Old Westbury Funds NCSR Certified 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 BNY Mellon Investment Servicing (US) Inc. 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: October 31, 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.

The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.

Annual Report

October 31, 2021

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

A Letter from the President (Unaudited)	2
Investment Adviser’s Report (Unaudited):
All Cap Core Fund	4
Small & Mid Cap Strategies Fund	8
Large Cap Strategies Fund	12
Credit Income Fund	16
Fixed Income Fund	18
Municipal Bond Fund	21
California Municipal Bond Fund	25
New York Municipal Bond Fund	28
Disclosure of Fund Expenses (Unaudited)	31
Portfolios of Investments:
All Cap Core Fund	33
Small & Mid Cap Strategies Fund	35
Large Cap Strategies Fund	53
Credit Income Fund	62
Fixed Income Fund	90
Municipal Bond Fund	97
California Municipal Bond Fund	135
New York Municipal Bond Fund	145
Statements of Assets and Liabilities	160
Statements of Operations	162
Statements of Changes in Net Assets	164
Financial Highlights:
All Cap Core Fund	168
Small & Mid Cap Strategies Fund	169
Large Cap Strategies Fund	170
Credit Income Fund	171
Fixed Income Fund	172
Municipal Bond Fund	173
California Municipal Bond Fund	174
New York Municipal Bond Fund	175
Notes to Financial Statements	176
Report of Independent Registered Public Accounting Firm	196
Directors and Officers of Old Westbury Funds, Inc. (Unaudited)	197
Additional Information (Unaudited)	201
Liquidity Risk Management Program (Unaudited)	202
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)	203
Approval of New Sub-Advisory Agreement with Baillie Gifford Overseas Limited (Unaudited)	206

Old Westbury Funds, Inc.
A Letter from the President (Unaudited)
	*October 31, 2021*

Dear Shareholders:

During 2021, the U.S. Federal Reserve (the “Fed”) maintained its exceptional level of accommodation, supporting recovery from the COVID-19 recession that disrupted the global economy and labor markets. The Fed continued to buy $120 billion in government-backed bonds each month — $80 billion in Treasury debt and $40 billion in mortgage-backed securities – until November, when a “taper” (reduction of bond purchases) of $15 billion-per-month began. The Fed justified this by citing significant progress toward realizing its targets for employment and inflation. Separate from the Fed’s decision to taper its bond purchases, current economic conditions are likely to support the Fed’s policy rates remaining at its lower bound until at least mid-2022.

While Fed Chairman Powell, who was recently reappointed for another four years, mentioned following the November Federal Open Market Committee (FOMC) meeting, “There is still a lot of ground to cover to reach maximum employment,” progress on inflation has certainly been achieved. Inflation has risen quickly this year, with headline consumer price index (CPI), a price index that measures a weighted average of a basket of consumer goods and services, rising at its fastest annual pace since 1990 (6.2% in November). Price pressures were more persistent than expected by the Fed, due in part to rebounding demand along with supply-chain bottlenecks. Economic growth expectations are expected to remain above historical averages over the coming year, and real gross domestic product (GDP), a monetary measure of the market value of all final goods and services, is running at its strongest rate in nearly two decades. In conjunction with this impressive economic growth, S&P 500 companies are expected to deliver the highest net margins to date in 2021 and 2022.

Throughout the year, global supply-chain disruptions have affected nearly every sector, as businesses faced a myriad of factors including a tight labor market and ongoing COVID-19 outbreaks. Several firms have also pointed to elevated inflation levels translating into higher input costs. Generally, firms have been successful in pushing through higher costs and maintaining solid profit margins, but some have experienced margin pressure. Importantly, earnings commentary in the most recent quarter has highlighted impressive consumer strength, with some companies even having trouble meeting high consumer demand. This strength largely has been attributed to solid consumer balance sheets as many consumers remain flush with cash from fiscal stimulus and excess savings accumulated during the pandemic. Looking ahead, while it seems unlikely that supply-chain constraints will be resolved before 2022, we are starting to see signs that pressures may be easing, including easing in raw-material costs, normalization in shipping costs, and resumption of factory production.

