 5.00%, 11/15/23		282,578
	125,000	Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25(c)		150,151
	250,000	Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/27(c)		281,618
	150,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/20		153,288
	1,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/22		1,096,410
	150,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24		174,357

107

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Principal Amount			Value
New York (continued)
$	100,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24	$	108,855
	1,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds 5.00%, 06/15/25		1,957,060
	100,000	Utility Debt Securitization Authority Refunding Revenue Bonds 5.00%, 12/15/26		116,405
	1,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series A 5.00%, 06/15/26		1,722,045
	1,080,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/28		1,217,225
	8,720,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/29		9,811,570
	2,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/30		3,090,120
Total Municipal Bonds (Cost $477,547,867)				476,698,766

U.S. GOVERNMENT SECURITIES — 6.0%

U.S. Treasury Notes — 6.0%
	14,500,000	1.63%, 02/15/2026		15,477,051
	7,000,000	2.00%, 02/15/2025		7,546,602
	7,800,000	2.25%, 02/15/2027		8,711,930
Total U.S. Government Securities (Cost $29,950,949)				31,735,583

Shares			Value
INVESTMENT COMPANY — 3.4%
	17,568,795	SEI Daily Income Trust Government II Fund, Class A, 0.32%(d)	$	17,568,795
Total Investment Company (Cost $17,568,795)				17,568,795

TOTAL INVESTMENTS — 99.9% (Cost $525,067,611)			$	526,003,144
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				721,716
NET ASSETS — 100.0%			$	526,724,860

(a)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(b)	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 April 30, 2020.
(c)	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.
(d)	The rate shown represents the current yield as of April 30, 2020.

The following abbreviation is used in the report:

GO — General Obligations

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
New York		90.5	%
U.S. Government Securities		6.0
Other*		3.5
		100.0	%

*	Includes cash and equivalents, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

108

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	*April 30, 2020 (Unaudited)*

	ALL CAP CORE FUND			LARGE CAP STRATEGIES FUND		ALL CAP ESG FUND			SMALL & MID CAP STRATEGIES FUND
ASSETS:
Investments, at fair value		$	2,028,474,950	$	15,544,988,512	$	35,739,070			$	5,913,071,852
Foreign currency, at value (Cost $0, $1,526,904, $0 and $6,347,722, respectively)			—		1,538,773		—				6,384,052
Cash			3		1,357,589		1				32,657,953
Dividends and interest receivable			222,226		24,994,618		128,341				8,488,560
Receivable for Fund shares sold			622,480		7,772,270		—				5,594,635
Receivable for investments sold			14,332,600		49,974,697		—				46,716,723
Prepaid expenses			8,842		31,899		20,347				15,593
Total Assets			2,043,661,101		15,630,658,358		35,887,759				6,012,929,368
LIABILITIES:
Due to broker for collateral			—		1,060,000		—				220,000
Payable for Fund shares redeemed			165,577		13,616,565		—				2,676,027
Payable for investments purchased			13,446,616		69,252,927		—				35,496,815
Unrealized depreciation on forward foreign currency exchange contracts			—		365,950		—				112,046
Accrued expenses and other payables:
Investment advisory			1,045,909		9,759,468		9,280				3,623,029
Administration			91,744		723,678		5,650				270,226
Shareholder servicing fee			302,903		2,401,445		5,344				896,768
Custody			25,257		379,043		1,095				204,317
Directors			13,126		115,666		243				41,524
Legal and audit			25,229		161,128		17,340				79,313
Other			17,854		196,752		7,284				154,540
Total Liabilities			15,134,215		98,032,622		46,236				43,774,605
NET ASSETS		$	2,028,526,886	$	15,532,625,736	$	35,841,523			$	5,969,154,763
NET ASSETS consist of:
Capital paid-in		$	1,538,957,219	$	13,214,096,249	$	38,528,471			$	5,705,791,604
Total distributable earnings/(accumulated gain/loss)			489,569,667		2,318,529,487		(2,686,948	)			263,363,159
NET ASSETS		$	2,028,526,886	$	15,532,625,736	$	35,841,523			$	5,969,154,763
Net Asset Value, maximum offering price and redemption price per share		$	17.18	$	13.24	$	9.23			$	13.22
Number of shares authorized			2,500,000,000		3,000,000,000		3,500,000,000				3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			118,059,733		1,173,239,539		3,882,381				451,360,123
INVESTMENTS, AT COST		$	1,555,356,870	$	12,990,367,966	$	37,963,964			$	5,571,017,152

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	*April 30, 2020 (Unaudited)*

	MULTI-ASSET OPPORTUNITIES FUND(a)
ASSETS:
Investments, at fair value		$	2,210,170,949
Foreign currency, at value (Cost $76,469)			103,078
Due from broker for collateral			146,035,000
Structured option contracts, at value (Premium paid $50,293,965)			56,460,337
Dividends and interest receivable			3,805,973
Receivable for Fund shares sold			421,672
Receivable for investments sold			82,030,479
Unrealized appreciation on swap contracts			21,930,806
Unrealized appreciation on forward foreign currency exchange contracts			28,354
Prepaid expenses			14,247
Total Assets			2,521,000,895
LIABILITIES:
Payable to brokers for collateral			52,190,000
Written option contracts, at value (Premium received $4,881,857)			2,510,000
Structured option contracts, at value (Premium received $8,784,275)			48,047,969
Payable to Custodian			170
Payable for Fund shares redeemed			4,143,209
Payable for investments purchased			33,972,252
Unrealized depreciation on swap contracts			101,957,347
Unrealized depreciation on forward foreign currency exchange contracts			16,778
Accrued expenses and other payables:
Investment advisory			1,894,932
Administration			162,217
Shareholder servicing fee			423,163
Custody			31,100
Directors			33,262
Legal and Audit			206,074
Other			64,747
Total Liabilities			245,653,220
NET ASSETS		$	2,275,347,675
NET ASSETS consist of:
Capital paid-in		$	3,388,320,679
Total distributable earnings/(accumulated loss)			(1,112,973,004	)
NET ASSETS		$	2,275,347,675
Net Asset Value, maximum offering price and redemption price per share		$	5.99
Number of shares authorized			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			380,068,255
INVESTMENTS, AT COST		$	2,423,155,674

(a)	Consolidated Statement of Assets and Liabilities.

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	*April 30, 2020 (Unaudited)*

	FIXED INCOME FUND			MUNICIPAL BOND FUND		CALIFORNIA MUNICIPAL BOND FUND		NEW YORK MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value		$	1,532,775,585	$	3,746,304,289	$	352,147,779		$	526,003,144
Cash			1		1		1			1
Dividends and interest receivable			8,506,428		41,078,223		3,747,254			5,902,960
Receivable for Fund shares sold			2,939,984		8,589,988		174,480			711,312
Receivable for investments sold			65,122,916		7,941,015		—			—
Prepaid expenses			8,469		11,824		6,664			6,908
Total Assets			1,609,353,383		3,803,925,340		356,076,178			532,624,325
LIABILITIES:
Payable for Fund shares redeemed			145,563		779,411		—			5,632,941
Payable for investments purchased			69,825,243		30,731,371		1,395,210			—
Accrued expenses and other payables:
Investment advisory			353,476		877,814		72,404			113,922
Administration			77,904		185,058		20,925			29,659
Shareholder servicing fee			250,697		616,961		57,732			86,984
Custody			18,803		46,271		4,330			6,524
Directors			10,268		24,782		2,772			3,435
Legal and Audit			33,512		49,344		10,861			13,660
Other			20,096		59,635		6,037			12,340
Total Liabilities			70,735,562		33,370,647		1,570,271			5,899,465
NET ASSETS		$	1,538,617,821	$	3,770,554,693	$	354,505,907		$	526,724,860
NET ASSETS consist of:
Capital paid-in		$	1,453,506,955	$	3,699,545,460	$	347,629,636		$	522,770,843
Total distributable earnings/(accumulated gain)			85,110,866		71,009,233		6,876,271			3,954,017
NET ASSETS		$	1,538,617,821	$	3,770,554,693	$	354,505,907		$	526,724,860
Net Asset Value, maximum offering price and redemption price per share		$	11.84	$	12.22	$	10.33		$	10.26
Number of shares authorized			2,000,000,000		2,000,000,000		2,000,000,000			2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			130,004,579		308,574,572		34,301,754			51,313,553
INVESTMENTS, AT COST		$	1,451,530,600	$	3,683,681,295	$	345,744,833		$	525,067,611

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Statements of Operations
	*For the Period Ended April 30, 2020 (Unaudited)*

	ALL CAP CORE FUND				LARGE CAP STRATEGIES FUND			ALL CAP ESG FUND			SMALL & MID CAP STRATEGIES FUND
INVESTMENT INCOME:
Interest		$	—		$	2,249,351		$	—			$	415,094
Dividends			10,214,731			139,853,128			486,975				36,071,562
Foreign tax withheld			—			(4,912,294	)		(28,127	)			(1,762,464	)
Total investment income			10,214,731			137,190,185			458,848				34,724,192
EXPENSES:
Investment advisory fees			6,201,173			66,866,973			139,371				25,841,126
Shareholder servicing fees			1,793,299			16,483,649			37,166				6,080,265
Administration and Accounting fees			413,420			3,697,168			20,614				1,371,878
Custodian fees			159,697			2,447,690			6,915				687,470
Directors fees and expenses			26,128			239,378			527				87,162
Insurance premiums			9,752			35,186			6,843				17,201
Legal and Audit fees			36,220			285,806			9,841				121,499
Printing and postage fees			10,244			57,771			4,779				26,751
Registration fees			17,696			35,497			10,871				30,934
Transfer agent fees			91,398			799,788			7,800				298,316
Miscellaneous expenses			11,510			55,689			9,952				394,400
Total expenses			8,770,537			91,004,595			254,679				34,957,002
Expenses waived by Adviser (Note 7)			—			—			(68,851	)			(1,211,532	)
Net expenses			8,770,537			91,004,595			185,828				33,745,470
NET INVESTMENT INCOME			1,444,194			46,185,590			273,020				978,722
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES:
Net realized gains/(loss) on:
Investments			17,821,347			(238,475,586	)		762,480				(41,266,316	)
Foreign capital gains tax			—			(985,802	)		—				—
Forward foreign currency exchange contracts			—			(3,171,368	)		—				(900,111	)
Foreign currency transactions			(21,799	)		(535,256	)		(3,069	)			(278,660	)
Net change in unrealized appreciation/(depreciation) on:
Investments			14,277,617			(1,023,796,425	)		(4,310,089	)			(553,832,565	)
Foreign currency transactions			(34	)		165,656			(1,275	)			53,100
Forward foreign currency exchange contracts			—			(365,950	)		—				(112,046	)
Foreign deferred taxes on unrealized appreciation			—			2,601,509			—				—
Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, net of foreign taxes			32,077,131			(1,264,563,222	)		(3,551,953	)			(596,336,598	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	33,521,325		$	(1,218,377,632	)	$	(3,278,933	)		$	(595,357,876	)

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	*For the Period Ended April 30, 2020 (Unaudited)*

	MULTI-ASSET OPPORTUNITIES FUND(a)
INVESTMENT INCOME:
Interest		$	70,358,287
Dividends			6,351,891
Foreign tax withheld			(19,929	)
Total investment income			76,690,249
EXPENSES:
Investment advisory fees			24,646,992
Shareholder servicing fees			4,743,537
Administration and Accounting fees			1,097,735
Custodian fees			105,145
Directors fees and expenses			70,892
Insurance premiums			15,718
Legal and Audit fees			298,988
Printing and postage fees			22,134
Registration fees			18,125
Transfer agent fees			251,318
Miscellaneous expenses			74,436
Total expenses			31,345,020
Expenses waived by Adviser (Note 7)			(2,888,792	)
Net expenses			28,456,228
NET INVESTMENT INCOME			48,234,021
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS AND STRUCTURED OPTIONS, FOREIGN CURRENCY TRANSACTIONS:
Net realized gain/(loss) on:
Investments			(108,800,297	)
Futures contracts			(16,099,875	)
Swap agreements			(102,186,033	)
Written options and structured options			(581,357,614	)
Forward foreign currency exchange contracts			1,179,958
Foreign currency transactions			(3,316,504	)
Net change in unrealized appreciation/(depreciation) on:
Investments			(144,043,381	)
Futures contracts			(2,354,900	)
Swap agreements			(95,443,417	)
Written options and structured options			(60,820,973	)
Forward foreign currency exchange contracts			(219,824	)
Foreign currency transactions			(947,712	)
Net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, written options and structured options, foreign currency transactions			(1,114,410,572	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(1,066,176,551	)

(a)	Consolidated Statement of Operations.

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	*For the Period Ended April 30, 2020 (Unaudited)*

	FIXED INCOME FUND				MUNICIPAL BOND FUND				CALIFORNIA MUNICIPAL BOND FUND				NEW YORK MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest		$	16,956,512			$	34,438,270			$	2,953,778			$	4,535,344
Dividends			62,382				363,788				24,642				77,907
Total investment income			17,018,894				34,802,058				2,978,420				4,613,251
EXPENSES:
Investment advisory fees			3,030,256				6,922,078				768,499				1,170,810
Shareholder servicing fees			1,518,460				3,742,358				341,555				523,246
Administration and Accounting fees			346,726				836,298				87,628				127,627
Custodian fees			113,884				280,677				25,617				39,243
Directors fees and expenses			20,866				51,136				5,174				7,148
Insurance premiums			9,340				13,042				7,351				7,620
Legal and Audit fees			33,923				65,498				11,984				15,127
Printing and postage fees			9,072				15,464				5,777				6,245
Registration fees			33,953				62,178				21,454				25,551
Transfer agent fees			72,180				168,367				20,330				27,503
Miscellaneous expenses			15,767				53,523				19,864				22,283
Total expenses			5,204,427				12,210,619				1,315,233				1,972,403
Expenses waived by Advisor (Note 7)			(876,816	)			(1,544,898	)			(341,800	)			(481,151	)
Net expenses			4,327,611				10,665,721				973,433				1,491,252
NET INVESTMENT INCOME			12,691,283				24,136,337				2,004,987				3,121,999
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on:
Investments			12,416,062				11,297,804				96,474				2,450,088
Net change in unrealized appreciation/(depreciation) on:
Investments			42,849,959				(24,983,937	)			(487,765	)			(9,431,912	)
Net realized and change in unrealized gain/(loss) on investments			55,266,021				(13,686,133	)			(391,291	)			(6,981,824	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	67,957,304			$	10,450,204			$	1,613,696			$	(3,859,825	)

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Statements of Changes in Net Assets

	ALL CAP CORE FUND								LARGE CAP STRATEGIES FUND
	FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE YEAR ENDED OCTOBER 31, 2019				FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE YEAR ENDED OCTOBER 31, 2019
	(Unaudited)								(Unaudited)
FROM OPERATIONS:
Net investment income		$	1,444,194			$	9,407,157			$	46,185,590			$	151,940,694
Net realized gain/(loss) on investments, foreign capital gains tax, foreign currency transactions			17,799,548				162,599,776				(243,168,012	)			740,802,959
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes			14,277,583				105,646,605				(1,021,395,210	)			1,086,161,287
Net increase/(decrease) in net assets resulting from operations			33,521,325				277,653,538				(1,218,377,632	)			1,978,904,940
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gain			(158,030,798	)			(81,538,163	)			(841,174,746	)			(684,286,172	)
Total distributions to shareholders			(158,030,798	)			(81,538,163	)			(841,174,746	)			(684,286,172	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			405,338,437				259,037,010				1,135,897,102				1,890,886,896
Reinvestment of distributions			102,617,948				51,355,652				449,497,820				343,901,108
Value of capital stock redeemed			(121,207,036	)			(579,883,757	)			(995,096,123	)			(3,026,676,067	)
Net increase/(decrease) in net assets resulting from capital stock transactions			386,749,349				(269,491,095	)			590,298,799				(791,888,063	)
Net increase/(decrease) in net assets			262,239,876				(73,375,720	)			(1,469,253,579	)			502,730,705
NET ASSETS:
Beginning of period			1,766,287,010				1,839,662,730				17,001,879,315				16,499,148,610
End of period		$	2,028,526,886			$	1,766,287,010			$	15,532,625,736			$	17,001,879,315
CAPITAL SHARE TRANSACTIONS:
Shares sold			25,640,309				15,277,193				85,407,614				137,451,075
Shares issued as reinvestment of distributions			5,768,294				3,227,885				30,745,405				26,211,975
Shares redeemed			(7,114,419	)			(32,475,341	)			(76,990,975	)			(219,307,552	)
Net increase/(decrease) in shares outstanding			24,294,184				(13,970,263	)			39,162,044				(55,644,502	)

See Notes to Financial Statements.

115

Old Westbury Funds, Inc.
Statements of Changes in Net Assets - (Continued)

ALL CAP ESG FUND								SMALL & MID CAP STRATEGIES FUND
FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE YEAR ENDED OCTOBER 31, 2019				FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE YEAR ENDED OCTOBER 31, 2019
(Unaudited)								(Unaudited)

	$	273,020			$	796,599			$	978,722			$	34,440,518
		759,411				(730,555	)			(42,445,087	)			283,364,055

		(4,311,364	)			3,086,993				(553,891,511	)			131,693,194

		(3,278,933	)			3,153,037				(595,357,876	)			449,497,767

		(871,188	)			(426,110	)			(294,105,662	)			(584,296,570	)
		(871,188	)			(426,110	)			(294,105,662	)			(584,296,570	)

		3,044,916				5,732,538				793,021,382				1,632,309,102
		123,814				405,455				158,298,277				314,559,459
		(1,751,855	)			(292,723	)			(371,142,411	)			(1,756,120,763	)

		1,416,875				5,845,270				580,177,248				190,747,798
		(2,733,246	)			8,572,197				(309,286,290	)			55,948,995

		38,574,769				30,002,572				6,278,441,053				6,222,492,058
	$	35,841,523			$	38,574,769			$	5,969,154,763			$	6,278,441,053

		329,764				582,983				61,490,821				113,658,909
		11,859				43,785				10,245,843				24,346,707
		(171,950	)			(30,343	)			(28,405,496	)			(122,559,353	)
		169,673				596,425				43,331,168				15,446,263

See Notes to Financial Statements.

116

Old Westbury Funds, Inc.
Statements of Changes in Net Assets - (Continued)

	MULTI-ASSET OPPORTUNITIES FUND
	FOR THE PERIOD ENDED APRIL 30, 2020(a)				FOR THE YEAR ENDED OCTOBER 31, 2019(a)
		(Unaudited)
FROM OPERATIONS:
Net investment income		$	48,234,021			$	137,558,776
Net realized gain/(loss) on investments, futures contracts, swap agreements, written options and structured options, foreign currency transactions			(810,580,365	)			26,847,398
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, swap agreements, written options and structured options, foreign currency transactions, net of foreign deferred taxes			(303,830,207	)			119,087,128
Net increase/(decrease) in net assets resulting from operations			(1,066,176,551	)			283,493,302
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gain			(203,392,547	)			(285,152,056	)
Total distributions to shareholders			(203,392,547	)			(285,152,056	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			278,014,571				1,343,035,762
Reinvestment of distributions			62,685,229				116,487,339
Value of capital stock redeemed			(2,102,867,290	)			(1,424,453,994	)
Net increase/(decrease) in net assets resulting from capital stock transactions			(1,762,167,490	)			35,069,107
Net increase/(decrease) in net assets			(3,031,736,588	)			33,410,353
NET ASSETS:
Beginning of period			5,307,084,263				5,273,673,910
End of period		$	2,275,347,675			$	5,307,084,263
CAPITAL SHARE TRANSACTIONS:
Shares sold			37,975,208				185,895,030
Shares issued as reinvestment of distributions			8,302,679				17,596,275
Shares redeemed			(365,665,297	)			(197,844,269	)
Net increase/(decrease) in shares outstanding			(319,387,410	)			5,647,036

(a)	Consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements.

117

Old Westbury Funds, Inc.
Statements of Changes in Net Assets - (Continued)

FIXED INCOME FUND								MUNICIPAL BOND FUND
FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE YEAR ENDED OCTOBER 31, 2019				FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE YEAR ENDED OCTOBER 31, 2019
(Unaudited)								(Unaudited)

	$	12,691,283			$	22,816,474			$	24,136,337			$	41,870,405
		12,416,062				11,941,711				11,297,804				531,984

		42,849,959				58,914,175				(24,983,937	)			132,116,431
		67,957,304				93,672,360				10,450,204				174,518,820

		(13,874,601	)			(22,911,587	)			(24,181,194	)			(40,647,762	)
		(13,874,601	)			(22,911,587	)			(24,181,194	)			(40,647,762	)

		170,758,211				674,032,961				431,624,661				1,876,838,241
		8,143,667				13,001,267				6,241,790				9,958,370
		(187,184,289	)			(130,007,266	)			(312,424,746	)			(659,355,899	)
		(8,282,411	)			557,026,962				125,441,705				1,227,440,712
		45,800,292				627,787,735				111,710,715				1,361,311,770

		1,492,817,529				865,029,794				3,658,843,978				2,297,532,208
	$	1,538,617,821			$	1,492,817,529			$	3,770,554,693			$	3,658,843,978

		14,774,223				60,698,953				35,068,656				155,628,423
		707,525				1,167,782				511,276				825,924
		(16,104,750	)			(11,723,314	)			(25,531,722	)			(55,558,285	)
		(623,002	)			50,143,421				10,048,210				100,896,062

See Notes to Financial Statements.

118

Old Westbury Funds, Inc.
Statements of Changes in Net Assets - (Continued)

	CALIFORNIA MUNICIPAL BOND FUND								NEW YORK MUNICIPAL BOND FUND
	FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE PERIOD ENDED OCTOBER 31, 2019(a)				FOR THE PERIOD ENDED APRIL 30, 2020				FOR THE PERIOD ENDED OCTOBER 31, 2019(a)
	(Unaudited)								(Unaudited)
FROM OPERATIONS:
Net investment income		$	2,004,987			$	3,228,311			$	3,121,999			$	4,793,578
Net realized gain (loss) on investments			96,474				725,434				2,450,088				1,413,792
Net change in unrealized appreciation/depreciation) on investments			(487,765	)			6,890,711				(9,431,912	)			10,367,445
Net increase (decrease) in net assets resulting from operations			1,613,696				10,844,456				(3,859,825	)			16,574,815
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gain			(2,677,159	)			(2,904,722	)			(4,473,176	)			(4,287,797	)
Total distributions to shareholders			(2,677,159	)			(2,904,722	)			(4,473,176	)			(4,287,797	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			53,765,040				356,911,421				90,704,085				512,094,535
Reinvestment of distributions			1,163,291				1,163,975				1,728,484				1,339,904
Value of capital stock redeemed			(38,919,395	)			(26,454,696	)			(56,226,721	)			(26,869,444	)
Net increase in net assets resulting from capital stock transactions			16,008,936				331,620,700				36,205,848				486,564,995
Net increase in net assets			14,945,473				339,560,434				27,872,847				498,852,013
NET ASSETS:
Beginning of period			339,560,434				—				498,852,013				—
End of period		$	354,505,907			$	339,560,434			$	526,724,860			$	498,852,013
CAPITAL SHARE TRANSACTIONS:
Shares sold			5,200,691				35,217,298				8,696,847				50,359,804
Shares issued as reinvestment of distributions			(3,756,509	)			113,101				166,909				129,655
Shares redeemed			112,857				(2,585,684	)			(5,439,951	)			(2,599,711	)
Net increase in shares outstanding			1,557,039				32,744,715				3,423,805				47,889,748

(a)	For the period from December 4, 2018 (commencement of operations) to October 31, 2019.

See Notes to Financial Statements.

119

Old Westbury Funds, Inc.
All Cap Core Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				2019			2018			2017			2016			2015
Net asset value, beginning of period		$	18.84		$	17.08		$	16.50		$	13.69		$	13.92		$	15.00

Investment operations:
Net investment income			0.01(a	)		0.09(a	)		0.07(a	)		0.10(a	)		0.14(a	)		0.15(a	)
Net realized and unrealized gains/(losses)			0.03			2.44			0.84			2.86			(0.05	)		(0.41	)
Total from investment operations			0.04			2.53			0.91			2.96			0.09			(0.26	)

Distributions:
Net investment income			(0.08	)		(0.08	)		(0.09	)		(0.15	)		(0.16	)		(0.19	)
Net realized gains			(1.62	)		(0.69	)		(0.24	)		—			(0.16	)		(0.63	)
Total distributions			(1.70	)		(0.77	)		(0.33	)		(0.15	)		(0.32	)		(0.82	)
Net asset value, end of period		$	17.18		$	18.84		$	17.08		$	16.50		$	13.69		$	13.92
Total return			(0.1	)%(b)		15.7	%		5.6	%		21.8	%		0.7	%		(1.7	)%

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	2,028,527		$	1,766,287		$	1,839,663		$	1,772,368		$	1,246,197		$	1,145,892
Ratio of expenses to average net assets before expense waivers			0.98	%(c)(d)		0.98	%(d)		0.98	%(d)		0.99	%(d)		1.00	%(d)		1.01	%
Ratio of expenses to average net assets after expense waivers			0.98	%(c)		0.98	%		0.98	%		0.99	%		1.00	%		1.00	%
Ratio of net investment income to average net assets			0.16	%(c)		0.51	%		0.42	%		0.67	%		1.07	%		1.02	%
Portfolio turnover rate			24	%(b)		31	%		38	%		57	%		34	%		43	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	Annualized.
(d)	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

120

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				2019			2018			2017			2016			2015
Net asset value, beginning of period		$	14.99		$	13.87		$	14.85		$	12.95		$	13.01		$	13.20

Investment operations:
Net investment income			0.04(a	)		0.13(a	)		0.13(a	)		0.11(a	)		0.08(a	)		0.12(a	)
Net realized and unrealized gains/(losses)			(1.05	)		1.58			(0.26	)		2.02			0.16			0.13
Total from investment operations			(1.01	)		1.71			(0.13	)		2.13			0.24			0.25

Distributions:
Net investment income			(0.12	)		(0.14	)		(0.10	)		(0.10	)		(0.10	)		(0.10	)
Net realized gains			(0.62	)		(0.45	)		(0.75	)		(0.13	)		(0.20	)		(0.34	)
Total distributions			(0.74	)		(0.59	)		(0.85	)		(0.23	)		(0.30	)		(0.44	)
Net asset value, end of period		$	13.24		$	14.99		$	13.87		$	14.85		$	12.95		$	13.01
Total return			(7.2	)%(b)		12.9	%		(1.1	)%		16.7	%		1.9	%		2.0	%

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	15,532,626		$	17,001,879		$	16,499,149		$	17,243,479		$	14,595,891		$	14,141,401
Ratio of expenses to average net assets before expense waivers			1.10	%(c)(d)(e)		1.10	%(d)(e)		1.11	%(d)(e)		1.11	%(d)(e)		1.11	%(d)(e)		1.11	%(d)(e)
Ratio of expenses to average net assets after expense waivers			1.10	%(c)		1.10	%		1.11	%		1.11	%		1.11	%		1.11	%
Ratio of net investment income to average net assets			0.56	%(c)		0.93	%		0.86	%		0.77	%		0.67	%		0.88	%
Portfolio turnover rate			48	%(b)		73	%		38	%		61	%		50	%		61	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	Annualized.
(d)	There were no voluntary fee reductions during the period.
(e)	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.

121

Old Westbury Funds, Inc.
All Cap ESG Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				FOR THE YEAR ENDED OCTOBER 31, 2019				PERIOD FROM MARCH 1, 2018(a) TO OCTOBER 31, 2018
Net asset value, beginning of period		$	10.39			$	9.63			$	10.00

Investment operations:
Net investment income			0.07(b	)			0.23(b	)			0.15(b	)
Net realized and unrealized gains/(losses)			(1.00	)			0.67				(0.52	)
Total from investment operations			(0.93	)			0.90				(0.37	)

Distributions:
Net investment income			(0.23	)			(0.14	)			—
Total distributions			(0.23	)			(0.14	)			—
Net asset value, end of period		$	9.23			$	10.39			$	9.63
Total return			(9.2	)%(c)			9.5	%			(3.7	)%(c)

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	35,842			$	38,575			$	30,003
Ratio of expenses to average net assets before expense waivers			1.37	%(d)			1.50	%			1.64	%(d)
Ratio of expenses to average net assets after expense waivers			1.00	%(d)			1.00	%			1.00	%(d)
Ratio of net investment income to average net assets			1.47	%(d)			2.31	%			2.30	%(d)
Portfolio turnover rate			30	%(c)			57	%			33	%(c)

(a)	Commencement of operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	Annualized.

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,
	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				2019			2018			2017			2016			2015
Net asset value, beginning of period		$	15.39		$	15.85		$	17.49		$	15.81		$	15.86		$	17.09

Investment operations:
Net investment income			0.00(a	)(b)		0.09(a	)		0.08(a	)		0.10(a	)		0.09(a	)		0.09(a	)
Net realized and unrealized gains/(losses)			(1.45	)		1.10			(0.47	)		2.54			0.66			0.40
Total from investment operations			(1.45	)		1.19			(0.39	)		2.64			0.75			0.49

Distributions:
Net investment income			(0.08	)		(0.09	)		(0.11	)		(0.09	)		(0.12	)		(0.13	)
Net realized gains			(0.64	)		(1.56	)		(1.14	)		(0.87	)		(0.68	)		(1.59	)
Total distributions			(0.72	)		(1.65	)		(1.25	)		(0.96	)		(0.80	)		(1.72	)
Net asset value, end of period		$	13.22		$	15.39		$	15.85		$	17.49		$	15.81		$	15.86
Total return			(10.1	)%(c)		9.4	%		(2.6	)%		17.6	%		5.1	%		2.9	%

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	5,969,155		$	6,278,441		$	6,222,492		$	6,562,381		$	5,471,624		$	5,449,609
Ratio of expenses to average net assets before expense waivers			1.15	%(d)(e)		1.15	%(e)		1.15	%(e)		1.15	%(e)		1.16	%(e)		1.16	%(e)
Ratio of expenses to average net assets after expense waivers			1.11	%(d)		1.11	%		1.11	%		1.11	%		1.11	%		1.11	%
Ratio of net investment income to average net assets			0.03	%(d)		0.58	%		0.48	%		0.59	%		0.61	%		0.56	%
Portfolio turnover rate			26	%(c)		52	%		62	%		45	%		48	%		50	%

(a)	Calculated based on the average shares method for the period.
(b)	Amount is less than $0.005 per share.
(c)	Not Annualized.
(d)	Annualized.
(e)	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.
Multi-Asset Opportunities Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)(a)				2019(a)			2018(a)			2017(a)			2016(a)			2015(a)
Net asset value, beginning of period		$	7.59		$	7.60		$	8.30		$	7.41		$	7.65		$	8.20

Investment operations:
Net investment income			0.07(b	)		0.19(b	)		0.26(b	)		0.19(b	)		0.12(b	)		0.09(b	)
Net realized and unrealized gains/(losses)			(1.37	)		0.25			(0.36	)		0.84	��		(0.10	)		(0.02	)
Total from investment operations			(1.30	)		0.44			(0.10	)		1.03			0.02			0.07

Distributions:
Net investment income			(0.17	)		(0.26	)		(0.33	)		(0.14	)		(0.12	)		(0.17	)
Net realized gains			(0.13	)		(0.19	)		(0.27	)		—			(0.14	)		(0.45	)
Total distributions			(0.30	)		(0.45	)		(0.60	)		(0.14	)		(0.26	)		(0.62	)
Net asset value, end of period		$	5.99		$	7.59		$	7.60		$	8.30		$	7.41		$	7.65
Total return			(18.0	)%(c)		6.6	%		(1.3	)%		14.1	%		0.2	%		0.9	%

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	2,275,348		$	5,307,084		$	5,273,674		$	5,549,548		$	5,934,053		$	7,095,756
Ratio of expenses to average net assets before expense waivers			1.32	%(d)(e)		1.32	%(e)		1.32	%(e)		1.32	%(e)		1.32	%(e)		1.32	%(e)
Ratio of expenses to average net assets after expense waivers			1.20	%(d)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income to average net assets			2.03	%(d)		2.54	%		3.31	%		2.45	%		1.67	%		1.16	%
Portfolio turnover rate			92	%(c)		132	%		92	%		111	%		114	%		70	%

(a)	Consolidated Financial Highlights.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	Annualized.
(e)	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,
	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				2019			2018			2017			2016			2015
Net asset value, beginning of period		$	11.43		$	10.75		$	11.11		$	11.28		$	11.19		$	11.22

Investment operations:
Net investment income			0.10(a	)		0.21(a	)		0.19(a	)		0.14(a	)		0.12(a	)		0.12(a	)
Net realized and unrealized gains/(losses)			0.41			0.69			(0.35	)		(0.15	)		0.11			—(b	)
Total from investment operations			0.51			0.90			(0.16	)		(0.01	)		0.23			0.12

Distributions:
Net investment income			(0.10	)		(0.22	)		(0.20	)		(0.16	)		(0.14	)		(0.15	)
Total distributions			(0.10	)		(0.22	)		(0.20	)		(0.16	)		(0.14	)		(0.15	)
Net asset value, end of period		$	11.84		$	11.43		$	10.75		$	11.11		$	11.28		$	11.19
Total return			4.5	%(c)		8.4	%		(1.5	)%		(0.1	)%		2.1	%		1.1	%

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	1,538,618		$	1,492,818		$	865,030		$	825,545		$	785,417		$	583,204
Ratio of expenses to average net assets before expense waivers			0.69	%(d)		0.70	%		0.72	%		0.72	%		0.74	%		0.74	%
Ratio of expenses to average net assets after expense waivers			0.57	%(d)		0.57	%		0.62	%		0.62	%		0.64	%		0.64	%
Ratio of net investment income to average net assets			1.67	%(d)		1.93	%		1.70	%		1.28	%		1.07	%		1.03	%
Portfolio turnover rate			38	%(c)		34	%		49	%		70	%		68	%		67	%

(a)	Calculated based on the average shares method for the period.
(b)	Amount is less than $0.005 per share.
(c)	Not Annualized.
(d)	Annualized.

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,
	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				2019			2018			2017			2016			2015
Net asset value, beginning of period		$	12.26		$	11.63		$	11.95		$	12.09		$	12.00		$	12.02

Investment operations:
Net investment income			0.08(a	)		0.18(a	)		0.17(a	)		0.14(a	)		0.14(a	)		0.15(a	)
Net realized and unrealized gains/(losses)			(0.04	)		0.62			(0.33	)		(0.08	)		0.10			0.03
Total from investment operations			0.04			0.80			(0.16	)		0.06			0.24			0.18

Distributions:
Net investment income			(0.08	)		(0.17	)		(0.16	)		(0.14	)		(0.14	)		(0.15	)
Net realized gains			—			—			—			(0.06	)		(0.01	)		(0.05	)
Total distributions			(0.08	)		(0.17	)		(0.16	)		(0.20	)		(0.15	)		(0.20	)
Net asset value, end of period		$	12.22		$	12.26		$	11.63		$	11.95		$	12.09		$	12.00
Total return			0.3	%(b)		6.9	%		(1.4	)%		0.5	%		2.1	%		1.5	%

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	3,770,555		$	3,658,844		$	2,297,532		$	2,235,503		$	2,055,136		$	1,375,043
Ratio of expenses to average net assets before expense waivers			0.65	%(c)		0.66	%		0.67	%		0.67	%		0.69	%		0.70	%
Ratio of expenses to average net assets after expense waivers			0.57	%(c)		0.57	%		0.57	%		0.57	%		0.59	%		0.60	%
Ratio of net investment income to average net assets			1.29	%(c)		1.46	%		1.41	%		1.17	%		1.17	%		1.28	%
Portfolio turnover rate			21	%(b)		26	%		51	%		31	%		44	%		31	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	Annualized.

See Notes to Financial Statements.

126

Old Westbury Funds, Inc.
California Municipal Bond Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
Net asset value, beginning of period		$	10.37			$	10.00

Investment operations:
Net investment income			0.06(b	)			0.12(b	)
Net realized and unrealized gains/(losses)			(0.02	)			0.36
Total from investment operations			0.04				0.48

Distributions:
Net investment income			(0.06	)			(0.11	)
Net realized gains			(0.02	)			—
Total distributions			(0.08	)			(0.11	)
Net asset value, end of period		$	10.33			$	10.37
Total return			0.4	%(c)			4.8	%(c)

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	354,506			$	339,560
Ratio of expenses to average net assets before expense waivers			0.77	%(d)			0.78	%(d)
Ratio of expenses to average net assets after expense waivers			0.57	%(d)			0.57	%(d)
Ratio of net investment income to average net assets			1.17	%(d)			1.32	%(d)
Portfolio turnover rate			16	%(c)			41	%(c)

(a)	Commencement of operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	Annualized.

See Notes to Financial Statements.

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New York Municipal Bond Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)				PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
Net asset value, beginning of period		$	10.42			$	10.00

Investment operations:
Net investment income			0.06(b	)			0.13(b	)
Net realized and unrealized gains/(losses)			(0.13	)			0.40
Total from investment operations			(0.07	)			0.53

Distributions:
Net investment income			(0.06	)			(0.11	)
Net realized gains			(0.03	)			—
Total distributions			(0.09	)			(0.11	)
Net asset value, end of period		$	10.26			$	10.42
Total return			(0.7	)%(c)			5.4	%(c)

Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	526,725			$	498,852
Ratio of expenses to average net assets before expense waivers			0.75	%(d)			0.77	%(d)
Ratio of expenses to average net assets after expense waivers			0.57	%(d)			0.57	%(d)
Ratio of net investment income to average net assets			1.19	%(d)			1.42	%(d)
Portfolio turnover rate			30	%(c)			29	%(c)

(a)	Commencement of operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	Annualized.

See Notes to Financial Statements.

128

Old Westbury Funds, Inc.
Notes to Financial Statements
	*April 30, 2020*

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 April 30, 2020, the Corporation consisted of nine 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 (“All Cap Core Fund”)		Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”)		Long-term capital appreciation.
Old Westbury All Cap ESG Fund (“All Cap ESG Fund”)		Long-term capital appreciation.
Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”)		Long-term capital appreciation.
Old Westbury Multi-Asset Opportunities Fund (formerly Old Westbury Strategic Opportunities Fund) (“Multi-Asset 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).
Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”)*		Total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation).
Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”)*		Total return (consisting of current income that is exempt from regular federal and New York income tax and capital appreciation).


*	California Municipal Bond Fund and New York Municipal Bond Fund commenced operations on December 4, 2018.

The Corporation has authorized a total of 24 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 Multi-Asset Opportunities Fund:

The consolidated financial statements of the Multi-Asset Opportunities Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Multi-Asset Opportunities Fund Ltd. (formerly 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 Multi-Asset 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 Multi-Asset 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 Multi-Asset Opportunities Fund. The Subsidiary pursues its investment goal by investing in commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Multi-Asset 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 Multi-Asset Opportunities Fund. The portion of the Multi-Asset Opportunities Fund’s or Subsidiary’s

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Notes to Financial Statements - (Continued)
	*April 30, 2020*

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 Multi-Asset 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 April 30, 2020, the Subsidiary represented $11,286,882 or 0.50% of the Multi-Asset 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 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.

The Corporation qualifies as an investment company and follows accounting and reporting guidance as defined by the FASB in ASC 946, Financial Services - Investment Companies.

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

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Notes to Financial Statements - (Continued)
	*April 30, 2020*

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 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, All Cap ESG Fund, Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 39 days during the six months ended April 30, 2020. 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 April 30, 2020, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined Level.

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

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Notes to Financial Statements - (Continued)
	*April 30, 2020*

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.

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 period ended April 30, 2020, 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, futures contracts, swap agreements, written options and structured 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. 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 April 30, 2020.

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Notes to Financial Statements - (Continued)
	*April 30, 2020*

F. Collectibles. The Multi-Asset 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 Multi-Asset Opportunities Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of April 30, 2020, the Multi-Asset Opportunities Fund held no collectibles.

G. Commodities. In order to gain exposure to the commodities markets, the Multi-Asset 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 Multi-Asset 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 Multi-Asset 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 Multi-Asset Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Multi-Asset 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

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Notes to Financial Statements - (Continued)
	*April 30, 2020*

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.

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 limits its illiquid investments to not more than 15% of its net assets. Illiquid investments, in general, are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

M. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund and Multi-Asset 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.

O. Recent Accounting Standards. In March 2017, the FASB issued Accounting Standards Update 2017-08 “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Management believes this guidance will have an immaterial impact on the Funds.

In August 2018, the FASB issued Accounting Standards Update 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance on the Funds.

4.	Principal Risks:

A. 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, pandemics and epidemics and other conditions; and currency and interest rate and price fluctuations. In December 2015, the Board of Governors of the Federal Reserve System (the “Fed”) ended its policy of keeping the federal funds rate at or near zero percent and purchasing large quantities of securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities on the open market (“quantitative easing”). Since ending this quantitative easing policy, the Fed has raised interest rates several times and may continue to raise rates, and as a result there

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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.

B. Concentration Risk.

California Municipal Bond Fund and New York Municipal Fund invest a substantial amount of their assets in issuers located in a single state. This may subject each Fund to the risk that economic, political or social issues impacting a particular state could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Portfolios of investments.

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.

The summary of inputs used to value the Funds’ investments as of April 30, 2020 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs(a)			Total
All Cap Core Fund
Equity Securities	$	1,896,330,197(b	)	$	—			$	—	$	1,896,330,197
Exchange Traded Funds		84,363,928			—				—		84,363,928
Investment Company		47,780,825			—				—		47,780,825
Total	$	2,028,474,950		$	—			$	—	$	2,028,474,950
Large Cap Strategies Fund
Equity Securities	$	13,542,539,680(b	)	$	146,755,134(c	)		$	—	$	13,689,294,814
Master Limited Partnerships		7,269,728(b	)		—				—		7,269,728
Preferred Stocks		14,471,871(b	)						—		14,471,871
Exchange Traded Funds		1,322,547,111			—				—		1,322,547,111
Investment Company		511,404,988			—				—		511,404,988
Other financial instruments - Liabilities

135

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs(a)			Total
Foreign currency exchange contracts		—			(365,950	)(b)			—		(365,950	)
Total	$	15,398,233,378		$	146,389,184			$	—	$	15,544,622,562

All Cap ESG Fund
Equity Securities	$	35,568,011(b	)	$	—			$	—	$	35,568,011
Investment Company		171,059			—				—		171,059
Total	$	35,739,070		$	—			$	—	$	35,739,070

Small & Mid Cap Strategies Fund
Equity Securities
Argentina	$	11,491,646		$	—			$	—	$	11,491,646
Australia		96,905,798			29,490				2,654,118		99,589,406
Austria		4,483,816			—				—		4,483,816
Belgium		36,347,516			—				—		36,347,516
Bermuda		28,260,282			—				—		28,260,282
Brazil		5,963,999			—				—		5,963,999
Cambodia		33,156			—				—		33,156
Canada		129,672,178			—				—		129,672,178
Cayman Islands		955,272			—				—		955,272
Chile		419,871			—				—		419,871
China		104,696,269			40,875,313				20,041		145,591,623
Denmark		32,807,685			20,284				—		32,827,969
Faeroe Islands		83,087			—				—		83,087
Finland		17,297,749			—				—		17,297,749
France		35,533,396			—				—		35,533,396
Gabon		8,662			—				—		8,662
Georgia		576,130			—				—		576,130
Germany		53,967,440			—				—		53,967,440
Gibraltar		21,552			—				—		21,552
Greece		6,214,905			—				—		6,214,905
Hong Kong		42,218,138			25,378				62,968		42,306,484
Hungary		203,297			—				—		203,297
India		21,082,668			114,891				2,838		21,200,397
Indonesia		3,116,773			—				22,779		3,139,552
Ireland		42,623,846			—				87		42,623,933
Isle of Man		203,996			—				—		203,996
Israel		56,825,765			—				—		56,825,765
Italy		56,994,807			—				—		56,994,807
Japan		390,866,155			—				—		390,866,155
Jersey Channel Islands		13,256,676			—				—		13,256,676
Jordan		102,057			—				—		102,057
Liechtenstein		78,361			—				—		78,361
Luxembourg		673,804			—				—		673,804
Malaysia		2,269,786			—				—		2,269,786
Malta		70,830			—				—		70,830
Mexico		1,917,297			—				—		1,917,297
Monaco		34,207			—				—		34,207
Netherlands		39,153,802			—				—		39,153,802
New Zealand		21,000,048			—				2,462		21,002,510

136

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs(a)			Total
Norway	$	4,994,159		$	—		$	—		$	4,994,159
Peru		33,095			—			—			33,095
Philippines		—			1,118,538			156			1,118,694
Poland		9,481,599			—			—			9,481,599
Portugal		2,477,005			—			—			2,477,005
Puerto Rico		3,096,548			—			—			3,096,548
Qatar		753,033			—			—			753,033
Romania		653			—			—			653
Russia		33,772,770			—			—			33,772,770
Singapore		10,628,254			5			22,070			10,650,329
South Africa		17,662,398			—			—			17,662,398
South Korea		51,527,075			—			3,049			51,530,124
Spain		20,963,379			—			—			20,963,379
Swaziland		1,886,939			—			—			1,886,939
Sweden		70,525,956			—			—			70,525,956
Switzerland		46,930,998			—			—			46,930,998
Taiwan		82,854,722			—			515			82,855,237
Thailand		51,947			10,499,614			—			10,551,561
Turkey		20,124,241			—			—			20,124,241
Ukraine		27,025			—			—			27,025
United Arab Emirates		1,820			283			—			2,103
United Kingdom		229,776,528			—			—			229,776,528
United States		2,999,061,912			—			—			2,999,061,912
Vietnam		824,130			—			—			824,130
Total Equities	$	4,865,888,908		$	52,683,796		$	2,791,083		$	4,921,363,787
Exchange Traded Funds		781,114,215			—			—			781,114,215
Investment Company		53,228,711			—			—			53,228,711
Rights/Warrants
Israel		—			394			—			394
Taiwan		—			234			—			234
Total Rights/Warrants	$	—		$	628		$	—		$	628
Cash Sweep		157,364,511			—			—			157,364,511
Other financial instruments - Liabilities
Foreign currency exchange contracts		—			(112,046	)(b)		—			(112,046	)
Total	$	5,857,596,345		$	52,572,378		$	2,791,083		$	5,912,959,806

Multi-Asset Opportunities Fund
Equity Securities	$	515,695,810(b	)	$	—		$	—		$	515,695,810
Master Limited Partnerships		628,987(b	)		—			—			628,987
Bank Loans		—			—			18,963,867(b	)		18,963,867
Corporate Bonds		—			53,157,762(b	)		—			53,157,762
Exchange-Traded Funds		69,964,300(b	)		—			—			69,964,300
Asset-Backed Securities		—			557,740,427(b	)		100,679,345(b	)		658,419,772
Non-Agency Mortgage-Backed Securities		—			358,870,916(b	)		31,237,579(b	)		390,108,495
U.S. Government Sponsored Agency Mortgage-Backed
Securities		—			4,355,999			—			4,355,999
U.S. Government Agencies		—			33,999,660			—			33,999,660
U.S. Government Securities		—			4,999,794			—			4,999,794
Investment Company		490			—			—			490

137

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs(a)		Total
Cash Sweep	$	453,911,013			—			—	$	453,911,013
Other financial instruments - Assets Equity contracts		5,965,000(b	)		13,444,900(b	)		—		19,409,900
Foreign currency exchange contracts		—			28,354(b	)		—		28,354
Other financial instruments - Liabilities
Equity contracts		2,510,000(b	)		83,612,767(b	)		—		86,122,767
Foreign currency exchange contracts		—			1,463,084(b	)		—		1,463,084
Total	$	1,043,655,600		$	941,521,962		$	150,880,791	$	2,136,058,353
Fixed Income Fund
Corporate Bonds	$	—		$	309,309,056(b	)	$	—	$	309,309,056
Asset-Backed Securities		—			41,366,630(b	)		—		41,366,630
Collateralized Mortgage Obligations		—			927,733			—		927,733
U.S. Government Agencies		—			1,797,042			—		1,797,042
U.S. Government Securities		—			1,170,303,217			—		1,170,303,217
Investment Company		9,071,907			—			—		9,071,907
Total	$	9,071,907		$	1,523,703,678		$	—	$	1,532,775,585
Municipal Bond Fund
Municipal Bonds	$	—		$	3,459,702,782(b	)	$	—	$	3,459,702,782
Corporate Bonds		—			28,245,810(b	)		—		28,245,810
U.S. Government Securities		—			210,173,128			—		210,173,128
Investment Company		48,182,569			—			—		48,182,569
Total	$	48,182,569		$	3,698,121,720		$	—	$	3,746,304,289
California Municipal Bond Fund
Municipal Bonds	$	—		$	308,647,840(b	)	$	—	$	308,647,840
Corporate Bonds		—			2,173,784(b	)		—		2,173,784
Investment Company		6,701,463			—			—		6,701,463
U.S. Government Securities		—			34,624,692			—		34,624,692
Total	$	6,701,463		$	345,446,316		$	—	$	352,147,779
New York Municipal Bond Fund
Municipal Bonds	$	—		$	476,698,766(b	)	$	—	$	476,698,766
Investment Company		17,568,795			—			—		17,568,795
U.S. Government Securities		—			31,735,583			—		31,735,583
Total	$	17,568,795		$	508,434,349		$	—	$	526,003,144

(a)	The Small & Mid Cap Strategies 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 April 30, 2020. For the Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund there were transfers into Level 3 in the amount of $2,850,285 and $9,456,647. For the Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund there were transfers out of level 3 in the amount of $2,209 and $31,886,539, respectively. In addition, with the exception of the Multi-Asset Opportunities Fund, there were no significant purchases and sales during the period. As of April 30, 2020, the fair value of Level 3 assets as a percentage of NAV was 0.05% and 6.63% for the Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund, respectively. The Funds’ instrument types classified as Level 3 investments are valued using recent transaction price or broker quotes.
(b)	The classification 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.
(c)	Represents securities as disclosed in the Thailand section of the Fund’s Portfolio of Investments.

