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)

103 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

Marianna DiBenedetto

The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

(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, 2021

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.

(a) The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.

Semi-Annual Report

April 30, 2021

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

Old Westbury Funds, Inc.
Disclosure of Fund Expenses
	*For the Period Ended April 30, 2021 (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 November 1, 2020 through April 30, 2021.

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 11/01/2020		Actual Ending Account Value 04/30/2021		Actual Expenses Paid During Period* 11/01/2020 - 04/30/2021		Actual Expense Ratio During Period** 11/01/2020 - 04/30/2021
All Cap Core Fund	$	1,000.00	$	1,248.06	$	5.35		0.96	%
Small & Mid Cap Strategies Fund		1,000.00		1,306.51		6.29		1.10	%
Large Cap Strategies Fund		1,000.00		1,228.87		6.02		1.09	%
Credit Income Fund		1,000.00		1,021.46		4.26		0.85	%
Fixed Income Fund		1,000.00		989.32		2.81		0.57	%
Municipal Bond Fund		1,000.00		1,004.65		2.83		0.57	%
California Municipal Bond Fund		1,000.00		1,004.15		2.83		0.57	%
New York Municipal Bond Fund		1,000.00		1,008.90		2.84		0.57	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 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, 2021 (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 11/01/2020		Hypothetical Ending Account Value 04/30/2021		Hypothetical Expenses Paid During Period* 11/01/2020 - 04/30/2021		Hypothetical Expense Ratio During Period** 11/01/2020 - 04/30/2021
All Cap Core Fund	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.34		5.51		1.10	%
Large Cap Strategies Fund		1,000.00		1,019.39		5.46		1.09	%
Credit Income Fund		1,000.00		1,020.58		4.26		0.85	%
Fixed Income Fund		1,000.00		1,021.97		2.86		0.57	%
Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%
California Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%
New York Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

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

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	April 30, 2021 (Unaudited)

Shares			Value
COMMON STOCKS — 99.1%
Banks — 4.5%
	1,689,006	Bank of America Corp.	$	68,455,413
	489,522	Citigroup, Inc.		34,873,547
	169,475	JPMorgan Chase & Co.		26,066,950
				129,395,910
Communication Services — 13.2%
	59,115	Alphabet, Inc. - Class C(a)		142,474,244
	86,564	Charter Communications, Inc. - Class A(a)		58,296,526
	294,024	Facebook, Inc. - Class A(a)		95,581,322
	148,696	Match Group, Inc.(a)		23,141,558
	120,385	Sea Ltd. - ADR(a)		30,402,028
	328,945	Tencent Holdings Ltd. - H Shares		26,382,509
				376,278,187
Consumer Discretionary — 14.7%
	125,510	Advance Auto Parts, Inc.		25,122,082
	30,384	Amazon.com, Inc.(a)		105,354,089
	217,350	Aptiv Plc(a)		31,274,492
	58,702	Burlington Stores, Inc.(a)		19,156,224
	565,694	Dollarama, Inc.		26,362,081
	25,377	Domino’s Pizza, Inc.		10,717,722
	287,300	Hilton Worldwide Holdings, Inc.(a)		36,975,510
	56,575	Home Depot, Inc. (The)		18,311,630
	51,310	LVMH Moet Hennessy Louis Vuitton SE		38,628,680
	405,712	NIKE, Inc. - Class B		53,805,525
	277,480	Ross Stores, Inc.		36,333,231
	206,400	Wyndham Hotels & Resorts, Inc.		15,089,904
				417,131,170
Consumer Staples — 2.3%
	296,560	PepsiCo, Inc.		42,752,090
	554,305	US Foods Holding Corp.(a)		22,981,485
				65,733,575
Diversified Financials — 6.0%
	612,475	Blackstone Group, Inc. (The)		54,197,913
	699,320	Charles Schwab Corp. (The)		49,232,128
	50,859	MSCI, Inc.		24,705,776
	122,984	Nasdaq, Inc.		19,866,835
	58,512	S&P Global, Inc.		22,842,500
				170,845,152
Energy — 1.8%
	645,613	ConocoPhillips		33,016,649
	113,699	Pioneer Natural Resources Co.		17,490,317
				50,506,966
Health Care — 12.5%
	197,095	Catalent, Inc.(a)		22,167,275
	68,592	Cooper Cos, Inc. (The)		28,183,767
	166,234	Danaher Corp.		42,213,462
	295,066	IQVIA Holdings, Inc.(a)		69,249,040

Shares			Value
Health Care (continued)
	59,685	Laboratory Corp. of America Holdings(a)	$	15,868,451
	98,173	STERIS Plc		20,716,466
	52,690	Teleflex, Inc.		22,260,471
	84,928	Thermo Fisher Scientific, Inc.		39,935,693
	138,148	UnitedHealth Group, Inc.		55,093,422
	229,557	Zoetis, Inc.		39,720,248
				355,408,295
Industrials — 8.7%
	179,746	A.O. Smith Corp.		12,177,792
	72,803	Cintas Corp.		25,127,227
	145,594	Dover Corp.		21,721,169
	198,800	Eaton Corp. Plc		28,414,484
	130,098	Equifax, Inc.		29,822,365
	72,210	HEICO Corp.		10,167,168
	264,889	IAA, Inc.(a)		16,637,678
	1,843,152	Rentokil Initial Plc		12,737,607
	227,056	Safran SA(a)		33,898,417
	262,547	Union Pacific Corp.		58,309,063
				249,012,970
Information Technology — 28.1%
	60,862	Adobe, Inc.(a)		30,938,589
	425,139	Amphenol Corp. - Class A		28,628,860
	48,816	ANSYS, Inc.(a)		17,850,059
	940,723	Apple, Inc.		123,667,446
	58,909	ASML Holding NV		38,329,594
	114,345	Aspen Technology, Inc.(a)		14,960,900
	142,944	CDW Corp.		25,491,204
	121,480	CMC Materials, Inc.		22,283,076
	654,121	Microsoft Corp.		164,956,234
	75,255	Nice Ltd. - ADR(a)		18,153,764
	39,575	Paycom Software, Inc.(a)		15,213,026
	132,927	PayPal Holdings, Inc.(a)		34,865,423
	45,682	ServiceNow, Inc.(a)		23,131,994
	66,098	Square, Inc. - Class A(a)		16,182,112
	225,435	SS&C Technologies Holdings, Inc.		16,731,786
	76,685	Synopsys, Inc.(a)		18,945,796
	340,139	Texas Instruments, Inc.		61,398,491
	463,533	Visa, Inc. - A Shares		108,262,767
	103,605	WEX, Inc.(a)		21,260,782
				801,251,903
Insurance — 1.1%
	125,520	Aon Plc - Class A		31,560,749
Materials — 2.8%
	179,460	Air Products & Chemicals, Inc.		51,770,621
	77,723	AptarGroup, Inc.		11,721,406
	94,680	Vulcan Materials Co.		16,875,763
				80,367,790
Real Estate — 1.9%
	170,724	American Tower Corp. REIT		43,495,354

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
Real Estate (continued)
	51,255	Jones Lang LaSalle, Inc.(a)	$	9,631,327
				53,126,681
Utilities — 1.5%
	276,490	Ameren Corp.		23,457,411
	120,033	American Water Works Co., Inc.		18,723,948
				42,181,359
Total Common Stocks (Cost $1,700,575,617)				2,822,800,707

INVESTMENT COMPANY — 0.9%
	24,978,432	SEI Daily Income Trust Government II Fund - Class A, 0.01%(b)		24,978,432
Total Investment Company (Cost $24,978,432)				24,978,432

TOTAL INVESTMENTS — 100.0% (Cost $1,725,554,049)			$	2,847,779,139

LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(739,113	)
NET ASSETS — 100.0%			$	2,847,040,026

(a)	Non-income producing security.
(b)	The rate shown represents the current yield as of April 30, 2021.

The following abbreviations are used in the report:

ADR — American Depositary Receipt
REIT — Real Estate Investment Trust

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Banks		4.5	%
Communication Services		13.2
Consumer Discretionary		14.7
Consumer Staples		2.3
Diversified Financials		6.0
Energy		1.8
Health Care		12.5
Industrials		8.7
Information Technology		28.1
Insurance		1.1
Materials		2.8
Real Estate		1.9
Utilities		1.5
Other*		0.9
		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
Portfolio of Investments	April 30, 2021 (Unaudited)

Shares			Value
COMMON STOCKS — 86.9%
ARGENTINA — 0.4%
	24,149	MercadoLibre, Inc.(a)	$	37,937,596

AUSTRALIA — 1.7%
	225,150	Adairs Ltd.		804,782
	867,582	Adbri Ltd.		2,152,061
	831,674	Aeris Resources Ltd.(a)		64,068
	509,085	Ansell Ltd.		16,573,258
	4,494,281	Aurelia Metals Ltd.		1,454,111
	983,812	Austal Ltd.		1,826,490
	431,995	Australian Pharmaceutical Industries Ltd.		394,353
	105,471	Ava Risk Group Ltd.		34,937
	140,436	Base Resources Ltd.		29,751
	746,989	BlueScope Steel Ltd.		12,441,077
	3,102,386	Boral Ltd.(a)		14,817,523
	51,404	Calix Ltd.(a)		106,126
	1	Castile Resources Ltd.(a)		0
	495,394	Champion Iron Ltd.(a)		2,598,878
	105,795	Class Ltd.		126,324
	8,850	Codan Ltd.		121,830
	1,832,840	CSR Ltd.		8,429,212
	223,462	Data#3 Ltd.		1,070,735
	6,206	EBOS Group Ltd.		132,120
	926,872	Estia Health Ltd.(a)		1,756,479
	420,822	Hansen Technologies Ltd.		1,844,585
	507,974	Harvey Norman Holdings Ltd.		2,062,245
	1,829,865	Iluka Resources Ltd.		10,910,587
	397,331	Imdex Ltd.		581,559
	71,119	IVE Group Ltd.		75,058
	364,347	MACA Ltd.		259,624
	1,033,952	Macmahon Holdings Ltd.		151,336
	23,600	Mastermyne Group Ltd.		13,090
	749,872	Mayne Pharma Group Ltd.(a)		233,954
	107,242	Medusa Mining Ltd.		66,504
	550,940	Mineral Resources Ltd.		20,265,894
	2,265,708	Mount Gibson Iron Ltd.		1,614,484
	267,025	Navigator Global Investments Ltd.		314,725
	309,291	New Hope Corp. Ltd.		277,576
	3,920,701	Nickel Mines Ltd.		3,443,156
	17,007	Objective Corp. Ltd.		172,807
	4,455,590	Orora Ltd.		10,914,917
	1,065,050	OZ Minerals Ltd.		19,641,843
	69,317	Pact Group Holdings Ltd.		193,836
	70,752	People Infrastructure Ltd.		245,812
	1,253,055	Perenti Global Ltd.		1,052,167
	228,157	Redbubble Ltd.(a)		720,619
	43,545	Regis Healthcare Ltd.		77,153
	125,911	RPMGlobal Holdings Ltd.(a)		142,583
	845,706	Sandfire Resources NL		4,378,010
	271,079	SEEK Ltd.(a)		6,467,332
	410,414	Seven West Media Ltd.(a)		150,177
	82,649	Shaver Shop Group Ltd.		67,648

Shares			Value
AUSTRALIA (continued)
	1,434,341	Sigma Healthcare Ltd.	$	662,967
	2,425,338	South32 Ltd.		5,380,874
	58,562	Southern Cross Electrical Engineering Ltd.		22,782
	197,045	Technology One Ltd.		1,439,003
	4,364	Tiger Resources Ltd.(a)		1
	87,103	Virtus Health Ltd.		383,811
	57,448	Western Areas Ltd.		102,229
	970	Zimplats Holdings Ltd.		18,868
				159,283,931
AUSTRIA — 0.0%
	50,721	ANDRITZ AG		2,756,265
	1,138	Fabasoft AG		61,704
	7,161	Palfinger AG		322,849
	5,373	Semperit AG Holding		243,530
	34,360	Zumtobel Group AG		348,238
				3,732,586
BELGIUM — 0.3%
	67,670	AGFA-Gevaert NV(a)		333,154
	43,942	Bekaert SA		1,930,381
	352,312	bpost SA(a)		3,746,451
	550	Cie d’Entreprises CFE(a)		55,676
	12,688	D’ieteren SA		1,378,212
	25,063	Econocom Group SA		100,340
	18,393	EVS Broadcast Equipment SA(a)		389,188
	140,385	Galapagos NV(a)		10,951,996
	6,030	Ion Beam Applications		123,823
	45,133	Melexis NV		4,916,060
	14,248	Recticel SA		217,547
	537	Wereldhave Belgium Comm VA REIT		29,052
				24,171,880
BERMUDA — 0.4%
	425,000	Argo Group International Holdings Ltd.		22,176,500
	264,140	James River Group Holdings Ltd.		12,443,635
				34,620,135
BRAZIL — 0.3%
	291,657	Afya Ltd. - Class A(a)		6,536,034
	1,494,202	Cia Energetica de Minas Gerais - ADR		3,720,563
	221,685	Embraer SA - ADR(a)		2,449,619
	270,500	Notre Dame Intermedica Participacoes SA		4,031,568
	1,865,000	Petrobras Distribuidora SA		7,690,651
	1,480,900	Rumo SA(a)		5,471,537
				29,899,972
CANADA — 2.6%
	8,991	5N Plus, Inc.(a)		30,137
	32,600	Absolute Software Corp.		488,277
	2,100	Acadian Timber Corp.		34,682
	19,588	AirBoss of America Corp.		653,385

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
CANADA (continued)
	1,200	Alcanna, Inc.(a)	$	7,381
	2,300	Algoma Central Corp.		31,642
	290,200	Altus Group Ltd.		14,664,054
	42,604	Bird Construction, Inc.		314,032
	13,800	Black Diamond Group Ltd.(a)		44,348
	17,753	Boardwalk Real Estate Investment Trust REIT		529,492
	11,200	Bridgemarq Real Estate Services		152,170
	6,500	BRP, Inc.		597,144
	681,501	CAE, Inc.		21,346,287
	313,824	Canfor Corp.(a)		7,838,260
	9,200	Canfor Pulp Products, Inc.		67,364
	104,892	CanWel Building Materials Group Ltd.		828,622
	177,100	Capstone Mining Corp.(a)		791,017
	145,200	Cascades, Inc.		1,703,441
	333,981	Celestica, Inc.(a)		2,782,382
	146,766	CES Energy Solutions Corp.		193,435
	700	Cogeco, Inc.		55,002
	78,300	Crescent Point Energy Corp.		308,957
	151,100	Descartes Systems Group, Inc. (The)(a)		9,666,024
	1,837,720	Dollarama, Inc.		85,640,159
	37,647	Dorel Industries, Inc. - Class B(a)		377,955
	14,531	Dream Impact Trust - Units		80,390
	11,536	Enerplus Corp.		62,037
	19,533	Enghouse Systems Ltd.		925,201
	76,513	ERO Copper Corp.(a)		1,510,776
	19,400	Evertz Technologies Ltd.		243,378
	30,283	Exco Technologies Ltd.		264,359
	69,307	Finning International, Inc.		1,803,792
	61,400	H&R Real Estate Investment Trust REIT		760,788
	49,100	Hardwoods Distribution, Inc.		1,419,692
	29,739	High Liner Foods, Inc.		322,516
	355,300	Hudbay Minerals, Inc.		2,653,585
	1,173,774	IAMGOLD Corp.(a)		3,673,913
	282,329	Interfor Corp.(a)		7,504,119
	246,413	Intertape Polymer Group, Inc.		6,064,348
	68,800	Kinaxis, Inc.(a)		8,874,061
	100	Lassonde Industries, Inc. - Class A		15,944
	17,318	Leon’s Furniture Ltd.		310,390
	93,087	Linamar Corp.		5,455,035
	12,862	Martinrea International, Inc.		139,696
	96,972	Medical Facilities Corp.		576,712
	72,866	Morguard North American Residential Real Estate Investment Trust REIT		930,721
	435,592	Mullen Group Ltd.		4,773,562
	200	Neo Performance Materials, Inc.		3,251
	8,832	Nexus Real Estate Investment Trust REIT - Units		64,094
	106	Pason Systems, Inc.		811

Shares			Value
CANADA (continued)
	115,211	Peyto Exploration & Development Corp.	$	502,405
	24,952	Precision Drilling Corp.(a)		640,675
	269,800	Real Matters, Inc.(a)		3,536,166
	4,768	Richards Packaging Income Fund - Units		269,520
	200	Richelieu Hardware Ltd.		6,987
	475,000	Ritchie Bros Auctioneers, Inc.		30,210,000
	42,436	Russel Metals, Inc.		972,905
	33,100	ShawCor Ltd.		156,997
	223,634	Stelco Holdings, Inc.		5,642,021
	34,600	Stella-Jones, Inc.		1,446,886
	300	Sylogist Ltd.		4,083
	200	TECSYS, Inc.		7,342
	42,582	Transcontinental, Inc. - Class A		806,500
	11,061	Trican Well Service Ltd.(a)		18,988
	1,037	Uni-Select, Inc.		11,491
	44,177	Wajax Corp.		727,807
	22,170	West Fraser Timber Co. Ltd.		1,711,698
	512,884	Western Forest Products, Inc.		884,606
				245,135,897
CHINA — 3.4%
	13,276,000	Agricultural Bank of China Ltd. - H Shares		5,161,536
	11,452,000	Aluminum Corp. of China Ltd. - H Shares(a)		5,970,918
	2,818,500	Bank of Changsha Co. Ltd. - A Shares		3,922,807
	3,062,400	Bank of Chengdu Co. Ltd. - A Shares		5,643,604
	10,480,770	Bank of China Ltd. - H Shares		4,169,236
	5,896,000	Bank of Communications Co. Ltd. - H Shares		3,772,408
	290,195	Baozun, Inc. - ADR(a)		10,072,668
	2,400,400	Beibuwan Port Co. Ltd.(a)		3,303,813
	4,297,800	Beijing Yanjing Brewery Co. Ltd. - A Shares		4,906,195
	1,751,000	Better Life Commercial Chain Share Co. Ltd.(a)		2,050,263
	6,487,044	China Construction Bank Corp. - H Shares		5,136,020
	6,820,000	China Galaxy Securities Co. Ltd. - H Shares		4,065,090
	4,603,800	China Minsheng Banking Corp. Ltd. - H Shares		2,364,798
	5,998,000	China Railway Group Ltd. - H Shares		3,104,111
	2,603,300	China Railway Tielong Container Logistics Co. Ltd.(a)		2,014,726
	2,911,295	Chongqing Changan Automobile Co. Ltd. - A Shares(a)		7,361,885
	772,400	Chongqing Department Store Co. Ltd. - A Shares		3,841,955
	6,384,000	CSG Holding Co. Ltd. - A Shares		8,835,986
	4,043,700	Daqin Railway Co. Ltd. - A Shares		4,297,556

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
CHINA (continued)
	3,501,600	Dongfang Electric Corp. Ltd. - H Shares	$	2,943,638
	2,474,205	FAW Jiefang Group Co. Ltd.(a)		4,227,124
	1,194,480	Fujian Star-net Communication Co. Ltd. - A Shares		3,465,202
	3,757,000	Greentown China Holdings Ltd.		4,527,118
	3,325,700	Guangxi Liugong Machinery Co. Ltd. - A Shares		4,921,559
	3,258,400	Guangzhou R&F Properties Co. Ltd. - H Shares		4,169,611
	63,000	Harmonicare Medical Holdings Ltd.(a)(b)		16,545
	139,086	I-Mab - ADR(a)		8,499,545
	9,504,000	Industrial & Commercial Bank of China Ltd. - H Shares		6,191,013
	3,394,600	IRICO Display Devices Co. Ltd.(a)		5,743,779
	3,541,938	Jiangxi Copper Co. Ltd. - H Shares		8,663,618
	2,895,483	Jilin Sino-Microelectronics Co. Ltd.(a)		3,100,625
	7,489,000	Kingdee International Software Group Co. Ltd.		24,777,741
	2,293,400	MLS Co. Ltd. - A Shares		4,637,390
	429,518	OneConnect Financial Technology Co. Ltd. - ADR(a)		6,331,095
	5,511,600	ORG Technology Co. Ltd. - A Shares		4,759,306
	9,445,715	People’s Insurance Co. Group of China Ltd. (The) - H Shares		3,234,605
	12,066,000	Shandong Nanshan Aluminum Co. Ltd. - A Shares		7,120,014
	1,698,000	Shenzhen Laibao Hi-tech Co. Ltd.(a)		3,134,438
	5,233,500	Sino-Ocean Group Holding Ltd.		1,165,583
	255,000	Tenwow International Holdings(a)(b)		12,475
	1,856,367	Tongkun Group Co. Ltd. - A Shares		6,563,927
	15,813,400	Tongling Nonferrous Metals Group Co. Ltd. - A Shares		6,961,843
	1,655,200	UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares(a)		933,551
	8,249,000	UBS Beiqi Foton Motor Co. Ltd.(a)		4,754,501
	9,838,200	UBS Rizhao Port Co. Ltd. - A Shares(a)		4,150,245
	2,440,400	UBS Shandong Haihua Co. Ltd. - A Shares(a)		2,270,141
	1,544,000	UBS Triangle Tyre Co. Pnote(a)		3,612,171
	2,378,400	UBS Xiamen King Long Motor Group Co. Ltd. - A Shares(a)		2,410,925
	3,635,300	Wuxi Taiji Industry Co. Ltd. - A Shares		4,363,303
	1,799,374	Xuji Electric Co. Ltd. - A Shares		3,760,741
	4,859,600	Yunnan Aluminium Co. Ltd. - A Shares(a)		9,270,894
	2,740,300	Yunnan Copper Co. Ltd. - A Shares		5,892,390
	284,646	Zai Lab Ltd. - ADR(a)		47,311,012

Shares			Value
CHINA (continued)
	5,720,800	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares	$	7,924,535
				311,817,778
COSTA RICA — 0.0%
	57,087	Establishment Labs Holdings, Inc.(a)		4,146,800

DENMARK — 1.5%
	33,014	ALK-Abello A/S(a)		14,314,927
	335,255	Ambu A/S - Class B		18,786,074
	122,078	Bang & Olufsen A/S(a)		648,541
	8,932	Better Collective A/S(a)		235,287
	638	Brodrene A&O Johansen A/S - Preference Shares		97,164
	43,099	Carlsberg A/S - Class B		7,563,612
	133,040	D/S Norden A/S		3,434,942
	51,761	Dfds A/S(a)		3,062,781
	80,338	DSV PANALPINA A/S		17,917,397
	90,696	Genmab A/S(a)		33,284,819
	202,784	GN Store Nord A/S		18,306,752
	23,724	H+H International A/S - Class B(a)		691,154
	14,159	Maersk Drilling A/S(a)		597,455
	188,145	Matas A/S(a)		2,786,252
	22,271	Nilfisk Holding A/S(a)		660,345
	4,279	North Media AS		83,430
	3,289	Per Aarsleff Holding A/S		160,850
	7,848	Schouw & Co. A/S		839,942
	40,315	SimCorp A/S		5,328,927
	67,873	Spar Nord Bank A/S		751,657
	230,605	Vestas Wind Systems A/S		9,626,251
				139,178,559
FINLAND — 0.7%
	8,845	Altia Oyj		118,462
	2,578	Aspo Oyj		27,616
	4,578	Atria Oyj		67,918
	117,078	BasWare Oyj(a)		5,658,432
	1,591	Cargotec Oyj - B Shares		92,234
	1,816	Consti Oyj		28,492
	1,931	eQ Oyj		47,592
	10,333	Fiskars Oyj Abp		215,164
	16,592	F-Secure Oyj		78,993
	3,958	Gofore Oyj		93,980
	18,466	Harvia Oyj		965,733
	35,500	Kamux Corp.		651,722
	54,145	Konecranes Oyj		2,494,472
	642	Marimekko Oyj		38,824
	7,967	Metsa Board Oyj		101,434
	6,108	Musti Group Oyj		230,434
	696	Olvi Oyj - A Shares		44,098
	3,662	Oma Saastopankki Oyj		53,712
	92,798	Oriola Oyj - Class B		212,422
	42,588	Orion Oyj - Class B		1,885,748
	2,334,105	Outotec Oyj		26,220,925

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
FINLAND (continued)
	12,025	Pihlajalinna Oyj	$	169,148
	1,114	Ponsse Oyj		59,197
	34,010	QT Group Oyj(a)		4,027,519
	5,251	Remedy Entertainment Oyj		286,611
	56,390	Revenio Group Oyj		4,050,744
	4,330	Robit Oyj(a)		27,070
	62,628	Sanoma Oyj		1,087,253
	21,413	Suominen Oyj		151,373
	3,578	Titanium Oyj		61,729
	139,902	Tokmanni Group Corp.		3,599,420
	72,779	Uponor Oyj		2,120,965
	105,873	Vaisala Oyj - A Shares		4,435,911
	40,715	Valmet Oyj		1,701,488
	16,907	Verkkokauppa.com Oyj		173,181
	2,653	Vincit Oyj		33,012
				61,313,028
FRANCE — 0.7%
	1,599	AKWEL		63,920
	963	Altarea SCA REIT		194,273
	120,897	Atos SE(a)		8,229,627
	1,888	Axway Software SA(a)		68,322
	369	Boiron SA		17,213
	641	Cegedim SA(a)		20,807
	389,059	Cellectis SA(a)		7,399,745
	223,500	Derichebourg SA(a)		1,878,233
	3,886	Eurobio Scientific SA(a)		93,532
	37,292	Gaztransport Et Technigaz SA		3,185,478
	1,062	Groupe Guillin		32,239
	3,469	Groupe LDLC		235,639
	5,483	Guerbet		222,148
	3,358	Haulotte Group SA		25,636
	658	Infotel SA		37,972
	3,913	Ipsen SA		378,422
	2,336	IPSOS		97,173
	400,620	Lectra		14,449,362
	3,152	LNA Sante SA		183,411
	7,827	Manitou BF SA		262,539
	17,084	Mercialys SA REIT		218,332
	19,885	Mersen SA(a)		690,905
	23,875	Metropole Television SA(a)		530,445
	1,232	Neurones		40,584
	29,955	Nexans SA(a)		2,461,516
	85,175	Nexity SA		4,616,266
	26,987	Quadient		737,802
	386,114	Rexel SA		7,599,045
	416	Seche Environnement SA		26,507
	1,386	Somfy SA		244,949
	900	Synergie SA(a)		41,117
	21,634	Tarkett SA(a)		521,490
	208,902	Television Francaise 1(a)		2,060,706
	1,063	Thermador Groupe		108,885
	4,544	Trigano SA		811,805

Shares			Value
FRANCE (continued)
	128,993	Valneva SE(a)	$	2,172,697
	5,595	Virbac SA(a)		1,816,179
				61,774,921
GERMANY — 2.0%
	334	Adesso SE		48,989
��	65,518	ADVA Optical Networking SE(a)		820,773
	1,006,370	AIXTRON SE(a)		21,494,022
	646,492	alstria office AG REIT		11,573,178
	822	Amadeus Fire AG(a)		142,703
	6,129	Atoss Software AG		1,366,137
	4,103	Baader Bank AG(a)		38,969
	1,589	Basler AG		207,467
	9,584	Bauer AG(a)		143,108
	1,096	bet-at-home.com AG - Class H		59,427
	25,364	Carl Zeiss Meditec AG		4,468,877
	9,167	Cliq Digital AG		395,104
	3,313	Dermapharm Holding SE		289,568
	214,235	Deutsche EuroShop AG(a)		4,945,229
	170,975	Deutz AG(a)		1,386,466
	18,591	Draegerwerk AG & Co. KGaA - Preference Shares		1,735,557
	2,558	Eckert & Ziegler Strahlen- und Medizintechnik AG		251,410
	2,992	Elmos Semiconductor AG		124,821
	39,177	ElringKlinger AG(a)		680,132
	119,973	EuroEyes International Eye Clinic Ltd. (a)		179,162
	30,590	Gerresheimer AG		3,289,687
	21,274	GFT Technologies SE		490,561
	257,762	Hamburger Hafen und Logistik AG		6,346,637
	38,753	Heidelberger Druckmaschinen AG(a)		62,618
	24,982	Hornbach Baumarkt AG		998,651
	21,662	Hornbach Holding AG & Co. KGaA		2,024,854
	12,847	Hypoport SE(a)		7,738,098
	717	Indus Holding AG		29,826
	77,938	Jungheinrich AG - Preference Shares		4,077,866
	75,801	KION Group AG		7,558,468
	241,518	Kloeckner & Co. SE(a)		3,278,221
	39,647	Krones AG		3,455,756
	239	KSB SE & Co. KGaA - Preference Shares		92,235
	2,341	Leifheit AG		133,687
	1,303	MBB SE		210,229
	349	Mensch und Maschine Software SE		25,846
	397,599	MorphoSys AG(a)		37,543,172
	10,263	New Work SE		3,115,520
	60,098	Norma Group SE		3,352,531
	99	Paul Hartmann AG		46,895
	307,638	ProSiebenSat.1 Media SE(a)		6,674,084
	72,190	Rheinmetall AG		7,524,730
	129,666	SAF-Holland SE - Class H(a)		2,129,470
	108,474	Salzgitter AG(a)		3,453,333

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
GERMANY (continued)
	90,925	Schaeffler AG - Preference Shares	$	819,313
	1,836	STO SE & Co. KGaA - Preference Shares		348,317
	48,644	SUESS MicroTec SE(a)		1,581,945
	77,019	Symrise AG		9,944,820
	323,093	TAG Immobilien AG		9,986,755
	3,601	Technotrans SE(a)		118,406
	21,896	thyssenkrupp AG(a)		292,728
	5,763	VIB Vermoegen AG		207,857
	1,269	Villeroy & Boch AG - Preference Shares		27,004
	78,520	Wacker Neuson SE(a)		2,112,687
	1,580	Washtec AG(a)		102,006
	7,146	Westwing Group AG(a)		410,663
	19,733	Wuestenrot & Wuerttembergische AG		429,404
				180,385,979
GREECE — 0.1%
	2,274,929	Alpha Bank AE(a)		3,610,244
	3,407,374	Eurobank Ergasias SA(a)		3,219,042
	939,392	National Bank of Greece SA(a)		2,919,458
				9,748,744
HONG KONG — 0.4%
	210,000	Analogue Holdings Ltd.		40,012
	444,000	ASM Pacific Technology Ltd.		6,733,378
	289,000	Brightoil Petroleum Holdings Ltd.(a)(b)		10,466
	114,414	Build King Holdings Ltd.		16,792
	1,225,479	Champion REIT		713,098
	864,412	Chow Sang Sang Holdings International Ltd.		1,473,376
	2,632,710	COSCO SHIPPING Ports Ltd.		2,213,202
	170,899	Dah Sing Financial Holdings Ltd.		553,328
	2,900,000	Emperor Watch & Jewellery Ltd.(a)		57,867
	1,130,000	Giordano International Ltd.		226,938
	7,050,000	G-Resources Group Ltd.(a)		43,565
	420,385	HKR International Ltd.		174,805
	220,000	Hua Han Health Industry Holdings Ltd.(a)(b)		2,815
	350,700	Hutchison Port Holdings Trust - Units		87,675
	315,000	Hysan Development Co. Ltd.		1,186,154
	504,000	International Housewares Retail Co. Ltd.		177,132
	205,918	Jacobson Pharma Corp. Ltd.		20,677
	891,937	Johnson Electric Holdings Ltd.		2,376,891
	497,000	Kerry Properties Ltd.		1,676,341
	12,000	Lee & Man Chemical Co. Ltd.		6,411
	137,000	Luk Fook Holdings International Ltd.		342,864
	3,507,000	Nine Dragons Paper Holdings Ltd.		4,821,829
	44,788	Oriental Watch Holdings		17,298
	162,000	PC Partner Group Ltd.(a)		82,171
	1,639,274	Perfect Shape Medical Ltd.		1,449,817

Shares			Value
HONG KONG (continued)
	5,997,000	Poly Property Group Co. Ltd.	$	1,713,925
	264,000	Prosperity REIT		88,026
	331,000	SITC International Holdings Co. Ltd.		1,263,448
	200,000	SOCAM Development Ltd.(a)		36,561
	898,000	Solomon Systech International Ltd.(a)		98,265
	3,590,000	Sun Art Retail Group Ltd.		3,309,118
	117,198	Sun Hung Kai & Co. Ltd.		60,351
	1,156,177	Tai Hing Group Holdings Ltd.		321,501
	1,397	Tang Palace China Holdings Ltd.		171
	234,500	Texhong Textile Group Ltd.		356,833
	1,118,564	Texwinca Holdings Ltd.		256,322
	1,464,000	Time Interconnect Technology Ltd.		77,273
	497,600	Tsit Wing International Holdings Ltd.		71,106
	5,280,000	United Laboratories International Holdings Ltd. (The)		4,323,105
	938,000	Value Partners Group Ltd.		666,571
	1,006,600	Valuetronics Holdings Ltd.		480,324
	1,585,841	Vincent Medical Holdings Ltd.		416,480
	814,000	VSTECS Holdings Ltd.		805,852
	59,000	VTech Holdings Ltd.		541,180
	135,331	Wai Kee Holdings Ltd.		73,696
	13,779,487	Wang On Group Ltd.		118,854
	1,262,712	Wang On Properties Ltd.		16,581
	431,930	Yue Yuen Industrial Holdings Ltd.		1,084,308
				40,684,753
ICELAND — 0.1%
	1,097,582	Ossur HF(a)		8,464,232

INDIA — 0.6%
	4,097,185	Bank of Baroda(a)		3,692,154
	2,190,500	Bharat Heavy Electricals Ltd.(a)		1,428,346
	118,412	IndiaMart InterMesh Ltd.(c)		12,706,680
	3,773,733	Indian Oil Corp. Ltd.		4,628,487
	222,645	Lupin Ltd.		3,214,672
	1,246,624	State Bank of India(a)		5,949,328
	6,114,280	Steel Authority of India Ltd.		9,864,072
	2,952,481	TV18 Broadcast Ltd.(a)		1,353,225
	190,688	WNS Holdings Ltd. - ADR(a)		13,811,532
				56,648,496
INDONESIA — 0.0%
	22,129,300	Perusahaan Gas Negara Tbk PT		1,876,663

IRELAND — 0.2%
	475,720	Alkermes Plc(a)		10,468,219
	52,828	COSMO Pharmaceuticals NV(a)		5,090,461
	238,421	Grafton Group Plc - Units		3,928,207
				19,486,887
ISRAEL — 2.0%
	2,221	Albaad Massuot Yitzhak Ltd.		48,012
	114,893	Compugen Ltd.(a)		991,527
	210,755	CyberArk Software Ltd.(a)		29,611,077
	8,519	Delta Galil Industries Ltd.		233,539

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
ISRAEL (continued)
	16,885	Electra Consumer Products 1970 Ltd.	$	792,179
	5,391,885	Isramco Negev 2 LP		1,261,512
	161,300	JFrog Ltd.(a)		7,908,539
	13,723	Kamada Ltd.(a)		83,816
	282,623	Kornit Digital Ltd.(a)		27,629,224
	1,117,512	Max Stock Ltd.(a)		3,870,276
	7,233	Naphtha Israel Petroleum Corp. Ltd. (a)		34,113
	1,016	Neto ME Holdings Ltd.		41,505
	364,685	Nice Ltd. - ADR(a)		87,972,963
	330	Norstar Holdings, Inc.		2,306
	232,450	Plus500 Ltd.		4,558,556
	625,637	Radware Ltd.(a)		17,336,401
	49,042	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,442,232
	6,549	Tadiran Holdings Ltd.		711,482
				186,529,259
ITALY — 0.5%
	233,811	Arnoldo Mondadori Editore SpA(a)		440,764
	17,880	Avio SpA(a)		297,938
	175,020	Azimut Holding SpA		4,190,470
	206,767	Banca Generali SpA(a)		7,909,995
	645,573	Banca Mediolanum SpA(a)		6,032,161
	16,990	BasicNet SpA		93,348
	35,296	Biesse SpA(a)		1,038,799
	220,789	Cairo Communication SpA(a)		474,082
	2,761	Cementir Holding NV		30,804
	83,277	Credito Emiliano SpA(a)		514,616
	30,279	Danieli & C Officine Meccaniche SpA		484,887
	796,060	Davide Campari-Milano NV		9,390,703
	72,324	De’ Longhi SpA		3,163,297
	41,682	Digital Bros SpA		1,181,645
	5,216	El.En. SpA(a)		221,051
	24,978	Elica SpA(a)		103,303
	34,779	Esprinet SpA(a)		564,476
	4,877	Fine Foods & Pharmaceuticals NTM		76,810
	94,858	FNM SpA(a)		75,268
	3,899	Gefran SpA(a)		36,188
	8,132	Gruppo MutuiOnline SpA		437,507
	4,687	Iervolino Entertainment SpA(a)		21,751
	169,899	Immobiliare Grande Distribuzione SIIQ SpA REIT		804,789
	1,242	Italian Wine Brands SpA		45,094
	721	Italmobiliare SpA		25,571
	14,869	La Doria SpA		305,684
	35,682	Piaggio & C SpA		138,391
	10,208	Prima Industrie SpA(a)		256,497
	96,703	Reno de Medici SpA		121,609
	104,986	Rizzoli Corriere Della Sera Mediagroup SpA(a)		90,121
	3,464	Sanlorenzo SpA		95,577
	43,445	Sogefi SpA(a)		73,856

Shares			Value
ITALY (continued)
	20,560	Tinexta SpA(a)	$	617,462
	1,337,091	Unipol Gruppo SpA(a)		7,322,243
				46,676,757
JAPAN — 6.2%
	92,400	77 Bank Ltd. (The)		1,157,431
	4,500	A&A Material Corp.		41,093
	76,600	A&D Co. Ltd.		906,948
	4,900	Abist Co. Ltd.		132,308
	6,800	Advantage Risk Management Co. Ltd.		44,549
	92,300	AEON Financial Service Co. Ltd.		1,047,232
	5,600	Ai Holdings Corp.		106,784
	6,600	Aiphone Co. Ltd.		103,750
	21,000	Aisan Industry Co. Ltd.		148,531
	48,600	Akatsuki, Inc.		1,783,201
	6,200	All About, Inc.		45,043
	98,492	Altech Corp.		1,807,804
	10,416	Anabuki Kosan, Inc.		195,092
	42,200	Anest Iwata Corp.		376,475
	59,400	AOI TYO Holdings, Inc.		332,627
	11,400	Arata Corp.		463,135
	3,500	Arealink Co. Ltd.		40,255
	10,200	Argo Graphics, Inc.		286,989
	4,400	Arisawa Manufacturing Co. Ltd.		39,012
	10,100	Artiza Networks, Inc.		171,152
	106,500	Asahi Co. Ltd.		1,427,601
	166,300	Asahi Diamond Industrial Co. Ltd.		769,950
	34,000	Asahi Net, Inc.		223,680
	4,800	ASAHI YUKIZAI CORP.		59,951
	2,500	Asante, Inc.		41,381
	61,900	Asia Pile Holdings Corp.		288,289
	7,600	ASKA Pharmaceutical Holdings Co. Ltd.		95,617
	55,504	Ateam, Inc.		888,755
	53,596	Avant Corp.		873,896
	502,100	Azbil Corp.		20,306,359
	21,400	Bando Chemical Industries Ltd.		139,808
	391,500	BASE, Inc.(a)		6,530,373
	60,300	BML, Inc.		2,088,348
	7,800	Brother Industries Ltd.		164,935
	258,300	Bunka Shutter Co. Ltd.		2,259,446
	1,700	Canare Electric Co. Ltd.		27,346
	415,900	Capcom Co. Ltd.		13,509,424
	2,600	Career Design Center Co. Ltd.		24,956
	180,900	Carenet, Inc.		7,911,996
	170,300	Chiba Kogyo Bank Ltd. (The)		409,817
	1,800	Chino Corp.		21,592
	774,080	CKD Corp.		16,318,788
	88,700	COLOPL, Inc.		656,586
	209,300	Computer Engineering & Consulting Ltd.		2,593,030
	59,300	CONEXIO Corp.		751,491
	49,700	COOKPAD, Inc.(a)		135,062

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
JAPAN (continued)
	2,300	Copro-Holdings Co. Ltd. - Class H	$	27,779
	13,000	Cosel Co. Ltd.		126,324
	2,301	Cota Co. Ltd.		31,644
	2,900	Creo Co. Ltd.		37,573
	49,700	Cresco Ltd.		752,617
	1,000	CTI Engineering Co. Ltd.		22,600
	2,700	Daihatsu Diesel Manufacturing Co. Ltd.		12,303
	4,800	Daihen Corp.		209,937
	2,300	Daiichi Jitsugyo Co. Ltd.		88,599
	61,200	Daiken Medical Co. Ltd.		315,268
	16,279	Daikoku Denki Co. Ltd.		136,440
	150,949	Daikokutenbussan Co. Ltd.		11,270,417
	23,600	Daito Pharmaceutical Co. Ltd.		749,309
	38,500	Daitron Co. Ltd.		656,991
	27	Daiwa Office Investment Corp. REIT		195,416
	157,300	DCM Holdings Co. Ltd.		1,568,826
	20,800	Dear Life Co. Ltd.		90,592
	48,400	DeNA Co. Ltd.(a)		988,903
	50,600	Dexerials Corp.		934,774
	15,500	Digital Holdings, Inc.		266,063
	126,605	Dip Corp.		3,498,464
	4,900	DKK Co. Ltd.		112,266
	1,700	DMS, Inc.		21,528
	117,700	Doshisha Co. Ltd.		1,981,590
	73,900	Drecom Co. Ltd.(a)		494,289
	85,200	Duskin Co. Ltd.		2,021,444
	119,600	EDION Corp.		1,270,524
	19,800	E-Guardian, Inc.		509,086
	9,800	Eiken Chemical Co. Ltd.		195,301
	6,200	Eizo Corp.		230,323
	4,600	Elematec Corp.		51,728
	159,050	en-japan, Inc.		4,824,327
	91,900	EPS Holdings, Inc.		983,832
	88,700	eSOL Co. Ltd.		971,488
	22,400	Exedy Corp.		320,966
	6,800	Faith, Inc.		55,127
	8,500	FALCO HOLDINGS Co. Ltd.		129,884
	371,300	FAN Communications, Inc.		1,324,979
	15,100	FCC Co. Ltd.		242,755
	104,000	Ferrotec Holdings Corp.		2,333,315
	1,300	FFRI Security, Inc.(a)		23,504
	31,600	Fields Corp.		144,569
	14,871	First Bank of Toyama Ltd. (The)		38,099
	120,100	Foster Electric Co. Ltd.		1,281,330
	16,800	Freebit Co. Ltd.(a)		138,501
	107,000	Freee KK(a)		9,085,552
	9,600	Fudo Tetra Corp.		163,470
	7,400	Fuji Pharma Co. Ltd.		81,049
	43,400	Fuji Soft, Inc.		2,176,155
	304,100	Fujikura Ltd.(a)		1,566,550
	30,300	Fujisash Co. Ltd.		21,902
	725,800	Fujitec Co. Ltd.		16,403,385

Shares			Value
JAPAN (continued)
	85,257	Fukui Computer Holdings, Inc.	$	3,307,619
	12,600	Full Speed, Inc.		49,229
	128,600	FULLCAST Holdings Co. Ltd.		2,238,057
	111,700	Furuno Electric Co. Ltd.		1,088,485
	5,600	Furusato Industries Ltd.		66,099
	87,683	Furyu Corp.		783,844
	21,700	Futaba Industrial Co. Ltd.		103,050
	66,600	Future Corp.		1,235,839
	17,400	Gakken Holdings Co. Ltd.		219,868
	26,300	Gakujo Co. Ltd.		334,014
	12,200	Gecoss Corp.		99,685
	5,400	GLOBERIDE, Inc.		213,450
	45,300	Glory Ltd.		971,987
	64,776	Goldcrest Co. Ltd.		940,612
	6,400	Grandy House Corp.		26,352
	513,700	Gree, Inc.		2,688,594
	12,100	GSI Creos Corp.		129,868
	339,780	GungHo Online Entertainment, Inc.		6,479,106
	22,100	Gunze Ltd.		782,569
	326,400	Gurunavi, Inc.(a)		1,872,567
	51,800	H.U. Group Holdings, Inc.		1,694,437
	22,100	Hagihara Industries, Inc.		286,740
	33,100	Hanwa Co. Ltd.		982,793
	29,100	Happinet Corp.		392,739
	115,100	Hennge KK(a)		8,214,658
	3,600	Himaraya Co. Ltd.		31,622
	16,000	Hioki EE Corp.		783,237
	5,776	Hirogin Holdings, Inc.		31,869
	10,700	Hito Communications Holdings, Inc.		202,467
	32,800	Hochiki Corp.		380,551
	192,600	Hokuhoku Financial Group, Inc.		1,619,539
	9,600	H-One Co. Ltd.		69,130
	6	Honeys Holdings Co. Ltd.		58
	7,200	Hoosiers Holdings		43,349
	10,500	Hosiden Corp.		99,629
	15,500	Idec Corp.		237,414
	34,000	IMAGICA GROUP, Inc.(a)		157,727
	7,100	Inabata & Co. Ltd.		106,997
	44,600	Ines Corp.		573,773
	15,200	Infocom Corp.		389,701
	1,867,000	Infomart Corp.		17,612,563
	56,700	Intage Holdings, Inc.		692,602
	156,600	Internet Initiative Japan, Inc.		3,491,941
	39,300	I-O Data Device, Inc.		388,721
	31,300	ISB Corp.		392,360
	8,600	Iseki & Co. Ltd.(a)		122,441
	6,000	Isolite Insulating Products Co. Ltd.		34,697
	59,800	Itfor, Inc.		428,433
	71,800	Itoki Corp.		245,706
	62,300	Iwaki & Co. Ltd.		417,842
	2,500	Iwaki Co. Ltd.		21,685
	6,300	Iwasaki Electric Co. Ltd.		85,718
	68,700	JAC Recruitment Co. Ltd.		1,068,625

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
JAPAN (continued)
	20,100	Janome Sewing Machine Co. Ltd.	$	141,246
	82,900	Japan Aviation Electronics Industry Ltd.		1,481,414
	11,800	Japan Best Rescue System Co. Ltd.		75,687
	11,400	Japan Pulp & Paper Co. Ltd.		378,122
	24,200	Japan System Techniques Co. Ltd.		352,515
	44,391	JBCC Holdings, Inc.		566,616
	252,481	Jeol Ltd.		14,207,687
	28,500	Joshin Denki Co. Ltd.		718,693
	18,400	JP-Holdings, Inc. - Class H		52,191
	10,400	JSP Corp.		169,479
	134,900	Juki Corp.		1,065,227
	58,400	JVCKenwood Corp.		126,643
	9,200	Kaga Electronics Co. Ltd.		202,957
	67,100	Kaken Pharmaceutical Co. Ltd.		2,762,833
	16,800	Kanamic Network Co. Ltd.		103,146
	117,700	Kanamoto Co. Ltd.		2,882,998
	5,800	Kanematsu Corp.		76,421
	2,100	Kanematsu Electronics Ltd.		72,056
	22,100	Kawai Musical Instruments Manufacturing Co. Ltd.		643,041
	36,400	Keihanshin Building Co. Ltd.		495,592
	178,100	Keiyo Co. Ltd.		1,165,171
	3,160	King Co. Ltd.		15,093
	3,700	King Jim Co. Ltd.		31,857
	45,300	Kissei Pharmaceutical Co. Ltd.		919,347
	641,400	Kitanotatsujin Corp.		2,993,083
	57,500	Kito Corp.		938,604
	33,700	Kitz Corp.		211,531
	82,200	KLab, Inc.(a)		579,890
	256,600	Kobe Bussan Co. Ltd.		6,860,511
	40,200	Kobe Steel Ltd.		289,849
	315,000	Kojima Co. Ltd.		2,559,429
	3,700	Kokusai Co. Ltd.		24,782
	8,387	Komehyo Co. Ltd.		72,136
	96,000	Komeri Co. Ltd.		2,467,417
	41,500	Komori Corp.		285,932
	184,500	K’s Holdings Corp.		2,520,436
	31,000	Kurabo Industries Ltd.		514,256
	1,300	Kurimoto Ltd.		20,186
	3,900	Kuriyama Holdings Corp.		24,908
	18,300	Kyoei Steel Ltd.		256,023
	62,200	Kyokuto Kaihatsu Kogyo Co. Ltd.		941,907
	7,200	Kyokuto Securities Co. Ltd.		52,836
	20,700	KYORIN Holdings, Inc.		362,330
	9,000	Kyoritsu Printing Co. Ltd.(a)		10,788
	151,400	M3, Inc.		10,496,457
	26,800	Macnica Fuji Electronics Holdings, Inc.		541,199
	2,400	Maezawa Kasei Industries Co. Ltd.		24,354
	37,400	Marubun Corp.		175,211
	208,600	Marvelous, Inc.		1,601,385
	54,300	Max Co. Ltd.		831,219