U.S. and global labor markets were undergoing seismic changes even before the COVID-19 pandemic began. The growth of gig economy opportunities, proliferation of technology-enabled mobile workforces, surge in retirements, and curtailment of immigration were some of the factors driving the changing landscape and causing the tight labor market that materialized in 2021. That said, in November, the number of Americans filing new unemployment claims fell to pre-pandemic levels as the labor market recovery continued, and a persistent shortage of workers remains an obstacle to faster job growth. Overall, the economy is regaining momentum, now that the summertime Delta-variant scare has passed.

Outside the U.S., the situation remains mixed, with most lower-income countries maintaining low vaccination rates and, as a result, are struggling to successfully reopen their economies. Additionally, some European countries with high vaccination rates have reimposed selected restrictions, mainly on unvaccinated individuals, after cases started rising materially late in the fall. Due to waning vaccine immunity, some countries like the U.S. and Israel have approved vaccine boosters. Additionally, drug companies like Merck and Pfizer have identified new treatments for individuals most at risk for contracting severe infections. Looking ahead, we remain optimistic that the environment will continue to improve, as vaccine supply increases and more treatment options become available.

Over the course of the year, the Adviser, Bessemer Investment Management, LLC, maintained its modestly optimistic outlook, believing the market backdrop remains supportive of growth-oriented assets. The Old Westbury All Cap Core Fund and Old Westbury Credit Income Fund produced notable results. The Old Westbury All Cap Core Fund outperformed its primary benchmark due to its underweight position in Emerging Asia Pacific, an overweight position in the U.S., and stock selection within financials, healthcare, and communication services. The Old Westbury Credit Income Fund outperformed its benchmark primarily due to the continued re-opening of the economy as risk-oriented assets performed well; major contributors to the Fund’s results were high-yield bonds, preferred securities, convertible bonds and non-agency mortgage-backed securities. Detailed explanations of positioning and outcomes appear in later sections of this report, to be read at your leisure.

At the end of this eventful year, we remain committed to the Adviser’s longstanding investment approach, characterized by independent research, a global orientation, and a long-term focus. We believe these disciplines will continue to result in competitive long-term results for our shareholders and position the Adviser to fulfill the fundamental mandate of participating in strong market environments, while preserving capital during difficult times.

Old Westbury Funds, Inc.
A Letter from the President (Unaudited) - (Continued)
	*October 31, 2021*

Sincerely,

David W. Rossmiller
President
Old Westbury Funds, Inc.

Old Westbury Funds, Inc.
All Cap Core Fund
Investment Adviser’s Report (Unaudited)

The return of the Old Westbury All Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2021 was 39.8%. In comparison, the return of its primary benchmark, the MSCI ACWI Investable Market Index (Net)^a, was 38.2%. The Fund’s secondary benchmark, a blend of 90% MSCI USA Index (Gross) and 10% MSCI ACWI ex USA Index (Net)^a, returned 42.0%.

The most significant positive contributors to the Fund’s relative performance during the year were an underweight position in Emerging Asia Pacific, an overweight position in the U.S., and stock selection within financials, healthcare, and communication services. Stocks in these sectors with the greatest relative contribution included Blackstone, IQVIA, and Alphabet. Blackstone appreciated significantly, driven by the company’s growth in assets managed, improved operating leverage, and the market’s recognition of the durability of growth within its higher quality fee-related earnings. IQVIA benefited from an acceleration in clinical trial activity, new business wins, and a growing appreciation for the technological and data advantage it offers. Alphabet benefited from a continued increase in demand for digital advertising with growth rates sustaining at high levels, as well as greater business transparency and shareholder-friendly actions. The Fund also benefited from an underweight position in the consumer staples sector (2.3% of the Fund during the fiscal year) as well as an underweight position in utilities (1.5% of the Fund during the fiscal year).