138

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

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

The following is a rollforward of Level 3 investments:

	Multi-Asset Opportunities Fund
Balance as of 10/31/19 (value)		$	150,063,582
Net accrued discounts (premiums)			(145,435	)
Realized gain (loss)			(1,229,549	)
Unrealized gain (loss)			(5,951,171	)
Purchases			1,427,273
Sales (paydowns)			(32,549,715	)
Transfer in			70,627,308	(a)
Transfer out			(31,361,502	)(b)
Balance as of 04/30/20 (value)		$	150,880,791
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2020		$	(6,952,985	)


(a)	Based on an on-going assessment, management determined that significant inputs had become less transparent to market participants.

(b)	Based on an on-going assessment, management determined that significant inputs have become transparent to market participants.

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 six months ended April 30, 2020.

139

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

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.

As of April 30, 2020, 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 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)

JPMorgan Chase Bank, N.A.		$	112,046			$—				$—			$(112,046	)			$—
Total		$	112,046

Large Cap Strategies 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 LLC		$	365,959			$—				$—			$(365,959	)			$—
Total		$	365,959

Multi-Asset 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 (d)

Barclays Bank PLC		$	9,517,684		$	(1,917,778	)		$	—		$	(7,599,906	)		$	—
Citigroup Global Markets Inc.			7,294,700			(16,778	)			—			(7,277,922	)			—
Credit Suisse International			2,584,764			(2,584,764	)			—			—				—
Goldman Sachs International			35,540,519			(1,915,752	)			—			(33,624,767	)			—
Societe Generale			23,481,830			(23,481,830	)			—			—				—
Derivatives not subject to a MNA or similar agreement (a)			5,965,000			—				—			—				5,965,000
Total		$	84,384,497

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			$1,917,788			$(1,917,788	)			$—			$—				$—

140

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

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)
Citigroup Global Markets Inc.			16,778		(16,778	)		—		—			—
Credit Suisse International			20,847,683		(2,584,764	)		—		(15,450,000	)		2,812,919
Goldman Sachs International			1,915,752		(1,915,752	)		—		—			—
JPMorgan Chase Bank, N.A.			18,324,676		—			—		(18,324,676	)		—
Societe Generale			91,789,292		(23,481,830	)		—		(68,307,462	)		—
UBS AG			15,210,125		—			—		(15,460,000	)		(249,875	)
Derivatives not subject to a MNA or similar agreement (a)			2,510,000		—			—		—			2,510,000
Total		$	152,532,094


(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)	Net amount represents the net amount receivable from/payable to counterparty in the event of default.

The following table represents securities received as collateral for derivarives:

Collateral Type

Coupon

Maturity

Market Value

Multi-Asset Opportunities Fund

U.S. Government Obligations

1.51

05/05/20

33,999,660

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.

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

	Fair Values of Derivative Instruments as of April 30, 2020
	Derivative Assets			Derivative Liabilities
Multi-Asset Opportunities Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity Risk	Unrealized appreciation on swap agreements	$	21,461,360	Unrealized depreciation on swap agreements	$	98,156,878
	Written option contracts, at value		—	Written option contracts, at value		2,510,000
	Investments, at value (options purchased)		5,965,000	Investments, at value (options purchased)		—
	Structured option contracts, at value		56,460,337	Structured option contracts, at value		48,047,969
Foreign Currency Exchange Risk	Unrealized appreciation on forward foreign currency exchange contracts		28,354	Unrealized depreciation on forward foreign currency exchange contracts		16,778
	Unrealized appreciation on swap agreements		469,446	Unrealized depreciation on swap agreements		3,800,469
Total		$	84,384,497		$	152,532,094

Large 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	$	—	Unrealized depreciation on forward foreign currency exchange contracts	$	365,950

Small & Mid Cap Strategies Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value

Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	—	Unrealized depreciation on foreign currency exchange contracts	$	112,046

141

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

	The Effect of Derivative Instruments on the Statements of Operations
	For the Six Months Ended April 30, 2020
	Net Realized Gain/(Loss) from Derivatives Recognized in Income
Multi-Asset Opportunities Fund	Purchased Options and Structured Options (Investments)			Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Interest Rate Risk		$	—		$	—			$	—			$	(36,535,052	)		$	—			$	(36,535,052	)
Equity Risk			93,218,358			(571,093,905	)			(15,042,202	)			(50,481,620	)			—				(543,399,369	)
Commodity Risk			309,000			(10,263,709	)			(1,057,673	)			5,580,423				—				(5,431,959	)
Foreign Currency Exchange Risk			585,712			—				—				(20,749,784	)			1,179,958				(18,984,114	)
Total		$	94,113,070		$	(581,357,614	)		$	(16,099,875	)		$	(102,186,033	)		$	1,179,958			$	(604,350,494	)

Large Cap Strategies Fund	Purchased Options and Structured Options (Investments)			Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Foreign Currency Exchange Risk		$	—		$	—			$	—			$	—			$	(3,171,368	)		$	(3,171,368	)

Small & Mid Cap Strategies Fund	Purchased Options and Structured Options (Investments)			Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Foreign Currency Exchange Risk		$	—		$	—			$	—			$	—			$	(900,111	)		$	(900,111	)

	Net Change in Unrealized Appreciation/(Depreciation)
	on Derivatives Recognized in Income
Multi-Asset Opportunities Fund	Purchased Options and Structured Options (Investments)			Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Equity Risk		$	12,578,776		$	(64,549,443	)		$	(2,310,500	)		$	(101,127,760	)		$	—			$	(155,408,927	)
Foreign Currency Exchange Risk			—			2,047,041				—				6,790,281				(219,824	)			8,617,498
Commodity Risk			—			1,681,429				(44,400	)			(1,105,938	)			—				—
Total		$	12,578,776		$	(60,820,973	)		$	(2,354,900	)		$	(95,443,417	)		$	(219,824	)		$	(146,260,338	)

Large Cap Strategies Fund	Purchased Options and Structured Options (Investments)			Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Foreign Currency Exchange Contracts		$	—		$	—			$	—			$	—			$	(365,950	)		$	(365,950	)

Small & Mid Cap Strategies Fund	Purchased Options and Structured Options (Investments)			Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Foreign Currency Exchange Contracts		$	—		$	—			$	—			$	—			$	(112,046	)		$	(112,046	)

For the six months ended April 30, 2020, the quarterly average volume of derivative activities were as follows:

	Large Cap Strategies Fund	Small & Mid Cap Strategies Fund	Multi-Asset Opportunities Fund

Structured Options (Notional Amounts)	$—	$—	$4,300,279,250
Purchased Options (Notional Amounts)	—	—	159,410,700
Written Options (Notional Amounts)	—	—	283,000,000
Futures Long Position (Notional Amounts)	—	—	45,652,125
Forward Currency Contracts Purchased (U.S. Dollar Amounts)	—	—	10,766,475
Forward Currency Contracts Sold (U.S. Dollar Amounts)	105,000,000	37,500,000	10,795,534
Currency Swaps (Notional Amount in U.S. Dollars)	—	—	2,559,000,000
Commodity Swaps (Notional Amount in U.S. Dollars)	—	—	(69,035,500)
Equity Swaps (Notional Amount in U.S. Dollars)	—	—	2,162,500,000

142

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

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 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, California Municipal Bond and New York Municipal Bond) 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.

143

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Notes to Financial Statements - (Continued)
	*April 30, 2020*

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 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 Multi-Asset 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	0.75%	0.70%	0.65%	0.69%
All Cap ESG Fund	0.75%	0.70%	0.65%	0.75%

144

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Notes to Financial Statements - (Continued)
	*April 30, 2020*

	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
Fixed Income Fund	0.45%	0.40%	0.35%	0.40%
Municipal Bond Fund	0.45%	0.40%	0.35%	0.37%
California Municipal Bond Fund	0.45%	0.40%	0.35%	0.45%
New York Municipal Bond Fund	0.45%	0.40%	0.35%	0.45%

				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%
Multi-Asset Opportunities Fund	1.10%	1.05%	1.00%	1.04%

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 Acadian Asset Management, LLC (“Acadian”), Baillie Gifford Overseas Limited (“Baillie Gifford”), Dimensional Fund Advisors LP (“Dimensional”), Champlain Investment Partners, LLC (“Champlain”), Martingale Asset Management, L.P. (“Martingale”), and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Baillie Gifford, Dimensional, Champlain, Martingale, 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 Multi-Asset 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. Prior to December 3, 2018, Bessemer had contractually committed to waive it’s shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% for the Fixed Income and Municipal Bond Funds. 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.

D. Custody Fees. The All Cap Core Fund, All Cap ESG Fund, Large Cap Strategies Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York 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

145

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

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 0.065% of the average daily net assets of the non-U.S. investments for All Cap Core Fund, All Cap ESG Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund, All Cap ESG Fund and Large Cap Strategies Fund. The Multi-Asset Opportunities Fund and the Subsidiary have retained Citibank, N.A. (“Citibank”) to serve as 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, 2021 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 Multi-Asset Opportunities Fund at 1.20%, the Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57%, the New York Municipal Bond Fund at 0.57% and the All Cap ESG Fund at 1.00%. Effective December 3, 2018, the Board approved the lowering of the expense cap with respect to the Fixed Income Fund and Municipal Bond Fund from 0.70% to 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the six months ended April 30, 2020, BIM waived $68,851 for the All Cap ESG Fund, $1,211,532 for the Small & Mid Cap Strategies Fund, $2,888,792 for the Multi-Asset Opportunities Fund, $876,816 for the Fixed Income Fund, $1,544,898 for the Municipal Bond Fund, $341,800 for the California Municipal Bond Fund and $481,151 for the New York Municipal Bond Fund. 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. Effective February 1, 2020 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 $240,000, plus $30,000 for serving as the Board’s Chairperson and $15,000 as the Audit Committee Chairperson. Prior to February 1, 2020, 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 $235,000, plus $30,000 for serving as the Board’s Chairperson and $15,000 as the Audit Committee Chairperson.

Each Independent Director is reimbursed for all out-of-pocket expense 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 six months ended April 30, 2020, excluding short-term debt investments and U.S. Government securities, were as follows:

	Purchases		Sales
All Cap Core Fund	$	656,241,832	$	415,345,960
Large Cap Strategies Fund		7,605,626,944		7,918,693,044
All Cap ESG Fund		11,829,955		11,002,261
Small & Mid Cap Strategies Fund		1,857,850,319		1,543,332,633
Multi-Asset Opportunities Fund (Consolidated)		2,025,582,557		1,716,126,139
Fixed Income Fund		116,179,670		79,179,214
Municipal Bond Fund		548,655,508		528,466,794
California Municipal Bond Fund		33,518,257		47,347,624
New York Municipal Bond Fund		110,910,595		93,060,334

146

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Multi-Asset Opportunities Fund	$	357,383,889	$	510,163,061
Fixed Income Fund		458,939,279		511,787,359
Municipal Bond Fund		360,308,903		239,723,197
California Municipal Bond Fund		40,708,591		8,503,007
New York Municipal Bond Fund		89,494,627		60,230,395

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 utilization of earnings and profits on shareholder redemptions. 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.

147

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

As of April 30, 2020, 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	$	1,559,936,867	$	514,208,349	$	(45,670,266	)	$	468,538,083
Large Cap Strategies Fund		13,046,291,974		3,026,951,692		(528,255,154	)		2,498,696,538
All Cap ESG Fund		38,001,879		2,883,076		(5,145,885	)		(2,262,809	)
Small & Mid Cap Strategies Fund		5,598,507,951		935,156,758		(620,592,857	)		314,563,901
Multi-Asset Opportunities Fund		2,423,245,638		44,415,848		(257,490,537	)		(213,074,689	)
Fixed Income Fund		1,452,385,957		82,958,019		(2,568,391	)		80,389,628
Municipal Bond Fund		3,683,720,737		80,725,330		(18,141,778	)		62,583,552
California Municipal Bond Fund		345,745,435		7,563,499		(1,161,155	)		6,402,344
New York Municipal Bond Fund		525,067,611		6,690,286		(5,754,753	)		935,533

By investing in the Subsidiary, the Multi-Asset 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.

The tax character of distributions from the Funds during the year ended October 31, 2019 was as follows:

	All Cap Core Fund		Large Cap Strategies Fund		All Cap ESG Fund		Small & Mid Cap Strategies Fund		Multi-Asset Opportunities Fund
Distributions paid from:
Ordinary Income	$	8,735,740	$	160,749,063	$	426,110	$	30,502,515	$	165,705,609
Net Long Term Capital Gains		72,802,423		523,537,109		—		553,794,055		119,446,447
Total Taxable Distributions		81,538,163		684,286,172		426,110		584,296,570		285,152,056
Tax Exempt Distributions		—				—		—		—
Total Distributions Paid	$	81,538,163	$	684,286,172	$	426,110	$	584,296,570	$	285,152,056

	Fixed Income Fund		Municipal Bond Fund		California Municipal Bond Fund		New York Municipal Bond Fund
Distributions paid from:
Ordinary Income	$	22,911,587	$	3,303,305	$	715,655	$	178,395
Net Long Term Capital Gains		—		—		—		—
Total Taxable Distributions		22,911,587		3,303,305		715,655		178,395
Tax Exempt Distributions		—		37,344,457		2,189,067		4,109,402
Total Distributions Paid	$	22,911,587	$	40,647,762	$	2,904,722	$	4,287,797

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.

148

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2020*

As of and during the six months ended April 30, 2020, 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, 2019. 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, 2019, the All Cap ESG Fund had a short-term capital loss carryforward of $1,344,284 and a long-term capital loss carryforward of $2,018, the Fixed Income Fund had a short-term capital loss carryforward of $1,851,568 and a long-term capital loss carryforward of $6,198,453 and the Municipal Bond Fund had a short-term capital loss carryforward of $2,734,013 and a long-term capital loss carryforward of $4,363,094 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.

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 Multi-Asset Opportunities Fund may invest in floating rate loan interests. In connection with these investments, the Multi-Asset Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Multi-Asset Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of April 30, 2020, the Multi-Asset Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Multi-Asset 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.

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Old Westbury Funds, Inc.
Additional Information

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.

Information on Form N-PORT

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-PORT and Forms N-Q are available on the SEC’s website at http:www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling (800) 607-2200.

Statement Regarding Liquidity Risk Management Program:

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”), approved the Corporation’s Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation with respect to Old Westbury All Cap Core Fund, Old Westbury Large Cap Strategies Fund, Old Westbury All Cap ESG Fund, Old Westbury Small & Mid Cap Strategies Fund, Old Westbury Multi-Asset Opportunities Fund, Old Westbury Fixed Income Fund, Old Westbury Municipal Bond Fund, Old Westbury California Municipal Bond Fund, and Old Westbury New York Municipal Bond Fund (each, a “Fund” and, collectively, the “Funds”). The Program is effective on June 1, 2019.

150

Investment Adviser:

Bessemer Investment Management LLC

630 Fifth Avenue

New York, NY 10111

(212) 708-9100

Distributor:

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodians:

Bessemer Trust Company

100 Woodbridge Center Drive

Woodbridge, NJ 07095

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

Administrator:

BNY Mellon Investment Servicing (US) Inc.

760 Moore Road

King of Prussia, PA 19406

Transfer Agent:

BNY Mellon Investment Servicing (US) Inc.

760 Moore Road

King of Prussia, PA 19406

Independent Registered Public Accounting Firm:

Ernst & Young LLP

5 Times Square

New York, NY 10036

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

Cusip 680414885

Cusip 680414869

Cusip 680414877

(OWF_A21-SAR2020)
(4/20)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

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 the reporting period for the Old Westbury Small & Mid Cap Strategies Fund 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 All Cap ESG Fund, Old Westbury Multi-Asset Opportunities Fund, Old Westbury Fixed Income Fund, Old Westbury Municipal Bond Fund, Old Westbury California Municipal Bond Fund and Old Westbury New York Municipal Bond Fund are 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	April 30, 2020 (Unaudited)

Shares			Value
COMMON STOCKS — 82.5%

ARGENTINA — 0.2%
	19,694	MercadoLibre, Inc.(a)	$	11,491,646
AUSTRALIA — 1.7%
	980,467	Accent Group Ltd.		753,925
	28,032	Adelaide Brighton Ltd.		49,869
	9,699	ALS Ltd.		43,042
	145,877	Altium Ltd.		3,246,316
	45,885	Alumina Ltd.		51,878
	26,409	AMA Group Ltd.		7,314
	34,416	AMP Ltd.(a)		32,071
	691,462	Ansell Ltd.		12,864,346
	16,541	AP Eagers Ltd.		55,404
	2,598	Arb Corp Ltd.		25,784
	30,727	Asaleo Care Ltd.		20,624
	10,967	Atlas Arteria Ltd.		44,666
	5,687	AUB Group Ltd.		43,248
	3,984,541	Aurelia Metals Ltd.		856,851
	21,946	AusNet Services		26,815
	1,179,398	Austal Ltd.(b)		2,582,337
	16,016	Australian Agricultural Co. Ltd.(a)		12,107
	228,684	Australian Pharmaceutical Industries Ltd.		174,355
	140,436	Base Resources Ltd.(a)		11,897
	113,107	Beach Energy Ltd.		112,033
	6,923	Bega Cheese Ltd.		21,835
	9,232	Bendigo & Adelaide Bank Ltd.		39,345
	513	Blackmores Ltd.		25,326
	475,583	BlueScope Steel Ltd.		3,176,607
	4,968	Boral Ltd.		9,776
	443,133	Bravura Solutions Ltd.		1,403,407
	2,824	Breville Group Ltd.		32,315
	120,252	Brickworks Ltd.		1,069,642
	30,620	Caltex Australia Ltd.		497,241
	6,165	carsales.com Ltd.		57,007
	1	Castile Resources Pty Ltd.(a)		0
	224,449	Centuria Capital Group		235,482
	63,627	Challenger Ltd.		205,654
	457,356	Champion Iron Ltd.(a)		596,071
	175,171	Charter Hall Group REIT		873,247
	24,057	City Chic Collective Ltd.		37,311
	125,430	Class Ltd.		114,431
	151,518	Cleanaway Waste Management Ltd.		184,637
	1,515	Clinuvel Pharmaceuticals Ltd.		21,749
	17,924	Coca-Cola Amatil Ltd.		101,384
	47,469	Codan Ltd.		202,302
	5,420	Collins Foods Ltd.		25,995
	37,212	Cooper Energy Ltd.(a)		10,427
	2,223	Corporate Travel Management Ltd.		18,397
	13,043	Costa Group Holdings Ltd.		24,563
	1,759	Credit Corp. Group Ltd.		18,970
	307	Credit Corp. Group Ltd.		3,311
	1,929,925	CSR Ltd.		4,690,969

Shares			Value
AUSTRALIA (continued)
	140,476	Data#3 Ltd.	$	357,010
	24,019	Decmil Group Ltd.		3,522
	1,566	Domino’s Pizza Enterprises Ltd.		59,239
	45,769	Downer EDI Ltd.		124,371
	6,964	Elders Ltd.		39,345
	23,069	Emeco Holdings Ltd.(a)		17,588
	1,219	Enero Group Ltd.		961
	982,583	Estia Health Ltd.		963,649
	23,471	EVENT Hospitality and Entertainment Ltd.		117,770
	1,142,775	Evolution Mining Ltd.		3,805,353
	2,714	Flight Centre Travel Group Ltd.		19,437
	4,600	G.U.D. Holdings Ltd.		27,518
	12,088	Genworth Mortgage Insurance Australia Ltd.		16,778
	5,454	GrainCorp Ltd. - Class A(a)		12,581
	32,430	GWA Group Ltd.		58,538
	6,691	Hansen Technologies Ltd.		12,252
	14,059	Harvey Norman Holdings Ltd.		25,469
	17,072	Healius Ltd.		28,814
	12,182	Hotel Property Investments Trust REIT		19,449
	30,286	HT&E, Ltd.		22,301
	3,631	Huon Aquaculture Group Ltd.		8,731
	3,986	IDP Education Ltd.		38,598
	1,358,957	IGO Ltd.		4,197,564
	1,342,973	Iluka Resources Ltd.		6,721,122
	494,636	Imdex Ltd.		344,892
	379,264	Incitec Pivot Ltd.		590,681
	500,488	Infomedia Ltd.		526,720
	91,656	Integrated Research Ltd.		188,142
	5,156	InvoCare Ltd.		34,540
	11,100	IOOF Holdings Ltd.		31,248
	376,940	IPH Ltd.		1,817,679
	5,781	Iress Ltd.		42,757
	17,448	JB Hi-Fi Ltd.		399,768
	72,379	Johns Lyng Group Ltd.		114,141
	17,924	Jumbo Interactive Ltd.		142,264
	277,152	Jupiter Mines Ltd.		48,764
	1,002	Lendlease Group(a)		8,070
	5,751	Lendlease Group REIT		46,321
	5,319	Link Administration Holdings Ltd.		13,137
	364,347	MACA Ltd.		174,508
	1,130,725	Macmahon Holdings Ltd.		162,104
	23,600	Mastermyne Group Ltd.		11,919
	936,269	Mayne Pharma Group Ltd.(a)		253,199
	37,785	McPherson’s Ltd.		65,003
	71,246	Metcash Ltd.		115,604
	81,501	Mineral Resources Ltd.		891,186
	342,000	MMG Ltd.(a)		59,996
	2,115	Monadelphous Group Ltd.		15,574
	285,109	Monash IVF Group Ltd.		110,546
	28,764	Money3 Corp. Ltd.		29,803
	2,295,120	Mount Gibson Iron Ltd.		949,713
	876,650	Myer Holdings Ltd.(a)		114,254

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
AUSTRALIA (continued)
	1,086	MyState Ltd.	$	2,781
	442,310	Navigator Global Investments Ltd.		374,700
	23,940	New Hope Corp. Ltd.		24,103
	4,576	NEXTDC Ltd.(a)		26,450
	17,619	NIB Holdings Ltd.		56,488
	30,360	Northern Star Resources Ltd.		253,038
	14,976	NRW Holdings, Ltd.		16,639
	16,615	Nufarm Ltd/Australia(a)		56,951
	122,484	OceanaGold Corp.(a)		186,548
	23,573	Oil Search Ltd.		46,852
	37,689	oOh!media Ltd.		25,420
	8,666	Orica Ltd.		101,198
	4,434,446	Orora Ltd.		7,426,527
	21,695	OZ Minerals Ltd.		126,813
	5,999	Pendal Group Ltd.		21,579
	78,363	People Infrastructure Ltd.		91,917
	1,361,873	Perenti Global Ltd.		807,591
	827,484	Perseus Mining Ltd.(a)		520,356
	2,251	Platinum Asset Mangement Ltd.		5,119
	4,090	Premier Investments Ltd.		41,445
	214,901	Pro Medicus Ltd.		3,663,443
	49,843	Qube Holdings Ltd.(b)		71,781
	111,348	Quintis Ltd.(a)(b)		0
	37,913	Ramelius Resources Ltd.		33,230
	276,074	Red 5 Ltd.(a)		34,182
	23,088	Reece Ltd.		132,850
	4,407	Regional Express Holdings Ltd.		2,556
	200,391	Regis Healthcare Ltd.		195,877
	1,075,043	Regis Resources Ltd.		3,152,475
	60,690	Resolute Mining Ltd.(a)		37,373
	53,210	Ridley Corp. Ltd.		24,619
	92,577	RPMGlobal Holdings Ltd.(a)		60,026
	600,601	Sandfire Resources NL		1,765,127
	757,096	Saracen Mineral Holdings Ltd.(a)		2,141,184
	9,344	SeaLink Travel Group Ltd.		22,042
	230,106	SEEK Ltd.		2,610,598
	5,587	Select Harvests Ltd.		26,323
	788,386	Service Stream Ltd.		1,009,520
	4,744	Seven Group Holdings Ltd.		47,330
	999,342	Sigma Healthcare Ltd.		393,988
	31,802	Silver Lake Resources Ltd.(a)		40,411
	58,562	Southern Cross Electrical Engineering Ltd.		16,791
	182,765	Southern Cross Media Group Ltd.(a)		16,674
	77,395	Southern Cross Media Group Ltd.		7,061
	14,955	Spark Infrastructure Group		18,419
	1,239,132	St Barbara Ltd.		2,091,369
	52,442	Star Entertainment Group Ltd. (The)		103,546
	24,151	Steadfast Group Ltd.		48,316
	37,756	Sunland Group Ltd.		29,032
	8,197	Super Retail Group Ltd.		33,919

Shares			Value
AUSTRALIA (continued)
	124,014	Tabcorp Holdings Ltd.	$	260,220
	16,524	Tassal Group Ltd.		40,595
	1,022,122	Technology One Ltd.		6,327,609
	4,364	Tiger Resources Ltd.(a)		1
	109,463	TPG Telecom Ltd.		524,999
	5,454	United Malt Grp Ltd.(a)		15,140
	137,978	Vicinity Centres REIT		133,971
	12,192	Village Roadshow Ltd.		17,955
	66,626	Virgin Australia Holdings Ltd.(a)		4,745
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(a)(b)		0
	144,698	Virtus Health Ltd.		289,477
	407,833	Vita Group Ltd.		292,340
	1,344,069	Vocus Group Ltd.(a)		2,688,891
	7,314	Webjet Ltd.		14,584
	1,099,665	Western Areas Ltd.		1,562,177
	391,356	Westgold Resources Ltd.(a)		525,355
	23,188	Worley Ltd.		135,994
				99,589,406
AUSTRIA — 0.1%
	1,728	Agrana Beteiligungs AG		31,851
	48,323	ams AG(a)		629,288
	2,614	ANDRITZ AG(a)		85,937
	3,286	AT&S Austria Technologie & Systemtechnik AG		56,463
	1,668	CA Immobilien Anlagen AG		53,100
	4,266	EVN AG		66,571
	1,515	Fabasoft AG		41,838
	658	Lenzing AG		37,640
	512	Mayr Melnhof Karton AG		70,359
	1,244	Oesterreichische Post AG		46,896
	1,182	Palfinger AG(a)		25,673
	2,933	POLYTEC Holding AG		16,714
	6,729	Raiffeisen Bank International AG		115,993
	3,202	Rhi Magnesita NV		99,653
	1,341	Rhi Magnesita NV		41,245
	71,529	S IMMO AG		1,329,416
	1,505	S&T AG		33,051
	586	Schoeller-Bleckmann Oilfield Equipment AG		17,339
	16,189	Strabag SE		453,277
	31,359	Telekom Austria AG		220,623
	595	UBM Development AG		23,473
	19,472	UNIQA Insurance Group AG		131,018
	13,531	Vienna Insurance Group AG Wiener Versicherung Gruppe		272,539
	13,413	voestalpine AG		277,732
	4,474	Wienerberger AG		83,594
	34,360	Zumtobel Group AG(a)		222,533
				4,483,816
BELGIUM — 0.6%
	7,615	Ackermans & van Haaren NV		1,008,902

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
BELGIUM (continued)
	658	Aedifica SA REIT	$	63,671
	30,578	Ageas		1,100,772
	250,346	AGFA - Gevaert NV(a)		991,749
	9,740	Akka Technologies		312,203
	659	Atenor		49,396
	16,022	Barco NV		2,563,436
	6,702	Befimmo SA REIT		299,285
	1,697	Bekaert SA		36,003
	6,938	bpost SA		48,469
	2,052	Cie d’Entreprises CFE		158,983
	607	Cofinimmo SA REIT		84,478
	9,831	Colruyt SA		588,440
	9,671	Deceuninck NV		14,731
	12,200	Deceuninck NV - VVPR Strip(a)(b)		0
	48,670	D’ieteren SA/NV		2,432,087
	17,352	Econocom Group SA/NV		33,429
	1,202	Elia System Operator SA NV		138,308
	25,257	Euronav NV		282,316
	19,889	EVS Broadcast Equipment SA		303,829
	7,710	Exmar NV(a)		37,683
	2,571	Fagron		57,983
	1,611	Financiere de Tubize SA		120,578
	90,919	Galapagos NV(a)		20,076,248
	1,790	Gimv NV		98,275
	67	Home Invest Belgium SA REIT		7,893
	1,064	Immobel SA		80,453
	6,462	Intervest Offices & Warehouses NV REIT		160,040
	3,505	Ion Beam Applications(a)		29,076
	10,338	KBC Ancora		362,979
	988	Kinepolis Group NV		37,191
	25	Lotus Bakeries NV		75,888
	1,139	Melexis NV		69,336
	447	Montea C.V.A REIT(a)		39,335
	11,094	Ontex Group NV		202,421
	82,775	Orange Belgium SA		1,376,968
	340	Picanol		21,312
	40,221	Proximus SADP		858,167
	7,898	Recticel SA		59,374
	436	Resilux		65,458
	372	Roularta Media Group NV		5,626
	3,103	Sioen Industries NV		65,118
	1,836	Sipef NV		89,232
	460	Sofina SA		108,380
	8,675	Solvay SA		677,246
	187	TER Beke SA		24,079
	7,080	Tessenderlo Group SA(a)		197,458
	10,104	Umicore SA		436,368
	14,486	Warehouses De Pauw CVA REIT		396,864
				36,347,516
BERMUDA — 0.5%
	401,190	Argo Group International Holdings Ltd.		14,186,078

Shares			Value
BERMUDA (continued)
	21,300	Enstar Group, Ltd.(a)	$	3,080,406
	4,868	Hiscox Ltd.		43,078
	293,400	James River Group Holdings Ltd.		10,409,832
	72,700	Third Point Reinsurance, Ltd.(a)		540,888
				28,260,282
BRAZIL — 0.1%
	12,556	Alpargatas SA - Preference Shares		63,266
	3,800	Alupar Investimento SA - Units		15,653
	1,700	Arezzo Industria e Comercio SA		13,552
	20,400	Banco Pan SA Preference Shares		19,470
	8,600	BrasilAgro - Co Brasileira de Propriedades Agricolas		31,756
	9,900	Braskem SA - Class A, Preference Shares		38,869
	12,171	Camil Alimentos SA		18,532
	52,121	CCR SA		119,043
	17,464	Cia Brasileira de Distribuicao		214,691
	56,298	Cia de Locacao das Americas		140,178
	17,205	Cia de Saneamento do Parana - Preference Shares		15,978
	5,700	Cia de Saneamento do Parana - Unit		27,044
	4,800	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares		17,036
	423,100	Cia Energetica de Minas Gerais - ADR		727,732
	5,400	Cia Energetica de Sao Paulo - Class B, Preference Shares		27,974
	32	Cia Energetica do Ceara - Class A, Preference Shares		283
	5,800	Cia Ferro Ligas da Bahia-FERBASA - Preference Shares		17,812
	12,000	Cia Hering		33,189
	2,700	Cia Paranaense de Energia - Class B, Preference Shares		27,512
	102,687	Cogna Educacao		104,237
	16,056	Construtora Tenda SA		70,065
	5,646	Cosan Logistica SA(a)		16,145
	24,207	Cosan SA		268,561
	8,700	CSU Cardsystem SA		15,263
	14,600	Cyrela Brazil Realty SA Empreendimentos e Participacoes		43,360
	11,600	Direcional Engenharia SA		18,751
	10,400	EcoRodovias Infraestrutura e Logistica SA(a)		20,158
	64,644	EDP - Energias do Brasil SA		201,734
	182,785	Embraer SA - ADR(a)		1,157,029
	5,040	Energisa SA - Units		42,291
	3,200	Eneva SA(a)		21,179
	14,500	Equatorial Energia SA		49,116

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
BRAZIL (continued)
	4,800	Ez Tec Empreendimentos e Participacoes SA	$	26,858
	24,400	Gerdau SA		46,845
	15,400	Grendene SA		20,107
	16,500	Hypera SA		88,327
	2,400	Instituto Hermes Pardini SA		8,792
	20,461	IRB Brasil Resseguros S/A		38,831
	45,184	JHSF Participacoes SA		35,314
	3,400	Kepler Weber SA		16,325
	12,300	Klabin SA - Units		40,488
	5,100	Linx SA		20,558
	601	LOG Commercial Properties e Participacoes SA		2,559
	5,930	Lojas Americanas SA		21,963
	19,126	Lojas Americanas SA - Preference Shares		87,929
	17,799	Magazine Luiza SA		164,442
	5,732	Mahle-Metal Leve SA		19,058
	8,931	Marfrig Global Foods SA(a)		21,039
	6,016	Movida Participacoes SA		12,015
	15,400	Natura & Co. Holding SA		102,659
	10,879	Notre Dame Intermedica Participacoes SA		110,052
	11,200	Odontoprev SA		31,595
	17,855	Porto Seguro SA		149,955
	20,068	Qualicorp Consultoria e Corretora de Seguros SA		96,762
	7,200	Raia Drogasil SA		139,514
	17,200	Randon Participacoes SA - Preference Shares		27,360
	20,350	Santos Brasil Participacoes SA		15,530
	1,300	Sao Carlos Empreendimentos e Participacoes SA		8,525
	23,483	Sao Martinho SA		83,129
	15,200	SLC Agricola SA		68,874
	55,012	Sul America SA - Units		453,721
	400	Tegma Gestao Logistica SA		1,398
	13,100	TIM Participacoes SA		30,474
	3,200	TOTVS SA		34,896
	3,700	Transmissora Alianca de Energia Eletrica SA - Units		18,718
	1,633	Unipar Carbocloro SA		8,784
	5,740	Unipar Carbocloro SA - Preference Shares		25,080
	73,200	Via Varejo SA(a)		123,169
	29,000	YDUQS Part		164,895
				5,963,999
CAMBODIA — 0.0%
	28,000	NagaCorp Ltd.		33,156
CANADA — 2.2%
	76,215	Absolute Software Corp.		585,322
	4,438	Aecon Group, Inc.		48,750
	44,600	AGF Management Ltd. - Class B		137,778
	800	AirBoss of America Corp.		8,132
	22,338	Alamos Gold, Inc. - Class A		179,895

Shares			Value
CANADA (continued)
	2,881	Algoma Central Corp.	$	19,870
	3,971	Algonquin Power & Utilities Corp.		55,060
	600	Allied Properties Real Estate Investment Trust, REIT		19,208
	16,143	AltaGas Ltd.		192,981
	800	Altus Group Ltd.		24,156
	1,400	Andrew Peller Ltd. - Class A		9,505
	243,700	Artis Real Estate Investment Trust, REIT		1,530,183
	14,945	Asanko Gold, Inc.(a)		16,857
	800	Atco Ltd. - Class I		22,466
	23,295	Atlas Corp.		173,781
	2,300	ATS Automation Tooling Systems, Inc.(a)		34,121
	118,354	B2Gold Corp.		598,593
	2,000	Badger Daylighting Ltd.		43,464
	13,800	Black Diamond Group Ltd.(a)		13,186
	22,800	Boardwalk Real Estate Investment Trust, REIT		435,542
	2,800	Boralex, Inc. - Class A		54,212
	4,200	Boyd Group Services, Inc.		590,948
	11,200	Bridgemarq Real Estate Services		82,152
	500	Calian Group Ltd.		16,308
	16,900	Cameco Corp.		168,035
	125,683	Canaccord Genuity Group, Inc.		486,678
	17,510	Canadian Apartment Properties REIT		602,557
	166,075	Canadian Western Bank		2,628,422
	9,843	Canfor Corp.(a)		68,592
	3,400	Canopy Growth Corp.(a)		54,226
	1,300	Capital Power Corp.		25,160
	29,152	Cascades, Inc.		291,740
	297,224	Celestica, Inc.(a)		1,855,581
	14,726	Centerra Gold, Inc.		117,749
	3,777	Cineplex, Inc.		45,152
	158,100	City Office REIT, Inc.		1,596,810
	46,112	Cogeco Communications, Inc.		3,409,164
	1,364	Cogeco, Inc.		84,087
	900	Colliers International Group, Inc.		49,392
	2,725	Computer Modelling Group Ltd.		9,162
	1,012	Corby Spirit and Wine Ltd.		11,843
	20,535	Crescent Point Energy Corp.		28,620
	15,670	CRH Medical Corp.(a)		32,197
	6,900	Descartes Systems Group, Inc. (The)(a)		290,038
	46,600	DIRTT Environmental Solutions(a)		55,574
	1,436,800	Dollarama, Inc.		45,066,768
	14,000	Dorel Industries, Inc. - Class B		28,061
	14,531	Dream Hard Asset Alternatives Trust - Units		50,631
	24,315	Dream Office Real Estate Investment Trust, REIT		379,411
	101,207	DREAM Unlimited Corp.		637,656

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
CANADA (continued)
	31,275	Dundee Precious Metals, Inc.	$	145,820
	84,046	ECN Capital Corp.		238,501
	464	E-L Financial Corp. Ltd.		229,495
	11,452	Eldorado Gold Corp.(a)		109,176
	18,300	Element Fleet Management Corp.		135,020
	51,800	Empire Co. Ltd. - Class A		1,143,586
	52,166	Enghouse Systems Ltd.		1,954,421
	1,539	Equitable Group, Inc.		75,184
	23,300	Evertz Technologies Ltd.		252,426
	32,283	Exco Technologies Ltd.		151,216
	38	EXFO, Inc.(a)		94
	6,300	Extendicare, Inc.		27,880
	4,954	Finning International, Inc.		62,888
	2,051	First Majestic Silver Corp.(a)		16,562
	563	First National Financial Corp.		12,939
	1,300	FirstService Corp.		112,400
	11,963	Fortuna Silver Mines, Inc.(a)		35,925
	1,000	GDI Integrated Facility Services, Inc.(a)		20,856
	2,921	Genworth MI Canada, Inc.		72,020
	4,500	Gibson Energy, Inc.		64,108
	1,040	goeasy Ltd.		33,218
	100,519	Gran Colombia Gold Corp.(a)		423,177
	1,768	Great Canadian Gaming Corp.(a)		34,434
	132,862	Guyana Goldfields, Inc.(a)		59,179
	24,100	H&R Real Estate Investment Trust, REIT		170,714
	35,700	Hardwoods Distribution, Inc.		303,410
	17,224	Heroux-Devtek, Inc.(a)		138,465
	36,589	High Liner Foods, Inc.		167,706
	64,446	Home Capital Group, Inc.(a)		862,552
	132,871	iA Financial Corp., Inc.		4,313,690
	934,174	IAMGOLD Corp.(a)		3,278,951
	2,679	Innergex Renewable Energy, Inc.		35,952
	7,600	Interfor Corp.(a)		44,826
	2,288	International Petroleum Corp. - Sweden(a)		3,567
	2,926	Intertape Polymer Group, Inc.		28,715
	160,499	Just Energy Group, Inc.		73,795
	1,300	K-Bro Linen, Inc.		25,207
	18,357	Kinaxis, Inc.(a)		1,845,261
	1,183,142	Kinross Gold Corp.(a)		7,820,569
	88,445	Kinross Gold Corp.(a)		583,936
	5,380	Kirkland Lake Gold Ltd.		222,397
	200	Lassonde Industries, Inc. - Class A		20,226
	3,935	Laurentian Bank of Canada		87,890
	18,544	Leon’s Furniture Ltd.		176,521
	32,510	Linamar Corp.		781,015
	72,624	Lundin Mining Corp.		355,829
	35,200	Major Drilling Group International, Inc.(a)		89,773
	5,799	Maple Leaf Foods, Inc.		107,194

Shares			Value
CANADA (continued)
	15,698	Martinrea International, Inc.	$	94,845
	96,972	Medical Facilities Corp.		307,228
	6,941	Metro, Inc.		285,579
	1,000	Morguard Corp.		105,607
	72,866	Morguard North American Residential Real Estate Investment Trust, REIT		774,753
	1,000	Morneau Shepell, Inc.		24,175
	1,886	MTY Food Group, Inc.		32,586
	82,500	Mullen Group Ltd.		342,577
	6,100	Neo Performance Materials, Inc.		32,517
	21,500	New Gold, Inc.(a)		17,608
	42,850	Nexus Real Estate Investment Trust - Unit		50,486
	929	NFI Group, Inc.		10,625
	2,202	Norbord, Inc.		35,721
	1,646	North West Co., Inc. (The)		31,100
	3,429	Northland Power, Inc.		73,583
	404,200	Novagold Resources, Inc.(a)		4,522,998
	2,188	Onex Corp.		100,853
	8,069	Open Text Corp.		304,917
	2,474	Osisko Gold Royalties Ltd.		22,590
	226,793	Pan American Silver Corp.		4,817,083
	8,103	Pan American Silver Corp.		172,311
	5,688	Parkland Fuel Corp.		134,564
	9,500	Pizza Pizza Royalty Corp.(a)		59,514
	26,793	Plaza Retail REIT		57,938
	22,508	Polaris Infrastructure, Inc.		201,318
	936	Premium Brands Holdings Corp.		56,444
	4,315	Pretium Resources, Inc.(a)		32,953
	21,900	Quarterhill, Inc.		27,533
	69,600	Quebecor, Inc. - Class B		1,515,554
	175,033	Real Matters, Inc.(a)		2,006,916
	3,100	Reitmans Canada Ltd. - Class A		724
	1,900	Richelieu Hardware Ltd.		36,090
	375,000	Ritchie Bros Auctioneers, Inc.		16,158,750
	2,300	Ritchie Bros. Auctioneers, Inc.		98,993
	8,854	Rogers Sugar, Inc.		29,769
	19,403	Russel Metals, Inc.		210,207
	7,588	Sandstorm Gold Ltd.(a)		58,929
	8,801	SEMAFO, Inc.(a)		22,130
	1,282	Sienna Senior Living, Inc.		12,203
	2,500	Sierra Wireless, Inc.(a)		23,456
	15,500	Sprott, Inc.		37,972
	3,143	SSR Mining, Inc.(a)		55,072
	69,309	Stantec, Inc.		2,042,996
	14,115	Stars Group, Inc. (The)(a)		393,754
	2,960	Stella-Jones, Inc.		73,790
	17,300	Superior Plus Corp.		122,795
	6,100	Teck Resources Ltd. - Class B		53,771
	13,198	Teranga Gold Corp.(a)		91,403
	3,064	TFI International, Inc.		84,967
	1,901	TMX Group Ltd.		164,691
	9,236	Torex Gold Resources, Inc.(a)		131,445

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
CANADA (continued)
	2,345	Toromont Industries Ltd.	$	110,179
	181,588	TransAlta Corp.		1,068,433
	3,900	TransAlta Renewables, Inc.		42,139
	148,980	Transcontinental, Inc. - Class A		1,349,645
	52,700	True North Commercial Real Estate Investment Trust REIT		224,513
	11,200	Wajax Corp.		69,922
	6,600	Wesdome Gold Mines Ltd.(a)		50,545
	22,594	Whitecap Resources, Inc.		29,704
	2,248	Winpak Ltd.		74,855
	2,714	WSP Global, Inc.		182,129
	60,166	Yamana Gold, Inc.		283,551
	24,726	Yamana Gold, Inc.		115,718
				129,672,178
CAYMAN ISLANDS — 0.0%
	63,600	Consolidated Water Co. Ltd.		955,272
CHILE — 0.0%
	21,597	Aguas Andinas SA - Class A		7,243
	1,708	CAP SA		8,336
	33,539	Cencosud SA		40,573
	26,113	Coca-Cola Embonor SA - Preference Shares		31,902
	169,619	Colbún SA		24,887
	23,369	Engie Energia Chile SA		28,835
	72,330	Inversiones Aguas Metropolitanas SA		58,043
	45,001	PAZ Corp. SA		29,268
	118,945	Sigdo Koppers SA		115,606
	47,915	SMU SA		8,035
	525,545	Sociedad Matriz SAAM SA		31,278
	29,332	Socovesa SA		6,851
	18,421	Vina Concha y Toro SA		29,014
				419,871
CHINA — 2.4%
	3,601	21Vianet Group, Inc. - ADR(a)		53,907
	45,500	3SBio, Inc.(a)		46,659
	2,491	58.Com Inc. - ADR(a)		129,407
	235,250	Agile Group Holdings Ltd.		265,216
	8,945,000	Agricultural Bank of China Ltd. - H Shares		3,761,458
	9,434,000	Aluminum Corp. of China Ltd. - H Shares(a)		2,007,881
	144,500	Asia Cement China Holdings Corp.		167,007
	95,000	AviChina Industry & Technology Co. Ltd. - H Shares		37,498
	113,000	Baic Motor Corp. Ltd. - H Shares		49,850
	8,376,770	Bank of China Ltd. - H Shares		3,209,159
	26,500	Bank of Chongqing Co. Ltd. - H Shares		14,254
	4,722,000	Bank of Communications Co. Ltd. - H Shares		2,996,742