Shares			Value
JAPAN (continued)
	26,700	Maxell Holdings Ltd.(a)	$	314,419
	448,700	Mazda Motor Corp.(a)		3,473,330
	65,400	MedPeer, Inc.(a)		3,446,830
	66,400	Megachips Corp.(a)		2,272,266
	102,600	Meidensha Corp.		2,177,985
	3,300	Meiji Electric Industries Co. Ltd.		42,605
	48,400	Meiko Network Japan Co. Ltd.		262,172
	66,500	Meitec Corp.		3,693,430
	14,500	Meiwa Corp.		62,092
	14,800	Meiwa Estate Co. Ltd.		86,668
	13,500	Melco Holdings, Inc.		513,245
	242,700	Micronics Japan Co. Ltd.		3,777,406
	4,600	MIMAKI ENGINEERING CO Ltd.		27,106
	43,000	Mimasu Semiconductor Industry Co. Ltd.		1,104,410
	3,900	Mitsuba Corp.(a)		23,445
	23,000	Mitsubishi Research Institute, Inc.		867,051
	27,200	Mitsuboshi Belting Ltd.		415,877
	112,600	Mitsui Matsushima Holdings Co. Ltd.		962,287
	173,000	Mixi, Inc.		4,436,993
	72,150	Mizuno Corp.		1,423,327
	18,400	Mochida Pharmaceutical Co. Ltd.		640,608
	71,500	Money Forward, Inc.(a)		3,827,203
	627,000	MonotaRO Co. Ltd.		16,006,313
	2,900	MORESCO Corp.		28,817
	196	Mori Trust Hotel, Inc. REIT		244,798
	129,800	Morinaga & Co. Ltd.		4,323,104
	144,846	Morinaga Milk Industry Co. Ltd.		7,925,511
	1,500	Moriroku Holdings Co. Ltd.		27,724
	1,606	Mory Industries, Inc.		36,869
	35,080	Mugen Estate Co. Ltd.		155,355
	14,700	Nafco Co. Ltd.		297,255
	2,000	Nagano Bank Ltd. (The)		21,393
	26,400	Nagano Keiki Co. Ltd.		287,939
	1,900	Naigai Trans Line Ltd.		29,937
	4,400	Nakabayashi Co. Ltd.		24,075
	3,900	Nakamoto Packs Co. Ltd.		55,775
	4,300	Nakanishi, Inc.		88,211
	31,100	Nakayama Steel Works Ltd.		122,932
	4,900	NCS&A Co. Ltd.		23,180
	1,400	Nice Corp.		25,236
	12,200	Nichiban Co. Ltd.		206,626
	7,500	Nichiha Corp.		217,540
	123,400	Nichi-iko Pharmaceutical Co. Ltd.		1,036,519
	24,600	Nihon Falcom Corp.		344,612
	220,400	Nihon Unisys Ltd.		6,987,702
	5,100	Nippon BS Broadcasting Corp.		50,585
	60,800	Nippon Commercial Development Co. Ltd.		932,945
	27,600	Nippon Light Metal Holdings Co. Ltd.		537,908
	12,400	Nippon Steel Trading Corp.		437,954
	2,400	Nippon Systemware Co. Ltd.		43,371

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
JAPAN (continued)
	170,500	Nishi-Nippon Financial Holdings, Inc.	$	1,093,609
	13,400	Nishio Rent All Co. Ltd.		369,668
	600	Nissei ASB Machine Co. Ltd.		27,670
	64,200	Nissha Co. Ltd.		753,083
	97,800	Nisshinbo Holdings, Inc.		745,424
	8,000	Nissin Electric Co. Ltd.		88,206
	14,800	Nisso Corp.		96,283
	7,500	Nitta Corp.		180,483
	105,800	Nitto Kogyo Corp.		1,863,528
	37,700	Nojima Corp.		940,344
	6,400	NOK Corp.		82,101
	9,300	Noritake Co. Ltd./Nagoya Japan		307,617
	29,500	Noritz Corp.		439,436
	220,922	NSD Co. Ltd.		3,600,165
	24,900	NTN Corp.(a)		70,629
	37,700	Obic Co Ltd.		7,288,874
	8,400	Ohsho Food Service Corp.		430,414
	78,600	Okamura Corp.		973,061
	414,100	Oki Electric Industry Co. Ltd.		4,376,297
	13,100	Okinawa Cellular Telephone Co.		593,330
	42,500	Okuwa Co. Ltd.		454,982
	7,000	Onoken Co. Ltd.		83,585
	2,916	Origin Co. Ltd.		35,646
	148,400	Osaki Electric Co. Ltd.		776,693
	42,030	Oyo Corp.		502,637
	13,600	PAPYLESS Co. Ltd.		254,728
	17,200	Paramount Bed Holdings Co. Ltd.		341,513
	2,300	Pasco Corp.		29,505
	73,600	Pasona Group, Inc.		1,316,571
	10,700	PC Depot Corp.		44,449
	28,600	Pegasus Sewing Machine Manufacturing Co. Ltd.		136,078
	222,200	PeptiDream, Inc.(a)		9,525,181
	55,500	Poletowin Pitcrew Holdings, Inc.		573,840
	87,152	Proto Corp.		926,623
	18,000	Punch Industry Co. Ltd.		90,420
	4,500	Quick Co. Ltd.		51,016
	484,600	Raccoon Holdings, Inc.		14,189,038
	258,990	Relia, Inc.		3,085,415
	1,100	Rhythm Watch Co. Ltd.		7,851
	12,400	Riken Corp.		265,836
	80,400	Riken Technos Corp.		354,587
	7,600	Rion Co. Ltd.		198,466
	108,300	Rohm Co. Ltd.		10,731,897
	192,500	Roland Corp.		8,093,490
	57,900	Roland DG Corp.		899,042
	108,800	Sagami Rubber Industries Co. Ltd.		1,044,297
	100	Saison Information Systems Co. Ltd.		1,956
	15,500	Sakai Chemical Industry Co. Ltd.		267,339
	2,600	Sakata INX Corp.		24,171
	21,500	Sangetsu Corp.		302,955
	54,900	Sanken Electric Co. Ltd.(a)		2,561,900
	29,300	Sankyo Co. Ltd.		757,098

Shares			Value
JAPAN (continued)
	15,200	Sankyo Tateyama, Inc.	$	114,045
	63,800	Sanwa Holdings Corp.		822,529
	7,500	Sanyo Trading Co. Ltd.		73,291
	63,200	Sato Holdings Corp.		1,548,628
	2,800	Sato Shoji Corp.		24,826
	7,800	Sawada Holdings Co. Ltd.		51,101
	39,340	Sawai Group Holdings Co. Ltd.		1,893,388
	48,700	SCREEN Holdings Co. Ltd.		4,661,012
	12,000	Seed Co. Ltd.		80,703
	91,200	Seikagaku Corp.		837,815
	96,800	Seiko Holdings Corp.		1,705,891
	13,700	Sekisui Plastics Co. Ltd.		71,828
	900	Semba Corp.		7,033
	500	Senshu Electric Co. Ltd.		15,555
	45,100	Septeni Holdings Co. Ltd.		207,570
	1,107,000	SG Holdings Co. Ltd.		25,160,472
	3,500	Shibaura Electronics Co. Ltd.		112,728
	20,900	Shibaura Mechatronics Corp.		1,143,581
	20,400	Shidax Corp.(a)		54,318
	33,200	Shindengen Electric Manufacturing Co. Ltd.(a)		1,038,924
	6,900	Shinmaywa Industries Ltd.		61,746
	79,300	Shinoken Group Co. Ltd.		848,218
	97	Shofu, Inc.		1,783
	5,000	Siix Corp.		66,749
	38,100	Sinfonia Technology Co. Ltd.		505,141
	46,200	Sinko Industries Ltd.		949,871
	49,200	SK-Electronics Co. Ltd.		567,675
	228,600	SKY Perfect JSAT Holdings, Inc.		960,082
	1,000	SMK Corp.		23,891
	76,400	Sodick Co. Ltd.		692,067
	2,900	Softcreate Holdings Corp.		65,754
	111,913	Soliton Systems KK		1,797,121
	11,200	Sprix Ltd.		101,250
	4,400	SRA Holdings		103,468
	11,600	ST Corp.		192,325
	42,729	St. Marc Holdings Co. Ltd.		661,520
	66,200	Star Micronics Co. Ltd.		998,845
	41,100	Starts Corp, Inc.		1,004,842
	39,600	St-Care Holding Corp.		426,835
	1,500	Studio Alice Co. Ltd.		31,869
	13,900	Sumitomo Riko Co. Ltd.		90,047
	4,900	Sumitomo Seika Chemicals Co. Ltd.		174,408
	43,700	Sun Frontier Fudousan Co. Ltd.		381,060
	18,700	Sun-Wa Technos Corp.		187,702
	37,000	Suzuken Co. Ltd.		1,332,190
	3,300	Systems Engineering Consultants Co. Ltd.		82,281
	118,200	Systena Corp.		2,432,352
	5,100	T RAD Co. Ltd.(a)		88,663
	1,600	Tachibana Eletech Co. Ltd.		22,897
	432,100	Takara Leben Co. Ltd.		1,383,795
	15,600	Takasago International Corp.		377,118

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
JAPAN (continued)
	11,500	Takeuchi Manufacturing Co. Ltd.	$	309,887
	124,400	Tamron Co. Ltd.		2,693,114
	168,700	Tanseisha Co. Ltd.		1,279,644
	48,300	Tatsuta Electric Wire and Cable Co. Ltd.		264,282
	26,300	TDC Soft, Inc.		256,045
	423,400	TechMatrix Corp.		8,158,847
	400	Techno Medica Co. Ltd.		5,951
	24,500	Teikoku Electric Manufacturing Co. Ltd.		297,703
	81,400	Temairazu, Inc.		4,111,337
	25,587	T-Gaia Corp.		438,273
	112,500	TIS, Inc.		2,794,743
	11,500	Toa Corp.		89,336
	83,900	TOC Co. Ltd.		545,054
	108,365	Tochigi Bank Ltd. (The)		172,527
	109,600	Toho Holdings Co. Ltd.		1,849,230
	6,800	Tokai Corp.		149,639
	18,600	Tokai Rika Co. Ltd.		300,554
	30,200	Tokyo Individualized Educational Institute, Inc.		158,337
	20,200	Tokyo Keiki, Inc.		192,777
	59,400	Tokyo Seimitsu Co. Ltd.		2,809,937
	10,300	Tokyo Tatemono Co. Ltd.		152,017
	52,500	Tokyo Tekko Co. Ltd.		913,670
	91,685	TOMONY Holdings, Inc.		246,641
	282,790	Tomy Co. Ltd.		2,427,093
	9,000	Topy Industries Ltd.		108,784
	63,600	Tosei Corp.		629,075
	402,439	Toshiba Corp.		16,625,602
	40,955	Toshiba TEC Corp.		1,633,853
	31,700	Towa Corp.		625,646
	142,500	Towa Pharmaceutical Co. Ltd.		2,949,355
	6,600	Toyo Denki Seizo KK		75,910
	18,700	Toyo Machinery & Metal Co. Ltd.		89,659
	7,600	TPR Co. Ltd.		108,969
	115,400	Transcosmos, Inc.		3,294,428
	2,900	Trinity Industrial Corp.		22,422
	9,500	TS Tech Co. Ltd.		132,386
	54,800	Tsubakimoto Chain Co.		1,469,155
	134,500	Ubicom Holdings, Inc.		3,913,533
	600	Uchida Yoko Co. Ltd.		25,693
	15,500	ULS Group, Inc.		446,747
	30,800	Ulvac, Inc.		1,409,095
	23,600	UNITED, Inc.		280,073
	53,700	Unitika Ltd.(a)		187,206
	10,200	Vector, Inc.		87,543
	2,900	VINX Corp.		27,145
	20,000	Vital KSK Holdings, Inc.		128,466
	616,100	Wacom Co. Ltd.		3,951,744
	4,600	Watts Co. Ltd.		37,544
	10,100	WDB Holdings Co. Ltd.		215,511
	45,500	Will Group, Inc.		422,985

Shares			Value
JAPAN (continued)
	83,700	World Holdings Co. Ltd.	$	2,131,367
	13,400	Wowow, Inc.		326,141
	32,700	Xebio Holdings Co. Ltd.		258,512
	25	XYMAX Investment Corp. REIT		26,146
	126,300	YAMABIKO Corp.		1,361,345
	31,400	Yamaichi Electronics Co. Ltd.		466,015
	35,600	Yamanashi Chuo Bank Ltd. (The)		269,060
	7,100	Yurtec Corp.		50,673
	13,500	Yushin Precision Equipment Co. Ltd.		109,196
	49,000	Zenrin Co. Ltd.		516,946
	63,500	ZERIA Pharmaceutical Co. Ltd.		1,135,319
	28,800	ZIGExN Co. Ltd.		105,144
	900	Zuken, Inc.		24,697
				577,377,393
JERSEY CHANNEL ISLANDS — 0.6%
	271,936	Novocure Ltd.(a)		55,502,138

NETHERLANDS — 1.2%
	70,160	Aalberts NV		3,799,961
	51,189	Accell Group NV(a)		2,640,151
	19,865	Argenx SE(a)		5,741,400
	49,220	ASM International NV		14,965,293
	218,087	ASR Nederland NV		9,546,523
	196,187	BE Semiconductor Industries NV		15,878,487
	143,534	Boskalis Westminster(a)		4,579,842
	35,527	Brunel International NV(a)		475,815
	217,890	Eurocommercial Properties NV REIT(a)		5,637,342
	23,634	ForFarmers NV		157,413
	187,057	Heijmans NV		2,991,027
	94,396	IMCD NV		13,726,324
	3,966	Kendrion NV		111,097
	1,876,501	Koninklijke BAM Groep NV(a)		5,202,390
	72,575	Koninklijke DSM NV		13,018,191
	2,695	Nederland Apparatenfabriek		180,148
	3,476	NSI NV REIT		141,251
	862,565	PostNL NV		4,509,995
	26,348	TKH Group NV		1,259,473
	27,040	Vastned Retail NV REIT		811,096
	76,256	Wereldhave NV REIT		1,318,341
				106,691,560
NEW ZEALAND — 0.5%
	283,013	Argosy Property Ltd. REIT		300,748
	1,181,138	Fletcher Building Ltd.		6,150,854
	526,465	Fletcher Building Ltd.		2,738,888
	38,075	NZX Ltd.		56,400
	77,428	Oceania Healthcare Ltd.		74,800
	75,764	Skellerup Holdings Ltd.		252,108
	1,319,024	SKY NETWORK TELEVISION Ltd.(a)		160,462
	3,190	Tourism Holdings Ltd.(a)		5,890

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
NEW ZEALAND (continued)
	365,983	Xero Ltd.(a)	$	39,910,719
				49,650,869
NORWAY — 0.1%
	392,059	ABG Sundal Collier Holding ASA		400,349
	97,375	Akastor ASA(a)		66,562
	8,478	American Shipping Co. ASA		31,777
	4,164	Atea ASA		79,838
	294,425	B2Holding ASA(a)		315,152
	6,111	Elektro Importoren AS(a)		63,503
	207,692	Nordic Semiconductor ASA(a)		5,139,903
	346,942	Odfjell Drilling Ltd.(a)		836,095
	14,768	Olav Thon Eiendomsselskap ASA(a)		284,218
	16,612	Pareto Bank ASA		99,784
	1,758	SpareBank 1 BV		9,990
	11,497	SpareBank 1 SMN		155,246
	46	Sparebanken More		1,890
	1	TGS NOPEC Geophysical Co. ASA		15
	60,708	Veidekke ASA		933,521
	300,268	Wallenius Wilhelmsen ASA(a)		1,005,703
				9,423,546
PERU — 0.0%
	326,000	Cia de Minas Buenaventura SAA - ADR(a)		3,168,720

POLAND — 0.2%
	115,400	KGHM Polska Miedz SA(a)		5,921,850
	1,512,526	PGE Polska Grupa Energetyczna SA(a)		4,028,404
	297,137	Polski Koncern Naftowy ORLEN SA		5,227,831
	3,097,256	Tauron Polska Energia SA(a)		2,758,960
				17,937,045
PORTUGAL — 0.0%
	241,645	CTT-Correios de Portugal SA(a)		1,102,514
	8,773	Semapa-Sociedade de Investimento e Gestao		127,412
				1,229,926
RUSSIA — 0.6%
	3,531,360	Alrosa PJSC		5,103,527
	1,189,126,065	Federal Grid Co. Unified Energy System PJSC		3,366,219
	4,480,742	Gazprom PJSC		13,708,988
	1,373,778	Gazprom PJSC - ADR		8,319,600
	112,793	Magnit PJSC		7,669,759
	532,967	Mobile TeleSystems PJSC		2,269,490
	157,401,550	ROSSETI PJSC		2,983,634
	1,641,600	Rostelecom PJSC(a)		2,265,488
	461,432,194	RusHydro PJSC		5,032,300
				50,719,005
SINGAPORE — 0.1%
	115,009	Asian Pay Television Trust - Units		9,680

Shares			Value
SINGAPORE (continued)
	322,000	China Aviation Oil Singapore Corp. Ltd.	$	273,425
	191,558	China Sunsine Chemical Holdings Ltd.		81,330
	1,608,200	CSE Global Ltd.		688,840
	238,500	Food Empire Holdings Ltd.		170,261
	157,500	Hanwell Holdings Ltd.		58,585
	34	Ho Bee Land Ltd.		70
	17,703	Hong Leong Asia Ltd.		13,835
	36,156	Hyphens Pharma International Ltd.		8,558
	85,300	iFAST Corp. Ltd.		430,106
	317,100	ISDN Holdings Ltd.		163,226
	568,000	Japfa Ltd.		390,547
	68,690	OM Holdings Ltd.		48,947
	119,300	Propnex Ltd.		101,303
	61,600	Q&M Dental Group Singapore Ltd.		28,931
	794,900	Raffles Medical Group Ltd.		686,932
	304,400	RHT Health Trust - Units REIT(a)(b)		4,346
	4,400	Riverstone Holdings Ltd./Singapore		4,794
	587,300	Singapore Medical Group Ltd.		145,639
	70,300	Wing Tai Holdings Ltd.		101,429
	33,311	XP Power Ltd.		2,337,011
	1,118,600	Yanlord Land Group Ltd.		1,117,970
				6,865,765
SOUTH AFRICA — 0.1%
	2,043,616	Sappi Ltd.(a)		6,883,685

SOUTH KOREA — 1.2%
	12,060	Green Cross Corp.		3,669,987
	161,394	GS Engineering & Construction Corp.		6,405,848
	124,679	Hankook Tire & Technology Co. Ltd.		5,391,342
	70,221	Hyundai Department Store Co. Ltd.		5,858,326
	137,051	Hyundai Engineering & Construction Co. Ltd.		6,209,709
	102,010	KB Financial Group, Inc.		5,016,359
	94,348	Kia Corp.		6,531,034
	148,364	Korea Electric Power Corp.		3,154,411
	62,952	Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		8,687,133
	18,610	Kumho Petrochemical Co. Ltd.		4,349,890
	334,179	LG Display Co. Ltd.(a)		7,300,355
	64,849	LG Electronics, Inc.		9,182,108
	17,209	Lotte Chemical Corp.		4,703,138
	56,652	OCI Co. Ltd.(a)		6,366,252
	401,995	Samsung Engineering Co. Ltd.(a)		6,270,161
	873,774	Samsung Heavy Industries Co. Ltd.(a)		5,891,406
	82,412	Samsung Life Insurance Co. Ltd.		6,053,005
	32,924	Samsung SDS Co. Ltd.		5,416,543
	572,093	SK Networks Co. Ltd.		2,725,844
				109,182,851
SPAIN — 0.3%
	18,939	Acerinox SA		262,873

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
SPAIN (continued)
	1,272,555	Almirall SA	$	19,980,876
	207,571	Atresmedia Corp. de Medios de Comunicacion SA(a)		998,209
	14,081	Cia de Distribucion Integral Logista Holdings SA		292,870
	65,319	Faes Farma SA		272,184
	15,682	Laboratorios Farmaceuticos Rovi SA		908,748
	320,579	Mediaset Espana Comunicacion SA(a)		2,046,559
	39,326	Pharma Mar SA		4,491,570
				29,253,889
SWEDEN — 1.5%
	545,855	AAK AB		12,515,484
	5,066	AddNode Group AB(a)		172,945
	756,313	Arjo AB - B Shares		7,468,832
	17,056	Atrium Ljungberg AB - B Shares		356,410
	180,074	Avanza Bank Holding AB		6,479,265
	2,106	Beijer Alma AB - Class B		47,416
	1,616	Bergman & Beving AB		24,701
	182,854	Betsson AB		1,667,503
	510,762	Bilia AB - A Shares		8,923,425
	219,904	Bonava AB - B Shares		2,613,220
	17,248	Bufab AB		457,404
	41,632	Bulten AB		537,025
	201,334	Byggmax Group AB(a)		1,762,301
	31,534	Catella AB(a)		126,091
	1,331	Cibus Nordic Real Estate AB		28,081
	197,354	Clas Ohlson AB - B Shares(a)		2,113,287
	382,757	Dios Fastigheter AB		3,641,946
	7,721	Doro AB(a)		54,541
	1,605	Elanders AB - B Shares		32,913
	823,196	Elekta AB - B Shares		11,017,371
	7,110	Ferronordic AB		173,014
	245,133	Fortnox AB		12,567,136
	32,154	G5 Entertainment AB		2,330,206
	495,267	Getinge AB - B Shares		16,761,344
	20,214	GHP Specialty Care AB		70,440
	69,704	Haldex AB(a)		470,152
	1,246	HMS Networks AB		54,017
	40,801	Humana AB(a)		369,667
	114,573	Instalco AB		4,869,544
	178,191	Inwido AB(a)		3,119,455
	6,474	KNOW IT AB(a)		239,748
	329,085	Lindab International AB		6,686,231
	4,141	Magnolia Bostad AB(a)		28,322
	114,950	Mekonomen AB(a)		1,971,607
	2,217	Momentum Group AB - Class B(a)		51,591
	145,193	New Wave Group AB - B Shares(a)		1,557,315
	353,276	Nobia AB		3,071,403
	71,473	Nolato AB - B Shares(a)		7,062,408
	16,793	Nordnet AB publ		315,505
	27,773	NP3 Fastigheter AB		509,166
	548	OEM International AB - B Shares		26,152

Shares			Value
SWEDEN (continued)
	341,454	Oncopeptides AB(a)(c)	$	5,287,857
	287,140	Pricer AB - B Shares		1,160,696
	7,176	Proact IT Group AB		227,176
	8,657	Qleanair Holding AB(a)		65,243
	1,008,901	Ratos AB - B Shares		5,942,178
	71,307	RaySearch Laboratories AB(a)		702,495
	128,967	Rottneros AB(a)		149,754
	6,277	Sectra AB - B Shares		448,593
	11,050	Softronic AB - B Shares(a)		40,203
	516,052	SSAB AB - B Shares(a)		2,585,274
	4,281	Studsvik AB(a)		40,810
	26,114	Svedbergs i Dalstorp AB - B Shares		146,525
	1,359	SwedenCare AB		87,972
	10,444	Systemair AB(a)		313,361
	22,961	Tethys Oil AB		167,077
	8,524	Vitrolife AB		319,994
	12,866	Volati AB		171,738
				140,201,530
SWITZERLAND — 2.2%
	312,586	Alcon, Inc.(a)		23,446,089
	5,104	Allreal Holding AG		1,032,816
	10,788	ALSO Holding AG		3,266,227
	114,599	Arbonia AG		1,982,660
	101,147	Ascom Holding AG(a)		1,583,796
	7,378	Autoneum Holding AG(a)		1,425,107
	78,847	Baloise Holding AG		13,330,388
	4,595	Barry Callebaut AG		10,143,466
	24,244	Belimo Holding AG		9,663,089
	2,403	Bellevue Group AG		101,830
	7,150	Bobst Group SA(a)		475,231
	4,160	Bossard Holding AG - Class A		999,858
	15,081	Bucher Industries AG		7,913,293
	13,993	Burckhardt Compression Holding AG		5,025,682
	606	Burkhalter Holding AG		48,175
	661	Calida Holding AG		25,912
	1,166	Coltene Holding AG		164,957
	49,539	Comet Holding AG		12,693,267
	9,693	dormakaba Holding AG		6,368,245
	855	Feintool International Holding AG(a)		60,948
	1,106,226	Ferrexpo Plc		6,703,782
	62	Forbo Holding AG		118,671
	5,497	Georg Fischer AG		7,704,528
	1,410,311	Glencore Plc		5,749,640
	23,299	Huber + Suhner AG		1,867,492
	58,961	Implenia AG(a)		1,716,051
	52	Ina Invest Holding AG(a)		1,082
	1,865	Inficon Holding AG		1,995,187
	245	Interroll Holding AG		837,011
	1,339	Investis Holding SA		141,927
	6,020	Komax Holding AG(a)		1,443,613
	8,388	Kudelski SA		38,852
	10,057	Lonza Group AG		6,395,955

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
SWITZERLAND (continued)
	92	Metall Zug AG	$	199,463
	4,142	OC Oerlikon Corp. AG		48,393
	39	Orell Fuessli AG		4,761
	135	Phoenix Mecano AG		68,886
	42,727	PSP Swiss Property AG		5,268,065
	530,397	Quotient Ltd.(a)		2,079,156
	1,399	Rieter Holding AG(a)		215,078
	781	Schweiter Technologies AG		1,267,388
	16,992	SFS Group AG		2,188,075
	15,847	Siegfried Holding AG		14,567,267
	2,367	Swissquote Group Holding SA		355,601
	44,258	Tecan Group AG		21,555,936
	86,248	Temenos AG		12,664,502
	23,929	u-blox Holding AG		1,640,247
	10,644	Vontobel Holding AG		800,121
	1,976	V-ZUG Holding AG(a)		272,626
	14,789	Zehnder Group AG		1,191,865
				198,852,257
TAIWAN — 1.5%
	6,172,000	Acer, Inc.		7,578,835
	1,831,000	ASE Technology Holding Co. Ltd.		7,734,866
	11,720,000	AU Optronics Corp.(a)		13,908,925
	1,668,559	Cheng Shin Rubber Industry Co. Ltd.		3,231,627
	6,497,650	China Petrochemical Development Corp.		3,698,587
	1,645,000	ENNOSTAR, Inc.(a)		4,758,386
	1,067,000	Everlight Electronics Co. Ltd.		1,770,503
	10,345,000	HannStar Display Corp.(a)		10,795,717
	1,644,000	Hon Hai Precision Industry Co. Ltd.		6,827,194
	1,227,000	HTC Corp.(a)		1,827,344
	13,550,000	Innolux Corp.		14,601,189
	2,741,431	International CSRC Investment Holdings Co.		2,978,643
	4,243,000	Inventec Corp.		4,124,063
	1,189,000	Kinsus Interconnect Technology Corp.		4,490,728
	1,363,000	Pegatron Corp.		3,591,336
	303,000	Phison Electronics Corp.		6,551,820
	6,722,000	Qisda Corp.		8,759,560
	7,479,933	United Microelectronics Corp.		15,183,195
	5,777,000	Winbond Electronics Corp.		7,383,342
	4,812,696	Wistron Corp.		5,634,023
				135,429,883
THAILAND — 0.4%
	11,240,500	Banpu Public Co. Ltd.		4,440,246
	149,462	Fabrinet(a)		12,796,937
	27,214,907	IRPC Public Co. Ltd. - FOR		3,618,457
	5,002,000	Italian-Thai Development Public Co. Ltd. - FOR(a)		293,975
	3,299,558	PTT Global Chemical Public Co. Ltd. - FOR		7,179,287
	139,700	Siam Cement Public Co. Ltd. (The) - FOR		2,072,787

Shares			Value
THAILAND (continued)
	3,229,183	Thai Oil Public Co. Ltd. - FOR	$	6,144,652
				36,546,341
TURKEY — 0.5%
	1,843,327	Arcelik AS		7,654,970
	6,634,452	Dogan Sirketler Grubu Holding AS		2,364,081
	18,659,402	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		4,102,082
	4,729,940	Eregli Demir ve Celik Fabrikalari TAS		10,878,219
	7,551,154	Petkim Petrokimya Holding AS(a)		6,120,277
	1,452,781	Tekfen Holding AS		2,823,524
	318,483	Tupras Turkiye Petrol Rafinerileri AS(a)		3,375,737
	3,078,894	Turkcell Iletisim Hizmetleri AS		5,519,044
	5,685,925	Turkiye Is Bankasi AS		3,344,763
	12,793,473	Yapi ve Kredi Bankasi AS		3,245,211
				49,427,908
UNITED KINGDOM — 6.7%
	37,718	4imprint Group Plc(a)		1,224,125
	1,772,269	Adaptimmune Therapeutics Plc - ADR(a)		10,031,043
	3,520	AG Barr Plc(a)		24,695
	101,690	Alliance Pharma Plc		134,821
	257,304	AO World Plc(a)		987,872
	2,756	Aptitude Software Group Plc		25,501
	10,408	Argentex Group Plc		18,255
	379,383	ASOS Plc(a)		27,350,028
	242,700	AVEVA Group Plc		11,664,293
	1,830,478	B&M European Value Retail SA		14,303,320
	1,573,583	Balfour Beatty Plc(a)		6,780,374
	27,727	Bloomsbury Publishing Plc		115,260
	3,796,217	boohoo Group Plc(a)		17,830,645
	745,856	Britvic Plc		9,090,319
	341,724	Cairn Energy Plc		801,351
	592,232	Capita Plc(a)		357,587
	182,382	Central Asia Metals Plc		700,223
	3,258,675	Centrica Plc(a)		2,549,923
	4,208	Cerillion Plc		36,496
	275,524	Chemring Group Plc		1,000,748
	18,453	Chesnara Plc		70,337
	39,105	Clinigen Group Plc		460,941
	4,767	Clipper Logistics Plc		45,294
	63,918	Computacenter Plc		2,363,976
	61,383	Concentric AB		1,380,575
	7,368,644	ConvaTec Group Plc(c)		22,205,048
	7,431	CRANEWARE Plc		287,352
	90,006	Crest Nicholson Holdings plc(a)		508,150
	40,245	CVS Group Plc(a)		1,239,442
	10,012	Daily Mail & General Trust Plc - Class A		124,167
	1,184,417	Dart Group Plc(a)		24,397,049
	10,545	Devro Plc		29,854
	16,650	DFS Furniture Plc(a)		61,165

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	304,900	Dialog Semiconductor Plc(a)	$	23,878,111
	49,128	Dignity Plc(a)		478,330
	2,522,072	Dixons Carphone Plc(a)		4,851,969
	292,567	Domino’s Pizza Group Plc		1,545,894
	50,864	dotdigital group plc		133,467
	2,319,147	Drax Group Plc		13,086,878
	74,062	Dunelm Group Plc		1,507,656
	2,500	Eco Animal Health Group Plc(a)		12,516
	92,764	EKF Diagnostics Holdings Plc		94,803
	1,503,352	Electrocomponents Plc		22,132,338
	356,478	Elementis Plc(a)		736,502
	79,118	EMIS Group Plc		1,339,600
	1,306	Epwin Group Plc(a)		1,903
	295,376	Ergomed Plc(a)		5,833,385
	135,738	FDM Group Holdings Plc		1,915,851
	222,216	Fevertree Drinks Plc		7,696,836
	222,531	Foxtons Group Plc(a)		193,616
	2,244	Games Workshop Group Plc		336,250
	29,874	Genel Energy Plc		67,250
	235,343	Genus Plc		16,527,290
	113,814	Go-Ahead Group Plc (The)(a)		1,920,774
	495,269	Gulf Keystone Petroleum Ltd.(a)		1,213,400
	529,654	Halfords Group Plc(a)		2,757,675
	5,585	Hargreaves Services Plc		26,610
	984,625	Hays Plc(a)		2,221,940
	67,183	Headlam Group Plc(a)		426,802
	14,016	Hill & Smith Holdings Plc		284,932
	648,464	HomeServe Plc		9,797,440
	1,471,002	Howden Joinery Group Plc(a)		16,430,993
	174,799	Hunting Plc		593,859
	359,552	IMI Plc		7,915,155
	154,374	Impact Healthcare Plc REIT		238,356
	545,640	Inchcape Plc(a)		5,889,041
	212,634	Indivior Plc(a)		448,122
	292,200	IntegraFin Holdings Plc		2,265,893
	377,592	International Personal Finance Plc(a)		665,400
	76,844	IP Group Plc(a)		136,265
	616,226	ITV Plc(a)		1,029,757
	1,032,889	JD Sports Fashion Plc(a)		13,100,713
	4,044	Judges Scientific Plc		321,694
	1,376,845	Just Group Plc(a)		2,074,528
	243,476	Kainos Group Plc		5,137,939
	64,430	Keller Group Plc		735,873
	61,335	Kin & Carta Plc(a)		149,931
	360,123	Lookers Plc(a)		328,250
	34,675	LoopUp Group Plc(a)		35,916
	102,044	M&G Plc		306,236
	28,648	Macfarlane Group Plc		45,895
	14,067	Marshalls Plc(a)		141,236
	20,113	McBride Plc		26,110
	917,528	Micro Focus International Plc		6,563,848
	195,966	Mitie Group Plc(a)		168,067
	5,717	Morgan Advanced Materials Plc		23,410

Shares			Value
UNITED KINGDOM (continued)
	21,090	Morgan Sindall Group Plc	$	669,906
	102,523	NCC Group Plc		384,415
	237,302	NewRiver Plc REIT(a)		332,970
	6,659	Next Fifteen Communications Group Plc(a)		80,561
	307,405	Ninety One Plc		1,037,580
	484	Norcros Plc(a)		1,965
	8,750	Numis Corp. Plc		46,041
	3,144,199	Ocado Group Plc(a)		91,057,948
	1,006,700	Orchard Therapeutics plc - ADR(a)		5,999,932
	412,798	Oxford Biomedica Plc(a)		6,225,434
	46,880	Oxford Instruments Plc		1,411,411
	96,831	Oxford Metrics Plc		125,705
	47,725	Pagegroup Plc(a)		369,429
	5,827	Patisserie Holdings Plc(a)(b)		0
	152,251	PayPoint Plc		1,261,597
	309,413	Pets at Home Group Plc		1,898,132
	63,657	Pharos Energy Plc(a)		23,297
	19,978	Photo-Me International Plc(a)		19,175
	23,399	Picton Property Income Ltd. (The) REIT		29,374
	84,455	Polar Capital Holdings Plc		894,603
	36,420	Rathbone Brothers Plc		851,039
	96,275	Reach Plc(a)		292,513
	136,171	Redrow Plc		1,299,863
	144,027	Renishaw Plc		12,461,617
	5,980,956	Rentokil Initial Plc		41,333,036
	609,230	Rightmove Plc		5,166,055
	12,337	RM Plc		38,761
	14,847	Robert Walters Plc		138,405
	4,518,750	Rotork Plc		21,505,175
	2,501,906	Royal Mail Plc(a)		17,138,076
	131,903	RPS Group Plc(a)		160,305
	69,515	Safestore Holdings Plc REIT		817,471
	21,175	Sanderson Design Group Plc(a)		37,286
	43,951	Savills Plc		725,347
	38,534	SDI Group PLC(a)		95,259
	185,138	Senior Plc(a)		276,651
	32,868	SigmaRoc Plc(a)		37,903
	16,957	Softcat Plc		448,932
	47,327	Speedy Hire Plc(a)		49,870
	695,105	Spirent Communications Plc		2,442,176
	381,261	Sports Direct International Plc(a)		2,714,316
	26,063	Springfield Properties Plc		56,691
	1,079,565	SSP Group Plc(a)		4,770,986
	734,874	St. James’s Place Plc		13,817,833
	611,378	Stagecoach Group Plc(a)		760,754
	109,870	SThree Plc(a)		609,220
	9,253	Stolt-Nielsen Ltd.		139,173
	41,198	Team17 Group Plc(a)		440,948
	116,147	Telit Communications Plc(a)		324,820
	1,614,994	Trainline Plc(a)(c)		10,206,253
	168,026	Travis Perkins Plc(a)		3,566,646

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	7,422	Treatt Plc	$	115,827
	189,227	Tyman Plc		1,104,127
	45,570	Ultra Electronics Holdings Plc		1,272,535
	1,275,084	Vectura Group Plc(a)		1,982,835
	60,862	Vertu Motors Plc(a)		38,160
	185,045	Victrex Plc		6,000,464
	394	Vitec Group Plc (The)		7,645
	147,054	Volex Plc		691,518
	83,706	Volution Group Plc		481,483
	131,078	Watkin Jones Plc		429,030
	188,275	Wickes Group Plc(a)		649,913
	65,133	Wincanton Plc		391,291
	451,657	YouGov Plc		6,611,866
				618,362,283
UNITED STATES — 45.1%
	580,755	A.O. Smith Corp.		39,346,151
	39,362	Acceleron Pharma, Inc.(a)		4,919,069
	406,607	Advance Auto Parts, Inc.		81,386,457
	159,744	AeroVironment, Inc.(a)		17,630,945
	162,395	Agilysys, Inc.(a)		8,186,332
	60,000	Albany International Corp. - Class A		5,354,400
	404,722	Alnylam Pharmaceuticals, Inc.(a)		56,920,102
	510,000	Altra Industrial Motion Corp.		30,095,100
	87,999	Ambarella, Inc.(a)		8,579,023
	158,142	ANSYS, Inc.(a)		57,826,204
	306,699	Appian Corp.(a)		37,165,785
	252,207	AptarGroup, Inc.		38,035,338
	372,050	Aspen Technology, Inc.(a)		48,679,022
	325,000	AtriCure, Inc.(a)		25,047,750
	577,690	Avanos Medical, Inc.(a)		24,961,985
	254,575	Axogen, Inc.(a)		4,765,644
	145,712	Axon Enterprise, Inc.(a)		22,091,396
	255,000	B&G Foods, Inc.		7,440,900
	560,000	Barnes Group, Inc.		27,955,200
	207,681	Benefitfocus, Inc.(a)		2,807,847
	617,070	BioCryst Pharmaceuticals, Inc.(a)		7,179,609
	335,000	Blackbaud, Inc.(a)		23,825,200
	397,574	Blackline, Inc.(a)		46,142,438
	200,000	BRP Group, Inc. - Class A(a)		5,804,000
	200,000	Bryn Mawr Bank Corp.		9,192,000
	189,669	Burlington Stores, Inc.(a)		61,894,685
	400,000	Cantel Medical Corp.(a)		35,164,000
	685,000	Cardiovascular Systems, Inc.(a)		27,619,200
	83,300	Cardlytics, Inc.(a)		11,456,249
	466,440	CDW Corp.		83,180,245
	90,040	Central Garden & Pet Co. - Class A(a)		4,436,271
	105,521	CEVA, Inc.(a)		5,850,084
	65,000	Chase Corp.		7,698,600
	522,676	Chegg, Inc.(a)		47,213,323
	146,063	Chinook Therapeutics, Inc.(a)		2,621,831
	1,061,321	Cloudera, Inc.(a)		13,468,164
	397,770	CMC Materials, Inc.		72,962,951

Shares			Value
UNITED STATES (continued)
	1,241,194	Codexis, Inc.(a)	$	28,770,877
	210,000	Community Bank System, Inc.		16,302,300
	295,000	CONMED Corp.		41,580,250
	223,149	Cooper Cos, Inc. (The)		91,689,693
	187,894	Cree, Inc.(a)		18,680,421
	75,000	CSW Industrials, Inc.		10,155,750
	525,000	CVB Financial Corp.		11,135,250
	194,873	Digimarc Corp.(a)		6,573,066
	81,998	Domino’s Pizza, Inc.		34,631,035
	474,410	Dover Corp.		70,777,228
	750,000	elf Beauty, Inc.(a)		22,687,500
	175,000	Envestnet, Inc.(a)		12,920,250
	159,750	Envista Holdings Corp.(a)		6,913,980
	424,638	Equifax, Inc.		97,339,769
	57,370	ESCO Technologies, Inc.		6,239,561
	140,876	Everbridge, Inc.(a)		18,695,654
	185,122	EverQuote, Inc. - Class A(a)		6,270,082
	1,175,000	Evoqua Water Technologies Corp.(a)		33,581,500
	240,582	Exact Sciences Corp.(a)		31,713,519
	116,500	First Solar, Inc.(a)		8,915,745
	501,994	Flexion Therapeutics, Inc.(a)		3,895,473
	75,000	Generac Holdings, Inc.(a)		24,296,250
	250,000	German American Bancorp, Inc.		10,832,500
	88,270	Gibraltar Industries, Inc.(a)		8,108,482
	151,733	Glaukos Corp.(a)		14,287,179
	186,419	Global Blood Therapeutics, Inc.(a)		7,602,167
	300,000	Globus Medical, Inc. - Class A(a)		21,531,000
	235,445	HEICO Corp.		33,150,656
	2,165,000	Hostess Brands, Inc.(a)		33,102,850
	870,080	IAA, Inc.(a)		54,649,725
	294,655	Independent Bank Corp.		24,132,245
	286,655	Ingersoll Rand, Inc.(a)		14,163,624
	160,000	Innospec, Inc.		15,585,600
	109,798	Insmed, Inc.(a)		3,703,487
	146,527	Inspire Medical Systems, Inc.(a)		34,700,524
	582,050	Integra LifeScience Holdings Corp.(a)		43,118,264
	628,383	Intersect ENT, Inc.(a)		13,705,033
	76,268	IPG Photonics Corp.(a)		16,558,545
	141,141	iRobot Corp.(a)		15,356,141
	120,000	J&J Snack Foods Corp.		19,753,200
	345,000	John Bean Technologies Corp.		50,156,100
	475,000	John Wiley & Sons, Inc. - Class A		27,046,500
	167,140	Jones Lang LaSalle, Inc.(a)		31,407,277
	192,846	Laboratory Corp. of America Holdings(a)		51,271,966
	200,000	Lancaster Colony Corp.		36,942,000
	327,543	Lantheus Holdings, Inc.(a)		7,762,769
	136,146	Legend Biotech Corp. - ADR(a)		4,097,995
	134,240	LendingTree, Inc.(a)		27,719,218
	252,660	LivePerson, Inc.(a)		13,807,869
	217,246	LiveRamp Holdings, Inc.(a)		10,640,709
	33,980	Madrigal Pharmaceuticals, Inc.(a)		4,624,678
	113,141	MarketAxess Holdings, Inc.		55,264,853

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
UNITED STATES (continued)
	35,000	Masimo Corp.(a)	$	8,143,450
	480,546	Match Group, Inc.(a)		74,787,374
	665,633	MaxCyte, Inc.(a)		8,346,994
	1,030,000	Medallia, Inc.(a)		30,374,700
	290,000	MGP Ingredients, Inc.		17,429,000
	443,592	Model N, Inc.(a)		17,646,090
	225,000	MSA Safety, Inc.		36,171,000
	398,865	Nasdaq, Inc.		64,432,652
	350,000	National Vision Holdings, Inc.(a)		17,643,500
	570,000	New Relic, Inc.(a)		36,651,000
	120,000	Omnicell, Inc.(a)		17,402,400
	175,000	Outset Medical, Inc.(a)		10,486,000
	285,647	Pacira BioSciences, Inc.(a)		18,047,177
	165,000	Palomar Holdings, Inc.(a)		11,609,400
	127,873	Paycom Software, Inc.(a)		49,155,660
	85,000	Penumbra, Inc.(a)		26,009,150
	415,000	Prestige Consumer Healthcare, Inc.(a)		18,077,400
	225,000	Prosperity Bancshares, Inc.		16,506,000
	25,975	Protara Therapeutics, Inc.(a)		290,660
	175,000	Pulmonx Corp.(a)		8,226,750
	1,455,765	Pure Storage, Inc. - Class A(a)		29,435,568
	3,304,860	PureTech Health Plc(a)		18,941,334
	409,737	Q2 Holdings, Inc.(a)		42,620,843
	115,000	Qualys, Inc.(a)		11,656,400
	24,332	Reata Pharmaceuticals, Inc. - Class A(a)		2,467,265
	95,047	Rubius Therapeutics, Inc.(a)		2,378,076
	450,000	SailPoint Technologies Holding, Inc.(a)		21,973,500
	885,000	Sally Beauty Holdings, Inc.(a)		17,761,950
	300,000	Selective Insurance Group, Inc.		22,842,000
	365,000	Sensient Technologies Corp.		30,017,600
	83,304	Shockwave Medical, Inc.(a)		13,616,872
	1,200,000	Simply Good Foods Co. (The)(a)		41,460,000
	94,163	Splunk, Inc.(a)		11,904,086
	122,128	Sprout Social, Inc. - Class A(a)		8,095,865
	733,245	SS&C Technologies Holdings, Inc.		54,421,444
	425,598	STAAR Surgical Co.(a)		58,311,182
	130,000	Standex International Corp.		12,326,600
	316,275	STERIS Plc		66,740,351
	179,785	Stock Yards Bancorp, Inc.		9,197,801
	247,050	Stratasys Ltd.(a)		5,536,391
	225,000	Sumo Logic, Inc.(a)		4,385,250
	248,467	Synopsys, Inc.(a)		61,386,257
	119,491	Tabula Rasa HealthCare, Inc.(a)		5,682,992
	345,000	Tactile Systems Technology, Inc.(a)		19,768,500
	230,584	Teladoc Health, Inc.(a)		39,741,152
	170,413	Teleflex, Inc.		71,996,084
	625,000	Tenable Holdings, Inc.(a)		23,434,375
	98,380	Tesla, Inc.(a)		69,794,707
	45,000	Transcat, Inc.(a)		2,250,000
	450,000	TreeHouse Foods, Inc.(a)		21,420,000
	665,770	TriMas Corp.(a)		21,198,117

Shares			Value
UNITED STATES (continued)
	234,121	Trupanion, Inc.(a)	$	18,987,213
	297,100	UMB Financial Corp.		28,827,613
	707,039	Upwork, Inc.(a)		32,566,216
	1,800,630	US Foods Holding Corp.(a)		74,654,120
	345,000	Utz Brands, Inc.		10,108,500
	246,615	Vapotherm, Inc.(a)		5,425,530
	23,296	Varex Imaging Corp.(a)		553,047
	345,580	Veeco Instruments, Inc.(a)		7,951,796
	175,000	Veracyte, Inc.(a)		8,706,250
	2,325,391	ViewRay, Inc.(a)		11,185,131
	150,000	Washington Trust Bancorp, Inc.		7,657,500
	88,181	Wayfair, Inc. - Class A(a)		26,063,658
	335,475	WEX, Inc.(a)		68,842,825
	140,000	Wingstop, Inc.		22,177,400
	775,000	Wolverine World Wide, Inc.		32,333,000
	190,000	Workiva, Inc.(a)		17,860,000
	670,780	Wyndham Hotels & Resorts, Inc.		49,040,726
	2,499,956	Yext, Inc.(a)		34,874,386
	111,597	Zillow Group, Inc. - Class A(a)		14,881,460
	444,250	Zillow Group, Inc. - Class C(a)		57,805,810
	207,076	Zogenix, Inc.(a)		3,911,666
	649,312	Zuora, Inc. - Class A(a)		10,518,854
				4,178,583,429
VIETNAM — 0.0%
	794,673	PetroVietnam Drilling & Well Services JSC(a)		660,073
	563,790	Vietnam National Petroleum Group		1,230,043
				1,890,116
Total Common Stocks (Cost $5,576,326,831)				8,046,694,992

RIGHTS/WARRANTS — 0.0%
UNITED STATES — 0.0%
	146,063	Aduro Biotech CVR Rights, Expire 12/31/21(a)(b)		0

Total Rights/Warrants (Cost $0)				0

EXCHANGE-TRADED FUNDS — 9.7%
	1,872,255	Energy Select Sector SPDR Fund		92,470,674
	560,000	Invesco KBW Bank ETF		36,758,400
	456,925	iShares Core S&P Small-Cap ETF		50,508,490
	747,000	iShares MSCI Emerging Markets ETF		40,323,060
	260,285	iShares MSCI Japan ETF		17,548,415
	521,435	iShares MSCI South Korea ETF		47,221,154
	49,805	iShares Russell 2000 ETF		11,200,646
	213,600	iShares Russell Mid-Cap Growth ETF		22,991,904
	853,900	SPDR S&P Bank ETF		45,794,657
	514,500	SPDR S&P Oil & Gas Exploration & Production ETF		41,262,900

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
	665,585	SPDR S&P Regional Banking ETF	$	45,519,358
	872,000	VanEck Vectors Gold Miners ETF		29,961,920
	989,500	VanEck Vectors Junior Gold Miners ETF		46,951,775
	640,000	Vanguard Energy ETF		43,705,600
	201,830	Vanguard Mid-Cap ETF		46,830,615
	974,500	Vanguard Small-Cap Growth ETF		277,391,425