The Fund’s results were held back by stock selection within the information technology sector and an underweight to the financials sector which outperformed the benchmark. Stocks within information technology with the highest negative relative contributions included Visa and PayPal. The Fund was also held back by holding cash in a rising market.

At fiscal year-end, versus the primary benchmark, the Fund maintained overweight positions in the technology, communication services, consumer discretionary, and healthcare sectors and underweight positions in consumer staples, materials, energy, real estate, and utilities. Relative to the primary benchmark, the Fund continued to be significantly overweight U.S. stocks (91%) versus non-U.S. stocks (6%).

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

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

Old Westbury Funds, Inc.
All Cap Core Fund
Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY SECTOR

Sector:	Percentage of Net Assets
Banks		5.0	%
Communication Services		11.2
Consumer Discretionary		14.1
Consumer Staples		2.3
Diversified Financials		7.2
Energy		2.2
Exchange-Traded Funds		0.4
Health Care		12.8
Industrials		10.2
Information Technology		25.6
Insurance		1.3
Materials		1.8
Real Estate		2.2
Utilities		1.4
Other*		2.3
		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.
All Cap Core Fund
Investment Adviser’s Report (Unaudited) - (Continued)

Average Annual Total Returns
For the Year Ended October 31, 2021
All Cap Core Fund
One Year	39.77	%
Five Year	19.52	%
Ten Year	12.96	%

MSCI ACWI IMI Index (Net)
One Year	38.18	%
Five Year	14.59	%
Ten Year	11.34	%

Blended Index (Net)
One Year	41.96	%
Five Year	18.39	%
Ten Year	15.41	%

On December 30, 2016, the Fund changed its name to All Cap Core Fund (formerly Large Cap Core Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to November 16, 2011, the Fund was named the U.S. Large Cap Fund and operated under a different investment strategy. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy. The index performance is not illustrative of the Fund’s performance and performance of the fund will differ; the use of the index performance is not intended to mask negative performance.

The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2021 as 0.98%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

Old Westbury Funds, Inc.
All Cap Core Fund
Investment Adviser’s Report (Unaudited) - (Continued)

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Fund compares its performance to a blended benchmark, as a secondary benchmark, consisting of a 90% weighting in the MSCI USA Index (Gross) and a 10% weighting in the MSCI ACWI ex USA Index (Net) (the“Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.

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

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Investment Adviser’s Report (Unaudited)

The return of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2021, was 32.1%. In comparison, the return of the MSCI All Country World Small Mid Cap Index (Net)^a(the “Index”) was 42.1%.

The Fund benefited from stock selection in the healthcare sector and an underweight position to the utilities sector. An underweight position to Japan also contributed to performance. Individual stocks that contributed to performance included U.S. electric vehicle manufacturer Tesla (+187.1%), U.S. information solutions provider Equifax (+104.6%), U.S. exchange company Nasdaq (+75.8%), and U.S. electronic design automation company Synopsys (+55.8%). Tesla appreciated on the basis of encouraging financial results, and recently announced it had delivered a record number of vehicles for the prior quarter. Tesla’s latest results reported a significant increase in revenue, but more notable was its margin performance. This was driven by declining unit costs, prompted by efficiencies derived from scaled-up production and a higher Model Y mix. Equifax showed impressive results in driving revenue and profit growth. Following the 2017 data breach, the business is taking advantage of its new IT infrastructure to better position the company for growth. In addition, Equifax has a unique data asset in Verification/Work Number, which is one of the largest and highest margin businesses at the company. Nasdaq has increased the growth of its non-transactional businesses and educated investors that it is more than just an exchange. Synopsys benefited from the industry trend of more powerful and specific chips.