Shares			Value
CHINA (continued)
	80,000	Baoye Group Co. Ltd. - H Shares(a)	$	47,985
	238,799	Baozun, Inc. - ADR(a)		7,603,360
	308,000	BBMG Corp. - H Shares		78,266
	208,000	Beijing Capital International Airport Co. Ltd. - H Shares		140,053
	183,000	Beijing Capital Land Ltd. - H Shares		40,837
	92,000	BYD Electronic International Co. Ltd.		212,896
	235,656	Central China Real Estate Ltd.		120,374
	57,000	Chaowei Power Holdings Ltd.		16,249
	70,000	China Animal Healthcare Ltd.(a)(b)		847
	97,000	China Aoyuan Group Ltd.		113,610
	1,049,000	China Cinda Asset Management Co. Ltd. - H Shares		204,320
	72,000	China Communications Services Corp. Ltd. - H Shares		51,173
	42,000	China Conch Venture Holdings Ltd.		201,535
	4,312,044	China Construction Bank Corp. - H Shares		3,515,268
	114,800	China Dili Group(a)		25,914
	1,834	China Distance Education Holdings Ltd. - ADR		14,232
	104,000	China Eastern Airlines Corp. Ltd. - H Shares(a)		43,331
	326,000	China Energy Engineering Corp. Ltd. - H Shares		34,902
	149,500	China Galaxy Securities Co. Ltd. - H Shares		76,365
	268,500	China Harmony New Energy Auto Holding Ltd.		136,804
	259,000	China Hongqiao Group Ltd.		128,957
	79,500	China Huiyuan Juice Group Ltd.(a)(b)		7,192
	43,600	China International Capital Corp. Ltd.		67,038
	76,440	China International Marine Containers Group Co. Ltd. - H Shares		68,232
	681,515	China Lesso Group Holdings Ltd.		968,758
	27,000	China Lilang Ltd.		16,543
	74,000	China Maple Leaf Educational Systems Ltd.		21,763
	114,000	China Medical System Holdings Ltd.		135,874
	54,000	China Meidong Auto Holdings Ltd.		97,099
	3,819,300	China Minsheng Banking Corp. Ltd. - H Shares		2,857,393
	114,000	China Molybdenum Co. Ltd. - H Shares		34,410
	594,834	China National Building Material Co. Ltd. - H Shares		748,098

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
CHINA (continued)
	114,000	China Oilfield Services Ltd. - H Shares	$	88,524
	156,000	China Oriental Group Co. Ltd.		47,489
	2,650,500	China Railway Construction Corp. Ltd. - H Shares		2,906,063
	4,945,000	China Railway Group Ltd. - H Shares		2,972,422
	38,000	China Railway Signal & Communication Corp. Ltd. - H Shares(a)		18,773
	18,500	China Resources Medical Holdings Co. Ltd.		9,450
	323,400	China SCE Group Holdings Ltd.		141,833
	168,000	China Silver Group Ltd.(a)		12,569
	77,000	China Sunshine Paper Holdings Co. Ltd.		9,833
	164,000	China Taifeng Beddings Holdings Ltd.(a)(b)		0
	5,888,000	China Telecom Corp. Ltd. - H Shares		2,027,857
	31,000	China XLX Fertiliser Ltd.		7,718
	27,000	China Yongda Automobiles Services Holdings Ltd.		27,374
	34,000	China Yuhua Education Corp. Ltd.		34,208
	264,800	China Zhongwang Holdings Ltd.		63,873
	164,000	Chinasoft International Ltd.		86,733
	4,094,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		1,790,217
	461,923	CIFI Holdings Group Co. Ltd.		350,948
	21,000	Colour Life Services Group Co. Ltd.		9,995
	26,000	Consun Pharmaceutical Group Ltd.		13,415
	280,093	COSCO SHIPPING Development Co. Ltd. - H Shares		28,904
	106,000	COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares		69,596
	125,000	COSCO SHIPPING Holdings Co. Ltd. - H Shares(a)		36,117
	44,000	Country Garden Services Holdings Co. Ltd.		204,321
	62,000	CPMC Holdings Ltd.		21,913
	302,000	CT Environmental Group Ltd.(a)(b)		2,485
	112,000	Dali Foods Group Co. Ltd.		68,912
	179,000	Dongyue Group Ltd.		79,196
	56,000	Dynagreen Environmental Protection Group Co. Ltd. - H Shares		23,115
	14,200	Everbright Securities Co. Ltd. - H Shares		8,865
	1,222	Fanhua, Inc. - ADR		23,132
	334,500	Fantasia Holdings Group Co. Ltd.		64,721

Shares			Value
CHINA (continued)
	84,000	FIH Mobile Ltd.(a)	$	9,535
	205,000	Fosun International Ltd.		259,671
	38,000	Fu Shou Yuan International Group Ltd.		34,213
	227,600	Fufeng Group Ltd.		77,506
	71,000	Genertec Universal Medical Group Co. Ltd.		43,044
	32,000	Golden Eagle Retail Group Ltd.		30,793
	1,007,600	GOME Retail Holdings Ltd.(a)		116,974
	409,500	Great Wall Motor Co. Ltd. - H Shares		273,616
	169,000	Greenland Hong Kong Holdings Ltd.		62,564
	3,174,500	Greentown China Holdings Ltd.		3,435,544
	34,000	Greentown Service Group Co. Ltd.		45,173
	124,000	Guangshen Railway Co. Ltd. - H Shares		26,232
	26,000	Guangzhou Automobile Group Co. Ltd.- H Shares		23,443
	6,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares		15,866
	2,806,800	Guangzhou R&F Properties Co. Ltd. - H Shares		3,540,858
	106,000	Guorui Properties Ltd.		17,501
	47,000	Haichang Ocean Park Holdings Ltd.(a)		3,698
	569	Hailiang Education Group, Inc. - ADR(a)		27,090
	33,000	Hainan Meilan International Airport Co. Ltd.(a)		33,883
	32,000	Haitian International Holdings Ltd.		57,458
	42,000	Harbin Electric Co. Ltd. - H Shares(a)		11,648
	63,000	Harmonicare Medical Holdings Ltd(a)(b)		3,108
	33,000	Hengan International Group Co. Ltd.		294,350
	5,000	Hiroca Holdings Ltd.		9,433
	36,000	Hisense Home Appliances Group Co. Ltd. - H Shares		34,688
	24,500	Honworld Group Ltd.		7,363
	68,000	HOSA International Ltd.(a)(b)		477
	23,000	Hua Hong Semiconductor Ltd.		44,680
	138,000	Huan Yue Interactive Holdings Ltd.(a)		16,555
	54,000	Huaneng Power International, Inc. - H Shares		20,339
	4,773	Huazhu Group Ltd. - ADR		171,876
	183,700	Huishang Bank Corp. Ltd. - H Shares		65,637
	5,202,000	Industrial & Commercial Bank of China Ltd. - H Shares		3,536,219
	11,900	Inner Mongolia Yitai Coal Co. Ltd. - H Shares		7,844
	123,550	JD.com, Inc. - ADR(a)		5,325,005

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
CHINA (continued)
	30,000	Jiangsu Expressway Co. Ltd. - H Shares	$	35,795
	77,000	Jiangxi Copper Co. Ltd. - H Shares		75,287
	63,000	Jingrui Holdings Ltd.		18,447
	3,567	Jinkosolar Holding Co., Ltd. - ADR(a)		56,430
	3,404	JOYY, Inc. - ADR(a)		207,508
	987,000	Kaisa Group Holdings Ltd.		376,849
	5,600,000	Kingdee International Software Group Co. Ltd.		8,148,081
	99,500	KWG Property Holding Ltd.		146,571
	416,000	Lenovo Group Ltd.		226,446
	49,000	Li Ning Co. Ltd.		154,537
	128,000	Lifetech Scientific Corp.(a)		28,233
	96,000	Logan Property Holdings Co. Ltd.		151,074
	280,000	Lonking Holdings Ltd.		94,628
	117,500	Luye Pharma Group Ltd.		57,291
	303,000	Metallurgical Corp. of China Ltd. - H Shares		52,764
	86	Microport Scientific Corp.		187
	54,000	Minth Group Ltd.		129,698
	279,800	Modern Land China Co. Ltd.		37,896
	4,000	On-Bright Electronics, Inc.		30,669
	54,000	O-Net Technologies Group Ltd.		33,504
	18,000	Orient Securities Co. Ltd. - China - H Shares		9,264
	7,769,715	People’s Insurance Co. Group of China Ltd. (The) - H Shares		2,545,640
	6,812,000	Postal Savings Bank of China Co. Ltd. - H Shares		4,085,882
	486,000	Powerlong Real Estate Holdings Ltd.		297,148
	113,000	Qingdao Port International Co. Ltd. - H Shares		60,782
	134,500	Qinhuangdao Port Co. Ltd. - H Shares		22,381
	261,000	Qunxing Paper Holdings Co. Ltd.(a)(b)		0
	67,000	Real Gold Mining Ltd.(a)(b)		2,273
	78,000	Redco Properties Group Ltd.		36,522
	87,000	Ronshine China Holdings Ltd.		90,451
	69,000	Sany Heavy Equipment International Holdings Co. Ltd.		36,669
	142,000	Seazen Group Ltd.		137,558
	270,080	Semiconductor Manufacturing International Corp.(a)		516,296
	58,000	Shandong Chenming Paper Holdings Ltd. - H Shares		22,370
	80,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		121,974
	32,000	Shandong Xinhua Pharmaceutical Co. Ltd. - H Shares		17,089

Shares			Value
CHINA (continued)
	52,000	Shanghai Electric Group Co. Ltd. - H Shares	$	16,098
	12,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares		45,817
	25,000	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares		16,221
	116,000	Shanghai Jin Jiang Capital Co. Ltd.		20,798
	54,100	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares		95,325
	53,000	Shengjing Bank Co. Ltd. - H Shares		48,539
	32,000	Shenzhen Expressway Co. Ltd. - H Shares		36,448
	211,881	Shui On Land Ltd.		37,443
	2,000	Silergy Corp.		80,373
	6,405	SINA Corp./China(a)		216,297
	4,675,562	Sino-Ocean Land Holdings Ltd.		1,230,332
	198,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		54,401
	93,500	Sinotruk Hong Kong Ltd.		188,387
	214,000	Skyfame Realty Holdings Ltd.		28,156
	100,500	SOHO China Ltd.		47,965
	69,000	Sunshine 100 China Holdings Ltd.(a)		12,282
	4,228	Tarena International, Inc. - ADR(a)		21,563
	16,000	Tenfu Cayman Holdings Co. Ltd.		11,351
	255,000	Tenwow International Holdings Ltd.(a)(b)		2,345
	36,000	Tian Shan Development Holdings Ltd.		14,488
	52,000	Tiangong International Co. Ltd.		16,500
	100,000	Tianneng Power International Ltd.		97,388
	110,000	Tingyi Cayman Islands Holding Corp.		194,673
	31,000	Tong Ren Tang Technologies Co. Ltd. - H Shares		24,712
	828,667	Tongkun Group Co. Ltd. - Class A		1,380,700
	552,538	Tongkun Group Co. Ltd. Pnote(a)		920,622
	27,500	TravelSky Technology Ltd. - H Shares		48,597
	84,000	Trigiant Group Ltd.		14,302
	201,000	Trony Solar Holdings Co. Ltd.(a)(b)		0
	12,000	Tsingtao Brewery Co. Ltd. - H Shares		72,983
	1,392,100	UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares(a)		833,033
	1,444,199	UBS Better Life Commercial Chain Share Co. Ltd. - A Shares(a)		2,047,903

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
CHINA (continued)
	2,158,500	UBS China Railway Tielong Container Logistics Co. Ltd - A Shares(a)	$	1,588,548
	1,068,700	UBS Cicc Xuji Electric Co. Ltd. Pnote(a)		2,135,252
	5,052,004	UBS Csg Holding Co. Ltd. Note(a)		3,202,213
	3,379,400	UBS Daqin Railway Co. Ltd. - A Shares(a)		3,440,702
	646,955	UBS Fujian Star-Net Communicat (Connect) Pnote(a)		3,437,472
	2,343,845	UBS Guangxi Liugong Machinery Co. Ltd. - A Shares(a)		2,286,655
	1,829,694	UBS MLS Co. Ltd. - A Shares(a)		2,996,691
	848,802	UBS Ping An Bank Co. Ltd. - A Shares(a)		1,676,639
	4,773,200	UBS Rizhao Port Co. Ltd. - A Shares(a)		1,644,749
	2,024,600	UBS Shandong Haihua Co. Ltd. - A Shares(a)	��	1,022,038
	5,113,160	UBS Shandong Nanshan Aluminum Co. Ltd. - A Shares(a)		1,515,387
	1,346,000	UBS Shenzhen Laibao Hi-Tech Co. Pnote(a)		2,055,611
	991,000	UBS Triangle Tyre Co. Pnote(a)		1,885,853
	2,893,797	UBS Wuxi Taiji Industry Co. Ltd. - A Shares(a)		4,427,625
	974,100	UBS Xiamen King Long Motor Group Co. Ltd. - A Shares(a)		799,765
	2,168,822	UBS Yunnan Copper Co. Ltd. Note(a)		2,958,555
	83,400	Uni-President China Holdings Ltd.		84,019
	32,746	Vipshop Holdings Ltd. - ADR(a)		521,644
	229,000	Want Want China Holdings Ltd.		164,236
	1,933	Weibo Corp. - ADR(a)		72,545
	382,000	West China Cement Ltd.		67,999
	332,000	Xiamen International Port Co. Ltd. - H Shares		29,549
	2,721,200	Xiaomi Corp.(a)		3,580,295
	120,012	Xingda International Holdings Ltd.		28,639
	15,000	Xingfa Aluminium Holdings Ltd.		13,544
	70,257	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		68,966
	192,160	Xinyi Solar Holdings Ltd.		120,960
	14,372	Xinyuan Real Estate Co. Ltd. - ADR		37,367
	146,759	Xtep International Holdings Ltd.		56,224
	34,000	Yadea Group Holdings Ltd.		12,806

Shares			Value
CHINA (continued)
	288,000	Yanzhou Coal Mining Co. Ltd. - H Shares	$	218,438
	8,400	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares		31,801
	20,000	Yihai International Holding Ltd.		159,948
	11,131	Yirendai Ltd. - ADR(a)		43,967
	104,500	Youyuan International Holdings Ltd.(a)(b)		1,314
	153,446	Yuzhou Properties Co. Ltd.		65,317
	220,900	Zai Lab Ltd. - ADR(a)		13,854,848
	43,000	Zhaojin Mining Industry Co. Ltd. - H Shares		48,588
	28,000	Zhejiang Expressway Co. Ltd. - H Shares		21,056
	40,000	Zhejiang Glass Co. Ltd. - H Shares(a)(b)		0
	34,500	Zhongsheng Group Holdings Ltd.		139,291
	11,000	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		33,912
	4,015,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		3,231,680
				145,226,115
DENMARK — 0.5%
	15,657	ALK-Abello A/S(a)		3,987,111
	12,557	Alm Brand A/S		98,475
	8,231	Amagerbanken A/S(a)(b)		0
	3,554	Ambu A/S - B Shares		111,486
	1,075	Bavarian Nordic A/S(a)		25,354
	860	Bavarian Nordic A/S(a)		20,284
	97	Brodrene A&O Johansen A/S - Preference Shares		4,986
	1,192	Brodrene Hartmann A/S(a)		52,342
	2,553	D/S Norden A/S(a)		35,956
	4,589	Demant A/S(a)		109,683
	5,709	Dfds A/S(a)		144,543
	23,372	FLSmidth & Co. A/S(a)		615,599
	43,644	Genmab A/S(a)		10,495,583
	257,076	GN Store Nord A/S		11,752,801
	8,109	H. Lundbeck A/S		295,457
	16,899	H+H International A/S - Class B(a)		222,863
	19,635	INVISIO Communications AB		220,589
	60,879	ISS A/S(a)		908,368
	420	Jeudan A/S(a)		14,267
	3,232	Jyske Bank A/S(a)		87,335
	165,902	Matas A/S		1,121,972
	3,263	Nilfisk Holding A/S(a)		46,003
	2,606	NKT A/S(a)		58,364
	4,279	North Media AS(a)		27,147
	1,840	Parken Sport & Entertainment A/S(a)		19,456
	8,246	Per Aarsleff Holding A/S		240,989
	2,702	Ringkjoebing Landbobank A/S		169,042

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
DENMARK (continued)
	590	Rockwool International A/S - A Shares	$	115,240
	453	Rockwool International A/S - B Shares		95,134
	2,369	Royal Unibrew A/S(a)		183,348
	2,806	RTX A/S		76,030
	5,456	Scandinavian Tobacco Group A/S		62,899
	930	Schouw & Co.		66,719
	1,395	Solar A/S - Class B		48,349
	76,585	Spar Nord Bank A/S(a)		530,868
	3,736	Sydbank A/S(a)		62,164
	2,492	TCM Group A/S		35,865
	120	Tivoli A/S(a)		11,596
	974	Topdanmark A/S		39,336
	17,548	Tryg A/S		464,648
	279,561	Vestjysk Bank A/S(a)		119,678
	866	Zealand Pharma AS(a)		30,040
				32,827,969
FAEROE ISLANDS — 0.0%
	1,482	Bakkafrost		73,268
	662	BankNordik P/F(a)		9,819
				83,087
FINLAND — 0.3%
	3,582	Adapteo Oyj(a)		25,959
	1,773	Admicom Oyj		142,224
	1,171	Ahlstrom-Munksjo Oyj		16,400
	14,904	Aktia Bank Oyj		125,761
	4,177	Alma Media Oyj		37,077
	7,013	Altia Oyj		58,792
	1,171	Asiakastieto Group Oyj(a)		41,192
	1,907	Aspo Oyj		13,458
	5,681	Atria Oyj		58,582
	1,043	CapMan Oyj		2,108
	3,664	Cargotec Oyj - Class B		80,023
	13,256	Caverion Oyj(a)		75,684
	2,890	Digia Oyj		14,695
	9,841	Elisa Oyj		597,882
	1,931	eQ Oyj		27,298
	201,227	Finnair Oyj(a)		803,117
	14,955	Fiskars Oyj Abp		172,407
	16,592	F-Secure Oyj(a)		50,002
	14,434	Harvia Oyj		166,875
	48,645	HKScan Oyj - A Shares(a)		114,612
	16,611	Huhtamaki Oyj(a)		621,094
	2,500	Ilkka-Yhtyma Oyj		8,931
	22,053	Kamux Corp.		170,860
	18,557	Kemira Oyj(a)		223,490
	11,888	Kesko Oyj - A Shares		192,807
	30,008	Kesko Oyj - B Shares		488,333
	5,286	Kojamo Oyj		95,000
	8,173	Konecranes Oyj(a)		177,695
	24,266	Lassila & Tikanoja Oyj		339,846
	8,843	Metsa Board Oyj(a)		61,632

Shares			Value
FINLAND (continued)
	6,367	Metso Oyj	$	176,735
	6,587	Nokian Renkaat Oyj		141,011
	1,595	Olvi Oyj - Class A		67,294
	81,492	Oriola Oyj - Class B		187,537
	4,633	Orion Oyj - Class A(a)		228,977
	82,498	Orion Oyj - Class B(a)		4,193,021
	9,049	Outotec Oyj		37,781
	1,885	Ponsse Oyj		48,750
	6,173	QT Group Oyj(a)		154,235
	13,137	Raisio Oyj - V Shares		48,731
	1,052	Remedy Entertainment Oyj		23,633
	1,307	Revenio Group Oyj(a)		35,449
	102,332	Sanoma Oyj		926,284
	57,453	Stora Enso Oyj - Class R(a)		679,969
	1,377	Terveystalo Oyj		14,396
	2,486	TietoEVRY Oyj(a)		60,588
	2,154	Tikkurila Oyj		28,184
	3,578	Titanium Oyj		31,995
	106,390	Tokmanni Group Corp.(a)		1,294,126
	71,864	Uponor Oyj		808,000
	2,873	Vaisala Oyj - Class A(a)		91,303
	116,486	Valmet Oyj(a)		2,667,920
	63,511	YIT Oyj		347,994
				17,297,749
FRANCE — 0.6%
	2,343	ABC Arbitrage		16,022
	5,982	AKWEL		74,600
	9,940	Albioma SA		330,052
	5,333	Alstom SA		218,339
	957	Altarea SCA REIT		117,039
	1,291	Alten SA		92,949
	723	ARGAN SA REIT		56,253
	10,091	Arkema SA		837,111
	2,363	Assystem SA		53,085
	11,795	Atos SE		840,940
	703	Axway Software SA		11,517
	612	Bastide le Confort Medical(a)		21,729
	9,026	Bigben Interactive		116,716
	1,783	BioMerieux		221,378
	1,109	Boiron SA		40,834
	7,843	Bonduelle SCA		171,896
	15,583	Bureau Veritas SA		323,433
	117	Burelle SA		72,313
	6,600	Casino Guichard Perrachon SA		247,573
	19,334	Catana Group(a)		38,985
	1,521	Cegedim SA(a)		45,670
	318,059	Cellectis SA(a)		4,287,120
	1,199,140	CGG SA(a)		1,511,195
	3,995	Cie des Alpes		74,950
	7,211	Cie Plastic Omnium SA		137,182
	32,520	Coface SA(a)		191,015
	302,507	Derichebourg SA		851,964
	423	Devoteam SA		32,309
	11,512	Edenred		463,871
	9,413	Eiffage SA		770,551

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
FRANCE (continued)
	6,116	Ekinops SAS(a)	$	39,342
	410	Electricite de Strasbourg SA		47,401
	1,613	Eramet		51,261
	685	Eurobio Scientific SA(a)		8,820
	1,226	Exel Industries SA - Class A(a)		56,025
	17,327	Faurecia SE		627,739
	3,693	Fnac Darty SA(a)		119,062
	1,416	Gaztransport Et Technigaz SA		102,725
	648	Gecina SA REIT		84,575
	26,478	Getlink SE		337,456
	15,590	GL Events		186,903
	1,031	Groupe Crit		57,169
	1,062	Groupe Guillin		19,156
	6,079	Guerbet		192,190
	76	Haulotte Group SA		332
	848	HEXAOM		23,697
	895	ICADE REIT		68,802
	172	ID Logistics Group(a)		32,043
	954	Iliad SA		142,181
	1,569	Imerys SA		49,209
	658	Infotel SA		24,012
	2,784	Ingenico Group SA		349,933
	98,214	Innate Pharma SA(a)		694,202
	3,944	Interparfums SA		136,577
	3,913	Ipsen SA		290,517
	17,508	IPSOS		337,677
	3,611	Jacquet Metal Service SA		37,197
	1,834	JCDecaux SA		38,025
	4,797	Kaufman & Broad SA		173,212
	34,824	Korian SA		1,170,811
	126,616	Lagardere SCA		2,053,540
	863	Laurent-Perrier		72,821
	1,403	Le Belier		49,353
	16,199	Lectra		255,625
	640	Linedata Services		16,131
	8,448	LISI		137,015
	4,356	LNA Sante SA		193,328
	1,676	Manitou BF SA		25,713
	19,885	Mersen SA		436,911
	19,785	Metropole Television SA		220,284
	42,312	Nexans SA		1,506,953
	24,435	Nexity SA		749,762
	1,268	Oeneo SA		15,007
	3,406	OL Groupe SA(a)		8,174
	1,714	Orpea		190,647
	392	Plastivaloire		1,690
	38,565	Quadient		532,496
	419,770	Rexel SA		3,933,058
	112	Robertet SA		97,575
	16,545	Rothschild & Co.		327,444
	1,515	Rubis SCA		68,003
	104	Samse SA		12,992
	2,365	Savencia SA		139,952
	13,917	SCOR SE		391,951
	947	SEB SA		113,948
	3,449	Seche Environnement SA		133,420

Shares			Value
FRANCE (continued)
	2,175	Societe pour l’Informatique Industrielle	$	42,426
	830	SOITEC(a)		76,312
	331,224	Solocal Group(a)		56,624
	3,572	Somfy SA		299,060
	11,724	Sopra Steria Group		1,388,847
	3,089	SPIE SA		46,647
	1,237	Stef SA		92,992
	23,288	Suez		263,241
	3,477	Synergie SA		76,206
	2,721	Tarkett SA(a)		26,956
	2,824	Teleperformance		632,865
	137,672	Television Francaise 1		674,684
	876	Thermador Groupe		42,527
	1,233	Trigano SA		91,003
	3,300	Ubisoft Entertainment SA(a)		245,620
	74,733	Valneva SE(a)		342,737
	602	Vetoquinol SA		37,999
	1,831	VIEL & Cie SA		9,832
	321	Vilmorin & Cie SA		12,840
	7,602	Virbac SA(a)		1,499,523
	1,823	Worldline SA(a)		123,820
				35,533,396
GABON — 0.0%
	76	Total Gabon		8,662
GEORGIA — 0.0%
	1,065	Bank of Georgia Group Plc		13,360
	5,317	Georgia Capital Plc(a)		28,126
	1,567	HeidelbergCement AG		74,492
	161,812	Telefonica Deutschland Holding AG		460,152
				576,130
GERMANY — 0.9%
	15,319	7C Solarparken AG		56,406
	3,835	Aareal Bank AG		62,703
	647	ADO Properties SA		18,151
	60,550	ADVA Optical Networking SE(a)		396,133
	40,347	AIXTRON SE(a)		375,734
	2,114	Allgeier SE		68,804
	272,218	Alstria Office REIT AG		4,077,915
	1,944	Amadeus Fire AG		200,252
	1,207	Atoss Software AG		242,715
	2,338	Aurubis AG		122,315
	507	Basler AG		25,946
	12,453	Bauer AG		142,198
	2,096	BayWa AG		61,557
	1,729	Bechtle AG		250,484
	833	Bijou Brigitte AG		27,203
	1,050	Biotest AG - Preference Shares		24,049
	70,477	Borussia Dortmund GmbH & Co. KGaA		496,219
	15,068	Brenntag AG		680,143
	1,385	CANCOM SE		70,606

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
GERMANY (continued)
	42,850	Carl Zeiss Meditec AG(a)	$	4,223,815
	82,683	CECONOMY AG(a)		211,118
	2,761	CENIT AG		29,651
	10,801	CENTROTEC Sustainable AG		151,742
	1,047	Cewe Stiftung & Co. KGaA		108,770
	3,909	comdirect bank AG		56,116
	3,684	CompuGroup Medical SE		280,379
	5,229	CropEnergies AG		41,372
	3,772	CTS Eventim AG & Co KGaA		156,827
	1,453	Delivery Hero SE(a)		122,605
	3,445	Dermapharm Holding SE		163,259
	12,877	Deutsche EuroShop AG		185,705
	161,574	Deutz AG		622,194
	43,104	DIC Asset AG(a)		570,607
	1,553	DMG Mori AG		69,776
	464	Dr Hoenle AG(a)		18,737
	551	Draegerwerk AG & Co. KGaA		38,523
	14,782	Draegerwerk AG & Co. KGaA - Preference Shares		1,235,978
	4,407	Eckert & Ziegler Strahlen- und Medizintechnik AG		636,036
	6,428	Elmos Semiconductor AG		128,204
	961	Energiekontor AG		19,167
	1,111	Fielmann AG		72,745
	763	First Sensor AG		31,773
	7,169	Fraport AG Frankfurt Airport Services Worldwide		314,561
	16,338	Freenet AG		309,830
	1,136	FUCHS PETROLUB SE		37,969
	2,915	Fuchs Petrolub SE - Preference Shares		113,274
	8,712	GEA Group AG		200,298
	4,747	Gerresheimer AG		378,967
	3,642	Gesco AG		62,062
	35,057	GFT Technologies SE		321,553
	3,242	Hamborner AG REIT		29,175
	28,814	Hamburger Hafen und Logistik AG		469,850
	5,298	Hapag-Lloyd AG		761,726
	291	Hawesko Holding AG		10,173
	4,049	Hella GmbH & Co. KGaA		149,974
	1,172	HOCHTIEF AG		92,151
	5,825	Hornbach Baumarkt AG		125,497
	4,645	Hornbach Holding AG & Co KGaA		264,693
	88	Hypoport SE(a)		31,197
	5,512	Indus Holding AG		169,734
	1,032	Isra Vision AG		56,546
	1,149	Jenoptik AG		23,722
	7,052	KION Group AG		350,154
	15,325	Kloeckner & Co. SE		62,642
	1,745	Koenig & Bauer AG		35,912
	3,145	KPS AG(a)		18,335
	3,474	Krones AG		209,575
	210	KSB SE & Co. KGaA		51,549

Shares			Value
GERMANY (continued)
	239	KSB SE & Co. KGaA - Preference Shares	$	51,596
	2,185	KWS Saat SE & Co. KGaA		125,708
	18,099	LANXESS AG		891,731
	2,823	LEG Immobilien AG		324,333
	2,138	Leifheit AG		45,570
	38,332	LPKF Laser & Electronics AG(a)		833,405
	1,097	Medios AG(a)		40,152
	2,685	Mensch und Maschine Software SE		144,470
	83,863	METRO AG		728,596
	5,961	MLP SE		30,670
	115,131	MorphoSys AG(a)		12,104,444
	1,821	MTU Aero Engines AG		248,047
	5,868	Nemetschek SE		369,752
	541	New Work SE		128,946
	530	Nexus AG		20,328
	5,156	Nordex SE(a)		41,783
	6,120	Norma Group SE		153,850
	981	OHB SE		36,874
	15,087	OSRAM Licht AG(a)		667,113
	4,429	Patrizia AG		98,770
	99	Paul Hartmann AG		34,934
	263	Pfeiffer Vacuum Technology AG		43,404
	18,266	PNE AG		86,873
	1,157	PSI Software AG		24,661
	3,452	Puma SE		217,062
	25,167	QSC AG		32,378
	158	Rational AG		76,322
	8,390	Rheinmetall AG		568,387
	1,725	RHOEN-KLINIKUM AG		34,367
	4,230	RIB Software SE(a)		134,150
	7,393	SAF-Holland SA		38,029
	1,854	Schaltbau Holding AG(a)		53,028
	4,609	Scout24 AG		301,532
	330	Secunet Security Networks AG		54,245
	1,088	Siltronic AG		93,452
	2,711	SimCorp A/S		250,825
	361,895	Sirius Real Estate Ltd.		321,342
	888	Sixt Leasing SE		18,119
	1,152	Sixt SE		77,828
	1,830	Sixt SE - Preference Shares		84,528
	5,157	SMA Solar Technology AG(a)		164,114
	4,870	Software AG		172,913
	3,105	Sto Se & Co. KGAA - Preference Shares		313,042
	1,298	STRATEC SE		122,755
	2,297	Stroeer SE & Co. KGaA		145,619
	4,202	Suedzucker AG		55,580
	2,504	Suess MicroTec AG(a)		23,406
	2,878	Surteco Group SE		62,289
	476,567	TAG Immobilien AG		10,418,848
	11,613	Takkt AG		94,555
	6,947	Talanx AG		248,028
	695	Technotrans SE		9,871

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
GERMANY (continued)
	524	Traffic Systems SE	$	13,896
	10,876	United Internet AG		374,837
	4,509	VERBIO Vereinigte BioEnergie AG		41,111
	8,618	VIB Vermoegen AG		238,935
	3,366	Villeroy & Boch AG - Preference Shares(a)		41,128
	1,662	Vossloh AG		62,835
	3,432	Wacker Neuson SE		42,574
	841	Washtec AG		33,178
	24,374	Wuestenrot & Wuerttembergische AG		430,571
				53,967,440
GIBRALTAR — 0.0%
	11,850	888 Holdings Plc		21,552
GREECE — 0.1%
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b)		0
	1,872,832	Alpha Bank AE(a)		1,368,918
	733	Bank of Greece		10,555
	2,818,956	Eurobank Ergasias SA(a)		1,137,431
	4,916	GEK Terna Holding Real Estate Construction SA(a)		31,354
	755,056	National Bank of Greece SA(a)		1,025,188
	282,653	OPAP SA		2,539,922
	35,269	Piraeus Bank SA(a)		47,075
	22,848	Proton Bank SA(a)(b)		0
	2,633	Sarantis SA		22,506
	12,534	T Bank SA(a)(b)		0
	2,904	Terna Energy SA		27,146
	210	Thessaloniki Port Authority SA		4,810
	31,091	TT Hellenic Postbank SA(a)(b)		0
				6,214,905
HONG KONG — 0.7%
	430,000	Alibaba Pictures Group Ltd.(a)		57,685
	1,273,693	Allied Properties HK Ltd.		318,731
	48,000	AMVIG Holdings Ltd.		9,164
	210,000	Analogue Holdings Ltd.		28,172
	390,250	APT Satellite Holdings Ltd.		125,343
	144,000	Asia Financial Holdings Ltd.		67,797
	5,300	ASM Pacific Technology Ltd.		53,872
	74,000	Associated International Hotels Ltd.		156,543
	18,000	Ausnutria Dairy Corp. Ltd.		33,527
	37,800	Bank of East Asia Ltd. (The)		80,159
	29,000	Beijing Enterprises Holdings Ltd.		103,057
	418,000	Beijing Enterprises Water Group Ltd.		161,754
	504,000	Bel Global Resources Holdings Ltd.(a)(b)		0
	70,000	Bosideng International Holdings Ltd.		19,052

Shares			Value
HONG KONG (continued)
	776,000	Bright Smart Securities & Commodities Group Ltd.	$	101,098
	289,000	Brightoil Petroleum Holdings Ltd.(a)(b)		20,969
	130,000	Brilliance China Automotive Holdings Ltd.		120,903
	296,354	Brockman Mining Ltd.(a)		4,778
	2,266,667	Build King Holdings Ltd.		236,827
	624,789	Cafe de Coral Holdings Ltd.		1,289,471
	28,000	Camsing International Holding, Ltd.(a)(b)		1,571
	92,000	Carrianna Group Holdings Co. Ltd.		6,527
	55,000	Cathay Pacific Airways Ltd.		65,198
	166,800	Century City International Holdings Ltd.		8,929
	564,000	CGN New Energy Holdings Co. Ltd.		116,401
	7,036,000	Champion REIT		4,156,708
	143,936	Cheuk Nang Holdings Ltd.		44,745
	85,873	Chevalier International Holdings Ltd.		108,553
	56,222	China Everbright International Ltd.		32,707
	525,600	China Fiber Optic Network System Group Ltd.(a)(b)		3,559
	66,000	China Flavors & Fragrances Co. Ltd.		11,493
	98,000	China Foods Ltd.		32,361
	88,000	China Grand Pharmaceutical and Healthcare Holdings Ltd.		58,345
	6,603,000	China High Precision Automation Group Ltd.(a)(b)		0
	322,000	China Jinmao Holdings Group Ltd.		224,704
	193,200	China Metal Recycling Holdings Ltd.(a)(b)		0
	650,000	China Oil and Gas Group Ltd.		20,290
	111,000	China Overseas Grand Oceans Group Ltd.		69,442
	120,000	China Overseas Property Holdings Ltd.		132,964
	113,333	China Power International Development Ltd.		22,952
	298,440	China Resources Cement Holdings Ltd.		404,208
	36,800	China Resources Gas Group Ltd.		207,912
	44,000	China Resources Power Holdings Co. Ltd.		52,159
	142,000	China State Construction Development Holdings Ltd.		10,074
	252,870	China State Construction International Holdings Ltd.		195,707
	152,000	China Traditional Chinese Medicine Holdings Co. Ltd.		67,447
	148,000	China Travel International Investment Hong Kong Ltd.		20,809

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
HONG KONG (continued)
	2,612,000	China Unicom Hong Kong Ltd.	$	1,687,987
	60,000	China Vast Industrial Urban Development Co. Ltd.		23,528
	34,000	China Water Affairs Group Ltd.		25,744
	128,000	China Water Industry Group Ltd.(a)		4,458
	7,000	Chong Hing Bank Ltd.		9,228
	534,322	Chow Sang Sang Holdings International Ltd.		543,110
	100,000	Chu Kong Shipping Enterprises Group Co. Ltd.		12,770
	237,500	Chuang’s Consortium International Ltd.		35,231
	66,000	CIMC Enric Holdings Ltd.		30,904
	5,040,000	CITIC Telecom International Holdings Ltd.		1,865,824
	274,000	Citychamp Watch & Jewellery Group Ltd.(a)		54,075
	490,000	CK Life Sciences International Holdings, Inc.		63,205
	47,000	Clear Media Ltd.		42,984
	940,000	Concord New Energy Group Ltd.		38,194
	22,000	Convenience Retail Asia Ltd.		11,521
	2,354,687	COSCO SHIPPING Ports Ltd.		1,254,416
	3,008,228	Cowell e Holdings, Inc.		807,109
	1,766,000	CP Pokphand Co. Ltd.		152,624
	1,359,335	CSI Properties Ltd.		47,342
	131,964	Dah Sing Banking Group Ltd.		129,709
	173,977	Dah Sing Financial Holdings Ltd.		572,256
	5,600	Dairy Farm International Holdings Ltd.		26,824
	208,000	Dawnrays Pharmaceutical Holdings Ltd.		31,123
	244,000	DBA Telecommunication Asia Holdings Ltd.(a)(b)		11,979
	168,234	EganaGoldpfeil Holdings Ltd.(a)(b)		0
	198,416	Emperor International Holdings Ltd.		36,343
	2,900,000	Emperor Watch & Jewellery Ltd.		51,622
	3,800	Esprit Holdings, Ltd.(a)		363
	21,000	Essex Bio-technology Ltd.		13,192
	92,000	EVA Precision Industrial Holdings Ltd.		5,815
	108,000	Ever Sunshine Lifestyle Services Group Ltd.		152,684
	212,893	Far East Consortium International Ltd.		75,518
	309,000	Far East Horizon Ltd.		249,512
	3,818,000	First Pacific Co. Ltd.		792,903
	27,100	Fortune Real Estate Investment Trust REIT(a)		25,378
	170,000	Fountain SET Holdings Ltd.		25,437
	127,877	FSE Services Group Ltd.		55,588

Shares			Value
HONG KONG (continued)
	534,000	GCL-New Energy Holdings Ltd.(a)	$	7,439
	500,000	Gemdale Properties & Investment Corp. Ltd.		79,329
	1,458,000	Get Nice Holdings Ltd.		23,132
	80,000	Giordano International Ltd.		15,995
	220,000	Gold Peak Industries Holdings Ltd.		19,297
	7,050,000	G-Resources Group Ltd.(a)		40,013
	188,600	Guotai Junan International Holdings Ltd.		24,814
	63,000	Haier Electronics Group Co. Ltd.		173,499
	149,000	Haitong International Securities Group Ltd.		34,980
	133,267	Hanison Construction Holdings Ltd.		18,565
	101,000	Harbour Centre Development Ltd.		110,087
	8,500	Health and Happiness H&H International Holdings Ltd.		32,399
	2,436,142	Hengdeli Holdings Ltd.		97,414
	24,000	HK Electric Investments & HK Electric Investments Ltd.		24,766
	45,500	HKBN Ltd.		78,293
	29,441	HKC Holdings Ltd.		22,178
	630,400	HKR International Ltd.		278,100
	90,000	Hon Kwok Land Investment Co. Ltd.		27,398
	136,151	Hongkong & Shanghai Hotels Ltd. (The)		124,340
	112,000	Hopson Development Holdings Ltd.		126,411
	166,000	Hsin Chong Group Holdings Ltd.(a)(b)		5,621
	220,000	Hua Han Health Industry Holdings Ltd.(a)(b)		11,280
	87,000	Hysan Development Co. Ltd.		289,532
	208,000	International Housewares Retail Co. Ltd.		50,977
	175,000	IPE Group Ltd.(a)		15,801
	3,110,065	IRC Ltd.(a)		32,896
	331,418	IT Ltd.		56,430
	246,000	Jacobson Pharma Corp. Ltd.		46,328
	494,562	Johnson Electric Holdings Ltd.		835,700
	452,000	Joy City Property Ltd.		36,148
	134,000	Ju Teng International Holdings Ltd.		34,569
	87,002	K Wah International Holdings Ltd.		40,064
	25,500	Kerry Logistics Network Ltd.		34,932
	324,500	Kerry Properties Ltd.		891,564
	118,200	Kingboard Holdings Ltd.		291,517
	125,500	Kingboard Laminates Holdings Ltd.		122,869
	237,000	Kowloon Development Co. Ltd.		275,137
	44,042	Lai Fung Holdings Ltd.		47,436
	48,900	Lai Sun Development Co. Ltd.		56,453

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
HONG KONG (continued)
	121,540	Lai Sun Garment International Ltd.	$	130,437
	9,000	Lam Soon Hong Kong Ltd.		14,628
	68,000	Landsea Green Group Co. Ltd.		6,929
	24,000	Lee & Man Chemical Co. Ltd.		9,814
	292,200	Lee & Man Paper Manufacturing Ltd.		180,163
	80,000	Leyou Technologies Holdings Ltd.(a)		23,837
	8,408,000	Li & Fung Ltd.		1,268,927
	88,000	Lifestyle China Group Ltd.(a)		20,546
	16,000	Lifestyle International Holdings Ltd.		15,231
	94,000	Liu Chong Hing Investment Ltd.		94,940
	21,000	Luk Fook Holdings International Ltd.		44,858
	38,000	LVGEM China Real Estate Investment Co. Ltd.		11,078
	1,298,000	Magnificent Hotel Investment Ltd.		20,594
	28,400	Man Wah Holdings Ltd.		16,375
	19,200	Mandarin Oriental International Ltd.		26,880
	116,000	Melco International Development Ltd.		218,459
	109,000	Ming Fai International Holdings Ltd.		11,248
	429,000	Mingfa Group International Co. Ltd.(a)(b)		3,115
	702,000	Minmetals Land Ltd.		91,457
	36,000	Miramar Hotel & Investment Co. Ltd.		66,497
	170,000	Modern Dental Group Ltd.		26,753
	6,000	NetDragon Websoft Ltd.		16,717
	97,000	New World Department Store China Ltd.(a)		18,768
	176,000	NewOcean Energy Holdings Ltd.(a)		24,519
	250,000	Nine Dragons Paper Holdings Ltd.		241,857
	342,319	Nissin Foods Co. Ltd.		282,157
	44,788	Oriental Watch Holdings		9,706
	62,000	Overseas Chinese Town Asia Holdings Ltd.		14,235
	1,340,246	Pacific Andes International Holdings Ltd.(a)(b)		4,737
	39,000	Pacific Textile Holdings Ltd.		19,619
	201,240	Paliburg Holdings Ltd.		55,031
	76,000	PAX Global Technology Ltd.		32,449
	125,394	PCCW Ltd.		76,830
	48,000	Peace Mark Holdings Ltd.(a)(b)		0
	2,784,000	Perfect Shape Medical Ltd.		840,317
	368,000	Pico Far East Holdings Ltd.		52,690
	4,216,000	Poly Property Group Co. Ltd.		1,468,326
	1,427,800	Polytec Asset Holdings Ltd.		154,705
	597,000	Pou Sheng International Holdings Ltd.		123,212

Shares			Value
HONG KONG (continued)
	4,063	Prinx Chengshan Cayman Holding Ltd.	$	3,752
	60,000	Public Financial Holdings Ltd.		17,646
	160,200	Regal Hotels International Holdings Ltd.		67,159
	46,000	Regina Miracle International Holdings, Ltd.		21,717
	7,000	Road King Infrastructure Ltd.		10,781
	116,000	SAS Dragon Holdings Ltd.		35,911
	30,516	Shanghai Industrial Holdings Ltd.		51,801
	34,000	Shangri-La Asia Ltd.		27,981
	54,175	Shenzhen International Holdings Ltd.		103,843
	211,045	Shenzhen Investment Ltd.		68,874
	152,129	Shimao Property Holdings Ltd.		614,207
	128,000	Shougang Fushan Resources Group Ltd.		25,427
	233,840	Sino Biopharmaceutical Ltd.		342,050
	148,000	Sinofert Holdings Ltd.		13,745
	102,000	Sinopec Kantons Holdings Ltd.		45,260
	21,000	SITC International Holdings Co. Ltd.		20,831
	51,000	SJM Holdings Ltd.		50,523
	108,878	Skyworth Group Ltd.		25,420
	45,500	SmarTone Telecommunications Holding Ltd.		28,817
	200,000	SOCAM Development Ltd.(a)		46,179
	1,740,000	South China Holdings Co. Ltd.(a)		34,789
	71,212	SSY Group Ltd.		50,521
	612,923	Stella International Holdings Ltd.		623,003
	2,975,500	Sun Art Retail Group Ltd.		4,958,847
	309,801	Sun Hung Kai & Co. Ltd.		127,477
	34,000	SUNeVision Holdings Ltd.		24,253
	1,320,000	Sunlight Real Estate Investment Trust REIT		679,368
	966,177	Tai Hing Group Holdings Ltd.		178,218
	144,000	Tang Palace China Holdings Ltd.		13,931
	66,000	Tao Heung Holdings, Ltd.		8,599
	86,666	TCL Electronics Holdings Ltd.		35,326
	42,000	Texhong Textile Group Ltd.		30,014
	1,118,564	Texwinca Holdings Ltd.		189,012
	91,800	Tian An China Investment Co. Ltd.		36,708
	338,000	Tianjin Port Development Holdings Ltd.		22,671
	1,464,000	Time Interconnect Technology Ltd.		59,485
	192,270	Tomson Group Ltd.		44,642
	330,000	Tongda Group Holdings Ltd.		21,283
	62,000	Top Spring International Holdings Ltd.		9,437
	47,235	Towngas China Co. Ltd.		23,458

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
HONG KONG (continued)
	30,400	Transport International Holdings Ltd.	$	68,466
	497,600	Tsit Wing International Holdings Ltd.		64,186
	774,000	United Energy Group Ltd.		141,771
	852,500	United Laboratories International Holdings Ltd. (The)		741,161
	44,000	Up Energy Development Group Ltd.(a)(b)		137
	1,101,300	Valuetronics Holdings Ltd.		499,828
	7,000	Vinda International Holdings Ltd.		20,858
	14,000	Vitasoy International Holdings Ltd.		50,384
	79,600	VSTECS Holdings Ltd.		36,964
	68,028	VTech Holdings Ltd.		512,897
	240,000	Wai Kee Holdings Ltd.		130,023
	24,209,667	Wang On Group Ltd.		240,457
	68,622	Wasion Holdings Ltd.		23,457
	36,000	Wharf Holdings Ltd. (The)		68,076
	68,000	Wing On Co. International Ltd.		169,112
	182,000	Wing Tai Properties Ltd.		110,339
	60,000	Xinyi Glass Holdings Ltd.		69,732
	1,155,640	Yue Yuen Industrial Holdings Ltd.		1,857,372
	518,946	Yuexiu Property Co. Ltd.		98,401
	313,501	Yuexiu Transport Infrastructure Ltd.		218,773
	20,000	Zhongyu Gas Holdings Ltd.		17,053
	162,000	Zhuguang Holdings Group Co. Ltd.(a)		23,195
	306,000	Zhuhai Holdings Investment Group Ltd.		47,365
				42,306,484
HUNGARY — 0.0%
	8,996	Magyar Telekom Telecommunications Plc		11,187
	3,650	MOL Hungarian Oil & Gas Plc		23,171
	7,887	Richter Gedeon Nyrt		168,939
				203,297
INDIA — 0.4%
	116	3M India Ltd.(a)		29,968
	4,160	5Paisa Capital Ltd.(a)		8,742
	1,487	Aarti Drugs Ltd.		14,162
	5,956	Aarti Industries Ltd.		87,435
	297	Aarti Surfactants Ltd.(a)(b)		158
	1,662	ABB India Ltd.		19,931
	332	Abb Power Products & Systems India Ltd.(a)		3,543
	2,871	ACC Ltd.		45,079
	6,979	Adani Enterprises Ltd.		13,141
	35,877	Adani Gas Ltd.		50,331
	40,340	Adani Green Energy Ltd.(a)		113,051
	49,774	Adani Power Ltd.(a)		20,978