Total Exchange-Traded Funds (Cost $698,164,695)				896,440,993

INVESTMENT COMPANY — 0.1%
	11,248,157	SEI Daily Income Trust Government II Fund - Class A, 0.01%(d)		11,248,157

Total Investment Company (Cost $11,248,157)				11,248,157

CASH SWEEP — 3.7%
	346,641,436	Citibank - US Dollars on Deposit in Custody Account, 0.03%(a)(d)		346,641,436

Total Cash Sweep (Cost $346,641,436)				346,641,436

TOTAL INVESTMENTS — 100.4% (Cost $6,632,381,119)			$	9,301,025,578

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%				(40,610,327	)
NET ASSETS — 100.0%			$	9,260,415,251

(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 fair valued securities is $46,647 which is 0.00% of net assets and the cost is $299,032.
(c)	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.
(d)	The rate shown represents the current yield as of April 30, 2021.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CVR — Contingent Value Right

ETF — Exchange -Traded Fund

FOR — Foreign Ownership Restrictions

MSCI — Morgan Stanley Capital International Index

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Argentina		0.4	%
Australia		1.7
Austria		0.0	*
Belgium		0.3
Bermuda		0.4
Brazil		0.3
Canada		2.6
China		3.4
Costa Rica		0.0	*
Denmark		1.5
Finland		0.7
France		0.7
Germany		2.0
Greece		0.1
Hong Kong		0.4
Iceland		0.1
India		0.6
Indonesia		0.0	*
Ireland		0.2
Israel		2.0
Italy		0.5
Japan		6.2
Jersey Channel Islands		0.6
Netherlands		1.2
New Zealand		0.5
Norway		0.1
Peru		0.0	*
Poland		0.2
Portugal		0.0	*
Russia		0.6
Singapore		0.1
South Africa		0.1
South Korea		1.2
Spain		0.3
Sweden		1.5
Switzerland		2.2
Taiwan		1.5
Thailand		0.4
Turkey		0.5
United Kingdom		6.7
United States		45.1
Vietnam		0.0	*
Other**		13.1
		100.0	%

*	Represents less than 0.01% of net assets.
**	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.
Large Cap Strategies Fund
Portfolio of Investments	April 30, 2021 (Unaudited)

Shares			Value
COMMON STOCKS — 90.5%
ARGENTINA — 0.8%
	118,398	MercadoLibre, Inc.(a)	$	186,000,890

AUSTRALIA — 0.4%
	370,953	Atlassian Corp. Plc - Class A(a)		88,123,595
	18,681	Australia & New Zealand Banking Group Ltd.		413,595
	21,623	BHP Group Ltd.		794,552
	29,775	BlueScope Steel Ltd.		495,902
	1,594	Cochlear Ltd.		273,216
	10,205	Commonwealth Bank of Australia		699,981
	26,739	Computershare Ltd.		290,849
	3,024	CSL Ltd.		631,677
	3,081	Macquarie Group Ltd.		380,915
	112,907	Oil Search Ltd.		330,516
	72,114	Santos Ltd.		387,760
	14,676	Woodside Petroleum Ltd.		258,447
	8,272	Woolworths Group Ltd.		250,433
				93,331,438
BELGIUM — 0.0%
	3,319	Etablissements Franz Colruyt NV		196,840
	8,528	Proximus SADP		181,782
	2,123	UCB S.A.		196,686
				575,308
BRAZIL — 0.7%
	88,713	Ambev S.A.		244,644
	3,539,859	Ambev SA - ADR		9,840,808
	863,804	B3 SA - Brasil Bolsa Balcao		8,197,475
	2,875,913	Banco Bradesco SA - ADR		12,510,222
	211,251	Cia Brasileira de Distribuicao - ADR		1,567,483
	2,120,854	Itau Unibanco Holding SA - ADR		10,604,270
	2,257,435	Localiza Rent a Car SA		26,567,837
	614,800	Lojas Renner SA		4,539,654
	537,647	Pagseguro Digital Ltd. - Class A(a)		24,591,974
	62,266	Petroleo Brasileiro S.A.		265,247
	2,488,285	Raia Drogasil S.A.		12,084,012
	30,503	Sendas Distribuidora SA - ADR		449,309
	1,076,507	Ultrapar Participacoes SA		4,159,734
	1,102,142	WEG S.A.		7,046,583
	740,961	XP, Inc. - Class A(a)		29,342,056
				152,011,308
CANADA — 0.6%
	9,017	Alimentation Couche-Tard, Inc. - Class B		305,543
	5,119	Bank of Nova Scotia (The)		325,969
	9,386	Barrick Gold Corp.		199,991
	2,498	Canadian National Railway Co.		268,934
	15,195	Canadian Natural Resources Ltd.		461,234
	1,651	Canadian Pacific Railway Ltd.		616,141
	204	Constellation Software, Inc.		299,395
	6,378	Dollarama, Inc.		297,223

Shares			Value
CANADA (continued)
	8,180	Enbridge, Inc.	$	315,514
	6,821	Metro, Inc.		312,540
	4,648	Rogers Communications, Inc. - Class B		228,931
	5,472	Royal Bank of Canada		522,247
	102,680	Shopify, Inc. - Class A(a)		121,420,127
	4,392	TC Energy Corp.		217,286
	4,920	Toronto-Dominion Bank (The)		338,234
	5,724	Wheaton Precious Metals Corp.		237,454
				126,366,763
CHILE — 0.0%
	20,132	Antofagasta Plc		518,671
	133,555	Banco Santander Chile - ADR		2,970,263
				3,488,934
CHINA — 5.6%
	97,384	51job, Inc. - ADR(a)		5,993,985
	569,664	Agricultural Bank of China Ltd. - H Shares		221,478
	410,000	Airtac International Group		17,320,016
	1,143,616	Alibaba Group Holding Ltd.(a)		33,125,886
	1,360,628	Alibaba Group Holding Ltd. - ADR(a)		314,237,037
	8,518,940	ANTA Sports Products Ltd.		152,990,522
	41,100	Autohome, Inc. - ADR		3,811,203
	48,961	Baidu, Inc. - ADR(a)		10,297,967
	509,380	Bank of China Ltd. - H Shares		202,631
	444,858	China Construction Bank Corp. - H Shares		352,210
	128,202	China International Capital Corp. Ltd. - H Shares(a)(b)		322,166
	96,910	China Life Insurance Co. Ltd. - H Shares		197,369
	55,693	China Merchants Bank Co. Ltd. - H Shares		449,186
	391,636	China Petroleum & Chemical Corp. - H Shares		195,119
	106,258	China Shenhua Energy Co Ltd. - H Shares		221,606
	241,900	China Tourism Group Duty Free Corp. Ltd. - Class A		11,658,178
	101,676	CITIC Securities Co. Ltd. - H Shares		245,297
	584,000	Country Garden Services Holdings Co. Ltd.		6,127,386
	11,310,697	CSPC Pharmaceutical Group Ltd.		14,007,776
	985,058	ENN Energy Holdings Ltd.		16,790,149
	815,645	Foshan Haitian Flavouring & Food Co. Ltd. - A Shares		21,356,251
	158,013	Fosun International Ltd.		227,426
	1,886,000	Fuyao Glass Industry Group Co. Ltd. - H Shares(b)		10,962,364
	1,573,000	Haidilao International Holding Ltd.(b)		10,196,074
	211,357	Haitong Securities Co. Ltd. - H Shares		189,106

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
CHINA (continued)
	981,786	Hangzhou Tigermed Consulting Co. Ltd. - H Shares(a)(b)	$	19,287,508
	370,245	Industrial & Commercial Bank of China Ltd. - H Shares		241,182
	605,858	JD Health International, Inc.(a)(b)		9,437,587
	337,378	Jiangsu Hengrui Medicine Co. Ltd. - A Shares		4,382,954
	1,537,329	Midea Group Co., Ltd. - A Shares		19,038,505
	59,716	New China Life Insurance Co. Ltd. - H Shares		230,246
	2,808,740	New Oriental Education & Technology Group, Inc. - ADR(a)		42,861,372
	204,755	PICC Property & Casualty Co Ltd. - H Shares		201,124
	1,621,500	Ping An Insurance Group Co. of China Ltd.		17,733,118
	20,119	Poly Property Services Co. Ltd. - H Shares		147,245
	504,289	S.f. Holding Co., Ltd. - A Shares		5,012,821
	140,754	Sangfor Technologies, Inc. - A Shares		5,946,430
	629,458	Shenzhou International Group Holdings Ltd.		13,840,742
	72,000	Silergy Corp.		7,539,469
	546,043	Sunny Optical Technology Group Co. Ltd.		13,314,093
	4,610,219	Tencent Holdings Ltd. - H Shares		369,755,262
	953,364	Tencent Music Entertainment Group - ADR(a)		16,607,601
	601,821	Trip.com Group Ltd. - ADR(a)		23,519,165
	6,856,000	Wuxi Biologics Cayman, Inc.(a)(b)		96,647,292
	4,376	Yum China Holdings, Inc.		275,338
	68,802	ZTO Express Cayman, Inc. - ADR		2,212,672
				1,299,930,114
COLUMBIA — 0.0%
	208,043	Bancolombia SA - ADR		6,226,727

CZECH REPUBLIC — 0.0%
	209,673	Komercni Banka AS(a)		6,360,092

DENMARK — 0.0%
	1,614	Carlsberg A/S - Class B		283,247
	2,280	Chr Hansen Holding A/S(a)		209,592
	1,477	Coloplast A/S - Class B		244,400
	2,740	DSV PANALPINA A/S		611,089
	4,463	GN Store Nord A/S		402,907
	9,396	Novo Nordisk A/S - B Shares		688,210
	4,131	Novozymes A/S - B Shares		294,060
				2,733,505
EGYPT — 0.0%
	1,494,527	Commercial International Bank Egypt SAE - GDR		5,462,496

Shares			Value
FINLAND — 0.0%
	3,334	Elisa Oyj	$	189,152
	12,920	Kesko Oyj - B Shares		393,608
	3,427	Kone Oyj - Class B		269,208
	7,350	UPM-Kymmene Oyj		287,629
				1,139,597
FRANCE — 1.1%
	2,343	Air Liquide S.A.		394,700
	1,285,980	Airbus SE(a)		154,514,181
	2,873	Atos SE(a)		195,569
	8,552	BNP Paribas S.A.(a)		548,937
	2,625	Capgemini SE		480,960
	4,916	Edenred		278,669
	312	Hermes International		391,606
	1,323	L’Oreal S.A.		543,421
	1,702	LVMH Moet Hennessy Louis Vuitton SE		1,281,349
	4,226	Sanofi		443,393
	945	Sartorius Stedim Biotech		434,000
	622,037	Schneider Electric SE		99,478,207
	916	Teleperformance		353,615
	11,914	TOTAL SE		527,467
				259,866,074
GEORGIA — 0.0%
	115,923	Bank of Georgia Group Plc(a)		1,636,176

GERMANY — 1.5%
	5,078	BASF SE		409,525
	1,360	Bechtle AG		276,897
	1,295	Deutsche Boerse AG		223,106
	6,906	Deutsche Post AG		406,461
	14,459	Deutsche Telekom AG		278,133
	8,271	Evonik Industries AG		289,564
	2,789	Fresenius Medical Care AG & Co KGaA		221,839
	6,593	Fresenius SE & Co KGaA		324,033
	7,175	RWE AG		272,069
	1,306,478	Siemens AG		218,046,403
	4,982	Vonovia SE		327,272
	1,277,494	Zalando SE(a)(b)		132,913,944
				353,989,246
HONG KONG — 1.1%
	15,232,288	AIA Group Ltd.		193,939,466
	528,209	ASM Pacific Technology Ltd.		8,010,430
	62,999	BOC Hong Kong Holdings Ltd.		222,223
	52,978	China Mengniu Dairy Co. Ltd.		283,722
	58,030	China Overseas Land & Investment Ltd.		146,873
	41,259	China Resources Beer Holdings Co. Ltd.		333,301
	46,999	China Resources Land Ltd.		220,542
	90,353	CLP Holdings Ltd.		891,578

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
HONG KONG (continued)
	30,759	Galaxy Entertainment Group Ltd.(a)	$	270,853
	103,763	Guangdong Investment Ltd.		159,764
	91,684	Hang Lung Properties Ltd.		250,227
	11,051	Hang Seng Bank Ltd.		216,958
	14,887	Hong Kong Exchanges & Clearing Ltd.		900,761
	357,577	Hutchison China MediTech Ltd. - ADR(a)		10,115,853
	3,924,924	Sino Biopharmaceutical Ltd.		4,229,232
	32,706	Sun Hung Kai Properties Ltd.		493,890
	1,341,257	Techtronic Industries Co. Ltd.		24,450,065
				245,135,738
INDIA — 3.3%
	1,128,399	Apollo Hospitals Enterprise Ltd.		48,709,788
	1,794,607	Asian Paints Ltd.		61,451,162
	590,712	Bajaj Finance Ltd.		43,477,711
	3,084,267	Bandhan Bank Ltd.(a)(b)		13,730,292
	622,973	Britannia Industries Ltd.		29,007,174
	8,665,956	HDFC Bank Ltd.(a)		165,229,061
	169,723	HDFC Bank Ltd. - ADR(a)		11,928,132
	2,729,598	Housing Development Finance Corp. Ltd.		89,181,547
	3,761,045	ICICI Prudential Life Insurance Co. Ltd.(a)(b)		26,502,109
	831,171	Jubilant Foodworks Ltd.		32,447,901
	591,309	Kotak Mahindra Bank Ltd.(a)		13,960,393
	106,121	Maruti Suzuki India Ltd.		9,248,777
	4,445,765	Reliance Industries Ltd.		119,708,101
	580,875	Tata Consultancy Services Ltd.		23,805,504
	3,771,160	Titan Co. Ltd.		75,942,500
				764,330,152
INDONESIA — 0.2%
	13,231,049	Astra International Tbk PT		5,037,782
	13,297,684	Bank Central Asia Tbk PT		29,481,366
	43,600,930	Bank Rakyat Indonesia Persero Tbk PT		12,224,560
				46,743,708
IRELAND — 1.3%
	2,667	Accenture Plc - Class A		773,350
	1,404,184	Aptiv Plc(a)		202,048,036
	6,625	Experian Plc		255,453
	1,753	Jazz Pharmaceuticals Plc(a)		288,193
	780,729	Medtronic Plc		102,213,040
				305,578,072
ISLE OF MAN — 0.6%
	5,340,902	Entain Plc(a)		124,765,931

ISRAEL — 0.0%
	1,842	Check Point Software Technologies Ltd.(a)		215,164

Shares			Value
ISRAEL (continued)
	1,395	Nice Ltd.(a)	$	337,031
				552,195
ITALY — 0.0%
	1,251	DiaSorin SpA		212,442
	20,791	FinecoBank Banca Fineco SpA(a)		357,943
	11,746	Prysmian SpA		367,868
				938,253
JAPAN — 1.9%
	9,594	Aeon Co. Ltd.		261,818
	5,876	Asahi Group Holdings Ltd.		245,438
	11,847	Astellas Pharma, Inc.		177,830
	3,761	Bandai Namco Holdings, Inc.		276,199
	7,180	Chugai Pharmaceutical Co Ltd.		269,422
	14,094	Chugoku Electric Power Co. Inc. (The)		157,331
	1,559	Daikin Industries Ltd.		312,827
	7,875	Daiwa House Industry Co. Ltd.		233,101
	120	Daiwa House REIT Investment Corp. REIT		321,823
	800	Disco Corp.		259,127
	2,628	East Japan Railway Co.		179,841
	8,449	Fuji Electric Co. Ltd.		384,608
	1,940	Fujitsu Ltd.		308,955
	4,576	Hamamatsu Photonics KK		265,457
	6,693	Hitachi Ltd.		329,536
	2,714	Hoya Corp.		308,798
	9,886	ITOCHU Corp.		308,276
	70	Japan Real Estate Investment Corp. REIT		434,257
	10,695	Japan Tobacco, Inc.		200,024
	3,698	Kao Corp.		237,093
	8,141	KDDI Corp.		246,264
	215,999	Keyence Corp.		103,799,684
	8,646	Kyowa Kirin Co. Ltd.		262,647
	3,562	Lawson, Inc.		159,702
	5,248	M3, Inc.		363,840
	9,769	Mitsubishi Corp.		269,946
	16,140	Mitsubishi Electric Corp.		248,399
	12,213	Mitsubishi Estate Co. Ltd.		200,645
	14,123	Mitsui & Co. Ltd.		297,670
	11,528	Mitsui Fudosan Co. Ltd.		249,990
	4,303	Murata Manufacturing Co Ltd.		342,657
	7,341	Nabtesco Corp.		330,140
	7,527	Nichirei Corp.		190,224
	5,487	Nihon Kohden Corp.		165,930
	2,396,800	Nihon M&A Center, Inc.		62,809,362
	57	Nippon Building Fund, Inc. REIT		374,472
	144	Nippon Prologis, Inc. REIT		462,476
	9,341	Nippon Telegraph & Telephone Corp.		235,469
	50,717	Nomura Holdings, Inc.		272,356
	8,212	Nomura Research Institute Ltd.		252,845
	1,250	Obic Co Ltd.		241,674
	12,097	Olympus Corp.		248,769

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
JAPAN (continued)
	3,562	Omron Corp.	$	270,189
	11,664	Osaka Gas Co. Ltd.		224,977
	4,966	Otsuka Holdings Co. Ltd.		190,888
	26,607	Panasonic Corp.		313,811
	13,090	Recruit Holdings Co. Ltd.		591,559
	5,679	Seven & i Holdings Co. Ltd.		244,173
	7,402	Shimadzu Corp.		259,060
	1,743	Shin-Etsu Chemical Co Ltd.		294,248
	543	SMC Corp.		315,247
	14,944	SoftBank Corp.		192,731
	1,157,398	Sony Group Corp.		115,432,685
	7,785	Sumitomo Mitsui Financial Group, Inc.		270,826
	7,675	Sumitomo Realty & Development Co. Ltd.		255,552
	5,361	Suntory Beverage & Food Ltd.		181,005
	6,620	Terumo Corp.		250,287
	5,858	Tobu Railway Co. Ltd.		150,617
	3,775	Toho Gas Co. Ltd.		209,665
	4,237	Tokio Marine Holdings, Inc.		202,759
	304,854	Tokyo Electron Ltd.		134,784,018
	10,446	Tokyo Gas Co. Ltd.		211,520
	4,747	Toyo Suisan Kaisha Ltd.		193,502
	8,505	Toyota Motor Corp.		632,447
	5,136	Unicharm Corp.		199,444
	4,756	Yamaha Corp.		258,928
				433,627,060
KAZAKHSTAN — 0.1%
	257,893	Kaspi.KZ JSC - GDR		21,920,905

KENYA — 0.1%
	1,013,379	East African Breweries Ltd.(a)		1,595,003
	32,047,920	Safaricom Plc		11,990,112
				13,585,115
LUXEMBOURG — 0.1%
	388,541	Tenaris SA - ADR		8,307,007

MACAU — 0.1%
	3,448,200	Sands China Ltd.(a)		16,380,365

MALAYSIA — 0.0%
	339,535	Public Bank Berhad		343,978
	67,333	Tenaga Nasional Bhd		163,713
				507,691
MEXICO — 0.3%
	350,579	America Movil SAB de CV- Series L		245,580
	167,344	Fomento Economico Mexicano SAB de CV - ADR		12,969,160
	56,040	Grupo Aeroportuario del Sureste SAB de CV - ADR(a)		9,532,404
	2,839,193	Grupo Financiero Banorte SAB de CV-Series O		16,121,044

Shares			Value
MEXICO (continued)
	105,603	Grupo Mexico SAB de CV- Series B	$	478,985
	5,021,023	Wal-Mart de Mexico SAB de CV		16,465,743
				55,812,916
NETHERLANDS — 2.3%
	57,359	Adyen NV(a)(b)		140,781,550
	293,875	ASML Holding NV		191,212,032
	272,521	ASML Holding NV		176,620,860
	2,469	IMCD NV		359,023
	71,333	ING Groep NV		911,630
	9,088	Koninklijke Ahold Delhaize NV		244,634
	2,354	NXP Semiconductors NV		453,168
	249,779	Prosus NV		27,095,780
	16,984	Royal Dutch Shell Plc - A Shares		320,171
	17,758	Royal Dutch Shell Plc - B Shares		318,576
	379	Topicus.com, Inc.(a)		28,368
	2,704	Wolters Kluwer NV		244,661
				538,590,453
NORWAY — 0.0%
	14,286	Aker BP ASA		409,839
	12,713	Telenor ASA		226,723
				636,562
PANAMA — 0.0%
	60,550	Copa Holdings SA - Class A(a)		5,237,575

PERU — 0.0%
	23,965	Credicorp. Ltd.		2,861,421

POLAND — 0.1%
	548,675	Allegro.eu SA(a)(b)		8,411,994
	205,939	CD Projekt SA(a)		9,455,751
	37,406	Powszechna Kasa Oszczednosci Bank Polski S.A.(a)		347,901
	26,616	Powszechny Zaklad Ubezpieczen S.A.(a)		229,298
				18,444,944
PORTUGAL — 0.0%
	11,394	Jeronimo Martins SGPS S.A.		208,079

QATAR — 0.0%
	52,333	Qatar National Bank QPSC		257,281

RUSSIA — 0.6%
	267,110	LUKOIL PJSC - ADR		20,631,576
	120,246	Novatek PJSC - GDR		21,650,292
	1,526,462	Sberbank of Russia PJSC - ADR		24,026,512
	1,055,859	Yandex NV - Class A(a)		69,211,558
				135,519,938
SINGAPORE — 1.4%
	93,557	CapitaLand Ltd.		261,531
	1,312,098	Sea Ltd. - ADR(a)		331,357,229
				331,618,760

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
SOUTH AFRICA — 0.1%
	44,287	Absa Group Ltd.(a)	$	373,932
	1,015,789	Discovery Ltd.		9,245,589
	915,206	Standard Bank Group Ltd.		7,447,230
	30,577	Vodacom Group Ltd.		265,088
				17,331,839
SOUTH KOREA — 1.7%
	45,231	Amorepacific Corp.		10,999,223
	111,135	Coway Co. Ltd.		6,683,986
	1,594	Hyundai Mobis Co. Ltd.		386,910
	8,849	KB Financial Group, Inc.		435,151
	9,574	Kia Corp.		662,739
	708	Korea Zinc Co. Ltd.		283,875
	19,197	LG Household & Health Care Ltd.		26,560,150
	436,074	NAVER Corp.		140,934,601
	1,607	NCSoft Corp.		1,199,092
	2,271	POSCO		743,151
	1,984,075	Samsung Electronics Co Ltd.		145,369,814
	28,704	Samsung Electronics Co. Ltd. - GDR		52,577,335
				386,836,027
SPAIN — 0.0%
	4,545	Amadeus IT Group S.A.(a)		309,822
	41,183	Iberdrola S.A.		556,270
	7,079	Industria de Diseno Textil S.A.		252,088
	13,808	Red Electrica Corp. S.A.		253,575
				1,371,755
SWEDEN — 0.0%
	8,626	Atlas Copco AB - A Shares		522,723
	6,444	Essity AB - Class B		210,320
	8,303	Hexagon AB - B Shares		791,897
	16,148	Sandvik AB		399,239
	3,262	Swedish Match AB		267,571
	14,554	Tele2 AB - B Shares		187,995
				2,379,745
SWITZERLAND — 0.7%
	627,621	Coca-Cola HBC AG - CDI		21,686,735
	23,999	Credit Suisse Group AG		250,856
	281	Georg Fischer AG		393,846
	59	Givaudan S.A.		247,047
	5,685	Logitech International S.A.		637,442
	719	Lonza Group AG		457,263
	12,001	Nestle S.A.		1,430,790
	8,854	Novartis AG		755,826
	2,588	Roche Holding AG		843,349
	1,442	Sika AG		430,113
	1,092	Sonova Holding AG(a)		322,967
	8,464	STMicroelectronics NV		317,079
	629	Swisscom AG		341,137
	1,041,267	TE Connectivity Ltd.		140,019,174
	20,519	UBS Group AG		312,869

Shares			Value
SWITZERLAND (continued)
	665	Zurich Insurance Group AG	$	272,845
				168,719,338
TAIWAN — 1.5%
	386,090	Chunghwa Telecom Co. Ltd.		1,575,708
	43,974	Delta Electronics, Inc.		476,216
	804,541	Eclat Textile Co. Ltd.		15,438,155
	81,821	Formosa Chemicals & Fibre Corp.		266,263
	4,475,484	Hon Hai Precision Industry Co. Ltd.		18,585,764
	90,000	Largan Precision Co. Ltd.		10,020,406
	15,925	MediaTek, Inc.		675,585
	202,432	Mega Financial Holding Co. Ltd.		236,616
	90,343	Pegatron Corp.		238,042
	25,338	Realtek Semiconductor Corp.		482,577
	146,921	Taiwan Cement Corp.		274,034
	10,433,491	Taiwan Semiconductor Manufacturing Co. Ltd.		224,111,073
	693,862	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		81,001,450
	87,130	Uni-President Enterprises Corp.		234,256
				353,616,145
THAILAND — 0.4%
	14,146,600	Airports of Thailand Public Co. Ltd. - FOR		28,168,260
	28,689,500	CP ALL Public Co. Ltd. - FOR(a)		57,586,311
	3,060,200	Siam Commercial Bank Public Co. Ltd. (The) - FOR		10,319,422
				96,073,993
TURKEY — 0.0%
	13,489	BIM Birlesik Magazalar AS		105,908
	91,377	Eregli Demir ve Celik Fabrikalari TAS		210,155
				316,063
UNITED ARAB EMIRATES — 0.0%
	1,097,449	Network International Holdings Plc(a)(b)		6,364,138

UNITED KINGDOM — 1.2%
	12,864	Anglo American Plc		545,411
	8,916	Ashtead Group Plc		572,698
	5,890	AstraZeneca Plc		627,568
	32,438	Barratt Developments Plc		345,844
	104,826	BP Plc		438,653
	10,897	British American Tobacco Plc		403,622
	4,689	Coca-Cola European Partners Plc		266,429
	3,410	Croda International Plc		318,543
	9,830	Diageo Plc		441,347
	19,022	GlaxoSmithKline Plc		351,917
	10,281	Hargreaves Lansdown Plc		244,145
	221,217	ITV Plc(a)		369,669
	31,248	JD Sports Fashion Plc(a)		396,336
	76,705	Legal & General Group Plc		288,563
	517,365	Linde Plc		147,883,612

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	1,214,815	London Stock Exchange Group Plc	$	124,151,299
	120,728	M&G Plc		362,307
	11,744	Mondi Plc		318,704
	3,553	Next Plc(a)		382,834
	14,782	RELX Plc		383,694
	8,050	Rio Tinto Plc		675,496
	2,201	Spirax-Sarco Engineering Plc		359,140
	115,549	Taylor Wimpey Plc		286,604
	13,255	Unilever Plc		774,162
				281,188,597
UNITED STATES — 60.6%
	2,435	3M Co.		480,036
	5,845	A.O. Smith Corp.		395,999
	432,315	Abbott Laboratories		51,912,385
	1,512,100	AbbVie, Inc.		168,599,150
	7,605	ACI Worldwide, Inc.(a)		287,317
	495,491	Activision Blizzard, Inc.		45,183,824
	2,476	Adobe, Inc.(a)		1,258,650
	793,109	Agilent Technologies, Inc.		105,991,087
	3,185	Agree Realty Corp. REIT		224,097
	468,966	Air Products & Chemicals, Inc.		135,287,312
	3,194	Albemarle Corp.		537,135
	1,907	Alexion Pharmaceuticals, Inc.(a)		321,673
	178,888	Align Technology, Inc.(a)		106,533,171
	5,259	Alliance Data Systems Corp.		619,773
	12,924	Ally Financial, Inc.		664,940
	33,274	Alphabet, Inc. - Class A(a)		78,310,359
	264,743	Alphabet, Inc. - Class C(a)		638,062,399
	206,025	Amazon.com, Inc.(a)		714,375,206
	4,507	American Express Co.		691,148
	386,851	American Tower Corp. REIT		98,558,029
	1,782	Ameriprise Financial, Inc.		460,469
	2,182	AmerisourceBergen Corp.		263,586
	1,643,642	AMETEK, Inc.		221,776,615
	366,683	Amgen, Inc.		87,871,914
	1,910	Analog Devices, Inc.		292,536
	994	ANSYS, Inc.(a)		363,466
	325,289	Anthem, Inc.		123,411,394
	1,037	Aon Plc - Class A		260,743
	6,456,612	Apple, Inc.		848,786,214
	6,034	Applied Materials, Inc.		800,772
	5,065	ASGN, Inc.(a)		532,737
	2,880	Aspen Technology, Inc.(a)		376,819
	31,103	AT&T, Inc.		976,945
	395,817	Autodesk, Inc.(a)		115,542,940
	398,977	Automatic Data Processing, Inc.		74,604,709
	199	AutoZone, Inc.(a)		291,360
	2,773,775	Avantor, Inc.(a)		88,871,751
	1,793	Avery Dennison Corp.		384,007
	12,169,643	Bank of America Corp.		493,235,631
	10,722	Bank OZK		439,495
	4,029	Baxter International, Inc.		345,245

Shares			Value
UNITED STATES (continued)
	5,320	Berkshire Hathaway, Inc. - Class B(a)	$	1,462,734
	903	Biogen, Inc.(a)		241,399
	458	Bio-Rad Laboratories, Inc. - Class A(a)		288,600
	1,008	Bio-Techne Corp.		430,910
	3,816	Blackbaud, Inc.(a)		271,394
	3,662,435	Blackstone Group, Inc. (The)		324,088,873
	268	Booking Holdings, Inc.(a)		660,909
	7,312	BorgWarner, Inc.		355,217
	12,950	Boyd Gaming Corp.(a)		856,642
	2,268,717	Bristol-Myers Squibb Co.		141,613,315
	180,598	Broadcom, Inc.		82,388,808
	1,882	Broadridge Financial Solutions, Inc.		298,542
	3,101	Brown-Forman Corp. - Class B		236,544
	115	Cable One, Inc.		205,850
	9,440	Cabot Oil & Gas Corp.		157,365
	748,824	Cadence Design Systems, Inc.(a)		98,672,538
	3,702	California Water Service Group		217,492
	3,853	Cardinal Health, Inc.		232,490
	2,777	Caterpillar, Inc.		633,461
	5,536	CDK Global, Inc.		296,674
	4,157	Cerner Corp.		311,983
	7,509	Charles Schwab Corp. (The)		528,634
	728	Charter Communications, Inc. - Class A(a)		490,272
	439	Chemed Corp.		209,232
	3,442,160	Chevron Corp.		354,783,431
	2,691	Church & Dwight Co., Inc.		230,726
	2,003	Cigna Corp.		498,767
	14,768	Cinemark Holdings, Inc.		313,082
	22,407	Cisco Systems, Inc.		1,140,740
	15,029	Citigroup, Inc.		1,070,666
	14,433	Citizens Financial Group, Inc.		667,959
	2,166	Citrix Systems, Inc.		268,259
	1,390	Clorox Co. (The)		253,675
	2,165,135	Coca-Cola Co. (The)		116,873,987
	4,924	Cognizant Technology Solutions Corp. - Class A		395,890
	8,519	Colfax Corp.(a)		384,974
	4,577	Colgate-Palmolive Co.		369,364
	3,358,747	Comcast Corp. - Class A		188,593,644
	7,959	Comerica, Inc.		598,198
	4,877	CommVault Systems, Inc.(a)		339,000
	5,627	ConocoPhillips		287,765
	5,372	CoreLogic, Inc.		428,148
	3,213,900	Corteva, Inc.		156,709,764
	374,227	Costco Wholesale Corp.		139,246,124
	1,952	Crown Castle International Corp. REIT		369,045
	6,238	CSX Corp.		628,479
	1,315	Cummins, Inc.		331,433
	5,855	CVS Health Corp.		447,322
	547,073	Danaher Corp.		138,923,718
	272,435	Deere & Co.		101,032,520

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
UNITED STATES (continued)
	232,272	DexCom, Inc.(a)	$	89,680,219
	2,483	Digital Realty Trust, Inc. REIT		383,152
	1,086	Dollar General Corp.		233,219
	759,565	Dollar Tree, Inc.(a)		87,274,019
	545	Domino’s Pizza, Inc.		230,175
	8,903	Domtar Corp.		350,956
	238,195	DoorDash, Inc. - Class A(a)		34,102,378
	12,132	East West Bancorp, Inc.		923,852
	589,502	Eaton Corp. Plc		84,257,521
	9,060	eBay, Inc.		505,457
	1,416	Ecolab, Inc.		317,354
	1,055,617	Edwards Lifesciences Corp.(a)		100,832,536
	2,237	Electronic Arts, Inc.		317,833
	4,019	Eli Lilly & Co.		734,553
	2,733	Encompass Health Corp.		231,922
	3,727	Entegris, Inc.		419,586
	3,426	Envestnet, Inc.(a)		252,942
	4,777	EOG Resources, Inc.		351,778
	93,544	EPAM Systems, Inc.(a)		42,819,766
	9,188	Equity Commonwealth REIT		264,614
	3,112	Equity LifeStyle Properties, Inc. REIT		215,973
	2,247	Euronet Worldwide, Inc.(a)		322,287
	2,110	Extra Space Storage, Inc. REIT		313,736
	12,212	Exxon Mobil Corp.		699,015
	1,228,198	Facebook, Inc. - Class A(a)		399,262,606
	1,228	Fair Isaac Corp.(a)		640,291
	5,484	Fastenal Co.		286,704
	12,011	Fifth Third Bancorp		486,926
	1,165,985	Fiserv, Inc.(a)		140,058,118
	1,556	FleetCor Technologies, Inc.(a)		447,692
	24,444	Flex Ltd.(a)		425,326
	5,736	FLIR Systems, Inc.		343,988
	369,508	Fortinet, Inc.(a)		75,464,619
	2,404	General Dynamics Corp.		457,313
	16,612,820	General Electric Co.		217,960,198
	5,006	General Mills, Inc.		304,665
	728,116	Genuine Parts Co.		90,992,657
	5,894	Gilead Sciences, Inc.		374,092
	2,408	Goldman Sachs Group, Inc. (The)		839,068
	4,192	Graco, Inc.		321,946
	2,225	Guidewire Software, Inc.(a)		234,760
	26,953	Halliburton Co.		527,201
	1,709	HCA Healthcare, Inc.		343,612
	11,317	Helmerich & Payne, Inc.		290,055
	293,997	Hershey Co. (The)		48,303,707
	332,307	Home Depot, Inc. (The)		107,557,807
	679,728	Honeywell International, Inc.		151,606,533
	4,290	Hormel Foods Corp.		198,198
	16,850	HP, Inc.		574,753
	728	Humana, Inc.		324,135
	741	IDEXX Laboratories, Inc.(a)		406,802
	570,650	Illinois Tool Works, Inc.		131,511,999
	185,888	Illumina, Inc.(a)		73,024,242

Shares			Value
UNITED STATES (continued)
	4,022	Integra LifeScience Holdings Corp.(a)	$	297,950
	20,276	Intel Corp.		1,166,478
	2,185	Intercontinental Exchange, Inc.		257,196
	4,213	InterDigital, Inc.		292,466
	6,390	International Business Machines Corp.		906,613
	2,250	Intuit, Inc.		927,360
	93,793	Intuitive Surgical, Inc.(a)		81,130,945
	386,934	iRhythm Technologies, Inc.(a)		30,126,681
	1,156	Jack Henry & Associates, Inc.		188,231
	10,750	Johnson & Johnson		1,749,348
	6,678	Johnson Controls International plc		416,307
	1,828	Jones Lang LaSalle, Inc.(a)		343,499
	3,483,640	JPMorgan Chase & Co.		535,818,668
	1,408	Kansas City Southern		411,432
	8,899	Kennametal, Inc.		357,384
	847,110	Keysight Technologies, Inc.(a)		122,280,328
	2,295	Kimberly-Clark Corp.		305,969
	13,196	Kinder Morgan, Inc.		224,992
	564,956	KLA Corp.		178,158,875
	6,188	Kroger Co. (The)		226,110
	1,566	L3Harris Technologies, Inc.		327,654
	170,279	Lam Research Corp.		105,649,606
	1,375	Lancaster Colony Corp.		253,976
	2,035	Leidos Holdings, Inc.		206,105
	4,605	Lennar Corp. - Class A		477,078
	1,490	LHC Group, Inc.(a)		310,322
	7,843	Liberty Media Corp-Liberty Formula One - Class C(a)		368,150
	6,662	Lincoln National Corp.		427,234
	265,318	Lockheed Martin Corp.		100,969,418
	730,437	Lowe’s Cos, Inc.		143,348,261
	3,615	LPL Financial Holdings, Inc.		566,471
	3,371	Manhattan Associates, Inc.(a)		462,636
	854,160	Marriott International, Inc. - Class A(a)		126,859,843
	2,492	Marriott Vacations Worldwide Corp. (a)		442,654
	7,546	Marvell Technology, Inc.		341,155
	4,908	Masco Corp.		313,523
	977	Masimo Corp.(a)		227,319
	449,549	Mastercard, Inc. - Class A		171,754,691
	3,931	Maxim Integrated Products, Inc.		369,514
	292,714	McDonald’s Corp.		69,103,921
	1,393	McKesson Corp.		261,271
	1,351,310	Merck & Co., Inc.		100,672,595
	336	Mettler-Toledo International, Inc.(a)		441,276
	2,699	Microchip Technology, Inc.		405,633
	5,097	Micron Technology, Inc.(a)		438,699
	2,963,397	Microsoft Corp.		747,309,455
	2,427	Mohawk Industries, Inc.(a)		498,748
	1,157	Molina Healthcare, Inc.(a)		295,151
	8,907	Mondelez International, Inc. - Class A		541,635
	1,056	Monolithic Power Systems, Inc.		381,617

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
UNITED STATES (continued)
	3,536	Monster Beverage Corp.(a)	$	343,169
	2,765	Moody’s Corp.		903,353
	12,167	Morgan Stanley		1,004,386
	518,145	Motorola Solutions, Inc.		97,566,703
	903	MSCI, Inc.		438,650
	26,425	Navient Corp.		444,733
	10,245	NCR Corp.(a)		468,709
	4,662	NetApp, Inc.		348,205
	207,117	Netflix, Inc.(a)		106,348,366
	6,826	Newmont Corp.		426,011
	4,359	NextEra Energy Partners LP		324,963
	2,928,525	NextEra Energy, Inc.		226,989,973
	861,091	NIKE, Inc. - Class B		114,197,888
	2,618	Norfolk Southern Corp.		731,050
	161,887	Northrop Grumman Corp.		57,379,228
	9,728	NortonLifeLock, Inc.		210,222
	2,448	Novanta Inc.(a)		322,426
	118,533	NVIDIA Corp.		71,164,843
	228,458	Okta, Inc.(a)		61,615,123
	14,221	ON Semiconductor Corp.(a)		554,619
	12,332	Oracle Corp.		934,642
	533	O’Reilly Automotive, Inc.(a)		294,685
	2,908	PACCAR, Inc.		261,371
	2,956	Paychex, Inc.		288,180
	481,824	PayPal Holdings, Inc.(a)		126,377,617
	14,088	Penn National Gaming, Inc.(a)		1,255,523
	611,722	PepsiCo, Inc.		88,185,844
	21,837	Pfizer, Inc.		844,000
	7,218	Philip Morris International, Inc.		685,710
	3,340	Phillips 66		270,239
	784,080	Pinnacle West Capital Corp.		66,372,372
	2,563	Pioneer Natural Resources Co.		394,266
	2,196	PRA Health Sciences, Inc.(a)		366,490
	5,957	Premier, Inc. - Class A		210,580
	848,303	Procter & Gamble Co. (The)		113,180,586
	5,189	Progress Software Corp.		226,552
	2,945	Prologis, Inc. REIT		343,181
	1,098,290	Prudential Financial, Inc.		110,224,384
	3,344	PTC, Inc.(a)		437,863
	1,530	Public Storage REIT		430,175
	4,357	PVH Corp.		493,125
	4,953	QUALCOMM, Inc.		687,476
	579,534	Quest Diagnostics, Inc.		76,428,944
	4,975	Raytheon Technologies Corp.		414,119
	491	Regeneron Pharmaceuticals, Inc.(a)		236,318
	1,271	ResMed, Inc.		238,910
	7,546	Rollins, Inc.		281,315
	898	Roper Technologies, Inc.		400,903
	773,675	Ross Stores, Inc.		101,305,005
	2,480	Saia, Inc.(a)		581,560
	631	SBA Communications Corp. REIT		189,123
	12,848	Schlumberger NV		347,538

Shares			Value
UNITED STATES (continued)
	2,430	Science Applications International Corp.	$	217,291
	3,815	Seagate Technology Plc		354,185
	1,158	Sherwin-Williams Co. (The)		317,141
	745,325	Simon Property Group, Inc. REIT		90,735,866
	12,535	Six Flags Entertainment Corp.		588,894
	2,059	Skyworks Solutions, Inc.		373,358
	123,053	Snowflake, Inc. - Class A(a)		28,497,844
	5,135	Spectrum Brands Holdings, Inc.		452,599
	5,205	SS&C Technologies Holdings, Inc.		386,315
	572,543	Starbucks Corp.		65,550,448
	6,127	State Street Corp.		514,362
	4,010	Stericycle, Inc.(a)		305,883
	1,131	SVB Financial Group(a)		646,740
	12,665	Synchrony Financial		553,967
	1,870	Synopsys, Inc.(a)		462,002
	1,579	Take-Two Interactive Software, Inc.(a)		276,925
	2,559	Target Corp.		530,378
	3,032	Teradyne, Inc.		379,243
	850,632	Texas Instruments, Inc.		153,547,582
	7,207	Textron, Inc.		462,978
	222,975	Thermo Fisher Scientific, Inc.		104,849,534
	5,512	Timken Co. (The)		462,291
	2,127	Tractor Supply Co.		401,152
	7,551	Trimble, Inc.(a)		619,182
	4,231	TriNet Group, Inc.(a)		333,022
	2,581,998	Truist Financial Corp.		153,138,301
	149,590	Twilio, Inc. - Class A(a)		55,019,202
	653	Tyler Technologies, Inc.(a)		277,434
	3,165	Tyson Foods, Inc. - Class A		245,129
	1,423,931	Uber Technologies, Inc.(a)		77,988,701
	5,131	UFP Industries, Inc.		431,209
	923	Ulta Beauty, Inc.(a)		303,990
	716,027	Union Pacific Corp.		159,022,436
	411,485	United Rentals, Inc.(a)		131,654,626
	1,900	United Therapeutics Corp.(a)		382,964
	666,920	UnitedHealth Group, Inc.		265,967,696
	1,206	Vail Resorts, Inc.		392,143
	3,890	Valero Energy Corp.		287,704
	945	VeriSign, Inc.(a)		206,738
	1,289	Verisk Analytics, Inc.		242,590
	2,279,604	Verizon Communications, Inc.		131,738,315
	15,073	Viatris, Inc.(a)		200,471
	1,454,810	Visa, Inc. - A Shares		339,785,424
	11,252	Vistra Corp.		189,821
	1,448	VMware, Inc. - Class A(a)		232,882
	4,419	Walgreens Boots Alliance, Inc.		234,649
	860,013	Walmart, Inc.		120,324,419
	576,827	Waste Management, Inc.		79,584,821
	982	Waters Corp.(a)		294,472
	1,150	WD-40 Co.		286,051
	18,018	Wells Fargo & Co.		811,711
	8,163	WESCO International, Inc.(a)		748,710

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
UNITED STATES (continued)
	1,156	West Pharmaceutical Services, Inc.	$	379,769
	6,401	Westrock Co.		356,856
	3,744	WEX, Inc.(a)		768,306
	9,863	Weyerhaeuser Co. REIT		382,389
	380,014	Workday, Inc. - Class A(a)		93,863,458
	4,976	WR Grace & Co.		342,000
	701	WW Grainger, Inc.		303,912
	2,374	Yum! Brands, Inc.		283,740
	956	Zebra Technologies Corp.(a)		466,279
	125,813	Zoom Video Communications, Inc. - Class A(a)		40,206,060
				14,031,872,671
URUGUAY — 0.1%
	104,705	Globant SA(a)		23,996,292

VIETNAM — 0.0%
	5,598,800	Vincom Retail JSC(a)		7,771,052
Total Common Stocks (Cost $13,848,948,064)				20,948,516,444

PREFERRED STOCKS — 0.0%
SOUTH KOREA — 0.0%
	7,697	Samsung Electronics Co Ltd. - Preference Shares		507,205
	2,403	Samsung Electronics Co. Ltd. - GDR		3,958,734

Total Preferred Stocks (Cost $1,439,041)				4,465,939

RIGHTS/WARRANTS — 0.0%
SWITZERLAND — 0.0%
	23,999	Credit Suisse Group AG Rights, Expire 05/12/21(a)(c)		0
Total Rights/Warrants (Cost $0)				0

EXCHANGE-TRADED FUNDS — 7.0%
	2,444,400	Energy Select Sector SPDR Fund		120,728,916
	3,737,000	Financial Select Sector SPDR Fund		135,503,620
	739,190	Health Care Select Sector SPDR Fund		89,685,923
	1,385,700	iShares China Large-Cap ETF		64,130,196
	192,000	iShares Core S&P 500 ETF		80,424,960
	659,429	iShares MSCI ACWI ETF		65,408,763
	1,140,895	iShares MSCI China ETF		93,530,572
	1,983,469	iShares MSCI Emerging Markets ETF		107,067,657
	5,500,652	iShares MSCI Europe Financials ETF		110,288,073
	1,514,000	iShares MSCI Japan ETF		102,073,880
	561,800	iShares MSCI South Korea ETF		50,876,608
	1,372,885	Materials Select Sector SPDR Fund		114,004,370
	1,350,000	SPDR S&P Metals & Mining ETF		54,621,000

Shares			Value
	1,477,755	SPDR S&P Oil & Gas Exploration & Production ETF	$	118,515,951
	2,793,250	VanEck Vectors Gold Miners ETF		95,976,070
	1,025,640	VanEck Vectors Junior Gold Miners ETF		48,666,618
	294,500	Vanguard S&P 500 ETF		112,961,365
	1,204,020	Xtrackers Harvest CSI 300 China A-Shares ETF		47,643,071

Total Exchange-Traded Funds (Cost $1,350,280,877)				1,612,107,613

INVESTMENT COMPANY — 2.5%
	583,092,593	Federated Government Obligations Fund, 0.02%(d)		583,092,593
Total Investment Company (Cost $583,092,593)				583,092,593
TOTAL INVESTMENTS — 100.0% (Cost $15,783,760,575)			$	23,148,182,589
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(3,279,355	)
NET ASSETS — 100.0%			$	23,144,903,234

(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)	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 $0 which is 0.00% of net assets and the cost is $0.
(d)	The rate shown represents the current yield as of April 30, 2021.