On the negative side, stock selection in the technology and financials sectors were detractors to performance. In addition, stock selection in the U.S. hurt performance. Individual stocks that detractors included U.S. online loan marketplace operator LendingTree (-50.1%), German antibodies developer MorphoSys (-53.8%), and U.S. electronic trading platform operator MarketAxess (-23.8%). LendingTree has been in a challenging environment due to its exposure to the U.S. economy and the associated cyclicality. MorphoSys declined due to soft sales for Monjuvi (a treatment for relapse and refractory large B-cell lymphoma) and news of the company’s recent acquisition of Constellation Pharmaceuticals. MarketAxess’s recent share price weakness followed a period of very strong share price performance.

At fiscal year-end, the Fund was overweight the healthcare, technology, and consumer staples sectors. The Fund was underweight the real estate, financials, and utilities sectors. On a regional basis, as of fiscal year-end, the Fund was overweight the U.S. and other developed markets, while being underweight emerging markets and Japan.

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

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY COUNTRY

Country:	Percentage of Net Assets
Argentina		0.4	%
Australia		1.5
Austria		0.1
Belgium		0.2
Bermuda		0.4
Brazil		0.3
Canada		2.8
China		3.1
Costa Rica		0.0	*
Denmark		1.5
Finland		0.7
France		0.8
Germany		1.5
Greece		0.1
Hong Kong		0.5
Iceland		0.1
India		0.8
Indonesia		0.0	*
Ireland		0.2
Israel		2.9
Italy		0.5
Japan		6.1
Jersey Channel Islands		0.3
Netherlands		1.4
New Zealand		0.5
Norway		0.1
Peru		0.1
Poland		0.2
Portugal		0.0	*
Russia		0.8
Singapore		0.1
South Africa		0.2
South Korea		0.9
Spain		0.3
Sweden		1.6
Switzerland		2.4
Taiwan		0.8
Thailand		0.5
Turkey		0.5
United Kingdom		6.1
United States		43.4
Vietnam		0.0	*
Other**		15.3
		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.
Small & Mid Cap Strategies Fund
Investment Adviser’s Report (Unaudited) - (Continued)

Average Annual Total Returns
For the Year Ended October 31, 2021
Small & Mid Cap Strategies Fund
One Year	32.12	%
Five Year	11.90	%
Ten Year	10.63	%

MSCI ACWI SMID Cap Index (Net)
One Year	42.10	%
Five Year	13.42	%
Ten Year	11.10	%

On December 30, 2016, the Fund changed its name to Small & Mid Cap Strategies Fund (formerly Small & Mid Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy. The index performance is not illustrative of the Fund’s performance and performance of the fund will differ; the use of the index performance is not intended to mask negative performance.

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.10%, as disclosed in the Funds’ prospectus dated March 1, 2021. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.17%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

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

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Investment Adviser’s Report (Unaudited) - (Continued)

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

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Investment Adviser’s Report (Unaudited)

The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2021, was 33.6%. In comparison, the return of the MSCI All Country World Large Cap Index (Net)^a(“the Index”) was 36.8%.

The largest contributors to the Fund’s overall performance came from stock selection in the technology and financials sectors. In addition, stock selection in Asia Pacific ex-Japan and an underweight position to the U.S. benefited the Fund. Individual stocks that contributed included U.S. investment management company Blackstone (+187.5%), Singapore-based online gaming platform Sea Limited (+117.9%), U.S. bank and financial holding company Bank of America (+105.8%), and Dutch semiconductor equipment developer ASML (+124.6%). Blackstone is the world’s largest and most diverse alternative asset manager, with over $730 billion in assets under management. Blackstone appreciated significantly, driven by the company’s growth in assets managed, improved operating leverage, and the market’s recognition of the durability of growth within its higher quality fee-related earnings. Sea Limited produced strong business results, as the business has executed on its opportunities in gaming, ecommerce, and digital financial services. Bank of America outperformed the broader markets in 2021, reflecting the strength in consumer spending and confidence, which led to a rebound in global economic growth after the COVID-19 pandemic. The company also benefitted from a rising interest rate environment and reserve releases after setting aside significant loss provisions in 2020, which positively impacting earnings during the year. ASML benefits from several secular industry drivers, such as 5G, Artificial Technology, Internet of Things, and cloud technology, driving demand for higher performance computing chips. Large global semiconductor foundries have been increasing their capital expenditures throughout 2021, which had a significantly positive impact on the company’s earnings for the year.