Shares			Value
INDIA (continued)
	28,080	Adani Transmission Ltd(a)	$	77,347
	12,792	Aegis Logistics Ltd.		29,095
	1,354	AIA Engineering Ltd.		28,996
	1,948	Ajanta Pharma Ltd.		38,579
	250	Akzo Nobel India Ltd.		6,944
	7,855	Alembic Pharmaceuticals Ltd.		77,771
	2,907	Amara Raja Batteries Ltd.		22,098
	1,878	Anup Engineering Ltd. (The)		7,956
	684	APL Apollo Tubes Ltd.		13,014
	5,067	Apollo Hospitals Enterprise Ltd.		94,083
	18,812	Apollo Tyres Ltd.		24,124
	14,442	Arvind Ltd.		4,644
	101,787	Ashok Leyland Ltd.		70,957
	3,306	Ashoka Buildcon Ltd.(a)		2,818
	3,162	Astral Polytechnik Ltd.		39,584
	933	Atul Ltd.		60,288
	7,646	Aurobindo Pharma Ltd.		63,723
	3,997	Avanti Feeds Ltd.		23,028
	11,346	Bajaj Holdings & Investment Ltd.		307,888
	4,698	Balkrishna Industries Ltd.		58,482
	20,684	Balrampur Chini Mills Ltd.		27,310
	1,330	BASF India Ltd.		18,668
	1,477	Bata India Ltd.		26,850
	9,384	Berger Paints India Ltd.		63,531
	1,748,525	Bharat Heavy Electricals Ltd.		522,730
	129	Bharat Rasayan Ltd.		11,776
	621,722	Bharti Airtel Ltd.(a)		4,257,962
	7,768	Bharti Infratel Ltd.		18,040
	3,850	Biocon Ltd.		18,146
	2,062	Birla Corp. Ltd.		11,244
	15,210	Birlasoft Ltd.		14,755
	4,707	Bliss Gvs Pharma Ltd.		6,140
	311	Blue Dart Express Ltd.		9,251
	148	Bosch Ltd.		20,915
	10,933	Brigade Enterprises Ltd.		17,405
	8,367	Cadila Healthcare Ltd.		36,094
	5,574	Can Fin Homes Ltd.		23,760
	7,476	Carborundum Universal Ltd.		22,026
	1,183	Care Ratings Ltd.		5,809
	2,644	CCL Products India Ltd.		6,832
	1,987	Ceat Ltd.		21,275
	4,533	Century Plyboards India Ltd.		7,346
	944	Century Textiles & Industries Ltd.		3,671
	342	CESC Ventures Ltd.(a)		617
	17,449	Chambal Fertilizers and Chemicals Ltd.		30,090
	56,756	Chennai Super Kings Cricket Ltd.(a)(b)		319
	7,485	Cholamandalam Financial Holdings Ltd.		29,603
	13,865	Cholamandalam Investment and Finance Co. Ltd.		29,440
	16,267	Cipla Ltd.		127,719
	12,260	City Union Bank Ltd.		23,567

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
INDIA (continued)
	5,074	Colgate-Palmolive India Ltd.	$	98,588
	7,227	Container Corp. Of India Ltd.		35,902
	11,412	Coromandel International Ltd.		90,307
	887	CRISIL Ltd.		17,314
	23,809	Crompton Greaves Consumer Electricals Ltd.		70,449
	2,991	Cummins India Ltd.		15,036
	14,681	Cyient Ltd.		44,642
	2,053	Dalmia Bharat Ltd.		14,261
	16,168	DCB Bank Ltd.		17,353
	9,427	DCM Shriram Ltd.		34,522
	4,866	Deepak Nitrite Ltd.		32,797
	8,598	Delta Corp Ltd.		7,894
	2,682	Divi’s Laboratories Ltd.		83,319
	1,477,693	DLF Ltd.		2,889,663
	1,513	Dr Lal PathLabs Ltd.		31,951
	9,312	Dr Reddys Laboratories Ltd.		488,113
	98	Eicher Motors Ltd.		19,194
	12,047	EID Parry India Ltd.		23,318
	3,941	Emami Ltd.		10,215
	7,399	Escorts Ltd.		70,285
	4,643	Essel Propack Ltd.		11,126
	11,633	Exide Industries Ltd.		24,360
	4,388	FDC Ltd/India		14,307
	89,105	Federal Bank Ltd.		57,904
	6,598	Finolex Cables Ltd.		22,414
	4,610	Finolex Industries Ltd.		24,657
	21,394	Firstsource Solutions Ltd.		10,042
	4,129	Future Retail Ltd.(a)		4,679
	130,464	GAIL India Ltd.		166,261
	708	Garware Technical Fibers Ltd.		12,047
	36	General Insurance Corp. of India		67
	220	Gillette India Ltd.		15,623
	810	GlaxoSmithKline Consumer Healthcare Ltd.		103,938
	522	GlaxoSmithKline Pharmaceuticals Ltd.		10,039
	3,122	Godfrey Phillips India Ltd.		41,782
	10,942	Granules India Ltd.		23,678
	6,570	Graphite India Ltd.		18,224
	6,318	Grasim Industries Ltd.		42,479
	6,972	Great Eastern Shipping Co. Ltd. (The)		21,804
	15,389	Greaves Cotton Ltd.(a)		16,271
	770	Greenlam Industries Ltd.		6,333
	5,192	Grindwell Norton Ltd.		35,707
	8,027	Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		15,040
	27,992	Gujarat State Fertilizers & Chemicals Ltd.		16,364
	15,512	Gujarat State Petronet Ltd.		42,811
	92	Hatsun Agro Product Ltd.		620
	610	HEG Ltd.		6,512
	14,346	HeidelbergCement India Ltd.		29,783

Shares			Value
INDIA (continued)
	2,835	Hemisphere Properties India Ltd.(a)(b)	$	2,361
	2,302	Hero MotoCorp Ltd.		66,419
	504	Hexaware Technologies Ltd.		1,877
	2,430	Hinduja Global Solutions Ltd.		19,145
	12,605	Hindustan Petroleum Corp. Ltd.		36,978
	102	Honeywell Automation India Ltd.		38,907
	4,443	Huhtamaki PPL Ltd.		12,315
	38,969	IIFL Holdings Ltd.		40,035
	38,969	IIFL Securities Ltd.		17,903
	5,567	IIFL Wealth Management Ltd.		70,652
	17,077	India Cements Ltd. (The)		23,605
	5,639	Indiabulls Ventures Ltd.		2,249
	3,175	Indian Bank(a)		0
	4,977	Indian Hotels Co. Ltd. (The)		5,295
	6,915	Indraprastha Gas Ltd.		43,892
	300	IndusInd Bank Ltd.		1,870
	121	Ingersoll-Rand India Ltd.		1,012
	2,064	Inox Leisure Ltd.		5,823
	1,367	Intellect Design Arena Ltd.(a)		1,319
	2,764	Ipca Laboratories Ltd.		59,579
	5,832	JB Chemicals & Pharmaceuticals Ltd.		43,327
	980	JK Cement, Ltd.		14,607
	46,637	JM Financial Ltd.		40,864
	254	Johnson Controls-Hitachi Air Conditioning India Ltd.		7,967
	63,861	JSW Energy Ltd.		37,928
	23,863	JSW Steel Ltd.		57,405
	4,756	Jubilant Foodworks Ltd.		101,871
	18,044	Jubilant Life Sciences Ltd.		96,173
	3,247	Just Dial Ltd.(a)		17,507
	1,524	Kajaria Ceramics Ltd.		7,603
	7,256	Kalpataru Power Transmission Ltd.		22,088
	3,790	Kansai Nerolac Paints Ltd.		20,889
	2,510	Kaveri Seed Co. Ltd.		12,410
	8,411	KEC International Ltd.		21,847
	4,381	KEI Industries Ltd.		16,948
	4,865	KNR Constructions Ltd.		13,634
	3,298	Kolte-Patil Developers Ltd.		7,420
	1,476	KPR Mill Ltd.		9,041
	366	Lakshmi Machine Works Ltd.		11,909
	1,792	Larsen & Toubro Infotech Ltd.		38,013
	2,599	Laurus Labs Ltd.		17,737
	8,176	Lupin Ltd.		90,944
	77,559	Manappuram Finance Ltd.		138,552
	3,410	Max Financial Services Ltd.(a)		21,333
	11,396	Max India Ltd.(a)		9,340
	6,474	Minda Industries Ltd.		25,747
	795	Mindtree Ltd.		9,697
	2,931	Motherson Sumi Systems Ltd.		3,417
	8,006	Mphasis Ltd.		77,683
	66	MRF Ltd.		53,182
	15,818	Muthoot Finance Ltd.		181,719

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
INDIA (continued)
	3,534	Natco Pharma Ltd.	$	28,740
	53,997	National Aluminium Co. Ltd.		22,866
	1,175	Navin Fluorine International Ltd.		24,616
	1,485	NESCO Ltd.		8,915
	35,322	NHPC Ltd.		9,784
	460	NIIT Technologies Ltd.		7,372
	534	Nilkamal Ltd.		7,676
	14,612	NMDC Ltd.		15,673
	14,212	NOCIL Ltd.		16,427
	2,785	Oberoi Realty Ltd.		12,776
	3,942	Omaxe Ltd.		7,979
	1,101	Oracle Financial Sevices Software Ltd.(a)		34,408
	346	Page Industries Ltd.		83,830
	2,402	Persistent Systems Ltd.		15,177
	90,350	Petronet LNG Ltd.		292,364
	765	Pfizer Ltd.		49,937
	7,356	Phillips Carbon Black Ltd.		7,807
	4,125	Phoenix Mills Ltd. (The)		29,772
	4,169	PI Industries Ltd.		88,246
	4,790	Piramal Enterprises Ltd.		63,068
	85,924	Power Finance Corp. Ltd.		109,157
	16,420	Prestige Estates Projects Ltd.		38,035
	1,013	Procter & Gamble Health Ltd.		58,219
	839	Procter & Gamble Hygiene & Health Care Ltd.		117,939
	10,945	Punjab National Bank(a)		4,707
	470	PVR Ltd.		6,339
	19,040	Rain Industries Ltd.		17,964
	7,281	Rajesh Exports Ltd.		59,997
	6,799	Ramco Cements Ltd. (The)		50,041
	1,420	Ratnamani Metals & Tubes Ltd.		17,182
	65,007	REC Ltd.		82,714
	55,478	Redington India Ltd.		54,854
	47,774	Reliance Power Ltd.(a)		1,463
	471	Sanofi India Ltd.		48,786
	1,041	Shriram City Union Finance Ltd.		10,157
	1,495	SKF India Ltd.		29,537
	2,749	Sonata Software Ltd.		7,753
	2,854	SRF Ltd.		141,332
	1,016,961	State Bank of India(a)		2,579,813
	3,148,952	Steel Authority of India Ltd.		1,335,563
	5,386	Sun TV Network Ltd.		27,549
	4,575	Sundram Fasteners Ltd.		20,242
	5,914	Sunteck Realty Ltd.		15,566
	2,717	Supreme Industries Ltd.		39,602
	8,752	Suven Life Sciences Ltd.(a)		5,355
	8,752	Suven Pharma(a)		34,567
	600	Symphony Ltd.		7,371
	42,645	Syndicate Bank(a)		7,887
	5,348	Syngene International Ltd.		22,939
	3,870	Tata Chemicals Ltd.		14,569
	2,835	Tata Communications Ltd.		16,254
	21,784	Tata Global Beverages Ltd.		101,993

Shares			Value
INDIA (continued)
	1,013	Tata Metaliks Ltd.	$	6,350
	45,760	Tata Steel Ltd.		181,773
	25	TCI Express Ltd.		235
	4,498	Techno Electric & Engineering Co. Ltd.(a)		12,180
	2,619	Thermax Ltd.		25,287
	970	Timken India Ltd.		11,653
	4,248	Torrent Pharmaceuticals Ltd.		132,675
	6,133	Torrent Power Ltd.		26,976
	3,514	Transport Corp. of India Ltd.		8,009
	1,040	Trent Ltd.		6,994
	5,808	Triveni Turbine Ltd.		5,924
	412	TTK Prestige Ltd.		26,472
	14,079	Tube Investments of India Ltd.		69,978
	2,467,939	TV18 Broadcast Ltd.(a)		640,852
	1,338	Uflex Ltd.		3,279
	118	Ultratech Cement Ltd.		5,554
	8,450	Union Bank of India(a)		3,066
	3,158	United Breweries Ltd.		39,471
	3,267	United Spirits Ltd.(a)		23,347
	1,182	Universus Photo Imagings Ltd.(a)		993
	41,058	UPL Ltd.		229,661
	2,826	Vardhman Textiles Ltd.		24,312
	105,792	Vedanta Ltd.		126,156
	5,959	V-Guard Industries Ltd.		14,022
	1,660	Vinati Organics Ltd.		21,787
	4,598	VIP Industries Ltd.		14,110
	407,479	Vodafone Idea Ltd.(a)		22,790
	2,341	Voltas Ltd.		15,755
	629	VST Industries Ltd.		24,398
	368	WABCO India Ltd.		30,606
	18,219	Welspun Corp. Ltd.		15,806
	2,124	West Coast Paper Mills Ltd.		4,035
	22,890	Zee Entertainment Enterprises Ltd.		48,572
	6,637	Zensar Technologies Ltd.		7,495
	888	Zydus Wellness Ltd.		16,083
				21,200,397
INDONESIA — 0.1%
	267,300	Ace Hardware Indonesia Tbk PT		27,314
	1,665,700	Adaro Energy Tbk PT		103,021
	190,300	Adhi Karya Persero Tbk PT		7,036
	81,400	AKR Corporindo Tbk PT		13,133
	1,500,100	Alam Sutera Realty Tbk PT(a)		11,900
	517,329	Aneka Tambang Persero Tbk PT		17,737
	28,100	Asahimas Flat Glass Tbk PT		5,535
	45,900	Astra Agro Lestari Tbk PT		18,823
	9,876,000	Bakrie Telecom Tbk PT(a)(b)		6,224
	1,193,950	Bank Pan Indonesia Tbk PT(a)		60,600
	246,200	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		13,324

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
INDONESIA (continued)
	611,400	Bank Pembangunan Daerah Jawa Timur Tbk PT	$	23,017
	391,900	Bank Permata Tbk PT(a)		32,538
	242,600	Bank Tabungan Negara Persero Tbk PT		14,352
	1,122,500	Barito Pacific Tbk PT(a)		109,420
	287,300	Bukit Asam Tbk PT		36,214
	456,700	Bumi Serpong Damai Tbk PT(a)		21,645
	1,062,101	Ciputra Development Tbk PT		38,914
	644,973	Citra Marga Nusaphala Persada Tbk PT(a)		62,980
	681,000	Delta Dunia Makmur Tbk PT(a)		6,181
	858,400	Elnusa Tbk PT		11,311
	191,500	Erajaya Swasembada Tbk PT		16,221
	591,000	Gajah Tunggal Tbk PT(a)		13,429
	1,052,900	Global Mediacom Tbk PT(a)		14,864
	2,616,900	Hanson International Tbk PT(a)(b)		8,796
	313,600	Indah Kiat Pulp and Paper Corp. Tbk PT		117,007
	365,600	Indika Energy Tbk PT		19,540
	47,100	Indo Tambangraya Megah Tbk PT		22,798
	28,000	Indocement Tunggal Prakarsa Tbk PT		21,929
	335,200	Indofood Sukses Makmur Tbk PT		147,037
	426,000	Intiland Development Tbk PT		6,415
	354,800	Japfa Comfeed Indonesia Tbk PT		23,256
	69,709	Jasa Marga Persero Tbk PT		14,762
	7,473,140	Kawasan Industri Jababeka Tbk PT(a)		66,316
	883,300	Kresna Graha Investama PT Tbk(a)		8,017
	3,233,920	Lippo Karawaci Tbk PT(a)		35,220
	288,300	Malindo Feedmill Tbk PT		11,047
	66,200	Matahari Department Store Tbk PT		5,430
	1,272,375	Mayora Indah Tbk PT		183,906
	1,694,200	Medco Energi Internasional Tbk PT(a)		51,253
	631,500	Media Nusantara Citra Tbk PT		38,845
	631,400	Mitra Adiperkasa Tbk PT		27,803
	2,498,100	MNC Investama Tbk PT(a)		8,397
	1,155,000	MNC Land Tbk PT(a)		8,852
	844,100	Modernland Realty Tbk PT(a)		4,483
	25,000	Pabrik Kertas Tjiwi Kimia Tbk PT		8,403
	463,800	Pakuwon Jati Tbk PT		11,786
	332,600	Pan Brothers Tbk PT		3,265
	1,705,900	Panin Financial Tbk PT(a)		20,758
	17,834,700	Perusahaan Gas Negara Persero Tbk		1,025,121
	195,800	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		9,346

Shares			Value
INDONESIA (continued)
	276,100	PP Persero Tbk PT	$	12,436
	138,800	Ramayana Lestari Sentosa Tbk PT		5,365
	995,300	Rimo International Lestari Tbk PT(a)(b)		3,346
	463,300	Salim Ivomas Pratama Tbk PT(a)		6,665
	342,000	Sarana Menara Nusantara Tbk PT		20,692
	257,900	Sawit Sumbermas Sarana Tbk PT		15,517
	157,200	Selamat Sempurna Tbk PT		13,104
	43,300	Semen Indonesia Persero Tbk PT		23,142
	49,400	Siloam International Hospitals Tbk PT(a)		17,435
	117,500	Sinar Mas Agro Resources & Technology Tbk PT		23,145
	1,391,700	Smartfren Telecom Tbk PT(a)		10,011
	1,203,400	Sri Rejeki Isman Tbk PT		13,025
	292,700	Sumber Alfaria Trijaya Tbk PT		17,119
	523,400	Summarecon Agung Tbk PT		15,623
	137,100	Surya Citra Media Tbk PT		8,111
	236,000	Timah Tbk PT		7,393
	586,900	Tiphone Mobile Indonesia Tbk PT		4,774
	708,000	Tower Bersama Infrastructure Tbk PT		56,878
	1,313,000	Trada Alam Minera Tbk PT(a)(b)		4,413
	4,875,000	Truba Alam Manunggal Engineering PT(a)(b)		0
	765,600	Tunas Baru Lampung Tbk PT		27,279
	539,500	Tunas Ridean Tbk PT		43,885
	31,000	United Tractors Tbk PT		33,970
	156,900	Vale Indonesia Tbk PT(a)		27,108
	1,429,700	Waskita Beton Precast Tbk PT		14,129
	439,785	Waskita Karya Persero Tbk PT		17,887
	440,200	Wijaya Karya Beton Tbk PT		6,984
	392,700	Wijaya Karya Persero Tbk PT		25,080
	407,100	XL Axiata Tbk PT(a)		69,515
				3,139,552
IRELAND — 0.7%
	357,145	Allegion Plc		35,907,358
	27,855	Bank of Ireland Group Plc		56,258
	74,161	C&C Group Plc		182,140
	43,303	COSMO Pharmaceuticals NV(a)		3,297,354
	4,646	Datalex Plc(a)(b)		87
	5,572	FBD Holdings Plc(a)		44,086
	10,554	Flutter Entertainment Plc(a)		1,291,871
	29,539	Grafton Group Plc - Units		236,247
	136,856	Greencore Group Plc		314,057
	28,124	Hibernia REIT Plc REIT		36,367
	20,975	Irish Continental Group Plc - Units		78,840
	7,387	Kingspan Group Plc		376,421

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
IRELAND (continued)
	23,785	Smurfit Kappa Group Plc	$	745,977
	7,190	UDG Healthcare Plc		56,870
				42,623,933
ISLE OF MAN — 0.0%
	21,481	GVC Holdings Plc		203,996
ISRAEL — 1.0%
	12,475	AFI Properties Ltd.(a)		379,332
	36,146	Airport City Ltd.(a)		550,593
	26,771	Altshuler Shaham Provident Funds & Pension Ltd.		96,763
	2,636	Ashtrom Group Ltd.		39,230
	29,665	Ashtrom Properties Ltd.		150,367
	771	AudioCodes Ltd.		22,779
	349	Bayside Land Corp.		208,509
	362,676	Bezeq The Israeli Telecommunication Corp. Ltd.(a)		259,158
	7,521	Blue Square Real Estate Ltd.		346,277
	7,645	Carasso Motors Ltd.		23,904
	99,209	CyberArk Software Ltd.(a)		9,797,881
	58	Danel Adir Yeoshua Ltd.		5,259
	1,925	Delta-Galil Industries Ltd.		34,314
	1,059	Duniec Brothers Ltd.		33,842
	10,390	Electra Consumer Products 1970 Ltd.		199,544
	111	Electra Ltd/Israel		51,010
	1,008	Equital Ltd.(a)		25,244
	10,577	FIBI Holdings Ltd.		314,337
	2,750	First International Bank Of Israel Ltd.		68,290
	5,510	Formula Systems 1985 Ltd.		368,282
	280	Fox Wizel Ltd.		10,522
	44,588	Gazit-Globe Ltd.		329,997
	8,555	Hagag Group Real Estate Development(a)		23,069
	6,288	Harel Insurance Investments & Financial Services Ltd.		40,495
	850	Hilan Ltd.		33,625
	1,256,254	Israel Discount Bank Ltd. - Class A		4,097,421
	834	Israel Land Development - Urban Renewal Ltd.		7,443
	1,466,711	Isramco Negev 2 LP		188,914
	1,757	Isras Investment Co. Ltd.		327,358
	98,782	Kamada Ltd.(a)		748,091
	896	Malam - Team Ltd.		175,010
	1,841	Matrix IT Ltd.		35,832
	1,757	Maytronics Ltd.		13,341
	42,642	Mediterranean Towers Ltd.(a)		102,140
	28	Mehadrin Ltd.(a)		894
	1,239	Meitav DS Investments Ltd.		2,936
	1,809	Menora Mivtachim Holdings Ltd.		24,286
	1,998,315	Mivne Real Estate KD Ltd.(a)		4,304,460
	453,871	Mizrahi Tefahot Bank Ltd.		9,340,420

Shares			Value
ISRAEL (continued)
	1,899	Naphtha Israel Petroleum Corp. Ltd.(a)	$	9,862
	5,503	Nawi Brothers Ltd.(a)		25,352
	1,016	Neto ME Holdings Ltd.		57,970
	136,500	Nice Ltd. - ADR(a)		22,426,950
	8,270	Norstar Holdings, Inc.		106,756
	136,350	Oil Refineries Ltd.		38,018
	1,428	One Software Technologies Ltd.		106,055
	8,976	Partner Communications Co. Ltd.(a)		39,267
	715	Paz Oil Co. Ltd.		62,906
	5,147	Phoenix Holdings Ltd. (The)		27,079
	6,044	Plus500 Ltd.		95,193
	1,124	Prashkovsky Investments and Construction Ltd.		21,345
	262	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		17,098
	24,020	Shikun & Binui Ltd.		100,256
	1,708	Shufersal Ltd.		10,962
	560	Strauss Group Ltd.		15,871
	49,826	Summit Real Estate Holdings Ltd.		626,041
	2,704	Tadiran Holdings Ltd.		108,672
	3,389	Tower Semiconductor Ltd.(a)		66,432
	6,295	Union Bank of Israel		29,290
	12,062	YD More Investments Ltd.		30,491
	744	YH Dimri Construction & Development Ltd.		22,730
				56,825,765
ITALY — 1.0%
	3,264,033	A2A SpA		4,444,304
	85,282	ACEA SpA		1,425,214
	2,417	Aeffe SpA(a)		2,839
	4,816	Amplifon SpA		110,355
	15,832	Anima Holding SpA		56,004
	184,608	Arnoldo Mondadori Editore SpA(a)		251,666
	11,134	Ascopiave SpA		40,630
	11,131	Autogrill SpA		57,526
	22,967	Avio SpA		344,808
	364,978	Azimut Holding SpA		6,209,422
	1,266	B&C Speakers SpA		11,820
	5,753	Banca Farmafactoring SpA(a)		29,725
	293,564	Banca Generali SpA		7,289,799
	666,116	Banca Mediolanum SpA		4,065,911
	79,768	Banca Profilo SpA		13,042
	1,604	Banco di Desio e della Brianza SpA(a)		4,605
	29,606	BasicNet SpA		112,418
	9,428	BE SpA		10,518
	11,569	Biesse SpA		104,466
	1,238	Brunello Cucinelli SpA		39,859
	4,215	Buzzi Unicem SpA		82,611
	23,628	Cementir Holding NV		144,741

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
ITALY (continued)
	87,917	Cerved Group SpA	$	598,779
	228,571	CIR SpA-Compagnie Industriali		101,570
	191,792	Credito Emiliano SpA		851,213
	8,094	Danieli & C Officine Meccaniche SpA		60,049
	1,766	Danieli & C Officine Meccaniche SpA		22,372
	6,142	Datalogic SpA		84,673
	40,590	Davide Campari-Milano SpA		314,479
	5,018	De’ Longhi SpA		90,678
	40,915	DeA Capital SpA		58,109
	1,255	DiaSorin SpA		213,584
	41,392	Digital Bros SpA(a)		641,385
	957	El.En. SpA		19,968
	51,684	Elica SpA(a)		166,233
	5,916	ERG SpA		106,322
	62,146	Esprinet SpA		292,843
	103,861	Eurotech SpA(a)		688,021
	1,081,514	Falck Renewables SpA		5,316,726
	30,193	Fincantieri SpA		23,360
	5,477	Fine Foods & Pharmaceuticals NTM		64,221
	19,815	FinecoBank Banca Fineco SpA		220,184
	110,937	FNM SpA		52,640
	13,782	Freni Brembo SpA		117,275
	8,686	Gruppo MutuiOnline SpA		157,437
	818,891	Hera SpA		3,031,368
	12,000	Iervolino Entertainment SpA(a)		42,475
	997	IMA Industria Macchine Automatiche SpA		67,958
	30,669	Immobiliare Grande Distribuzione SIIQ SpA, REIT		121,664
	227,624	IMMSI SpA(a)		89,924
	3,762	Infrastrutture Wireless Italiane SpA		39,804
	3,528	Interpump Group SpA		102,763
	525,038	Iren SpA		1,294,572
	21,854	Italgas SpA		122,259
	4,222	Italmobiliare SpA		126,309
	55,779	Juventus Football Club SpA(a)		55,258
	1,125	La Doria SpA		11,922
	353,641	Leonardo SpA		2,439,171
	11,155	Maire Tecnimont SpA(a)		21,637
	1,779	Mariella Burani SpA(a)(b)		0
	1,563	MARR SpA		20,485
	63,364	Mediaset SpA(a)		128,807
	74,819	Mediobanca Banca di Credito Finanziario SpA		433,567
	9,829	Moncler SpA		369,451
	2,236	Pharmanutra SpA		59,298
	1,127,081	Piaggio & C SpA		2,581,394
	13,200	PRADA SpA		42,737
	1,015	Prima Industrie SpA		14,816
	12,848	Prysmian SpA		241,746
	8,184	RAI Way SpA		44,035
	8,742	Recordati SpA		380,037

Shares			Value
ITALY (continued)
	45,928	Reno de Medici SpA	$	35,332
	971	Reply SpA		67,888
	15,504	Retelit SpA		26,097
	2,271	Sabaf SpA		27,376
	172,422	Saras SpA		162,496
	8,386	Sesa SpA		446,166
	314,102	Societa Cattolica di Assicurazioni SC		1,733,098
	10,989	SOL SpA		118,978
	301,743	Telecom Italia Milano SpA		120,164
	685,153	Telecom Italia SpA(a)		271,499
	1,379	Tinexta Spa		18,346
	6,610	Uni Land SpA(a)(b)		0
	61,477	Unione di Banche Italiane SpA		175,768
	1,929,154	Unipol Gruppo SpA		6,646,642
	42,696	UnipolSai Assicurazioni SpA		104,994
	3,382	Zignago Vetro SpA		42,102
				56,994,807
JAPAN — 6.5%
	134,000	77 Bank Ltd. (The)		1,804,314
	4,500	A&A Material Corp.		46,881
	86,300	A&D Co. Ltd.		610,369
	1,900	Achilles Corp.		28,222
	119,685	Adastria Co. Ltd.		1,695,208
	7,300	ADEKA Corp.		92,581
	700	Advance Create Co. Ltd.		13,568
	1,700	Advanex, Inc.		21,861
	11,600	Advantage Risk Management Co. Ltd.		84,096
	216,800	Advantest Corp.		10,646,564
	10,100	Aeon Delight Co. Ltd.		290,817
	1,300	Aeon Fantasy Co. Ltd.		20,533
	18,300	AEON Financial Service Co. Ltd.		192,694
	400	Aeon Hokkaido Corp.		2,863
	1,900	Aeon Mall Co. Ltd.		24,185
	27,500	Ahresty Corp.		96,352
	5,300	Ai Holdings Corp.		66,130
	1,500	Aica Kogyo Co. Ltd.		43,820
	3,700	Aichi Bank Ltd. (The)		108,606
	2,800	Aichi Steel Corp.		75,665
	1,000	Aichi Tokei Denki Co. Ltd.		40,861
	3,500	Aida Engineering Ltd.		24,265
	1,200	Ain Holdings, Inc.		67,428
	6,600	Aiphone Co. Ltd.		94,158
	29,800	Air Water, Inc.		404,313
	4,700	Airport Facilities Co. Ltd.		18,832
	5,600	Aisan Industry Co. Ltd.		29,640
	8,800	Akatsuki Corp.		20,582
	300	Akatsuki, Inc.		11,420
	5,400	Akita Bank Ltd. (The)		72,912
	1,200	Albis Co. Ltd.		23,516
	5,800	Alconix Corp.		60,262
	3,000	Alinco, Inc.		28,989
	3,400	Alleanza Holdings Co. Ltd.		26,867

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	1,700	Alpen Co. Ltd.	$	26,312
	2,800	Alpha Corp.		23,743
	27,800	Alps Electric Co. Ltd.		290,914
	6,600	Alps Logistics Co. Ltd.		42,743
	78,952	Altech Corp.		1,229,360
	8,500	Amada Holdings Co. Ltd.		77,860
	5,100	Amano Corp.		105,217
	500	Amiyaki Tei Co. Ltd.		13,209
	8,900	Anabuki Kosan, Inc.		122,161
	17,000	Anest Iwata Corp.		132,591
	5,900	Anritsu Corp.		120,403
	66,700	AOI TYO Holdings, Inc.		277,826
	15,900	AOKI Holdings, Inc.		98,380
	1,100	Aomori Bank Ltd. (The)		23,452
	20,800	Aoyama Trading Co. Ltd.		178,316
	14,000	Aozora Bank Ltd.		252,174
	1,400	Apaman Co. Ltd.		6,692
	3,700	Arakawa Chemical Industries Ltd.		43,959
	13,600	Arata Corp.		565,215
	5,100	Arcland Sakamoto Co. Ltd.		49,187
	800	Arcland Service Holdings Co., Ltd.		12,598
	4,838	Arcs Co. Ltd.		91,382
	8,500	Argo Graphics, Inc.		270,093
	1,100	Ariake Japan Co. Ltd.		63,961
	2,090	As One Corp.		186,964
	61,200	Asahi Co. Ltd.		737,947
	95,400	Asahi Diamond Industrial Co. Ltd.		429,373
	1,050	Asahi Holdings, Inc.		24,128
	1,699	Asahi Kogyosha Co. Ltd.		46,419
	3,000	Asahi Yukizai Corp.		36,370
	900	Asanuma Corp.		28,934
	6,900	Asax Co. Ltd.		39,607
	76,100	Asia Pile Holdings Corp.		298,543
	7,600	ASKA Pharmaceutical Co. Ltd.		78,964
	8,300	ASKUL Corp.		236,668
	900	Asti Corp.(a)		11,162
	16,904	Ateam, Inc.		111,995
	2,800	Atom Corp.		22,099
	2,500	Autobacs Seven Co. Ltd.		29,516
	47,596	Avant Corp.		389,408
	104,000	Avex, Inc.		795,639
	6,100	Awa Bank Ltd. (The)		133,465
	1,800	Axial Retailing, Inc.		68,518
	3,100	Azbil Corp.		82,154
	13,000	Bando Chemical Industries Ltd.		77,892
	8,900	Bank of Iwate Ltd. (The)		209,324
	11,500	Bank of Kyoto Ltd. (The)		397,568
	5,200	Bank of Nagoya Ltd. (The)		109,606
	9,024	Bank of Okinawa Ltd. (The)		268,664
	9,600	Bank of Saga Ltd. (The)		100,191
	153,698	Bank of the Ryukyus Ltd.		1,442,239
	25,400	BayCurrent Consulting, Inc.		1,455,621
	9,500	Beenos, Inc.		88,967

Shares			Value
JAPAN (continued)
	600	Belc Co. Ltd.	$	35,279
	1,100	Bell System24 Holdings, Inc.		13,213
	7,400	Belluna Co. Ltd.		35,030
	4,400	Benefit One, Inc.		78,148
	2,800	Benesse Holdings, Inc.		80,101
	31,600	BeNEXT Group, Inc.		200,233
	400	Bengo4.com, Inc.(a)		25,420
	4,500	Bic Camera, Inc.		42,100
	500	Biofermin Pharmaceutical Co. Ltd.		10,721
	59,800	BML, Inc.		1,550,236
	1,400	Bookoff Group Holdings Ltd.		10,306
	700	BP Castrol KK		7,364
	1,600	Br Holdings Corp.		7,425
	5,600	Broadleaf Co. Ltd.		26,144
	900	BRONCO BILLY Co. Ltd.		17,352
	13,700	Brother Industries Ltd.		234,387
	247,300	Bunka Shutter Co. Ltd.		1,815,892
	1,100	Business Brain Showa-Ota, Inc.		29,090
	624	Business Engineering Corp.		13,816
	1,200	C Uyemura & Co. Ltd.		66,421
	4,200	CAC Holdings Corp.		42,581
	900	Calbee, Inc.		27,382
	900	Can Do Co. Ltd.		16,010
	1,700	Canare Electric Co. Ltd.		25,869
	1,800	Canon Electronics, Inc.		26,703
	24,300	Canon Marketing Japan, Inc.		474,157
	183,000	Capcom Co. Ltd.		5,618,832
	2,600	Career Design Center Co. Ltd.		20,642
	5,300	Carlit Holdings Co. Ltd.		24,941
	5,900	Casa, Inc.		60,366
	2,100	Cawachi Ltd.		49,743
	2,600	Central Glass Co. Ltd.		44,918
	600	Central Sports Co. Ltd.		12,446
	196,100	Chiba Kogyo Bank Ltd. (The)		431,250
	4,900	Chilled & Frozen Logistics Holdings Co. Ltd.		64,152
	2,800	Chino Corp.		33,162
	1,600	Chiyoda Co. Ltd.		15,491
	2,500	Chori Co. Ltd.		39,417
	4,100	Chubu Shiryo Co. Ltd.		63,383
	2,700	Chuetsu Pulp & Paper Co. Ltd.		34,242
	11,000	Chugoku Bank Ltd. (The)		101,989
	3,300	Chugoku Marine Paints Ltd.		25,308
	1,100	Chukyo Bank Ltd. (The)		21,710
	8,000	CI Takiron Corp.		43,834
	900	CK-San-Etsu Co. Ltd.		24,027
	4,800	Cleanup Corp.		23,169
	12,000	CMIC Holdings Co. Ltd.		174,775
	690	cocokara fine, Inc.		32,663
	2,100	Colowide Co. Ltd.		29,314
	172,100	Computer Engineering & Consulting Ltd.		2,673,351
	2,800	Computer Institute of Japan Ltd.		19,934
	3,100	COMSYS Holdings Corp.		86,603

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	1,400	Comture Corp.	$	28,479
	29,100	CONEXIO Corp.		395,900
	7,000	Copro-Holdings Co. Ltd.		95,234
	3,400	Core Corp.		38,272
	6,100	Cosel Co. Ltd.		51,328
	9,600	Cosmo Energy Holdings Co. Ltd.		145,993
	7,292	Cota Co. Ltd.		83,441
	1,400	Create Medic Co. Ltd.		14,246
	1,800	Create Restaurants Holdings, Inc.		10,114
	700	Create SD Holdings Co. Ltd.		19,993
	23,900	Credit Saison Co. Ltd.		275,045
	11,600	Creek & River Co. Ltd.		96,959
	6,900	Creo Co. Ltd.		85,257
	9,700	Cresco Ltd.		125,820
	11,500	CTI Engineering Co. Ltd.		188,282
	15,100	Cube System, Inc.		97,369
	2,000	Curves Holdings Co. Ltd.(a)		9,579
	12,600	Cybernet Systems Co. Ltd.		73,852
	198,400	Cybozu, Inc.		3,871,310
	7,300	Dai Nippon Toryo Co. Ltd.		62,718
	1,300	Daibiru Corp.		12,102
	25,400	Daicel Corp.		207,337
	2,100	Dai-Dan Co. Ltd.		53,050
	3,400	Daido Kogyo Co. Ltd.		19,865
	7,600	Daido Metal Co. Ltd.		38,313
	3,400	Daido Steel Co. Ltd.		113,898
	5,500	Daihatsu Diesel Manufacturing Co. Ltd.		21,218
	14,400	Daihen Corp.		414,630
	24,600	Daiho Corp.		519,668
	700	Dai-Ichi Cutter Kogyo KK		10,684
	10,800	Daiichi Jitsugyo Co. Ltd.		366,827
	3,000	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		20,743
	16,600	Daiichikosho Co. Ltd.		504,272
	2,300	Daiken Corp.		34,420
	61,200	Daiken Medical Co. Ltd.		372,966
	6,200	Daiki Aluminium Industry Co. Ltd.		33,393
	13,679	Daikoku Denki Co. Ltd.		149,390
	400	Daikokutenbussan Co. Ltd.		16,475
	3,700	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		78,403
	13,300	Daio Paper Corp.		182,679
	1,600	Daiohs Corp.		15,714
	1,810	Daiseki Co. Ltd.		40,361
	5,300	Daito Bank Ltd. (The)		28,694
	38,500	Daito Electron Co. Ltd.		532,754
	19,660	Daito Pharmaceutical Co. Ltd.		665,928
	292	Daiwa Office Investment Corp. REIT		1,624,414
	1,099	Daiwa Securities Living Investments Corp. REIT		926,800
	35,200	Daiwabo Holdings Co. Ltd.		2,194,362

Shares			Value
JAPAN (continued)
	91,871	DCM Holdings Co. Ltd.	$	904,028
	20,100	DD Holdings Co. Ltd.		149,839
	7,100	Denka Co. Ltd.		171,951
	7,300	Densan System Co. Ltd.		172,917
	1,000	Descente Ltd.(a)		13,465
	32,700	Dexerials Corp.		216,649
	13,700	DIC Corp.		322,218
	400	Digital Arts, Inc.		24,302
	139,400	Digital Garage, Inc.		5,066,021
	8,900	Digital Hearts Holdings Co. Ltd.		64,190
	121,000	Dip Corp.		2,649,676
	1,200	DKS Co. Ltd.		51,214
	18,900	DMG Mori Co. Ltd.		196,547
	1,700	DMS, Inc.		25,932
	51,600	Doshisha Co. Ltd.		638,539
	9,274	Doutor Nichires Holdings Co. Ltd.		141,813
	2,900	Dowa Holdings Co. Ltd.		81,340
	1,400	DTS Corp.		27,018
	123,805	Duskin Co. Ltd.		3,218,711
	1,300	DyDo Group Holdings, Inc.		51,423
	22,600	Dynam Japan Holdings Co. Ltd.		22,651
	6,700	Eagle Industry Co. Ltd.		42,704
	1,500	Earth Chemical Co. Ltd.		87,360
	12,600	Ebara Corp.		281,670
	700	Ebara Foods Industry, Inc.		14,226
	12,848	Ebara Jitsugyo Co. Ltd.		269,136
	16,400	Eco’s Co Ltd/Japan		295,709
	130,300	EDION Corp.		1,138,903
	2,800	eGuarantee, Inc.		49,730
	1,700	E-Guardian, Inc.		28,641
	4,100	Ehime Bank Ltd. (The)		41,758
	7,900	Eiken Chemical Co. Ltd.		138,617
	300	Eizo Corp.		9,085
	8,500	EJ Holdings, Inc.		119,601
	1,200	Elan Corp.		19,255
	32,173	Elecom Co. Ltd.		1,274,149
	6,400	Elematec Corp.		48,962
	2,200	EM Systems Co. Ltd.		16,216
	1,400	Enigmo, Inc.		12,198
	1,200	en-japan, Inc.		27,005
	1,400	Enshu Ltd.		12,524
	28,800	EPS Holdings Inc.		301,915
	4,800	ES-Con Japan Ltd.		32,920
	1,500	Eslead Corp.		19,009
	2,600	ESPEC Corp.		41,987
	7,100	Exedy Corp.		115,450
	1,300	Ezaki Glico Co. Ltd.		57,056
	1,600	FALCO HOLDINGS Co. Ltd.		23,989
	262,100	FAN Communications, Inc.		1,116,151
	2,800	Fancl Corp.		67,733
	6,300	FCC Co. Ltd.		90,642
	21,380	Feed One Co. Ltd.		33,669
	9,100	Ferrotec Holdings Corp.		55,203
	134,800	Financial Products Group Co. Ltd.		653,180

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	28,300	First Bank of Toyama Ltd. (The)	$	71,202
	2,400	First Juken Co. Ltd.		21,291
	2,400	FJ Next Co. Ltd.		18,406
	97,000	Foster Electric Co. Ltd.		1,066,580
	500	FP Corp.		37,786
	10,500	France Bed Holdings Co. Ltd.		86,297
	1,900	F-Tech, Inc.		8,268
	1,200	FTGroup Co. Ltd.		13,083
	6,250	Fudo Tetra Corp.		79,323
	2,400	Fuji Co. Ltd.		38,466
	8,700	Fuji Corp.		146,817
	6,500	Fuji Corp. Ltd.		30,951
	700	Fuji Corp./Miyagi		11,650
	1,400	Fuji Kyuko Co. Ltd.		40,898
	72,500	Fuji Media Holdings, Inc.		728,277
	2,100	Fuji Oil Holdings, Inc.		49,195
	1,300	Fuji Pharma Co. Ltd.		14,064
	2,100	Fuji Seal International, Inc.		36,789
	66,200	Fuji Soft, Inc.		2,356,465
	2,700	Fujibo Holdings, Inc.		72,812
	1,200	Fujicco Co. Ltd.		21,682
	1,800	Fujikura Composites, Inc.		6,139
	7,900	Fujikura Kasei Co. Ltd.		36,439
	43,200	Fujikura Ltd.		128,414
	4,700	Fujimori Kogyo Co. Ltd.		139,272
	2,000	Fujio Food System Co. Ltd.		24,656
	30,300	Fujisash Co. Ltd.		18,635
	1,200	Fujita Kanko, Inc.		19,692
	2,900	Fujitec Co. Ltd.		41,832
	4,300	Fujitsu Frontech Ltd.		42,914
	3,200	Fujitsu General Ltd.		53,525
	900	Fujiya Co. Ltd.		16,991
	4,200	FuKoKu Co. Ltd.		23,287
	1,600	Fukuda Corp.		61,650
	140,357	Fukui Computer Holdings, Inc.		3,803,365
	9,092	Fukuoka Financial Group, Inc.		131,320
	1,100	Fukushima Industries Corp.		32,596
	1,600	Fukuyama Transporting Co. Ltd.		55,836
	12,600	Full Speed, Inc.		49,665
	81,800	FULLCAST Holdings Co. Ltd.		1,057,992
	4,100	Funai Electric Co. Ltd.(a)		17,192
	1,900	Funai Soken Holdings, Inc.		41,005
	4,200	Furukawa Co. Ltd.		43,481
	10,300	Furukawa Electric Co. Ltd.		195,989
	115,300	Furuno Electric Co. Ltd.		865,972
	8,500	Furusato Industries Ltd.		112,393
	74,518	Furyu Corp.		576,340
	22,800	Futaba Industrial Co. Ltd.		109,416
	81,400	Future Corp.		1,080,883
	4,200	Fuyo General Lease Co. Ltd.		211,732
	1,100	G-7 Holdings, Inc.		24,149
	36,000	Gakken Holdings Co. Ltd.		592,760
	31,800	Gakujo Co. Ltd.		339,884
	3,000	GCA Corp.		18,311

Shares			Value
JAPAN (continued)
	6,700	Gecoss Corp.	$	54,629
	800	Genky DrugStores Co. Ltd.		18,279
	12,300	Geo Holdings Corp.		162,181
	800	Giken Ltd.		29,595
	8,300	GLOBERIDE, Inc.		150,044
	38,400	Glory Ltd.		872,735
	2,300	GMO internet, Inc.		50,559
	43,880	Goldcrest Co. Ltd.		668,944
	1,200	Goldwin, Inc.		65,191
	3,200	Grandy House Corp.		9,989
	561,400	Gree, Inc.		2,228,546
	31,800	GS Yuasa Corp.		457,820
	5,200	G-Tekt Corp.		53,640
	25,080	GungHo Online Entertainment, Inc.		391,455
	141,500	Gunma Bank Ltd. (The)		456,218
	32,900	Gunze Ltd.		1,123,594
	380,100	Gurunavi, Inc.		2,050,766
	2,200	H.I.S. Co. Ltd.		29,541
	184,000	Hachijuni Bank Ltd. (The)		660,113
	7,700	Hagihara Industries, Inc.		95,788
	900	Hagiwara Electric Holdings Co. Ltd.		17,444
	1,700	Hakudo Co. Ltd.		19,675
	1,400	Hakuto Co. Ltd.		12,811
	500	Halows Co. Ltd.		13,782
	6,200	Hamakyorex Co. Ltd.		170,779
	7,300	Hanwa Co. Ltd.		117,750
	30,200	Happinet Corp.		299,706
	4,500	Harima Chemicals Group, Inc.		43,191
	328,500	Haseko Corp.		3,618,199
	800	Hashimoto Sogyo Holdings Co. Ltd.		13,411
	61,160	Hazama Ando Corp.		385,830
	29,175	Heiwa Corp.		495,063
	1,400	Heiwa Real Estate Co. Ltd.		38,015
	6,100	Heiwado Co. Ltd.		104,703
	948	Hiday Hidaka Corp.		14,841
	2,700	HI-LEX Corp.(a)		29,386
	13,800	Hioki EE Corp.		396,711
	322,849	Hiroshima Bank Ltd. (The)		1,350,782
	5,600	Hisamitsu Pharmaceutical Co., Inc.		265,089
	8,300	Hitachi Capital Corp.		162,651
	2,400	Hitachi Transport System Ltd.		59,064
	254,500	Hitachi Zosen Corp.		853,748
	36,600	Hochiki Corp.		485,658
	1,300	Hodogaya Chemical Co. Ltd.		42,641
	3,000	Hogy Medical Co. Ltd.		93,650
	600	Hokkaido Gas Co. Ltd.		8,761
	3,700	Hokkan Holdings Ltd.		52,820
	10,000	Hokko Chemical Industry Co. Ltd.		52,369
	2,900	Hokkoku Bank Ltd. (The)		86,474
	46,400	Hokuetsu Corp.		184,190
	47,600	Hokuetsu Industries Co. Ltd.		443,554