The following abbreviations are used in the report:

ACWI — All Country World Index

ADR — American Depositary Receipt

CDI — Chess Depositary Interests

ETF — Exchange -Traded Fund

FOR — Foreign Ownership Restrictions

GDR — Global Depositary Receipt

MSCI — Morgan Stanley Capital International Index

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Argentina		0.8	%
Australia		0.4

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Country:	Percentage of Net Assets
Belgium		0.0	%*
Brazil		0.7
Canada		0.6
Chile		0.0	*
China		5.6
Columbia		0.0	*
Czech Republic		0.0	*
Denmark		0.0	*
Egypt		0.0	*
Finland		0.0	*
France		1.1
Georgia		0.0	*
Germany		1.5
Hong Kong		1.1
India		3.3
Indonesia		0.2
Ireland		1.3
Isle of Man		0.6
Israel		0.0	*
Italy		0.0	*
Japan		1.9
Kazakhstan		0.1
Kenya		0.1
Luxembourg		0.1
Macau		0.1
Malaysia		0.0	*
Mexico		0.3
Netherlands		2.3
Norway		0.0	*
Panama		0.0	*
Peru		0.0	*
Poland		0.1
Portugal		0.0	*
Qatar		0.0	*
Russia		0.6
Singapore		1.4
South Africa		0.1
South Korea		1.7
Spain		0.0	*
Sweden		0.0	*
Switzerland		0.7
Taiwan		1.5
Thailand		0.4
Turkey		0.0	*
United Arab Emirates		0.0	*
United Kingdom		1.2
United States		60.6
Uruguay		0.1
Vietnam		0.0	*
Other**		9.5
		100.0	%

*	Represents less than 0.01% of net assets.
**	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.
Credit Income Fund
Portfolio of Investments	April 30, 2021 (Unaudited)

Shares			Value
PREFERRED STOCKS — 0.1%
UNITED STATES — 0.1%					��
	14,000	MetLife, Inc., Series F	$	368,760
	19,700	Morgan Stanley, Series K(a)		563,420
	15,700	Public Storage REIT		409,770
	14,300	US Bancorp, Series L		345,774
	61,800	Wells Fargo & Co., Series Z		1,590,114

Total Preferred Stocks (Cost $3,272,201)				3,277,838

EXCHANGE-TRADED FUNDS — 17.8%
UNITED STATES — 17.8%
	8,149,423	Invesco Preferred ETF		122,811,805
	1,044,560	iShares JP Morgan USD Emerging Markets Bond ETF		116,092,398
	2,749,013	iShares Preferred & Income Securities ETF		106,386,803
	1,462,278	SPDR Bloomberg Barclays Convertible Securities ETF		124,776,182

Total Exchange-Traded Funds (Cost $447,703,196)				470,067,188

Principal Amount
BANK LOANS — 0.1%
UNITED STATES — 0.1%
$	2,509,091	Caliber Home Loans, Inc., (LIBOR + 3.250%), 3.15%, 07/24/24(b)		2,502,818

Total Bank Loans (Cost $2,509,091)				2,502,818

CORPORATE BONDS — 9.8%
CANADA — 0.5%
	925,000	Bombardier, Inc., 6.00%, 10/15/22(c)		925,231
	500,000	Bombardier, Inc., 7.50%, 12/01/24(c)		507,500
	1,250,000	Brookfield Residential Properties Inc/ Brookfield Residential US Corp., 6.25%, 09/15/27(c)		1,325,000
	275,000	Empire Communities Corp., 7.00%, 12/15/25(c)		294,250
	175,000	Fairstone Financial, Inc., 7.88%, 07/15/24(c)		183,312
	1,125,000	First Quantum Minerals Ltd., 6.50%, 03/01/24(c)		1,153,125

Principal Amount			Value
CANADA (continued)
$	1,000,000	First Quantum Minerals Ltd., 6.88%, 03/01/26(c)	$	1,050,000
	250,000	Garda World Security Corp., 4.63%, 02/15/27(c)		250,000
	1,050,000	Garda World Security Corp., 9.50%, 11/01/27(c)		1,157,625
	1,325,000	GFL Environmental, Inc., 3.75%, 08/01/25(c)		1,348,188
	1,100,000	goeasy Ltd., 5.38%, 12/01/24(c)		1,139,875
	600,000	Kronos Acquisition Holdings, Inc./Kik Custom Products, Inc., 7.00%, 12/31/27(c)		581,928
	500,000	MEG Energy Corp., 7.13%, 02/01/27(c)		533,890
	350,000	MEG Energy Corp., 5.88%, 02/01/29(c)		358,750
	200,000	Mercer International, Inc., 5.13%, 02/01/29(c)		206,750
	500,000	NOVA Chemicals Corp., 4.88%, 06/01/24(c)		527,130
	500,000	NOVA Chemicals Corp., 5.25%, 06/01/27(c)		533,750
	500,000	Telesat Canada/Telesat LLC, 4.88%, 06/01/27(c)		488,750
				12,565,054
CAYMAN ISLANDS — 0.2%
	4,403,616	Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%), 6.00%, 02/12/23(c)(d)		4,409,121
	1,275,000	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(c)		1,435,765
				5,844,886
FRANCE — 0.1%
	1,400,000	Constellium SE, 5.75%, 05/15/24(c)		1,408,694
GERMANY — 0.0%
	500,000	Deutsche Bank AG, (5 yr. Swap Semi 30/360 US + 2.248%), 4.30%, 05/24/28(a)		518,935
IRELAND — 0.1%
	1,250,000	Ardagh Packaging Finance PLC/ Ardagh Holdings USA, Inc., 5.25%, 08/15/27(c)		1,277,608

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
IRELAND (continued)
$	600,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/28(c)	$	456,000
	250,000	LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(c)		268,750
				2,002,358
ITALY — 0.1%
	1,500,000	Intesa Sanpaolo SpA, 5.71%, 01/15/26(c)		1,681,528
	1,525,000	UniCredit SpA, (US Treasury Bond 5/15/27 2.375% + 3.65%), 5.86%, 06/19/32(a)(c)		1,690,554
				3,372,082
LUXEMBOURG — 0.3%
	1,650,000	Altice Financing SA, 5.00%, 01/15/28(c)		1,627,313
	1,000,000	Altice France Holding SA, 6.00%, 02/15/28(c)		993,244
	500,000	ARD Finance SA , PIK, 6.50%, 06/30/27(c)		523,125
	400,000	Consolidated Energy Finance SA, 6.88%, 06/15/25(c)		401,500
	500,000	Consolidated Energy Finance SA, 6.50%, 05/15/26(c)		496,250
	750,000	Dana Financing Luxembourg Sarl, 5.75%, 04/15/25(c)		773,437
	500,000	Dana Financing Luxembourg Sarl, 6.50%, 06/01/26(c)		518,125
	525,000	Endo Luxembourg Finance Co. I Sarl/ Endo US, Inc., 6.13%, 04/01/29(c)		519,750
	600,000	Telecom Italia Capital SA, 6.38%, 11/15/33		704,988
	500,000	Telecom Italia Capital SA, 7.20%, 07/18/36		621,500
	500,000	Venator Finance Sarl/Venator Materials LLC, 9.50%, 07/01/25(c)		561,250
				7,740,482
NETHERLANDS — 0.1%
	1,000,000	Alcoa Nederland Holding BV, 5.50%, 12/15/27(c)		1,082,500
	1,075,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26		1,010,500

Principal Amount			Value
NETHERLANDS (continued)
$	1,000,000	UPC Holding BV, 5.50%, 01/15/28(c)	$	1,038,750
				3,131,750
UNITED KINGDOM — 0.1%
	200,000	INEOS Quattro Finance 2 Plc, 3.38%, 01/15/26(c)		199,524
	1,400,000	Jaguar Land Rover Automotive Plc, 7.75%, 10/15/25(c)		1,518,230
				1,717,754
UNITED STATES — 8.3%
	1,000,000	Abercrombie & Fitch Management Co., 8.75%, 07/15/25(c)		1,108,750
	1,000,000	Adient Global Holdings Ltd., 4.88%, 08/15/26(c)		1,026,250
	375,000	Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(c)		396,563
	500,000	Albertsons Cos Inc/Safeway Inc/New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28(c)		532,500
	500,000	Allegheny Technologies, Inc., 7.88%, 08/15/23		544,375
	750,000	Alliance Data Systems Corp., 4.75%, 12/15/24(c)		769,913
	1,850,000	Alliance Data Systems Corp., 7.00%, 01/15/26(c)		1,988,750
	250,000	Alta Equipment Group, Inc., 5.63%, 04/15/26(c)		253,830
	381,965	Ambac Assurance Corp., 5.10%, 06/07/69(c)		518,517
	500,000	American Airlines, Inc., 11.75%, 07/15/25(c)		626,250
	250,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(c)		262,500
	1,350,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(c)		1,446,525
	1,000,000	American Axle & Manufacturing, Inc., 6.25%, 04/01/25		1,036,250
	525,000	American Axle & Manufacturing, Inc., 6.25%, 03/15/26		539,109
	550,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24		558,937
	550,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27(c)		556,187

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	500,000	Antero Resources Corp., 5.63%, 06/01/23	$	501,875
	800,000	Antero Resources Corp., 8.38%, 07/15/26(c)		898,304
	325,000	Antero Resources Corp., 7.63%, 02/01/29(c)		352,446
	625,000	Apache Corp., 4.25%, 01/15/30		623,438
	500,000	Apache Corp., 4.75%, 04/15/43		496,500
	1,175,000	Aramark Services, Inc., 6.38%, 05/01/25(c)		1,249,906
	975,000	Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(c)		1,019,271
	1,075,000	Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 8.25%, 12/31/28(c)		1,154,029
	1,960,000	Bank of America Corp., Series FF, (3 mo. LIBOR US + 2.931%), 5.88%, 09/15/69(a)		2,210,292
	320,000	Bank of New York Mellon Corp. (The), Series F, (3 mo. LIBOR US + 3.131%), 4.63%, 03/20/70(a)		340,160
	1,625,000	Bausch Health Cos, Inc., 6.13%, 04/15/25(c)		1,661,563
	600,000	Bausch Health Cos, Inc., 7.00%, 01/15/28(c)		653,250
	500,000	Bausch Health Cos, Inc., 5.00%, 01/30/28(c)		507,455
	275,000	Bausch Health Cos, Inc., 6.25%, 02/15/29(c)		290,812
	1,300,000	Beacon Roofing Supply, Inc., 4.88%, 11/01/25(c)		1,333,540
	1,000,000	Berry Global, Inc., 5.63%, 07/15/27(c)		1,065,000
	750,000	Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(c)		810,000
	475,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29(c)		484,049
	250,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25(c)		270,250
	550,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26(c)		567,875

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Boeing Co. (The), 5.04%, 05/01/27	$	1,147,994
	1,000,000	Boyd Gaming Corp., 8.63%, 06/01/25(c)		1,107,200
	1,100,000	Boyd Gaming Corp., 6.38%, 04/01/26		1,135,750
	1,050,000	Brink’s Co. (The), 5.50%, 07/15/25(c)		1,107,750
	700,000	Buckeye Partners LP, 3.95%, 12/01/26		700,000
	300,000	Burford Capital Global Finance LLC, 6.25%, 04/15/28(c)		311,400
	750,000	Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/25(c)		796,875
	600,000	C&S Group Enterprises LLC, 5.00%, 12/15/28(c)		596,220
	325,000	Cablevision Lightpath LLC, 3.88%, 09/15/27(c)		320,531
	700,000	Cablevision Lightpath LLC, 5.63%, 09/15/28(c)		717,500
	826,000	Caesars Entertainment, Inc., 8.13%, 07/01/27(c)		917,835
	500,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(c)		526,385
	1,250,000	Calpine Corp., 5.00%, 02/01/31(c)		1,231,250
	1,350,000	Carnival Corp., 10.50%, 02/01/26(c)		1,591,177
	1,100,000	Carnival Corp., 5.75%, 03/01/27(c)		1,159,818
	524,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 02/15/26(c)		542,340
	1,175,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/31(c)		1,173,531
	625,000	CEC Entertainment LLC, 6.75%, 05/01/26(c)		620,500
	1,725,000	Centene Corp., 3.00%, 10/15/30		1,711,407
	250,000	Century Communities, Inc., 6.75%, 06/01/27		269,006
	1,000,000	CenturyLink, Inc., 5.63%, 04/01/25		1,078,750
	1,000,000	CenturyLink, Inc., 5.13%, 12/15/26(c)		1,048,750

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	820,000	Charles Schwab Corp. (The), Series H, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%), 4.00%, 03/01/70(a)	$	830,619
	250,000	Chemours Co. (The), 7.00%, 05/15/25		257,187
	875,000	CHS/Community Health Systems, Inc., 6.00%, 01/15/29(c)		921,082
	500,000	CITGO Petroleum Corp., 7.00%, 06/15/25(c)		515,625
	350,000	Clarios Global LP/Clarios US Finance Co., 8.50%, 05/15/27(c)		378,000
	254,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/24		265,113
	1,500,000	Cleveland-Cliffs, Inc., 6.75%, 03/15/26(c)		1,627,500
	500,000	Cleveland-Cliffs, Inc., 5.88%, 06/01/27		525,625
	1,500,000	Colt Merger Sub, Inc., 6.25%, 07/01/25(c)		1,594,800
	234,000	CommScope Technologies LLC, 6.00%, 06/15/25(c)		238,095
	500,000	CommScope, Inc., 6.00%, 03/01/26(c)		526,875
	250,000	Consolidated Communications, Inc., 6.50%, 10/01/28(c)		268,800
	1,225,000	Continental Resources, Inc., 4.90%, 06/01/44		1,275,495
	500,000	Cornerstone Building Brands, Inc., 6.13%, 01/15/29(c)		534,375
	358,000	Covanta Holding Corp., 5.88%, 07/01/25		373,304
	700,000	CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(c)		724,500
	1,250,000	CSC Holdings LLC, 7.50%, 04/01/28(c)		1,376,563
	975,000	CSC Holdings LLC, 5.75%, 01/15/30(c)		1,036,547
	1,050,000	CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23(c)		1,057,875
	800,000	Dana, Inc., 5.50%, 12/15/24		816,320

Principal Amount			Value
UNITED STATES (continued)
$	750,000	DCP Midstream Operating LP, 5.13%, 05/15/29	$	800,625
	750,000	DCP Midstream Operating LP, 6.45%, 11/03/36(c)		846,015
	1,000,000	Delta Air Lines Inc/SkyMiles IP Ltd., 4.75%, 10/20/28(c)		1,097,708
	1,600,000	Delta Air Lines, Inc., 7.38%, 01/15/26		1,878,667
	1,600,000	Deutsche Bank AG, (US Treasury Bond 11/15/27 2.25% + 2.55%), 4.88%, 12/01/32(a)		1,729,280
	1,250,000	Diamond Sports Group LLC/ Diamond Sports Finance Co., 5.38%, 08/15/26(c)		912,500
	1,000,000	DISH DBS Corp., 5.00%, 03/15/23		1,046,622
	1,575,000	DISH DBS Corp., 7.38%, 07/01/28		1,696,960
	575,000	Dycom Industries, Inc., 4.50%, 04/15/29(c)		583,625
	550,000	Embarq Corp., 8.00%, 06/01/36		640,415
	250,000	Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26(c)		262,187
	525,000	EPR Properties REIT, 5.25%, 07/15/23		547,361
	1,050,000	EQM Midstream Partners LP, 6.50%, 07/01/27(c)		1,159,446
	475,000	EQM Midstream Partners LP, 4.75%, 01/15/31(c)		470,198
	425,000	EQM Midstream Partners LP, 6.50%, 07/15/48		431,226
	375,000	EQT Corp., 5.00%, 01/15/29		409,583
	1,510,000	EW Scripps Co. (The), 5.13%, 05/15/25(c)		1,549,698
	500,000	Ford Motor Co., 8.50%, 04/21/23		560,000
	1,000,000	Ford Motor Co., 9.00%, 04/22/25		1,221,410
	425,000	Ford Motor Co., 6.63%, 10/01/28		498,950
	1,100,000	Ford Motor Co., 4.75%, 01/15/43		1,111,330
	575,000	Ford Motor Co., 5.29%, 12/08/46		605,417

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	2,100,000	Ford Motor Credit Co. LLC, 4.06%, 11/01/24	$	2,211,006
	1,000,000	Ford Motor Credit Co. LLC, 4.27%, 01/09/27		1,050,110
	500,000	Ford Motor Credit Co. LLC, 4.00%, 11/13/30		510,625
	250,000	Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(c)		270,000
	1,000,000	FXI Holdings, Inc., 7.88%, 11/01/24(c)		1,032,500
	400,000	Gap, Inc. (The), 8.63%, 05/15/25(c)		442,680
	400,000	Gap, Inc. (The), 8.88%, 05/15/27(c)		467,000
	500,000	GCI LLC, 4.75%, 10/15/28(c)		515,000
	350,000	Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27		360,577
	925,000	Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28		934,250
	750,000	Gray Television, Inc., 7.00%, 05/15/27(c)		818,438
	975,000	Gray Television, Inc., 4.75%, 10/15/30(c)		975,000
	500,000	Greif, Inc., 6.50%, 03/01/27(c)		528,717
	250,000	Greystar Real Estate Partners LLC, 5.75%, 12/01/25(c)		257,500
	750,000	Griffon Corp., 5.75%, 03/01/28		800,625
	500,000	Hanesbrands, Inc., 5.38%, 05/15/25(c)		526,250
	925,000	Harvest Midstream I LP, 7.50%, 09/01/28(c)		996,687
	250,000	HAT Holdings I LLC/HAT Holdings II LLC REIT, 6.00%, 04/15/25(c)		264,687
	525,000	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(c)		554,531
	1,400,000	Herbalife Nutrition Ltd/HLF Financing, Inc., 7.88%, 09/01/25(c)		1,522,500
	1,000,000	Herc Holdings, Inc., 5.50%, 07/15/27(c)		1,057,500

Principal Amount			Value
UNITED STATES (continued)
$	500,000	Home Point Capital, Inc., 5.00%, 02/01/26(c)	$	492,350
	1,200,000	Hughes Satellite Systems Corp., 6.63%, 08/01/26		1,326,000
	1,000,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25		1,032,235
	350,000	iHeartCommunications, Inc., 8.38%, 05/01/27		375,550
	1,000,000	International Game Technology Plc, 6.50%, 02/15/25(c)		1,107,500
	975,000	IRB Holding Corp., 7.00%, 06/15/25(c)		1,049,344
	500,000	IRB Holding Corp., 6.75%, 02/15/26(c)		518,000
	2,400,000	JPMorgan Chase & Co., Series HH, (SOFR RATE + 3.125%), 4.60%, 08/01/69(a)		2,475,000
	300,000	Koppers, Inc., 6.00%, 02/15/25(c)		308,250
	1,750,000	Kraft Heinz Foods Co., 3.75%, 04/01/30		1,871,606
	1,125,000	Kraft Heinz Foods Co., 4.38%, 06/01/46		1,199,753
	175,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/25(c)		177,625
	1,000,000	L Brands, Inc., 6.63%, 10/01/30(c)		1,152,460
	750,000	L Brands, Inc., 6.75%, 07/01/36		903,232
	250,000	Legacy LifePoint Health LLC, 6.75%, 04/15/25(c)		265,625
	250,000	Legacy LifePoint Health LLC, 4.38%, 02/15/27(c)		250,000
	550,000	Live Nation Entertainment, Inc., 4.88%, 11/01/24(c)		560,312
	600,000	Live Nation Entertainment, Inc., 5.63%, 03/15/26(c)		624,000
	1,000,000	Logan Merger Sub, Inc., 5.50%, 09/01/27(c)		1,042,260
	450,000	LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26(c)		470,250
	450,000	Macy’s Retail Holdings LLC, 2.88%, 02/15/23		450,612
	1,000,000	Macy’s, Inc., 8.38%, 06/15/25(c)		1,103,230

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	550,000	Magic Mergeco, Inc., 5.25%, 05/01/28(c)	$	556,875
	525,000	Magic Mergeco, Inc., 7.88%, 05/01/29(c)		539,495
	550,000	Manitowoc Co., Inc. (The), 9.00%, 04/01/26(c)		595,375
	750,000	Matador Resources Co., 5.88%, 09/15/26		748,125
	1,100,000	Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(c)		1,104,125
	600,000	Meritor, Inc., 6.25%, 06/01/25(c)		641,919
	500,000	Midcap Financial Issuer Trust, 6.50%, 05/01/28(c)		518,105
	750,000	Midcontinent Communications/ Midcontinent Finance Corp., 5.38%, 08/15/27(c)		783,300
	2,000,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)		2,190,600
	975,000	MPH Acquisition Holdings LLC, 5.75%, 11/01/28(c)		960,375
	825,000	Murphy Oil Corp., 6.38%, 07/15/28		837,375
	450,000	Murphy Oil Corp., 6.38%, 12/01/42		421,875
	1,650,000	Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/28(c)		1,666,500
	1,000,000	Navient Corp., 6.50%, 06/15/22		1,047,500
	1,075,000	Navient Corp., 5.50%, 01/25/23		1,124,719
	975,000	Neon Holdings, Inc., 10.13%, 04/01/26(c)		1,061,531
	500,000	Netflix, Inc., 5.38%, 11/15/29(c)		593,750
	1,000,000	Netflix, Inc., 4.88%, 06/15/30(c)		1,160,000
	1,000,000	Newell Brands, Inc., 4.70%, 04/01/26		1,111,300
	725,000	Nexstar Broadcasting, Inc., 5.63%, 07/15/27(c)		765,781
	550,000	Nexstar Broadcasting, Inc., 4.75%, 11/01/28(c)		560,313
	1,100,000	Northern Oil and Gas, Inc., 8.13%, 03/01/28(c)		1,130,492

Principal Amount			Value
UNITED STATES (continued)
$	1,825,000	Novelis Corp., 5.88%, 09/30/26(c)	$	1,903,822
	1,000,000	Novelis Corp., 4.75%, 01/30/30(c)		1,040,000
	150,000	Occidental Petroleum Corp., 2.70%, 02/15/23		150,375
	525,000	Occidental Petroleum Corp., 5.88%, 09/01/25		573,562
	750,000	Occidental Petroleum Corp., 5.50%, 12/01/25		806,250
	1,225,000	Occidental Petroleum Corp., 6.63%, 09/01/30		1,396,500
	1,000,000	Occidental Petroleum Corp., 4.30%, 08/15/39		882,220
	500,000	Occidental Petroleum Corp., 4.40%, 04/15/46		440,000
	500,000	OneMain Finance Corp., 6.13%, 03/15/24		540,000
	500,000	Organon Finance 1 LLC, 4.13%, 04/30/28(c)		512,245
	425,000	Organon Finance 1 LLC, 5.13%, 04/30/31(c)		440,980
	300,000	Ortho-Clinical Diagnostics Inc/Ortho- Clinical Diagnostics SA, 7.38%, 06/01/25(c)		323,250
	250,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25(c)		265,313
	1,000,000	Ovintiv Exploration, Inc., 5.38%, 01/01/26		1,119,928
	600,000	Patrick Industries, Inc., 4.75%, 05/01/29(c)		601,680
	300,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(c)		303,750
	500,000	Performance Food Group, Inc., 5.50%, 06/01/24(c)		501,603
	525,000	PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(c)		569,205
	1,000,000	Post Holdings, Inc., 5.75%, 03/01/27(c)		1,047,500
	650,000	PowerTeam Services LLC, 9.03%, 12/04/25(c)		720,687
	1,650,000	Prime Healthcare Services, Inc., 7.25%, 11/01/25(c)		1,774,872
	975,000	Primo Water Holdings, Inc., 4.38%, 04/30/29(c)		972,865

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,150,000	Providence Service Corp. (The), 5.88%, 11/15/25(c)	$	1,221,875
	250,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(c)		254,375
	700,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/28(c)		728,742
	500,000	Range Resources Corp., 4.88%, 05/15/25		496,875
	475,000	Rayonier AM Products, Inc., 7.63%, 01/15/26(c)		504,687
	550,000	Realogy Group LLC/Realogy Co.- Issuer Corp., 5.75%, 01/15/29(c)		570,625
	250,000	Rent-A-Center, Inc., 6.38%, 02/15/29(c)		271,120
	596,000	Rite Aid Corp., 7.50%, 07/01/25(c)		617,754
	675,000	Rockies Express Pipeline LLC, 4.95%, 07/15/29(c)		687,656
	1,000,000	Rockies Express Pipeline LLC, 4.80%, 05/15/30(c)		981,250
	1,500,000	Royal Caribbean Cruises Ltd., 9.13%, 06/15/23(c)		1,655,940
	675,000	Royal Caribbean Cruises Ltd., 5.50%, 04/01/28(c)		707,873
	275,000	RP Escrow Issuer LLC, 5.25%, 12/15/25(c)		286,688
	975,000	Sabre GLBL, Inc., 7.38%, 09/01/25(c)		1,061,531
	500,000	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		483,789
	500,000	Scientific Games International, Inc., 5.00%, 10/15/25(c)		516,250
	2,350,000	Select Medical Corp., 6.25%, 08/15/26(c)		2,496,875
	1,075,000	Service Properties Trust REIT, 4.65%, 03/15/24		1,083,063
	1,000,000	Service Properties Trust REIT, 4.35%, 10/01/24		995,000
	1,325,000	Service Properties Trust REIT, 5.50%, 12/15/27		1,394,540
	400,000	Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28(c)		407,000

Principal Amount			Value
UNITED STATES (continued)
$	850,000	Sinclair Television Group, Inc., 5.50%, 03/01/30(c)	$	844,688
	850,000	Southwestern Energy Co., 6.45%, 01/23/25		918,000
	500,000	Spectrum Brands, Inc., 5.50%, 07/15/30(c)		539,375
	1,300,000	Spirit AeroSystems, Inc., 7.50%, 04/15/25(c)		1,391,000
	500,000	Springleaf Finance Corp., 7.13%, 03/15/26		584,375
	1,500,000	Sprint Capital Corp., 6.88%, 11/15/28		1,890,041
	1,325,000	SRM Escrow Issuer LLC, 6.00%, 11/01/28(c)		1,404,288
	400,000	Starwood Property Trust, Inc. REIT, 5.50%, 11/01/23(c)		420,000
	500,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(c)		520,760
	900,000	Talen Energy Supply LLC, 6.50%, 06/01/25		749,250
	500,000	Talen Energy Supply LLC, 6.63%, 01/15/28(c)		502,500
	1,525,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25(c)		1,666,063
	1,225,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(c)		1,228,062
	500,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.25%, 11/15/23		500,350
	1,000,000	TEGNA, Inc., 4.63%, 03/15/28		1,021,250
	1,500,000	TEGNA, Inc., 5.00%, 09/15/29		1,557,150
	225,000	Tenet Healthcare Corp., 4.63%, 07/15/24		228,397
	500,000	Tenet Healthcare Corp., 7.50%, 04/01/25(c)		538,750
	750,000	Tenet Healthcare Corp., 5.13%, 05/01/25		759,000
	500,000	Tenet Healthcare Corp., 6.13%, 10/01/28(c)		527,500
	100,000	Tenneco, Inc., 7.88%, 01/15/29(c)		112,595
	1,100,000	Tesla, Inc., 5.30%, 08/15/25(c)		1,139,875

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	400,000	T-Mobile USA ,Inc., 4.50%, 02/01/26	$	410,000
	1,000,000	T-Mobile USA, Inc., 3.50%, 04/15/31		1,015,000
	300,000	TMS International Corp., 6.25%, 04/15/29(c)		312,000
	1,550,000	TransDigm, Inc., 8.00%, 12/15/25(c)		1,683,688
	1,075,000	Tronox, Inc., 6.50%, 05/01/25(c)		1,148,229
	830,000	Truist Financial Corp., Series N, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%), 4.80%, 03/01/70(a)		878,555
	400,000	Turning Point Brands, Inc., 5.63%, 02/15/26(c)		413,000
	1,264,378	TVC DSCR_21-1: A, 0.00%, 02/01/51(b)		1,264,378
	316,094	TVC DSCR_21-1: CERT, 0.00%, 02/01/51(b)		407,635
	1,500,000	Uber Technologies, Inc., 8.00%, 11/01/26(c)		1,622,813
	1,000,000	United Airlines Holdings, Inc., 4.25%, 10/01/22		1,019,590
	275,000	United Airlines, Inc., 4.38%, 04/15/26(c)		285,373
	275,000	United Airlines, Inc., 4.63%, 04/15/29(c)		285,780
	750,000	United Natural Foods, Inc., 6.75%, 10/15/28(c)		808,125
	1,075,000	United States Steel Corp., 6.88%, 08/15/25		1,097,844
	375,000	United States Steel Corp., 6.88%, 03/01/29		391,406
	1,500,000	Uniti Group LP/Uniti Fiber Holdings Inc/CSL Capital LLC REIT, 7.88%, 02/15/25(c)		1,616,250
	250,000	Uniti Group LP/Uniti Group Finance Inc/CSL Capital LLC REIT, 6.00%, 04/15/23(c)		253,750
	550,000	Uniti Group LP/Uniti Group Finance Inc/CSL Capital LLC REIT, 6.50%, 02/15/29(c)		546,719
	950,000	US Foods, Inc., 6.25%, 04/15/25(c)		1,009,085
	500,000	US Foods, Inc., 4.75%, 02/15/29(c)		504,375

Principal Amount			Value
UNITED STATES (continued)
$	925,000	Vector Group Ltd., 5.75%, 02/01/29(c)	$	930,938
	1,000,000	Veritas US Inc/Veritas Bermuda Ltd., 7.50%, 09/01/25(c)		1,035,000
	250,000	Verscend Escrow Corp., 9.75%, 08/15/26(c)		266,252
	500,000	Viking Cruises Ltd., 5.88%, 09/15/27(c)		490,000
	825,000	VM Consolidated, Inc., 5.50%, 04/15/29(c)		838,068
	225,000	WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(c)		233,719
	750,000	WESCO Distribution, Inc., 7.25%, 06/15/28(c)		832,500
	500,000	Western Midstream Operating LP, 4.65%, 07/01/26		535,312
	375,000	Western Midstream Operating LP, 5.50%, 08/15/48		382,500
	300,000	Wyndham Destinations, Inc., 4.25%, 03/01/22		304,050
	1,000,000	Wyndham Destinations, Inc., 4.63%, 03/01/30(c)		1,040,000
	1,075,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25(c)		1,147,562
	1,250,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25(c)		1,350,000
	500,000	Zayo Group Holdings, Inc., 4.00%, 03/01/27(c)		496,500
				218,850,900
Total Corporate Bonds (Cost $252,332,434)				257,152,895

ASSET-BACKED SECURITIES — 21.6%
CANADA — 0.1%
Other Asset-Backed Securities — 0.1%
	300,000	Golden Credit Card Trust, Series 2017-4A, Class A, (1 mo. LIBOR US + 0.520%), 0.63%, 07/15/24(c)(d)		301,322
	1,000,000	Master Credit Card Trust II, Series 2020-1A, Class A, 1.99%, 09/21/24(c)		1,030,878
				1,332,200

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
CAYMAN ISLANDS — 2.4%
Collateralized Loan Obligations — 2.4%
$	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.700%), 5.89%, 04/20/31(c)(d)	$	954,910
	5,000,000	Atrium VIII, Series 8A, Class SUB, 0.00%, 10/23/24(c)(e)		27,881
	2,000,000	Atrium XII, Series 12A, Class ER, (3 mo. LIBOR US + 5.250%), 5.43%, 04/22/27(c)(d)		1,950,000
	12,131,250	Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/47(c)(e)		8,656,930
	689,599	BlueMountain CLO Ltd., Series 2015- 2A, Class A1R, (3 mo. LIBOR US + 0.930%), 1.12%, 07/18/27(c)(d)		689,530
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class DR, (3 mo. LIBOR US + 4.350%), 4.53%, 04/27/27(c)(d)		999,991
	626,119	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR US + 8.500%), 8.69%, 07/20/32(c)(d)		572,436
	17,550,000	CBAM Ltd., Series 2019-10A, Class SUB, 0.00%, 04/20/32(c)(e)		11,850,115
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 0.00%, 01/20/31(c)(e)		6,004,180
	1,000,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR US + 1.450%), 1.65%, 05/15/30(c)(d)		998,709
	1,000,000	Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2, (3 mo. LIBOR US + 1.750%), 1.91%, 04/15/34(c)(d)		998,780
	500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. LIBOR US + 1.400%), 1.59%, 03/20/30(c)(d)		496,209
	2,000,000	Madison Park Funding XVI Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.500%), 5.69%, 04/20/26(c)(d)		1,984,107

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	2,000,000	MP CLO IV Ltd., Series 2013-2A, Class ARR, (3 mo. LIBOR US + 1.280%), 1.46%, 07/25/29(c)(d)	$	2,001,148
	1,250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.000%), 5.18%, 01/15/28(c)(d)		1,220,473
	5,000,000	Romark CLO II Ltd., Series 2018-2A, Class SUB, 0.00%, 07/25/31(c)(e)		2,856,722
	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 0.00%, 10/23/30(c)(e)		2,750,020
	7,500,000	Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR US + 8.100%), 8.29%, 04/20/31(c)(d)		6,401,872
	1,000,000	Westcott Park CLO Ltd., Series 2016- 1A, Class DR, (3 mo. LIBOR US + 3.250%), 3.44%, 07/20/28(c)(d)		1,000,260
	4,500,000	York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.400%), 6.59%, 10/20/29(c)(d)		4,500,601
	4,000,000	York CLO-3 Ltd., Series 2016-1A, Class SUB, 0.00%, 10/20/29(c)(e)		2,122,454
	6,375,000	York CLO-5 Ltd., Series 2018-1A, Class SUB, 0.00%, 10/22/31(c)(e)		3,125,935
				62,163,263
UNITED STATES — 19.1%
Other Asset-Backed Securities — 19.1%
	4,771,142	510 Loan Acquisition Trust, Series 2020-1, Class A, STEP, 5.11%, 09/25/60(c)		4,835,040
	218,484	Aegis Asset Backed Sec Corp. Mort Pass Through Certificates, Series 2003-3, Class M1, (1 mo. LIBOR US + 1.050%), 1.16%, 01/25/34(d)		215,302
	137,382	Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(b)(c)(e)		107,803

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	51,727	Ajax Mortgage Loan Trust, Series 2018-A, Class B, 0.00%, 04/25/58(c)	$	28,694
	242,147	Ajax Mortgage Loan Trust, Series 2018-B, Class B, 0.00%, 02/26/57(c)		69,682
	6,117,914	Ajax Mortgage Loan Trust, Series 2018-D, Class A, 3.75%, 08/25/58(c)(e)		6,112,105
	1,820,894	Ajax Mortgage Loan Trust, Series 2018-D, Class B, 0.00%, 08/25/58(b)(c)(e)		1,174,112
	1,312,500	Ajax Mortgage Loan Trust, Series 2018-E, Class B, 5.25%, 06/25/58(b)(c)(e)		1,321,819
	3,241,659	Ajax Mortgage Loan Trust, Series 2018-E, Class C, 0.00%, 06/25/58(c)(e)		2,804,781
	1,498,613	Ajax Mortgage Loan Trust, Series 2018-F, Class B, 5.25%, 11/25/58(b)(c)(e)		1,513,300
	3,468,588	Ajax Mortgage Loan Trust, Series 2018-F, Class C, 0.00%, 11/25/58(b)(c)		2,081,153
	13,027,007	Ajax Mortgage Loan Trust, Series 2018-G, Class A, 4.38%, 06/25/57(c)(e)		13,181,214
	2,100,000	Ajax Mortgage Loan Trust, Series 2018-G, Class B, 5.25%, 06/25/57(b)(c)(e)		1,585,500
	5,362,641	Ajax Mortgage Loan Trust, Series 2018-G, Class C, 0.00%, 06/25/57(b)(c)		5,273,085
	13,661,093	Ajax Mortgage Loan Trust, Series 2019-A, Class A, 3.75%, 08/25/57(c)(e)		13,863,009
	2,450,000	Ajax Mortgage Loan Trust, Series 2019-A, Class B, 5.25%, 08/25/57(c)(e)		2,260,632
	6,120,493	Ajax Mortgage Loan Trust, Series 2019-A, Class C, 0.00%, 08/25/57(b)(c)		5,070,216
	7,434,784	Ajax Mortgage Loan Trust, Series 2019-B, Class A, 3.75%, 01/25/59(c)(e)		7,544,023
	2,100,000	Ajax Mortgage Loan Trust, Series 2019-B, Class B, 5.25%, 01/25/59(b)(c)(e)		1,585,500

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,363,950	Ajax Mortgage Loan Trust, Series 2019-B, Class C, 0.00%, 01/25/59(b)(c)	$	4,603,878
	7,951,166	Ajax Mortgage Loan Trust, Series 2019-E, Class A, STEP, 3.00%, 09/25/59(c)		7,995,529
	3,512,199	Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP, 4.88%, 09/25/59(c)		3,113,988
	7,772,543	Ajax Mortgage Loan Trust, Series 2019-E, Class C, 0.00%, 09/25/59(c)		5,568,032
	13,111,358	Ajax Mortgage Loan Trust, Series 2019-G, Class A, STEP, 3.00%, 09/25/59(c)		13,198,906
	2,927,374	Ajax Mortgage Loan Trust, Series 2019-G, Class B, STEP, 4.25%, 09/25/59(c)		2,840,348
	7,485,434	Ajax Mortgage Loan Trust, Series 2019-G, Class C, 0.00%, 09/25/59(c)		6,382,787
	26,169,717	Ajax Mortgage Loan Trust, Series 2020-A, Class A, STEP, 2.38%, 12/25/59(c)		26,179,973
	4,328,402	Ajax Mortgage Loan Trust, Series 2020-A, Class B, STEP, 3.50%, 12/25/59(c)		4,318,746
	10,441,578	Ajax Mortgage Loan Trust, Series 2020-A, Class C, 0.00%, 12/25/59(b)(c)		6,546,870
	500,000	American Credit Acceptance Receivables Trust, Series 2020-4, Class B, 0.85%, 12/13/24(c)		501,461
	1,000,000	American Express Credit Account Master Trust, Series 2017-5, Class A, (1 mo. LIBOR US + 0.380%), 0.49%, 02/18/25(d)		1,004,038
	1,000,000	American Express Credit Account Master Trust, Series 2018-5, Class A, (1 mo. LIBOR US + 0.340%), 0.45%, 12/15/25(d)		1,004,581

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,000,000	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7, (1 mo. LIBOR US + 1.980%), 2.09%, 05/25/35(d)	$	5,044,173
	6,000,000	AMSR Trust, Series 2020-SFR5, Class F, 2.69%, 11/17/37(c)		5,935,250
	9,717,942	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.240%), 0.59%, 05/25/35(d)		8,935,920
	4,662,515	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1, (1 mo. LIBOR US + 0.690%), 0.80%, 01/25/36(d)		4,772,599
	6,020,717	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006- HE1, Class M2, (1 mo. LIBOR US + 0.630%), 0.74%, 01/25/36(d)		5,653,249
	5,740,000	BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(e)		2,903,678
	5,000,000	BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.44%, 12/10/25(e)		2,096,911
	6,982,921	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 0.56%, 09/25/37(c)(d)		6,611,055
	8,277,330	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 1.11%, 05/28/39(c)(d)		7,750,010
	1,827,682	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 1.41%, 05/28/39(c)(d)		1,457,820
	1,628,107	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 1.11%, 12/28/40(c)(d)		1,476,124

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,419,390	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR US + 0.930%), 1.04%, 12/28/40(c)(d)	$	3,342,024
	250,000	BCC Funding XVII LLC, Series 2020- 1, Class A2, 0.91%, 08/20/25(c)		250,981
	1,809,255	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 1.020%), 1.13%, 12/25/35(d)		2,490,770
	3,024,765	Bear Stearns Asset Backed Securities I Trust, Series 2007-HE1, Class 21A2, (1 mo. LIBOR US + 0.160%), 0.27%, 01/25/37(d)		2,964,124
	4,396,763	Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR US + 0.140%), 0.25%, 12/25/36(d)		5,239,333
	500,000	BMW Vehicle Lease Trust, Series 2021-1, Class A4, 0.37%, 07/25/24		499,484
	1,000,000	Carmax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26		990,583
	500,000	CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 06/15/26		501,976
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR US + 0.420%), 0.53%, 12/26/36(d)		4,137,908
	6,605,954	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1, (1 mo. LIBOR US + 0.500%), 0.61%, 02/25/37(d)		5,645,613
	7,166,016	Cascade MH Asset Trust, Series 2019- MH1, Class A, 4.00%, 11/25/44(c)(e)		7,509,646
	3,769,078	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.200%), 0.31%, 05/25/37(d)		3,012,607

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	101,278	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C, (1 mo. LIBOR US + 0.270%), 0.38%, 05/25/37(d)	$	81,615
	4,589,342	Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B, (1 mo. LIBOR US + 0.170%), 0.28%, 07/25/45(d)		3,960,860
	2,087,892	Conseco Finance Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(e)		2,135,524
	2,154,553	Conseco Finance Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(e)		2,130,700
	2,391,438	Conseco Finance Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(e)		1,396,695
	2,697,921	Conseco Finance Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(e)		1,516,043
	11,192,746	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(e)		3,568,493
	2,637,129	Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 6.05%, 05/25/36		2,614,004
	473,169	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 0.27%, 09/25/46(d)		465,899
	4,921,773	Countrywide Asset-Backed Certificates, Series 2006-12, Class 1A, (1 mo. LIBOR US + 0.260%), 0.37%, 12/25/36(d)		4,739,745
	5,635,321	Countrywide Asset-Backed Certificates, Series 2006-22, Class M1, (1 mo. LIBOR US + 0.230%), 0.34%, 05/25/47(d)		4,466,220
	5,659,595	Countrywide Asset-Backed Certificates, Series 2006-26, Class M1, (1 mo. LIBOR US + 0.250%), 0.36%, 06/25/37(d)		5,327,898

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,717,973	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 0.29%, 05/15/36(d)	$	1,672,214
	993,851	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 0.41%, 12/15/33(c)(d)		907,892
	746,258	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR US + 0.240%), 0.35%, 02/15/30(c)(d)		676,347
	514,682	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 0.30%, 05/15/35(c)(d)		499,669
	500,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 02/15/30(c)		500,445
	10,202,502	Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class B3, 14.33%, 09/27/66(b)(c)(e)		6,650,981
	3,578,098	Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class PT2, 0.00%, 03/25/59(b)(c)		1,462,547
	2,579,730	Credit-Based Asset Servicing and Securitization LLC, Series 2007- CB6, Class A4, (1 mo. LIBOR US + 0.340%), 0.45%, 07/25/37(c)(d)		2,061,842
	8,871,942	CWABS Asset-Backed Certificates Trust, Series 2006-18, Class M1, (1 mo. LIBOR US + 0.300%), 0.41%, 03/25/37(d)		8,351,872
	1,000,000	Discover Card Execution Note Trust, Series 2017-A7, Class A7, (1 mo. LIBOR US + 0.360%), 0.47%, 04/15/25(d)		1,004,551
	500,000	Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24		500,463

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	913,865	DT Auto Owner Trust, Series 2019- 1A, Class C, 3.61%, 11/15/24(c)	$	923,735
	1,000,000	DT Auto Owner Trust, Series 2021- 1A, Class B, 0.62%, 09/15/25(c)		999,459
	1,000,000	Enterprise Fleet Financing LLC, Series 2020-2, Class A3, 0.65%, 07/20/26(c)		998,152
	4,887,918	First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR US + 0.540%), 0.65%, 03/25/36(d)		4,219,588
	2,048,482	First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1, (1 mo. LIBOR US + 1.800%), 1.92%, 10/25/33(d)		2,081,007
	9,127,832	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR US + 0.375%), 0.48%, 07/25/36(d)		7,883,215
	4,133,323	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.600%), 0.71%, 01/25/36(d)		3,649,010
	4,126,319	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR US + 0.150%), 0.26%, 03/25/37(d)		2,490,307
	500,000	Flagship Credit Auto Trust, Series 2020-4, Class B, 1.00%, 10/15/25(c)		503,104
	1,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(c)		993,665
	1,300,000	Ford Credit Auto Owner Trust, Series 2020-C, Class B, 0.79%, 08/15/26		1,301,329
	1,000,000	Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 09/15/27		999,672
	1,500,000	Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR US + 0.615%), 0.72%, 11/25/35(d)		1,431,268
	1,000,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-4, Class A3, 0.38%, 08/18/25		1,000,623

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,050,000	GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class B, 0.75%, 05/17/27	$	1,045,323
	716,093	GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR US + 0.500%), 0.61%, 02/25/36(d)		701,401
	239,175	GMACM Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR US + 0.315%), 0.42%, 11/25/36(d)		387,599
	500,000	GMF Floorplan Owner Revolving Trust, Series 2020-2, Class B, 0.96%, 10/15/25(c)		501,840
	500,000	GreatAmerica Leasing Receivables Funding LLC, Series 2021-1, Class B, 0.72%, 12/15/26(c)		495,666
	6,055,468	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(e)		4,617,707
	2,463,906	GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.700%), 0.81%, 12/25/35(d)		1,078,696
	9,747,622	GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. LIBOR US + 0.360%), 0.47%, 03/25/36(d)		4,447,775
	426,995	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(e)		246,794
	3,566,000	GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. LIBOR US + 2.250%), 2.36%, 02/25/47(d)		3,746,436
	4,276,643	Home Equity Asset Trust, Series 2007- 1, Class 2A3, (1 mo. LIBOR US + 0.300%), 0.41%, 05/25/37(d)		3,812,272
	5,050,921	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.78%, 12/25/36		2,374,269
	1,000,000	Hyundai Auto Lease Securitization Trust, Series 2020-B, Class B, 0.81%, 10/15/24(c)		1,008,487

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	943,393	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(c)	$	942,201
	500,000	John Deere Owner Trust, Series 2021- A, Class A3, 0.36%, 09/15/25		498,839
	1,250,000	Kubota Credit Owner Trust, Series 2021-1A, Class A3, 0.62%, 08/15/25(c)		1,251,165
	1,821,129	Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 0.00%, 02/25/59(b)(c)		273,169
	1,900,000	Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(b)(c)(e)		1,900,000
	3,098,662	Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(e)		3,293,586
	296,072	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 0.20%, 06/25/37(c)(d)		230,641
	6,092,970	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A2, (1 mo. LIBOR US + 0.200%), 0.31%, 06/25/37(c)(d)		4,812,753
	1,042,021	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR US + 0.110%), 0.22%, 11/25/36(d)		445,339
	5,505,660	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 0.27%, 10/25/36(d)		2,384,542
	2,182,984	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 3.36%, 03/25/32(d)		2,195,104
	4,058,909	MASTR Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR US + 0.320%), 0.43%, 03/25/36(d)		515,542
	1,277,404	MCM Trust, Series 2018-NPL1, Class B, 0.00%, 05/28/58(c)		662,170

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,000,000	Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 09/15/25	$	1,017,920
	2,435,469	MERIT Securities Corp., Series 13, Class M2, STEP, 7.88%, 12/28/33		2,122,205
	10,393,677	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR US + 0.500%), 0.61%, 10/25/37(d)		4,568,625
	1,164,937	Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4, (1 mo. LIBOR US + 0.480%), 0.59%, 06/25/36(d)		778,958
	6,808,395	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 0.24%, 11/25/36(d)		3,835,166
	3,869,664	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1, (1 mo. LIBOR US + 1.900%), 2.01%, 02/25/47(c)(d)		3,707,960
	3,556,597	Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1, (1 mo. LIBOR US + 0.540%), 0.65%, 02/25/36(d)		3,578,643
	4,567,890	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36		1,582,818
	678,434	Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, (1 mo. LIBOR US + 0.300%), 0.41%, 03/25/36(d)		671,084
	5,000,000	Nationstar HECM Loan Trust, Series 2019-2A, Class M4, 5.68%, 11/25/29(b)(c)(e)		5,008,000
	8,000,000	Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR US + 0.300%), 0.41%, 03/25/37(d)		7,220,360
	989,936	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, 09/16/69(c)		994,515

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	809,604	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, 01/15/69(c)	$	815,433
	5,687,295	New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR US + 0.675%), 0.78%, 12/25/35(d)		5,184,460
	1,561,381	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 0.51%, 10/25/36(c)(d)		1,718,336
	1,717,357	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		1,622,766
	10,053,368	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(e)		3,887,180
	8,572,117	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(e)		1,511,799
	5,947,218	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(e)		1,171,116
	6,795,981	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(e)		1,499,207
	665,281	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(e)		480,647
	570,360	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(e)		597,744
	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(c)		4,003,443
	1,000,000	PFS Financing Corp., Series 2020-A, Class A, 1.27%, 06/15/25(c)		1,013,647
	2,955,985	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 3.81%, 07/25/35		2,695,115
	3,000,000	Progress Residential Trust, Series 2018- SFR3, Class F, 5.37%, 10/17/35(c)		3,038,952
	1,000,000	Progress Residential Trust, Series 2019- SFR3, Class F, 3.87%, 09/17/36(c)		1,016,412

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,000,000	Progress Residential Trust, Series 2019- SFR4, Class F, 3.68%, 10/17/36(c)	$	3,050,338
	4,758,061	PRPM LLC, Series 2020-4, Class A1, STEP, 2.95%, 10/25/25(c)		4,774,342
	3,825,000	Residential Asset Securities Corp., Series 2005-KS10, Class M4, (1 mo. LIBOR US + 0.870%), 0.98%, 11/25/35(d)		3,131,132
	2,000,000	Residential Asset Securities Corp., Series 2006-KS4, Class M2, (1 mo. LIBOR US + 0.290%), 0.54%, 06/25/36(d)		1,924,799
	956,745	SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR US + 0.260%), 0.37%, 07/25/36(d)		947,630
	1,000,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class B, 0.73%, 03/17/25		1,004,490
	500,000	Santander Retail Auto Lease Trust, Series 2020-B, Class A4, 0.65%, 12/20/24(c)		500,145
	4,174,187	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR US + 0.320%), 0.43%, 09/25/36(d)		3,773,506
	8,478,703	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 0.40%, 01/25/47(d)		8,198,342
	2,871,316	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR US + 0.270%), 0.38%, 02/25/37(d)		2,195,023
	11,547,738	Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR US + 0.250%), 0.36%, 07/25/36(d)		11,235,185
	4,094,434	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR US + 0.675%), 0.78%, 11/25/35(d)		3,178,715