Stock selection in the consumer discretionary sector was the largest detractor overall. An overweight position to Emerging Asia Pacific and stock selection in the region also detracted from performance. Individual stocks that detracted included Chinese online marketplace provider Alibaba (-45.9%), Chinese private educational services provider New Oriental Education & Technology (-87.2%), and U.S. cardiac monitor developer iRhythm Technologies (-66.8%). Alibaba and New Oriental Education & Technology traded lower due to Chinese regulatory pressures. Chinese regulators effectively ended the for-profit after-school tutoring industry and the Fund exited its position in New Oriental Education & Technology. iRhythm Technologies shares sold off after a regional Medicare payer announced a significant cut to its reimbursement rate.

At fiscal year-end, the Fund was overweight the communication services, technology, and consumer discretionary sectors. The Fund was underweight the consumer staples, financials, utilities, and real estate sectors.

On a regional basis, as of fiscal year-end, the Fund was overweight the U.S., while being underweight developed Europe, Japan, and other developed markets.

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

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY COUNTRY

Country:	Percentage of Net Assets
Argentina		0.7	%
Australia		0.7
Belgium		0.0	*
Brazil		0.3
Canada		0.6
Chile		0.0	*
China		5.9
Cyprus		0.1
Denmark		0.0	*
Finland		0.0	*
France		1.1
Germany		1.7
Hong Kong		0.6
India		3.5
Indonesia		0.1
Ireland		1.4
Israel		0.0	*
Italy		0.0	*
Japan		2.2
Kazakhstan		0.2
Malaysia		0.0	*
Mexico		0.0	*
Netherlands		2.4
Norway		0.0	*
Poland		0.0	*
Portugal		0.0	*
Qatar		0.0	*
Russia		0.3
Singapore		1.5
South Africa		0.0	*
South Korea		0.7
Spain		0.0	*
Sweden		0.5
Switzerland		0.6
Taiwan		1.2
Thailand		0.3
Turkey		0.0	*
United Kingdom		1.9
United States		60.9
Uruguay		0.1
Vietnam		0.0	*
Other**		10.5
		100.0	%

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

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Investment Adviser’s Report (Unaudited) - (Continued)

Average Annual Total Returns For the Year Ended October 31, 2021
Large Cap Strategies Fund
One Year	33.64	%
Five Year	13.27	%
Ten Year	11.21	%

MSCI ACWI Large Cap Index (Net)
One Year	36.84	%
Five Year	15.03	%
Ten Year	11.43	%

On November 16, 2011, the Fund changed its name to Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy. The index performance is not illustrative of the Fund’s performance and performance of the fund will differ; the use of the index performance is not intended to mask negative performance.

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.10%, (current net operating expense is 1.09%). The expense ratio including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2021 as 1.12%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

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

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Investment Adviser’s Report (Unaudited) - (Continued)

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

Old Westbury Funds, Inc.

Credit Income Fund

Investment Adviser’s Report (Unaudited)

The Old Westbury Credit Income Fund (the “Fund”) returned 5.9% for the fiscal year ended October 31, 2021. In comparison, the return of the ICE Bank of America Merrill Lynch 1-10 Year U.S. Corporate Index (the “Index”) was 1.0%.

The Fund’s investment approach provides flexibility to invest across a wide variety of global credit instruments without constraints to benchmarks, asset classes, or sectors. The management of the Fund utilizes a combination of internally and externally managed strategies, and these are allocated in a complementary fashion in aiming to achieve the portfolio’s objectives of income and capital appreciation.

At fiscal year end, the Fund was allocated 20.3% to Bessemer Investment Management LLC (“Bessemer”) managed credit, 46.5% to externally managed credit (37% BlackRock Inc.; 9.5% Muzinich Co. Inc.) and 33.2% to Bessemer managed government securities.