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	255,000	Hokuhoku Financial Group, Inc.	$	2,086,288
	2,800	Hokuriku Electric Power Co.		18,942
	2,300	Hokuto Corp.		41,343
	95,800	Honeys Holdings Co. Ltd.		983,754
	400	Honshu Chemical Industry Co. Ltd.		3,936
	2,100	Hoosiers Holdings		12,035
	1,300	Horiba Ltd.		69,776
	3,100	Hosiden Corp.		26,865
	19,200	Hosokawa Micron Corp.		881,144
	1,800	House Foods Group, Inc.		56,693
	36,100	Hyakugo Bank Ltd. (The)		105,291
	15,900	Hyakujushi Bank Ltd. (The)		285,212
	13,600	Ibiden Co. Ltd.		352,435
	400	Ichibanya Co. Ltd.		16,754
	149	Ichigo Hotel REIT Investment Corp.		83,306
	3,800	Ichikoh Industries Ltd.		16,997
	5,400	Ichinen Holdings Co. Ltd.		56,559
	5,600	Ichiyoshi Securities Co. Ltd.		23,691
	11,000	ID Holdings Corp.		148,423
	1,700	Idec Corp/Japan		25,124
	37,700	IDOM, Inc.		153,519
	11,800	Iino Kaiun Kaisha Ltd.		35,186
	6,180	IJTT Co. Ltd.		25,742
	25,000	Imagica Robot Holdings, Inc.		84,797
	3,700	Imasen Electric Industrial		25,996
	2,800	Inaba Denki Sangyo Co. Ltd.		60,062
	4,100	Inabata & Co. Ltd.		46,076
	700	Inageya Co. Ltd.		11,304
	72,700	Ines Corp.		966,036
	60,530	Infocom Corp.		1,465,377
	1,567,200	Infomart Corp.		10,952,802
	9,200	Information Services International-Dentsu Ltd.		396,068
	2,400	Innotech Corp.		19,926
	625	Insource Co. Ltd.		14,018
	45,400	Intage Holdings, Inc.(a)		329,136
	80,300	Internet Initiative Japan, Inc.		2,787,285
	1,600	Inui Global Logistics Co. Ltd.		17,712
	23,900	I-O Data Device, Inc.		204,892
	900	Iriso Electronics Co. Ltd.		25,453
	18,000	ISB Corp.		270,717
	18,100	Ishihara Sangyo Kaisha Ltd.		109,293
	13,200	Isolite Insulating Products Co. Ltd.		54,613
	9,700	ITmedia, Inc.		89,484
	12,600	Itochu Enex Co. Ltd.		93,929
	700	Itochu-Shokuhin Co. Ltd.		30,853
	7,600	Itoham Yonekyu Holdings, Inc.		44,333
	35,200	Itoki Corp.		107,586
	3,900	IwaiCosmo Holdings, Inc.		34,306
	62,300	Iwaki & Co. Ltd.		252,532
	2,300	Iwaki Co. Ltd.		19,868
	1,800	Iwasaki Electric Co. Ltd.		22,593

Shares			Value
JAPAN (continued)
	20,555	Iwatani Corp.	$	703,906
	33,300	Iyo Bank Ltd. (The)		179,354
	2,000	Izumi Co. Ltd.		59,265
	21,400	J. Front Retailing Co. Ltd.		177,278
	7,300	JAC Recruitment Co. Ltd.		77,547
	10,500	Jaccs Co. Ltd.		176,508
	600	Jalux, Inc.		8,851
	1,900	Janome Sewing Machine Co. Ltd.		6,870
	1,600	Japan Airport Terminal Co. Ltd.		65,974
	90,900	Japan Aviation Electronics Industry Ltd.		1,196,019
	142,600	Japan Display, Inc.(a)		58,467
	59,600	Japan Electronic Materials Corp.		524,829
	1,299	Japan Excellent, Inc. REIT		1,406,549
	9,600	Japan Lifeline Co. Ltd.		114,057
	2,800	Japan Material Co. Ltd.		41,068
	27,400	Japan Medical Dynamic Marketing, Inc.		402,900
	600	Japan Oil Transportation Co. Ltd.		16,969
	900	Japan Property Management Center Co., Ltd.		8,596
	13,500	Japan Pulp & Paper Co. Ltd.		452,872
	572	Japan Retail Fund Investment Corp. REIT		631,084
	6,200	Japan Securities Finance Co. Ltd.		29,522
	4,300	Japan Steel Works Ltd. (The)		53,412
	24,200	Japan System Techniques Co. Ltd.		268,350
	11,300	Japan Transcity Corp.		51,912
	26,300	Japan Wool Textile Co. Ltd. (The)		232,329
	27,291	JBCC Holdings, Inc.		488,525
	500	JCR Pharmaceuticals Co. Ltd.		48,316
	84,300	Jeol Ltd.		2,525,504
	700	JINS Holdings, Inc.		37,245
	3,600	JK Holdings Co. Ltd.		25,294
	24,400	JMS Co. Ltd.		190,989
	1,900	Joban Kosan Co. Ltd.		23,158
	1,700	J-Oil Mills, Inc.		65,107
	9,000	Joshin Denki Co. Ltd.		176,201
	4,300	JP-Holdings, Inc.		10,859
	1,400	JSP Corp.		18,329
	114,800	Juki Corp.		637,570
	57,900	Juroku Bank Ltd. (The)		1,023,494
	400	Justsystems Corp.		24,600
	100,600	JVC Kenwood Corp.		162,175
	145,500	Kadokawa Corp.		2,124,573
	21,200	Kaga Electronics Co. Ltd.		388,975
	2,200	Kagome Co. Ltd.		56,233
	112,960	Kaken Pharmaceutical Co. Ltd.		6,220,879
	600	Kakiyasu Honten Co. Ltd.		12,871
	600	Kameda Seika Co. Ltd.		28,906
	9,500	Kamei Corp.		94,279

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	3,600	Kamigumi Co. Ltd.	$	63,838
	2,300	Kanaden Corp.		26,576
	1,000	Kanagawa Chuo Kotsu Co. Ltd.		37,693
	100,700	Kanamoto Co. Ltd.		1,971,492
	49,110	Kandenko Co. Ltd.		414,150
	9,700	Kaneka Corp.		252,183
	1,300	Kaneko Seeds Co. Ltd.		17,904
	57,800	Kanematsu Corp.		576,303
	1,000	Kanematsu Electronics Ltd.		34,152
	51	Kansai Mirai Financial Group, Inc.		174
	6,500	Kanto Denka Kogyo Co. Ltd.		52,453
	1,400	Kappa Create Co. Ltd.(a)		17,364
	7,000	Kasai Kogyo Co. Ltd.		32,940
	8,800	Kato Sangyo Co. Ltd.		298,076
	1,000	Kato Works Co. Ltd.		11,518
	600	KAWADA Technologies, Inc.		28,235
	24,900	Kawai Musical Instruments Manufacturing Co. Ltd.		633,434
	5,400	Kawasaki Kisen Kaisha Ltd.(a)		54,194
	26,258	Keihanshin Building Co. Ltd.		343,778
	10,300	Keihin Corp.		245,419
	102,495	Keiyo Bank Ltd. (The)		503,330
	300	Kenedix Retail REIT Corp.		476,075
	28,600	Kenedix, Inc.		131,121
	400	Kenko Mayonnaise Co. Ltd.		7,399
	7,500	Kewpie Corp.		149,350
	700	KFC Holdings Japan Ltd.		17,129
	3,200	KH Neochem Co. Ltd.		56,387
	3,100	Kimura Chemical Plants Co. Ltd.		12,364
	3,600	Kimura Unity Co. Ltd.		33,009
	4,900	King Co. Ltd.		21,506
	4,100	Kintetsu World Express, Inc.		60,250
	3,000	Kirindo Holdings Co. Ltd.		59,237
	2,600	Kissei Pharmaceutical Co. Ltd.		62,023
	10,100	Ki-Star Real Estate Co. Ltd.		102,209
	3,500	Kitagawa Corp.		49,867
	3,300	Kita-Nippon Bank Ltd. (The)		59,441
	1,300	Kitano Construction Corp.		31,351
	37,700	Kito Corp.		388,892
	11,400	Kitz Corp.		70,749
	12,800	Kiyo Bank Ltd. (The)		190,721
	9,600	Koa Corp.		80,690
	12,400	Koatsu Gas Kogyo Co. Ltd.		84,696
	300	Kobe Electric Railway Co. Ltd.(a)		10,861
	29,666	Kohnan Shoji Co. Ltd.		692,755
	1,300	Kohsoku Corp.		17,565
	300	Koike Sanso Kogyo Co. Ltd.		6,010
	215,800	Kojima Co. Ltd.		792,296
	3,700	Kokusai Co. Ltd.		22,238
	80,300	Kokuyo Co. Ltd.		986,213
	2,200	Komatsu Matere Co. Ltd.		15,375
	1,600	Komatsu Wall Industry Co. Ltd.		26,941
	3,300	KOMEDA Holdings Co. Ltd.		50,523

Shares			Value
JAPAN (continued)
	13,900	Komehyo Co. Ltd.	$	109,060
	50,100	Komeri Co. Ltd.		978,984
	12,600	Komori Corp.		89,115
	2,300	Kondotec, Inc.		19,761
	248,330	Konica Minolta, Inc.		974,206
	2,400	Konishi Co. Ltd.		31,578
	3,000	Konoike Transport Co. Ltd.		32,652
	1,400	Kosaido Co. Ltd.(a)		10,123
	800	Kotobuki Spirits Co. Ltd.		31,794
	900	Kourakuen Holdings Corp.		12,353
	700	Krosaki Harima Corp.		24,983
	3,100	KRS Corp.		47,663
	113,827	K’s Holdings Corp.		1,253,725
	2,000	KU Holdings Co. Ltd.		15,058
	2,900	Kumagai Gumi Co. Ltd.		64,207
	4,867	Kumiai Chemical Industry Co. Ltd.		39,729
	17,500	Kurabo Industries Ltd.		400,340
	1,100	Kureha Corp.		44,947
	900	Kurimoto Ltd.		15,104
	4,300	Kurita Water Industries Ltd.		121,409
	700	Kusuri no Aoki Holdings Co. Ltd.		54,857
	4,700	Kyoden Co. Ltd.		11,431
	3,600	Kyodo Printing Co. Ltd.		93,728
	700	Kyoei Steel Ltd.		9,008
	2,600	Kyokuto Boeki Kaisha Ltd.		33,919
	64,900	Kyokuto Kaihatsu Kogyo Co. Ltd.		762,604
	1,200	Kyokuyo Co. Ltd.		28,838
	56,500	KYORIN Holdings, Inc.		1,181,438
	1,240	Kyoritsu Maintenance Co. Ltd.		30,493
	9,000	Kyoritsu Printing Co. Ltd.		12,748
	6,900	Kyosan Electric Manufacturing Co. Ltd.		32,984
	7,200	Kyowa Electronic Instruments Co. Ltd.		27,239
	5,032	Kyowa Exeo Corp.		123,743
	2,700	Kyowa Leather Cloth Co. Ltd.		16,052
	1,800	Kyudenko Corp.		50,655
	132,040	Kyushu Financial Group, Inc.		558,600
	5,900	Kyushu Railway Co.		159,602
	6,170	Lawson, Inc.		320,243
	2,400	LEC, Inc.		26,703
	9,500	Life Corp.		294,786
	700	Like Co. Ltd.		10,697
	14,330	Lintec Corp.		309,260
	72,100	LIXIL VIVA Corp.		1,239,570
	800	M&A Capital Partners Co. Ltd.(a)		22,700
	225,300	M3, Inc.		8,166,771
	1,400	Mabuchi Motor Co. Ltd.		43,703
	32,450	Macnica Fuji Electronics Holdings, Inc.		446,012
	5,300	Macromill, Inc.		34,225
	3,200	Maeda Corp.		25,972

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
JAPAN (continued)
	1,200	Maeda Kosen Co. Ltd.	$	23,382
	1,800	Maeda Road Construction Co. Ltd.		33,630
	2,900	Makino Milling Machine Co. Ltd.		84,042
	5,000	Mandom Corp.(a)		97,191
	2,100	Mani, Inc.		46,984
	55,000	Marubun Corp.		259,330
	2,000	Marudai Food Co. Ltd.		36,640
	400	Marufuji Sheet Piling Co. Ltd.		7,082
	4,600	Maruha Nichiro Corp.		97,045
	7,960	Maruichi Steel Tube Ltd.		180,466
	700	Maruka Corp.		11,324
	2,600	Marusan Securities Co. Ltd.		10,055
	1,500	Maruwa Co. Ltd.		107,348
	3,992	Maruzen Showa Unyu Co. Ltd.		94,485
	98,300	Marvelous, Inc.		494,637
	1,700	Matsuda Sangyo Co. Ltd.		20,990
	4,700	Matsui Securities Co. Ltd.		34,599
	5,300	Matsumotokiyoshi Holdings Co. Ltd.		183,227
	56,900	Max Co. Ltd.		855,236
	2,900	Maxvalu Tokai Co. Ltd.		60,370
	5,300	MCJ Co. Ltd.		35,460
	324,990	Mebuki Financial Group, Inc.		687,441
	500	Media Do Holdings Co. Ltd.		19,405
	5,900	Medical Data Vision Co. Ltd.(a)		42,168
	5,400	Medical System Network Co. Ltd.		23,147
	109,900	Medipal Holdings Corp.		2,144,440
	6,200	Megmilk Snow Brand Co. Ltd.		141,835
	120,200	Meidensha Corp.		1,886,193
	3,300	Meiji Electric Industries Co. Ltd.		39,084
	1,500	Meiko Electronics Co. Ltd.		19,764
	31,100	Meiko Network Japan Co. Ltd.		227,204
	5,700	Meisei Industrial Co. Ltd.		42,067
	68,000	Meitec Corp.		3,025,672
	8,300	Meiwa Corp.		37,511
	7,400	Meiwa Estate Co. Ltd.		30,272
	4,000	Melco Holdings, Inc.		93,295
	49,500	Menicon Co. Ltd.		2,167,917
	2,800	Mercuria Investment Co. Ltd.		14,768
	64,154	METAWATER Co. Ltd.		2,570,584
	149,700	Micronics Japan Co. Ltd.		1,215,009
	5,500	Mie Kotsu Group Holdings, Inc.		24,754
	774	Milbon Co. Ltd.		34,115
	52,400	Mimasu Semiconductor Industry Co. Ltd.		1,028,811
	3,800	Miraca Holdings, Inc.		95,642
	10,855	Mirait Holdings Corp.		142,218
	5,000	Miroku Jyoho Service Co. Ltd.		126,963
	6,400	Mitani Corp.		375,716
	3,700	Mitani Sangyo Co. Ltd.		12,826
	500	Mitani Sekisan Co. Ltd.		22,411
	5,300	Mitsuba Corp.(a)		22,471

Shares			Value
JAPAN (continued)
	18,500	Mitsubishi Gas Chemical Co., Inc.	$	229,106
	1,000	Mitsubishi Kakoki Kaisha Ltd.		15,217
	4,000	Mitsubishi Logisnext Co. Ltd.		37,982
	3,400	Mitsubishi Logistics Corp.		75,784
	14,200	Mitsubishi Materials Corp.		293,223
	7,900	Mitsubishi Paper Mills Ltd.		28,195
	6,300	Mitsubishi Pencil Co. Ltd.		79,370
	25,200	Mitsubishi Research Institute, Inc.		855,929
	1,000	Mitsubishi Shokuhin Co. Ltd.		25,141
	10,900	Mitsuboshi Belting Ltd.		150,324
	1,200	Mitsui High-Tec, Inc.		13,709
	112,600	Mitsui Matsushima Holdings Co. Ltd.		881,368
	7,600	Mitsui Mining & Smelting Co. Ltd.		145,180
	13,100	Mitsui OSK Lines Ltd.		231,080
	900	Mitsui Sugar Co. Ltd.		18,014
	20,349	Mitsui-Soko Holdings Co. Ltd.		278,740
	142,000	Mixi, Inc.		2,457,196
	1,100	Miyaji Engineering Group, Inc.		16,554
	4,500	Miyazaki Bank Ltd. (The)		97,577
	7,300	Mizuho Leasing Co Ltd.		142,238
	66,550	Mizuno Corp.		1,167,098
	29,477	Mochida Pharmaceutical Co. Ltd.		1,153,645
	700	Modec, Inc.		10,071
	10,300	Monex Group, Inc.		20,444
	300	Monogatari Corp. (The)		18,115
	258,400	MonotaRO Co. Ltd.		8,355,290
	600	MORESCO Corp.		5,010
	7,735	Morinaga & Co. Ltd.		319,664
	7,100	Morinaga Milk Industry Co. Ltd.		276,550
	2,400	Morita Holdings Corp.		37,236
	1,106	Mory Industries, Inc.		24,240
	6,300	MrMax Holdings Ltd.		24,833
	1,700	MTI Ltd.		8,776
	35,900	Mugen Estate Co. Ltd.		157,563
	8,200	Musashi Seimitsu Industry Co. Ltd.		67,165
	25,800	Musashino Bank Ltd. (The)		326,963
	2,900	Nabtesco Corp.		84,042
	2,200	NAC Co. Ltd.		17,179
	2,200	Nachi-Fujikoshi Corp.		64,576
	2,200	Nagano Bank Ltd. (The)		23,678
	22,200	Nagano Keiki Co. Ltd.		163,219
	9,200	Nagase & Co. Ltd.		111,705
	1,800	Nagatanien Holdings Co. Ltd.		37,203
	300	Nagawa Co. Ltd.		20,827
	24,428	Nagoya Railroad Co. Ltd.		704,512
	12,500	Nakabayashi Co. Ltd.		65,345
	24,449	Nakanishi, Inc.		336,041
	1,700	Nankai Electric Railway Co. Ltd.		38,082
	57,400	Nanto Bank Ltd. (The)		1,209,885

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
JAPAN (continued)
	800	Natori Co. Ltd.	$	12,815
	4,900	NCS&A Co. Ltd.		21,369
	25,036	NEC Capital Solutions Ltd.		439,527
	900	NEC Networks & System Integration Corp.		39,165
	14,000	Net Marketing Co. Ltd.		88,319
	154,200	NET One Systems Co. Ltd.		4,468,732
	7,900	NGK Spark Plug Co. Ltd.		119,404
	3,655	NH Foods Ltd.		131,296
	51,400	NHK Spring Co. Ltd.		341,501
	1,400	Nicca Chemical Co. Ltd.		11,376
	6,600	Nichias Corp.		134,073
	4,900	Nichiban Co. Ltd.		68,764
	4,400	Nichicon Corp.		29,275
	700	Nichiden Corp.		13,372
	11,100	Nichiha Corp.		205,730
	142,800	Nichii Gakkan Co.		1,453,083
	320,550	Nichi-iko Pharmaceutical Co. Ltd.		4,181,801
	3,800	Nichirei Corp.		95,111
	2,760	Nichirin Co. Ltd.		32,226
	5,000	Nifco, Inc.		97,610
	14,000	Nihon Chouzai Co. Ltd.		233,649
	21,400	Nihon Falcom Corp.		239,296
	27,100	Nihon House Holdings Co. Ltd.		70,203
	118,835	Nihon Kohden Corp.		4,268,825
	2,700	Nihon Nohyaku Co. Ltd.		10,919
	5,900	Nihon Parkerizing Co. Ltd.		60,751
	1,600	Nihon Tokushu Toryo Co. Ltd.		12,897
	253,800	Nihon Unisys Ltd.		7,437,926
	5,200	Niitaka Co. Ltd.		122,786
	8,500	Nikkiso Co. Ltd.		67,167
	4,100	Nikkon Holdings Co. Ltd.		80,346
	6,000	Nikon Corp.		56,302
	400	Nippi, Inc.		12,561
	26,620	Nippo Corp.		602,029
	16,073	Nippon Air Conditioning Services Co. Ltd.		107,088
	2,300	Nippon BS Broadcasting Corp.		21,389
	3,800	Nippon Carbide Industries Co. Inc.		37,499
	2,000	Nippon Chemical Industrial Co. Ltd.		42,063
	1,000	Nippon Commercial Development Co. Ltd.		12,915
	7,500	Nippon Concrete Industries Co. Ltd.		17,682
	2,100	Nippon Densetsu Kogyo Co. Ltd.		41,427
	12,100	Nippon Dry-Chemical Co. Ltd.		157,853
	2,800	Nippon Filcon Co. Ltd.		13,620
	49,460	Nippon Flour Mills Co. Ltd.		781,202
	3,500	Nippon Gas Co. Ltd.		115,455
	15,900	Nippon Kanzai Co. Ltd.		273,803
	28,835	Nippon Kayaku Co. Ltd.		281,324
	2,400	Nippon Koei Co. Ltd.		69,664

Shares				Value
JAPAN (continued)
	142,100	Nippon Light Metal Holdings Co. Ltd.		$	227,752
	14,500	Nippon Paper Industries Co. Ltd.			209,295
	21,200	Nippon Parking Development Co. Ltd.			25,681
	3,400	Nippon Pillar Packing Co. Ltd.			43,500
	2,200	Nippon Piston Ring Co. Ltd.			24,129
	4,000	Nippon Rietec Co. Ltd.			82,337
	1,700	Nippon Road Co. Ltd. (The)			103,602
	1,400	Nippon Seisen Co. Ltd.	��		39,268
	900	Nippon Sharyo Ltd.(a)			23,180
	1,600	Nippon Shokubai Co. Ltd.			76,336
	2,700	Nippon Signal Co. Ltd.			25,386
	16,600	Nippon Soda Co. Ltd.			429,250
	18,148	Nippon Steel Trading Corp.			577,509
	22,400	Nippon Suisan Kaisha Ltd.			100,191
	3,000	Nippon Systemware Co. Ltd.			56,693
	7,200	Nippon Thompson Co. Ltd.			25,294
	7,100	Nipro Corp.			79,988
	6,500	Nishimatsu Construction Co. Ltd.			124,349
	273,700	Nishi-Nippon Financial Holdings, Inc.			1,609,325
	14,973	Nishi-Nippon Railroad Co. Ltd.			368,482
	12,000	Nishio Rent All Co. Ltd.			249,583
	1,400	Nissan Shatai Co. Ltd.			11,376
	9,600	Nissan Tokyo Sales Holdings Co. Ltd.			19,054
	10,100	Nissei Plastic Industrial Co. Ltd.			93,080
	5,000	Nisshin Oillio Group Ltd. (The)			164,702
	21,623	Nisshinbo Holdings, Inc.			152,932
	6,000	Nissin Corp.			88,729
	57,700	Nissin Electric Co. Ltd.			544,659
	1,100	Nitta Corp.			19,865
	3,400	Nitta Gelatin, Inc.			21,829
	500	Nitto Boseki Co. Ltd.			24,088
	800	Nitto Fuji Flour Milling Co. Ltd.			43,983
	79,600	Nitto Kogyo Corp.			1,355,904
	7,500	Nitto Seiko Co. Ltd.			33,406
	3,200	Noda Corp.			18,398
	1,200	Noevir Holdings Co. Ltd.			56,581
	2,900	NOF Corp.			96,743
	1,600	Nohmi Bosai Ltd.			32,577
	43,100	Nojima Corp.			753,843
	6,800	NOK Corp.			79,650
	50,200	Nomura Co. Ltd.			388,727
	7,100	Nomura Micro Science Co. Ltd.			76,945
	5,300	Nomura Real Estate Holdings, Inc.			87,514
	11,400	Noritake Co. Ltd.			376,052
	29,500	Noritz Corp.			329,595
	453,800	North Pacific Bank Ltd.			816,134
	12,600	NS Solutions Corp.			316,658
	700	NS Tool Co. Ltd.			17,305
	1,700	NS United Kaiun Kaisha Ltd.			22,906

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
JAPAN (continued)
	240,422	NSD Co. Ltd.	$	3,459,084
	400	Obara Group, Inc.		10,481
	500	OBIC Business Consultants Ltd.		22,457
	9,400	Oenon Holdings, Inc.		34,074
	11,800	Ogaki Kyoritsu Bank Ltd. (The)		242,235
	21,742	Ohsho Food Service Corp.		1,171,027
	2,845	Oiles Corp.		37,115
	1,500	Oisix ra daichi, Inc.(a)		23,818
	800	Oita Bank Ltd. (The)		16,057
	2,500	Okabe Co. Ltd.		17,705
	600	Okamoto Industries, Inc.		24,209
	63,415	Okamura Corp.		462,103
	369,500	Oki Electric Industry Co. Ltd.		3,594,633
	2,200	Okinawa Cellular Telephone Co.		84,769
	1,621	Okinawa Electric Power Co., Inc. (The)		29,772
	3,800	OKUMA Corp.		145,888
	1,500	Okura Industrial Co. Ltd.		21,973
	42,000	Okuwa Co. Ltd.		572,576
	4,200	Onoken Co. Ltd.		45,164
	218,800	Onward Holdings Co. Ltd.		691,173
	6,800	Open House Co. Ltd.		150,492
	4,600	OPT Holding, Inc.(a)		63,011
	1,700	Optex Group Co. Ltd.		19,564
	51,200	Optorun Co. Ltd.		1,415,556
	600	Organo Corp.		32,204
	346,700	Orient Corp.		400,604
	7,000	Origin Co. Ltd.		95,168
	2,600	Osaka Organic Chemical Industry Ltd.		41,744
	2,000	Osaka Soda Co. Ltd.		45,679
	168,400	Osaki Electric Co. Ltd.		819,129
	3,100	OSG Corp.		40,731
	9,100	OSJB Holdings Corp.		19,843
	500	OUG Holdings, Inc.		12,356
	48,730	Oyo Corp.		578,503
	7,800	Pacific Industrial Co. Ltd.		66,578
	1,750	Pack Corp. (The)		55,607
	10,600	PAL GROUP Holdings Co. Ltd.		125,246
	1,150	PALTAC Corp.		60,439
	4,806	Paramount Bed Holdings Co. Ltd.		199,737
	7,900	Pasco Corp.		112,116
	79,300	Pasona Group, Inc.		801,018
	34,800	PC Depot Corp.		175,435
	5,600	PCA Corp.		191,511
	28,600	Pegasus Sewing Machine Manufacturing Co. Ltd.		85,015
	15,500	Penta-Ocean Construction Co. Ltd.		79,439
	183,900	PeptiDream, Inc.(a)		6,940,269
	4,300	Persol Holdings Co. Ltd.		50,527
	700	PIA Corp.		19,405
	1,000	Pickles Corp.		21,078
	1,400	Pilot Corp.		47,291

Shares			Value
JAPAN (continued)
	1,700	Piolax, Inc.	$	25,441
	22,700	Pipedo HD, Inc.		277,100
	700	Plenus Co. Ltd.		11,585
	41,800	Poletowin Pitcrew Holdings, Inc.		350,557
	354	Premier Investment Corp. REIT		356,919
	36,200	Press Kogyo Co. Ltd.		89,728
	5,100	Pressance Corp.		53,084
	5,600	Prestige International, Inc.		44,251
	80,552	Proto Corp.		726,593
	61,800	PS Mitsubishi Construction Co. Ltd.		306,365
	18,000	Punch Industry Co. Ltd.		58,202
	900	Qol Holdings Co. Ltd.		10,072
	4,500	Quick Co. Ltd.		43,400
	2,700	Raito Kogyo Co. Ltd.		33,965
	2,200	Raiznext Corp.		24,457
	1,400	Rakus Co. Ltd.		22,334
	6,900	Rasa Corp.		53,366
	2,000	Rasa Industries Ltd.		23,389
	14,700	Ray Corp.		43,149
	209,290	Relia, Inc.		2,233,025
	4,200	Relo Group, Inc.		92,090
	7,200	Renaissance, Inc.		68,300
	21,140	Rengo Co. Ltd.		167,048
	3,900	Resorttrust, Inc.		40,557
	1,600	Restar Holdings Corp.		26,077
	47,500	Rheon Automatic Machinery Co. Ltd.		542,212
	1,100	Rhythm Watch Co. Ltd.		6,601
	11,000	Ricoh Leasing Co. Ltd.		295,718
	1,900	Riken Corp.		50,459
	2,000	Riken Keiki Co. Ltd.		38,522
	55,800	Riken Technos Corp.		229,304
	1,400	Riken Vitamin Co. Ltd.		27,096
	1,000	Rinnai Corp.		76,131
	9,800	Rion Co. Ltd.		204,648
	3,700	Riso Kagaku Corp.(a)		49,786
	6,900	Riso Kyoiku Co. Ltd.		16,653
	36,100	Rohto Pharmaceutical Co. Ltd.		1,057,956
	600	Rokko Butter Co. Ltd.		7,984
	57,900	Roland DG Corp.		720,277
	900	Rorze Corp.		37,781
	4,500	Round One Corp.		37,278
	1,400	Royal Holdings Co. Ltd.		23,287
	11,500	Ryobi Ltd.		136,952
	5,100	Ryoden Corp.		63,206
	6,400	Ryohin Keikaku Co. Ltd.		77,052
	7,500	Ryosan Co. Ltd.		164,865
	1,100	S Foods, Inc.		23,504
	24,600	Sac’s Bar Holdings, Inc.		126,994
	1,200	Saibu Gas Co. Ltd.		29,845
	800	Saison Information Systems Co. Ltd.		13,292
	34,000	Saizeriya Co. Ltd.		682,440

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
JAPAN (continued)
	1,700	Sakai Chemical Industry Co. Ltd.	$	28,752
	600	Sakai Heavy Industries Ltd.		11,674
	400	Sakai Moving Service Co. Ltd.		21,171
	13,400	Sala Corp.		70,924
	3,700	SAMTY Co. Ltd.		48,648
	3,200	San Holdings, Inc.		38,287
	1,600	San-A Co. Ltd.		64,483
	18,000	San-Ai Oil Co. Ltd.		184,671
	1,400	Sanei Architecture Planning Co. Ltd.		15,668
	7,350	Sangetsu Corp.		110,406
	37,400	Sanken Electric Co. Ltd.		795,641
	800	Sanko Metal Industrial Co. Ltd.		15,796
	12,318	Sankyo Co. Ltd.		340,907
	400	Sankyo Frontier Co. Ltd.		11,797
	18,200	Sankyo Tateyama, Inc.		151,108
	2,900	Sankyu, Inc.		112,687
	9,600	Sanoh Industrial Co. Ltd.		62,977
	9,900	Sanwa Holdings Corp.		78,045
	800	Sanyo Chemical Industries Ltd.		31,943
	1,300	Sanyo Electric Railway Co. Ltd.		25,790
	800	Sanyo Industries Ltd.		14,320
	2,900	Sanyo Special Steel Co. Ltd.		25,699
	6,800	Sanyo Trading Co. Ltd.		55,064
	8,500	Sapporo Holdings Ltd.		163,561
	61,700	Sato Holdings Corp.		1,282,698
	2,700	Sato Shoji Corp.		20,505
	1,400	Satori Electric Co. Ltd.		10,750
	17,600	Sawada Holdings Co. Ltd.		147,603
	69,227	Sawai Pharmaceutical Co. Ltd.		3,793,084
	1,300	Saxa Holdings, Inc.		20,836
	1,200	SB Technology Corp.		30,214
	73,700	Scala, Inc.		350,936
	1,900	SCREEN Holdings Co. Ltd.		93,128
	2,800	Scroll Corp.		8,506
	55,000	SCSK Corp.		2,490,798
	20,315	Seibu Holdings, Inc.		245,147
	1,500	Seika Corp.		15,781
	86,500	Seikagaku Corp.		860,849
	23,200	Seikitokyu Kogyo Co. Ltd.		172,949
	35,900	Seiko Epson Corp.		410,467
	165,200	Seiko Holdings Corp.		2,775,526
	6,600	Seino Holdings Co. Ltd.		79,214
	28,000	Seiren Co. Ltd.		333,448
	1,700	Semba Corp.		14,970
	51,520	Senko Group Holdings Co. Ltd.		420,552
	2,000	Senshu Electric Co. Ltd.		46,331
	1,400	Seria Co. Ltd.		45,660
	31,200	Seven Bank Ltd.		84,894
	27,123	SFP Holdings Co. Ltd.		341,960
	1,200	Shibaura Electronics Co. Ltd.		26,244
	600	Shibaura Machine Co. Ltd.		11,931
	20,900	Shibaura Mechatronics Corp.		534,599
	3,400	Shibusawa Warehouse Co. Ltd. (The)		71,412

Shares			Value
JAPAN (continued)
	1,000	Shibuya Corp.	$	24,805
	600	Shidax Corp.(a)		1,498
	300	SHIFT, Inc.(a)		25,132
	57,502	Shiga Bank Ltd. (The)		1,358,851
	2,000	Shikibo Ltd.		19,904
	17,300	Shikoku Bank Ltd. (The)		135,092
	6,900	Shikoku Chemicals Corp.		70,405
	3,200	Shikoku Electric Power Co., Inc.		24,809
	2,500	Shima Seiki Manufacturing Ltd.		38,205
	22,549	Shimachu Co. Ltd.		567,744
	1,100	Shimizu Bank Ltd. (The)		18,594
	1,900	Shimojima Co. Ltd.		21,972
	1,800	Shin Nippon Air Technologies Co. Ltd.		37,656
	1,700	Shinagawa Refractories Co. Ltd.		34,787
	10,500	Shindengen Electric Manufacturing Co. Ltd.		245,292
	2,200	Shin-Etsu Polymer Co. Ltd.		17,343
	2,200	Shinko Electric Industries Co. Ltd.		27,901
	5,600	Shinko Shoji Co. Ltd.		45,503
	2,200	Shinmaywa Industries Ltd.		22,571
	3,200	Shinnihon Corp.		23,110
	26,700	Shinoken Group Co. Ltd.		201,279
	11,800	Shinsei Bank Ltd.(a)		143,493
	1,200	Shinsho Corp.		20,463
	6,500	Shinwa Co. Ltd.		108,964
	1,300	Ship Healthcare Holdings, Inc.		59,116
	2,400	Shizuki Electric Co., Inc.		10,511
	29,700	Shizuoka Gas Co. Ltd.		267,346
	1,000	SHO-BOND Holdings Co. Ltd.		40,768
	1,600	Shoei Co. Ltd.		30,475
	4,000	Shofu, Inc.		59,861
	9,000	Showa Corp.		189,200
	21,100	Showa Denko KK		466,966
	2,600	Showa Sangyo Co. Ltd.		78,013
	1,100	Sigma Koki Co. Ltd.		11,490
	2,400	Sinanen Holdings Co. Ltd.		61,680
	4,300	Sinfonia Technology Co. Ltd.		41,151
	41,800	Sinko Industries Ltd.		551,543
	55,400	SK-Electronics Co. Ltd.		549,793
	265,100	SKY Perfect JSAT Holdings, Inc.		1,005,411
	15,075	Skylark Holdings Co. Ltd.		225,040
	5,600	SMS Co. Ltd.		123,412
	9,600	Sodick Co. Ltd.		67,092
	200	Software Service, Inc.		18,823
	41,100	Sojitz Corp.		96,512
	1,400	Soken Chemical & Engineering Co. Ltd.		14,246
	3,000	Solasto Corp.		30,946
	54,813	Soliton Systems KK		687,493
	18,160	Sotetsu Holdings, Inc.		467,051
	5,800	Sourcenext Corp.		17,241
	7,200	Sparx Group Co. Ltd.		11,741
	1,400	SPK Corp.		17,155

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	2,000	S-Pool, Inc.	$	13,959
	1,500	SRA Holdings, Inc.		30,150
	5,800	ST Corp.		82,259
	80,000	St. Marc Holdings Co. Ltd.		1,344,081
	500	Star Mica Holdings Co. Ltd.		6,905
	2,300	Star Micronics Co. Ltd.		25,719
	12,000	Starts Corp., Inc.		234,264
	112	Starts Proceed Investment Corp., REIT		191,407
	900	Starzen Co. Ltd.		36,943
	3,100	St-Care Holding Corp.		11,786
	200	Strike Co. Ltd.		8,209
	1,300	Studio Alice Co. Ltd.		17,614
	1,600	Sugi Holdings Co. Ltd.		96,315
	2,700	Sugimoto & Co. Ltd.		43,803
	12,400	SUMCO Corp.		179,099
	16,500	Sumida Corp.		108,242
	4,100	Suminoe Textile Co. Ltd.		68,349
	1,900	Sumitomo Bakelite Co. Ltd.		49,875
	2,200	Sumitomo Densetsu Co. Ltd.		46,269
	74,100	Sumitomo Forestry Co. Ltd.		930,781
	17,200	Sumitomo Mitsui Construction Co. Ltd.		71,804
	6,500	Sumitomo Osaka Cement Co. Ltd.		214,718
	1,300	Sumitomo Precision Products Co. Ltd.(a)		26,965
	10,600	Sumitomo Riko Co. Ltd.		57,487
	28,003	Sumitomo Rubber Industries Ltd.		274,772
	3,800	Sumitomo Seika Chemicals Co. Ltd.		104,742
	9,800	Sun Frontier Fudousan Co. Ltd.		79,631
	5,200	Sundrug Co. Ltd.		179,043
	18,900	Sun-Wa Technos Corp.		145,120
	3,200	Sushiro Global Holdings Ltd.		50,006
	98,050	Suzuken Co. Ltd.		3,800,848
	2,400	Suzuki Co. Ltd.		16,236
	21,600	SWCC Showa Holdings Co. Ltd.		223,618
	4,400	System Research Co. Ltd.		62,526
	256,000	Systena Corp.		3,649,816
	3,800	T&K Toka Co. Ltd.		25,814
	1,700	T. Hasegawa Co. Ltd.		34,170
	1,740	Tachibana Eletech Co. Ltd.		24,143
	1,800	Tachikawa Corp.		18,383
	5,800	Tachi-S Co. Ltd.		51,452
	6,500	Tadano Ltd.		50,091
	1,800	Taihei Dengyo Kaisha Ltd.		37,186
	9,300	Taiho Kogyo Co. Ltd.		45,150
	40,100	Taikisha Ltd.		1,178,917
	300	Taisei Lamick Co., Ltd.		7,302
	1,300	Taiyo Holdings Co. Ltd.		53,543
	3,900	Taiyo Yuden Co. Ltd.		110,115
	1,100	Takamatsu Construction Group Co. Ltd.		22,807
	359	Takano Co. Ltd.		2,355

Shares			Value
JAPAN (continued)
	1,900	Takara Bio, Inc.	$	42,793
	143,100	Takara Leben Co. Ltd.		477,378
	2,100	Takara Standard Co. Ltd.		31,114
	13,100	Takasago International Corp.		278,931
	2,000	Takasago Thermal Engineering Co. Ltd.		31,869
	1,300	Takashima & Co. Ltd.		18,522
	700	Take And Give Needs Co. Ltd.		4,514
	2,000	Takebishi Corp.		25,626
	3,900	Takeuchi Manufacturing Co. Ltd.		56,875
	700	Takihyo Co. Ltd.		10,587
	1,700	Takisawa Machine Tool Co. Ltd.		17,631
	128,800	Tama Home Co. Ltd.		1,512,258
	127,500	Tamron Co. Ltd.		2,162,326
	5,500	Tamura Corp.		22,858
	160,000	Tanseisha Co. Ltd.		1,043,657
	6,500	Tatsuta Electric Wire and Cable Co. Ltd.		31,859
	5,600	Tayca Corp.		79,214
	10,700	TBK Co. Ltd.		47,460
	32,000	TDC Soft, Inc.		251,969
	83,600	TechMatrix Corp.		2,106,457
	1,000	Techno Medica Co. Ltd.		17,407
	1,500	TechnoPro Holdings, Inc.		86,801
	27,000	Teijin Ltd.		434,003
	27,100	Teikoku Electric Manufacturing Co. Ltd.		336,367
	1,100	Tekken Corp.		21,946
	34,837	T-Gaia Corp.		698,590
	4,000	Thine Electronics, Inc.		31,235
	12,800	THK Co. Ltd.		310,950
	335,100	TIS, Inc.		6,476,237
	7,800	TKC Corp.		388,855
	14,700	Toa Corp.		98,215
	1,700	Toa Corp.		22,621
	3,500	Toa Oil Co. Ltd.		58,086
	5,000	Toa Road Corp.		135,396
	81,100	TOC Co. Ltd.		509,355
	3,100	Tocalo Co. Ltd.		30,938
	108,365	Tochigi Bank Ltd. (The)		157,526
	11,700	Toda Corp.		68,686
	2,500	Toei Animation Co. Ltd.		123,468
	200	Toei Co. Ltd.		25,029
	1,700	Toenec Corp.		51,801
	85,200	Toho Bank Ltd. (The)		200,069
	5,735	Toho Co. Ltd.		189,180
	2,200	Toho Co. Ltd.		35,835
	6,694	Toho Gas Co. Ltd.		328,104
	112,500	Toho Holdings Co. Ltd.		2,349,275
	1,500	Toho Zinc Co. Ltd.		18,688
	1,700	Tohoku Bank Ltd. (The)		14,019
	18,000	Tokai Carbon Co. Ltd.		150,454
	1,500	Tokai Corp.		38,941
	47,500	TOKAI Holdings Corp.		432,442

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	300	Tokai Lease Co. Ltd.	$	3,296
	13,700	Tokai Rika Co. Ltd.		176,811
	12,500	Tokai Tokyo Financial Holdings, Inc.		26,907
	484	Tokushu Tokai Paper Co. Ltd.		18,401
	3,800	Tokuyama Corp.		81,442
	27,700	Tokyo Base Co. Ltd.(a)		75,629
	4,900	Tokyo Dome Corp.		36,163
	1,200	Tokyo Electron Device Ltd.		30,773
	4,000	Tokyo Energy & Systems, Inc.		27,284
	10,500	Tokyo Keiki, Inc.		74,361
	800	Tokyo Ohka Kogyo Co. Ltd.		34,590
	9,711	Tokyo Sangyo Co. Ltd.		44,069
	25,600	Tokyo Seimitsu Co. Ltd.		840,889
	3,400	Tokyo Steel Manufacturing Co. Ltd.		21,893
	35,800	Tokyo Tatemono Co. Ltd.		409,991
	15,100	Tokyo Tekko Co. Ltd.		160,125
	1,000	Tokyotokeiba Co. Ltd.		33,313
	28,100	Tokyu Fudosan Holdings Corp.		140,088
	21,300	Toli Corp.		51,208
	1,400	Tomato Bank Ltd.		13,568
	2,400	Tomen Devices Corp.		86,661
	2,900	Tomoe Corp.		9,458
	3,800	Tomoe Engineering Co. Ltd.		66,712
	7,300	Tomoku Co. Ltd.		105,437
	210,800	TOMONY Holdings, Inc.		711,080
	280,990	Tomy Co. Ltd.		2,285,834
	2,300	Tonami Holdings Co. Ltd.		114,019
	15,900	Topcon Corp.		132,309
	116,098	Toppan Forms Co. Ltd.		1,028,833
	6,000	Topre Corp.		70,615
	2,500	Topy Industries Ltd.		29,516
	2,800	Toridoll Holdings Corp.		32,353
	9,600	Torikizoku Co. Ltd.		139,731
	79,900	Tosei Corp.		786,231
	64,500	Toshiba TEC Corp.		2,115,641
	700	Totech Corp.		13,561
	1,100	Totetsu Kogyo Co. Ltd.		28,701
	20,500	Towa Bank Ltd. (The)		128,179
	11,800	Towa Corp.		103,909
	152,000	Towa Pharmaceutical Co. Ltd.		3,135,890
	232,900	Toyo Construction Co. Ltd.		944,057
	6,600	Toyo Denki Seizo KK		76,753
	3,200	Toyo Ink SC Holdings Co. Ltd.		61,486
	22,700	Toyo Machinery & Metal Co. Ltd.		86,091
	4,800	Toyo Seikan Group Holdings Ltd.		49,246
	13,200	Toyo Tire Corp.		158,304
	2,000	Toyo Wharf & Warehouse Co. Ltd.		25,439
	17,700	Toyobo Co. Ltd.		209,138
	12,700	Toyoda Gosei Co. Ltd.		238,343
	14,500	Toyota Boshoku Corp.		181,866
	400	Trancom Co. Ltd.		26,613

Shares			Value
JAPAN (continued)
	81,600	Transcosmos, Inc.	$	1,655,344
	3,350	Trend Micro, Inc.		170,754
	2,900	Trinity Industrial Corp.		18,943
	1,900	Trusco Nakayama Corp.		41,465
	6,600	TS Tech Co. Ltd.		179,214
	41,200	Tsubakimoto Chain Co.		971,693
	1,900	Tsubakimoto Kogyo Co. Ltd.		57,452
	1,800	Tsugami Corp.		15,851
	900	Tsukishima Kikai Co. Ltd.		10,223
	39,000	Tsukui Corp.		162,810
	9,400	Tsumura & Co.		261,376
	1,200	Tsurumi Manufacturing Co. Ltd.		21,179
	3,900	TV Asahi Holdings Corp.		58,474
	900	Tv Tokyo Holdings Corp.		20,178
	22,480	Ube Industries Ltd.		381,876
	2,000	Uchida Yoko Co. Ltd.		88,804
	600	Ueki Corp.		13,793
	20,800	ULS Group, Inc.		490,369
	2,300	Ulvac, Inc.		64,297
	600	Union Tool Co.		15,386
	13,400	United Arrows Ltd.		212,522
	6,200	United Super Markets Holdings, Inc.		61,067
	1,100	Universal Entertainment Corp.		18,245
	18,500	Ushio, Inc.		197,214
	38,100	UT Group Co. Ltd.(a)		547,101
	8,800	Utoc Corp.		39,853
	5,900	Valor Holdings Co. Ltd.		110,287
	4,400	Valqua Ltd.		73,719
	1,700	ValueCommerce Co. Ltd.		35,643
	3,000	Vital KSK Holdings, Inc.		30,359
	9,400	VT Holdings Co. Ltd.		26,190
	1,800	Wacoal Holdings Corp.		36,649
	55,700	Wacom Co. Ltd.		196,194
	3,000	Wakachiku Construction Co. Ltd.		33,602
	900	Wakita & Co. Ltd.		8,370
	14,100	Warabeya Nichiyo Holdings Co. Ltd.		206,412
	8,400	Waseda Academy Co. Ltd.		76,552
	5,000	Watts Co. Ltd.		30,285
	900	WDB Holdings Co. Ltd.		21,251
	6,500	Weathernews, Inc.		224,409
	2,080	West Holdings Corp.		34,714
	29,400	Will Group, Inc.		177,800
	3,700	WIN-Partners Co. Ltd.		30,927
	12,100	World Co. Ltd.		143,759
	33,900	World Holdings Co. Ltd.		456,781
	5,300	Wowow, Inc.		125,987
	13,100	Xebio Holdings Co. Ltd.		109,619
	6,000	Yahagi Construction Co. Ltd.		44,672
	1,000	YAKUODO Holdings Co. Ltd.		23,808
	52,200	YAMABIKO Corp.		405,673
	39,645	Yamada Denki Co. Ltd.		189,146
	99,300	Yamaguchi Financial Group, Inc.		538,532