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,363,389	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR US + 0.750%), 0.86%, 07/25/35(d)	$	3,889,647
	2,041,714	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR US + 0.440%), 0.55%, 02/25/37(d)		6,283,142
	1,000,000	Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22(c)		1,016,388
	1,000,000	Toyota Auto Receivables 2020-D Owner Trust, Series 2020-D, Class A3, 0.35%, 01/15/25		999,990
	1,700,000	Tricon American Homes Trust, Series 2017-SFR2, Class F, 5.10%, 01/17/36(c)		1,760,177
	999,570	Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/39(c)		977,217
	1,000,000	Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 07/22/24		1,028,040
	1,000,000	Verizon Owner Trust, Series 2020-C, Class B, 0.67%, 04/21/25		1,001,406
	1,000,000	World Omni Automobile Lease Securitization Trust, Series 2020- B, Class B, 0.70%, 02/17/26		1,001,848
	1,000,000	World Omni Select Auto Trust, Series 2019-A, Class A3, 2.00%, 08/15/24		1,010,535
	9,156,484	Yale Mortgage Loan Trust, Series 2007- 1, Class A, (1 mo. LIBOR US + 0.400%), 0.51%, 06/25/37(c)(d)		3,958,647
				505,327,109
Total Asset-Backed Securities (Cost $550,383,131)				568,822,572

Principal Amount			Value
NON-AGENCY MORTGAGE-BACKED SECURITIES — 15.4%
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.5%
$	3,800,000	1Texas Capital Bank CLN, 0.00%, 02/01/26(b)	$	3,800,000
	429,962	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.92%, 07/25/35(e)		431,299
	1,724,976	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.39%, 03/25/37(e)		1,405,718
	7,582,776	Ajax Mortgage Loan Trust, Series 2021-C, Class A, STEP, 2.12%, 01/25/61(c)		7,580,242
	1,230,360	Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP, 3.72%, 01/25/61(c)		1,229,386
	3,163,700	Ajax Mortgage Loan Trust, Series 2021-C, Class C, 0.00%, 01/25/61(c)		2,211,040
	1,643,714	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 1.10%, 09/25/46(d)		1,632,317
	1,313,918	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.75%, 06/25/37		1,264,257
	13,058,226	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 3.90%, 07/31/57(c)(e)		4,648,598
	3,293,304	Ari Investments LLC, 4.61%, 01/06/25(b)		3,268,604
	3,079,970	Ari Investments LLC, 4.55%, 01/30/25(b)		3,033,770
	1,625,919	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 0.51%, 01/25/37(d)		1,250,010
	276,223	Banc of America Funding Corp., Series 2005-F, Class 6A1, 3.30%, 09/20/35(e)		284,204
	486,123	Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.83%, 02/20/36(e)		473,852
	428,960	Banc of America Funding Corp., Series 2006-E, Class 2A1, 3.22%, 06/20/36(e)		415,135

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,528,899	Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37	$	1,558,970
	3,299,959	Banc of America Funding Corp., Series 2015-R3, Class 1A2, 0.53%, 03/27/36(c)(e)		2,486,839
	421,181	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.01%, 10/25/35(e)		429,943
	3,168,260	BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.25%, 12/26/37(c)(e)		2,812,335
	995,526	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 3.08%, 02/25/36(e)		988,383
	180,087	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 3.55%, 08/25/35(e)		173,412
	354,948	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.39%, 05/25/47(e)		352,191
	1,470,963	Bear Stearns ALT-A Trust, Series 2006- 2, Class 11A1, (1 mo. LIBOR US + 0.440%), 0.55%, 04/25/36(d)		1,956,382
	3,302,411	Bear Stearns ALT-A Trust, Series 2006- 6, Class 1A1, (1 mo. LIBOR US + 0.320%), 0.43%, 11/25/36(d)		2,978,115
	2,945,558	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR US + 0.350%), 0.46%, 03/25/36(d)		396,852
	2,945,558	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR US + 0.350%), 0.46%, 03/25/36(d)		396,852
	1,267,869	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 0.39%, 08/25/36(d)		1,250,387
	805,695	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 0.41%, 11/25/36(d)		786,311

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,533,685	Chase Mortgage Finance Corp., Series 2016-SH1, Class M4, 3.75%, 04/25/45(c)(e)	$	1,538,580
	4,101,036	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37		2,612,354
	12,107,112	ChaseFlex Trust, Series 2007-1, Class 2A7, 6.00%, 02/25/37		7,039,665
	2,660,042	Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37		2,417,940
	2,981,057	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		2,651,110
	142,150	Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A, 3.33%, 06/25/36(e)		137,953
	3,376,284	Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1, 5.75%, 04/25/47(c)		2,442,994
	211,229	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.90%, 05/25/35(e)		218,223
	421,856	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		395,938
	864,794	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.600%), 0.41%, 08/25/35(d)		830,900
	3,679,276	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6, (1 mo. LIBOR US + 0.500%), 0.61%, 11/25/35(d)		2,028,362
	6,842,697	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US x (1) + 5.500%), 5.39%, 11/25/35(d)		1,279,602
	261,304	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.31%, 12/25/35(e)		253,471
	76,055	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 1.14%, 12/25/35(d)		72,545

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,241,655	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 0.56%, 05/25/35(d)	$	1,134,271
	768,547	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		648,972
	2,874,670	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 0.46%, 05/25/36(d)		1,315,984
	1,862,960	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		1,393,649
	3,599,403	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		2,431,046
	1,207,539	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 0.46%, 08/25/36(d)		629,221
	1,207,539	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US x (1) + 7.150%), 7.04%, 08/25/36(d)		305,396
	1,244,803	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36		973,067
	1,254,029	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 0.51%, 03/25/36(d)		469,514
	3,522,465	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		2,257,599
	1,349,505	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		1,052,421
	977,112	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		744,668
	1,172,759	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		874,500
	2,681,606	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		1,999,614

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,111,763	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, (1 mo. LIBOR US + 0.340%), 0.45%, 02/25/37(d)	$	2,216,996
	2,555,881	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, (1 mo. LIBOR US x (1) + 6.600%), 6.49%, 02/25/37(d)		574,568
	154,488	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		150,481
	438,296	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 0.51%, 05/25/36(d)		360,211
	3,142,106	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		2,307,697
	2,426,326	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Francisco + 1.500%), 1.91%, 11/20/46(d)		1,819,082
	4,713,465	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 1.87%, 11/25/46(d)		4,084,374
	2,514,046	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 0.30%, 11/25/46(d)		2,223,611
	3,749,968	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 0.31%, 03/20/47(d)		3,161,321
	786,654	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.420%), 0.53%, 05/25/36(d)		723,033
	2,906,200	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.360%), 0.47%, 04/25/46(d)		2,845,203
	2,077,278	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		1,442,688

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,092,326	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37	$	1,496,744
	1,033,254	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		743,011
	4,517,633	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		2,699,238
	3,897,616	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		2,618,919
	966,296	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		635,429
	304,920	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.21%, 11/25/36		410,505
	8,649,467	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 0.98%, 03/25/47(d)		7,579,164
	181,047	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 0.29%, 04/25/47(d)		35,064
	1,659,613	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 0.35%, 08/25/47(d)		1,625,868
	1,595,710	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		1,148,287
	1,288,873	Countrywide Alternative Resecuritization, Series 2006- 22R, Class 2A1, 6.25%, 05/25/36		1,027,818
	1,183,748	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- 31, Class 2A3, 2.53%, 01/25/36(e)		1,087,105
	2,017,498	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 1.51%, 08/25/35(d)		1,674,342

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	258,530	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J3, Class 2A4, 4.50%, 09/25/35	$	255,416
	10,744,746	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 1.10%, 04/25/46(d)		4,535,488
	2,658,602	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA5, Class 3A1, (1 mo. LIBOR US + 0.400%), 0.51%, 04/25/46(d)		2,492,157
	685,226	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- R2, Class AF1, (1 mo. LIBOR US + 0.420%), 0.53%, 07/25/36(c)(d)		634,244
	1,773,877	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 21, Class 1A1, 6.25%, 02/25/38		1,333,337
	2,542,405	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- HYB1, Class 3A1, 3.02%, 03/25/37(e)		2,375,496
	4,058,563	Credit Suisse Mortgage Capital Certificates, 0.00%, 07/02/60		1,623,425
	2,244,775	Credit Suisse Mortgage Capital Certificates, 3.50%, 09/03/66		2,154,984
	3,928,355	Credit Suisse Mortgage Capital Certificates, 0.00%, 09/03/66		3,383,296
	344	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		348
	2,115,372	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		1,968,720
	2,734,354	Credit Suisse Mortgage Capital Certificates, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(e)		1,018,741

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	7,025,198	Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(c)	$	3,857,306
	4,012,155	Credit Suisse Mortgage Capital Certificates, Series 2014-2R, Class 17A3, 2.68%, 04/27/37(c)(e)		3,473,682
	6,853,149	Credit Suisse Mortgage Capital Certificates, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 0.26%, 10/27/36(c)(d)		5,476,690
	3,289,850	Credit Suisse Mortgage Capital Certificates, Series 2021-NQM2, Class B1, 3.44%, 02/25/66(c)(e)		3,331,714
	7,487,230	Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2017-2, Class CERT, 0.00%, 02/01/47(b)(c)		6,906,970
	6,364,902	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 1.46%, 11/25/35(d)		1,177,863
	1,626,000	Deephaven Residential Mortgage Trust, Series 2021-1, Class B1, 3.10%, 05/25/65(c)(e)		1,626,203
	506,104	GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 3.31%, 11/19/35(e)		502,840
	3,787,732	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 0.46%, 01/25/35(c)(d)		3,466,656
	1,425,244	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 0.46%, 01/25/36(c)(d)		1,186,038
	328,225	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.75%, 01/25/35(e)		334,066
	22,817	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		133,370
	2,943,802	GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, 6.50%, 08/25/36		1,597,185

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	77,906	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21	$	76,456
	307,664	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.01%, 01/25/36(e)		316,769
	590,900	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		509,993
	11,527,850	GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, 2.32%, 06/25/47(e)		9,456,097
	2,308,842	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 0.37%, 07/19/47(d)		2,107,666
	5,000,000	Headlands Residential LLC, Series 2019-RPL1, Class NOTE, STEP, 3.97%, 06/25/24(c)		5,020,111
	499,753	HomeBanc Mortgage Trust, Series 2006-1, Class 2A1, 2.37%, 04/25/37(e)		464,457
	22,646,355	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 2.46%, 07/25/47(e)		968,419
	2,139,762	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR US + 0.270%), 0.38%, 06/25/37(d)		2,636,677
	4,088,202	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2, (1 mo. LIBOR US + 0.240%), 0.35%, 08/25/37(d)		3,799,714
	1,452,407	JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.72%, 10/25/37(e)		1,089,150
	51,092	JP Morgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		62,050
	6,707,663	JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37		3,137,237
	85,000	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 3.16%, 10/26/48(c)(e)		88,304
	2,552,343	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 1.26%, 12/25/37(d)		2,625,959

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,750,733	MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37	$	2,205,977
	2,901,598	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(c)		2,735,845
	1,482,287	MASTR Resecuritization Trust, Series 2008-3, Class A1, 0.54%, 08/25/37(c)(e)		776,454
	6,043,658	MCM Capital LLC Trust, Series 2018- NPL2, Class B, 0.00%, 10/25/28(c)		3,052,047
	2,500,000	Mello Warehouse Securitization Trust, Series 2020-2, Class F, (1 mo. LIBOR US + 3.250%), 3.36%, 11/25/53(c)(d)		2,507,940
	4,875,000	Mello Warehouse Securitization Trust, Series 2021-1, Class F, (1 mo. LIBOR US + 2.750%), 2.86%, 02/25/55(c)(d)		4,920,100
	2,740,568	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 0.32%, 04/25/37(d)		2,681,413
	1,040,090	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 2.83%, 05/25/36(e)		911,023
	544,777	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1, 6.25%, 10/25/36		360,810
	1,650,000	MFA Trust, Series 2020-NQM3, Class M1, 2.65%, 01/26/65(c)(e)		1,663,820
	4,385,865	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 0.55%, 05/26/37(c)		4,394,544
	3,398,778	Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1 mo. LIBOR US + 0.160%), 0.43%, 12/26/46(c)(d)		3,329,403
	922,154	Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 0.43%, 07/26/45(c)(d)		898,725
	1,050,665	MortgageIT Trust, Series 2004-1, Class B1, (1 mo. LIBOR US + 1.800%), 1.91%, 11/25/34(d)		1,042,968

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,596,363	NYMT LOAN TRUST, Series 2020- SP2, Class A1, 2.94%, 10/25/60(c)(e)	$	4,616,479
	3,675,468	Prime Mortgage Trust, Series 2006- DR1, Class 2A1, 5.50%, 05/25/35(c)		3,365,205
	1,692,580	Prime Mortgage Trust, Series 2006- DR1, Class 2A2, 6.00%, 05/25/35(c)		1,525,530
	3,000,000	Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class G, (1 mo. LIBOR US + 5.500%), 5.61%, 02/25/55(b)(c)(d)		3,000,000
	4,617,868	PRPM LLC, Series 2020-5, Class A1, STEP, 3.10%, 11/25/25(c)		4,651,721
	877,180	Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1, (1 mo. LIBOR US + 0.380%), 0.49%, 05/25/46(d)		824,064
	630,978	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		626,928
	4,080,912	Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5, (1 mo. LIBOR US + 0.550%), 0.66%, 01/25/37(d)		3,018,715
	643,579	Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5, (1 mo. LIBOR US + 0.250%), 0.36%, 07/25/36(d)		61,447
	7,716,167	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 4.60%, 08/25/36(e)		6,377,257
	107,110	Residential Funding Mortgage Securities I, Series 2006-SA3, Class 2A1, 4.54%, 09/25/36(e)		83,160
	2,814,000	Residential Mortgage Loan Trust, Series 2021-1R, Class B1, 3.42%, 01/25/65(c)(e)		2,796,304
	1,935,000	RMF Buyout Issuance Trust, Series 2020-1, Class M5, 6.00%, 02/25/30(b)(c)(e)		1,895,913
	10,847,026	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(c)(f)		1,737,819

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	18,812,391	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 0.91%, 07/25/56(c)(e)	$	2,759,227
	4,781,004	Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 1.41%, 11/25/57(e)		2,156,825
	8,934,347	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 0.39%, 08/25/57(c)(e)		3,103,775
	4,500,055	Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1, 4.75%, 04/26/60(c)(e)		4,536,567
	3,000,000	Station Place Securitization Trust, Series 2021-WL1, Class F, (1 mo. LIBOR US + 2.500%), 2.61%, 01/26/54(c)(d)		3,000,646
	1,487,141	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.93%, 05/25/35(e)		1,256,538
	2,213,596	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.13%, 04/25/36(e)		1,697,359
	3,807,164	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.440%), 0.55%, 05/25/46(d)		2,011,023
	1,564,958	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 0.29%, 09/25/47(d)		1,592,373
	3,160,618	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 0.46%, 06/25/35(c)(d)		2,818,808
	11,123,749	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36(c)		6,978,175
	564,759	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 2.35%, 04/25/37(e)		431,375
	263,513	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 2.44%, 04/25/37(e)		200,637

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	444,664	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 1.53%, 06/25/47(d)	$	423,615
	3,162,000	Verus Securitization Trust, Series 2021- 1, Class B1, 2.98%, 01/25/66(c)(e)		3,164,222
	28,672,056	Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 11.66%, 02/25/38(c)(e)		8,587,828
	1,013,618	WaMu Mortgage Pass-Through Certificates Trust, Series 2007- HY7, Class 2A2, 3.09%, 07/25/37(e)		1,019,286
	1,507,521	WaMu Mortgage Pass-Through Certificates Trust, Series 2007- OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 0.91%, 05/25/47(d)		1,456,608
	8,012,275	WaMu Mortgage Pass-Through Certificates Trust, Series 2007- OA4, Class 2A, (Cost of Funds for the 11th District of San Francisco + 1.250%), 1.66%, 05/25/47(d)		7,477,314
	960,893	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 2A6, 5.50%, 11/25/35		955,680
	5,073,097	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36		4,417,895
	4,168,239	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		1,509,848
	1,434,889	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 1.10%, 08/25/46(d)		966,271

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	884,169	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, (1 mo. LIBOR US + 0.320%), 0.43%, 03/25/37(d)	$	770,605
	7,386,835	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US x (1) + 6.680%), 6.57%, 03/25/37(d)		1,261,297
	1,565,330	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8, (1 mo. LIBOR US + 0.540%), 0.65%, 03/25/37(d)		1,378,251
	1,407,422	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9, (1 mo. LIBOR US + 0.490%), 0.60%, 03/25/37(d)		1,239,271
	1,861,820	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 2.92%, 03/25/38(e)		1,453,271
				356,227,217
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.9%
	1,131,667	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.705%), 0.81%, 01/25/36(c)(d)		1,076,553
	965,413	Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR US + 0.750%), 0.86%, 01/25/36(c)(d)		919,026
	1,459,108	Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR US + 1.305%), 1.41%, 07/25/36(c)(d)		1,350,403
	7,628,500	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 1.61%, 10/25/37(c)(d)		5,444,634
	10,127,000	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 1.61%, 12/25/37(c)(d)		9,557,817
	4,702,556	BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR US + 2.650%), 2.77%, 10/15/36(c)(d)		4,702,550

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	1,607,514	CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 6.26%, 07/25/39(c)	$	1,220,006
	3,000,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. LIBOR US + 0.600%), 0.71%, 06/25/37(c)(d)		2,458,784
	2,387,596	Velocity Commercial Capital Loan Trust, Series 2014-1, Class M7, 8.00%, 09/25/44(c)(e)		2,192,390
	3,881,000	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 8.64%, 04/25/46(c)(e)		4,008,013
	3,055,000	Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(c)(e)		3,041,019
	3,495,273	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(c)(e)		3,598,540
	980,459	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(c)(e)		1,016,540
	1,889,129	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(c)(e)		1,934,672
	2,784,134	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(c)(e)		2,835,166
	3,059,893	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(c)(e)		3,115,097
	1,590,845	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(c)(e)		1,628,043
				50,099,253
Total Non-Agency Mortgage-Backed Securities (Cost $405,393,176)				406,326,470

U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.3%
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.3%
	5,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA5, Class B1, (SOFR 30A + 4.800%), 4.81%, 10/25/50(c)(d)		5,294,404

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B1, (SOFR 30A + 3.000%), 3.01%, 12/25/50(c)(d)	$	2,976,895
	2,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B2, (SOFR 30A + 5.650%), 5.66%, 12/25/50(c)(d)		1,997,504
	3,076,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B1, (SOFR 30A + 2.650%), 2.66%, 01/25/51(c)(d)		3,014,396
	4,000,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B2, (SOFR 30A + 4.750%), 4.76%, 01/25/51(c)(d)		3,784,784
	1,375,566	Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B1, (SOFR 30A + 3.000%), 3.01%, 08/25/33(c)(d)		1,349,746
	2,856,608	Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B2, (SOFR 30A + 5.000%), 5.01%, 08/25/33(c)(d)		2,681,538
	1,363,332	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017- DNA1, Class B2, (1 mo. LIBOR US + 10.000%), 10.11%, 07/25/29(d)		1,443,754
	3,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018- DNA1, Class B1, (1 mo. LIBOR US + 3.150%), 3.26%, 07/25/30(d)		3,004,206
	565,325	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018- SPI2, Class M2, 3.81%, 05/25/48(c)(e)		564,616
	4,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020- HQA5, Class B1, (SOFR 30A + 4.000%), 4.01%, 11/25/50(c)(d)		4,160,220
	2,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021- DNA2, Class B1, (SOFR 30A + 3.400%), 3.41%, 08/25/33(c)(d)		2,013,478

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021- DNA2, Class B2, (SOFR 30A + 6.000%), 6.01%, 08/25/33(c)(d)	$	3,022,520
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $34,770,774)				35,308,061

U.S. GOVERNMENT SECURITIES — 20.2%
U.S. Treasury Bonds — 18.6%
	31,615,000	3.63%, 08/15/43		39,538,510
	38,170,000	3.63%, 02/15/44		47,807,925
	40,550,000	3.13%, 08/15/44		47,050,672
	38,275,000	3.00%, 02/15/47		43,676,858
	40,100,000	2.75%, 08/15/47		43,748,160
	38,000,000	3.00%, 08/15/48		43,511,484
	41,800,000	3.38%, 11/15/48		51,221,328
	35,125,000	3.00%, 02/15/49		40,307,310
	38,100,000	2.88%, 05/15/49		42,731,531
	59,560,000	1.25%, 05/15/50		46,131,081
	53,100,000	1.63%, 11/15/50		45,350,719
				491,075,578
U.S. Treasury Notes — 1.6%
	34,905,000	3.38%, 05/15/44		42,104,156
Total U.S. Government Securities (Cost $599,909,262)				533,179,734

Shares
CASH SWEEP — 13.7%
UNITED STATES — 13.7%
	360,995,271	Citibank - US Dollars on Deposit in Custody Account, 0.03%(g)(h)		360,995,271
Total Cash Sweep (Cost $360,995,271)				360,995,271
TOTAL INVESTMENTS — 100.0% (Cost $2,657,268,536)
			$	2,637,632,847
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				1,234,787
NET ASSETS — 100.0%			$	2,638,867,634

(a)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2021.
(b)	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 $72,238,021 which is 2.74% of net assets and the cost is $71,751,025.

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

(c)

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 $716,708,184, which is 27.16% 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 (c) below.

(d)	Floating rate security. Rate shown is the rate in effect as of April 30, 2021.
(e)	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, 2021.
(f)	Zero coupon bond. The rate represents the yield at time of purchase.
(g)	Non-income producing security.
(h)	The rate shown represents the current yield as of April 30, 2021.

Reference Entity	Counterparty	Payment/ Expiration Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Total Return Swaps
Total return swap with Barclays Bank PLC receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,317.85 and paying a (3 mo. LIBOR USD + 0.65%) 0.852%, with quarterly payments until expiration date	Barclays Bank Plc	11/02/2021		100,000	$	(551,815	)	$	—		$	(551,815	)
Total return swap with Barclays Bank PLC receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,317.97 and paying a (3 mo. LIBOR USD + 0.65%) 0.838%, with quarterly payments until expiration date	Barclays Bank Plc	12/02/2021		100,000		(488,467	)		(62,775	)		(425,692	)
Total return swap with Barclays Bank PLC receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,321.93 and paying a (3 mo. LIBOR USD + 0.65%) 0.836%, with quarterly payments until expiration date,	Barclays Bank Plc	01/31/2022		120,000		(876,078	)		(397,233	)		(478,845	)
Total Total Return Swaps											$	(1,456,352	)

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation
CVR — Contingent Value Right
ETF — Exchange -Traded Fund
LIBOR — London Interbank Offered Rate
PIK — Payment In Kind
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
SOFR 30A — Secured Overnight Financing Rate 30 Day Average USD
SPDR — Standard & Poor’s Depositary Receipt
STEP — Step Coupon Bond
USD — U.S. Dollar

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Asset-Backed Securities		21.6	%
Bank Loans		0.1
Collateralized Mortgage Obligations		14.8
Commercial Mortgage-Backed Securities		1.9
Corporate Bonds		9.8
Preferred Stocks		0.1
U.S. Government Agencies and Securities		20.2
Other^*		31.5
		100.0	%

*	Includes cash and equivalents, exchange traded funds, 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, 2021 (Unaudited)

Principal
Amount			Value
MUNICIPAL BONDS — 0.7%
California — 0.3%
$	4,500,000	University of California University & College Improvements Revenue Bonds, Series BG, 1.61%, 05/15/30	$	4,348,585

New Jersey — 0.1%
	1,500,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.48%, 01/01/28		1,475,981

Pennsylvania — 0.3%
	5,000,000	Pennsylvania State University, Refunding Revenue Bonds, Series D, 1.65%, 09/01/25		5,167,448

Total Municipal Bonds (Cost $11,000,000)				10,992,014

CORPORATE BONDS — 34.7%
Banks — 5.2%
	2,800,000	Banco Santander SA, 3.85%, 04/12/23		2,977,268
	6,000,000	Bank of America Corp., (3 mo. LIBOR US + 0.810%), 3.37%, 01/23/26(a)		6,478,560
	5,470,000	Bank of America Corp., (SOFR RATE + 0.960%), 1.73%, 07/22/27(a)		5,517,982
	3,675,000	Bank of New York Mellon Corp. (The) MTN, 1.60%, 04/24/25		3,783,339
	5,000,000	BNP Paribas SA, (SOFRRATE + 1.004%), 1.32%, 01/13/27(a)(b)		4,922,514
	5,000,000	BPCE SA, 1.00%, 01/20/26(b)		4,899,796
	5,560,000	Canadian Imperial Bank of Commerce, 3.10%, 04/02/24		5,938,423
	5,000,000	Citigroup, Inc., (SOFR RATE + 0.669%), 0.98%, 05/01/25(a)		5,014,450
	5,785,000	Citigroup, Inc., (3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28(a)		6,372,462

Principal
Amount			Value
Banks (continued)
$	5,885,000	JPMorgan Chase & Co., (3 mo. LIBOR US + 1.260%), 4.20%, 07/23/29(a)	$	6,707,558
	5,000,000	Mizuho Financial Group, Inc., (3 mo. LIBOR US + 1.000%), 3.92%, 09/11/24(a)		5,368,196
	4,400,000	Morgan Stanley, Series F, 3.88%, 04/29/24		4,802,488
	4,500,000	Royal Bank of Canada, 3.35%, 10/22/21(b)		4,566,558
	2,000,000	Societe Generale SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.100%), 1.49%, 12/14/26(a)(b)		1,977,789
	2,200,000	Sumitomo Mitsui Financial Group, Inc., 2.72%, 09/27/29		2,253,246
	2,000,000	Svenska Handelsbanken AB BNKT, 1.88%, 09/07/21		2,011,514
	6,000,000	Truist Bank, 1.25%, 03/09/23		6,104,439
				79,696,582
Communication Services — 1.6%
	5,000,000	Amazon.com, Inc., 1.20%, 06/03/27		4,963,119
	5,720,000	Comcast Corp., 4.15%, 10/15/28		6,577,068
	900,000	Discovery Communications LLC, 2.95%, 03/20/23		938,387
	5,000,000	E*TRADE Financial Corp., 4.50%, 06/20/28		5,712,766
	5,910,000	Omnicom Group, Inc., 2.45%, 04/30/30		5,878,222
				24,069,562
Consumer Discretionary — 5.2%
	5,000,000	American Honda Finance Corp. MTN, 0.88%, 07/07/23		5,048,769
	2,500,000	Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 1.91%, 09/01/30		2,444,213
	8,000,000	DR Horton, Inc., 1.40%, 10/15/27		7,866,164
	5,000,000	Equifax, Inc., 2.60%, 12/01/24		5,291,535

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal
Amount			Value
Consumer Discretionary (continued)
$	6,000,000	Estee Lauder Cos., Inc. (The), 2.60%, 04/15/30	$	6,228,194
	2,300,000	General Motors Financial Co., Inc., 1.70%, 08/18/23		2,347,315
	2,790,000	General Motors Financial Co., Inc., 1.05%, 03/08/24		2,795,171
	5,210,000	Hasbro, Inc., 3.50%, 09/15/27		5,659,146
	6,145,000	Kimberly-Clark Corp., 1.05%, 09/15/27		6,003,206
	5,000,000	Lowe’s Cos, Inc., 2.50%, 04/15/26		5,298,889
	4,205,000	McDonald’s Corp. MTN, 3.30%, 07/01/25		4,579,398
	1,450,000	NIKE, Inc., 2.40%, 03/27/25		1,535,126
	3,060,000	PayPal Holdings, Inc., 1.65%, 06/01/25		3,143,686
	5,000,000	Ross Stores, Inc., 0.88%, 04/15/26		4,887,629
	3,535,000	Southwest Airlines Co., 5.25%, 05/04/25		4,047,629
	3,193,000	Southwest Airlines Co., 5.13%, 06/15/27		3,732,778
	1,000,000	Starbucks Corp., 1.30%, 05/07/22		1,011,120
	4,985,000	Verisk Analytics, Inc., 4.00%, 06/15/25		5,514,247
	2,500,000	VF Corp., 2.05%, 04/23/22		2,540,415
				79,974,630
Consumer Staples — 3.2%
	5,000,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 02/01/26		5,532,052
	5,000,000	Bunge Ltd. Finance Corp., 1.63%, 08/17/25		5,057,375
	5,940,000	Coca-Cola Co. (The), 3.38%, 03/25/27		6,632,428
	4,125,000	Conagra Brands, Inc., 1.38%, 11/01/27		4,012,816
	5,640,000	Constellation Brands, Inc., 2.65%, 11/07/22		5,819,297
	1,465,000	Constellation Brands, Inc., 3.15%, 08/01/29		1,544,283
	5,000,000	Diageo Capital PLC, 2.63%, 04/29/23		5,200,734

Principal
Amount			Value
Consumer Staples (continued)
$	4,950,000	General Mills, Inc., 4.00%, 04/17/25	$	5,482,171
	1,166,000	Kroger Co. (The), 2.80%, 08/01/22		1,200,058
	5,000,000	Mondelez International Holdings Netherlands BV, 2.13%, 09/19/22(b)		5,118,386
	3,000,000	Tyson Foods, Inc., 2.25%, 08/23/21		3,013,145
				48,612,745
Diversified Financials — 3.3%
	1,760,000	American Express Co., 3.70%, 08/03/23		1,886,591
	2,000,000	American Tower Corp. REIT, 2.40%, 03/15/25		2,088,807
	1,645,000	American Tower Corp. REIT, 1.88%, 10/15/30		1,557,314
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,877,997
	2,070,000	Charles Schwab Corp. (The), 2.00%, 03/20/28		2,090,058
	6,000,000	Fidelity National Financial, Inc., 2.45%, 03/15/31		5,896,498
	3,070,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 0.780%), 0.97%, 10/31/22(c)		3,078,427
	3,065,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 1.000%), 1.18%, 07/24/23(c)		3,089,252
	5,000,000	Kimco Realty Corp. REIT, 1.90%, 03/01/28		4,936,096
	3,500,000	Magna International, Inc., 3.63%, 06/15/24		3,783,222
	1,500,000	Magna International, Inc., 2.45%, 06/15/30		1,519,073
	1,800,000	Mastercard, Inc., 3.50%, 02/26/28		2,002,117
	5,000,000	New York Life Global Funding, 1.10%, 05/05/23(b)		5,070,882
	5,610,000	Public Storage REIT, 1.85%, 05/01/28		5,595,417
	2,350,000	Visa, Inc., 1.90%, 04/15/27		2,427,491
				49,899,242

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal
Amount			Value
Energy — 2.2%
$	5,753,000	Chevron USA, Inc., 0.69%, 08/12/25	$	5,684,914
	2,840,000	Energy Transfer LP, 5.88%, 01/15/24		3,159,529
	8,025,000	Pioneer Natural Resources Co., 1.13%, 01/15/26		7,909,988
	5,170,000	Sabine Pass Liquefaction LLC, 5.88%, 06/30/26		6,118,612
	3,430,000	Valero Energy Corp., 1.20%, 03/15/24		3,447,161
	5,000,000	Williams Cos., Inc. (The), 3.35%, 08/15/22		5,147,284
	1,560,000	Williams Cos., Inc. (The), 4.50%, 11/15/23		1,697,011
				33,164,499
Health Care — 3.5%
	4,000,000	AbbVie, Inc., 2.60%, 11/21/24		4,234,926
	5,000,000	Anthem, Inc., 3.65%, 12/01/27		5,550,335
	3,000,000	Bristol-Myers Squibb Co., 2.90%, 07/26/24		3,214,273
	6,000,000	Bristol-Myers Squibb Co., 1.45%, 11/13/30		5,652,515
	2,714,000	Cigna Corp., 3.75%, 07/15/23		2,897,687
	5,000,000	HCA, Inc., 5.00%, 03/15/24		5,569,130
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		5,492,944
	5,000,000	Laboratory Corp. of America Holdings, 3.20%, 02/01/22		5,104,642
	6,320,000	Merck & Co., Inc., 1.45%, 06/24/30		6,007,636
	5,000,000	Stryker Corp., 1.15%, 06/15/25		5,012,164
	2,500,000	Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28		2,971,105
	2,500,000	Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30		2,417,415
				54,124,772
Industrials — 1.8%
	3,875,000	General Dynamics Corp., 3.63%, 04/01/30		4,329,155
	6,206,000	Jabil, Inc., 4.70%, 09/15/22		6,546,823

Principal
Amount			Value
Industrials (continued)
$	2,000,000	Otis Worldwide Corp., (3 mo. LIBOR US + 0.450%), 0.64%, 04/05/23(c)	$	1,998,868
	2,522,000	Precision Castparts Corp., 3.25%, 06/15/25		2,735,444
	6,473,000	Union Pacific Corp., 3.95%, 09/10/28		7,349,781
	5,000,000	Waste Management, Inc., 1.15%, 03/15/28		4,777,818
				27,737,889
Information Technology — 3.0%
	4,165,000	Adobe, Inc., 3.25%, 02/01/25		4,513,121
	5,000,000	Analog Devices, Inc., 3.90%, 12/15/25		5,565,441
	2,805,000	Broadcom, Inc., 4.70%, 04/15/25		3,162,950
	3,000,000	Broadcom, Inc., 3.15%, 11/15/25		3,211,865
	5,000,000	Citrix Systems, Inc., 1.25%, 03/01/26		4,956,192
	3,090,000	Hewlett Packard Enterprise Co., 2.25%, 04/01/23		3,183,191
	5,200,000	International Business Machines Corp., 3.50%, 05/15/29		5,714,196
	5,071,000	Microsoft Corp., 2.40%, 08/08/26		5,396,930
	5,000,000	Oracle Corp., 2.50%, 05/15/22		5,095,194
	4,170,000	Roper Technologies, Inc., 2.95%, 09/15/29		4,377,718
				45,176,798
Materials — 2.2%
	5,000,000	Air Products and Chemicals, Inc., 1.50%, 10/15/25		5,106,262
	4,730,000	DuPont de Nemours, Inc., 4.49%, 11/15/25		5,371,023
	1,799,000	Ecolab, Inc., 3.25%, 12/01/27		1,965,386
	10,000,000	Georgia-Pacific LLC, 0.95%, 05/15/26(b)		9,765,627
	5,000,000	Nucor Corp., 2.00%, 06/01/25		5,171,775

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal
Amount			Value
Materials (continued)
$	7,000,000	Nutrition & Biosciences, Inc., 1.83%, 10/15/27(b)	$	6,911,450
				34,291,523
Telecommunication Services — 1.1%
	3,000,000	NTT Finance Corp., 1.16%, 04/03/26(b)		2,972,220
	6,000,000	T-Mobile USA, Inc., 3.88%, 04/15/30(b)		6,535,800
	7,935,000	Verizon Communications, Inc., 1.75%, 01/20/31		7,452,174
				16,960,194
Utilities — 2.4%
	5,000,000	Dominion Energy, Inc., Series B, 3.60%, 03/15/27		5,506,513
	1,500,000	Duke Energy Corp., 3.55%, 09/15/21		1,505,631
	5,000,000	Eversource Energy, Series N, 3.80%, 12/01/23		5,386,228
	4,180,000	Florida Power & Light Co., 2.75%, 06/01/23		4,333,050
	5,000,000	Public Service Co. of Colorado, Series 35, 1.90%, 01/15/31		4,877,648
	4,500,000	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		4,354,101
	5,000,000	Southern Co. Gas Capital Corp., 2.45%, 10/01/23		5,206,939
	500,000	Southern Power Co., 0.90%, 01/15/26		489,133
	5,000,000	Xcel Energy, Inc., 3.30%, 06/01/25		5,397,746
				37,056,989
Total Corporate Bonds (Cost $524,530,017)				530,765,425

ASSET-BACKED SECURITIES — 5.3%
CAYMAN ISLANDS — 2.0%
Collateralized Loan Obligations — 2.0%
	3,500,000	AGL CLO 10 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR US + 1.500%), 1.69%, 04/15/34(b)(c)		3,489,287
	5,000,000	Aimco CLO 14 Ltd., Series 2021-14A, Class A, (3 mo. LIBOR US + 0.990%), 0.00%, 04/20/34(b)(c)		4,996,282

Principal
Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	2,758,394	BlueMountain CLO Ltd., Series 2015- 2A, Class A1R, (3 mo. LIBOR US + 0.930%), 1.12%, 07/18/27(b)(c)	$	2,758,120
	4,000,000	Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 1.49%, 04/20/30(b)(c)		4,002,982
	1,500,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR US + 1.450%), 1.65%, 05/15/30(b)(c)		1,498,063
	4,700,000	Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2, (3 mo. LIBOR US + 1.750%), 1.91%, 04/15/34(b)(c)		4,694,268
	5,000,000	KAYNE CLO I Ltd., Series 2018-1A, Class BR, (3 mo. LIBOR US + 1.400%), 1.58%, 07/15/31(b)(c)		4,981,340
	1,500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. LIBOR US + 1.400%), 1.59%, 03/20/30(b)(c)		1,488,626
	1,985,112	Mercer Field II CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.330%), 1.51%, 04/15/29(b)(c)		1,986,297
	843,212	Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.950%), 1.13%, 07/16/27(b)(c)		843,143
				30,738,408
UNITED STATES — 3.3%
Other Asset-Backed Securities — 3.3%
	1,750,000	BMW Vehicle Lease Trust, Series 2021-1, Class A4, 0.37%, 07/25/24		1,748,195
	1,500,000	Carmax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26		1,485,875
	2,000,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 02/15/30(b)		2,001,780
	3,000,000	Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24		3,002,778

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal
Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,655,461	DT Auto Owner Trust, Series 2019- 1A, Class C, 3.61%, 11/15/24(b)	$	3,694,939
	2,500,000	Enterprise Fleet Financing LLC, Series 2020-2, Class A2, 0.61%, 07/20/26(b)		2,506,133
	4,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(b)		3,974,660
	89,469	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/22		89,605
	1,250,000	Hyundai Auto Lease Securitization Trust, Series 2020-B, Class B, 0.81%, 10/15/24(b)		1,260,608
	2,750,000	Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.94%, 07/15/69(b)		2,753,246
	5,000,000	PFS Financing Corp., Series 2020-A, Class A, 1.27%, 06/15/25(b)		5,068,237
	2,000,000	PFS Financing Corp., Series 2021-A, Class A, 0.71%, 04/15/26(b)		1,994,821
	1,750,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class B, 0.73%, 03/17/25		1,757,857
	2,071,720	Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.34%, 08/25/47(b)		2,125,122
	2,500,000	Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3, 0.44%, 10/15/24		2,503,063
	5,000,000	Verizon Owner Trust, Series 2020-B, Class A, 0.47%, 02/20/25		5,019,149
	2,500,000	Verizon Owner Trust, Series 2020-C, Class B, 0.67%, 04/21/25		2,503,515
	338,932	Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3, 3.02%, 11/21/22		341,683
	835,147	World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23		840,797
	1,463,262	World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.04%, 05/15/24		1,488,687

Principal
Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,500,000	World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25	$	3,507,758
				49,668,508
Total Asset-Backed Securities (Cost $80,327,748)				80,406,916

U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.1%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
	704,246	JP Morgan Tax-Emept Pass-Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)		707,240
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $715,187)				707,240

U.S. GOVERNMENT AGENCIES — 0.1%
Overseas Private Investment Corp. — 0.1%
	817,792	5.14%, 12/15/23		873,802
Total U.S. Government Agencies (Cost $817,794)				873,802

U.S. GOVERNMENT SECURITIES — 58.3%
U.S. Treasury Bonds — 1.6%
	25,000,000	1.88%, 02/15/41		23,765,625

U.S. Treasury Inflation Indexed Bonds — 2.5%
	35,568,604	0.63%, 01/15/24(d)		38,636,397

U.S. Treasury Notes — 54.2%
	14,866,000	1.88%, 11/30/21		15,023,951
	5,000,000	1.63%, 12/15/22		5,120,703
	29,019,000	1.25%, 07/31/23		29,696,866
	100,582,000	2.75%, 07/31/23		106,306,530
	70,055,000	2.25%, 01/31/24		73,817,720
	126,700,000	2.38%, 08/15/24		134,816,719
	33,257,000	2.00%, 02/15/25		35,073,144
	139,000	2.00%, 08/15/25		146,775
	58,018,000	2.25%, 11/15/25		61,925,150
	59,045,000	1.63%, 02/15/26		61,282,252
	55,000,000	0.75%, 03/31/26		54,759,375
	98,524,000	2.00%, 11/15/26		103,846,605
	22,353,000	0.50%, 04/30/27		21,556,674
	45,370,000	2.38%, 05/15/27		48,737,305
	23,534,000	2.25%, 11/15/27		25,054,517
	3,249,000	2.63%, 02/15/29		3,537,856

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal
Amount			Value
U.S. Treasury Notes (continued)
$	47,816,000	1.50%, 02/15/30	$	47,642,294
				828,344,436
Total U.S. Government Securities (Cost $873,542,635)				890,746,458

Shares
INVESTMENT COMPANY — 0.8%
	12,796,802	SEI Daily Income Trust Government II Fund - Class A, 0.01%(e)		12,796,802

Total Investment Company (Cost $12,796,802)				12,796,802

TOTAL INVESTMENTS — 100.0% (Cost $1,503,730,183)			$	1,527,288,657
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				686,436
NET ASSETS — 100.0%			$	1,527,975,093

(a)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of April 30, 2021.
(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)	Floating rate security. Rate shown is the rate in effect as of April 30, 2021.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	The rate shown represents the current yield as of April 30, 2021.

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

SOFR — Secured Overnight Financing Rate

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

	Percentage
Sector:	of Net Assets
Asset-Backed Securities		5.3	%
Collateralized Mortgage Obligations		0.1
Corporate Bonds		34.7
Municipal Bonds		0.7
U.S. Government Agencies and Securities		58.4
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.
Municipal Bond Fund
Portfolio of Investments	April 30, 2021 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 94.4%
Alabama — 1.4%
$	2,000,000	Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 09/01/22	$	2,130,006
	1,750,000	Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds, 5.00%, 09/01/21		1,777,971
	1,500,000	Alabama Public School & College Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		1,713,276
	5,000,000	Alabama Public School & College Authority School Improvements Revenue Bonds, Series A, 5.00%, 11/01/29		6,658,139
	8,000,000	Alabama Public School and College Authority School Improvements Revenue Bonds, Series A, 5.00%, 11/01/33		10,721,714
	1,250,000	Auburn University, 0.92%, 06/01/25		1,256,626
	1,250,000	Auburn University, 1.20%, 06/01/26		1,258,652
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/22		3,224,862
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/26		4,227,449
	1,500,000	City of Huntsville Warrants Refunding GO, Series A, 5.00%, 08/01/26		1,727,300
	15,625,000	Water Works Board of the City of Birmingham Water Utility Improvements Revenue Bonds, Series B, 5.00%, 01/01/45(a)		18,245,036
				52,941,031
Arizona — 1.6%
	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, 5.00%, 07/01/25		1,002,716

Principal Amount			Value
Arizona (continued)
$	1,300,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Series A, 5.00%, 07/01/29(a)	$	1,372,783
	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A, 5.00%, 09/01/23		2,652,791
	150,000	Arizona State Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/22		157,727
	1,715,000	Arizona State Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/24		1,954,802
	1,250,000	Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/26		1,447,699
	1,850,000	Maricopa County Industrial Development Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 09/01/34		2,445,618
	1,250,000	Maricopa County Industrial Development Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 09/01/36		1,643,968
	8,950,000	Salt River Project Agricultural Improvement & Power District, 5.00%, 01/01/30		11,316,827
	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, 5.00%, 01/01/22		5,160,852
	8,850,000	Salt River Project Agricultural Improvement & Power District Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 01/01/22		9,134,709
	6,470,000	Salt River Project Agricultural Improvement & Power District Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 01/01/23		6,990,651

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Arizona (continued)
$	7,970,000	Salt River Project Agricultural Improvement & Power District Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 01/01/27	$	9,935,154
	6,965,000	Salt River Project Agricultural Improvement & Power District Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 01/01/28		8,914,077
				64,130,374
Arkansas — 0.2%
	7,250,000	State of Arkansas Public Improvements GO, 5.00%, 10/01/26		8,373,899

California — 4.5%
	200,000	California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation), 5.00%, 05/15/25		235,378
	1,410,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/29		1,822,114
	1,160,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/30		1,525,620
	1,360,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/31		1,822,967
	1,840,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/32		2,456,484
	1,805,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/33		2,389,983
	1,930,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/34		2,546,107

Principal Amount			Value
California (continued)
$	2,000,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/46	$	2,546,055
	1,865,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series B, 5.00%, 05/15/35		2,502,020
	1,500,000	County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A, 5.00%, 10/01/23		1,668,642
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/22		5,141,386
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		5,753,704
	3,500,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub- Series B, 5.00%, 08/15/49(b)		4,122,554
	6,850,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27		6,873,713
	3,800,000	San Diego County Water Authority Refunding Revenue Bonds, Sub- Series S1, 5.00%, 05/01/28		4,912,469
	800,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/24		929,912
	1,000,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, 5.00%, 08/01/24		1,153,289
	10,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series 2020, 5.00%, 05/01/37		12,730,354

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	2,340,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/31	$	3,116,173
	2,090,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/32		2,765,321
	1,860,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/34		2,437,787
	1,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/35		1,305,681
	1,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series B, 5.00%, 05/01/31		1,362,838
	1,250,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series B, 5.00%, 05/01/32		1,695,329
	5,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H, 5.00%, 05/01/21		5,000,000
	4,380,000	State of California Advance Refunding GO, 5.00%, 08/01/25		5,243,071
	6,095,000	State of California Advance Refunding GO, 5.00%, 09/01/25		7,316,748

Principal Amount			Value
California (continued)
$	4,475,000	State of California Advance Refunding GO, 5.00%, 11/01/25	$	5,402,228
	4,530,000	State of California Advance Refunding GO, 5.00%, 09/01/25		5,438,042
	2,630,000	State of California Current Refunding GO, 5.00%, 10/01/25		3,166,087
	3,250,000	State of California Current Refunding GO, 5.00%, 08/01/26		4,012,539
	2,000,000	State of California Current Refunding GO, 5.00%, 04/01/27		2,509,113
	8,695,000	State of California Current Refunding GO, (AGM), 5.25%, 08/01/32		12,211,357
	1,620,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, 5.00%, 12/01/22		1,745,161
	2,865,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX, 5.00%, 12/01/21		2,946,014
	7,000,000	State of California Public Improvements GO, 5.00%, 09/01/22		7,455,020
	3,000,000	State of California Public Improvements GO, 5.00%, 03/01/26		3,535,723
	5,715,000	State of California Public Improvements GO, 5.00%, 10/01/27		6,946,962
	750,000	State of California Refunding GO, 5.00%, 04/01/24		855,015
	8,000,000	State of California Refunding GO, 5.00%, 10/01/25		9,265,272
	7,230,000	State of California School Improvements GO, 5.00%, 11/01/28		9,174,717
	6,360,000	University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AJ, 4.60%, 05/15/31		7,426,766

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	1,235,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/37	$	1,646,691
	1,215,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/38		1,612,999
				176,725,405
Colorado — 2.4%
	10,000,000	City & County of Denver CO Airport System Revenue, 5.00%, 12/01/32		12,551,035
	5,850,000	City & County of Denver CO Airport System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 12/01/28		7,475,462
	8,000,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A1, 5.00%, 11/15/22		8,580,131
	2,175,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A1, 5.00%, 11/15/32		2,886,869
	5,000,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, 5.00%, 11/15/23		5,605,396
	2,300,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, 5.00%, 11/15/25		2,764,031
	4,000,000	City & County of Denver Co. Airport System Refunding Revenue Bonds, Series D, 5.00%, 11/15/31(b)		4,287,506
	2,060,000	Colorado Higher Education Refunding COP, Series A, 5.00%, 11/01/24		2,378,930
	2,000,000	Denver City & County School District No 1 Refunding GO (State Aid Intercept Program), 5.00%, 12/01/24		2,331,658

Principal Amount			Value
Colorado (continued)
$	100,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding), 5.00%, 12/01/23	$	112,255
	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/22		1,273,215
	2,895,000	Regional Transportation District Sales Tax Revenue Advance Refunding Revenue Bonds, 0.90%, 11/01/26		2,878,847
	4,275,000	Regional Transportation District Sales Tax Revenue Advance Refunding Revenue Bonds, 1.18%, 11/01/27		4,223,120
	12,000,000	Regional Transportation District Sales Tax Revenue Current Refunding Revenue Bonds, 5.00%, 11/01/29		15,864,667
	15,000,000	Regional Transportation District Sales Tax Revenue Current Refunding Revenue Bonds, 4.00%, 11/01/39		18,398,573
	890,000	Weld County School District No RE-2 Eaton Schools Improvements GO, (State Aid Intercept Program), 5.00%, 12/01/23		999,073
	1,630,000	Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 05/15/26		1,977,871
				94,588,639
Connecticut — 3.0%
	9,000,000	Connecticut State Health & Educational Facilities Authority Refunding Revenue Bonds, Series A, 1.45%, 07/01/42(b)(c)		9,138,510
	10,000,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series A-4, 2.00%, 07/01/49(b)		10,142,973