The Fund benefitted from continued re-opening of the economy as risk-oriented assets performed well. The spread component of the assets is what added value as a more normal functioning economy helped heal the credit markets. The major contributors to the Fund were high-yield bonds, preferred securities, convertible bonds and non-agency mortgage-backed securities. The Fund’s major detractor was treasury securities as the Federal Reserve has hinted to reducing extra accommodative policy and yields normalized to higher levels due to the easing pandemic concerns.

PORTFOLIO DIVERSIFICATION BY SECTOR

Sector:	Percentage of Net Assets
Asset-Backed Securities		19.3	%
Bank Loans		0.1
Corporate Bonds		9.7
Exchange-Traded Funds		18.1
Non-Agency Mortgage-Backed Securities		16.1
Preferred Stocks		0.2
U.S. Government Agencies and Securities		23.1
Other^*		13.4
		100.0	%

*	Includes cash and equivalents, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc.

Credit Income Fund

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

Average Annual Total Returns For the Period Ended October 31, 2021
Credit Income Fund
One Year	5.90	%
Since Inception date of October 1, 2020	5.34	%

ICE Bank of America 1-10 Year U.S. Corporate Index
One Year	1.01	%
Since Inception date of October 1, 2020	0.98	%

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 0.85%, as disclosed in the Funds’ prospectus dated March 1, 2021. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 0.93%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

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

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

Old Westbury Funds, Inc.
Fixed Income Fund
Investment Adviser’s Report (Unaudited)

The Old Westbury Fixed Income Fund (the “Fund”) returned (-1.2%) for the fiscal year ended October 31, 2021. In comparison, the return of the ICE Bank of America Merrill Lynch U.S. Corporate & Government 1-10 Year AAA-A U.S. Corporate & Government Index (the “Index”) was (-1.1%).

The Fund’s 2021 fiscal year began with a cautious tone. Economic data showed that the initial stages of the economic recovery were stronger than expected, however, the outlook for continued progress remained uncertain. COVID-case counts were spiking, resulting in new activity restrictions in Europe and concerns that there could be new lockdowns in the U.S. as well. Congress was negotiating another fiscal stimulus package, but its outcome was still unknown. On the positive side, news that an effective COVID vaccine would soon be available provided hope that the impact of the virus could be contained. As the first few months of the fiscal year progressed, caution turned to optimism. A new round of fiscal stimulus was delivered in December with expectations for more stimulus to follow, COVID cases began to decline, and an aggressive vaccine rollout was implemented. At the same time, the Federal Reserve continued its massive bond-buying program and remained committed to it zero interest rate policy. By the end of the first calendar quarter of 2021, the market had recalibrated growth and inflation expectations higher for the year. However, it soon became clear that, although the recovery continued to progress, significant challenges remained. Over the last few months of the fiscal year, the global economy experienced wide-spread shortages of goods and supply-chain bottlenecks, while workers exhibited a reluctance to fully engage in the labor market. The combination has resulted in decades-high inflation levels and concern that inflation could become entrenched at a higher-than-expected level. As the fiscal year closed, the Federal Reserve had just indicated that it would soon begin tapering its bond-buying program, and market participants began to price in future rate hikes.

During the Fund’s fiscal year, Treasury yields of maturities beyond one year increased across curve, most significantly for intermediate maturities where the impact of potential future rate hikes is felt most acutely. Longer-term rates fluctuated throughout the year in response to changes in market expectations for growth and inflation, rising during the first quarter on higher growth expectations, drifting lower during the summer with the increase in COVID cases and rising again towards the end of the year as inflation concerns took hold. Investment-grade corporate bonds outperformed Treasury securities during the fiscal year as spreads tightened. Most of the spread tightening occurred during the first half of the year.