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
JAPAN (continued)
	34,000	Yamaichi Electronics Co. Ltd.	$	469,534
	26,400	Yamanashi Chuo Bank Ltd. (The)		198,034
	2,300	Yamatane Corp.		26,040
	12,500	Yamaya Corp.		253,110
	4,800	Yamazaki Baking Co. Ltd.		84,939
	900	Yamazawa Co. Ltd.		14,006
	8,200	Yamazen Corp.		69,686
	1,200	Yaoko Co. Ltd.		74,472
	700	Yashima Denki Co. Ltd.		5,388
	55,500	Yellow Hat Ltd.		774,719
	4,600	Yokogawa Bridge Holdings Corp.		81,314
	6,200	Yokohama Reito Co. Ltd.		52,632
	17,500	Yokohama Rubber Co. Ltd. (The)		226,832
	600	Yokowo Co. Ltd.		13,743
	600	Yondoshi Holdings, Inc.		9,779
	5,400	Yorozu Corp.		57,464
	700	Yoshinoya Holdings Co. Ltd.		14,624
	15,800	Yossix Co. Ltd.		272,523
	3,600	Yotai Refractories Co. Ltd.		20,597
	3,700	Yuasa Trading Co. Ltd.		100,572
	1,700	Yuken Kogyo Co. Ltd.		21,544
	4,700	Yumeshin Holdings Co. Ltd.		26,278
	56,600	Yurtec Corp.		321,198
	900	Yushiro Chemical Industry Co. Ltd.		9,628
	1,500	Zenrin Co. Ltd.		16,074
	16,112	Zensho Holdings Co. Ltd.		320,694
	20,900	Zeon Corp.		185,795
	71,500	ZERIA Pharmaceutical Co. Ltd.		1,393,156
				390,866,155
JERSEY CHANNEL ISLANDS — 0.2%
	48,718	Centamin Plc		95,630
	199,988	Novocure Ltd.(a)		13,159,210
	225	Sanne Group Plc		1,836
				13,256,676
JORDAN — 0.0%
	3,419	Hikma Pharmaceuticals Plc		102,057
LIECHTENSTEIN — 0.0%
	750	Liechtensteinische Landesbank AG		42,968
	269	VP Bank AG		35,393
				78,361
LUXEMBOURG — 0.0%
	4,299	APERAM SA		111,841
	1,967	Corestate Capital Holding SA(a)		40,589
	455	Eurofins Scientific SE		251,800
	38,208	SES SA		255,242
	503	Sword Group		14,332
				673,804

Shares			Value
MALAYSIA — 0.0%
	75,100	Aeon Co. (M) Berhad	$	19,736
	9,450	AEON Credit Service M Berhad		20,021
	184,106	Affin Bank Berhad(a)		65,079
	78,500	Alliance Bank Malaysia Berhad		35,599
	50,700	AMMB Holdings Berhad		35,136
	12,500	Amway Malaysia Holdings Berhad		14,564
	32,700	Batu Kawan Berhad		97,492
	23,600	Berjaya Sports Toto Berhad		12,733
	66,900	BIMB Holdings Berhad		49,164
	149,207	Boustead Holdings Berhad(a)		15,788
	19,850	Bursa Malaysia Berhad		27,467
	25,500	Cahya Mata Sarawak Berhad		8,184
	9,100	Carlsberg Brewery-Malaysia Berhad		58,409
	72,490	Dayang Enterprise Holdings Berhad(a)		21,241
	83,300	DRB-Hicom Berhad		27,315
	82,500	Duopharma Biotech Bhd		29,930
	2,300	Dutch Lady Milk Industries Berhad		25,728
	97	Eastern & Oriental Berhad		10
	5,200	Fraser & Neave Holdings Berhad		38,383
	85,908	Gamuda Berhad		64,331
	136,700	Genting Malaysia Bhd		75,344
	4,200	Genting Plantations Berhad		9,367
	54,366	Globetronics Technology Berhad		24,781
	47,700	Hap Seng Plantations Holdings Berhad		15,308
	14,200	Heineken Malaysia Berhad		79,124
	22,300	Hengyuan Refining Co Berhad(a)		16,180
	24,700	Hong Leong Industries Berhad		47,390
	27,798	IGB Berhad		15,968
	131,780	IJM Corp. Berhad		50,873
	139,031	Inari Amertron Berhad		45,913
	94,700	Iskandar Waterfront City Berhad(a)		11,122
	71,600	JAKS Resources Berhad(a)		17,317
	34,300	Kossan Rubber Industries		44,670
	125,600	KPJ Healthcare Berhad		26,142
	55,374	KSL Holdings Berhad(a)		7,212
	42,600	Lingkaran Trans Kota Holdings Berhad		38,538
	16,920	LPI Capital Berhad		51,390
	32,273	Lynas Corp. Ltd.(a)		36,698
	42,400	Magni-Tech Industries Berhad		18,538
	25,900	Magnum Berhad		13,251
	7,400	Malaysian Pacific Industries Berhad		18,724
	71,500	Matrix Concepts Holdings Berhad		27,935
	36,900	Mega First Corp. Berhad		42,821
	33,800	Padini Holdings Berhad		19,651
	8,600	Pentamaster Corp. Bhd(a)		8,340

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
MALAYSIA (continued)
	19,780	QL Resources Berhad	$	37,490
	52,457	Sarawak Oil Palms Berhad		29,522
	16,600	Scientex Berhad		32,042
	56,490	Serba Dinamik Holdings Berhad		20,888
	42,000	Shangri-La Hotels (Malaysia) Berhad		44,149
	77,800	Sime Darby Property Berhad		11,760
	76,530	Sunway Berhad		27,942
	67,866	Sunway Construction Group Berhad		29,514
	51,784	Supermax Corp. Berhad(a)		29,866
	35,000	Syarikat Takaful Malaysia Keluarga Berhad		35,895
	22,700	Ta Ann Holdings Berhad		11,825
	269,700	TA Enterprise Berhad		31,360
	36,900	Telekom Malaysia Berhad		34,583
	18,360	TIME dotCom Berhad		41,844
	19,600	UEM Edgenta Berhad		11,487
	23,700	United Malacca Berhad		24,251
	20,800	United Plantations Berhad		118,995
	173,900	UOA Development Berhad		67,538
	6,200	ViTrox Corp. Bhd		11,953
	78,875	VS Industry Berhad		16,967
	55,275	Wah Seong Corp. Berhad		7,970
	42,100	Westports Holdings Berhad		36,226
	38,200	Yinson Holdings Berhad		46,018
	43,272	YNH Property Berhad(a)		25,158
	312,726	YTL Corp. Berhad		55,636
				2,269,786
MALTA — 0.0%
	14,841	Kindred Group Plc - SDR		70,830
MEXICO — 0.0%
	73,467	Alfa SAB de CV - Series A		30,087
	50,138	Alpek SAB de CV		23,716
	132,449	Axtel SAB de CV - CPO Units(a)		15,223
	14,700	Becle SAB de CV		22,427
	14,637	Bolsa Mexicana de Valores SAB de CV		26,412
	15,500	Corp Inmobiliaria Vesta SAB de CV		21,236
	25,361	Corp. Actinver SAB de CV		9,786
	47,150	Corp. Interamericana de Entretenimiento SAB de CV - Series B(a)		14,086
	24,022	Corp. Moctezuma SAB de CV		53,384
	1,260	Corporativo Fragua SAB de CV		11,920
	30,200	Fibra Uno Administracion SA de CV REIT		25,074
	15,240	Fresnillo Plc		136,628
	39,113	Genomma Lab Internacional SAB de CV - Class B(a)		31,159
	77,359	Gentera SAB de CV		31,103
	11,618	Grupo Aeroportuario del Centro Norte SAB de CV		42,522

Shares			Value
MEXICO (continued)
	13,171	Grupo Aeroportuario del Pacifico SAB de CV - Series B	$	81,766
	5,517	Grupo Aeroportuario del Sureste SAB de CV - Series B		55,127
	48,752	Grupo Cementos de Chihuahua SAB de CV		141,294
	60,157	Grupo Financiero Inbursa SAB de CV		35,918
	22,346	Grupo Herdez SAB de CV - Series A		27,806
	6,880	Grupo Industrial Saltillo SAB de CV		4,926
	17,079	Grupo KUO SAB De CV - Series B		33,873
	19,200	Grupo Sanborns SAB de CV		18,008
	8,920	Grupo Simec SAB de CV - Series B		18,676
	208,459	Grupo Televisa SAB - Units		220,819
	131,489	Industrias CH SAB de CV - Series B		436,460
	36,269	La Comer SAB de CV(a)		37,893
	19,599	Macquarie Mexico Real Estate Management SA de CV REIT		15,906
	37,026	Megacable Holdings SAB de CV - CPO Shares		92,177
	84,289	Organizacion Soriana SAB de CV - Series B		62,532
	1,100	Promotora y Operadora de Infraestructura SAB de CV - Series L(a)		5,431
	8,043	Qualitas Controladora SAB de CV - Class I		33,042
	35,443	Regional SAB de CV(a)		87,104
	21,201	Telesites SAB de CV(a)		13,776
				1,917,297
MONACO — 0.0%
	1,900	Endeavour Mining Corp.(a)		34,207
NETHERLANDS — 0.7%
	15,763	Aalberts NV		443,941
	6,596	Accell Group NV(a)		121,868
	1,396	AFC Ajax NV		21,876
	10,937	Altice Europe NV(a)		43,567
	483	AMG Advanced Metallurgical Group NV		8,138
	4,302	Amsterdam Commodities NV		92,590
	6,735	Arcadis NV		104,730
	130,048	ASM International NV		14,315,498
	340,122	ASR Nederland NV		9,150,379
	70,325	BE Semiconductor Industries NV		2,894,597
	7,881	Boskalis Westminster		136,887
	6,607	Brunel International NV		41,704
	8,453	CNH Industrial NV(a)		52,912
	7,289	Corbion NV		260,798
	30,572	Eurocommercial Properties NV		339,715

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
NETHERLANDS (continued)
	2,476	Euronext NV	$	207,842
	6,931	ForFarmers NV		46,180
	4,320	GrandVision NV		114,565
	189,283	Heijmans NV - CVA(a)		1,317,159
	1,666	Hunter Douglas NV		77,775
	1,555	IMCD Group NV		137,551
	7,159	Intertrust NV		112,814
	561	Just Eat Takeaway.com NV(a)		57,148
	21	Kendrion NV(a)		252
	417,102	Koninklijke BAM Groep NV(a)		695,680
	4,105	Koninklijke Vopak NV		236,710
	2,904	Nederland Apparatenfabriek(a)		111,064
	5,322	NN Group NV		154,027
	3,778	NSI NV REIT		151,943
	24,070	Ordina NV		48,112
	1,792,588	Pharming Group NV(a)		2,644,103
	147,469	PostNL NV		253,558
	4,544	QIAGEN NV(a)		189,223
	7,622	Randstad NV		305,956
	10,338	SBM Offshore NV		130,906
	455	Shop Apotheke Europe NV(a)		33,607
	13,317	Signify NV		271,658
	8,169	Sligro Food Group NV		126,940
	86,230	SRH NV(a)(b)		0
	27,013	TKH Group NV		950,234
	133,800	TomTom NV		1,055,702
	15,692	Van Lanschot Kempen NV		240,746
	11,673	Vastned Retail NV REIT		214,392
	724,418	VEON Ltd. - ADR		1,238,755
				39,153,802
NEW ZEALAND — 0.4%
	134,743	Air New Zealand Ltd.		111,175
	162,366	Argosy Property Ltd.		105,580
	6,753	CBL Corp. Ltd.(a)(b)		2,462
	86,835	Chorus Ltd.		379,276
	25,260	EBOS Group Ltd.		344,000
	35,054	Fletcher Building Ltd.		79,565
	6,960	Freightways Ltd.		28,523
	5,539	Genesis Energy Ltd.		9,548
	33,377	Heartland Group Holdings Ltd.		23,137
	20,946	Infratil Ltd.		59,107
	70,565	Kathmandu Holdings Ltd.		34,198
	12,351	Mainfreight Ltd.		276,551
	13,684	Metlifecare Ltd.		35,173
	56,805	NZME Ltd.(a)		6,108
	80,079	NZX Ltd.		62,879
	187,107	Oceania Healthcare Ltd.		88,381
	200,584	Port of Tauranga Ltd.		828,117
	333,008	Pushpay Holdings Ltd.(a)		882,508
	1,119	Restaurant Brands New Zealand Ltd.(a)		8,237
	15,128	Sanford Ltd.		64,776
	56,146	Skellerup Holdings Ltd.		66,819
	31,038	SKYCITY Entertainment Group Ltd.		50,647

Shares			Value
NEW ZEALAND (continued)
	209,847	Stride Property Group	$	194,384
	32,260	Summerset Group Holdings Ltd.		120,719
	10,799	Trustpower Ltd.		43,060
	296,438	Xero Ltd.(a)		15,363,075
	912,081	Z Energy Ltd.		1,734,505
				21,002,510
NORWAY — 0.1%
	28,203	ABG Sundal Collier Holding ASA		9,552
	1,087	AF Gruppen ASA		17,867
	16,239	Atea ASA		142,180
	18,749	Austevoll Seafood ASA		146,313
	9,647	Avance Gas Holding Ltd.		20,471
	7,044	Bonheur ASA		124,584
	15,816	Borregaard ASA		147,121
	4,394	BW Energy Ltd.(a)		5,464
	21,532	BW Offshore Ltd.(a)		60,949
	2,877	Entra ASA		36,226
	12,338	Europris ASA		45,402
	11,761	Frontline Ltd.		111,123
	5,496	Grieg Seafood ASA		53,967
	7,112	Hexagon Composites ASA(a)		19,437
	194	Kongsberg Gruppen ASA		2,496
	3,684	Medistim ASA		62,568
	16,871	NEL ASA(a)		20,790
	3,874	Nordic Semiconductor ASA(a)		22,839
	70,637	Norwegian Finans Holding ASA(a)		378,866
	46,133	Norwegian Property ASA		50,433
	15,813	Olav Thon Eiendomsselskap ASA		203,739
	8,549	Otello Corp. ASA(a)		7,894
	76,361	PhotoCure ASA(a)		518,760
	11,466	Salmar ASA		447,670
	5,320	Scatec Solar ASA		77,735
	6,581	Selvaag Bolig ASA		27,268
	5,643	SpareBank 1 BV		18,452
	28,061	SpareBank 1 SMN		205,150
	254,436	SpareBank 1 SR-Bank ASA		1,618,001
	201	Sparebanken More		5,572
	11,044	Sparebanken Vest		65,002
	24,311	Storebrand ASA		121,970
	1	TGS Nopec Geophysical Co. ASA		15
	5,713	Veidekke ASA		50,968
	134,036	Wallenius Wilhelmsen ASA(a)		147,315
				4,994,159
PERU — 0.0%
	18,863	Hochschild Mining Plc		33,095
PHILIPPINES — 0.0%
	4,047	Altus San Nicolas Corp.(a)(b)		156
	150,400	Bloomberry Resorts Corp.		16,636
	27,890	Cebu Air, Inc.		26,678

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
PHILIPPINES (continued)
	133,952	China Banking Corp.	$	52,142
	225,500	Cosco Capital, Inc.		22,138
	92,150	East West Banking Corp.(a)		14,311
	165,200	Emperador, Inc.		25,887
	44,200	Filinvest Development Corp.		7,486
	2,062,375	Filinvest Land, Inc.		38,585
	43,720	First Philippine Holdings Corp.		49,686
	6,155	Globe Telecom, Inc.		267,006
	24,290	International Container Terminal Services, Inc.		42,486
	657,700	Lopez Holdings Corp.		34,014
	11,600	Manila Water Co., Inc.		2,433
	32,200	Megawide Construction Corp.		4,177
	1,018,696	Megaworld Corp.		51,406
	49,100	Phoenix Petroleum Philippines, Inc.		11,338
	1,225	PLDT, Inc.		31,048
	38,600	Puregold Price Club, Inc.		35,132
	104,253	Rizal Commercial Banking Corp.		34,104
	210,207	Robinsons Land Corp.		62,108
	15,190	Robinsons Retail Holdings, Inc.		20,061
	13,571	Security Bank Corp.		27,452
	83,440	Semirara Mining & Power Corp.		19,805
	6	Top Frontier Investment Holdings, Inc.(a)		17
	161,290	Union Bank of Philippines, Inc.		172,637
	583,900	Vista Land & Lifescapes, Inc.		49,765
				1,118,694
POLAND — 0.2%
	2,235	Asseco Poland SA		36,040
	965	Budimex SA		47,217
	2,430	Ciech SA(a)		23,165
	21,659	Develia SA		10,337
	770,847	Energa SA(a)		1,445,524
	4,391	Eurocash SA		22,649
	4,682	Grupa Azoty SA(a)		29,906
	119	Grupa Azoty Zaklady Chemiczne Police SA(a)		304
	1,536	Grupa Kety SA		134,948
	9,826	Grupa Lotos SA		147,693
	1,229	Inter Cars SA		57,024
	7,119	Jastrzebska Spolka Weglowa SA		23,491
	245,656	KGHM Polska Miedz SA(a)		4,558,089
	23,981	Netia SA(a)		22,601
	151	Neuca SA		18,089
	17,977	Orange Polska SA(a)		30,223
	920,856	PGE Polska Grupa Energetyczna SA(a)		914,908
	1,383,131	Polskie Gornictwo Naftowe i Gazownictwo SA		1,237,844
	2,574,932	Tauron Polska Energia SA(a)		703,191
	1,885	Warsaw Stock Exchange		18,356
				9,481,599

Shares			Value
PORTUGAL — 0.0%
	7,430	Altri SGPS SA	$	39,245
	1,231,589	Banco Espirito Santo SA(a)(b)		0
	37,629	CTT-Correios de Portugal SA		88,657
	8,434	Galp Energia SGPS SA		97,184
	16,422	Mota-Engil SGPS SA		20,696
	18,766	Navigator Co. SA (The)		48,821
	488,752	NOS SGPS SA		1,823,186
	20,026	REN - Redes Energeticas Nacionais SGPS SA		54,315
	8,520	Semapa - Sociedade de Investimento e Gestao		84,030
	281,496	Sonae SGPS SA		220,871
				2,477,005
PUERTO RICO — 0.1%
	122,200	EVERTEC, Inc.		3,096,548
QATAR — 0.0%
	228,655	Barwa Real Estate Co.		179,608
	245,346	Doha Bank QPSC(a)		135,981
	198,595	Qatar International Islamic Bank QSC		437,444
				753,033
ROMANIA — 0.0%
	151	NEPI Rockcastle Plc		653
RUSSIA — 0.6%
	1,508,650	Alrosa PJSC		1,264,365
	946,376,065	Federal Grid Co. Unified Energy System PJSC		2,340,390
	3,038,052	Gazprom PJSC		7,777,544
	1,373,778	Gazprom PJSC - ADR		6,973,297
	24,451	Highland Gold Mining Ltd.		73,417
	89,739	Magnit PJSC		4,461,709
	14,884	Magnitogorsk Iron & Steel Works PJSC		104,932
	421,767	Mobile TeleSystems PJSC		1,816,239
	3,185	Novolipetsk Steel PJSC		54,941
	461,351	Petropavlovsk Plc(a)		151,078
	116,079,399	ROSSETI PJSC		2,006,668
	1,322,830	Rostelecom PJSC(a)		1,463,325
	365,562,194	RusHydro PJSC		3,103,591
	17,144	RusHydro PJSC - ADR		14,487
	3,476	Tatneft PJSC - ADR		155,099
	5,614	TMK PJSC		16,954
	4,241,953,683	VTB Bank PJSC		1,994,734
				33,772,770
SINGAPORE — 0.2%
	813,800	Accordia Golf Trust - Units		328,948
	10,660	AF Global Ltd.		869
	418,100	ARA LOGOS Logistics Trust, REIT		160,106
	1,837,930	Asian Pay Television Trust - Units		169,437
	34,900	Banyan Tree Holdings, Ltd.		6,930
	21,700	Best World International Ltd.(b)		3,890

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SINGAPORE (continued)
	4,200	BOC Aviation Ltd.	$	28,415
	7,400	Bonvests Holdings Ltd.		4,251
	25,598	Boustead Projects Ltd.		13,796
	15,300	Boustead Singapore Ltd.		6,510
	23,600	Bukit Sembawang Estates Ltd.		65,604
	9,090	BW LPG Ltd.		31,160
	458,500	China Aviation Oil Singapore Corp. Ltd.		334,897
	1,990,800	China Sunsine Chemical Holdings Ltd.		536,471
	90,000	Chip Eng Seng Corp. Ltd.		33,188
	14,700	City Developments Ltd.		82,978
	25,100	ComfortDelGro Corp. Ltd.		29,369
	1,608,200	CSE Global Ltd.		450,476
	88,000	CW Group Holdings Ltd.(a)(b)		492
	47,900	Delfi Ltd.		22,928
	584,900	Ezion Holdings Ltd.(a)(b)		3,360
	99,121	Far East Orchard Ltd.		70,994
	24,400	First Resources Ltd.		21,802
	238,500	Food Empire Holdings Ltd.		86,257
	164,000	Fragrance Group Ltd.		13,258
	93,900	Frasers Hospitality Trust - Unit		32,961
	70,400	Frasers Property Ltd.		61,406
	646,400	Frencken Group Ltd.		339,209
	68,800	Genting Singapore Ltd.		38,299
	122,600	GL Ltd.		49,991
	58,000	GP Industries Ltd.		20,874
	52,366	GuocoLand Ltd.		52,732
	89,200	Halcyon Agri Corp. Ltd.(a)		23,879
	32,100	Haw Par Corp. Ltd.		233,099
	32,000	Hiap Hoe Ltd.		15,204
	1,374,000	Hi-P International Ltd.		1,042,570
	52,734	Ho Bee Land Ltd.		77,036
	392,640	Hong Fok Corp. Ltd.		207,437
	232,800	Hong Leong Asia Ltd.(a)		85,846
	14,700	Hong Leong Finance Ltd.		23,872
	9,000	Hour Glass Ltd. (The)		3,957
	76,000	Hyflux Ltd.(a)		5
	26,000	IGG, Inc.		16,500
	196,800	Japfa Ltd.		79,549
	92,950	Jurong Technologies Industrial Corp. Ltd.(a)(b)		0
	90,757	Keppel Infrastructure Trust - Units		31,858
	135,400	Lian Beng Group Ltd.		36,487
	42,000	Low Keng Huat Singapore Ltd.		11,616
	75,000	Lum Chang Holdings Ltd.		16,754
	400,600	Midas Holdings Ltd.(a)(b)		10,227
	1,008,100	Moya Holdings Asia Ltd.(a)		41,464
	209,000	Olam International Ltd.		222,317
	68,690	OM Holdings Ltd.		15,890
	28,200	OUE Ltd.		22,398
	46,800	Parkway Life Real Estate Investment Trust, REIT		109,520
	395,300	Penguin International Ltd.		142,966
	84,970	QAF Ltd.		49,410

Shares			Value
SINGAPORE (continued)
	39,618	Raffles Medical Group Ltd.	$	24,443
	304,400	RHT Health Trust - Units REIT(a)(b)		4,101
	2,200	Riverstone Holdings Ltd./Singapore		1,825
	239,250	Roxy-Pacific Holdings Ltd.		55,140
	19,500	SATS Ltd.		45,357
	171,695	Sheng Siong Group Ltd.		180,200
	55,900	Sinarmas Land Ltd.		7,453
	160,700	Singapore Medical Group Ltd.(a)		28,490
	47,900	Singapore Post Ltd.		24,797
	174,000	Singapore Reinsurance Corp. Ltd.		33,933
	440,400	Stamford Land Corp. Ltd.		115,554
	326,100	Starhill Global REIT		115,626
	24,100	StarHub Ltd.		25,465
	111,800	Sunningdale Tech Ltd.		80,075
	310,298	Tuan Sing Holdings Ltd.		55,012
	1,219,200	UMS Holdings Ltd.		708,963
	231,692	United Industrial Corp. Ltd.		371,325
	171,068	UOB-Kay Hian Holdings Ltd.		145,574
	19,411	UOL Group Ltd.		94,016
	180,600	Venture Corp. Ltd.		2,029,933
	15,900	Wing Tai Holdings Ltd.		19,506
	26,250	Xinghua Port Holdings Ltd.		3,115
	446	XP Power Ltd.		17,863
	1,118,600	Yanlord Land Group Ltd.		840,844
				10,650,329
SOUTH AFRICA — 0.3%
	13,666	African Rainbow Minerals Ltd.		100,514
	12,771	Allied Electronics Corp. Ltd. - A Shares		14,193
	25,742	Alviva Holdings Ltd.		6,944
	83,136	ArcelorMittal South Africa Ltd.(a)		2,960
	1,860	Assore Ltd.		31,714
	4,437	Astral Foods Ltd.		46,279
	30,328	Barloworld Ltd.		111,197
	11,801	Clicks Group Ltd.		146,886
	21,103	DataTec Ltd.		27,666
	5,624	Foschini Group Ltd. (The)		22,156
	135,495	Gold Fields Ltd.		1,036,708
	34,961	Harmony Gold Mining Co. Ltd.(a)		129,806
	1,135,175	Impala Platinum Holdings Ltd.		6,871,497
	20,593	Investec Plc		42,523
	1,926	JSE Ltd.		10,687
	1,897	Lewis Group Ltd.		1,612
	3,210	Liberty Holdings Ltd.		12,209
	11,631	Mediclinic International Plc		38,000
	22,537	Metair Investments Ltd.		18,056
	18,044	Momentum Metropolitan Holdings		17,036
	16,444	Mpact Ltd.		6,787
	133,412	Murray & Roberts Holdings Ltd.		39,371

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SOUTH AFRICA (continued)
	12,601	Nedbank Group Ltd.	$	72,885
	34,414	Netcare Ltd.		28,778
	13,803	Northam Platinum Ltd.(a)		68,846
	181,710	Old Mutual Ltd.		131,561
	24,031	Peregrine Holdings Ltd.		24,374
	8,677	Pick’n Pay Stores Ltd.		27,151
	7,777	Royal Bafokeng Platinum Ltd.(a)		13,712
	2,487	Santam Ltd.		36,903
	679,760	Sappi Ltd.(a)		825,152
	8,496	Shoprite Holdings Ltd.		49,105
	3,684,870	Sibanye Stillwater Ltd.(a)		7,506,714
	8,610	SPAR Group Ltd. (The)		82,163
	78,207	Super Group Ltd.(a)		59,070
	3,369	Tongaat Hulett Ltd.(a)		1,183
				17,662,398
SOUTH KOREA — 0.9%
	781	AfreecaTV Co. Ltd.		38,651
	706	AK Holdings, Inc.		14,659
	1,630	Amotech Co. Ltd.(a)		28,093
	230	ASIA Holdings Co. Ltd.		15,743
	962	Asia Paper Manufacturing Co. Ltd.		25,936
	16,835	Asiana Airlines, Inc.(a)		57,616
	2,350	Autech Corp.		18,380
	2,934	Baiksan Co. Ltd.		13,485
	1,524	BH Co. Ltd.(a)		21,013
	295	Binggrae Co. Ltd.		15,398
	8,994	BNK Financial Group, Inc.		37,277
	1,549	Bookook Securities Co. Ltd.		23,392
	3,066	Boryung Pharmaceutical Co. Ltd.		32,712
	388	Busan City Gas Co. Ltd.		11,448
	3,758	Cheil Worldwide, Inc.		54,591
	415	Chong Kun Dang Pharmaceutical Corp.		32,868
	409	Chongkundang Holdings Corp.		38,267
	977	CJ CheilJedang Corp.		218,501
	1,136	CJ ENM Co. Ltd.		119,245
	532	CJ Logistics Corp.(a)		64,620
	653	CKD Bio Corp.		16,185
	2,367	COWELL FASHION Co. Ltd.		10,587
	637	Crown Confectionery Co. Ltd.		4,167
	1,379	Crown Haitai Holdings Co. Ltd.		9,903
	4,227	Dae Dong Industrial Co. Ltd.		15,681
	14,862	Dae Won Kang Up Co. Ltd.		35,373
	7,338	Daea TI Co. Ltd.		38,483
	3,396	Daelim Industrial Co. Ltd.		245,548
	2,871	Daesang Corp.		51,602
	4,103	Daesang Holdings Co. Ltd.		21,450
	1,213	Daewon Pharmaceutical Co. Ltd.		14,684
	337,233	Daewoo Engineering & Construction Co. Ltd.(a)		985,309

Shares			Value
SOUTH KOREA (continued)
	2,186	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)	$	30,769
	5,823	Daewoong Co. Ltd.		83,155
	183	Daewoong Pharmaceutical Co. Ltd.		16,070
	639	Daihan Pharmaceutical Co. Ltd.		15,602
	5,223	Daishin Securities Co. Ltd.		42,652
	5,636	Danal Co. Ltd.(a)		19,497
	594	Danawa Co. Ltd.		13,114
	1,525	Dawonsys Co. Ltd.		20,589
	6,854	DB Financial Investment Co. Ltd.		19,857
	6,210	DB HiTek Co. Ltd.		136,335
	6,034	DB Insurance Co. Ltd.		218,639
	5,479	Deutsch Motors, Inc.(a)		30,263
	312	DI Dong Il Corp.		15,620
	887	DIO Corp.(a)		20,856
	215	Dong-A ST Co. Ltd.		16,110
	1,950	Dong-Ah Geological Engineering Co. Ltd.		27,767
	3,239	Dongjin Semichem Co. Ltd.		41,735
	665	DongKook Pharmaceutical Co. Ltd.		51,467
	6,658	Dongkuk Steel Mill Co. Ltd.(a)		23,196
	927	Dongsuh Cos., Inc.		13,162
	115	Dongwon F&B Co. Ltd.		18,593
	264	Dongwon Industries Co. Ltd.		48,967
	1,136	Dongwon Systems Corp.		20,605
	2,382	Doosan Bobcat, Inc.		45,941
	739	Doosan Co Ltd.		24,473
	2,472	Doosan Fuel Cell Co. Ltd.(a)		15,054
	20,150	Doosan Infracore Co. Ltd.(a)		71,028
	1,362	Doosan Solus Co. Ltd.(a)		36,776
	781	DoubleUGames Co. Ltd.		37,177
	1,169	Douzone Bizon Co. Ltd.		84,333
	412	DTR Automotive Corp.		8,555
	174	e Tec E&C Ltd.		11,681
	4,965	Easy Bio, Inc.		17,359
	998	ENF Technology Co. Ltd.		21,705
	564	Eo Technics Co. Ltd.		33,559
	11,176	Eugene Investment & Securities Co. Ltd.		25,958
	2,306	Eugene Technology Co. Ltd.		33,309
	4,135	Eusu Holdings Co. Ltd.(a)		20,260
	936	F&F Co. Ltd.		82,196
	4,494	Fila Korea Ltd.		128,353
	1,087	Fine Semitech Corp.		7,146
	3,565	Foosung Co. Ltd.		19,632
	667	GOLFZON Co. Ltd.		29,287
	19,172	Green Cross Corp.		2,336,610
	1,306	Green Cross Holdings Corp.		22,563
	137,943	GS Engineering & Construction Corp.		2,864,260
	7,417	GS Holdings Corp.		234,663
	1,932	GS Retail Co. Ltd.		60,174
	178	Gwangju Shinsegae Co. Ltd.		21,402

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SOUTH KOREA (continued)
	700	HAESUNG DS Co. Ltd.	$	8,503
	546	Halla Holdings Corp.		13,488
	107,184	Hana Financial Group, Inc.		2,427,903
	5,944	Hana Micron, Inc.		23,636
	935	Handok, Inc.		17,189
	2,154	Handsome Co. Ltd.		43,135
	2,326	Hanjin Heavy Industries & Construction Co. Ltd.(a)		12,122
	280	Hanjin Transportation Co. Ltd.		10,605
	76	Hankook Shell Oil Co. Ltd.		16,373
	3,686	Hankook Tire & Technology Co. Ltd.		64,285
	108	Hanmi Pharm Co. Ltd.		22,957
	341	Hanmi Science Co. Ltd.		8,004
	3,807	Hanmi Semiconductor Co. Ltd.		24,465
	634	Hansol Chemical Co. Ltd.		44,645
	3,258	Hansol Holdings Co. Ltd.(a)		8,022
	4,396	Hansol Technics Co. Ltd.(a)		21,791
	524	Hanssem Co. Ltd.		31,308
	2,689	Hanwha Aerospace Co. Ltd.(a)		59,366
	12,707	Hanwha Chemical Corp.		151,739
	6,639	Hanwha Corp.		112,789
	3,152	Hanwha General Insurance Co. Ltd.(a)		5,665
	2,836	HDC Holdings Co. Ltd.		21,809
	1,309	HDC Hyundai Development Co-Engineering & Construction		20,251
	3,133	Hite Jinro Co. Ltd.		83,439
	1,530	Hotel Shilla Co. Ltd.		106,985
	5,644	HS Industries Co. Ltd.		38,122
	6,474	HS R&A Co. Ltd.		8,634
	1,564	Huchems Fine Chemical Corp.		22,463
	67	Hugel, Inc.(a)		21,121
	618	Huons Co. Ltd.		24,599
	2,395	Huons Global Co. Ltd.		62,212
	294	Hyosung Advanced Materials Corp.(a)		19,665
	562	Hyosung Corp.		32,195
	1,860	Hyundai Bioscience Co. Ltd.(a)		16,410
	39,224	Hyundai Department Store Co. Ltd.		2,340,338
	577	Hyundai Elevator Co. Ltd.		29,313
	111,577	Hyundai Engineering & Construction Co. Ltd.		3,209,630
	3,301	Hyundai Greenfood Co. Ltd.		22,188
	560	Hyundai Heavy Industries Holdings Co. Ltd.		111,683
	8,137	Hyundai Marine & Fire Insurance Co. Ltd.		174,300
	7,226	Hyundai Merchant Marine Co. Ltd.(a)		21,409
	2,548	Hyundai Motor Securities Co. Ltd.		18,402
	9,015	Hyundai Steel Co.		159,813
	1,245	Hyundai Wia Corp.		33,566
	899	HyVision System, Inc.		6,227

Shares			Value
SOUTH KOREA (continued)
	3,262	ICD Co. Ltd.	$	41,496
	831	Il Dong Pharmaceutical Co. Ltd.(a)		8,832
	662	Iljin Materials Co. Ltd.		21,651
	540	Ilyang Pharmaceutical Co. Ltd.		14,537
	1,171	InBody Co. Ltd.		18,116
	2,263	Innox Advanced Materials Co., Ltd.(a)		68,069
	2,081	IS Dongseo Co. Ltd.		43,552
	1,144	i-SENS, Inc.		22,111
	2,907	JB Financial Group Co. Ltd.		11,535
	1,321	JW Pharmaceutical Corp.		31,712
	1,661	JYP Entertainment Corp.		28,287
	2,577	KAON Media Co. Ltd.		12,500
	81,383	KB Financial Group, Inc.		2,321,030
	1,588	KC Co. Ltd.		17,920
	824	KEPCO Plant Service & Engineering Co. Ltd.		21,945
	2,847	Kginicis Co. Ltd.		51,405
	1,590	KIWOOM Securities Co. Ltd.		97,870
	657	KMW Co. Ltd.(a)		32,892
	964	Koentec Co. Ltd.		7,682
	556	Koh Young Technology, Inc.		37,007
	1,469	Kolmar BNH Co. Ltd.		34,722
	541	Kolmar Korea Co. Ltd.		18,959
	1,625	Kolmar Korea Holdings Co. Ltd.		29,141
	6,168	Korea Asset In Trust Co. Ltd.		12,225
	1,723	Korea Autoglass Corp.		18,807
	122,296	Korea Electric Power Corp.(a)		2,393,828
	809	Korea Electric Terminal Co. Ltd.		18,956
	5,031	Korea Investment Holdings Co. Ltd.		206,864
	573	Korea Petrochemical Ind Co. Ltd.		66,073
	38,142	Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		2,588,816
	11,209	Korean Reinsurance Co.		77,275
	2,714	Kortek Corp.		21,428
	350	KPX Chemical Co. Ltd.		14,018
	4,383	Kt Hitel CO Ltd(a)		20,216
	3,515	KTB Investment & Securities Co. Ltd.		7,414
	700	Kukdo Chemical Co. Ltd.		23,985
	2,347	Kumho Petrochemical Co. Ltd.		147,163
	5,317	Kwang Dong Pharmaceutical Co. Ltd.		26,444
	1,610	Kyeryong Construction Industrial Co. Ltd.		21,142
	4,479	Kyobo Securities Co. Ltd.		26,651
	682	Kyung Dong Navien Co. Ltd.		20,094
	3,492	Kyungdong Pharm Co. Ltd.		23,787
	3,000	LB Semicon, Inc.		17,727
	682	LEENO Industrial, Inc.		49,984
	53,470	LG Electronics, Inc.		2,409,211
	838	LG Hausys Ltd.		35,351
	1,690	LG Innotek Co. Ltd.		183,085

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SOUTH KOREA (continued)
	13,703	Lotte Chemical Corp.	$	2,423,568
	2,654	LOTTE Fine Chemical Co. Ltd.		84,949
	37	Lotte Food Co. Ltd.		11,615
	248	Lotte Shopping Co. Ltd.		20,313
	7,515	Macquarie Korea Infrastructure Fund		70,620
	1,288	Mcnex Co. Ltd.		31,448
	226	Medy-Tox, Inc.		21,442
	377	MegaStudyEdu Co. Ltd.		13,923
	7,186	Meritz Financial Group, Inc.		58,564
	4,743	Meritz Fire & Marine Insurance Co. Ltd.		53,913
	41,376	Meritz Securities Co. Ltd.		111,042
	2,704	MiCo Ltd.		19,973
	47,998	Mirae Asset Daewoo Co. Ltd.		220,993
	258	Miwon Commercial Co. Ltd.		13,065
	5,297	Moorim P&P Co. Ltd.		14,716
	434	NeoPharm Co. Ltd.		11,006
	708	Neowiz(a)		10,082
	3,085	NEPES Corp.		73,678
	7,239	Nexen Corp.		27,983
	15,622	NH Investment & Securities Co. Ltd.		124,238
	1,051	NHN KCP Corp.		33,338
	2,870	NICE Holdings Co. Ltd.		46,873
	1,136	Nice Information & Telecommunication, Inc.		27,597
	3,006	NICE Information Service Co. Ltd.		43,297
	302	NongShim Co. Ltd.		73,241
	2,740	NPC		8,253
	42,716	OCI Co. Ltd.(a)		1,400,553
	3,642	OPTRON-TEC, Inc.		14,407
	3,648	Orion Corp.		42,215
	53	Ottogi Corp.		23,706
	4,424	Paik Kwang Industrial Co. Ltd.		10,076
	15,220	Pan Ocean Co. Ltd.(a)		43,032
	1,952	Paradise Co. Ltd.		25,232
	4,914	Partron Co. Ltd.		32,425
	162	Pearl Abyss Corp.(a)		25,567
	3,408	Pharmicell Co. Ltd.(a)		53,143
	2,784	Poongsan Corp.		48,325
	776	POSCO Chemical Co. Ltd.		32,990
	3,983	Posco International Corp.		46,418
	4,870	Power Logics Co. Ltd.		27,459
	2,046	Protec Co. Ltd.		23,928
	3,374	PSK, Inc.		51,920
	1,800	Pulmuone Co. Ltd.		17,875
	1,772	S&T Motiv Co. Ltd.		52,210
	4,515	S-1 Corp.		320,528
	393	Sajo Industries Co. Ltd.		10,289
	821	Sajodaerim Corp.		9,669
	851	Sam Chun Dang Pharm Co. Ltd.		21,477
	5,492	Samick Musical Instruments Co. Ltd.		6,581

Shares			Value
SOUTH KOREA (continued)
	1,859	Samick THK Co. Ltd.	$	17,622
	2,847	Samji Electronics Co. Ltd.		21,239
	3,371	Samsung Card Co. Ltd.		82,999
	335,177	Samsung Engineering Co. Ltd.(a)		3,163,474
	26,630	Samsung SDS Co. Ltd.		3,551,541
	7,839	Samsung Securities Co. Ltd.		193,651
	15,416	SAMT Co. Ltd.		25,051
	535	Samwha Capacitor Co. Ltd.		21,339
	426	Samyang Foods Co. Ltd.		35,312
	10,329	Savezone I&C Corp.		19,497
	12,045	S-Connect Co. Ltd.(a)		20,315
	1,369	Seegene, Inc.		104,379
	1,713	SFA Engineering Corp.		49,136
	1,034	SFA Semicon Co. Ltd.(a)		4,489
	273	Shindaeyang Paper Co. Ltd.		13,667
	139	Shinsegae International, Inc.		24,869
	940	Shinsegae, Inc.		204,440
	9,563	Shinsung E&G Energy Co. Ltd.(a)		6,891
	806	Silicon Works Co. Ltd.		19,944
	3,772	SIMMTECH Co. Ltd.		29,564
	642	SK Bioland Co. Ltd.		12,619
	651	SK Chemicals Co. Ltd.		41,514
	1,966	SK Discovery Co. Ltd.		40,661
	605	SK Gas Ltd.		37,935
	23,437	SK Innovation Co. Ltd.		1,890,810
	332	SK Materials Co. Ltd.		42,915
	500,344	SK Networks Co. Ltd.		2,217,455
	2,802	SKC Co. Ltd.		113,947
	1,591	SKCKOLONPI, Inc.		42,829
	2,440	SL Corp.		26,534
	602	SM Entertainment Co. Ltd.(a)		13,686
	4,340	Solid, Inc.(a)		20,338
	2,175	Songwon Industrial Co. Ltd.		25,705
	1,433	Soulbrain Co. Ltd.		85,854
	4,928	Ssangyong Cement Industrial Co. Ltd.		20,708
	1,302	Suheung Co. Ltd.		47,231
	766	Sun Kwang Co. Ltd.		9,147
	2,957	Sungshin Cement Co. Ltd.		19,002
	67	Suprema, Inc.(a)		1,883
	4,680	Synopex, Inc.(a)		10,198
	2,784	Systems Technology, Inc.		36,786
	3,467	Tae Kyung Industrial Co. Ltd.		13,089
	5,742	Taeyoung Engineering & Construction Co. Ltd.		67,861
	4,737	Tailim Packaging Co. Ltd.		15,259
	2,118	TechWing, Inc.		26,509
	2,038	TES Co Ltd.		33,452
	5,795	TK Chemical Corp.(a)		10,344
	753	Tokai Carbon Korea Co. Ltd.		44,496
	4,967	Top Engineering Co. Ltd.		36,892
	1,855	Toptec Co. Ltd.		31,134
	4,916	Tovis Co. Ltd.		28,686
	1,046	Unid Co. Ltd.		37,086

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SOUTH KOREA (continued)
	4,676	Union Semiconductor Equipment & Materials Co. Ltd.	$	19,073
	2,607	UniTest, Inc.		27,494
	754	Vieworks Co. Ltd.		21,782
	1,082	Vitzrocell Co. Ltd.		12,388
	1,434	Webzen Inc(a)		19,595
	696	Whanin Pharmaceutical Co. Ltd.		8,454
	2,988	WONIK IPS Co. Ltd.(a)		68,296
	1,325	Wonik QnC Corp.(a)		13,919
	246,475	Woori Financial Group, Inc.		1,707,291
	19,800	Woori Investment Bank Co Ltd.(a)		9,441
	2,162	Youlchon Chemical Co. Ltd.		26,705
	49	Young Poong Corp.		20,952
	3,091	Youngone Corp.		68,875
	764	Youngone Holdings Co. Ltd.		25,739
	1,295	Yuhan Corp.		50,112
	3,045	Yuyang DNU Co. Ltd.(a)(b)		3,049
				51,530,124
SPAIN — 0.3%
	13,957	Acciona SA		1,382,654
	1,513	ACS Actividades de Construccion y Servicios SA		37,753
	929	Alantra Partners SA		11,657
	370,835	Almirall SA		4,795,298
	361,443	Applus Services SA		2,376,533
	2,752	Azkoyen SA		17,492
	180,891	Banco de Sabadell SA		74,951
	24,833	Bankinter SA		102,431
	6,859	Bolsas y Mercados Espanoles SHMSF SA		250,148
	20,024	Caja de Ahorros del Mediterraneo(a)(b)		0
	23,251	Cellnex Telecom SA		1,217,930
	32,327	Cia de Distribucion Integral Logista Holdings SA		576,022
	2,586	CIE Automotive SA		45,314
	2,513	Construcciones y Auxiliar de Ferrocarriles SA		86,059
	5,852	Ebro Foods SA		124,411
	43,812	EDP Renovaveis SA		537,730
	34,308	eDreams ODIGEO SA(a)		80,645
	11,227	Elecnor SA		102,608
	35,161	Enagas SA		820,332
	21,838	Ence Energia y Celulosa SA		70,119
	16,697	Ercros SA		47,116
	27,742	Euskaltel SA		221,321
	78,709	Faes Farma SA		344,583
	2,298	Fluidra SA(a)		25,686
	7,912	Fomento de Construcciones y Contratas SA		75,172
	16,826	Grupo Catalana Occidente SA		325,999
	1,924	Iberpapel Gestion SA		44,066
	3,282	Indra Sistemas SA(a)		28,287

Shares			Value
SPAIN (continued)
	5,814	Inmobiliaria Colonial Socimi SA REIT	$	56,067
	5,335	Laboratorios Farmaceuticos Rovi SA		151,421
	2,908	Masmovil Ibercom SA(a)		54,939
	320,579	Mediaset Espana Comunicacion SA		1,150,182
	2,815	Miquel y Costas & Miquel SA		35,661
	711,794	Pharma Mar SA(a)		4,251,123
	1,765	Prim SA		17,562
	12,629	Prosegur Cia de Seguridad SA		27,790
	594	Realia Business SA(a)		475
	13,619	Red Electrica Corp. SA		239,612
	8,560	Sacyr SA		15,984
	9,426	Siemens Gamesa Renewable Energy SA		140,172
	5,619	Talgo SA(a)		27,217
	4,253	Vidrala SA		379,845
	7,821	Viscofan SA		500,956
	13,229	Zardoya Otis SA		92,056
				20,963,379
SWAZILAND — 0.0%
	12,016	PSP Swiss Property AG		1,396,732
	5,160	Swiss Prime Site AG		490,207
				1,886,939
SWEDEN — 1.2%
	8,404	AcadeMedia AB		43,934
	1,972	Addlife AB		62,663
	13,163	AddNode Group AB		226,406
	6,047	AddTech AB - Class B		165,622
	16,626	AF POYRY AB(a)		304,206
	75,941	Akelius Residential Property AB(a)		129,324
	37,127	Arise AB(a)		132,057
	722,700	Arjo AB - B Shares		3,600,277
	27,893	Atrium Ljungberg AB - Class B		389,988
	183,141	Avanza Bank Holding AB		2,226,444
	19,668	Axfood AB		417,726
	6,788	Bactiguard Holding AB(a)		100,195
	7,305	Beijer Alma AB		70,536
	5,582	Beijer Electronics Group AB		21,743
	2,374	Beijer Ref AB		49,350
	1,616	Bergman & Beving AB		9,525
	910	Besqab AB		9,216
	135,013	Betsson AB		766,703
	418,693	Bilia AB - A Shares		2,826,136
	23,063	BillerudKorsnas AB		292,079
	5,306	BioGaia AB - Class B		257,531
	3,126	Biotage AB		38,964
	30,819	Bonava AB - Class B		150,562
	8,615	Bravida Holding AB(a)		70,469
	248,760	Bredband2 i Skandinavien AB		36,208
	5,307	BTS Group AB		107,057
	8,004	Bufab AB(a)		63,913