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Connecticut (continued)
$	8,880,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, 5.00%, 07/01/40(b)	$	11,301,029
	10,000,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, 5.00%, 07/01/27		12,677,856
	1,000,000	Hartford County Metropolitan District Refunding Notes GO, 5.00%, 03/01/25		1,126,532
	325,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/23		363,172
	5,860,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/25		7,033,580
	2,350,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A, 5.00%, 03/01/29		2,752,983
	1,380,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A, 5.00%, 05/01/31		1,706,923
	32,445,000	State of Connecticut Refunding GO, Series C, 5.00%, 06/01/23		34,137,029
	2,200,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, 5.00%, 05/01/29		2,868,293
	1,245,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/26		1,518,780
	1,700,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/27		2,128,039

Principal Amount			Value
Connecticut (continued)
$	1,715,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/28	$	2,195,038
	1,700,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/29		2,215,026
	1,500,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/30		1,989,577
	2,000,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/31		2,699,536
	3,100,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A, 5.00%, 08/01/22		3,287,637
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds, 5.00%, 08/01/22		1,325,660
	1,900,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/24		2,195,947
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/27		5,735,739
				118,539,859
Delaware — 2.7%
	10,000,000	Delaware State Health Facilities Authority Current Refundin Revenue Bonds, 5.00%, 10/01/45		12,507,869
	2,415,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/28		3,092,398
	1,165,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/29		1,519,036

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Delaware (continued)
$	1,250,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/30	$	1,657,360
	1,250,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/31		1,646,884
	5,000,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 07/01/32		6,667,113
	1,500,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/32		1,967,220
	3,400,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 07/01/33		4,513,086
	1,250,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/33		1,633,194
	1,875,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/34		2,442,396
	1,000,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/35		1,299,452
	3,825,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/26		4,701,864
	10,000,000	State of Delaware Current Refunding GO, 5.00%, 02/01/28		12,854,956
	7,705,000	State of Delaware Current Refunding GO, Series A, 5.00%, 10/01/27		9,821,764
	10,800,000	State of Delaware Public Facilities GO, 5.00%, 02/01/25		12,686,924
	9,650,000	State of Delaware Public Facilities GO, 5.00%, 02/01/26		11,725,396
	10,000,000	State of Delaware Public Facilities GO, 5.00%, 02/01/28		12,854,956

Principal Amount			Value
Delaware (continued)
$	2,885,000	State of Delaware Public Improvements GO, 5.00%, 03/01/24	$	3,275,374
				106,867,242
District of Columbia — 1.8%
	8,000,000	District of Columbia, 5.00%, 10/01/21		8,161,325
	3,000,000	District of Columbia, 5.00%, 05/01/37		3,926,924
	1,000,000	District of Columbia Public Improvements GO, Series A, 5.00%, 06/01/25		1,189,740
	4,145,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/25		4,881,721
	8,800,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/26		10,707,045
	3,500,000	District of Columbia Public Improvements Revenue Bonds, Series B, 5.00%, 10/01/27		4,453,973
	11,735,000	District of Columbia Refunding Revenue Bonds, Series C, 5.00%, 10/01/23		13,102,549
	9,340,000	District of Columbia Transit Improvements Revenue Bonds, Series A, 5.00%, 03/01/26		11,364,069
	10,000,000	District of Columbia Water & Sewer Authority Revenue Bonds, Series B, 5.00%, 10/01/52		12,056,409
				69,843,755
Florida — 4.3%
	3,970,000	County of Palm Beach Advance Refunding Revenue Bonds, 5.00%, 11/01/26		4,608,616
	4,620,000	Florida Department of Management Services Current Refunding Revenue Bonds, Series A, 5.00%, 09/01/28		5,841,594
	1,065,000	Peace River Manasota Regional Water Supply Authority Refunding Revenue Bonds, 4.00%, 10/01/22		1,122,661

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Florida (continued)
$	1,255,000	Peace River Manasota Regional Water Supply Authority Refunding Revenue Bonds, 4.00%, 10/01/24	$	1,408,260
	1,000,000	Peace River Manasota Regional Water Supply Authority Refunding Revenue Bonds, 5.00%, 10/01/25		1,194,622
	15,380,000	State of Florida Current Refunding GO, 5.00%, 07/01/29		20,300,717
	16,355,000	State of Florida Current Refunding GO, 5.00%, 07/01/30		22,016,108
	10,000,000	State of Florida Current Refunding GO, 5.00%, 07/01/24		11,507,409
	3,475,000	State of Florida Current Refunding GO, Series A, 5.00%, 06/01/24		3,983,925
	2,565,000	State of Florida Current Refunding GO, Series D, 5.00%, 06/01/23		2,824,713
	1,750,000	State of Florida Current Refunding GO, Series F, 5.00%, 06/01/28		2,133,036
	11,525,000	State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/29		15,033,208
	12,105,000	State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/30		16,083,486
	12,710,000	State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/31		17,222,719
	13,345,000	State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/32		18,436,118
	2,380,000	State of Florida Department of Transportation Turnpike System Revenue, 5.00%, 07/01/22		2,514,970

Principal Amount			Value
Florida (continued)
$	2,465,000	State of Florida Department of Transportation Turnpike System Revenue, 5.00%, 07/01/22	$	2,604,790
	9,800,000	State of Florida Refunding GO, 5.00%, 07/01/24		10,356,278
	5,350,000	State of Florida Refunding GO, Series C, 5.00%, 06/01/23		5,891,703
	3,895,000	State of Florida Refunding GO, Series C, 5.00%, 06/01/24		4,291,096
				169,376,029
Georgia — 4.2%
	1,185,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds, 5.00%, 07/01/21		1,194,151
	1,950,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds, 5.00%, 07/01/23		2,151,478
	18,000,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds, Series A, 4.00%, 07/01/49		20,906,213
	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding), 5.00%, 02/01/23		813,383
	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		2,296,696
	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		3,568,543
	2,225,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		2,732,521
	9,445,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		11,896,002

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Georgia (continued)
$	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28	$	3,871,152
	1,400,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		1,602,916
	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/25		2,365,393
	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/26		2,433,416
	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/27		3,737,512
	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/28		3,823,270
	260,000	Cobb County Development Authority Advance Refunding Revenue Bonds, 5.00%, 07/15/21		262,380
	2,710,000	Cobb County Development Authority Advance Refunding Revenue Bonds, 5.00%, 07/15/23		2,985,988
	10,000,000	County of Forsyth Public Improvements GO, 5.00%, 09/01/25		11,990,195
	5,310,000	Gainesville & Hall County Hospital Authority, 5.00%, 02/15/22		5,504,832
	4,250,000	Gainesville & Hall County Hospital Authority, 5.00%, 02/15/23		4,602,843
	6,010,000	Gainesville & Hall County Hospital Authority, 5.00%, 02/15/25		7,020,047
	3,000,000	Gainesville & Hall County Hospital Authority, 5.00%, 02/15/26		3,614,877
	1,555,000	Gainesville & Hall County Hospital Authority, 5.00%, 02/15/29		2,009,417

Principal Amount			Value
Georgia (continued)
$	1,750,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/28	$	2,253,892
	2,000,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/28		2,575,876
	3,190,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/29		4,197,637
	3,800,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/29		5,000,321
	3,000,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/30		4,025,014
	2,500,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/30		3,354,178
	2,000,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, 5.00%, 06/01/21		2,007,346
	3,935,000	Lowndes County Board of Education School Improvements GO (State Aid Withholding), 5.00%, 02/01/22		4,077,608
	1,975,000	Lowndes County Board of Education School Improvements GO (State Aid Withholding), 5.00%, 02/01/23		2,141,545
	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/26		1,896,389
	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/26		1,341,497
	3,265,000	State of Georgia Advance Refunding GO, Series C-1, 5.00%, 01/01/24		3,683,931
	1,950,000	State of Georgia Public Improvements GO, Series A-2, 5.00%, 02/01/25		2,200,585

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Georgia (continued)
$	2,230,000	State of Georgia School Improvements GO, Series A-1, 5.00%, 02/01/25	$	2,620,527
	18,020,000	State of Georgia University and College Improvements GO, Series A-1, 5.00%, 02/01/24		20,400,826
				163,160,397
Hawaii — 3.1%
	10,000,000	City & County of Honolulu HI Refunding GO, 5.00%, 09/01/25		11,971,143
	4,940,000	City & County of Honolulu HI Transit Improvements GO, 5.00%, 09/01/29(b)		5,413,067
	3,000,000	City & County of Honolulu Public Improvements Refunding GO, Series D, 5.00%, 08/01/23		3,324,996
	2,500,000	State of Hawaii Airports System Revenue, 5.00%, 07/01/35		3,075,901
	10,000,000	State of Hawaii Airports System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/31		12,970,117
	10,000,000	State of Hawaii Airports System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/32		12,872,655
	5,865,000	State of Hawaii Airports System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/33		7,521,535
	2,000,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.71%, 07/01/26		2,023,537
	2,250,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.81%, 07/01/27		2,242,595
	1,000,000	State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A, 5.00%, 07/01/21		1,007,625

Principal Amount			Value
Hawaii (continued)
$	1,500,000	State of Hawaii Harbor System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/26	$	1,808,161
	4,165,000	State of Hawaii Harbor System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/27		5,146,698
	5,000,000	State of Hawaii Harbor System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/28		6,313,018
	3,915,000	State of Hawaii Harbor System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/29		5,018,755
	3,750,000	State of Hawaii Harbor System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 07/01/30		4,887,931
	8,000,000	State of Hawaii Harbor System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 4.00%, 07/01/31		9,618,619
	10,000,000	State of Hawaii Harbor System Revenue Airport & Marina Impt. Revenue Bonds, Series A, 4.00%, 07/01/32		11,930,591
	2,500,000	State of Hawaii Harbor System Revenue Current Refunding Revenue Bonds, Series C, 4.00%, 07/01/31		3,082,364
	5,420,000	State of Hawaii Public Improvements GO, Series EH, 5.00%, 08/01/33(a)		6,004,164
	2,515,000	State of Hawaii Public Improvements GO, Series FK, 5.00%, 05/01/29		3,115,074
	1,570,000	University of Hawaii Advance Refunding Revenue Bonds, Series F, 5.00%, 10/01/21		1,601,135
	1,180,000	University of Hawaii Advance Refunding Revenue Bonds, Series F, 5.00%, 10/01/22		1,260,482
				122,210,163

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Idaho — 0.1%
$	900,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY), 5.00%, 09/15/25	$	1,062,927
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D, 5.00%, 09/15/23		1,598,158
				2,661,085
Illinois — 0.2%
	3,250,000	Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A, 5.00%, 12/01/24		3,772,556
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D, 5.00%, 12/01/22		2,148,245
				5,920,801
Indiana — 0.1%
	235,000	Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 07/15/22		248,335
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 01/15/22		1,373,595
	250,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 07/15/22		264,030
	2,000,000	Indiana Finance Authority University Health Obligated Group Revenue Bonds, 1.65%, 12/01/42(a)(b)		2,019,731
				3,905,691
Iowa — 0.5%
	5,675,000	County of Polk Current Refunding GO, Series C, 5.00%, 06/01/21		5,695,889
	6,110,000	Iowa Finance Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/21		6,182,467

Principal Amount			Value
Iowa (continued)
$	4,000,000	Iowa Finance Authority Green Bond, Series A, 5.00%, 08/01/35	$	5,323,100
	3,000,000	State of Iowa Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/28		3,652,952
				20,854,408
Kansas — 0.0%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2, 5.00%, 08/01/23		1,396,198
Maine — 0.0%
	725,000	Maine Governmental Facilities Authority Facilities Improvements Revenue Bonds, Series A, 5.00%, 10/01/23		807,998
	5,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/21		5,038
	165,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/21		166,242
				979,278
Maryland — 4.5%
	5,735,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/27		6,743,029
	2,810,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/28		3,304,305
	1,200,000	County of Baltimore Refunding GO, (Special Assessment), 5.00%, 02/01/29		1,440,913
	2,730,000	County of Baltimore Refunding Notes GO, 5.00%, 03/01/23		2,972,790
	3,835,000	County of Baltimore Refunding Public Notes GO, 5.00%, 03/01/23		4,176,063
	8,165,000	County of Baltimore Refunding Public Notes GO, 5.00%, 03/01/24		9,267,336

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Maryland (continued)
$	2,860,000	County of Charles Public School Improvements GO, 5.00%, 10/01/21	$	2,917,554
	1,500,000	County of Frederick Refunding GO, Series A, 5.00%, 02/01/25		1,762,073
	1,750,000	County of Howard MD Advance Refunding Public Improvements GO, Series C, 1.45%, 08/15/24		1,804,448
	1,010,000	County of Howard MD Advance Refunding Public Improvements GO, Series C, 1.55%, 08/15/25		1,049,235
	4,500,000	County of Montgomery Advance Refunding GO, Series B, 5.00%, 06/01/23		4,953,655
	6,650,000	County of Montgomery Advance Refunding GO, Series C, 5.00%, 10/01/22		7,109,442
	2,000,000	County of Montgomery Public Improvements GO, Series A, 5.00%, 12/01/27		2,323,006
	1,200,000	County of Montgomery Refunding GO, Series A, 5.00%, 11/01/23		1,344,136
	3,185,000	County of Prince George’s Public School Improvement GO, Series A, 5.00%, 09/15/25		3,822,292
	3,110,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 07/01/24		3,576,676
	9,355,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 07/01/25		11,149,264
	1,000,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/23		1,104,698
	945,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/24		1,086,804

Principal Amount			Value
Maryland (continued)
$	2,750,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/29	$	3,634,910
	1,000,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/30		1,348,213
	1,000,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/31		1,374,508
	1,250,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/32		1,708,254
	7,585,000	State of Maryland Advance Refunding GO, Series B, 5.00%, 08/01/24		8,753,029
	9,255,000	State of Maryland Advance Refunding GO, Series B, 5.00%, 08/01/25		11,052,746
	6,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 02/01/25		6,501,492
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 11/01/26		11,572,609
	8,035,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/24(a)		8,910,597
	4,350,000	State of Maryland Refunding GO, Series 2-C, 5.00%, 08/01/23		4,823,321
	6,700,000	State of Maryland School Improvements GO, 5.00%, 06/01/23		7,376,918
	20,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 03/15/23		21,820,488
	7,500,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 5.00%, 06/01/22		7,894,746

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Maryland (continued)
$	5,000,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series, 5.00%, 06/01/25	$	5,944,224
				174,623,774
Massachusetts — 4.1%
	6,430,000	Commonwealth of Massachusetts Advance Refunding GO, Series B, 5.00%, 07/01/27		8,120,744
	13,025,000	Commonwealth of Massachusetts Advance Refunding GO, Series B, 5.00%, 07/01/31		15,854,314
	9,330,000	Commonwealth of Massachusetts Advance Refunding GO, Series C, 5.00%, 10/01/26		11,542,342
	2,250,000	Commonwealth of Massachusetts Advance Refunding GO, Series E, 0.99%, 11/01/26		2,233,427
	2,900,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B, 5.00%, 06/15/22		3,058,489
	2,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/32		2,353,359
	8,000,000	Commonwealth of Massachusetts Refunding GO, Series C, (AGM), 5.25%, 11/01/26		10,028,731
	4,500,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/27		5,481,128
	1,000,000	Massachusetts Bay Transportation Authority Advance Refunding Revenue Bonds, Senior Series B, 5.00%, 07/01/33		1,171,328
	1,200,000	Massachusetts Bay Transportation Authority Transit Improvements Revenue Bonds, Series A-1, 0.00%, 07/01/21		1,209,344
	2,000,000	Massachusetts Bay Transportation Authority Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/24		2,298,062

Principal Amount			Value
Massachusetts (continued)
$	1,500,000	Massachusetts Bay Transportation Authority Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/25	$	1,784,272
	1,000,000	Massachusetts Bay Transportation Authority Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/26		1,228,099
	1,000,000	Massachusetts Bay Transportation Authority Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/28		1,291,993
	3,325,000	Massachusetts Clean Water Trust (The), 5.00%, 08/01/31		4,472,428
	5,000,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Series 2020, 5.00%, 02/01/36		5,785,090
	5,500,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Sub Series 2017A, 5.00%, 02/01/33		5,936,928
	8,500,000	Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017, 5.00%, 08/01/21		8,601,024
	2,265,000	Massachusetts Clean Water Trust Revenue Bond, 5.00%, 02/01/29		2,968,260
	2,380,000	Massachusetts Clean Water Trust Revenue Bond, 5.00%, 02/01/30		3,185,225
	2,000,000	Massachusetts Clean Water Trust Revenue Bond, 5.00%, 02/01/31		2,730,660
	5,035,000	Massachusetts Clean Water Trust Revenue Bond, 5.00%, 02/01/32		6,828,266
	4,050,000	Massachusetts Development Finance Agency, 5.00%, 10/15/26		5,033,140
	10,000,000	Massachusetts Development Finance Agency, 5.00%, 10/15/27		12,774,439
	5,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 07/15/33		6,091,366

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Massachusetts (continued)
$	1,000,000	Massachusetts Port Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/37	$	1,334,524
	1,500,000	Massachusetts Port Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/36		1,965,721
	1,000,000	Massachusetts Port Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/37		1,305,913
	3,500,000	Massachusetts School Building Authority Refunding Revenue Bonds, Senior Series A, 5.00%, 08/15/23		3,716,602
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/22		530,394
	8,535,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B, (AGM), 5.25%, 08/01/26		10,617,847
	2,700,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, 5.00%, 08/01/22		2,864,126
	5,875,000	Pioneer Valley Transit Authority, 2.00%, 07/16/21		5,894,618
				160,292,203
Michigan — 0.3%
	200,000	Caledonia Community Schools Refunding GO, (Q-SBLF), 5.00%, 05/01/23		218,820
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program), 5.00%, 10/15/21		1,021,994
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program), 5.00%, 04/15/24		1,139,235
	1,000,000	Michigan State University Refunding Revenue Bonds, Series A, 5.00%, 08/15/31		1,178,214
	2,250,000	University of Michigan, 1.37%, 04/01/27		2,276,651

Principal Amount			Value
Michigan (continued)
$	1,000,000	University of Michigan Advance Refunding Revenue Bonds, Series A, 5.00%, 04/01/22	$	1,044,758
	3,000,000	University of Michigan University & College Improvements Revenue Bonds, Series A, 5.00%, 04/01/26		3,659,727
	1,500,000	University of Michigan University & College Improvements Revenue Bonds, Series B, 1.00%, 04/01/25		1,521,319
	290,000	Wayne-Westland Community Schools Improvements GO, (Q-SBLF), 5.00%, 11/01/22		310,768
				12,371,486
Minnesota — 1.5%
	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		1,708,921
	1,000,000	City of Rochester Advance Refunding GO, Series B, 5.00%, 12/01/24		1,166,218
	10,000,000	Metropolitan Council Transit Improvements GO, Series B, 5.00%, 12/01/23		11,240,750
	10,000,000	Metropolitan Council Transit Improvements GO, Series B, 5.00%, 12/01/24		11,676,454
	1,815,000	Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 03/01/27		2,205,421
	2,535,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/23		2,748,303
	2,805,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		3,170,641
	2,200,000	Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A, 5.00%, 02/01/25		2,576,292

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Minnesota (continued)
$	2,335,000	State of Minnesota, 5.00%, 08/01/23	$	2,589,628
	2,870,000	State of Minnesota Highway Improvements GO, Series B, 5.00%, 10/01/23		3,205,197
	785,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/23		863,447
	1,395,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/24		1,597,911
	2,740,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/25		3,131,279
	2,910,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/26		3,318,817
	5,170,000	Virginia Independent School District No 706 School Improvement GO, Series A, (School District Credit Program), 5.00%, 02/01/25		6,060,610
	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		1,128,588
				58,388,477
Mississippi — 0.4%
	570,000	Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program), 5.00%, 01/01/23		614,380
	2,310,000	Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A, 5.00%, 01/01/25		2,687,227
	10,000,000	State of Mississippi Public Improvements GO, Series B, 5.00%, 12/01/31(a)		11,245,988
				14,547,595
Missouri — 0.3%
	4,000,000	Health & Educational Facilities Authority of the State of Missouri Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/31		5,411,141

Principal Amount			Value
Missouri (continued)
$	905,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/25	$	1,056,740
	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/21		2,039,244
	500,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/24		566,289
	1,800,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/25		2,035,572
				11,108,986
Montana — 0.1%
	1,000,000	State of Montana Public Facilities GO, Series G, 5.00%, 08/01/27		1,265,693
	1,500,000	State of Montana Public Facilities GO, Series G, 5.00%, 08/01/28		1,945,327
				3,211,020
Nevada — 0.1%
	4,000,000	Las Vegas Valley Water District Current Refunding GO, Series A, 5.00%, 06/01/30		5,366,685
New Hampshire — 0.2%
	3,990,000	State of New Hampshire Public Improvements GO, Series B, 5.00%, 12/01/21		4,103,062
	3,990,000	State of New Hampshire Public Improvements GO, Series B, 5.00%, 12/01/22		4,298,926
				8,401,988
New Jersey — 3.2%
	1,060,000	County of Ocean Current Refunding GO, Series B, 4.00%, 08/01/24		1,189,017

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New Jersey (continued)
$	1,825,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/24	$	2,106,035
	1,255,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/25		1,501,122
	1,340,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/27		1,703,548
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds (County GTY), Series B, 5.00%, 12/01/23		1,123,933
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds (County GTY), Series B, 5.00%, 12/01/24		1,167,775
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22		215,518
	2,000,000	New Jersey Economic Development Authority Advance Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 11/01/21		2,046,650
	3,295,000	New Jersey Economic Development Authority Refunding Revenue Bonds, Series GG, 5.00%, 09/01/21		3,304,552
	5,095,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/31		7,017,577
	4,920,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, 5.00%, 09/01/22		5,228,251
	1,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/23		1,651,894

Principal Amount				Value
New Jersey (continued)
$	990,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds, 5.00%, 07/01/21	$	997,532
	1,000,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds, 5.00%, 07/01/23		1,103,093
	1,855,000	New Jersey Transit Corp. Refunding Revenue Bonds, Series A, 5.00%, 09/15/21		1,884,677
	8,500,000	New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds, 5.00%, 06/15/23		9,332,318
	5,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds (NATL-RE), 5.25%, 12/15/21		5,153,245
	3,860,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A, 5.50%, 12/15/21		3,984,220
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A, 5.25%, 12/15/21		2,061,298
	7,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series B (NATL-RE), 5.50%, 12/15/21		7,225,269
	1,500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A, 5.25%, 12/15/22		1,620,464
	650,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, 5.00%, 06/15/21		653,595
	440,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series AA, 5.00%, 06/15/21		442,377
	2,775,000	New Jersey Turnpike Authority, 5.00%, 01/01/27		3,424,383

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New Jersey (continued)
$	2,145,000	New Jersey Turnpike Authority, 5.00%, 01/01/29	$	2,440,628
	9,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.28%, 01/01/27		8,896,225
	4,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.81%, 01/01/30		3,888,019
	3,500,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.86%, 01/01/31		3,366,374
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/27		1,234,012
	2,380,000	New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/25		2,770,544
	2,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, 5.00%, 01/01/29		2,441,657
	3,250,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/32		3,747,440
	3,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/33		3,456,825
	4,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds,Series A, 5.00%, 01/01/34		4,840,026
	2,000,000	Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S, 1.66%, 05/01/28		1,997,754
	18,500,000	State of New Jersey COVID-19 (State Aid Withholding) GO, 5.00%, 06/01/24		21,123,476
				126,341,323

Principal Amount			Value
New York — 18.2%
$	10,025,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/21	$	10,143,653
	30,000,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		31,819,731
	9,005,000	City of New York Current Refunding GO, Series A-1, 5.00%, 08/01/30		11,938,561
	15,000,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/23		16,599,944
	9,400,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24		10,801,361
	8,000,000	City of New York GO, Sub-Series B-3, 0.21%, 10/01/46(b)		8,000,000
	1,400,000	City of New York Public Improvements GO, Series I, Subseries I-A, 5.00%, 04/01/28(c)		1,781,049
	2,000,000	City of New York Public Improvements GO, Series I, Subseries I-A, 5.00%, 04/01/29(c)		2,596,240
	2,910,000	City of New York Public Improvements GO, Sub-Series D-1, 5.00%, 08/01/22		3,086,514
	32,750,000	City of New York Public Improvements GO, Sub-Series D-3, 5.00%, 08/01/38(b)(c)		35,964,851
	1,500,000	City of New York Public Improvements GO, Subseries F-1, 5.00%, 04/01/43		1,828,478
	650,000	City of New York Refunding GO, Series C, 5.00%, 08/01/22		689,428
	8,170,000	City of New York Refunding GO, Series D, 5.00%, 08/01/22		8,665,573
	3,575,000	City of New York Refunding GO, Series F, 5.00%, 08/01/29		3,702,121
	2,500,000	City of New York Refunding GO, Series G, 5.00%, 08/01/21		2,529,589

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	18,500,000	City of New York Refunding GO, Series G, 5.00%, 08/01/22	$	19,622,167
	5,000,000	City of New York Refunding GO, Series I, 5.00%, 08/01/25		5,527,363
	9,450,000	City of New York Refunding GO, Series J, Subseries J11, 5.00%, 08/01/25(c)		11,224,118
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/23		5,018,212
	2,055,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.25%, 11/15/31		2,532,479
	240,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/28		291,094
	1,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/29		1,230,617
	3,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/30		3,207,331
	20,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2, 5.00%, 11/15/48(b)		21,332,416
	940,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series C-1, 5.00%, 11/15/27		1,179,048
	24,820,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 09/01/22		26,361,280
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/21		1,973,449
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21		1,958,071

Principal Amount			Value
New York (continued)
$	6,250,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/34	$	8,471,120
	5,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 0.83%, 11/15/26		4,899,716
	4,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 1.46%, 11/15/29		3,884,294
	10,050,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G, 2.00%, 11/01/57(b)		10,056,060
	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		2,876,280
	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		9,653,054
	1,670,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/24		1,921,355
	3,270,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/28		4,208,731
	2,750,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/29		3,600,967

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	2,285,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/30	$	3,050,746
	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		984,161
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C, 5.00%, 11/01/23		1,511,794
	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub- Series B, 5.00%, 11/01/21		16,304,950
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub- Series G, 5.00%, 11/01/21		2,483,637
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub- Series H, 5.00%, 11/01/21		1,572,117
	4,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Current Refunding Revenue Bonds, 5.00%, 11/01/21		4,096,721
	9,500,000	New York City Transitional Finance Authority Future Tax Secured Revenue Current Refunding Revenue Bonds, 5.00%, 11/01/22		10,195,163
	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		3,146,282

Principal Amount			Value
New York (continued)
$	2,210,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/29	$	2,485,756
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/31		11,043,640
	3,545,000	New York City Water & Sewer System Current Refunding Revenue, 5.00%, 06/15/24		4,070,106
	1,000,000	New York City Water & Sewer System Current Refunding Revenue Bonds, 5.00%, 06/15/29		1,320,548
	8,800,000	New York City Water & Sewer System Current Refunding Revenue Bonds, 5.00%, 06/15/31		12,033,680
	2,350,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series AA-2, 5.00%, 06/15/30		3,160,354
	6,200,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2, 5.00%, 06/15/25		6,975,909
	1,000,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series DD-2, 5.00%, 06/15/24		1,078,616
	5,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/21		5,141,386
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23		9,922,946
	7,790,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/22		8,118,824
	14,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/24		15,898,789

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	2,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/31	$	2,377,224
	5,000,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1 (State Aid Withholding), 5.00%, 01/15/30		6,210,405
	8,770,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series A-Group A, 5.00%, 03/15/22		9,140,191
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,838,257
	4,160,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26		4,698,329
	6,600,000	New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E, 5.00%, 03/15/30		8,500,181
	1,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 02/15/27		1,225,502
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/27		7,854,812
	4,185,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/28		5,339,510
	5,200,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/25		5,896,732
	12,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A-Group 2, 5.00%, 03/15/29		15,336,848
	22,680,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/27		28,322,281

Principal Amount			Value
New York (continued)
$	13,375,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series D, 5.00%, 02/15/25	$	15,691,800
	6,325,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series C, 5.00%, 03/15/30		8,026,312
	7,305,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/22		7,613,352
	1,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/32		1,907,168
	3,000,000	New York State Environmental Facilities Corp Refunding Revenue Bonds, 5.00%, 06/15/29		3,428,249
	2,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		2,271,256
	2,105,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		2,546,232
	5,875,000	New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A, 5.00%, 03/15/25		6,912,396
	5,605,000	New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C, 5.00%, 03/15/22		5,841,593
	4,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/28		5,094,296
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/29		6,487,147

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/31	$	6,658,316
	10,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/32		13,253,393
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1, 5.00%, 03/15/22		4,903,603
	2,810,000	Port Authority of New York & New Jersey, 5.00%, 07/15/21		2,836,574
	2,270,000	Port Authority of New York & New Jersey, 5.00%, 07/15/22		2,399,939
	2,800,000	Port Authority of New York & New Jersey, 5.00%, 07/15/23		3,088,411
	1,000,000	Port Authority of New York & New Jersey, 5.00%, 07/15/24		1,144,821
	3,195,000	Port Authority of New York & New Jersey, 5.00%, 07/15/25		3,776,154
	3,885,000	Port Authority of New York & New Jersey, 5.00%, 07/15/26		4,720,945
	4,255,000	Port Authority of New York & New Jersey, 5.00%, 07/15/27		5,291,456
	3,340,000	Port Authority of New York & New Jersey, 5.00%, 07/15/28		4,233,505
	4,750,000	Port Authority of New York & New Jersey, 5.00%, 07/15/29		6,114,452
	5,020,000	Port Authority of New York & New Jersey, 5.00%, 07/15/30		6,547,970
	16,725,000	Port Authority of New York & New Jersey Cash Flow Management Revenue Bonds, Series AAA, 1.09%, 07/01/23		16,985,370
	3,500,000	Port Authority of New York & New Jersey Current Refunding Revenue Bonds, Series 223, 5.00%, 07/15/30		4,565,317

Principal Amount			Value
New York (continued)
$	5,000,000	Port Authority of New York & New Jersey Current Refunding Revenue Bonds, Series 223, 5.00%, 07/15/31	$	6,612,119
	6,000,000	Port Authority of New York & New Jersey Current Refunding Revenue Bonds, Series 223, 5.00%, 07/15/32		7,908,851
	2,050,000	Port Authority of New York & New Jersey Current Refunding Revenue Bonds, Series 223, 4.00%, 07/15/35		2,456,828
	4,215,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27		4,713,031
	5,880,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28		6,574,762
	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, 5.00%, 12/15/24		1,725,514
				708,843,844
North Carolina — 2.0%
	7,225,000	County of Wake Refunding Public Notes GO, Series A, 5.00%, 03/01/26		8,802,316
	2,260,000	County of Wake Repayment of Bank Loan Revenue Bonds, 5.00%, 03/01/32		3,069,457
	675,000	Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/21		677,459
	1,000,000	Durham Capital Financing Corp Advance Refunding Revenue Bonds, 5.00%, 12/01/25		1,205,993
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A, 5.00%, 01/01/22		2,064,612
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A, 5.00%, 01/01/23(a)		2,113,179

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
North Carolina (continued)
$	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A, 5.00%, 10/01/21	$	331,499
	3,250,000	State of North Carolina Advance Refunding Revenue Bonds, 5.00%, 03/01/22		3,381,290
	13,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/23		14,250,661
	2,010,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		2,294,493
	5,000,000	State of North Carolina Highway Improvements Revenue Bonds, 5.00%, 03/01/29		6,523,775
	6,675,000	State of North Carolina Highway Improvements Revenue Bonds, 5.00%, 03/01/30		8,622,322
	1,500,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/22		1,572,833
	8,750,000	State of North Carolina Highway Improvements Revenue Bonds, Series B, 5.00%, 05/01/29		11,494,210
	8,025,000	State of North Carolina Public Improvements GO, Series A, 5.00%, 06/01/26		9,853,652
				76,257,751
Ohio — 3.6%
	750,000	Akron Bath Copley Joint Township Hospital District Current Refunding Revenue Bonds, 4.00%, 11/15/35		866,982
	1,000,000	Akron Bath Copley Joint Township Hospital District Current Refunding Revenue Bonds, 4.00%, 11/15/36		1,153,887
	1,175,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/23		1,319,001
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/24		1,165,829

Principal Amount			Value
Ohio (continued)
$	1,285,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/25	$	1,549,701
	3,730,000	City of Columbus Refunding GO, Series 1, 5.00%, 07/01/21		3,759,045
	2,000,000	City of Columbus Refunding GO, Series 5, 5.00%, 08/15/23		2,220,742
	1,100,000	County of Cuyahoga Refunding Revenue Bonds, 5.00%, 12/01/22		1,183,894
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/26		1,162,723
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/27		1,757,420
	1,350,000	County of Montgomery Current Refunding Revenue Bonds, 5.00%, 08/01/30		1,781,510
	1,000,000	Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds, 5.00%, 12/01/23		1,121,178
	6,000,000	Ohio Turnpike & Infrastructure Commission Highway Improvements Revenue Bonds, Series A, 5.00%, 02/15/46		7,770,036
	3,000,000	Ohio Water Development Authority Revenue Bonds, 5.00%, 06/01/26		3,676,843
	2,350,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/21		2,358,650
	875,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/22		921,054

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Ohio (continued)
$	3,375,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/23	$	3,715,241
	3,300,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/24		3,783,295
	1,410,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/25		1,675,010
	1,450,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/26		1,777,141
	2,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/27		2,523,078
	10,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bond, Series A, 5.00%, 12/01/24		11,685,546
	10,285,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, 5.00%, 06/01/28		13,223,389
	3,045,000	Revere Local School District School Improvements GO, Series A, 5.00%, 12/01/42(a)		3,204,927
	2,350,000	Revere Local School District School Improvements GO, Series A, 5.00%, 12/01/45(a)		2,473,425
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds, 5.00%, 06/01/24		351,416
	1,075,000	State of North Carolina Highway capital Improvements GO, Series Q, 5.00%, 05/01/21		1,075,000
	16,790,000	State of Ohio Advance Refunding GO, Series A, 5.00%, 12/15/24		19,620,905

Principal Amount			Value
Ohio (continued)
$	1,000,000	State of Ohio Advance Refunding Revenue Bonds, 5.00%, 10/01/21	$	1,019,873
	6,670,000	State of Ohio Current Refunding GO, Series B, 5.00%, 09/15/29		8,852,871
	300,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24		346,620
	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24		1,669,555
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue Bonds, 5.00%, 06/01/25		2,367,867
	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A, 5.00%, 02/01/24		1,599,033
	5,000,000	State of Ohio School Improvements GO, Series B, 5.00%, 06/15/23		5,513,110
	2,200,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28(a)		2,306,596
	7,505,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/27		9,436,699
	5,445,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28		6,428,432
				138,417,524
Oklahoma — 0.8%
	3,650,000	City of Oklahoma City Public Improvements GO, 5.00%, 03/01/26		4,440,990
	1,670,000	Oklahoma Capitol Improvement Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/29		2,175,317
	1,500,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/24		1,688,615

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Oklahoma (continued)
$	1,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/25	$	1,166,873
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/26		2,409,220
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/27		2,480,544
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/28		2,544,751
	2,315,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/29		3,012,180
	5,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/26		6,023,050
	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/28		3,798,041
				29,739,581
Oregon — 1.2%
	8,035,000	City of Portland Sewer System Revenue Sewer Improvements Revenue Bonds, Series A, 5.00%, 03/01/30		10,728,194
	1,600,000	Medford Hospital Facilities Authority, 5.00%, 08/15/38		2,072,711
	3,290,000	State of Oregon Advance Refunding GO, Series M, 5.00%, 11/01/23		3,686,051
	10,350,000	State of Oregon Facilities Improvements GO, Series A, 5.00%, 05/01/25		12,259,999
	4,900,000	State of Oregon Public Facilities GO, 5.00%, 05/01/29		6,458,847
	3,725,000	State of Oregon Public Facilities GO, 5.00%, 05/01/32		5,073,008

Principal Amount			Value
Oregon (continued)
$	4,140,000	State of Oregon Refunding GO, Series G, 5.00%, 11/01/30(a)	$	4,641,389
				44,920,199
Pennsylvania — 1.4%
	15,000,000	Commonwealth of Pennsylvania Advance Refunding GO, 5.00%, 07/15/26		18,407,973
	9,775,000	Commonwealth of Pennsylvania Current Refunding GO, 1St Series, 5.00%, 07/01/21		9,850,799
	5,000,000	Commonwealth of Pennsylvania Public Facilities GO, Series 1, 5.00%, 03/01/22		5,201,558
	8,245,000	General Authority of Southcentral Pennsylvania Pre-refunded Refunding Revenue Bonds, 5.00%, 06/01/44(a)		9,435,694
	1,000,000	Lancaster County Hospital Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/26		1,228,422
	4,120,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/21		4,142,740
	2,755,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/22		2,903,332
	3,500,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/23		3,859,177
				55,029,695
Rhode Island — 0.4%
	6,950,000	Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue, 5.00%, 06/15/23		7,647,639
	3,000,000	Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A, 5.00%, 05/15/22		3,149,452
	550,000	State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D, 5.00%, 04/01/24		623,398

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Rhode Island (continued)
$	960,000	State of Rhode Island University & College Improvements COP, Series A, 5.00%, 06/01/24	$	1,094,867
	1,010,000	State of Rhode Island University & College Improvements COP, Series A, 5.00%, 06/01/25		1,192,181
				13,707,537
South Carolina — 0.5%
	3,600,000	Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District), 5.00%, 03/01/22		3,745,122
	4,010,000	Darlington County School District School Improvement GO (South Carolina School District), 5.00%, 03/01/27		5,021,943
	2,350,000	Lexington County School District No 2 School Improvements GO (South Carolina School District), 5.00%, 03/01/26		2,859,268
	1,485,000	State of South Carolina University & College Improvements GO, Series B (State Aid Withholding), 5.00%, 04/01/22		1,551,605
	4,680,000	State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding), 5.00%, 04/01/22		4,889,908
				18,067,846
South Dakota — 0.9%
	2,125,000	South Dakota Conservancy District, 5.00%, 08/01/29		2,815,553
	1,950,000	South Dakota Conservancy District, 5.00%, 08/01/31		2,622,928
	1,500,000	South Dakota Conservancy District, 5.00%, 08/01/33		2,010,203
	1,020,000	South Dakota Conservancy District, 5.00%, 08/01/35		1,359,493
	1,400,000	South Dakota Conservancy District, 5.00%, 08/01/36		1,859,925
	1,850,000	South Dakota Conservancy District, 5.00%, 08/01/37		2,449,915
	4,910,000	South Dakota Conservancy District, 5.00%, 08/01/38		6,484,397

Principal Amount			Value
South Dakota (continued)
$	5,155,000	South Dakota Conservancy District, 5.00%, 08/01/39	$	6,790,879
	3,820,000	South Dakota Conservancy District, 5.00%, 08/01/41		4,996,058
	2,455,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/29		2,809,853
				34,199,204
Tennessee — 0.4%
	3,070,000	City of Knoxville Public Facilities GO, 5.00%, 05/01/31		4,208,222
	1,000,000	County of Montgomery Advance Refunding School Improvements GO, 5.00%, 04/01/26		1,218,822
	5,105,000	County of Shelby Refunding GO, 5.00%, 04/01/22		5,332,530
	400,000	Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A, 5.00%, 05/15/23		439,318
	1,005,000	State of Tennessee Refunding GO, Series A, 5.00%, 09/01/23		1,117,993
	2,000,000	State of Tennessee Refunding Notes GO, Series A, 5.00%, 08/01/21		2,023,721
	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 11/01/25		1,044,093
				15,384,699
Texas — 12.4%
	1,000,000	Allen Independent School District Current Refunding GO, Series A (PSF-GTD), 5.00%, 02/15/22		1,038,463
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		1,009,128
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/26		2,084,283

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Texas (continued)
$	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/23	$	525,719
	1,315,000	Austin Community College District Refunding GO, 5.00%, 08/01/27		1,614,344
	1,000,000	Austin Independent School District Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/21		1,011,885
	6,955,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/30		9,401,482
	1,000,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/31		1,378,944
	6,000,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 4.00%, 08/15/35		7,562,499
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD), 5.00%, 08/01/27		1,318,464
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,895,254
	5,000,000	Burleson Independent School District School Improvement GO, (PSF-GTD), 2.50%, 02/01/47(b)		5,146,966
	1,700,000	City of Austin Public Improvements GO, 5.00%, 11/01/22		1,824,398
	3,000,000	City of Austin TX Electric Utility Revenue Refunding Revenue Bonds, Series A, 5.00%, 11/15/28		3,897,997
	190,000	City of Austin TX Water & Wastewater System Revenue, 5.00%, 11/15/21		194,844
	810,000	City of Austin TX Water & Wastewater System Revenue, 5.00%, 11/15/21		831,135
	5,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, 5.00%, 11/15/29		6,176,481

Principal Amount			Value
Texas (continued)
$	2,360,000	City of Bryan Waterworks & Sewer Current Refunding Revenue, 4.00%, 07/01/21	$	2,374,413
	2,450,000	City of Bryan Waterworks & Sewer Current Refunding Revenue, 4.00%, 07/01/22		2,551,234
	4,020,000	City of College Station Improvements Advance Refunding GO, 5.00%, 02/15/25		4,720,402
	935,000	City of Conroe Public Improvements GO, 5.00%, 03/01/25		1,057,827
	1,715,000	City of Dallas TX Waterworks & Sewer System Revenue, 5.00%, 10/01/28		2,226,812
	2,075,000	City of Denton Public Improvements GO, 5.00%, 02/15/23		2,252,712
	1,715,000	City of Denton Public Improvements GO, 5.00%, 02/15/24		1,941,024
	1,290,000	City of Denton Public Improvements GO, 5.00%, 02/15/28		1,554,397
	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds, 5.00%, 03/01/24		939,033
	350,000	City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/25		396,084
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/26(a)		1,416,655
	5,145,000	City of Fort Worth Water & Sewer System Improvements Revenue, 5.00%, 02/15/25		6,039,288
	7,500,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 4.00%, 07/01/47		8,614,766
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/26		1,220,681
	2,460,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/27		3,081,515

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Texas (continued)
$	1,500,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/28	$	1,923,562
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series C, 0.88%, 07/01/22		1,005,404
	5,500,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series C, 1.05%, 07/01/23		5,556,871
	2,040,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements, 5.00%, 03/15/25		2,399,793
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements, 5.00%, 03/15/26		2,871,132
	1,815,000	City of Plano Advance Refunding GO, 5.00%, 09/01/23		2,016,364
	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds, 5.00%, 05/01/26		1,435,429
	1,205,000	City of Round Rock TX Utility System Revenue Advance Refunding, 5.00%, 08/01/25		1,431,782
	875,000	Clear Creek Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/24		991,103
	1,000,000	Clear Creek Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/25		1,174,229
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,420,012
	460,000	Conroe Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/22		477,656
	1,500,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/24		1,699,482

Principal Amount			Value
Texas (continued)
$	2,000,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25	$	2,350,109
	10,000,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/28		12,813,435
	2,130,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/26		2,534,641
	7,500,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/29		9,147,521
	2,910,000	County of Bexar Refunding GO, 5.00%, 06/15/22		3,068,698
	675,000	County of Collin Advance Refunding GO, 5.00%, 02/15/24		764,161
	1,500,000	County of Denton Advance Refunding GO, 5.00%, 07/15/24		1,724,473
	1,485,000	County of Harris Current Refunding GO, Series A, 5.00%, 10/01/24		1,722,613
	1,850,000	County of Williamson Limited Tax Advance Refunding GO, 5.00%, 02/15/24		2,093,263
	360,000	Crystal City Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/26		420,354
	750,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A, 5.00%, 12/01/25		870,880
	1,120,000	Dayton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/22		1,162,988
	7,715,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/26		9,036,934
	1,085,000	Denver City Independent School District School Building GO, Series A, (PSF-GTD), 5.00%, 02/15/25		1,268,681

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Texas (continued)
$	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/27	$	2,214,949
	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/25		3,510,339
	1,500,000	El Paso Independent School District Refunding GO (PSF-GTD), 5.00%, 08/15/25		1,734,018
	1,285,000	Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A, 5.00%, 02/15/25		1,507,825
	8,500,000	Grand Parkway Transportation Corp Highway Improvements Revenue Bonds, Sub-Tier Series B, 5.00%, 10/01/52(b)		9,420,882
	8,000,000	Grand Parkway Transportation Corp. Highway Improvements Revenue Bonds, Series A, 5.50%, 04/01/53(a)		9,022,294
	5,000,000	Harris County Flood Control District Refunding Revenue Bonds, Series A, 5.00%, 10/01/23		5,582,679
	5,030,000	Harris County Metropolitan Authority Transit Improvements Revenue Bonds, Series B, 5.00%, 11/01/23(a)		5,151,374
	1,970,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/28		2,542,585
	2,000,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/29		2,633,332
	2,150,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/30		2,883,762
	1,500,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/31		2,005,323
	1,000,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/32		1,333,884

Principal Amount			Value
Texas (continued)
$	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/24	$	2,782,219
	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/24		660,006
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/25		584,031
	750,000	Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/23		831,428
	10,000,000	Lone Star College System Advance Refunding GO, 5.00%, 02/15/29		11,986,910
	4,455,000	Lone Star College System Advance Refunding GO, Series B, 5.00%, 02/15/23		4,841,563
	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		2,019,996
	225,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/26		272,535
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/25		3,180,245
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/01/24		3,917,173
	1,005,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A, 5.00%, 08/15/23		1,115,190
	1,060,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A, 5.00%, 08/15/24		1,222,733
	1,435,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 08/15/23		1,592,336

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Texas (continued)
$	1,650,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 08/15/25	$	1,969,192
	585,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 08/15/26		719,311
	580,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD), 5.00%, 08/15/24		669,043
	1,170,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD), 5.00%, 08/15/25		1,396,336
	1,000,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD), 5.00%, 08/15/21		1,013,798
	3,000,000	Northwest Independent School District Refunding GO, (PSF-GTD), Series B, 5.00%, 02/15/23		3,260,312
	2,525,000	Northwest Independent School District Refunding GO, (PSF-GTD), Series B, 5.00%, 02/15/25		2,964,929
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,241,131
	1,220,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/28		1,462,403
	250,000	Pasadena Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/22		259,596
	4,420,000	Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD), 5.00%, 02/15/25(a)		4,804,356
	24,150,000	Permanent University Fund - Texas A&M University System Refunding Revenue Bonds, 5.50%, 07/01/28		28,681,530

Principal Amount			Value
Texas (continued)
$	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD), 5.00%, 02/15/23	$	1,657,325
	5,000,000	Plano Independent School District School Improvement GO, (PSF-GTD), 5.00%, 02/15/26		6,069,523
	1,050,000	Point Isabel Independent School District, 5.00%, 02/01/25		1,229,166
	1,995,000	Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 02/15/25		2,332,737
	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD), 5.00%, 02/15/25		1,174,229
	925,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/22		981,753
	1,020,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/23		1,129,608
	1,075,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/24		1,236,604
	1,000,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,188,762
	1,330,000	San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/23		1,475,501
	1,185,000	San Antonio Water System, 5.00%, 05/15/36		1,552,794
	2,600,000	San Antonio Water System, 5.00%, 05/15/39		3,372,849
	5,000,000	San Antonio Water System, 5.00%, 05/15/41		6,456,358
	205,000	San Elizario Independent School District School Improvements GO, (PSF-GTD), 5.00%, 05/01/25		242,115
	2,160,000	Spring Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/22		2,295,699

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Texas (continued)
$	7,180,000	Spring Independent School District Advance Refunding GO, Series A, 5.00%, 08/15/28	$	8,778,203
	25,000,000	State of Texas Cash Flow Management Revenue Notes, 4.00%, 08/26/21		25,307,488
	3,720,000	State of Texas Highway Improvements Revenue Bonds GO, 5.00%, 04/01/44(a)		4,223,568
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 5.00%, 10/01/26		6,188,617
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 2.18%, 10/01/27		5,271,116
	2,500,000	State of Texas Refunding Public Notes GO, Series A, 5.00%, 10/01/21		2,550,205
	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series F, 5.00%, 10/01/25		3,839,826
	5,000,000	State of Texas Transportation Commission Advance Refunding GO, Series F, 5.00%, 10/01/28		5,987,611
	6,500,000	State of Texas Transportation Commission Highway Improvement GO, 5.00%, 04/01/25		7,669,125
	9,320,000	State of Texas Transportation Commission Highway Improvement GO, 5.00%, 04/01/27		11,329,079
	12,005,000	State of Texas Transportation Commission Highway Improvement GO, 5.00%, 04/01/30(a)		12,538,936
	3,500,000	State of Texas Transportation Commission Refunding GO, Series A, 5.00%, 10/01/22		3,741,812
	2,500,000	State of Texas Water Financial Assistance Refunding GO, Series 2019 C, 5.00%, 08/01/22		2,652,292
	1,000,000	State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-2, 5.00%, 08/01/28		1,149,081