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SWEDEN (continued)
	102,626	Bure Equity AB	$	1,893,527
	4,280	Bygghemma Group First AB(a)		30,842
	91,679	Byggmax Group AB(a)		398,453
	31,546	Castellum AB		554,400
	18,622	Catena AB		592,693
	143,686	Clas Ohlson AB - Class B		1,260,016
	542,122	Cloetta AB - B Shares(a)		1,254,765
	5,671	Coor Service Management Holding AB(a)		37,494
	8,322	Corem Property Group AB		15,952
	3,910	Corem Property Group AB - Preference Shares		124,245
	2,205	Creades AB		113,011
	364,842	Dios Fastigheter AB		2,255,089
	7,721	Doro AB(a)		25,405
	19,013	Duni AB		155,913
	5,173	Dustin Group AB		26,301
	3,235	Eastnine AB		37,007
	4,203	Elanders AB - B Shares		21,520
	20,165	Enea AB(a)		275,737
	69,143	Eolus Vind AB - B Shares		733,551
	5,271	Fagerhult AB		20,531
	1,826	Fastator AB(a)		13,963
	124,496	Fastighets AB Balder - Class B(a)		4,925,885
	9	FastPartner AB		65
	9,885	Fingerprint Cards AB - Class B(a)		15,721
	28,588	Fortnox AB		656,407
	10,429	G5 Entertainment AB		144,210
	591,347	Getinge AB - B Shares		11,401,783
	20,214	GHP Specialty Care AB(a)		27,641
	32,204	Gunnebo AB(a)		57,966
	46,115	Haldex AB		170,171
	9,633	Hexpol AB(a)		70,354
	55,024	HIQ International AB		229,838
	2,022	HMS Networks AB(a)		34,945
	5,960	Holmen AB - B Shares		174,358
	15,135	Hufvudstaden AB - A Shares		194,546
	40,801	Humana AB		173,564
	6,904	Indutrade AB		222,780
	120,422	Instalco AB		1,461,501
	178,191	Inwido AB		1,042,037
	6,362	JM AB		118,264
	75,686	Kinnevik AB - Class B		1,567,142
	244,154	Klovern AB - B Shares		331,605
	13,208	KNOW IT AB(a)		197,395
	220,725	Kungsleden AB		1,692,368
	4,026	Lagercrantz Group AB - B Shares		55,712
	3,739	Lime Technologies AB		76,116
	325,683	Lindab International AB		3,014,563
	8,693	Loomis AB - Class B		212,787
	12,776	Mekonomen AB(a)		66,789
	1,325	Modern Times Group MTG AB - Class B(a)		13,432

Shares			Value
SWEDEN (continued)
	8,224	Momentum Group AB - Class B	$	74,605
	11,990	Mycronic AB		201,806
	68,856	NCC AB - Class B		1,062,233
	6,608	Nederman Holding AB(a)		73,154
	103,547	New Wave Group AB - Class B		317,359
	149,438	Nobia AB		561,865
	7,202	Nobina AB		39,643
	65,723	Nolato AB - B Shares		3,456,020
	1,900	Nordic Waterproofing Holding AS		16,593
	15,572	NP3 Fastigheter AB		127,376
	85,377	Nyfosa AB(a)		527,715
	1,084	OEM International AB - B Shares(a)		22,556
	95,109	Orexo AB(a)		623,940
	27,790	Peab AB		213,217
	9,780	Platzer Fastigheter Holding AB - Class B		75,187
	304,998	Pricer AB - B Shares		621,520
	7,176	Proact IT Group AB		91,946
	819,438	Ratos AB - B Shares(a)		1,958,782
	31,797	RaySearch Laboratories AB(a)		244,123
	249,200	Recipharm AB - B Shares		2,991,207
	667	Rejlers AB		6,427
	183,986	Rottneros AB		179,729
	2,524	Saab AB - Class B(a)		58,600
	2,136	Sagax AB - Class B		22,990
	28,315	Samhallsbyggnadsbolaget i Norden AB		55,001
	76,775	Scandi Standard AB		506,812
	5,044	Sdiptech AB - Class B(a)		49,118
	6,147	Sectra AB - Class B		264,639
	11,101	Semcon AB(a)		62,015
	5,989	Sintercast AB		76,860
	24,499	SkiStar AB		227,770
	32,183	SSAB AB - Class B(a)		75,809
	557	Surgical Science Sweden AB(a)		18,955
	11,782	Svolder AB- Class B		119,563
	4,673	Sweco AB - Class B		160,945
	11,583	Systemair AB		164,086
	22,961	Tethys Oil AB		118,386
	5,104	Thule Group AB		96,004
	22,493	Trelleborg AB - B Shares(a)		290,048
	2,598	Troax Group AB		30,039
	716	VBG Group AB - B Shares(a)		9,908
	49,323	Vitrolife AB		902,463
	1,459	Volati AB		5,466
	179,517	Vostok Emerging Finance Ltd.(a)		43,427
	45,232	Vostok New Ventures Ltd.(a)		278,188
	3,733	Wallenstam AB - B Shares		38,762
	181,709	Wihlborgs Fastigheter AB		2,603,905
				70,525,956
SWITZERLAND — 0.8%
	926	51job, Inc. - ADR(a)		55,504

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SWITZERLAND (continued)
	19,887	Adecco Group AG	$	871,711
	1,913	AEVIS VICTORIA SA		26,656
	5,284	Allreal Holding AG		982,077
	6,094	ALSO Holding AG		1,255,102
	128	APG SGA SA		23,525
	174,160	Aryzta AG(a)		70,223
	48,907	Ascom Holding AG(a)		367,848
	661	Autoneum Holding AG(a)		58,242
	381	Bachem Holding AG - Class B		89,995
	4,095	Baloise Holding AG		613,030
	491	Banque Cantonale de Geneve		92,579
	736	Banque Cantonale Vaudoise		650,410
	81	Barry Callebaut AG		158,769
	35	Belimo Holding AG		232,427
	473	Bell Food Group AG(a)		120,792
	1,462	Bellevue Group AG		32,868
	818	Berner Kantonalbank AG		190,676
	304	BKW AG		24,629
	1,241	Bobst Group SA		61,970
	354	Bossard Holding AG - Class A		44,083
	1,391	Bucher Industries AG		391,685
	88	Burckhardt Compression Holding AG		17,869
	232	Burkhalter Holding AG		15,046
	1,680	Calida Holding AG		51,692
	52,518	Cembra Money Bank AG		4,991,998
	1,007	Cicor Technologies Ltd.		39,539
	554	Cie Financiere Tradition SA		64,856
	4,573	Clariant AG		84,638
	186	Coltene Holding AG		12,410
	1,821	Comet Holding AG		243,743
	124	Conzzeta AG		106,368
	184,000	CSPC Pharmaceutical Group Ltd.		365,508
	224	Daetwyler Holding AG		38,337
	7,989	DKSH Holding AG(a)		451,075
	2,512	dormakaba Holding AG		1,255,935
	21,697	Dufry AG		706,487
	7,762	EFG International AG(a)		48,329
	554	Emmi AG		509,089
	2,219	Energiedienst Holding AG		70,576
	15,400	ENN Energy Holdings Ltd.		174,014
	41,190	Evolva Holding SA(a)		9,388
	1,137,432	Ferrexpo Plc		1,942,590
	2,203	Flughafen Zuerich AG(a)		271,823
	264	Forbo Holding AG		353,915
	221	Georg Fischer AG		164,734
	84	Gurit Holding AG		119,397
	24,085	Helvetia Holding AG		2,204,517
	3,758	Highlight Communications AG		14,002
	20,301	Huber & Suhner AG		1,301,872
	12	Hypothekarbank Lenzburg AG(a)		54,204
	48,442	Implenia AG		1,971,305
	125	Inficon Holding AG		84,305
	21	Interroll Holding AG		39,901

Shares			Value
SWITZERLAND (continued)
	519	Intershop Holding AG	$	266,960
	1,339	Investis Holding SA		113,751
	28,196	IWG Plc		84,520
	12,009	Julius Baer Group Ltd.		470,780
	719	Jungfraubahn Holding AG		98,325
	837	Kardex AG		120,531
	135	Komax Holding AG(a)		19,594
	1,955	Lastminute.com NV(a)		43,343
	34	LEM Holding SA		44,030
	793	Leonteq AG		28,590
	33,099	Logitech International SA		1,594,856
	777	Luzerner Kantonalbank AG		315,549
	120	Metall Zug AG - Class B		226,884
	3,411	Mobilezone Holding AG		30,037
	1,595	Mobimo Holding AG		437,892
	12,290	Molecular Partners AG(a)		267,382
	13,248	OC Oerlikon Corp AG		99,231
	478	Orell Fuessli Holding AG		45,856
	514	Orior AG		42,760
	833	Peach Property Group AG(a)		30,377
	355	Phoenix Mecano AG		135,711
	261	Plazza AG		75,441
	2,912	Rieter Holding AG		283,281
	154	Romande Energie Holding SA		167,521
	193	Schweiter Technologies AG		190,951
	810	SFS Group AG		64,238
	3,732	Siegfried Holding AG		1,705,063
	557	Sonova Holding AG		100,580
	507	St. Galler Kantonalbank AG		218,505
	324	Straumann Holding AG		245,841
	404	Sulzer AG		28,587
	20,800	Sunny Optical Technology Group Co. Ltd.		295,399
	3,811	Sunrise Communications Group AG		305,196
	5,380	Swatch Group AG (The)		209,459
	1,992	Swatch Group AG (The)		398,606
	2,142	Swiss Life Holding AG		758,715
	3,070	Swissquote Group Holding SA		198,783
	73,360	Temenos AG		9,545,730
	235	Thurgauer Kantonalbank		25,198
	846	TX Group AG		56,356
	5,559	u-blox Holding AG(a)		389,029
	2,697	Valiant Holding AG		260,689
	385	Valora Holding AG(a)		68,764
	694	VAT Group AG		114,462
	478	Vaudoise Assurances Holding SA		232,748
	71	Vetropack Holding AG		209,635
	1,506	Vifor Pharma AG		226,310
	17,165	Vontobel Holding AG		890,926
	5,775	VZ Holding AG		403,846
	11	Warteck Invest AG		23,476
	14,216	Zehnder Group AG		556,710
	73	Zug Estates Holding AG - B Shares		145,962

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
SWITZERLAND (continued)
	29	Zuger Kantonalbank AG	$	189,277
				47,296,506
TAIWAN — 1.4%
	24,000	Accton Technology Corp.		175,542
	5,536,878	Acer, Inc.		3,100,197
	5,050	Acter Group Corp. Ltd.		36,343
	7,025	Actron Technology Corp.		20,766
	3,000	Advanced Ceramic X Corp.		31,678
	22,000	Advanced International Multitech Co. Ltd.		24,377
	15,794	Advanced Wireless Semiconductor Co.		48,121
	24,373	Advancetek Enterprise Co. Ltd.		14,262
	19,000	Aerospace Industrial Development Corp.		18,338
	3,916	Airtac International Group		76,249
	9,000	Alchip Technologies Ltd.		88,982
	22,000	Ambassador Hotel (The)		20,012
	22,000	Ampire Co. Ltd.		15,462
	9,099	Anpec Electronics Corp.		20,807
	26,000	APCB, Inc.		19,279
	24,161	Apex International Co. Ltd.		45,744
	62,872	Ardentec Corp.		55,712
	10,000	Asia Optical Co., Inc.		24,414
	30,100	Asia Vital Components Co. Ltd.		41,299
	2,208	ASMedia Technology, Inc.		62,223
	2,000	ASPEED Technology, Inc.		80,036
	11,000	Aten International Co. Ltd.		33,958
	9,272,000	AU Optronics Corp.		2,463,262
	24,800	Audix Corp.		33,902
	58,171	Bank of Kaohsiung Co. Ltd.		18,701
	18,000	BenQ Materials Corp.		10,381
	88,350	BES Engineering Corp.		21,154
	10,000	Brighton-Best International Taiwan, Inc.		8,676
	13,000	C Sun Manufacturing Ltd.		12,394
	11,426	Capital Futures Corp.		15,139
	191,955	Capital Securities Corp.		63,390
	35,479	Career Technology Manufacturing Co. Ltd.		33,944
	16,000	Casetek Holdings Ltd.		25,208
	34,300	Cathay Real Estate Development Co. Ltd.		22,839
	26,519	Center Laboratories, Inc.		42,985
	20,748	Central Reinsurance Co. Ltd.		12,803
	34,975	ChainQui Construction Development Co. Ltd.		25,052
	1,730	Chang Wah Electromaterials, Inc.		9,396
	21,000	Channel Well Technology Co. Ltd.		16,525
	13,185	Charoen Pokphand Enterprise		27,978
	3,000	Chaun-Choung Technology Corp.		25,272
	14,000	CHC Healthcare Group		16,949
	50,920	Cheng Loong Corp.		36,302

Shares			Value
TAIWAN (continued)
	1,328,559	Cheng Shin Rubber Industry Co. Ltd.	$	1,543,615
	39,797	Cheng Uei Precision Industry Co. Ltd.		51,458
	25,277	Chicony Electronics Co. Ltd.		71,743
	12,300	Chicony Power Technology Co. Ltd.		24,239
	7,961	Chilisin Electronics Corp.		28,378
	357,744	China Airlines Ltd.		99,251
	105,000	China Bills Finance Corp.		51,729
	21,000	China Chemical & Pharmaceutical Co. Ltd.		14,972
	78,672	China General Plastics Corp.		48,151
	156,584	China Life Insurance Co. Ltd/Taiwan(a)		107,947
	33,077	China Metal Products		28,142
	3,919,650	China Petrochemical Development Corp.		1,066,365
	6,114	China Steel Chemical Corp.		21,589
	31,360	China Wire & Cable Co. Ltd.		29,265
	21,000	Chinese Maritime Transport Ltd.		17,655
	42,883	Chin-Poon Industrial Co. Ltd.		37,206
	54,000	Chipbond Technology Corp.		102,783
	53,000	ChipMOS Technologies, Inc.		54,717
	25,000	Chong Hong Construction Co. Ltd.		69,275
	10,876	Chroma ATE, Inc.		50,839
	64,000	Chun YU Works & Co. Ltd.		37,234
	124,779	Chun Yuan Steel		39,654
	132,000	Chung Hung Steel Corp.		34,757
	73,779	Chung Hwa Pulp Corp.		18,906
	22,125	Chung-Hsin Electric & Machinery Manufacturing Corp.		18,824
	7,000	Cleanaway Co. Ltd.		36,723
	117,498	CMC Magnetics Corp.(a)		31,136
	4,774,000	Compal Electronics, Inc.		3,066,380
	135,000	Compeq Manufacturing Co. Ltd.		181,368
	3,391	Concraft Holding Co. Ltd.		14,653
	52,200	Coretronic Corp.		56,173
	24,000	Co-Tech Development Corp.		32,687
	18,838	CTCI Corp.		20,874
	1,649	Cub Elecparts, Inc.		8,013
	6,000	CyberPower Systems, Inc.		16,888
	80,133	Da-Li Development Co. Ltd.		79,091
	28,000	Darfon Electronics Corp.		35,122
	47,000	Darwin Precisions Corp.		18,571
	66,904	D-Link Corp.		27,449
	42,000	Dynamic Electronics Co. Ltd.(a)		27,259
	13,000	Dynapack International Technology Corp.		31,170
	41,000	E Ink Holdings, Inc.		42,742
	36,000	Eastern Media International Corp.		16,041
	7,620	Eclat Textile Co. Ltd.		76,875

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
TAIWAN (continued)
	3,000	Egis Technology, Inc.	$	19,320
	9,924	Elan Microelectronics Corp.		32,205
	7,000	E-LIFE MALL Corp.		15,795
	22,809	Elite Advanced Laser Corp.		54,460
	14,967	Elite Material Co. Ltd.		65,432
	37,000	Elite Semiconductor Memory Technology, Inc.		51,015
	3,000	eMemory Technology, Inc.		28,500
	98,000	EnTie Commercial Bank Co. Ltd.		48,281
	91,015	Epistar Corp.		117,532
	71,975	Eternal Materials Co. Ltd.		64,746
	1,590,679	Eva Airways Corp.		615,163
	54,120	Everest Textile Co. Ltd.(a)		13,814
	84,000	Evergreen International Storage & Transport Corp.		37,288
	7,641,470	Evergreen Marine Corp. Taiwan Ltd.(a)		2,852,397
	68,342	Everlight Chemical Industrial Corp.		32,405
	759,000	Everlight Electronics Co. Ltd.		832,089
	8,608	Excelsior Medical Co. Ltd.		15,603
	146,062	Far Eastern Department Stores Ltd.		113,219
	315,205	Far Eastern International Bank		112,889
	25,478	Faraday Technology Corp.		37,142
	12,000	Farglory Land Development Co. Ltd.		17,352
	69,255	Federal Corp.(a)		38,311
	46,320	Feng Hsin Steel Co. Ltd.		81,311
	6,000	Feng TAY Enterprise Co. Ltd.		34,503
	61,000	First Insurance Co. Ltd. (The)		28,924
	129,859	First Steamship Co. Ltd.		44,980
	34,049	FLEXium Interconnect, Inc.		124,235
	9,955	Flytech Technology Co. Ltd.		22,899
	24,000	Focaltech Systems Co. Ltd.		25,988
	9,995	Formosa Laboratories, Inc.		16,907
	31,203	Formosa Oilseed Processing Co. Ltd.		40,818
	5,000	Formosa Sumco Technology Corp.		24,969
	48,251	Formosan Union Chemical		20,607
	33,000	Fortune Electric Co. Ltd.		29,519
	7,127	Foxsemicon Integrated Technology, Inc.		39,546
	12,369	Fulgent Sun International Holding Co. Ltd.		40,514
	42,420	Fulltech Fiber Glass Corp.		15,193
	106,466	Fwusow Industry Co. Ltd.		66,952
	11,000	Gamania Digital Entertainment Co. Ltd.		19,569
	40,000	Gemtek Technology Corp.(a)		27,979
	11,000	General Interface Solution Holding Ltd.		35,364
	25,000	Getac Technology Corp.		37,412
	13,000	Giant Manufacturing Co. Ltd.		77,598
	758,981	Gigabyte Technology Co. Ltd.		1,327,225

Shares			Value
TAIWAN (continued)
	2,000	Ginko International Co. Ltd.	$	10,627
	61,000	Global Brands Manufacture Ltd.		29,232
	6,000	Global Unichip Corp.		48,930
	25,650	Globe Union Industrial Corp.		11,386
	67,880	Gloria Material Technology Corp.		36,866
	50,000	Gold Circuit Electronics Ltd.(a)		55,571
	49,852	Goldsun Building Materials Co. Ltd.		23,135
	18,000	Grand Ocean Retail Group Ltd.		14,830
	121,000	Grand Pacific Petrochemical(a)		61,240
	4,000	Grape King Bio Ltd.		26,634
	25,000	Great China Metal Industry		17,865
	26,000	Great Taipei Gas Co. Ltd.		26,493
	43,188	Great Wall Enterprise Co. Ltd.		60,200
	44,000	Greatek Electonics, Inc.		67,325
	7,507,000	HannStar Display Corp.		1,595,488
	134,498	HannsTouch Solution, Inc.(a)		50,431
	53,000	Hey Song Corp.		57,747
	50,666	Highwealth Construction Corp.		74,372
	12,065	Hitron Technology, Inc.		8,135
	9,790	Hiwin Technologies Corp.		94,817
	105,530	Ho Tung Chemical Corp.		26,297
	10,000	Holiday Entertainment Co. Ltd.		21,354
	13,000	Holtek Semiconductor, Inc.		28,985
	17,105	Holy Stone Enterprise Co. Ltd.		71,615
	19,514	Hong Pu Real Estate Development Co. Ltd.		14,404
	10,624	Hota Industrial Manufacturing Co. Ltd.		34,084
	51,435	Hsing TA Cement Co.		30,443
	1,006,000	HTC Corp.		1,014,914
	5,000	Hu Lane Associate, Inc.		12,106
	13,479	Huaku Development Co. Ltd.		41,385
	8,000	Huang Hsiang Construction Corp.		9,039
	21,000	Hung Ching Development & Construction Co. Ltd.		14,371
	71,360	Hung Sheng Construction Ltd.		42,475
	42,830	Hwa Fong Rubber Industrial Co. Ltd.(a)		17,572
	132,310	IBF Financial Holdings Co. Ltd.		48,721
	34,341	Ichia Technologies, Inc.		15,533
	9,908	Innodisk Corp.		62,307
	10,255,000	Innolux Corp.		2,255,400
	1,609,872	International CSRC Investment Holdings Co.		1,142,310
	3,000	International Games System Co. Ltd.		56,294
	3,956,155	Inventec Corp.		3,126,449
	20,505	ITEQ Corp.		99,986
	150,682	Jih Sun Financial Holdings Co. Ltd.		47,784
	30,000	KEE TAI Properties Co. Ltd.		9,846
	66,682	Kenda Rubber Industrial Co. Ltd.		59,537
	16,000	Kerry TJ Logistics Co. Ltd.		22,034

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
TAIWAN (continued)
	34,000	Kindom Construction Corp.	$	29,956
	10,720	King Chou Marine Technology Co. Ltd.		10,977
	4,000	King Slide Works Co. Ltd.		41,767
	157,184	King Yuan Electronics Co. Ltd.		190,292
	5,000	Kingpak Technology, Inc.		24,381
	108,185	King’s Town Bank Co. Ltd.		116,238
	13,000	Kinik Co.		25,750
	181,343	Kinpo Electronics		79,583
	44,000	Kinsus Interconnect Technology Corp.		78,126
	4,000	KMC Kuei Meng International, Inc.		11,568
	15,000	KS Terminals, Inc.		19,345
	6,000	Kung Long Batteries Industrial Co. Ltd.		29,358
	38,523	Kuo Toong International Co. Ltd.		22,412
	30,799	Kwong Fong Industries Corp.		11,238
	7,000	Kwong Lung Enterprise Co. Ltd.		9,651
	39,000	L&K Engineering Co. Ltd.		33,706
	3,000	Land Mark Optoelectronics Corp.		28,349
	56,714	Lealea Enterprise Co. Ltd.		13,618
	9,000	Lelon Electronics Corp.		12,212
	20,000	Lextar Electronics Corp.		11,837
	26,000	Li Cheng Enterprise Co. Ltd.		28,241
	50,788	Li Peng Enterprise Co. Ltd.		10,435
	36,649	Lien Hwa Industrial Corp.		53,119
	50,000	Lingsen Precision Industries Ltd.		16,798
	12,882	Lite-On Semiconductor Corp.		17,891
	99,000	Lite-On Technology Corp.		154,810
	283,560	Longchen Paper & Packaging Co. Ltd.		127,779
	15,000	Longwell Co.		31,729
	723	Lotes Co. Ltd.		8,145
	12,545	Lumax International Corp. Ltd.		27,422
	8,000	Lung Yen Life Service Corp.		15,066
	9,000	Macauto Industrial CO Ltd.		20,823
	2,000	Machvision, Inc.		22,699
	186,000	Macronix International		225,803
	6,523	Makalot Industrial Co. Ltd.		27,968
	11,000	Materials Analysis Technology, Inc.		28,077
	550,000	MediaTek, Inc.		7,675,752
	57,039	Mercuries & Associates Holding Ltd.		42,199
	65,280	Mercuries Life Insurance Co. Ltd.(a)		21,097
	5,000	Merida Industry Co. Ltd.		25,810
	12,285	Merry Electronics Co. Ltd.		57,838
	36,404	Micro-Star International Co. Ltd.		113,852
	18,036	Mirle Automation Corp.		20,349
	9,000	MPI Corp.		20,097

Shares			Value
TAIWAN (continued)
	4,000	Nak Sealing Technologies Corp.	$	8,945
	10,000	Namchow Holdings Co. Ltd.		15,234
	21,590	Nan Kang Rubber Tire Co. Ltd.		29,260
	26,405	Nantex Industry Co. Ltd.		26,861
	21,000	National Petroleum Co. Ltd.		30,967
	12,426	Nichidenbo Corp.		20,517
	6,000	Nien Made Enterprise Co. Ltd.		46,408
	16,000	Novatek Microelectronics Corp.		100,348
	46,826	OptoTech Corp.		33,935
	52,000	Orient Semiconductor Electronics Ltd.(a)		21,596
	36,500	Oriental Union Chemical Corp.		20,744
	23,094	Paiho Shih Holdings Corp.		24,075
	32,807	Pan Jit International, Inc.		27,085
	51,000	Pan-International Industrial Corp.		32,672
	7,000	PChome Online, Inc.(a)		23,211
	1,089,000	Pegatron Corp.		2,420,692
	5,128	Pharmally International Holding Co. Ltd.		28,281
	6,000	Phison Electronics Corp.		57,808
	6,000	Pixart Imaging, Inc.		35,613
	24,000	Plotech Co. Ltd.		14,931
	209,000	Pou Chen Corp.		198,201
	284,790	Powertech Technology, Inc.		967,289
	3,242	Poya International Co. Ltd.		54,512
	155,377	President Securities Corp.		70,278
	28,000	Primax Electronics Ltd.		44,350
	202,370	Prince Housing & Development Corp.		68,735
	121,000	Prodisc Technology, Inc.(a)(b)		0
	26,000	Promate Electronic Co. Ltd.		29,072
	4,215,520	Qisda Corp.		2,402,874
	7,000	QST International Corp.		10,828
	700	Qualipoly Chemical Corp.		617
	115,309	Quintain Steel Co. Ltd.		24,817
	143,505	Radiant Opto-Electronics Corp.		476,798
	105,750	Radium Life Tech Co. Ltd.		37,696
	589,150	Realtek Semiconductor Corp.		5,101,681
	45,771	Rechi Precision Co. Ltd.		26,321
	15,000	Rexon Industrial Corp. Ltd.		36,420
	48,616	Rich Development Co. Ltd.		15,237
	177,600	Ritek Corp.(a)		30,101
	48,000	Roo Hsing Co. Ltd.(a)		15,012
	26,640	Ruentex Development Co. Ltd.		39,956
	38,000	Ruentex Industries Ltd.		87,536
	60,268	Sampo Corp.		39,116
	27,113	San Fang Chemical Industry Co. Ltd.		21,563
	29,000	San Far Property Ltd.		16,384
	48,080	Sanyang Motor Co. Ltd.		32,014
	7,000	SCI Pharmtech, Inc.		31,426
	8,000	SDI Corp.		13,048
	21,000	Sercomm Corp.		52,895
	28,007	Sesoda Corp.		22,887

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
TAIWAN (continued)
	9,000	Shan-Loong Transportation Co. Ltd.	$	8,913
	16,144,352	Shin Kong Financial Holding Co. Ltd.		4,636,483
	11,000	Shin Zu Shing Co. Ltd.		48,829
	37,109	Shining Building Business Co. Ltd.(a)		11,369
	42,000	Shinkong Insurance Co. Ltd.		52,047
	33,000	Shinkong Textile Co. Ltd.		45,666
	5,000	Shiny Chemical Industrial Co. Ltd.		16,024
	63,982	Sigurd Microelectronics Corp.		78,750
	9,200	Simplo Technology Co. Ltd.		96,528
	9,364	Sinbon Electronics Co. Ltd.		46,133
	10,961	Sino-American Electronic Co. Ltd.(a)(b)		0
	47,000	Sino-American Silicon Products, Inc.		140,827
	83,000	Sinon Corp.		52,614
	11,000	Sinyi Realty, Inc.		9,766
	36,000	Siward Crystal Technology Co. Ltd.		24,334
	99,616	Solar Applied Materials Technology Co.(a)		64,989
	117,000	Southeast Cement Co. Ltd.		63,346
	3,000	St Shine Optical Co. Ltd.		35,361
	15,762	Standard Foods Corp.		35,673
	6,000	Sunny Friend Environmental Technology Co. Ltd.		52,057
	22,000	Sunonwealth Electric Machine Industry Co. Ltd.		29,001
	46,245	Supreme Electronics Co. Ltd.		52,409
	71,965	Sweeten Real Estate Development Co. Ltd.		49,007
	3,750	Syncmold Enterprise Corp.		9,887
	85,550	Synnex Technology International Corp.		114,790
	12,000	Systex Corp.		32,808
	94,088	TA Chen Stainless Pipe Co.		84,322
	70,720	Ta Ya Electric Wire & Cable		23,425
	13,696	TA-I Technology Co. Ltd.		37,077
	819,821	Taichung Commercial Bank Co. Ltd.		315,671
	4,500	TaiDoc Technology Corp.		28,828
	28,580	Taiflex Scientific Co. Ltd.		44,932
	475,045	Tainan Spinning Co. Ltd.		146,173
	507,117	Taiwan Business Bank		185,033
	25,000	Taiwan Cogeneration Corp.		27,786
	2,000	Taiwan FamilyMart Co. Ltd/Taiwan		14,931
	35,320	Taiwan Fire & Marine Insurance Co. Ltd.		23,458
	24,000	Taiwan FU Hsing Industrial Co. Ltd.		32,243
	104,919	Taiwan Glass Industrial Corp.		31,613
	32,081	Taiwan Hon Chuan Enterprise Co. Ltd.		58,797

Shares			Value
TAIWAN (continued)
	74,324	Taiwan Land Development Corp.(a)	$	17,296
	471	Taiwan Line Tek Electronic		413
	49,544	Taiwan Navigation Co. Ltd.		26,824
	11,032	Taiwan Paiho Ltd.		25,598
	36,000	Taiwan PCB Techvest Co. Ltd.		40,919
	8,000	Taiwan Sakura Corp.		12,725
	14,408	Taiwan Secom Co. Ltd.		42,686
	16,000	Taiwan Semiconductor Co. Ltd.		20,608
	62,500	Taiwan Styrene Monomer		35,625
	23,875	Taiwan Surface Mounting Technology Corp.		72,661
	51,469	Taiwan TEA Corp.		24,664
	8,000	Taiwan Union Technology Corp.		36,588
	41,000	Tatung Co. Ltd.(a)		29,644
	9,117	TCI Co. Ltd.		70,670
	118,000	Teco Electric and Machinery Co. Ltd.		106,546
	4,400	Tehmag Foods Corp.		31,443
	18,000	Test Research, Inc.		31,416
	11,000	Thinking Electronic Industrial Co. Ltd.		31,184
	56,100	Ton Yi Industrial Corp.		17,338
	8,000	Tong Hsing Electronic Industries Ltd.		32,956
	55,834	Tong Yang Industry Co. Ltd.		67,501
	11,921	TOPBI International Holdings Ltd.		28,142
	12,160	Topco Scientific Co. Ltd.		42,119
	5,624	Topco Technologies Corp.		12,445
	6,000	Topkey Corp.		22,397
	33,344	Topoint Technology Co. Ltd.		21,866
	42,000	TPK Holding Co. Ltd.(a)		59,392
	8,137	Transcend Information, Inc.		19,319
	29,000	Tripod Technology Corp.		103,862
	2,200	TSC Auto ID Technology Co. Ltd.		15,056
	6,000	Ttet Union Corp.		23,809
	7,000	TTY Biopharm Co. Ltd.		16,713
	116,315	Tung Ho Steel Enterprise Corp.		90,356
	35,815	TXC Corp.		77,925
	56,000	TYC Brother Industrial Co. Ltd.		45,856
	23,000	U-Ming Marine Transport Corp.		22,856
	3,099,000	Unimicron Technology Corp.		4,465,628
	327,952	Union Bank Of Taiwan(a)		118,006
	94,757	Unitech Printed Circuit Board Corp.		72,494
	8,000	United Integrated Services Co. Ltd.		50,981
	15,151,646	United Microelectronics Corp.		7,923,195
	104,767	United Renewable Energy Co. Ltd/Taiwan(a)		18,602
	156,780	Universal Cement Corp.		92,793
	10,162	Universal Microwave Technology, Inc.		25,698
	134,734	UPC Technology Corp.		45,309

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
TAIWAN (continued)
	159,297	USI Corp.	$	66,694
	12,000	Utechzone Co. Ltd.		19,854
	39,000	Vanguard International Semiconductor Corp.		91,675
	39,800	Ve Wong Corp.		37,074
	16,000	Visual Photonics Epitaxy Co. Ltd.		47,780
	3,150	Voltronic Power Technology Corp.		75,211
	19,000	Wafer Works Corp.		20,894
	17,000	Wah Lee Industrial Corp.		31,100
	322,000	Walsin Lihwa Corp.		142,394
	15,000	Walsin Technology Corp.		107,444
	81,000	Walton Advanced Engineering, Inc.		28,601
	60,300	Wan Hai Lines Ltd.		34,270
	43,000	Wei Chuan Foods Corp.		31,596
	39,865	Weikeng Industrial Co. Ltd.		20,109
	11,000	Well Shin Technology Co. Ltd.		16,572
	24,460	Win Semiconductors Corp.		221,268
	464,472	Winbond Electronics Corp.		218,674
	44,673	Wintek Corp.(a)(b)		515
	83,646	Wisdom Marine Lines Co. Ltd.		70,745
	4,565,512	Wistron Corp.		4,337,286
	18,995	Wistron NeWeb Corp.		39,860
	9,000	Wowprime Corp.		20,339
	76,235	WPG Holdings Co. Ltd.		99,856
	21,635	WT Microelectronics Co. Ltd.		28,047
	7,204	Xxentria Technology Materials Corp.		13,155
	7,000	Yageo Corp.		92,042
	292,124	Yang Ming Marine Transport Corp.(a)		66,507
	77,084	YC INOX Co. Ltd.		61,954
	10,907	YeaShin International Development Co. Ltd.		5,539
	110,713	Yem Chio Co. Ltd.		41,327
	12,000	Yeong Guan Energy Technology Group Co. Ltd.(a)		24,979
	179,624	YFY, Inc.		77,319
	125,035	Yieh Phui Enterprise Co. Ltd.		37,549
	13,000	Yonyu Plastics Co. Ltd.		14,361
	23,110	Youngtek Electronics Corp.		39,402
	11,000	Yulon Finance Corp.		37,361
	119,000	Yulon Motor Co. Ltd.		69,632
	14,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		32,297
	4,000	Zeng Hsing Industrial Co. Ltd.		17,554
	53,000	Zhen Ding Technology Holding Ltd.		192,491
	23,000	Zinwell Corp.		12,375
				82,855,237
THAILAND — 0.2%
	80,900	Bangchak Corp. Public Co. Ltd. - FOR		46,257

Shares			Value
THAILAND (continued)
	67,100	Bangkok Chain Hospital Public Co. Ltd. - FOR	$	28,412
	25,300	Bangkok Insurance Public Co. Ltd. - FOR		185,322
	1,118,900	Bangkok Land Public Co. Ltd. - FOR		37,003
	14,300	Bumrungrad Hospital Public Co. Ltd. - FOR		51,932
	691,508	Cal-Comp Electronics Thailand Public Co. Ltd. - FOR		30,990
	17,100	Central Plaza Hotel Public Co. Ltd. - FOR(a)		11,416
	48,222	CH Karnchang Public Co. Ltd. - FOR		25,486
	101,400	Chularat Hospital Public Co. Ltd. - FOR		7,710
	19,600	Com7 Public Co. Ltd. - FOR		13,024
	49,000	Dhipaya Insurance Public Co. Ltd. - FOR		33,772
	104,100	Eastern Water Resources Development and Management Public Co. Ltd. - FOR		32,174
	117,700	Esso Thailand Public Co. Ltd. - FOR		19,644
	31,100	GFPT Public Co. Ltd. - FOR		10,958
	22,018	Global Power Synergy Public Co. Ltd. - FOR		47,976
	5,000	Haad Thip Public Co. Ltd. - FOR		2,843
	28,400	Hana Microelectronics Public Co. Ltd. - FOR		25,455
	148,800	Ichitan Group Public Co. Ltd. - FOR		26,904
	21,921,107	IRPC Public Co. Ltd. - FOR		1,815,749
	5,002,000	Italian-Thai Development Public Co. Ltd. - FOR		210,253
	183,800	Jasmine International Public Co. Ltd. - FOR		22,496
	26,200	KCE Electronics Public Co. Ltd.- FOR		14,171
	178,900	KGI Securities Thailand Public Co. Ltd. - FOR(a)		21,343
	79,666	Khon Kaen Sugar Industry Public Co. Ltd. - FOR		4,826
	18,500	Kiatnakin Bank Public Co. Ltd. - FOR		24,158
	32,400	Krungthai Card Public Co. Ltd. - FOR		34,047
	51,900	Major Cineplex Group Public Co. Ltd. - FOR		23,259
	158,600	MBK Public Co. Ltd. - FOR		77,940
	28,500	Mega Lifesciences Public Co. Ltd. - FOR		25,545
	16,000	MK Restaurants Group Public Co. Ltd. - FOR		27,198
	26,500	Muangthai Capital Public Co. Ltd. - FOR(a)		38,904

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
THAILAND (continued)
	82,500	Polyplex Thailand Public Co. Ltd. - FOR	$	35,698
	86,300	Pruksa Holding Public Co. Ltd. - FOR		29,073
	75,400	PTG Energy Public Co. Ltd. - FOR		32,159
	2,685,958	PTT Global Chemical Public Co. Ltd. - FOR		3,133,825
	368,831	Quality Houses Public Co. Ltd. - FOR		23,711
	13,400	Ratch Group Public Co. Ltd. - FOR		27,541
	139,968	Ratchthani Leasing Public Co. Ltd. - FOR		17,131
	159,700	Rojana Industrial Park Public Co. Ltd. - FOR		20,731
	92,900	Samart Telcoms Public Co. Ltd. - FOR		16,653
	476,076	SC Asset Corp. Public Co. Ltd. - FOR		29,428
	8,420	Siam City Cement Public Co. Ltd. - FOR		31,098
	154,369	Siam Future Development Public Co. Ltd. - FOR		22,424
	39,914	Siam Global House Public Co. Ltd - FOR		16,654
	60,400	Siamgas & Petrochemicals Public Co. Ltd. - FOR		15,308
	69,700	Sino-Thai Engineering & Construction Public Co. Ltd. - FOR		33,391
	60,800	SPCG Public Co. Ltd. - FOR		32,697
	62,860	Sri Trang Agro-Industry Public Co. Ltd. - FOR		25,257
	16,462	Srisawad Corp. Public Co. Ltd. - FOR		27,348
	78,275	Supalai Public Co. Ltd. - FOR		36,047
	15,000	Thai Central Chemical Public Co. Ltd. - FOR		9,458
	2,602,783	Thai Oil Public Co. Ltd. - FOR		3,298,226
	11,900	Thai Stanley Electric Public Co. Ltd. - FOR		47,078
	128,300	Thai Union Group Public Co. Ltd. - FOR		51,947
	51,100	Thai Vegetable Oil Public Co. Ltd. - FOR		38,694
	122,200	Thaifoods Group Public Co. Ltd. - FOR		14,428
	95,200	Thanachart Capital Public Co. Ltd. - FOR		108,132
	17,300	Thitikorn Public Co. Ltd. - FOR		4,759
	26,000	Tisco Financial Group Public Co. Ltd. - FOR		59,064
	2,534,674	TMB Bank Public Co. Ltd. - FOR		75,206
	42,800	Total Access Communication Public Co. Ltd. - FOR		55,889

Shares			Value
THAILAND (continued)
	390,200	TPI Polene Public Co. Ltd. - FOR	$	14,472
	1,106,100	True Corp. PCL - FOR		114,182
	71,300	Unique Engineering & Construction Public Co. Ltd. - FOR		13,553
	91,900	Vanachai Group Public Co. Ltd. - FOR(a)		5,596
	85,400	Vibhavadi Medical Center Public Co. Ltd. - FOR		4,355
	46,300	Vinythai Public Co. Ltd. - FOR		32,484
	244,400	WHA Corp Public Co. Ltd. - FOR		20,697
				10,551,561
TURKEY — 0.3%
	708	Akcansa Cimento AS		850
	13,055	Aksa Akrilik Kimya Sanayii AS		11,823
	13,561	Anadolu Anonim Turk Sigorta Sirketi		9,817
	22,924	Anadolu Cam Sanayii AS		13,480
	15,619	Anadolu Efes Biracilik Ve Malt Sanayii AS		41,073
	1,332,894	Arcelik AS(a)		3,127,471
	20,252	Bera Holding AS(a)		11,184
	9,433	Coca-Cola Icecek AS		49,692
	2,824,425	Dogan Sirketler Grubu Holding AS		727,372
	12,906,677	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT(a)		2,308,226
	1,930,256	Haci Omer Sabanci Holding AS		2,259,031
	12,385	Hektas Ticaret TAS		24,098
	44,496	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A		14,387
	120,787	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D		38,191
	1,171,005	KOC Holding AS		2,570,029
	15,694	Kordsa Teknik Tekstil AS		25,373
	2,624	Koza Altin Isletmeleri AS(a)		26,974
	948	Otokar Otomotiv Ve Savunma Sanayi AS		16,900
	10,253	Pegasus Hava Tasimaciligi AS(a)		77,746
	5,065,584	Petkim Petrokimya Holding AS(a)		2,572,834
	16,564	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		13,105
	24,259	Selcuk Ecza Deposu Ticaret ve Sanayi AS		26,343
	450,287	Soda Sanayii AS		376,232
	143,713	TAV Havalimanlari Holding AS		374,215
	7,135	Tofas Turk Otomobil Fabrikasi AS		22,805
	45,244	Trakya Cam Sanayii AS		20,908
	196,957	Tupras Turkiye Petrol Rafinerileri AS(a)		2,558,652

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
TURKEY (continued)
	1,358,391	Turkcell Iletisim Hizmetleri AS	$	2,711,146
	137,554	Turkiye Sinai Kalkinma Bankasi AS(a)		20,271
	68,766	Turkiye Sise ve Cam Fabrikalari AS		47,717
	7,755	Ulker Biskuvi Sanayi AS(a)		26,295
	1	Vestel Elektonik Sanayi ve Ticaret AS(a)		1
				20,124,241
UKRAINE — 0.0%
	2,796	Kernel Holding SA		27,025
UNITED ARAB EMIRATES — 0.0%
	12,044	Lamprell Plc(a)		1,820
	833	NMC Health Plc		283
				2,103
UNITED KINGDOM — 3.8%
	28,584	4imprint Group Plc		676,106
	2,179	A.G. Barr Plc		13,544
	12,026	accesso Technology Group Plc(a)		34,080
	673,862	Adaptimmune Therapeutics Plc - ADR(a)		2,264,176
	2,138	Admiral Group Plc		62,742
	129,757	Afren Plc(a)(b)		0
	234,248	Aggreko Plc		1,354,205
	11,180	Alliance Pharma Plc		10,631
	7,502	Alpha FX Group Plc		69,448
	3,986	Anglo-Eastern Plantations Plc		24,148
	449	Aptitude Software Group Plc		2,488
	10,408	Argentex Group Plc(a)		18,516
	48,664	Arrow Global Group Plc		61,905
	335,492	Ashmore Group Plc		1,603,155
	112,167	ASOS Plc(a)		3,382,090
	52,112	Assura Plc REIT		50,079
	20,958	Augean Plc(a)		39,991
	17,569	Auto Trader Group Plc		101,501
	1,724	Avon Rubber Plc		57,541
	27,680	B&M European Value Retail SA		116,023
	8,299	Babcock International Group Plc		44,057
	21,046	Balfour Beatty Plc		68,813
	10,716	Beazley Plc		53,447
	9,202	Begbies Traynor Group Plc		12,053
	19,160	Bellway Plc		642,632
	5,393	Berkeley Group Holdings Plc		284,128
	11,689	Biffa Plc		32,389
	2,745	Big Yellow Group Plc REIT		37,062
	30,624	Bloomsbury Publishing Plc		79,456
	30,075	Bodycote Plc		221,026
	23,328	boohoo Group Plc(a)		94,902
	5,249	Braemar Shipping Services Plc		6,743
	9,129	Brewin Dolphin Holdings Plc		31,504
	5,998	Britvic Plc		55,336

Shares			Value
UNITED KINGDOM (continued)
	4,977	Capital & Counties Properties Plc REIT	$	10,425
	779	Capital & Regional Plc REIT		997
	3,919	CareTech Holdings Plc		20,731
	87,391	Carillion Plc(a)(b)		0
	95,639	Chemring Group Plc		238,745
	42,289	Chesnara Plc		176,832
	1,776	City of London Investment Group Plc		6,845
	852	Clarkson Plc		26,774
	39,197	Clinigen Group Plc		356,440
	7,993	Close Brothers Group Plc		109,832
	7,207	CLS Holdings Plc		18,699
	14,367	CMC Markets Plc		36,281
	79,163	Codemasters Group Holdings Plc(a)		274,190
	3,269	Cohort Plc		23,674
	65,383	Computacenter Plc		1,199,008
	47,617	Concentric AB(a)		541,785
	21,175	ConvaTec Group Plc		56,647
	8,952	Countryside Properties Plc		45,686
	851	Cranswick Plc		39,851
	170,290	Crest Nicholson Holdings plc		550,782
	14,053	CVS Group Plc		161,952
	3,863	Daily Mail & General Trust Plc - Class A		34,399
	198,118	Dart Group Plc		1,605,715
	1,000	Derwent London Plc REIT		39,120
	24,646	Devro Plc		49,294
	296,767	Dialog Semiconductor Plc(a)		9,349,886
	18,588	Dignity Plc		57,124
	3,373	Diploma Plc		73,283
	139,382	Direct Line Insurance Group Plc		478,376
	6,699	DiscoverIE Group Plc		42,018
	874,022	Dixons Carphone Plc		854,791
	13,351	Domino’s Pizza Group Plc		57,879
	2,427,734	Drax Group Plc		6,384,509
	148,987	DS Smith Plc		585,275
	49,442	Dunelm Group Plc		573,213
	28,270	EKF Diagnostics Holdings Plc(a)		13,922
	8,781	Electrocomponents Plc		63,925
	54,073	Elementis Plc		47,673
	99,039	EMIS Group Plc		1,307,264
	1,306	Epwin Group Plc		1,350
	18,873	Equiniti Group Plc		40,743
	6,355	Ergomed Plc(a)		32,417
	11,331	Essentra Plc		39,817
	115,141	FDM Group Holdings Plc		1,084,745
	32,008	Firstgroup Plc(a)		26,950
	111,184	Frasers Group Plc(a)		364,092
	2,088	Games Workshop Group Plc		158,315
	2,073	Gamesys Group Plc(a)		22,898
	103,683	GAN Plc(a)		316,023
	6,409	Gateley Holdings Plc		12,633

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
UNITED KINGDOM (continued)
	214,173	Genus Plc	$	9,203,852
	114,393	Go-Ahead Group Plc (The)		1,927,753
	320	Goodwin Plc		9,028
	16,097	Grainger Trust Plc		54,172
	73,483	Great Portland Estates Plc, REIT		626,388
	403,009	Greggs Plc		9,298,997
	495,269	Gulf Keystone Petroleum Ltd.		497,159
	3,212	H&T Group Plc		12,541
	23,294	Hastings Group Holdings Plc		53,543
	28,280	Hays Plc		38,646
	84,186	Headlam Group Plc		318,095
	3,903	Helical Plc		17,697
	14,425	Henry Boot Plc		42,877
	2,763	Hill & Smith Holdings Plc		40,159
	1,774	Hilton Food Group Plc		25,025
	34,354	Hollywood Bowl Group Plc		70,744
	7,188	HomeServe Plc		100,944
	10,594	Howden Joinery Group Plc		70,078
	9,063	Hunting Plc		20,821
	34,584	Huntsworth Plc		46,825
	60,335	Hyve Group Plc		17,364
	31,204	IDOX Plc(a)		15,524
	109,350	IG Group Holdings Plc		1,039,140
	7,904	IMI Plc		82,378
	295,750	Inchcape Plc		1,868,063
	273,622	Indivior Plc(a)		169,969
	569,252	IntegraFin Holdings Plc		3,552,582
	342,175	International Personal Finance Plc		240,911
	2,973	iomart Group Plc		11,982
	153,092	J D Wetherspoon Plc		1,822,134
	208,626	J Sainsbury Plc		520,534
	6,818	James Fisher & Sons Plc		116,271
	486,425	JD Sports Fashion Plc		3,243,364
	15,332	John Laing Group Plc		70,445
	17,389	John Wood Group Plc		44,372
	127,801	Johnson Service Group Plc		199,918
	4,044	Judges Scientific Plc		251,614
	33,907	Jupiter Fund Management Plc		93,355
	233,638	Just Group Plc(a)		164,347
	140,963	Kainos Group Plc		1,242,794
	7,187	Keller Group Plc		55,670
	41,624	Kingfisher Plc		82,465
	4,256	Lancashire Holdings Ltd.		32,806
	12,526	Land Securities Group Plc, REIT		104,440
	1,719	Liontrust Asset Management Plc		23,166
	19,397	LondonMetric Property Plc REIT		47,444
	242,240	Lookers Plc		76,580
	102,044	M&G Plc		169,973
	9,348	Macfarlane Group Plc		9,537
	35,034	Man Group Plc - Jersey		58,863
	132,261	Marshalls Plc		1,061,959
	901,985	Marston’s Plc		428,970
	20,113	McBride Plc		14,946