Principal Amount			Value
Texas (continued)
$	1,000,000	Sulphur Springs Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/26	$	1,227,837
	1,000,000	Temple Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/01/27		1,242,440
	1,250,000	Texas A&M University, 0.59%, 05/15/24		1,254,157
	1,770,000	Texas A&M University, 1.38%, 05/15/28		1,755,855
	1,000,000	Texas A&M University University & College Improvements Revenue Bonds, Series A, 5.00%, 05/15/29		1,315,567
	1,400,000	Texas A&M University University & College Improvements Revenue Bonds, Series A, 5.00%, 05/15/30		1,877,956
	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/22		1,069,236
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/24		6,719,224
	4,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A, 5.00%, 10/01/26		5,260,324
	2,080,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/31		2,725,397
	1,250,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/15/23		1,397,911
	1,000,000	Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds, 5.00%, 08/01/24		1,152,235

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Texas (continued)
$	2,000,000	Trinity River Authority Central Regional Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 08/01/30	$	2,697,093
	500,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/22		531,412
	1,680,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/23		1,863,791
	935,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/24		1,078,543
	2,085,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/25		2,489,322
	1,000,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/27		1,264,142
	1,065,000	University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/29		1,219,083
	2,000,000	University of Texas System University and College Improvements Revenue, Series D, 5.00%, 08/15/23		2,219,284
	7,000,000	University of Texas System/The Advance Refunding Revenue Bonds, Series C, 5.00%, 08/15/26		8,627,658
	3,000,000	University of Texas System/The Advance Refunding Revenue Bonds, Series C, 5.00%, 08/15/21		3,041,307
	640,000	Wall Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/27		746,249
	1,210,000	Wichita Falls Independent School District School Improvements GO (PSF-GTD), 5.00%, 02/01/23		1,312,702
				481,382,954
Utah — 0.4%
	610,000	City of Salt Lake City Ut Public Utilities Revenue Bonds, 5.00%, 02/01/29		799,862

Principal Amount			Value
Utah (continued)
$	600,000	City of Salt Lake City Ut Public Utilities Revenue Bonds, 5.00%, 02/01/30	$	783,088
	840,000	Salt Lake County Municipal Building Authority Public Facilities Revenue Bonds, 5.00%, 01/15/31		1,051,781
	10,000,000	State of Utah Highway Improvements Revenue Bonds GO, 5.00%, 07/01/26		12,309,667
				14,944,398
Virginia — 3.8%
	3,045,000	City of Newport News Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 02/01/27		3,798,789
	1,530,000	City of Newport News Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 02/01/29		2,003,537
	2,975,000	City of Newport News Water Revenue Water Utility Improvements Revenue Bonds, 5.00%, 07/15/30		4,011,177
	2,000,000	City of Richmond Public Utility Revenue, Advance Refunding Revenue Bonds, Series B, 2.35%, 01/15/27		2,127,146
	2,955,000	City of Richmond Public Utility Revenue, Sewer Improvement Revenue Bonds, Series A, 5.00%, 01/15/34		3,872,067
	7,430,000	Commonwealth of Virginia Advance Refunding GO, Series B (State Aid Withholding), 5.00%, 06/01/28		8,803,248
	3,815,000	Commonwealth of Virginia University and College Improvements GO, Series A, 5.00%, 06/01/22		4,017,072
	7,000,000	Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/22		7,483,623
	5,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/27		6,248,641

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Virginia (continued)
$	7,965,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/29	$	9,954,525
	2,715,000	County of Fairfax, 5.00%, 10/01/25		3,269,736
	2,160,000	County of Fairfax Sewer Improvement Revenue Bonds, 5.00%, 07/15/22(a)		2,180,907
	7,530,000	County of Loudoun Public Facilities GO, Series A, (State Aid Withholding), 5.00%, 12/01/26		9,378,705
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A, 5.00%, 10/01/24		1,354,614
	5,285,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series B, 5.00%, 02/01/24		5,972,361
	2,800,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series B, 5.00%, 02/01/25		3,283,484
	500,000	Virginia College Building Authority, University and College Improvements Revenue, Series A, 5.00%, 02/01/27(a)		565,586
	6,000,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, 5.00%, 09/15/29		7,571,210
	2,600,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A, 5.00%, 05/15/23		2,855,007
	5,375,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A, 5.00%, 05/15/28		6,840,182
	2,510,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23		2,736,494

Principal Amount			Value
Virginia (continued)
$	815,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/25	$	960,460
	1,345,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/26		1,638,474
	2,175,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/29		2,863,168
	1,250,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/30		1,678,926
	3,935,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/32		5,260,260
	4,160,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/33		5,530,782
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23(a)		5,211,949
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 05/15/27		6,100,333
	6,145,000	Virginia Public Building Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/26		7,572,439
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A, 5.00%, 08/01/21		2,494,297
	2,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 08/01/24		2,825,558
	2,790,000	Virginia Public School Authority School Improvement Revenue Bonds, Series A, 5.00%, 10/01/23		3,113,700
	1,500,000	Virginia Resources Authority Advance Refunding Revenue, 5.00%, 11/01/26		1,865,645

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Virginia (continued)
$	195,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/25	$	226,884
	955,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/25		1,113,335
				146,784,321
Washington — 2.2%
	1,025,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY), 5.00%, 12/01/21		1,053,924
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY), 5.00%, 12/01/26		1,282,763
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds, 5.00%, 01/01/27		1,924,103
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY), 5.00%, 12/01/24		963,414
	1,000,000	County of King WA Sewer Advance Refunding Revenue Bonds, 5.00%, 07/01/30		1,241,712
	7,000,000	County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B, 5.00%, 07/01/29		8,962,845
	10,000,000	Energy Northwest Advance Refunding Revenue Bonds, 5.00%, 07/01/27		12,235,281
	3,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		3,554,892
	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		4,114,331
	1,035,000	King County Refunding GO, 5.00%, 07/01/25		1,208,145
	5,395,000	King County Refunding GO, 5.00%, 07/01/26		6,318,921
	9,000,000	King County School District No 411 Issaquah School Improvement GO, (School Board GTY), 5.00%, 12/01/32		11,295,764

Principal Amount			Value
Washington (continued)
$	3,000,000	King County School District No 411 Issaquah School Improvement GO, (School Board GTY), 5.00%, 12/01/33	$	3,754,998
	750,000	Port of Seattle Inter Lien Refunding Revenue Bonds, 5.00%, 02/01/27		902,291
	5,000,000	Port of Seattle Refunding GO, 5.00%, 06/01/24		5,725,620
	1,120,000	Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY), 5.00%, 12/01/23		1,255,103
	750,000	Snohomish County Public Utility District No 1 Current Refunding Revenue Bonds, Series A, 5.00%, 12/01/23		841,916
	750,000	Snohomish County Public Utility District No 1 Current Refunding Revenue Bonds, Series A, 5.00%, 12/01/24		873,497
	5,000,000	Snohomish County School District No 201 Refunding GO (School Board GTY), 5.00%, 12/01/25		5,718,984
	360,000	Spokane County School District No 354 Mead School Improvement GO, (School Board GTY), 5.00%, 12/01/22		387,516
	5,475,000	State of Washington Public Improvements GO, Series C, 5.00%, 02/01/30		6,391,419
	800,000	State of Washington Refunding GO, Series R-2012C, 5.00%, 07/01/23		845,218
	4,435,000	Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY), 5.00%, 12/01/24		5,167,003
				86,019,660
Wisconsin — 1.4%
	4,700,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, 5.00%, 06/01/29(a)		5,378,746

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
Wisconsin (continued)
$	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, Series 1, 5.00%, 06/01/23	$	1,099,782
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Refunding Revenue Bonds, Series 1, 5.00%, 06/01/26(a)		1,099,782
	14,000,000	State of Wisconsin Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/29		17,451,414
	10,465,000	State of Wisconsin Environmental Improvement Fund Revenue, Green Bond, Series A, 5.00%, 06/01/35		13,638,724
	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/27		1,461,741
	3,205,000	State of Wisconsin Public Improvements GO, Series B, 5.00%, 05/01/30(a)		3,360,291
	1,900,000	State of Wisconsin Refunding Bonds GO, Series 3, 5.00%, 11/01/25(a)		2,038,439
	1,000,000	State of Wisconsin Refunding GO, Series 1, 5.00%, 05/01/24		1,096,914
	860,000	State of Wisconsin Refunding Notes GO, Series A, 5.00%, 05/01/28		1,014,952
	5,000,000	Wisconsin Department of Transportation, 1.01%, 07/01/26		4,977,193
	1,000,000	Wisconsin Department of Transportation Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/29		1,321,785
	2,250,000	Wisconsin Health & Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.13%, 04/15/31(a)		2,461,543
				56,401,306
Total Municipal Bonds (Cost $3,578,221,015)				3,677,228,310

Principal Amount			Value
CORPORATE BONDS — 2.3%
United States — 2.3%
$	4,500,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27	$	4,390,197
	3,000,000	BayCare Health System, Inc., Series 2020, 2.61%, 11/15/22		3,097,014
	2,000,000	BayCare Health System, Inc., Series 2020, 2.70%, 11/15/23		2,090,901
	5,000,000	Baylor Scott & White Holdings, Series 2021, 0.83%, 11/15/25		4,898,197
	1,750,000	Bon Secours Mercy Health, Inc., 1.35%, 06/01/25		1,752,148
	8,000,000	Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 1.91%, 09/01/30		7,821,480
	5,000,000	Leland Stanford Junior University (The), 1.29%, 06/01/27		4,997,076
	8,000,000	Novant Health, Inc., 2.64%, 11/01/36		7,998,251
	5,750,000	PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25		5,784,686
	17,500,000	Seattle Children’s Hospital, Series 2021, 1.21%, 10/01/27		17,035,243
	1,000,000	Smithsonian Institution, 1.77%, 09/01/28		995,391
	16,000,000	Yale University, Series 2020, 0.87%, 04/15/25		16,085,191
	12,550,000	Yale University, Series 2020, 1.48%, 04/15/30		12,179,899

Total Corporate Bonds (Cost $90,093,640)				89,125,674

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Shares			Value
INVESTMENT COMPANY — 3.7%
	143,061,633	SEI Daily Income Trust Government II Fund - Class A, 0.01%(d)	$	143,061,633

Total Investment Company (Cost $143,061,633)				143,061,633
TOTAL INVESTMENTS — 100.4% (Cost $3,811,376,288)			$	3,909,415,617
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%				(16,022,132	)
NET ASSETS — 100.0%			$	3,893,393,485

(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, 2021.
(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, 2021.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligation

GTY — Guaranty

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

PSF-GTD — Permanent School Fund Guarantee

Q-SBLF — Qualified-School Board Loan Fund

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
Alabama		1.4	%
Arizona		1.6
Arkansas		0.2
California		4.5
Colorado		2.4
Connecticut		3.0
Delaware		2.7
District of Columbia		1.8
Florida		4.3
Georgia		4.2
Hawaii		3.1
Idaho		0.1
Illinois		0.2
Indiana		0.1
Iowa		0.5
Kansas		0.0	*
Maine		0.0	*
Maryland		4.5
Massachusetts		4.1
Michigan		0.3
Minnesota		1.5
Mississippi		0.4
Missouri		0.3
Montana		0.1
Nevada		0.1
New Hampshire		0.2
New Jersey		3.2
New York		18.2
North Carolina		2.0
Ohio		3.6
Oklahoma		0.8
Oregon		1.2
Pennsylvania		1.4
Rhode Island		0.4
South Carolina		0.5
South Dakota		0.9
Tennessee		0.4
Texas		12.4
Utah		0.4
Virginia		3.8
Washington		2.2
Wisconsin		1.4
Other**		5.6
		100.0	%


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

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments	April 30, 2021 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 97.5%
California — 97.5%
$	1,000,000	Abag Finance Authority for Nonprofit Corps Odd fellows Home CA Refunding Revenue Bonds, Series A, 5.00%, 04/01/23	$	1,087,960
	635,000	Anaheim Housing & Public Improvements Authority Pre-refunding Revenue Bonds, 5.00%, 10/01/41(a)		647,513
	250,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4, 5.00%, 04/01/38(a)		273,349
	6,000,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4, 5.00%, 04/01/43(a)		6,560,369
	24,695,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4, 5.25%, 04/01/48(a)		27,119,061
	100,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds, 5.00%, 04/01/22		104,457
	125,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds, 5.00%, 04/01/23		136,523
	150,000	Cabrillo Community College District Refunding GO, 5.00%, 08/01/23(a)		159,138
	100,000	Cabrillo Community College District Refunding GO, 5.00%, 08/01/24(a)		106,092
	930,000	Cabrillo Community College District Refunding GO, 5.00%, 08/01/27(a)		986,653
	500,000	California Educational Facilities Authority Advance Refunding Revenue Bonds, 5.00%, 01/01/27		601,282
	1,550,000	California Educational Facilities Authority Refunding Revenue Bonds, 5.00%, 10/01/23		1,730,650

Principal Amount			Value
California (continued)
$	275,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/15/22	$	295,736
	1,000,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/01/23		1,115,860
	100,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/15/25		120,674
	1,565,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bond, Series A-1, 5.00%, 04/01/33		2,201,786
	125,000	California Infrastructure & Economic Development Bank University & College Improvements Revenue Bonds, 5.00%, 05/15/23		136,938
	5,725,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond, 5.00%, 10/01/35		7,226,539
	100,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond, 5.00%, 10/01/23		111,628
	250,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond, 5.00%, 10/01/23		279,070
	100,000	California Municipal Finance Authority Advance Refunding Anaheim Water System Project Revenue Bonds,{br}Series A, 5.00%, 10/01/24		116,260
	100,000	California Municipal Finance Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/23		110,649
	160,000	California Municipal Finance Authority Retirement Facilities California Armenian Home Project Revenue Bonds, 5.00%, 05/15/22		167,306

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	100,000	California Municipal Finance Authority Retirement Facilities Revenue Bonds, 5.00%, 04/01/23	$	109,098
	125,000	California Municipal Finance Authority Retirement Facilities Revenue Bonds, 5.00%, 04/01/24		141,526
	670,000	California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds, 4.00%, 07/01/24		744,529
	4,770,000	California State Current Refunding GO, 5.00%, 08/01/27		5,589,758
	1,000,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series B, 5.00%, 05/01/26		1,221,429
	1,175,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series B, 5.00%, 05/01/27		1,471,147
	1,000,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series B, 5.00%, 05/01/31		1,362,838
	1,000,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series B, 5.00%, 05/01/32		1,351,788
	250,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C, 5.00%, 11/01/23		279,829
	460,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C, 5.00%, 11/01/24		534,693
	100,000	California State Public Works Board Correctional Facilities Improvements, Series A, 5.00%, 11/01/25		120,274

Principal Amount			Value
California (continued)
$	150,000	California State Public Works Board Public Improvements Revenue Bonds, Series G, 5.00%, 11/01/22	$	160,883
	325,000	California State Public Works Board Refunding Revenue Bonds, Series F, 5.00%, 05/01/26		383,840
	250,000	California State University & College Improvements Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/23		280,028
	1,785,000	California State University & College Improvements Revenue Bonds, Series A, 5.00%, 11/01/24		2,079,587
	1,000,000	California State University Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/24(a)		1,073,175
	120,000	California State University Current Refunding Revenue Bonds, Series C, 5.00%, 11/01/21		122,908
	20,000	California State University Pre-refunded Refunding Revenue Bonds, 5.00%, 11/01/25(a)		23,255
	230,000	California State University Unfunded Revenue Bonds, 5.00%, 11/01/25		267,783
	150,000	California Statewide Communities Development Authority, 5.00%, 08/15/23		166,264
	150,000	California Statewide Communities Development Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/25		178,806
	745,000	California Statewide Communities Development Authority Current Refunding Revenue Bonds, 4.00%, 11/15/25		857,628
	100,000	California Statewide Communities Development Authority Nursing Homes Retirement Facilities Revenue Bonds, 5.00%, 07/01/28		127,047

100

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	5,000,000	Carlsbad Unified School District School Improvements GO, Series B, 6.00%, 05/01/34	$	5,840,003
	885,000	Chabot-Las Positas Community College District Refunding GO, 5.00%, 08/01/25		979,818
	325,000	City & County of San Francisco CA Public Improvements GO, Series B, 5.00%, 06/15/22		342,724
	4,335,000	City & County of San Francisco CA Public Improvements GO, Series R1, 5.00%, 06/15/29		5,767,547
	2,125,000	City & County of San Francisco CA Public Improvements GO, Series R1, 5.00%, 06/15/30		2,807,356
	150,000	City & County of San Francisco CA Refunding COP, 5.00%, 04/01/23		163,918
	2,500,000	City & County of San Francisco CA Refunding Public Improvements COP, 5.00%, 04/01/23		2,727,941
	100,000	City of Los Angeles CA Wastewater System Revenue Advance Refunding Revenue Bonds, Subseries A, 5.00%, 06/01/24		114,479
	2,550,000	City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A, 5.00%, 06/01/25		2,803,705
	1,800,000	City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A, 5.00%, 06/01/27		1,975,528
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/30		1,315,190
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/31		1,340,417

Principal Amount			Value
California (continued)
$	1,000,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/32	$	1,335,046
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/33		1,324,090
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/34		1,319,227
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Impt. Revenue Bonds, Series A, 5.00%, 05/15/46		1,273,028
	4,000,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/34		5,217,238
	7,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/40		9,637,195
	850,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series B, 5.00%, 05/15/31		1,137,833
	3,645,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C, 5.00%, 05/15/23		4,004,069
	1,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C, 5.00%, 05/15/24		1,715,794
	200,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds, 5.00%, 05/15/24		228,773
	100,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds, 5.00%, 05/15/25		118,480
	275,000	City of Palo Alto CA Parking Facility Improvement COP, Series A, 5.00%, 11/01/23		308,031

101

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	150,000	City of Palo Alto CA Parking Facility Improvement COP, Series A, 5.00%, 11/01/24	$	174,527
	200,000	City of Palo Alto CA Parking Facility Improvement COP, Series A, 5.00%, 11/01/25		240,845
	100,000	City of Roseville CA Water Utility Revenue Advance Refunding COP, 5.00%, 12/01/23		112,393
	150,000	City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds, 5.00%, 09/01/25		180,139
	1,900,000	City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds, 5.00%, 11/01/28		2,234,078
	1,600,000	Contra Costa County Public Financing Authority Current Refunding Revenue Bonds, Series B, 5.00%, 06/01/25		1,893,581
	275,000	Contra Costa Water District Refunding Revenue Bonds, Series T, 5.00%, 10/01/25		319,512
	425,000	County of Marin CA Advance Refunding Public Improvements, 5.00%, 11/01/26		511,585
	225,000	County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D, 5.00%, 07/01/23		248,402
	225,000	County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D, 5.00%, 07/01/26		275,551
	100,000	County of San Diego CA Refunding COP, Series A, 5.00%, 10/15/25		116,127
	100,000	Cucamonga Valley Water District Financing Authority Current Refunding Revenue Bonds, 5.00%, 09/01/24		115,576
	1,445,000	Desert Community College District Refunding GO, 5.00%, 08/01/26		1,781,506

Principal Amount			Value
California (continued)
$	200,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/22	$	210,571
	300,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/23		330,310
	225,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/24		258,102
	150,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/25		178,461
	1,500,000	Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/36		1,999,851
	1,000,000	Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/37		1,328,945
	805,000	Garden Grove Unified School District School Improvements GO, Series C, 5.00%, 08/01/30(a)		893,300
	2,000,000	Los Angeles Community College District/CA Advance Refunding GO, 1.17%, 08/01/26		2,009,520
	200,000	Los Angeles Community College District/CA Refunding GO, Series A, 5.00%, 08/01/25(a)		230,933
	1,100,000	Los Angeles Community College District/CA Refunding GO, Series A, 5.00%, 08/01/29(a)		1,270,131

102

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	1,000,000	Los Angeles Community College District/CA University & College Improvements GO, Series 2008-F, 5.00%, 08/01/24(a)	$	1,109,690
	850,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Senior Series B, 5.00%, 07/01/25		938,993
	3,000,000	Los Angeles County Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 07/01/23		3,312,717
	100,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		110,424
	125,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		143,885
	120,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		138,253
	800,000	Los Angeles County Metropolitan Transportation Authority Green Bond, Series A, 5.00%, 07/01/23		883,391
	125,000	Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds, 5.00%, 07/01/21		125,973
	275,000	Los Angeles County Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.00%, 07/01/24		316,548
	1,125,000	Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/39		1,471,312

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	$	2,230,670
	250,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		276,232
	150,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/22		154,242
	450,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/23		484,618
	600,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/24		674,857
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		5,753,704
	330,000	Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D, 5.00%, 07/01/21		332,570
	1,425,000	Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D, 5.00%, 07/01/22		1,505,983
	100,000	Los Angeles Department of Water & Power Power System Revenue Electricity Light & Power Improvements Revenue Bonds, Series C, 5.00%, 07/01/22		105,683

103

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	195,000	Los Angeles Department of Water & Power Power System Revenue Unrefunded Revenue Bonds, Series A, 5.00%, 07/01/22	$	196,515
	1,800,000	Los Rios Community College District Refunding GO, 5.00%, 08/01/27		1,906,421
	175,000	Marin Community College District Advance Refunding GO, 5.00%, 08/01/23		194,083
	1,100,000	Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A, 5.00%, 08/01/28		1,310,085
	2,000,000	Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 11/01/24(a)		2,283,617
	450,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		475,357
	125,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		143,416
	210,000	Northern California Transmission Agency California-Oregon Project Advance Refunding Revenue Bonds, 5.00%, 05/01/26		255,573
	160,000	Ohlone Community College District Advance Refunding GO, 5.00%, 08/01/24		184,864
	100,000	Orange County Sanitation District Advance Refunding Revenue Bonds, 5.00%, 02/01/26		121,717
	3,000,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A, 5.00%, 02/01/34		3,446,194
	475,000	Orange County Water District Repayment Of Bank Loan Revenue Bonds, Series C, 5.00%, 08/15/25		569,574

Principal Amount			Value
California (continued)
$	100,000	Palomar Community College District University & College Improvements GO, Series 2006-D, 5.00%, 08/01/22	$	106,105
	200,000	Placer County Water Agency Current Refunding COP, 5.00%, 07/01/22		211,414
	150,000	Regents of the University of California Medical Center Pooled Revenue Advance Refunding Revenue Bonds, Series L, 5.00%, 05/15/23		164,680
	1,145,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L, 5.00%, 05/15/24		1,306,357
	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)		1,449,749
	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)		6,785,673
	1,100,000	Rio Hondo Community College District/CA Current Refunding GO, Series B, 5.00%, 08/01/24		1,270,940
	675,000	Rio Hondo Community College District/CA Current Refunding GO, Series B, 5.00%, 08/01/25		808,323
	870,000	Riverside County Transportation Commission Pre-refunding Refunding Notes Highway Improvements, Series A, 5.25%, 06/01/24(a)		961,889
	200,000	Sacramento County Sanitation Districts Financing Authority Current Refunding Revenue Bonds, 5.00%, 08/01/25		239,036
	3,000,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Series A, 5.00%, 08/15/49(b)		3,273,926

104

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	5,250,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B, 5.00%, 08/15/49(b)	$	6,183,831
	275,000	Saddleback Valley Unified School District Refunding GO, 5.00%, 08/01/24		304,988
	5,000,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27		5,017,308
	1,000,000	San Diego Community College District Advance Refunding GO, 5.00%, 08/01/28		1,231,710
	1,030,000	San Diego Community College District Pre-refunded University & College Improvements GO, 5.00%, 08/01/24(a)		1,042,267
	100,000	San Diego County Regional Transportation Commission Sales & Use Tax Refunding Revenue Bonds, Series A, 5.00%, 04/01/25(a)		113,944
	7,800,000	San Diego County Water Authority Advance Refunding Revenue Bonds, Series A, 1.33%, 05/01/28		7,671,871
	120,000	San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds, 5.00%, 05/01/22		125,851
	150,000	San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds, 5.00%, 05/01/23		164,526
	3,800,000	San Diego County Water Authority Refunding Revenue Bonds, Sub-Series S1, 5.00%, 05/01/28		4,912,469
	300,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/25		358,554
	1,115,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/28		1,364,940
	300,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/23		332,643

Principal Amount			Value
California (continued)
$	1,000,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Subseries A, 5.00%, 08/01/31(a)	$	1,060,269
	175,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/22		187,398
	100,000	San Diego Regional Building Authority County Operation Centre Current Advance Revenue Bonds, Series A, 5.00%, 10/15/23		111,807
	1,460,000	San Francisco Bay Area Rapid Transit District Sales Tax Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		1,731,374
	1,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, 5.00%, 08/01/24		1,729,933
	2,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series C-1, 5.00%, 08/01/24		2,883,222
	1,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series C-1, 5.00%, 08/01/28		1,955,154
	500,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A, 5.00%, 05/01/23		548,102
	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		4,657,857
	2,400,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, 5.00%, 05/01/24		2,740,467

105

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	3,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H, 5.00%, 05/01/29	$	3,871,411
	3,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H, 5.00%, 05/01/21		3,000,000
	1,095,000	San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series D, 5.00%, 05/01/26		1,095,000
	1,025,000	San Francisco City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series E, 5.00%, 05/01/40		1,267,531
	1,500,000	San Francisco Municipal Transportation Agency Advance Refunding Revenue Bonds, Series A, 1.54%, 03/01/29		1,465,344
	3,450,000	San Francisco Municipal Transportation Agency Advance Refunding Revenue Bonds, Series A, 1.69%, 03/01/30		3,364,467
	200,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds, 5.00%, 03/01/23		217,556
	175,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds, 5.00%, 03/01/26		212,085
	100,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds, 5.00%, 03/01/27		124,716
	1,290,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds, 5.00%, 03/01/28(a)		1,404,228

Principal Amount			Value
California (continued)
$	830,000	San Jose Evergreen Community College District Advance Refunding GO, 5.00%, 09/01/24	$	961,379
	785,000	San Mateo County Community College District Refunding GO, 5.00%, 09/01/24(a)		836,027
	100,000	San Mateo Joint Powers Financing Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/15/24		115,242
	100,000	San Mateo Joint Powers Financing Authority Public Improvements Capital Project Revenue Bonds, Series A, 5.00%, 07/15/25		119,337
	1,000,000	San Mateo Union High School District Refunding GO, 5.00%, 09/01/27(a)		1,158,627
	275,000	San Mateo Union High School District Refunding GO, Series C, 5.00%, 09/01/24		318,927
	125,000	San Rafael Joint Powers Financing Authority Green Bonds Public Facilities, 5.00%, 06/01/23		137,189
	1,000,000	San Ramon Valley Unified School District/CA School Improvements GO, 5.00%, 08/01/24		1,152,586
	750,000	San Ramon Valley Unified School District/CA School Improvements GO, 5.00%, 08/01/25		895,335
	125,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A, 5.00%, 04/01/26		152,014
	300,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A, 5.00%, 04/01/27		375,378
	250,000	Santa Clara Unified School District Advance Refunding GO, 5.00%, 07/01/22		264,147
	350,000	Santa Clara Unified School District Advance Refunding GO, 5.00%, 07/01/23		386,564

106

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	100,000	Santa Clara Unified School District Advance Refunding GO, 5.00%, 07/01/25	$	114,937
	245,000	Santa Clara Unified School District School Improvements GO, 5.00%, 07/01/27		301,868
	1,540,000	Santa Clarita Community College District Refunding GO, 5.00%, 08/01/24		1,707,935
	100,000	Santa Clarita Community College District University & College Improvements GO, 5.00%, 08/01/26		123,697
	150,000	Santa Monica Public Financing Authority Current Refunding Revenue Bonds, 5.00%, 07/01/25		179,250
	100,000	Southern California Public Power Authority Advance Refunding Revenue Bonds, Series C, 5.00%, 07/01/25		117,086
	225,000	Southern California Public Power Authority Electricity Light & Power Improvements Mead- Pheonix Project Revenue Bonds, 5.00%, 07/01/26		271,383
	100,000	State of California (Other Revenue LOC) Advance Refunding GO, 5.00%, 09/01/22		106,500
	125,000	State of California Advance Refunding GO, 5.00%, 11/01/23		140,048
	325,000	State of California Advance Refunding GO, 5.00%, 09/01/25		390,147
	1,155,000	State of California Advance Refunding GO, 5.00%, 08/01/26		1,425,995
	1,345,000	State of California Advance Refunding GO, Series B, 5.00%, 09/01/23		1,496,553
	3,310,000	State of California Current Refunding GO, 5.00%, 08/01/24		3,822,042
	2,000,000	State of California Current Refunding GO, 5.00%, 10/01/25		2,407,671
	2,355,000	State of California Current Refunding GO, 5.00%, 08/01/26		2,907,548

Principal Amount			Value
California (continued)
$	125,000	State of California Current Refunding GO, 5.00%, 02/01/22	$	129,559
	1,000,000	State of California Current Refunding GO, 5.00%, 10/01/25		1,158,159
	6,065,000	State of California Current Refunding GO, 5.00%, 10/01/26		7,019,753
	200,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX, 5.00%, 12/01/21		205,655
	1,000,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX, 5.00%, 12/01/25		1,210,543
	150,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds, 5.00%, 12/01/22		161,589
	100,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds, 5.00%, 12/01/24		116,933
	1,300,000	State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O, 5.00%, 05/01/22		1,363,256
	100,000	State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N, 5.00%, 05/01/21		100,000
	300,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AS, 5.00%, 12/01/25		350,449
	125,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AV, 5.00%, 12/01/27		153,131
	1,000,000	State of California Multi Utility Improvements GO, 5.00%, 10/01/25		1,203,835

107

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	1,500,000	State of California Refunding GO, 5.00%, 04/01/24	$	1,710,030
	5,740,000	State of California Water Utility Improvements GO, 5.00%, 11/01/29		7,627,012
	550,000	Turlock Irrigation District Revenue Bonds, 5.00%, 01/01/25		642,436
	3,000,000	University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AJ, 4.60%, 05/15/31		3,503,191
	11,000,000	University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AK, 5.00%, 05/15/48(b)		12,076,511
	1,955,000	University of California Advance Refunding Revenue Bonds, Series AY, 5.00%, 05/15/24		2,239,453
	995,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/24(a)		1,091,734
	1,270,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/26(a)		1,393,469
	3,235,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/30(a)		3,549,506
	1,000,000	University of California Current Revenue Bonds, Series I, 5.00%, 05/15/23		1,097,865
	1,575,000	University of California Pre-refunded Limited Project Current Refunding Revenue Bonds, Series G, 5.00%, 05/15/30(a)		1,653,799
	130,000	University of California University & College Improvements Refunding Revenue Bonds, 5.00%, 05/15/23		136,435
	200,000	University of California University & College Improvements Refunding Revenue Bonds, Series BB, 5.00%, 05/15/25		237,934

Principal Amount			Value
California (continued)
$	100,000	University of California University & College Improvements Revenue Bonds, Series AM, 5.00%, 05/15/26	$	114,288
	2,500,000	University of California University & College Improvements Revenue Bonds, Series BE, 5.00%, 05/15/33		3,341,923
	550,000	Upper Santa Clara Valley Joint Powers Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 08/01/40		690,382
	1,000,000	Upper Santa Clara Valley Joint Powers Authority Water Utility Improvements Revenue Bonds, Series A, 4.00%, 08/01/45		1,122,349
	125,000	Ventura County Community College District Advance Refunding GO, 5.00%, 08/01/24		144,425
	1,645,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, 1.32%, 11/01/25		1,653,102
	2,295,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, 1.54%, 11/01/26		2,295,760
	2,000,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, 1.74%, 11/01/27		1,992,185
	3,970,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, 1.96%, 11/01/28		3,956,669
	425,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, 5.00%, 11/01/24		494,817
	100,000	Walnut Energy Center Authority Current Refunding Revenue Bonds, 5.00%, 01/01/23		108,065
	1,100,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/36		1,471,312

108

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
California (continued)
$	1,000,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/37	$	1,333,353
	1,000,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/38		1,327,572
	1,300,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/39		1,721,661
	1,100,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/40		1,450,008
	100,000	William S Hart Union High School District Advance Refunding GO, 5.00%, 08/01/24		115,294
	125,000	Yosemite Community College District Current Refunding GO, 5.00%, 08/01/25		149,222

Total Municipal Bonds (Cost $337,965,238)				346,943,094

CORPORATE BONDS — 0.6%
United States — 0.6%
	2,000,000	Stanford Health Care, Series 2020, 3.31%, 08/15/30		2,194,792
Total Corporate Bonds (Cost $2,000,000)				2,194,792

Shares
INVESTMENT COMPANY — 3.2%
	11,231,362	SEI Daily Income Trust Government II Fund - Class A, 0.01%(c)		11,231,362

Total Investment Company (Cost $11,231,362)				11,231,362

TOTAL INVESTMENTS — 101.3% (Cost $351,196,600)			$	360,369,248
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%				(4,609,191	)
NET ASSETS — 100.0%			$	355,760,057

(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, 2021.
(c)	The rate shown represents the current yield as of April 30, 2021.

The following abbreviations are used in the report:

COP — Certificates of Participation

GO — General Obligation

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
California		97.5	%
Other*		2.5
		100.0	%

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

109

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments	April 30, 2021 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 95.9%
New York — 95.9%
$	2,000,000	Battery Park City Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/25	$	2,235,968
	100,000	Build NYC Resource Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/01/24		114,778
	1,110,000	City of New York Public Improvements GO, Series 2018-1, 5.00%, 08/01/25		1,318,389
	225,000	City of New York Advance Refunding GO, Series 2015-A, 5.00%, 08/01/24		258,543
	2,520,000	City of New York Advance Refunding GO, Series A, 5.00%, 08/01/26		3,090,725
	150,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		159,099
	350,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		371,230
	875,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/23		968,330
	200,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/23		221,333
	1,515,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/27		1,772,895
	125,000	City of New York Advance Refunding GO, Series D, 5.00%, 08/01/24		143,635
	100,000	City of New York Advance Refunding GO, Series E, 5.00%, 08/01/24		114,908
	1,250,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/25		1,484,672
	24,000,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/26		29,435,472
	4,250,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24		4,883,594

Principal Amount			Value
New York (continued)
$	225,000	City of New York Public Improvements GO, Series 1, 5.00%, 08/01/21	$	227,663
	255,000	City of New York Public Improvements GO, Series 1, 5.00%, 08/01/23		282,199
	1,000,000	City of New York Public Improvements GO, Sub-Series D-3, 5.00%, 08/01/38(a)(b)		1,098,163
	1,500,000	City of New York Public Improvements GO, Subseries F-1, 5.00%, 04/01/43		1,828,477
	200,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 04/01/23		218,598
	100,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 03/01/24		108,701
	4,775,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 03/01/28(c)		5,200,581
	100,000	City of New York Public Improvements GO, Sub-Series F-3, 5.00%, 12/01/23(b)		112,173
	200,000	City of New York Public Improvements GO, Sub-Series F-3, 5.00%, 12/01/25(b)		240,092
	1,500,000	City of New York Public Improvements GO, Sub-Series H-A, 5.00%, 01/01/25(b)		1,747,331
	1,325,000	City of New York Public Improvements GO, Sub-Series I-1, 5.00%, 03/01/25		1,499,461
	3,000,000	City of New York Public Improvements GO, Sub-Series I-1, 5.00%, 03/01/26		3,389,557
	275,000	City of New York Refunding Cash Flow Management GO Notes, Series 1, 5.00%, 08/01/22(b)		291,681

110

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	400,000	City of New York Refunding GO, Series C, 5.00%, 08/01/27	$	482,470
	200,000	City of New York Refunding GO, Series D, 5.00%, 08/01/22		212,132
	100,000	City of New York Refunding GO, Series F, 5.00%, 08/01/29		103,556
	9,000,000	City of New York Refunding GO, Series F, 5.00%, 08/01/30		9,317,272
	500,000	City of New York Refunding GO, Series J, 5.00%, 08/01/25		552,736
	150,000	City of New York Refunding GO, Series J, 5.00%, 08/01/22		159,099
	325,000	City of New York Refunding GO, Series J, 5.00%, 08/01/24		373,451
	100,000	City of New York Refunding GO, Sub-Series H-3, 5.00%, 08/01/23(b)		110,666
	2,125,000	County of Nassau Public Improvements GO, Series A, 5.00%, 04/01/22		2,217,715
	2,230,000	County of Nassau Public Improvements GO, Series A, 5.00%, 04/01/23		2,430,182
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 07/01/21		352,731
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 07/01/22		369,891
	100,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 07/01/23		110,470
	110,000	County of Westchester NY Sewer Improvements GO, Series C, 5.00%, 07/01/22		116,251
	375,000	Erie County Fiscal Stability Authority Advance Refunding Revenue Bonds, 5.00%, 09/01/22		399,428

Principal Amount			Value
New York (continued)
$	150,000	Erie County Fiscal Stability Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/22	$	156,358
	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		327,978
	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		142,169
	100,000	Erie County Industrial Development Agency (The) Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/21		100,000
	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		100,360
	1,200,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, 5.00%, 09/01/35		1,519,784
	1,420,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 09/01/34		1,880,155
	500,000	Long Island Power Authority Electric System General Revenue Bonds, 5.00%, 09/01/25		597,844
	4,000,000	Long Island Power Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/25		4,252,172
	2,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/26		2,470,943
	900,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/25		1,078,047

111

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	125,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D, 5.00%, 11/15/24	$	145,044
	100,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F, 5.00%, 11/15/23		111,678
	700,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/23		749,824
	2,225,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/28		2,362,988
	205,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/25		218,935
	1,500,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/30		1,593,045
	370,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, 5.00%, 11/15/26		454,715
	1,500,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, 5.00%, 11/15/48(a)		1,721,705
	150,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2, 5.00%, 11/15/25		179,675
	2,570,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, 5.00%, 11/15/23		2,877,133
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, 5.00%, 11/15/27		316,630
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1, 5.00%, 11/15/23		279,195
	375,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Sub-Series B-2, 5.00%, 11/15/26		463,302

Principal Amount			Value
New York (continued)
$	150,000	Metropolitan Transportation Authority Prerefunded Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/25(c)	$	175,144
	1,600,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/25		1,715,549
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/29		2,679,291
	525,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2, 5.00%, 11/15/48(a)		559,976
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1, 5.00%, 11/15/29(b)		2,768,141
	100,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/23(b)		106,895
	8,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/27(b)		8,493,842
	100,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/22		107,213
	150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1, 5.00%, 11/15/25		176,411
	375,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, 5.00%, 11/15/22		402,017
	600,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, 5.00%, 11/15/23		670,067

112

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	100,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, 5.00%, 11/15/26	$	122,896
	100,000	Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/24		113,575
	5,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/31		6,857,034
	6,250,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/34		8,471,120
	5,500,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/35		7,427,148
	5,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 0.83%, 11/15/26		4,899,716
	5,280,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 1.46%, 11/15/29		5,127,269
	300,000	Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/24		348,336
	2,500,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, 1.75%, 05/01/59(a)		2,521,956
	3,000,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series L, 2.75%, 05/01/50(a)		3,113,926
	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		276,528

Principal Amount			Value
New York (continued)
$	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	$	119,035
	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		1,270,450
	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		331,834
	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		115,051
	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		175,627
	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		150,823
	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		8,447,278
	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		138,264

113

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	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	$	287,628
	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		110,611
	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		604,019
	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		2,380,701
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series S1, (State Aid Withholding), 5.00%, 07/15/30		2,670,238
	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		1,057,989
	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		349,136
	475,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C, 5.00%, 11/01/23		531,927

Principal Amount			Value
New York (continued)
$	250,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C, 5.00%, 11/01/24	$	290,689
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 08/01/23		110,833
	4,375,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 08/01/24		5,041,029
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 02/01/30		3,690,719
	150,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1, 5.00%, 05/01/23		164,462
	200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI, 5.00%, 08/01/25		230,237
	190,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI, 5.00%, 08/01/29		217,662
	2,650,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series I, 5.00%, 05/01/26		2,900,124
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds, 5.00%, 11/01/25		114,057
	150,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B, 5.00%, 11/01/21		153,627

114

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	5,000,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub- Series C, 5.00%, 11/01/23	$	5,599,235
	200,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 08/01/28		237,826
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 05/01/34		6,594,604
	4,575,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series B-1, 5.00%, 11/01/23		5,123,300
	670,000	New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Subseries C, 5.00%, 11/01/27		761,383
	600,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1, 5.00%, 05/01/23		657,849
	300,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1, 5.00%, 05/01/24		342,462
	350,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1, 5.00%, 08/01/23		387,916
	200,000	New York City Water & Sewer System Current Refunding Revenue, 5.00%, 06/15/24		229,625
	1,825,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/26		2,243,468
	2,000,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series CC, 5.00%, 06/15/25		2,379,945

Principal Amount			Value
New York (continued)
$	7,500,000	New York City Water & Sewer System Refunding Revenue Bonds, 5.00%, 06/15/28	$	8,870,758
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2, 5.00%, 06/15/25		2,250,293
	150,000	New York City Water & Sewer System Refunding Revenue Bonds, Series FF, 5.00%, 06/15/25		178,496
	125,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG, 5.00%, 06/15/25		148,747
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG, 5.00%, 06/15/27		2,369,128
	1,040,000	New York City Water & Sewer System Refunding Revenue Bonds, Series HH, 5.00%, 06/15/31		1,045,825
	450,000	New York City Water & Sewer System Refunding Revenue Bonds, Sub- Series BB-2, 5.00%, 06/15/29		560,868
	4,750,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2, 5.00%, 06/15/25		5,344,446
	3,900,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series GG-2, 5.00%, 06/15/26		4,552,961
	1,500,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Subseries FF-1, 5.00%, 06/15/49		1,866,312
	6,170,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, 5.00%, 02/15/25		7,238,759
	390,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, 5.00%, 07/01/23		426,652

115

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	255,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/22	$	265,764
	150,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		158,416
	500,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		574,857
	1,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		1,229,819
	100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D, 5.00%, 02/15/24		113,190
	525,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/24		596,205
	1,600,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/25		1,882,525
	5,000,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/50		6,373,394
	1,575,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2, 5.00%, 07/01/30		2,126,707
	650,000	New York State Dormitory Authority Green Bond Revenue Bonds, 5.00%, 07/01/24		747,314
	3,765,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/26		4,413,216
	1,455,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/30		1,697,741

Principal Amount			Value
New York (continued)
$	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-A, 5.00%, 03/15/24	$	142,031
	150,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/26		179,653
	10,335,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/29		12,294,139
	2,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		2,272,488
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		121,521
	230,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/27		283,209
	350,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/25		410,627
	500,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/30		583,416
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/26		121,100
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/27		155,587
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,838,256
	105,000	New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 12/15/22		113,259
	20,000	New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 12/15/22		21,563

116

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	100,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/23	$	107,826
	200,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/25		230,181
	3,275,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/27		3,976,204
	1,925,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/25		2,176,976
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		3,299,756
	1,600,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/26(c)		1,768,252
	5,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/29		6,474,947
	150,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/24		161,538
	1,025,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26		1,157,641
	4,765,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/29		5,128,308
	350,000	New York State Dormitory Authority Refunding Revenue Bonds, Series C, 5.00%, 03/15/25		397,111
	400,000	New York State Dormitory Authority Refunding Revenue Bonds, Series E, 5.00%, 02/15/24		452,759

Principal Amount			Value
New York (continued)
$	350,000	New York State Dormitory Authority School Improvements Bidding Group 1 Revenue Bonds, Series C, 5.00%, 03/15/23	$	381,652
	625,000	New York State Dormitory Authority School Improvements Bidding Group 2 Unrefunded Refunding Revenue Bonds, 5.00%, 03/15/24		710,153
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/24		142,031
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/27		156,097
	8,050,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/27		10,042,160
	100,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series E, 5.00%, 03/15/23		109,043
	2,500,000	New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A, 5.00%, 02/15/28		3,059,386
	1,305,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		1,481,994
	425,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A, 5.00%, 02/15/26		514,675
	355,000	New York State Dormitory Authority Third Generation Resolution State Universal Refunding Revenue Bonds, 5.00%, 05/15/24		372,833
	150,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/22		158,506

117

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	140,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/24	$	160,721
	2,525,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/25		3,001,222
	100,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/25		118,860
	1,025,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		1,161,706
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		2,147,171
	200,000	New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A, 5.00%, 07/01/22		211,221
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, 5.00%, 03/15/23		109,083
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C, 5.00%, 02/15/27		125,466
	100,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/22		105,454
	175,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/22		184,544

Principal Amount			Value
New York (continued)
$	475,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/27	$	522,787
	6,250,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/28		7,144,280
	100,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/15/22		105,454
	275,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/15/24		316,013
	2,530,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B, 4.00%, 06/15/37		3,003,951
	125,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/15/21		125,699
	1,485,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/15/24		1,565,571
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/36		1,292,664
	3,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/23		3,308,540
	550,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		632,025
	4,240,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/27		5,368,904
	985,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		1,131,900

118

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	100,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds, 5.00%, 06/15/23	$	110,285
	605,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds, 5.00%, 06/15/24		695,228
	100,000	New York State Thruway Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/22		104,221
	375,000	New York State Thruway Authority Current Refunding Revenue Bonds, Series L, 5.00%, 01/01/26		450,770
	150,000	New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A, 5.00%, 04/01/23		156,573
	9,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, 4.00%, 01/01/38		10,451,699
	895,000	New York State Thruway Authority Refunding Revenue Bonds, Series I, 5.00%, 01/01/28(c)		923,975
	2,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series J, 5.00%, 01/01/27		2,242,398
	375,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/24		421,301
	300,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/26		348,991
	250,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/23		269,552

Principal Amount			Value
New York (continued)
$	125,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/24	$	140,434
	200,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/25		232,819
	100,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/27		123,651
	300,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		340,688
	925,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		1,118,891
	1,675,000	New York State Urban Development Corp. Civic Convention Center Revenue Bonds, Series A, 5.00%, 03/15/29		2,173,194
	1,000,000	New York State Urban Development Corp. Civic Convention Center Revenue Bonds, Series A, 5.00%, 03/15/35		1,308,461
	1,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/27		1,246,822
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/29		6,487,147
	425,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/22		442,940
	100,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23		109,043

119

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,050,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/26	$	1,274,843
	1,920,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/28		2,316,308
	200,000	New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C, 5.00%, 03/15/23		218,087
	225,000	New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		255,516
	150,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, 5.00%, 03/15/22		156,332
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, 5.00%, 03/15/26		121,414
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, 5.00%, 03/15/27		124,682
	200,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, 5.00%, 03/15/24		227,126
	15,000,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, 5.00%, 03/15/26		17,000,581
	175,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/23		190,826

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/26	$	5,440,214
	3,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/28		3,261,774
	2,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/29		2,174,516
	1,190,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, 5.00%, 09/01/25		1,419,480
	2,085,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/26		2,463,394
	1,495,000	Port Authority of New York & New Jersey Airport & Marina Impt. Revenue Bonds, 5.00%, 11/01/34		1,936,531
	10,000,000	Port Authority of New York & New Jersey Cash Flow Management Revenue Bonds, Series AAA, 1.09%, 07/01/23		10,155,677
	175,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, 5.00%, 12/15/26		200,040
	2,250,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, 5.00%, 09/01/34		2,586,717
	100,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 175, 5.00%, 12/01/22		107,709
	150,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/24		171,086

120

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	125,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 205, 5.00%, 11/15/22	$	134,365
	800,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27		894,525
	5,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28		5,590,784
	300,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series, 5.00%, 07/15/22		317,584
	100,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series, 5.00%, 07/15/23		110,510
	325,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series, 5.00%, 07/15/24		373,524
	125,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/23		139,726
	475,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/24		551,957
	5,150,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/30		5,945,922
	8,195,000	State of New York Current Refunding GO, Series B, 2.55%, 02/15/29		8,749,419
	425,000	State of New York Green GO, Series A, 5.00%, 02/15/22		441,381
	100,000	State of New York Green GO, Series A, 5.00%, 02/15/26		121,814
	250,000	State of New York Public Improvements GO, Series A, 5.00%, 03/01/24(c)		272,282

Principal Amount			Value
New York (continued)
$	1,100,000	Syracuse Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/22	$	1,153,524
	1,415,000	Syracuse Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/23		1,550,831
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/33		1,183,950
	1,915,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/34		2,256,682
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/35		1,175,055
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/36		1,170,581
	400,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/22		415,336
	150,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/23		150,000
	500,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/26		610,162
	375,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/24		436,491

121

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
New York (continued)
$	3,000,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A-1, 4.00%, 05/15/46	$	3,577,379
	3,715,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/25		4,054,719
	475,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/26		516,818
	1,050,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/27		1,144,450
	1,575,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/29		1,712,989
	100,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 11/15/25		120,375
	265,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 11/15/23		296,943
	435,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 11/15/27		521,249
	6,340,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/29		6,931,953
	1,500,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/30		1,639,731
	250,000	Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds, 5.00%, 11/15/23		280,135
	125,000	Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series A, 5.00%, 11/15/25(c)		148,353

Principal Amount			Value
New York (continued)
$	250,000	Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/27(c)	$	274,735
	150,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/24		174,597
	1,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/22		1,074,279
	100,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/24		107,333
	100,000	Utility Debt Securitization Authority Refunding Revenue Bonds, 5.00%, 12/15/26		116,585
	1,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, 5.00%, 06/15/25		1,928,018
	1,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series A, 5.00%, 06/15/26		1,717,647
	1,080,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E, 5.00%, 12/15/28		1,214,553
	8,720,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E, 5.00%, 12/15/29		9,801,513
	2,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E, 5.00%, 12/15/30		3,088,766
	5,290,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/31		5,935,751
Total Municipal Bonds (Cost $516,107,706)				531,271,409

122

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2021 (Unaudited)

Principal Amount			Value
CORPORATE BONDS — 0.8%
United States — 0.8%
$	4,500,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27	$	4,390,197
Total Corporate Bonds (Cost $4,500,000)				4,390,197

Shares
INVESTMENT COMPANY — 2.6%
	14,625,244	SEI Daily Income Trust Government II Fund - Class A, 0.01%(d)		14,625,244
Total Investment Company (Cost $14,625,244)				14,625,244
TOTAL INVESTMENTS — 99.3% (Cost $535,232,950)			$	550,286,850
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				4,080,102
NET ASSETS — 100.0%			$	554,366,952

(a)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of April 30, 2021.
(b)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(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, 2021.

The following abbreviation is used in the report:

GO — General Obligation

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
New York		95.9	%
Other*		4.1
		100.0	%

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

123

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	April 30, 2021 (Unaudited)

	ALL CAP CORE FUND			SMALL & MID CAP STRATEGIES FUND			LARGE CAP STRATEGIES FUND			CREDIT INCOME FUND
ASSETS:
Investments, at fair value - unaffiliated		$	2,847,779,139		$	9,301,025,578		$	23,148,182,589		$	2,637,632,847
Foreign currency, at value (Cost $0, $8,126,015, $7,443 and $0 respectively)			—			8,067,475			7,336			—
Cash			4			—			114,086			—
Due from broker for collateral			—			—			—			2,340,000
Dividends and interest receivable			1,815,842			11,397,379			23,655,448			10,101,533
Receivable for Fund shares sold			598,237			8,850,539			19,459,439			2,799,448
Receivable for investments sold			—			7,930,827			65,368,720			1,188,026
Prepaid expenses			9,797			16,963			33,964			8,809
Total Assets			2,850,203,019			9,337,288,761			23,256,821,582			2,654,070,663
LIABILITIES:
Payable for Fund shares redeemed			745,991			1,503,043			2,894,183			1,101,278
Payable for investments purchased			—			65,298,504			64,292,364			10,687,372
Unrealized depreciation on swap contracts (Premiums received $0, $0, $0 and $460,008 respectively)			—			—			—			1,456,352
Foreign deferred taxes on unrealized appreciation (Note 8)			—			1,136,830			22,362,122			—
Accrued expenses and other payables:
Investment advisory			1,649,881			6,461,781			16,142,845			1,299,241
Administration			144,957			461,408			1,152,860			135,895
Shareholder servicing fee			487,424			1,588,417			3,994,615			455,165
Custody			24,209			38,112			364,602			31,674
Directors			16,035			44,936			121,682			4,369
Legal and Audit			47,765			137,603			275,248			—
Other			46,731			202,876			317,827			31,683
Total Liabilities			3,162,993			76,873,510			111,918,348			15,203,029
NET ASSETS		$	2,847,040,026		$	9,260,415,251		$	23,144,903,234		$	2,638,867,634
NET ASSETS consist of:
Capital paid-in		$	1,522,240,043		$	6,111,189,263		$	14,658,552,961		$	2,646,603,498
Total accumulated earnings/(loss)			1,324,799,983			3,149,225,988			8,486,350,273			(7,735,864	)
NET ASSETS		$	2,847,040,026		$	9,260,415,251		$	23,144,903,234		$	2,638,867,634
Net Asset Value, maximum offering price and redemption price per share		$	24.44		$	19.75		$	18.53		$	9.99
Number of shares authorized			2,500,000,000			3,500,000,000			3,000,000,000			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			116,495,047			468,897,316			1,249,203,485			264,020,328
INVESTMENTS, AT COST		$	1,725,554,049		$	6,632,381,119		$	15,783,760,575		$	2,657,268,536

See Notes to Financial Statements.

124

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2021 (Unaudited)

	FIXED INCOME FUND			MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND		NEW YORK MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value - unaffiliated		$	1,527,288,657		$	3,909,415,617	$	360,369,248	$	550,286,850
Cash			—			—		1		1
Dividends and interest receivable			8,252,937			43,749,417		4,198,858		6,565,601
Receivable for Fund shares sold			206,661			2,826,881		3,000		1,553,750
Receivable for investments sold			4,792,008			—		—		—
Prepaid expenses			8,703			12,565		6,771		7,048
Total Assets			1,540,548,966			3,956,004,480		364,577,878		558,413,250
LIABILITIES:
Payable for Fund shares redeemed			1,945,877			230,031		21,008		163,000
Payable for investments purchased			9,791,690			60,272,850		8,602,139		3,581,790
Accrued expenses and other payables:
Investment advisory			381,913			979,683		79,813		129,686
Administration			82,116			202,339		22,499		32,350
Shareholder servicing fee			268,722			683,074		62,691		96,818
Custody			20,155			51,230		4,702		7,261
Directors			12,609			31,165		3,087		4,394
Legal and Audit			38,232			60,442		7,323		12,158
Other			32,559			100,181		14,559		18,841
Total Liabilities			12,573,873			62,610,995		8,817,821		4,046,298
NET ASSETS		$	1,527,975,093		$	3,893,393,485	$	355,760,057	$	554,366,952
NET ASSETS consist of:
Capital paid-in		$	1,511,889,209		$	3,756,231,039	$	344,437,887	$	537,477,408
Total accumulated earnings			16,085,884			137,162,446		11,322,170		16,889,544
NET ASSETS		$	1,527,975,093		$	3,893,393,485	$	355,760,057	$	554,366,952
Net Asset Value, maximum offering price and redemption price per share		$	11.36		$	12.45	$	10.48	$	10.52
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			134,505,646			312,730,825		33,962,623		52,675,744
INVESTMENTS, AT COST		$	1,503,730,183		$	3,811,376,288	$	351,196,600	$	535,232,950

See Notes to Financial Statements.

125

Old Westbury Funds, Inc.
Statements of Operations
	For the Period Ended April 30, 2021 (Unaudited)

	ALL CAP CORE FUND				SMALL & MID CAP STRATEGIES FUND				LARGE CAP STRATEGIES FUND				CREDIT INCOME FUND
INVESTMENT INCOME:
Interest		$	2,446			$	—			$	130,949			$	54,942,323
Dividends			11,163,375				37,107,380				124,436,948				7,476,580
Foreign tax withheld			(63,603	)			(2,440,840	)			(2,579,664	)			—
Total investment income			11,102,218				34,666,540				121,988,233				62,418,903
EXPENSES:
Investment advisory fees			8,827,328				35,357,705				83,851,015				6,749,710
Shareholder servicing fees			2,600,400				8,319,460				20,727,737				2,317,703
Administration and Accounting fees			593,096				1,869,822				4,639,951				529,912
Custodian fees			216,707				946,152				2,548,314				64,630
Directors fees and expenses			32,127				97,715				251,777				27,132
Insurance premiums			10,998				19,043				38,132				9,889
Legal and Audit fees			52,990				171,247				381,836				92,487
Printing and postage fees			11,342				25,308				57,225				10,072
Registration fees			16,440				22,873				27,702				12,640
Transfer agent fees			116,701				354,759				884,905				97,902
Miscellaneous expenses			11,450				166,650				56,263				54,838
Total expenses			12,489,579				47,350,734				113,464,857				9,966,915
Expenses waived by Advisor			—				(1,593,704	)			—				(116,678	)
Net expenses			12,489,579				45,757,030				113,464,857				9,850,237
NET INVESTMENT INCOME/(LOSS)			(1,387,361	)			(11,090,490	)			8,523,376				52,568,666

NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES:
Net realized gain/(loss) on:
Investments			209,737,330				518,927,784				1,188,111,513				1,775,136
Futures contracts			—				—				—				(18,120	)
Swap agreements			—				—				—				(731,898	)
Foreign currency transactions			(73,074	)			(749,629	)			(758,515	)			—
Foreign capital gains tax			—				(4,290	)			(30,169	)			—
Net change in unrealized appreciation/ (depreciation) on:
Investments			363,438,963				1,592,235,737				2,955,774,656				(9,032,092	)
Swap agreements			—				—				—				(1,229,704	)
Foreign currency transactions			598				(13,780	)			140,516				—
Foreign deferred taxes on unrealized appreciation			—				(1,136,830	)			(22,362,122	)			—
Net realized and change in unrealized gain/ (loss) on investments, futures contracts, swap agreements, foreign currency transactions, net of foreign taxes			573,103,817				2,109,258,992				4,120,875,879				(9,236,678	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	571,716,456			$	2,098,168,502			$	4,129,399,255			$	43,331,988

See Notes to Financial Statements.

126

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2021 (Unaudited)

	FIXED INCOME FUND				MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND			NEW YORK MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest		$	12,534,404		$	33,378,771		$	3,334,621			$	4,670,419
Dividends			824			6,656			458				1,239
Total investment income			12,535,228			33,385,427			3,335,079				4,671,658
EXPENSES:
Investment advisory fees			3,262,514			7,741,222			874,848				1,300,310
Shareholder servicing fees			1,649,421			4,208,683			388,821				587,484
Administration and Accounting fees			373,952			934,737			97,728				141,256
Custodian fees			123,707			315,651			29,162				44,061
Directors fees and expenses			22,924		��	57,672			5,485				8,056
Insurance premiums			9,772			14,106			7,604				7,915
Legal and Audit fees			40,185			81,641			11,783				15,147
Printing and postage fees			9,374			16,482			6,072				6,606
Registration fees			15,146			24,363			14,711				13,654
Transfer agent fees			82,928			200,357			24,063				32,947
Miscellaneous expenses			18,115			60,931			20,674				23,683
Total expenses			5,608,038			13,655,845			1,480,951				2,181,119
Expenses waived by Advisor			(907,189	)		(1,661,099	)		(372,811	)			(506,790	)
Net expenses			4,700,849			11,994,746			1,108,140				1,674,329
NET INVESTMENT INCOME			7,834,379			21,390,681			2,226,939				2,997,329

NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain on:
Investments			2,219,751			35,737,296			1,700,403				1,312,411
Net change in unrealized appreciation/(depreciation) on:
Investments			(28,778,013	)		(39,170,799	)		(2,656,574	)			687,693
Net realized and change in unrealized gain/(loss) on investments			(26,558,262	)		(3,433,503	)		(956,171	)			2,000,104
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(18,723,883	)	$	17,957,178		$	1,270,768			$	4,997,433

See Notes to Financial Statements.

127

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

	ALL CAP CORE FUND
	FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)				FOR THE YEAR ENDED OCTOBER 31, 2020
FROM OPERATIONS:
Net investment income/(loss)		$	(1,387,361	)		$	1,982,763
Net realized gain on investments, futures contracts, swap agreements, foreign capital gains tax, foreign currency transactions			209,664,256				80,145,937
Net change in unrealized appreciation/(depreciation) on investments, swap agreements, foreign currency transactions, net of foreign deferred taxes			363,439,561				299,945,554
Net increase/(decrease) in net assets resulting from operations			571,716,456				382,074,254

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains			(79,249,856	)			(158,030,798	)
Total distributions to shareholders			(79,249,856	)			(158,030,798	)

CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			179,443,705				486,652,689
Reinvestment of distributions			53,810,174				102,617,948
Value of capital stock redeemed			(162,586,127	)			(295,695,429	)
Net increase in net assets resulting from capital stock transactions			70,667,752				293,575,208
Net increase in net assets			563,134,352				517,618,664


NET ASSETS:
Beginning of period			2,283,905,674				1,766,287,010
End of period		$	2,847,040,026			$	2,283,905,674

CAPITAL SHARE TRANSACTIONS:
Shares sold			8,026,042				29,839,413
Shares issued as reinvestment of distributions			2,518,024				5,768,294
Shares redeemed			(7,241,361	)			(16,180,914	)
Net increase in shares outstanding			3,302,705				19,426,793

(a)	For the period from October 1, 2020 (commencement of operations) to October 31, 2020.

See Notes to Financial Statements.

128

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

SMALL & MID CAP STRATEGIES FUND						LARGE CAP STRATEGIES FUND						CREDIT INCOME FUND
FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2020			FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2020			FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)			FOR THE PERIOD ENDED OCTOBER 31, 2020(a)

$	(11,090,490	)	$	11,050,629		$	8,523,376		$	81,211,125		$	52,568,666		$	7,974,055

	518,173,865			263,003,458			1,187,322,829			204,768,837			1,025,118			64,477

	1,591,085,127			180,589,854			2,933,553,050			833,559,388			(10,261,796	)		(10,830,238	)
	2,098,168,502			454,643,941			4,129,399,255			1,119,539,350			43,331,988			(2,791,706	)

	(256,159,437	)		(294,105,663	)		(272,974,801	)		(841,174,746	)		(48,276,146	)		—
	(256,159,437	)		(294,105,663	)		(272,974,801	)		(841,174,746	)		(48,276,146	)		—

	898,388,680			1,067,779,413			2,210,800,340			1,940,470,637			769,613,664			1,950,834,733
	149,738,738			158,298,276			150,793,033			449,497,820			17,412,913			—
	(394,963,807	)		(899,814,445	)		(682,647,791	)		(2,060,679,178	)		(82,413,732	)		(8,844,080	)
	653,163,611			326,263,244			1,678,945,582			329,289,279			704,612,845			1,941,990,653
	2,495,172,676			486,801,522			5,535,370,036			607,653,883			699,668,687			1,939,198,947

	6,765,242,575			6,278,441,053			17,609,533,198			17,001,879,315			1,939,198,947			—
$	9,260,415,251		$	6,765,242,575		$	23,144,903,234		$	17,609,533,198		$	2,638,867,634		$	1,939,198,947

	47,313,206			80,097,942			125,143,557			139,256,546			76,247,577			195,093,897
	8,231,926			10,245,843			8,975,775			30,745,405			1,739,372			—
	(21,154,585	)		(63,865,971	)		(39,226,367	)		(149,768,926	)		(8,176,378	)		(884,140	)
	34,390,547			26,477,814			94,892,965			20,233,025			69,810,571			194,209,757

See Notes to Financial Statements.

129

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

	FIXED INCOME FUND
	FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)				FOR THE YEAR ENDED OCTOBER 31, 2020
FROM OPERATIONS:
Net investment income		$	7,834,379			$	22,001,592
Net realized gain on investments			2,219,751				42,920,519
Net change in unrealized appreciation/(depreciation) on investments			(28,778,013	)			13,941,459
Net increase/(decrease) in net assets resulting from operations			(18,723,883	)			78,863,570

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains			(47,640,379	)			(27,441,587	)
Total distributions to shareholders			(47,640,379	)			(27,441,587	)

CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			159,210,832				388,948,214
Reinvestment of distributions			32,373,114				16,254,462
Value of capital stock redeemed			(266,330,401	)			(280,356,378	)
Net increase/(decrease) in net assets resulting from capital stock transactions			(74,746,455	)			124,846,298
Net increase/(decrease) in net assets			(141,110,717	)			176,268,281

NET ASSETS:
Beginning of period			1,669,085,810				1,492,817,529
End of period		$	1,527,975,093			$	1,669,085,810

CAPITAL SHARE TRANSACTIONS:
Shares sold			13,795,574				33,141,790
Shares issued as reinvestment of distributions			2,804,378				1,391,381
Shares redeemed			(23,304,162	)			(23,950,896	)
Net increase/(decrease) in shares outstanding			(6,704,210	)			10,582,275

See Notes to Financial Statements.

130

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

MUNICIPAL BOND FUND								CALIFORNIA MUNICIPAL BOND FUND								NEW YORK MUNICIPAL BOND FUND
FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)				FOR THE YEAR ENDED OCTOBER 31, 2020				FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)				FOR THE YEAR ENDED OCTOBER 31, 2020				FOR THE PERIOD ENDED APRIL 30, 2021 (Unaudited)				FOR THE YEAR ENDED OCTOBER 31, 2020

	$	21,390,681			$	47,555,158			$	2,226,939			$	4,205,556			$	2,997,329			$	6,179,581
		35,737,296				29,034,242				1,700,403				2,818,592				1,312,411				3,909,922
		(39,170,799	)			49,604,957				(2,656,574	)			4,938,511				687,693				3,998,762
		17,957,178				126,194,357				1,270,768				11,962,659				4,997,433				14,088,265

		(43,860,327	)			(47,868,985	)			(5,010,112	)			(4,840,879	)			(6,912,157	)			(7,571,015	)
		(43,860,327	)			(47,868,985	)			(5,010,112	)			(4,840,879	)			(6,912,157	)			(7,571,015	)

		407,765,523				969,547,176				41,367,629				120,629,965				77,592,487				171,679,217
		17,394,607				12,512,019				2,669,809				2,055,461				3,153,935				2,870,995
		(707,502,672	)			(517,589,369	)			(84,905,495	)			(69,000,182	)			(106,965,053	)			(97,419,168	)
		(282,342,542	)			464,469,826				(40,868,057	)			53,685,244				(26,218,631	)			77,131,044
		(308,245,691	)			542,795,198				(44,607,401	)			60,807,024				(28,133,355	)			83,648,294

		4,201,639,176				3,658,843,978				400,367,458				339,560,434				582,500,307				498,852,013
	$	3,893,393,485			$	4,201,639,176			$	355,760,057			$	400,367,458			$	554,366,952			$	582,500,307

		32,581,214				77,962,776				3,932,951				11,522,959				7,336,014				16,381,052
		1,389,099				1,010,713				253,239				197,029				298,744				274,948
		(56,836,559	)			(41,902,780	)			(8,094,518	)			(6,593,752	)			(10,158,375	)			(9,346,387	)
		(22,866,246	)			37,070,709				(3,908,328	)			5,126,236				(2,523,617	)			7,309,613

See Notes to Financial Statements.

131

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

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30,
	2021			YEAR ENDED OCTOBER 31,
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	20.18		$	18.84		$	17.08		$	16.50		$	13.69		$	13.92
Investment operations:
Net investment income (loss)		(0.01	)(a)		0.02	(a)		0.09	(a)		0.07	(a)		0.10	(a)		0.14	(a)
Net realized and unrealized gains/(losses)		4.97			3.02			2.44			0.84			2.86			(0.05	)
Total from investment operations		4.96			3.04			2.53			0.91			2.96			0.09
Distributions:
Net investment income		(0.01	)		(0.08	)		(0.08	)		(0.09	)		(0.15	)		(0.16	)
Net realized gains		(0.69	)		(1.62	)		(0.69	)		(0.24	)		—			(0.16	)
Total distributions		(0.70	)		(1.70	)		(0.77	)		(0.33	)		(0.15	)		(0.32	)
Net asset value, end of period	$	24.44		$	20.18		$	18.84		$	17.08		$	16.50		$	13.69
Total return		25.1	%(b)		17.3	%		15.7	%		5.6	%		21.8	%		0.7	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	2,847,040		$	2,283,906		$	1,766,287		$	1,839,663		$	1,772,368		$	1,246,197
Ratio of expenses to average net assets before expense waivers		0.96%(c)(d)			0.97%(d)			0.98%(d)			0.98%(d)			0.99%(d)			1.00%(d)
Ratio of expenses to average net assets after expense waivers		0.96%(c)			0.97%			0.98%			0.98%			0.99%			1.00%
Ratio of net investment income/(loss) to average net assets		(0.11%)(c)			0.10%			0.51%			0.42%			0.67%			1.07%
Portfolio turnover rate		25%(b)			43%			31%			38%			57%			34%

(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.

132

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30,
	2021			YEAR ENDED OCTOBER 31,
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	15.57		$	15.39		$	15.85		$	17.49		$	15.81		$	15.86
Investment operations:
Net investment income (loss)		(0.02	)(a)		0.03	(a)		0.09	(a)		0.08	(a)		0.10	(a)		0.09	(a)
Net realized and unrealized gains/(losses)		4.80			0.88			1.10			(0.47	)		2.54			0.66
Total from investment operations		4.78			0.91			1.19			0.39			2.64			0.75
Distributions:
Net investment income		(0.03	)		(0.09	)		(0.09	)		(0.11	)		(0.09	)		(0.12	)
Net realized gains		(0.57	)		(0.64	)		(1.56	)		(1.14	)		(0.87	)		(0.68	)
Total distributions		(0.60	)		(0.73	)		(1.65	)		(1.25	)		(0.96	)		(0.80	)
Net asset value, end of period	$	19.75		$	15.57		$	15.39		$	15.85		$	17.49		$	15.81
Total return		31.0	%(b)		5.9	%		9.4	%		(2.6	)%		17.6	%		5.1	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	9,260,415		$	6,765,243		$	6,278,441		$	6,222,492		$	6,562,381		$	5,471,624
Ratio of expenses to average net assets before expense waivers		1.14%(c)(d)			1.15%(d)			1.15%(d)			1.15%(d)			1.15%(d)			1.16%(d)
Ratio of expenses to average net assets after expense waivers		1.10%(c)			1.11%			1.11%			1.11%			1.11%			1.11%
Ratio of net investment income/(loss) to average net assets		(0.27%)(c)			0.17%			0.58%			0.48%			0.59%			0.61%
Portfolio turnover rate		25%(b)			65%			52%			62%			45%			48%

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

133

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

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30,
	2021			YEAR ENDED OCTOBER 31,
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	15.26		$	14.99		$	13.87		$	14.85		$	12.95		$	13.01
Investment operations:
Net investment income		0.01	(a)		0.07	(a)		0.13	(a)		0.13	(a)		0.11	(a)		0.08	(a)
Net realized and unrealized gains/(losses)		3.50			0.94			1.58			(0.26	)		2.02			0.16
Total from investment operations		3.51			1.01			1.71			(0.13	)		2.13			0.24
Distributions:
Net investment income		(0.05	)		(0.12	)		(0.14	)		(0.10	)		(0.10	)		(0.10	)
Net realized gains		(0.19	)		(0.62	)		(0.45	)		(0.75	)		(0.13	)		(0.20	)
Total distributions		(0.24	)		(0.74	)		(0.59	)		(0.85	)		(0.23	)		(0.30	)
Net asset value, end of period	$	18.53		$	15.26		$	14.99		$	13.87		$	14.85		$	12.95
Total return		23.1	%(b)		7.0	%		12.9	%		(1.1	)%		16.7	%		1.9	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	23,144,903		$	17,609,533		$	17,001,879		$	16,499,149		$	17,243,479		$	14,595,891
Ratio of expenses to average net assets before expense waivers		1.09%(c)(d)(e)			1.10%(d)(e)			1.10%(d)(e)			1.11%(d)(e)			1.11%(d)(e)			1.11%(d)(e)
Ratio of expenses to average net assets after expense waivers		1.09%(c)			1.10%			1.10%			1.11%			1.11%			1.11%
Ratio of net investment income to average net assets		0.08%(c)			0.48%			0.93%			0.86%			0.77%			0.67%
Portfolio turnover rate		25%(b)			76%			73%			38%			61%			50%

(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.

134

Old Westbury Funds, Inc.
Credit Income Fund
Financial Highlights

For a Share Outstanding Throughout the Period.

	SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)			PERIOD FROM OCTOBER 1, 2020(a) TO OCTOBER 31, 2020
Net asset value, beginning of period	$	9.99		$	10.00
Investment operations:
Net investment income		0.23	(b)		0.05	(b)
Net realized and unrealized losses		(0.01	)		(0.06	)
Total from investment operations		0.22			(0.01	)
Distributions:
Net investment income		(0.22	)		—
Total distributions		(0.22	)		—
Net asset value, end of period	$	9.99		$	9.99
Total return		2.2	%(c)		(0.1	)%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	2,638,868		$	1,939,199
Ratio of expenses to average net assets before expense waivers		0.86%(d)(e)			0.94%(d)(e)
Ratio of expenses to average net assets after expense waivers		0.85%(d)			0.85%(d)
Ratio of net investment income to average net assets		4.54%(d)			5.33%(d)
Portfolio turnover rate		13%(c)			1%(c)

(a)	Commencement of Investment Operations.
(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.

135

Old Westbury Funds, Inc.
Fixed Income Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30,
	2021			YEAR ENDED OCTOBER 31,
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	11.82		$	11.43		$	10.75		$	11.11		$	11.28		$	11.19
Investment operations:
Net investment income		0.06	(a)		0.16	(a)		0.21	(a)		0.19	(a)		0.14	(a)		0.12	(a)
Net realized and unrealized gains/(losses)		(0.18	)		0.43			0.69			(0.35	)		(0.15	)		0.11
Total from investment operations		(0.12	)		0.59			0.90			(0.16	)		(0.01	)		0.23
Distributions:
Net investment income		(0.10	)		(0.20	)		(0.22	)		(0.20	)		(0.16	)		(0.14	)
Net realized gains		(0.24	)		—			—			—			—			—
Total distributions		(0.34	)		(0.20	)		(0.22	)		(0.20	)		(0.16	)		(0.14	)
Net asset value, end of period	$	11.36		$	11.82		$	11.43		$	10.75		$	11.11		$	11.28
Total return		(1.1	)%(b)		5.2	%		8.4	%		(1.5	)%		(1.0	)%		2.1	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	1,527,975		$	1,669,086		$	1,492,818		$	865,030		$	825,545		$	785,417
Ratio of expenses to average net assets before expense waivers		0.68%(c)			0.68%			0.70%			0.72%			0.72%			0.74%
Ratio of expenses to average net assets after expense waivers		0.57%(c)			0.57%			0.57%			0.62%			0.62%			0.64%
Ratio of net investment income to average net assets		0.95%(c)			1.39%			1.93%			1.70%			1.28%			1.07%
Portfolio turnover rate		21%(b)			87%			34%			49%			70%			68%

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

See Notes to Financial Statements.

136

Old Westbury Funds, Inc.
Municipal Bond Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30,
	2021			YEAR ENDED OCTOBER 31,
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	12.52		$	12.26		$	11.63		$	11.95		$	12.09		$	12.00
Investment operations:
Net investment income		0.06	(a)		0.15	(a)		0.18	(a)		0.17	(a)		0.14	(a)		0.14	(a)
Net realized and unrealized gains/(losses)		—			0.26			0.62			(0.33	)		(0.08	)		0.10
Total from investment operations		0.06			0.41			0.80			(0.16	)		0.06			0.24
Distributions:
Net investment income		(0.06	)		(0.15	)		(0.17	)		(0.16	)		(0.14	)		(0.14	)
Net realized gains		(0.07	)		—			—			—			(0.06	)		(0.01	)
Total distributions		(0.13	)		(0.15	)		(0.17	)		(0.16	)		(0.20	)		(0.15	)
Net asset value, end of period	$	12.45		$	12.52		$	12.26		$	11.63		$	11.95		$	12.09
Total return		0.5	%(b)		3.4	%		6.9	%		(1.4	)%		0.5	%		2.1	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	3,893,393		$	4,201,639		$	3,658,844		$	2,297,532		$	2,235,503		$	2,055,136
Ratio of expenses to average net assets before expense waivers		0.65%(c)			0.65%			0.66%			0.67%			0.67%			0.69%
Ratio of expenses to average net assets after expense waivers		0.57%(c)			0.57%			0.57%			0.57%			0.57%			0.59%
Ratio of net investment income to average net assets		1.02%(c)			1.21%			1.46%			1.41%			1.17%			1.17%
Portfolio turnover rate		19%(b)			40%			26%			51%			31%			44%

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

See Notes to Financial Statements.

137

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

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2020			PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
Net asset value, beginning of period	$	10.57		$	10.37		$	10.00
Investment operations:
Net investment income		0.06	(b)		0.12	(b)		0.12	(b)
Net realized and unrealized gains/(losses)		(0.01	)		0.22			0.36
Total from investment operations		0.05			0.34			0.48
Distributions:
Net investment income		(0.06	)		(0.12	)		(0.11	)
Net realized gains		(0.08	)		(0.02	)		—
Total distributions		(0.14	)		(0.14	)		(0.11	)
Net asset value, end of period	$	10.48		$	10.57		$	10.37
Total return		0.4	%(c)		3.3	%		4.8	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	355,760		$	400,367		$	339,560
Ratio of expenses to average net assets before expense waivers		0.76%(d)			0.76%			0.78%(d)
Ratio of expenses to average net assets after expense waivers		0.57%(d)			0.57%			0.57%(d)
Ratio of net investment income to average net assets		1.09%(d)			1.13%			1.32%(d)
Portfolio turnover rate		11%(c)			26%			41%(c)

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

See Notes to Financial Statements.

138

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2020			PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
Net asset value, beginning of period	$	10.55		$	10.42		$	10.00
Investment operations:
Net investment income		0.05	(b)		0.12	(b)		0.13	(b)
Net realized and unrealized gain		0.04			0.16			0.40
Total from investment operations		0.09			0.28			0.53
Distributions:
Net investment income		(0.05	)		(0.12	)		(0.11	)
Net realized gains		(0.07	)		(0.03	)		—
Total distributions		(0.12	)		(0.15	)		(0.11	)
Net asset value, end of period	$	10.52		$	10.55		$	10.42
Total return		0.9	%(c)		2.7	%		5.4	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	554,367		$	582,500		$	498,852
Ratio of expenses to average net assets before expense waivers		0.74%(d)			0.75%			0.77%(d)
Ratio of expenses to average net assets after expense waivers		0.57%(d)			0.57%			0.57%(d)
Ratio of net investment income to average net assets		1.02%(d)			1.13%			1.42%(d)
Portfolio turnover rate		11%(c)			37%			29%(c)

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

See Notes to Financial Statements.

139

Old Westbury Funds, Inc.
Notes to Financial Statements
	*April 30, 2021*

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, 2021, the Corporation consisted of eight 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 Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”)		Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”)		Long-term capital appreciation.
Old Westbury Credit Income Fund (“Credit Income Fund”)*		Income and 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).

* Credit Income Fund commenced operations on October 1, 2020.

The Corporation has authorized a total of 20.5 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.

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

140

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

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

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

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

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

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

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

141

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

Cap Strategies Fund and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 36 days during the six months ended April 30, 2021. 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, 2021, 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 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 re-designated 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, 2021, 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 and foreign currency transactions in the Statements of Operations.

142

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

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 to the extent required under applicable law and rules. 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, 2021.

F. 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.

G. 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.

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

I. 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.

143

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

J. 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.

K. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Credit Income Fund, 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, Small & Mid Cap Strategies Fund and Large Cap Strategies 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.

L. 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.

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. 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 a 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.

An outbreak of a respiratory disease caused by a novel coronavirus (“COVID-19”) has spread globally in a short period of time. In an organized attempt to contain and mitigate the effects of COVID-19, governments and businesses world-wide have taken aggressive measures, including businesses canceling dividends to preserve cash, governments closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of health care services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The effects of COVID-19 have affected and are likely to continue to affect certain sectors and industries more dramatically than others, and the effects borne by some will negatively affect the value of the issuers in those sectors and industries, which may adversely affect the value of a Fund’s investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time. It is impossible to predict the effects on the Funds of these or similar events and market conditions in the future. However, it is possible that these or similar events and market conditions could have a significant and adverse effect on the NAV and/or risk profile of a Fund.

In March 2020, the Board of Governors of the Federal Reserve System (the “Fed”) reduced the federal funds rate to at or near zero percent in an effort to stimulate the economy following market turmoil due to the COVID-19 pandemic. It is uncertain for how long the Fed will continue to keep rates near zero. If the Fed raises interest rates, there is a risk that interest rates across the U. S. financial markets will raise suddenly and significantly, thereby exposing fixed income and related markets to heightened volatility and reduced liquidity. Such market

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	*April 30, 2021*

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.

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.

C. LIBOR Risk.

Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). In July 2017, the Financial Conduct Authority, the United Kingdom’s financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. The future publication and utilization of LIBOR, and the nature of any replacement rate, is uncertain. Therefore, the potential effect of a transition away from LIBOR on as Fund or the financial instruments in which a Fund invests cannot yet be determined.

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, 2021 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	$	2,822,800,707(b)	$	—	$	—	$	2,822,800,707
Investment Company		24,978,432		—		—		24,978,432
Total	$	2,847,779,139	$	—	$	—	$	2,847,779,139

Small & Mid Cap Strategies Fund
Equity Securities
Argentina	$	37,937,596	$	—	$	—	$	37,937,596
Australia		159,283,930		1		—		159,283,931
Austria		3,732,586		—		—		3,732,586
Belgium		24,171,880		—		—		24,171,880
Bermuda		34,620,135		—		—		34,620,135
Brazil		29,899,972		—		—		29,899,972
Canada		245,135,897		—		—		245,135,897
China		284,812,820		26,975,938		29,020		311,817,778
Costa Rica		4,146,800		—		—		4,146,800
Denmark		139,178,559		—		—		139,178,559
Finland		61,313,028		—		—		61,313,028
France		61,774,921		—		—		61,774,921
Germany		180,385,979		—		—		180,385,979
Greece		9,748,744		—		—		9,748,744

145

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	*April 30, 2021*

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Hong Kong	$	40,671,472	$	—	$	13,281	$	40,684,753
Iceland		8,464,232		—		—		8,464,232
India		56,648,496		—		—		56,648,496
Indonesia		1,876,663		—		—		1,876,663
Ireland		19,486,887		—		—		19,486,887
Israel		186,529,259		—		—		186,529,259
Italy		46,676,757		—		—		46,676,757
Japan		577,377,393		—		—		577,377,393
Jersey Channel Islands		55,502,138		—		—		55,502,138
Netherlands		106,691,560		—		—		106,691,560
New Zealand		49,650,869		—		—		49,650,869
Norway		9,423,546		—		—		9,423,546
Peru		3,168,720		—		—		3,168,720
Poland		17,937,045		—		—		17,937,045
Portugal		1,229,926		—		—		1,229,926
Russia		50,719,005		—		—		50,719,005
Singapore		6,861,419		—		4,346		6,865,765
South Africa		6,883,685		—		—		6,883,685
South Korea		109,182,851		—		—		109,182,851
Spain		29,253,889		—		—		29,253,889
Sweden		140,201,530		—		—		140,201,530
Switzerland		198,852,257		—		—		198,852,257
Taiwan		135,429,883		—		—		135,429,883
Thailand		17,237,183		19,309,158		—		36,546,341
Turkey		49,427,908		—		—		49,427,908
United Kingdom		618,362,283		—		—		618,362,283
United States		4,178,583,429		—		—		4,178,583,429
Vietnam		1,890,116		—		—		1,890,116
Total Equity Securities	$	8,000,363,248	$	46,285,097	$	46,647	$	8,046,694,992
Rights/Warrants		—		—		—		—
Exchange-Traded Funds		896,440,993		—		—		896,440,993
Investment Company		11,248,157		—		—		11,248,157
Cash Sweep		346,641,436		—		—		346,641,436
Total	$	9,254,693,834	$	46,285,097	$	46,647	$	9,301,025,578

Large Cap Strategies Fund
Equity Securities	$	20,852,442,451(b)	$	96,073,993(b)(c)	$	—	$	20,948,516,444
Preferred Stocks		4,465,939(b)		—		—		4,465,939
Rights/Warrants		—		—		—		—
Exchange-Traded Funds		1,612,107,613		—		—		1,612,107,613
Investment Company		583,092,593		—		—		583,092,593
Total	$	23,052,108,596	$	96,073,993	$	—	$	23,148,182,589

Credit Income Fund
Preferred Stocks	$	3,277,838(b)	$	—	$	—	$	3,277,838
Exchange-Traded Funds		470,067,188		—		—		470,067,188
Bank Loans		—		—		2,502,818(b)		2,502,818
Corporate Bonds		—		255,480,882(b)		1,672,013(b)		257,152,895
Asset-Backed Securities		—		522,664,639(b)		46,157,933(b)		568,822,572
Non-Agency Mortgage-Backed Securities		—		384,421,213(b)		21,905,257(b)		406,326,470
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		35,308,061(b)		—		35,308,061
U.S. Government Securities		—		533,179,734		—		533,179,734

146

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	*April 30, 2021*

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Cash Sweep		360,995,271		—		—		360,995,271

Other financial instruments - Liabilities Interest Rate Risk		—		(1,456,352)(b)		—		(1,456,352)
Total	$	834,340,297	$	1,729,598,177	$	72,238,021	$	2,636,176,495

Fixed Income Fund
Municipal Bonds	$	—	$	10,992,014(b)	$	—	$	10,992,014
Corporate Bonds		—		530,765,425(b)		—		530,765,425
Asset-Backed Securities		—		80,406,916(b)		—		80,406,916
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		707,240(b)		—		707,240
U.S. Government Agencies		—		873,802		—		873,802
U.S. Government Securities		—		890,746,458		—		890,746,458
Investment Company		12,796,802		—		—		12,796,802
Total	$	12,796,802	$	1,514,491,855	$	—	$	1,527,288,657

Municipal Bond Fund
Municipal Bonds	$	—	$	3,677,228,310(b)	$	—	$	3,677,228,310
Corporate Bonds		—		89,125,674(b)		—		89,125,674
Investment Company		143,061,633		—		—		143,061,633
Total	$	143,061,633	$	3,766,353,984	$	—	$	3,909,415,617

California Municipal Bond Fund
Municipal Bonds	$	—	$	346,943,094(b)	$	—	$	346,943,094
Corporate Bonds		—		2,194,792(b)		—		2,194,792
Investment Company		11,231,362		—		—		11,231,362
Total	$	11,231,362	$	349,137,886	$	—	$	360,369,248

New York Municipal Bond Fund
Municipal Bonds	$	—	$	531,271,409(b)	$	—	$	531,271,409
Corporate Bonds		—		4,390,197(b)		—		4,390,197
Investment Company		14,625,244		—		—		14,625,244
Total	$	14,625,244	$	535,661,606	$	—	$	550,286,850


	(a)	The Small & Mid Cap Strategies Fund and Large 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, 2021. For the Small & Mid Cap Strategies Fund there were transfers out of level 3 in the amount of $4,196,512. In addition, with the exception of the Credit Income Fund, there were no significant purchases and sales during the period. As of April 30, 2021, the fair value of Level 3 assets as a percentage of NAV was 0.00%, 0.00% and 2.74% for the Small & Mid Cap Strategies Fund, the Large Cap Strategies Fund and the Credit Income 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 5 for derivatives.

(c)

Represents securities as disclosed in the Thailand section of the Fund’s Portfolio of Investments.

During the period ended April 30, 2021, the Funds recognized no transfers to/from Level 1 or Level 2. The Fund’s policy is to recognize transfers to/from Level 1, Level 2 and Level 3 at the end of the period utilizing fair value at the beginning of the period.

The following is a rollforward of Level 3 investments:

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	*April 30, 2021*

	Credit Income Fund
Balance as of 10/31/2020 (value)	$	79,593,851
Net accrued discounts (premiums)		(5,282	)
Realized gain		535,541
Unrealized gain		454,379
Purchases		8,472,000
Sales (paydowns)		(8,893,799	)
Transfer in		2,081,153
Transfer out		(9,999,822	)
Balance as of 4/30/2021 (value)	$	72,238,021
Net change in unrealized appreciation on investments still held at April 30, 2021	$	454,379

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 are viewed as presenting lower credit risk than bilateral counterparties. 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, 2021.

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.

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	*April 30, 2021*

As of April 30, 2021, 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:

Credit Income Fund

Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset (a)		Non-cash Collateral Pledged (b)		Cash Collateral Pledged (b)			Net Amount of Derivative Liabilities (c)

Barclays Bank Plc	$	1,456,352	$	—	$	—	$	(1,456,352	)	$	—

(a)

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.

(b)

Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes.

(c)

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

The Funds may be 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, 2021

Derivative Assets

Derivative Liabilities

Credit Income Fund

Statements of Assets
and Liabilities
Location

Value

Statements of Assets
and Liabilities
Location

Value

Interest Rate Risk

Unrealized appreciation on swap
agreements

—

Unrealized depreciation on swap
agreements

1,456,352

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	*April 30, 2021*

	The Effect of Derivative Instruments on the Statements of Operations
	For the Period Ended April 30, 2021
	Net Realized Gain/(Loss) from Derivatives Recognized in Income

Credit Income Fund	Purchased Options and Structured Options (Investments)		Written Options and Structured Options		Futures Contracts			Swap Agreements			Foreign Currency Exchange Contracts		Total
Interest Rate Risk	$	—	$	—	$	(18,120	)	$	(731,898	)	$	—	$	(750,018	)

	Net Change in Unrealized Appreciation/(Depreciation)
	on Derivatives Recognized in Income

Credit Income Fund	Purchased Options and Structured Options (Investments)		Written Options and Structured Options		Futures Contracts		Swap Agreements			Foreign Currency Exchange Contracts		Total
Interest Rate Risk	$	—	$	—	$	—	$	(1,229,704	)	$	—	$	(1,229,704	)

For the period ended April 30, 2021, the quarterly average volume of derivative activities were as follows:

		Credit Income Fund
Total Return Swaps (Notional Amount in U.S. Dollars)		$	300,000,000

A. Futures Contracts. The Funds may purchase and write (sell) 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 and exchanges are viewed as presenting lower credit risk than bilateral counterparties.

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

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	*April 30, 2021*

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 may enter 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 may purchase and write (sell) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

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

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

151

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Notes to Financial Statements - (Continued)
	*April 30, 2021*

tured 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 where-by 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.

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%	0.68%
Credit Income Fund	0.65%	0.60%	0.55%	0.58%
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%	0.44%

				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%

BIM has retained Acadian Asset Management, LLC (“Acadian”), Artisan Partners Limited Partnership (“Artisan”), Baillie Gifford Overseas Limited (“Baillie Gifford”), Champlain Investment Partners, LLC (“Champlain”), and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Artisan, Baillie Gifford, Champlain, and Polunin are paid for their services directly by BIM.

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. Harding Loevner has been terminated, effective June 30, 2021, and Baillie Gifford has been added as sub-adviser to Large Cap Strategies Fund, effective June 24, 2021.

BIM has retained BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Credit Income 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. The Bank of New York Mellon (“BNY Mellon”) and BNY Mellon Investment Servicing (US) Inc. act as administrator and fund accounting agent and transfer agent, respectively, 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.

152

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

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. 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, 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 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 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 and Large Cap Strategies Fund. The Credit Income Fund has retained Citibank, N.A. (“Citibank”) to serve as its custodian and the Small & Mid Cap Strategies Fund and Large Cap Strategies Fund have retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash, assets of the Small & Mid Cap Strategies Fund managed by the sub-advisers, and assets of the Large Cap Strategies Fund managed by Baillie Gifford. 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, 2024 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 1.10%, the Small & Mid Cap Strategies Fund at 1.10%, the Credit Income Fund at 0.85%, the Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57% and the New York Municipal Bond Fund at 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the period ended April 30, 2021, BIM waived $1,593,704 for the Small & Mid Cap Strategies Fund, $116,678 for the Credit Income Fund, $907,189 for the Fixed Income Fund, $1,661,099 for the Municipal Bond Fund, $372,811 for the California Municipal Bond Fund and $506,790 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 Board’s Chairperson and $15,000 as the Audit Committee Chairperson. Prior to that, the total annual retainer was $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.

G. Other Transactions. From time to time, the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on valuations obtained in accordance with the valuation procedures followed by the Funds, as described in Note 2, applied on a consistent basis. For the period ended April 30, 2021, there were no affiliated transactions.

153

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

Securities Transactions:

Investment transactions for the six months ended April 30, 2021, excluding short-term debt investments and U.S. Government securities, were as follows:

	Purchases		Sales
All Cap Core Fund	$	639,500,976	$	645,198,816
Small & Mid Cap Strategies Fund		2,243,848,065		2,004,801,132
Large Cap Strategies Fund		6,069,520,238		4,891,805,215
Credit Income Fund		566,658,704		257,722,622
Fixed Income Fund		340,181,777		429,507,135
Municipal Bond Fund		764,179,108		902,154,051
California Municipal Bond Fund		41,106,669		42,948,942
New York Municipal Bond Fund		60,043,174		50,711,977

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the six months ended April 30, 2021 were as follows:

	Purchases		Sales
Credit Income Fund	$	284,302,668	$	909,008
Fixed Income Fund		—		3,304,155
Municipal Bond Fund		—		185,197,801
California Municipal Bond Fund		—		32,635,218
New York Municipal Bond Fund		—		22,521,270

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.

As of April 30, 2021, 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	$	1,730,830,063	$	1,126,262,337	$	(9,313,261	)	$	1,116,949,076
Small & Mid Cap Strategies Fund		6,652,600,297		2,822,626,865		(174,201,584	)		2,648,425,281
Large Cap Strategies Fund		15,817,859,928		7,469,798,463		(139,475,802	)		7,330,322,661
Credit Income Fund		2,657,268,535		69,929,967		(89,565,655	)		(19,635,688	)
Fixed Income Fund		1,504,639,475		35,396,979		(12,747,797	)		22,649,182
Municipal Bond Fund		3,811,415,730		107,002,776		(9,002,889	)		97,999,887
California Municipal Bond Fund		351,196,600		10,036,743		(864,095	)		9,172,648
New York Municipal Bond Fund		535,232,950		16,188,758		(1,134,858	)		15,053,900

154

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

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 tax character of distributions from the Funds during the year ended October 31, 2020 was as follows:

	All Cap Core Fund		Small & Mid Cap Strategies Fund		Large Cap Strategies Fund		Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Ordinary income	$	11,301,833	$	33,645,169	$	134,614,727	$	27,441,587	$	4,568,157
Net Long Term Capital Gains		146,728,965		260,460,494		706,560,019		—		—
Total Taxable Distributions		158,030,798		294,105,663		841,174,746		27,441,587		4,568,157
Tax Exempt Distributions		—		—		—		—		43,300,828
Total Distributions Paid	$	158,030,798	$	294,105,663	$	841,174,746	$	27,441,587	$	47,868,985

	California Municipal Bond Fund		New York Municipal Bond Fund
Distributions paid from:
Ordinary income	$	1,330,187	$	1,973,466
Net Long Term Capital Gains		—		—
Total Taxable Distributions		1,330,187		1,973,466
Tax Exempt Distributions		3,510,692		5,597,549
Total Distributions Paid	$	4,840,879	$	7,571,015

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

As of and during the year ended October 31, 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, 2020. 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, 2020, the Credit Income Fund had a short-term capital loss carryforward of $486,835, the Fixed Income Fund utilized $8,050,021 capital loss carryforward and the Municipal Bond Fund utilized $7,097,107 capital loss carryforward 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. The Funds had no late year loss deferrals in the current year.

Commitments.

The Credit Income Fund may invest in floating rate loan interests. In connection with these investments, the Credit Income Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Credit Income Fund to furnish temporary financing to a borrower until permanent financing can be arranged.

As of April 30, 2021, the Credit Income Fund had no outstanding bridge loan commitments. In connection with these commitments, the Credit Income 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.

155

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*April 30, 2021*

10.

Subsequent Events

Subsequent to the end of the reporting period, the Board of Directors of Old Westbury Funds, Inc. approved changes to the day-to-day management of the Large Cap Strategies Fund. Effective June 24, 2021, Baillie Gifford Overseas Limited serves as a sub-adviser to the Large Cap Strategies Fund. In addition, effective June 30, 2021, Harding Loevner LP no longer serves as a sub-adviser for its portion of the Large Cap Strategies Fund’s portfolio.

156

Old Westbury Funds, Inc.
Additional Information
	*April 30, 2021*

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-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. The Funds’ Forms N-PORT is 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.

157

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.

103 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent:

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

Wilmington, DE 19809

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.

April 30, 2021

Cusip 680414307

Cusip 680414604

Cusip 680414109

Cusip 680414406

Cusip 680414851

Cusip 680414505

Cusip 680414869

Cusip 680414877

(OWF_A21-SAR2021)
(4/21)

Item 1. Reports to Stockholders (cont.).

(b) Not applicable.

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 is included as part of the report to shareholders filed under Item 1 of this form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant

last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the 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 7/1/21

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 7/1/21

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

Date 7/1/21

^* 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)