Shares			Value
UNITED KINGDOM (continued)
	39,152	Meggitt Plc	$	137,728
	5,104	Mitchells & Butlers Plc(a)		11,404
	2,215	MJ Gleeson Plc		20,979
	274,837	Moneysupermarket.com Group Plc		1,099,390
	19,952	Morgan Advanced Materials Plc		54,908
	14,228	Morgan Sindall Group Plc		230,094
	1,709	Mortgage Advice Bureau Holdings Ltd.		12,377
	6,132	Motorpoint group Plc		15,060
	612	MP Evans Group Plc		4,779
	704,884	National Express Group Plc		2,425,461
	11,757	NCC Group Plc		24,196
	10,296	Ninety One Plc(a)		22,006
	18,711	Non-Standard Finance Plc		3,064
	484	Norcros Plc		975
	2,576,699	Ocado Group Plc(a)		52,071,408
	133,728	OneSavings Bank Plc		410,968
	23,668	Oxford Instruments Plc		366,063
	96,831	Oxford Metrics Plc		121,348
	54,713	Pagegroup Plc		259,104
	24,081	Paragon Banking Group Plc		101,180
	5,827	Patisserie Holdings Plc(a)(b)		0
	30,992	PayPoint Plc		258,016
	21,209	Pearson Plc		122,825
	4,424	Pennon Group Plc		61,069
	460,545	Pets at Home Group Plc		1,488,417
	341,051	Phoenix Group Holdings Plc		2,581,604
	34,213	Polar Capital Holdings Plc		172,364
	10,810	Polypipe Group plc		68,008
	1,318	Porvair Plc		11,288
	53,771	Premier Foods Plc(a)		30,950
	19,058	Premier Miton Group Plc		23,643
	40,227	Provident Financial Plc		98,038
	20,721	PZ Cussons Plc		48,803
	13,856	QinetiQ Group Plc		53,053
	72,175	Quilter Plc		112,039
	154,167	Rank Group Plc		316,113
	173,858	Reach Plc		172,113
	36,582	Redde Northgate Plc		82,750
	653,030	Redrow Plc		3,793,310
	3,544	Renew Holdings Plc		20,176
	113,503	Renishaw Plc		5,037,779
	51,232	Renold Plc(a)		4,920
	6,805,666	Rentokil Initial Plc		40,655,533
	6,636	Ricardo Plc		32,513
	1,386,477	Rightmove Plc		8,689,383
	12,337	RM Plc		33,330
	28,123	Robert Walters Plc		148,767
	10,584	Rotork Plc		33,140
	371,633	Royal Mail Plc		779,335
	140,011	RPS Group Plc		91,698
	31,828	RSA Insurance Group Plc		144,795
	84,649	Safestore Holdings Plc REIT		766,561
	83,545	Saga Plc		17,088
	3,156	Savills Plc		38,358

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
UNITED KINGDOM (continued)
	83,815	SDI Group PLC(a)	$	55,421
	43,704	SDL Plc(a)		271,371
	136,199	Senior Plc		111,502
	713,260	Serco Group Plc(a)		1,157,070
	58,311	Severfield Plc		50,675
	1,966	Severn Trent Plc		59,180
	2,788	Shaftesbury Plc REIT		21,069
	18,626	SIG Plc		5,630
	34,774	Signature Aviation Plc		85,734
	20,680	Smith & Nephew Plc		405,802
	5,851	Smiths Group Plc		91,416
	76,799	Softcat Plc		1,093,025
	2,121	Spectris Plc		71,246
	145,645	Speedy Hire Plc		113,732
	2,204	Spirax-Sarco Engineering Plc		242,283
	516,584	Spirent Communications Plc		1,568,028
	405,708	SSP Group Plc		1,432,806
	16,739	St. James’s Place Plc		179,498
	182,051	St. Modwen Properties Plc		843,795
	881,091	Stagecoach Group Plc		830,077
	15,711	Standard Life Aberdeen Plc		43,751
	88,891	SThree Plc		240,709
	21,164	Synthomer Plc		75,596
	88,746	TalkTalk Telecom Group Plc		92,382
	611,386	Tate & Lyle Plc		5,484,201
	375,814	Taylor Wimpey Plc		696,040
	4,247	Team17 Group Plc(a)		30,383
	1,720	Telecom Plus Plc		28,682
	11,057	Telit Communications Plc(a)		16,433
	1,761	TORM Plc		15,052
	751,867	TP ICAP Plc		3,214,021
	10,167	Travis Perkins Plc		133,111
	16,317	Trifast Plc		24,250
	19,598	TT Electronics plc		41,222
	6,494	U & I Group Plc		8,179
	39,097	Ultra Electronics Holdings Plc		970,568
	2,685	UNITE Group Plc (The) REIT		29,607
	5,216	United Utilities Group Plc		59,270
	241,382	Vectura Group Plc		258,416
	60,862	Vertu Motors Plc		18,934
	10,192	Vesuvius Plc		51,450
	155,712	Victrex Plc		3,914,520
	271,574	Vistry Group Plc		2,763,725
	7,903	Vitec Group Plc (The)		66,690
	4,601	Volution Group Plc		9,562
	1,472	Vp Plc		12,607
	8,673	Watkin Jones Plc		18,810
	5,172	Weir Group Plc (The)		62,184
	1,683	WH Smith Plc		26,560
	2,472	Whitbread Plc		92,781
	4,842	Wilmington Plc		7,715
	5,631	Wincanton Plc		16,454
	181,905	Wm Morrison Supermarkets Plc		419,268
	15,974	YouGov Plc		134,798
				229,776,528

Shares			Value
UNITED STATES — 50.2%
	86,300	1-800-FLOWERS.COM, Inc. - Class A(a)	$	1,656,097
	2,700	1st Constitution Bancorp		34,290
	44,400	1st Source Corp.		1,542,012
	77,800	ACI Worldwide, Inc.(a)		2,131,720
	15,700	ACNB Corp.		438,972
	33,500	Addus HomeCare Corp.(a)		2,714,170
	730,318	Aduro Biotech, Inc.(a)		2,019,329
	436,597	Advance Auto Parts, Inc.		52,788,943
	124,400	Advanced Disposal Services, Inc.(a)		4,011,900
	131,745	AeroVironment, Inc.(a)		7,938,954
	73,200	Agilysys, Inc.(a)		1,433,988
	16,789	Alacer Gold Corp.(a)		86,119
	40,000	Albany International Corp. - Class A		2,045,600
	7,008	Alexander’s, Inc. REIT		2,209,342
	18,700	Alico, Inc.		548,097
	66,400	ALLETE, Inc.		3,821,984
	291,049	Alnylam Pharmaceuticals, Inc.(a)		38,331,153
	601,730	Altra Industrial Motion Corp.		16,794,284
	48,500	Amalgamated Bank - Class A		518,950
	71,526	Ambarella, Inc.(a)		3,760,837
	90,000	American Assets Trust, Inc., REIT		2,548,800
	4,600	American National Bankshares, Inc.		123,050
	107,400	American Software, Inc. - Class A		1,769,952
	58,900	American States Water Co.		4,674,893
	20,000	America’s Car-Mart, Inc.(a)		1,319,000
	50,600	AMERISAFE, Inc.		3,221,702
	111,600	Amphastar Pharmaceuticals Inc.(a)		1,891,620
	94,300	AngioDynamics, Inc.(a)		983,549
	26,700	ANI Pharmaceuticals, Inc.(a)		1,068,267
	184,702	ANSYS, Inc.(a)		48,360,525
	22,000	Anterix, Inc.(a)		1,155,000
	842,800	AO Smith Corp.		35,717,864
	23,790	Apollo Commercial Real Estate Finance, Inc. REIT		193,889
	30,000	Apollo Medical Holdings, Inc.(a)		466,200
	249,807	Appian Corp.(a)		11,408,686
	31,900	Applied Industrial Technologies, Inc.		1,671,241
	342,212	AptarGroup, Inc.		36,644,061
	25,495	Arbor Realty Trust, Inc. REIT		175,661
	92,200	Arcosa, Inc.		3,436,294
	47,800	Arcus Biosciences, Inc.(a)		1,262,398
	42,300	Ares Commercial Real Estate Corp. REIT		327,825
	146,800	Armada Hoffler Properties, Inc. REIT		1,410,748
	30,038	Arrow Financial Corp.		856,083

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
UNITED STATES (continued)
	18,400	Artesian Resources Corp. - Class A	$	635,352
	45,500	Asbury Automotive Group, Inc.(a)		3,071,250
	13,100	Aspen Technology, Inc.(a)		1,339,475
	26,400	ATN International Inc.		1,639,968
	387,200	AtriCure, Inc.(a)		16,696,064
	4,754	Atrion Corp.		3,003,720
	710,000	Avanos Medical, Inc.(a)		22,045,500
	45,900	Avista Corp.		1,975,536
	215,200	Axogen, Inc.(a)		2,098,200
	109,192	Axon Enterprise, Inc.(a)		7,939,350
	675,000	B&G Foods, Inc.		13,108,500
	47,500	Balchem Corp.		4,238,900
	5,100	BancFirst Corp.		196,401
	26,500	Bandwidth, Inc. - Class A(a)		2,161,340
	27,000	Bank of Commerce Holdings		207,630
	14,100	Bank of Marin Bancorp		464,736
	29,900	BankFinancial Corp.		247,273
	400,000	Barnes Group, Inc.		15,352,000
	24,500	Barrett Business Services, Inc.		1,198,540
	29,500	Baycom Corp.(a)		363,735
	47,000	BCB Bancorp, Inc.		475,640
	40,900	BellRing Brands, Inc. - Class A(a)		716,977
	82,900	Benchmark Electronics, Inc.		1,712,714
	169,971	Benefitfocus, Inc.(a)		1,840,786
	8,900	BG Staffing, Inc.		108,135
	247,300	BioDelivery Sciences International, Inc.(a)		1,127,688
	13,511	BioSpecifics Technologies Corp.(a)		768,911
	5,665	Bizlink Holding, Inc.		37,435
	71,500	Black Hills Corp.		4,428,710
	268,900	Blackbaud, Inc.		14,859,414
	281,795	Blackline, Inc.(a)		17,116,228
	113,250	Bloomin’ Brands, Inc.		1,364,663
	93,700	Bluerock Residential Growth REIT, Inc.		545,334
	127,800	BMC Stock Holdings, Inc.(a)		2,715,750
	9,600	Boise Cascade Co.		300,192
	41,500	Boston Beer Co., Inc. (The) - Class A(a)		19,360,165
	96,700	Brightcove, Inc.(a)		754,260
	4,240	Brinker International, Inc.		98,707
	110,400	Brookline Bancorp, Inc.		1,127,184
	46,500	BRT Apartments Corp. REIT		460,350
	215,000	Bryn Mawr Bank Corp.		6,259,725
	4,054	Burford Capital Ltd.		25,540
	242,900	Burlington Stores, Inc.(a)		44,375,401
	5,440	C&F Financial Corp.		193,446
	373,500	Cabot Microelectronics Corp.		45,768,690
	4,000	CACI International, Inc. - Class A(a)		1,000,560
	37,600	Calavo Growers, Inc.		2,180,800
	7,600	Cambridge Bancorp		423,928

Shares			Value
UNITED STATES (continued)
	41,800	Camden National Corp.	$	1,368,950
	350,000	Cantel Medical Corp.		12,950,000
	24,600	Capital City Bank Group, Inc.		542,184
	51,500	Capstar Financial Holdings, Inc.		587,615
	47,400	Capstead Mortgage Corp. REIT		246,006
	555,000	Cardiovascular Systems, Inc.(a)		23,310,000
	60,500	Carriage Services, Inc.		908,710
	25,000	Carter Bank & Trust		237,000
	50,000	Casella Waste Systems, Inc. - Class A(a)		2,319,000
	47,120	Cass Information Systems, Inc.		1,889,983
	385,000	Catalent, Inc.(a)		26,622,750
	35,900	CatchMark Timber Trust, Inc. - Class A REIT		282,174
	35,800	Cato Corp. (The) - Class A		403,108
	146,100	CBIZ, Inc.(a)		3,469,875
	352,400	CDW Corp.		39,045,920
	19,100	Cellular Biomedicine Group, Inc.(a)		276,950
	10,400	Central Garden & Pet Co.(a)		342,576
	112,500	Central Garden & Pet Co. - Class A(a)		3,421,125
	32,700	Central Valley Community Bancorp		478,401
	9,000	Century Bancorp, Inc. - Class A		672,210
	85,034	CEVA, Inc.(a)		2,665,816
	114,300	ChannelAdvisor Corp.(a)		1,180,719
	60,100	Chase Corp.		5,665,026
	55,200	Chatham Lodging Trust REIT		414,552
	12,902	Cheesecake Factory, Inc. (The)		287,586
	432,109	Chegg, Inc.(a)		18,472,660
	6,200	Chemed Corp.		2,582,734
	13,200	Chemung Financial Corp.		323,400
	46,300	Chesapeake Utilities Corp.		4,068,844
	55,200	Chiasma, Inc.(a)		285,384
	26,800	Chuy’s Holdings, Inc.(a)		449,168
	22,100	CNB Financial Corp.		392,054
	5,400	Coastal Financial Corp.(a)		70,902
	10,900	Coca-Cola Consolidated, Inc.		2,566,623
	798,495	Codexis, Inc.(a)		9,270,527
	57,400	Cogent Communications Holdings, Inc.		4,811,842
	29,000	Collectors Universe, Inc.		637,130
	12,200	Collegium Pharmaceutical, Inc.(a)		252,296
	210,000	Community Bank System, Inc.		13,122,900
	22,300	Community Healthcare Trust Inc. REIT		829,560
	46,800	Community Trust Bancorp, Inc.		1,586,520
	52,500	Computer Programs & Systems, Inc.		1,261,575
	314,700	CONMED Corp.		23,259,477
	14,900	Consolidated-Tomoka Land Co.		626,247
	200,994	Cooper Cos., Inc. (The)		57,624,980
	17,100	Corenergy Infrastructure Trust, Inc. REIT		207,594

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*April 30, 2020* *(Unaudited)*

Shares			Value
UNITED STATES (continued)
	40,000	Cornerstone OnDemand, Inc.(a)	$	1,342,400
	28,100	CorVel Corp.(a)		1,480,589
	12,900	CRA International, Inc.		543,477
	19,333	Cracker Barrel Old Country Store, Inc.		1,883,034
	40,900	Crawford & Co. - Class A		291,208
	102,400	CryoLife, Inc.(a)		2,286,592
	85,300	CSG Systems International, Inc.		4,143,874
	143,400	CSW Industrials, Inc.		9,498,816
	525,000	CVB Financial Corp.		10,912,125
	80,000	CytomX Therapeutics, Inc.(a)		825,600
	500	Daily Journal Corp.(a)		138,750
	5,926	Darden Restaurants, Inc.		437,280
	59,000	Darling Ingredients, Inc.(a)		1,214,810
	73,100	Denny’s Corp.(a)		823,837
	17,676	DexCom, Inc.(a)		5,924,995
	10,600	Diamond Hill Investment Group, Inc.		1,161,336
	163,678	Digimarc Corp.(a)		2,741,607
	29,200	Donegal Group, Inc. - Class A		418,144
	389,420	Dover Corp.		36,469,183
	59,300	DSP Group, Inc.(a)		1,022,925
	34,700	Ducommun, Inc.(a)		979,928
	84,466	Dynex Capital, Inc., REIT		1,208,708
	30,800	Eagle Pharmaceuticals, Inc.(a)		1,570,184
	3,600	Eastern Co. (The)		64,800
	33,300	EastGroup Properties, Inc. REIT		3,529,800
	750,000	elf Beauty, Inc.(a)		9,802,500
	60,600	EMCOR Group, Inc.		3,849,918
	82,400	Employers Holdings, Inc.		2,502,488
	27,100	Encompass Health Corp.		1,795,375
	53,500	Ennis, Inc.		995,635
	85,600	Ensign Group, Inc. (The)		3,202,296
	600	Enterprise Bancorp, Inc.		14,490
	4,300	Enterprise Financial Services Corp.		132,182
	225,000	Envestnet, Inc.(a)		14,067,000
	96,200	Envista Holdings Corp.(a)		1,873,014
	7,200	EPAM Systems, Inc.(a)		1,590,408
	8,785	Epsilon Energy Ltd.(a)		25,740
	375,808	Equifax, Inc.		52,199,731
	13,995	Equity Commonwealth REIT		475,130
	6,000	ESSA Bancorp, Inc.		72,000
	107,700	Essent Group Ltd.		2,942,364
	1,800	Evans Bancorp, Inc.		49,986
	122,839	EverQuote, Inc.(a)		4,787,036
	71,800	Evo Payments, Inc. - Class A(a)		1,429,538
	52,300	Evofem Biosciences, Inc.(a)		247,902
	245,000	Evoqua Water Technologies Corp.(a)		3,932,250
	164,764	Exact Sciences Corp.(a)		13,013,061
	43,700	ExlService Holdings, Inc.(a)		2,697,601
	29,300	Exponent, Inc.		2,060,669
	9,400	Fair Isaac Corp.(a)		3,317,636
	62,800	Farmers National Banc Corp.		778,092

Shares			Value
UNITED STATES (continued)
	89,147	FARO Technologies, Inc.(a)	$	4,893,279
	8,200	Federal Agricultural Mortgage Corp. - Class C		546,366
	2,200	FedNat Holding Co.		26,664
	47,700	Financial Institutions, Inc.		922,995
	80,800	First Bancorp. - Southern Pines NC		2,148,472
	22,500	First Bancshares, Inc. (The)		448,200
	125,500	First Busey Corp.		2,311,710
	20,400	First Business Financial Services, Inc.		350,472
	6,800	First Capital, Inc.		338,980
	4,300	First Citizens BancShares, Inc. - Class A		1,642,600
	28,200	First Community Bancshares, Inc.		664,674
	113,413	First Defiance Financial Corp.		1,971,118
	40,200	First Financial Corp.		1,427,904
	16,800	First Mid Bancshares, Inc.		448,560
	95,700	First Solar, Inc.(a)		4,211,757
	8,600	Five9, Inc.(a)		796,962
	57,300	Flagstar Bancorp, Inc.		1,484,643
	3,400	Forrester Research, Inc.(a)		106,420
	46,900	Foundation Building Materials, Inc.(a)		548,730
	82,000	Fresh Del Monte Produce, Inc.		2,337,820
	300,000	Freshpet, Inc.(a)		22,623,000
	11,200	FS Bancorp, Inc.		469,840
	39,200	FTI Consulting, Inc.(a)		4,992,512
	10,000	GCS Holdings, Inc.		17,924
	250,000	German American Bancorp, Inc.		7,432,500
	101,500	Getty Realty Corp. REIT		2,756,740
	105,100	Gladstone Commercial Corp. REIT		1,660,580
	18,900	Gladstone Land Corp. REIT		253,638
	48,600	Global Medical REIT, Inc.		506,412
	6,700	Global Water Resources, Inc.		72,025
	215,910	Globus Medical, Inc. - Class A(a)		10,247,089
	72,800	Gold Resource Corp.		300,664
	1,700	Goosehead Insurance, Inc. - Class A(a)		95,438
	205,000	Great Lakes Dredge & Dock Corp.(a)		1,812,200
	34,100	Great Southern Bancorp, Inc.		1,451,637
	209,412	GrubHub, Inc.(a)		10,007,799
	39,360	GSI Technology, Inc.(a)		304,253
	21,900	Guaranty Bancshares, Inc.		590,643
	22,301	H&R Block, Inc.		371,312
	95,000	Hackett Group, Inc. (The)		1,408,850
	44,800	Haemonetics Corp.(a)		5,097,344
	26,200	Harpoon Therapeutics, Inc.(a)		330,120
	64,400	Haverty Furniture Cos., Inc.		871,332
	34,500	Hawkins, Inc.		1,291,335
	295,000	HB Fuller Co.		10,853,050
	23,300	HCI Group, Inc.		970,445

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	13,900	Healthcare Realty Trust, Inc. REIT	$	408,521
	82,300	HealthStream, Inc.(a)		1,878,498
	92,200	Heartland Express, Inc.		1,806,198
	29,300	Heidrick & Struggles International, Inc.		657,492
	69,810	Helen of Troy Ltd.(a)		11,468,387
	41,300	Hemisphere Media Group, Inc.(a)		383,264
	96,600	Heritage Insurance Holdings, Inc.		1,095,444
	20,500	Heritage-Crystal Clean, Inc.(a)		376,175
	20,200	Home Bancorp, Inc.		513,080
	66,600	HomeStreet, Inc.		1,701,630
	32,600	HomeTrust Bancshares, Inc.		501,062
	2,291,500	Hostess Brands, Inc.(a)		27,543,830
	62,100	Huron Consulting Group, Inc.(a)		3,480,084
	1,277,555	IAA, Inc.(a)		49,313,623
	31,400	ICF International, Inc.		2,309,156
	35,500	IDACORP, Inc.		3,258,190
	207,130	IDEX Corp.		31,821,382
	36,000	IES Holdings, Inc.(a)		711,000
	260,000	Independent Bank Corp.		18,951,400
	78,700	Independent Bank Corp.		1,156,103
	45,500	Ingles Markets, Inc. - Class A		1,857,765
	214,409	Ingredion, Inc.		17,410,011
	145,360	Innospec, Inc.		10,541,507
	56,500	Innoviva, Inc.(a)		801,170
	180,800	Inovalon Holdings, Inc. - Class A(a)		3,164,000
	59,100	Insight Enterprises, Inc.(a)		3,208,539
	195,225	Inspire Medical Systems, Inc.(a)		13,989,823
	52,200	Integer Holdings Corp.(a)		3,886,812
	591,400	Integra LifeScience Holdings Corp.(a)		30,190,970
	17,900	Intelligent Systems Corp.(a)		600,366
	70,000	International Money Express, Inc.(a)		565,600
	7,800	Investar Holding Corp.		97,890
	143,500	Investors Bancorp Inc.		1,335,985
	37,900	Investors Real Estate Trust REIT		2,373,677
	5,300	Investors Title Co.		709,670
	58,509	IPG Photonics Corp.(a)		7,566,969
	116,929	iRobot Corp.(a)		7,127,992
	18,200	Itron, Inc.(a)		1,270,724
	76,700	J & J Snack Foods Corp.		9,743,201
	57,600	j2 Global, Inc.		4,644,864
	5,015	Jack Henry & Associates, Inc.		820,203
	31,186	Jack in the Box, Inc.		1,880,516
	28,900	John B. Sanfilippo & Son, Inc.		2,373,557
	325,000	John Bean Technologies Corp.		24,940,500
	475,000	John Wiley & Sons, Inc. - Class A		17,836,250
	6,487	Juniper Networks, Inc.		140,119
	40,700	Kelly Services, Inc. - Class A		628,815
	70,600	Kezar Life Sciences, Inc.(a)		331,820

Shares			Value
UNITED STATES (continued)
	70,900	Kforce, Inc.	$	2,123,455
	6,500	Kiniksa Pharmaceuticals Ltd. - Class A(a)		129,675
	27,300	Kinsale Capital Group, Inc.		2,965,326
	177,200	Kite Realty Group Trust REIT		1,812,756
	119,006	KKR Real Estate Finance Trust, Inc. REIT		1,877,915
	12,000	Krystal Biotech, Inc.(a)		566,280
	138,935	L3Harris Technologies, Inc.		26,911,709
	276,155	Laboratory Corp of America Holdings(a)		45,413,690
	9,100	Lakeland Bancorp, Inc.		101,829
	231,400	Lancaster Colony Corp.		31,153,382
	89,900	Landec Corp.(a)		1,002,385
	79,200	Laureate Education, Inc. - Class A(a)		750,024
	30,584	LCNB Corp.		438,575
	12,100	Legacy Housing Corp.(a)		118,338
	46,600	LeMaitre Vascular, Inc.		1,327,634
	110,579	LendingTree, Inc.(a)		27,575,085
	17,000	LHC Group, Inc.(a)		2,209,830
	59,200	Lifevantage Corp.(a)		917,600
	16,000	Liquidia Technologies, Inc.(a)		79,680
	29,200	Lithia Motors, Inc. - Class A		3,228,352
	163,300	LiveRamp Holdings, Inc.(a)		6,182,538
	51,400	LTC Properties, Inc. REIT		1,829,840
	62,400	Luminex Corp.		2,249,520
	33,700	M/I Homes, Inc.(a)		858,002
	39,100	Macatawa Bank Corp.		300,288
	60,900	ManTech International Corp. - Class A		4,540,704
	6,600	Marcus Corp. (The)		95,964
	92,726	MarketAxess Holdings, Inc.		42,191,257
	71,900	Masimo Corp.(a)		15,380,129
	52,400	Materion Corp.		2,711,176
	72,600	MAXIMUS, Inc.		4,887,432
	22,267	McGrath RentCorp		1,214,665
	500,000	Medallia, Inc.(a)		10,740,000
	14,900	Medpace Holdings, Inc.(a)		1,189,914
	5,400	Mercantile Bank Corp.		127,440
	10,700	Merchants Bancorp/IN		164,780
	85,100	Meridian Bancorp, Inc.		1,002,478
	11,800	Meritage Homes Corp.(a)		620,208
	11,200	Mesa Laboratories, Inc.		2,665,600
	4,500	Meta Financial Group, Inc.		82,890
	30,000	Methode Electronics, Inc.		900,600
	83,775	MFA Financial, Inc. REIT		146,606
	290,000	MGP Ingredients, Inc.		10,941,700
	25,000	MicroStrategy, Inc. - Class A(a)		3,158,250
	13,000	Middlesex Water Co.		783,900
	14,300	Midland States Bancorp, Inc.		231,946
	39,600	MidWestOne Financial Group, Inc.		826,452
	41,500	Miller Industries, Inc.		1,260,770
	54,700	Mitek Systems, Inc.(a)		510,351
	103,600	Model N, Inc.(a)		2,989,896

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	175,400	Monmouth Real Estate Investment Corp. REIT	$	2,383,686
	590	Morningstar, Inc.		92,016
	220,200	MSA Safety, Inc.		24,779,106
	29,600	Murphy USA, Inc.(a)		3,161,280
	55,400	MYR Group, Inc.(a)		1,662,000
	9,300	NACCO Industries, Inc. - Class A		326,895
	547,510	Nasdaq, Inc.		60,045,422
	11,900	Nathan’s Famous Inc.		669,613
	104,800	National CineMedia, Inc.		345,840
	172,800	National General Holdings Corp.		3,288,384
	39,219	National Health Investors, Inc. REIT		2,159,398
	39,743	National HealthCare Corp.		2,717,229
	81,781	National Instruments Corp.		3,142,026
	18,300	National Presto Industries, Inc.		1,487,973
	14,100	National Research Corp.		727,419
	128,600	National Storage Affiliates Trust REIT		3,662,528
	350,000	National Vision Holdings, Inc.(a)		9,275,000
	2,400	National Western Life Group, Inc. - Class A		462,552
	8,000	Natural Grocers by Vitamin Cottage, Inc.		90,160
	94,500	Natus Medical, Inc.(a)		2,361,555
	5,967	Nelnet, Inc. - Class A		287,311
	54,166	Neogen Corp.(a)		3,390,250
	442,270	New Relic, Inc.(a)		23,745,476
	46,500	New Senior Investment Group, Inc. REIT		153,915
	38,500	NexPoint Residential Trust, Inc., REIT		1,157,695
	93,400	NextGen Healthcare, Inc.(a)		985,370
	900	NI Holdings, Inc.(a)		12,159
	186,000	NIC, Inc.		4,506,780
	26,500	Nicolet Bankshares, Inc.(a)		1,458,030
	20,200	Northrim Bancorp, Inc.		473,690
	202,660	Northwest Bancshares, Inc.		2,150,223
	44,500	Northwest Natural Holding Co.		2,896,950
	72,000	NorthWestern Corp.		4,153,680
	350	Norwood Financial Corp.		8,269
	16,270	Novanta Inc.(a)		1,413,700
	57,000	NuVasive, Inc.(a)		3,470,160
	10,600	NVE Corp.		601,762
	124,600	OceanFirst Financial Corp.		2,099,510
	38,200	Office Properties Income Trust REIT		1,046,680
	8,400	Oil-Dri Corp of America		314,076
	44,800	Omnicell, Inc.(a)		3,265,920
	61,400	ONE Gas, Inc.		4,894,194
	57,100	One Liberty Properties, Inc. REIT		897,612
	62,100	Ormat Technologies, Inc.		3,875,661

Shares			Value
UNITED STATES (continued)
	5,200	Orrstown Financial Services, Inc.	$	80,080
	53,700	Orthofix Medical, Inc.(a)		1,903,665
	35,100	OSI Systems, Inc.(a)		2,540,538
	56,800	Otter Tail Corp.		2,520,784
	231,677	Pacira BioSciences, Inc.(a)		9,565,943
	115,000	Palomar Holdings, Inc.(a)		6,727,500
	39,900	Par Pacific Holdings, Inc.(a)		387,828
	30,400	Park National Corp.		2,431,392
	12,144	Parke Bancorp, Inc.		171,109
	42,200	PC Connection, Inc.		1,939,090
	21,300	PCB Bancorp		199,794
	60,600	PCSB Financial Corp.		827,190
	42,200	PennyMac Financial Services, Inc.		1,273,174
	66,810	Penumbra, Inc.(a)		11,846,749
	58,700	Peoples Bancorp, Inc.		1,426,997
	9,900	Peoples Financial Services Corp.		366,399
	19,400	People’s Utah Bancorp		416,712
	94,900	Perficient, Inc.(a)		3,305,367
	102,400	Performance Food Group Co.(a)		3,005,440
	81,900	Perspecta, Inc.		1,766,583
	68,600	Phibro Animal Health Corp. - Class A		1,832,306
	28,100	Photronics, Inc.(a)		335,795
	197,000	Piedmont Office Realty Trust, Inc. REIT - Class A		3,417,950
	38,900	PJT Partners, Inc. - Class A		1,892,096
	85,600	PNM Resources, Inc.		3,465,944
	101,300	Portland General Electric Co.		4,739,827
	30,400	Powell Industries, Inc.		771,248
	22,500	Power Integrations, Inc.		2,302,875
	28,950	Premier Financial Bancorp Inc.		376,350
	607,300	Prestige Consumer Healthcare, Inc.(a)		24,711,037
	35,900	PriceSmart, Inc.		2,281,086
	4,717	Primo Water Corp.		48,290
	102,700	Primoris Services Corp.		1,603,147
	107,200	Progress Software Corp.		4,385,552
	34,500	ProSight Global, Inc.(a)		288,420
	225,000	Prosperity Bancshares, Inc.		13,484,250
	35,700	Protagonist Therapeutics, Inc.(a)		240,975
	40,500	Protective Insurance Corp. - Class B		632,610
	36,200	Providence Service Corp. (The)(a)		2,099,962
	57,300	Provident Financial Services, Inc.		822,255
	29,800	PS Business Parks, Inc. REIT		3,846,882
	60,200	Pure Cycle Corp.(a)		618,254
	1,845,000	Pure Storage, Inc. - Class A(a)		26,568,000
	2,711,221	PureTech Health Plc(a)		8,946,684
	390,000	Q2 Holdings, Inc.(a)		31,090,800
	41,200	QAD, Inc. - Class A		1,743,584

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	46,800	QCR Holdings, Inc.	$	1,440,504
	73,200	Qualys, Inc.(a)		7,718,208
	111,600	Quanex Building Products Corp.		1,391,652
	6,473	Quest Diagnostics, Inc.		712,742
	22,500	Quidel Corp.(a)		3,127,500
	14,800	Quotient Technology, Inc.(a)		106,264
	75,600	R1 RCM, Inc.(a)		780,192
	136,700	Radian Group, Inc.		2,047,766
	17,700	RadNet, Inc.(a)		249,924
	257,100	Rambus, Inc.(a)		3,221,463
	8,000	RCI Hospitality Holdings, Inc.		100,240
	76,300	Recro Pharma, Inc.(a)		645,498
	19,400	Regional Management Corp.(a)		309,236
	130,600	Rent-A-Center, Inc.		2,599,593
	8,200	Repligen Corp.(a)		952,430
	24,000	Republic Bancorp, Inc. - Class A		799,920
	108,300	Resources Connection, Inc.		1,178,304
	39,432	Retail Value, Inc. REIT		570,581
	2,100	Retrophin, Inc.(a)		31,962
	2,500	Revance Therapeutics, Inc.(a)		46,275
	1,600	Rexford Industrial Realty, Inc. REIT		65,152
	13,400	RGC Resources, Inc.		333,258
	75,259	Rhythm Pharmaceuticals, Inc.(a)		1,417,880
	102,200	Rimini Street, Inc.(a)		472,164
	51,000	Riverview Bancorp, Inc.		282,030
	14,100	RLI Corp.		1,026,903
	51,300	RMR Group Inc. (The) - Class A		1,521,558
	29,100	Rocky Brands, Inc.		624,195
	67,400	Rosetta Stone, Inc.(a)		1,151,192
	146,400	RPT Realty REIT		998,448
	95,047	Rubius Therapeutics, Inc.(a)		575,034
	72,600	Rush Enterprises, Inc. - Class A		2,722,500
	42,600	Ruth’s Hospitality Group Inc.		479,463
	10,400	Safehold, Inc. REIT		600,704
	38,300	Safety Insurance Group, Inc.		3,221,796
	825,000	SailPoint Technologies Holding, Inc.(a)		15,336,750
	1,000,000	Sally Beauty Holdings, Inc.(a)		9,710,000
	476,849	Samsonite International SA		402,884
	10,500	Sanderson Farms, Inc.		1,429,470
	11,400	Sandy Spring Bancorp, Inc.		290,700
	39,500	Saul Centers, Inc. REIT		1,288,490
	39,784	Seattle Genetics, Inc.(a)		5,459,558
	122,500	Select Medical Holdings Corp.(a)		2,091,075
	152,800	Selective Insurance Group, Inc.		7,659,864
	26,800	Seneca Foods Corp. Class A(a)		964,264
	440,000	Sensient Technologies Corp.		21,027,600
	23,500	Shenandoah Telecommunications Co.		1,257,485
	69,454	Shockwave Medical, Inc.(a)		2,786,494
	20,000	Shore Bancshares, Inc.		222,000

Shares			Value
UNITED STATES (continued)
	6,300	SI-BONE, Inc.(a)	$	101,871
	39,200	Sierra Bancorp		795,760
	137,483	SIGA Technologies, Inc.(a)		812,525
	935,000	Simply Good Foods Co. (The)(a)		17,624,750
	42,900	Simulations Plus, Inc.		1,632,345
	3,900	SJW Corp.		232,167
	31,200	SmartFinancial, Inc.		451,152
	17,900	Southern First Bancshares, Inc.(a)		521,964
	21,800	Southern Missouri Bancorp, Inc.		517,314
	6,700	Southern National Bancorp of Virginia, Inc.		67,469
	38,764	Southwest Gas Holdings Inc.		2,938,311
	69,600	SP Plus Corp.(a)		1,467,864
	21,400	Spero Therapeutics, Inc.(a)		266,002
	65,100	Spire, Inc.		4,749,696
	36,900	Spirit of Texas Bancshares, Inc.(a)		423,981
	76,067	Splunk, Inc.(a)		10,676,764
	63,100	Spok Holdings, Inc.		647,406
	79,000	SPS Commerce, Inc.(a)		4,385,290
	284,742	STAAR Surgical Co.(a)		10,911,313
	181,200	Standex International Corp.		9,031,008
	17,229	Stepan Co.		1,643,647
	312,080	STERIS Plc		44,471,400
	1,500	Sterling Bancorp, Inc.		5,415
	21,400	Sterling Construction Co., Inc.(a)		211,432
	65,200	Stewart Information Services Corp.		2,077,272
	219,200	Stock Yards Bancorp, Inc.		7,242,368
	207,635	Stratasys Ltd.(a)		3,675,139
	9,800	Superior Group of Cos., Inc.		85,456
	25,600	Sutro Biopharma, Inc.(a)		252,160
	114,300	Sykes Enterprises, Inc.(a)		3,272,409
	411,855	Synopsys, Inc.(a)		64,710,658
	51,100	Systemax, Inc.		1,014,846
	37,046	Tabula Rasa HealthCare, Inc.(a)		2,346,494
	41,475	Tactile Systems Technology, Inc.(a)		2,140,939
	58,800	Taylor Morrison Home Corp.(a)		855,540
	54,800	TechTarget, Inc.(a)		1,277,936
	186,556	Teladoc Health, Inc.(a)		30,705,252
	153,133	Teleflex, Inc.		51,360,808
	109,400	Telenav, Inc.(a)		510,898
	855,000	Tenable Holdings, Inc.(a)		22,281,300
	19,200	Territorial Bancorp Inc.		482,496
	42,235	Tesla, Inc.(a)		33,022,702
	67,500	Tetra Tech, Inc.		5,081,400
	70,200	Texas Roadhouse, Inc.		3,305,718
	2,096	Textainer Group Holdings Ltd.(a)		18,604
	13,100	Timberland Bancorp, Inc.		253,485
	32,600	Tiptree, Inc.		208,314
	59,834	Tootsie Roll Industries, Inc.		2,101,968

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
UNITED STATES (continued)
	42,300	Towne Bank/Portsmouth VA	$	854,460
	98,545	TPG RE Finance Trust, Inc. REIT		757,811
	84,700	Translate Bio, Inc.(a)		1,087,548
	64,000	Tredegar Corp.		1,054,720
	420,000	TreeHouse Foods, Inc.(a)		21,726,600
	10,800	Tribune Publishing Co.		92,556
	75,600	TriCo Bancshares		2,277,072
	456,900	TriMas Corp.(a)		10,892,496
	23,300	TrueBlue, Inc.(a)		361,849
	189,805	Trupanion, Inc.(a)		5,677,068
	50,600	TrustCo Bank Corp.		318,780
	48,000	TTEC Holdings, Inc.		1,871,040
	24,700	Twist Bioscience Corp.(a)		807,937
	26,500	UFP Technologies, Inc.(a)		1,139,500
	370,000	UMB Financial Corp.		18,810,800
	11,100	UMH Properties, Inc. REIT		144,189
	23,545	UniFirst Corp.		3,959,092
	60,500	United Fire Group, Inc.		1,730,300
	51,600	Unitil Corp.		2,595,996
	86,000	UNITY Biotechnology, Inc.(a)		558,140
	66,600	Universal Corp.		3,221,442
	31,600	Universal Health Realty Income Trust REIT		3,379,936
	52,800	Universal Insurance Holdings, Inc.		962,544
	87,200	Univest Financial Corp.		1,543,440
	16,455	Upland Software, Inc.(a)		520,472
	365,203	Upwork, Inc.(a)		3,042,141
	101,600	Urstadt Biddle Properties, Inc. - Class A REIT		1,484,376
	34,400	US Ecology, Inc.		1,127,632
	12,500	US Physical Therapy, Inc.		943,750
	6,900	USANA Health Sciences, Inc.(a)		615,618
	13,100	Utah Medical Products Inc.		1,087,300
	95,200	Varex Imaging Corp.(a)		2,487,576
	53,400	Vector Group Ltd.		571,380
	277,118	Veeco Instruments, Inc.(a)		3,028,900
	44,100	Verint Systems, Inc.(a)		1,884,834
	221,495	Verisk Analytics, Inc.		33,851,081
	29,700	Viad Corp.		711,909
	36,700	Village Super Market, Inc. - Class A		881,901
	13,000	Vishay Precision Group, Inc.(a)		300,560
	227,300	Vulcan Materials Co.		25,678,081
	3,300	Walker & Dunlop, Inc.		126,819
	177,400	Washington Trust Bancorp, Inc.		6,210,774
	83,700	Waterstone Financial Inc.		1,215,324
	98,064	Wayfair, Inc. - Class A(a)		12,163,859
	22,400	WD-40 Co.		3,903,872
	46,875	Weis Markets, Inc.		2,345,156
	1,615,000	Welbilt, Inc.(a)		7,961,950
	52,800	Werner Enterprises, Inc.		2,118,336
	167,040	West Pharmaceutical Services, Inc.		31,613,990

Shares			Value
UNITED STATES (continued)
	32,800	Westwood Holdings Group, Inc.	$	755,384
	275,624	WEX, Inc.(a)		36,470,568
	8,600	Winmark Corp.		1,290,000
	711,945	Wolverine World Wide, Inc.		14,587,753
	23,700	WSFS Financial Corp.		691,566
	661,890	Wyndham Hotels & Resorts, Inc.		24,959,872
	54,200	Xperi Corp.		828,176
	2,492,184	Yext, Inc.(a)		31,899,955
	48,500	York Water Co. (The)		1,955,520
	92,962	Zillow Group, Inc. - Class A(a)		4,047,565
	366,676	Zillow Group, Inc. - Class C(a)		16,119,077
	198,914	Zuora, Inc. - Class A(a)		2,102,521
				2,999,061,912
VIETNAM — 0.0%
	430,683	PetroVietnam Drilling & Well Services JSC(a)		168,200
	227,568	Saigon - Hanoi Commercial Joint Stock Bank(a)		154,438
	291,550	Vietnam National Petroleum Group		501,492
				824,130
Total Common Stocks (Cost $4,612,274,555)				4,921,363,787

INVESTMENT COMPANY — 0.9%
	53,228,711	SEI Daily Income Trust Government II Fund, Class A 0.32%(c)		53,228,711
Total Investment Company (Cost $53,228,711)				53,228,711

EXCHANGE-TRADED FUNDS — 13.1%
	657,300	iShares Core S&P Small-Cap ETF		41,639,955
	747,000	iShares MSCI Emerging Markets ETF		27,370,080
	872,000	iShares MSCI Japan ETF		45,134,720
	629,500	iShares MSCI South Korea ETF		32,494,790
	2,008,575	iShares Russell 2000 ETF		261,737,408
	1,135,825	Vanguard Mid-Cap ETF		170,816,722
	974,500	Vanguard Small-Cap Growth ETF		170,556,990
	1,165,065	Xtrackers Harvest CSI 300 China A-Shares ETF		31,363,550
Total Exchange-Traded Funds (Cost $748,147,550)				781,114,215

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Shares			Value
RIGHTS/WARRANTS — 0.0%

AUSTRALIA — 0.0%
	1,710	Centrebet Litigation Rights, 12/01/49(a)(b)	$	0
	1,710	Centrebet Litigation Units Rights, Expire 12/01/49(a)(b)		0
	93,478	Monash IVF Group(a)(b)		0
				0
AUSTRIA — 0.0%
	9,812	Intercell Contigent Value Rights AG, Expire 05/22/29(a)(b)		0
HONG KONG — 0.0%
	600	Legend Holdings Corp. Rights, Expire 12/31/20(a)(b)		0
INDIA — 0.0%
	3,452	Arvind Fashion Right, Expire 12/30/20(a)		0
ISRAEL — 0.0%
	11	Carasso Motors Ltd.(a)		394
SINGAPORE — 0.0%
	169,647	Ezion Holdings Ltd. Warrants, Expire 04/16/23(a)(b)		0
TAIWAN — 0.0%
	80	Machvision, Inc.(a)		234
	317	Simplo Technology(a)(b)		0
	402,302	Shin Kong Financial Holding Co. Ltd.(a)(b)		0
				234
UNITED KINGDOM — 0.0%
	128,742	GVC Holdings Plc - CVR Shares, Rights, Expire 12/31/30(a)(b)		0

Shares			Value
UNITED STATES — 0.0%
	9,600	Ligand Pharmaceuticals Contingent Value Rights(a)(b)	$	0
Total Rights/Warrants (Cost $1,825)			$	628

CASH SWEEP — 2.6%
	157,364,511	Citibank - US Dollars on Deposit in Custody Account, 0.12%(a)(c)		157,364,511
Total Cash Sweep (Cost $157,364,511)				157,364,511
TOTAL INVESTMENTS — 99.1% (Cost $5,571,017,152)			$	5,913,071,852
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				56,082,911
NET ASSETS — 100.0%			$	5,969,154,763

(a)	Non-income producing security.
(b)	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 $2,791,083 which is 0.05% of net assets and the cost is $9,425,708.
(c)	The rate shown represents the current yield as of April 30, 2020.

Forward foreign currency exchange contracts outstanding at April 30, 2020:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Depreciation

JPY

8,030,825,000

USD

75,000,000

JPMorgan Chase Bank, N.A.

06/17/20

$ (112,046

)

Total Forward Foreign Currency Exchange Contracts

$ (112,046

)

The following abbreviations are used in the report:

ADR — American Depositary Receipt
CPO — Certificate of Participation-Common
CVR — Contingent Value Rights
ETF — Exchange Traded Fund
FOR — Foreign Ownership Restrictions
REIT — Real Estate Investment Trust
SDR — Swedish Depositary Receipt
VVPR — Voter Verified Paper Record

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2020 (Unaudited)

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		16.3	%
Health Care		16.1
Industrials		13.7
Consumer Discretionary		9.4
Consumer Staples		4.8
Materials		4.7
Banks		4.4
Diversified Financials		3.3
Real Estate		2.6
Communication Services		2.4
Insurance		2.0
Utilities		1.9
Energy		0.6
Financials		0.3
Other*		17.5
Total		100.0	%

Includes cash and equivalents, exchange traded funds, rights/warrants, investment companies, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

(b)	Not applicable.

-OR-

If the registrant has divested itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940 following the filing of its last report on Form N-CSR and before filing of the current report, disclose the following information for each such divested security: (1) name of the issuer; (2) exchange ticker symbol; (3) Committee on Uniform Securities Identification Procedures (“CUSIP”) number; (4) total number of shares or, for debt securities, principal amount divested; (5) Date(s) that the securities were divested; (6) if the registrant holds any securities of the issuer on the date of filing, the exchange ticker symbol; CUSIP number; and the total number of shares or, for debt securities, principal amount held on the date of filing; and (7) name of the statute that added the provision of Section 13(c) in accordance with which the securities were divested.

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 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)	Not applicable.

	(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 and Chief Executive Officer
	(Principal Executive Officer)

Date

6/30/2020

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 and Chief Executive Officer
	(Principal Executive Officer)

Date

6/30/2020

By (Signature and Title)*	/s/ Matthew A. Rizzi
	Matthew A. Rizzi, Treasurer
	(Principal Financial Officer)

Date

6/30/2020

^* Print the name and title of each signing officer under his or her signature.

Old Westbury Funds N-CSRSCertified semi-annual shareholder report (management investment company)