The Fund maintained a slightly higher-than-benchmark duration (price sensitivity to interest rate moves) throughout the fiscal year. The Adviser’s expectations were that economy would continue to recover but more slowly than the market-expected pace and that inflation would return to levels in-line with those experienced pre-COVID, allowing the Federal Reserve to maintain an accommodative monetary policy throughout the year. This positioning detracted from performance, particularly during the first half of the fiscal year, as rates rose and the yield curve steepened in response to a more optimistic outlook. A portion of this underperformance was retraced during the second half of the year when the curve flattened with the weaker growth outlook. The Fund also maintained an overweight position in investment-grade bonds, including an out-of-benchmark allocation to BBB-rated corporate bonds. A stable rate environment in an improving economy is supportive of credit fundamentals and the Fund benefited from both the spread-tightening earlier in the year and the overall higher yield provided by corporate bonds. The overweight position contributed to the Fund’s overall performance during the fiscal year.

The Adviser’s current strategy is to maintain the Fund duration slightly higher than the benchmark with an overweight position in credit-related assets, including investment-grade corporate bonds, high-quality asset-backed securities (ABS), collateralized loan obligations (CLOs) and taxable-municipal bonds. A small exposure will be maintained in U.S. Treasury Inflation-Protected Securities (TIPS), which helps protect against a possible increase in inflation. At fiscal year-end, credit represented approximately 43% of market value of the Fund, of which ABS and CLOs account for 6.5%.

Old Westbury Funds, Inc.
Fixed Income Fund
Investment Adviser’s Report (Unaudited) - (Continued)

PORTFOLIO DIVERSIFICATION BY SECTOR

Sector:	Percentage of Net Assets
Asset-Backed Securities		6.5	%
Corporate Bonds		35.4
Municipal Bonds		0.7
Non-Agency Mortgage-Backed Securities		0.1
U.S. Government Agencies and Securities		55.8
Other^*		1.5
		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.
Fixed Income Fund
Investment Adviser’s Report (Unaudited) - (Continued)

Average Annual Total Returns For the Year Ended October 31, 2021
Fixed Income Fund
One Year	-1.23	%
Five Year	2.10	%
Ten Year	1.76	%

ICE Bank of America 1-10 Year AAA-A U.S. Corporate & Government Index
One Year	-1.13	%
Five Year	2.27	%
Ten Year	2.16	%

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2021 as 0.68%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

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

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

Old Westbury Funds, Inc.

Municipal Bond Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2021, was (-0.05%). In comparison, the return of the primary benchmark, the ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index (the “Index”), was 0.63%.

Fiscal 2021 proved to be a financial market rollercoaster much akin to that experienced in 2020, though notably with very different catalysts. As the fiscal year commenced, the economy had just experienced sequential GDP declines of (-5.1%) and (-31.2%) in the first and second quarters, and rebounded with a solid +33.8% pace in the third quarter of 2020. The ensuing three figures would average a respectable +5.8% before slowing to +2.1% in the third quarter of 2021, a notably faster aggregate pace than the average +2.6% quarterly pace experienced since the early 1990s. Arguably, much of this growth was driven by the unprecedented amount of fiscal support released by the Federal Government to help bolster the economy, totaling roughly $870 billion and spread over three distinct packages (the CARES Act totaling $292 billion, the Consolidated Appropriations Act totaling $164 billion, and finally the American Rescue Plan totaling $411 billion). Concurrent to this catalyst for consumer spending, the global economy encountered a supply headwind; with factories shuttered around the world, production was very quickly overwhelmed by demand, a formidable imbalance exacerbated by the six day blockage of the Suez Canal when the Ever Given ran aground.

Given the magnitude of the supply/demand imbalance in the economy, investors found themselves faced with a concern not encountered in decades; inflation. As the calendar year commenced, inflationary fears became a focal point for investors and fluctuated between hyperinflation, stagflation, and all scenarios in-between. The economic data reinforced these fears to a certain extent; Core PCE, the Federal Reserve’s (the “Fed”) preferred inflation measure, rose from the long run average of 1.9% to 2.7%/6.1%/4.5% in the first/second/third quarters of 2021, respectively. Adding further fuel to the fire, the Fed announced its Flexible Average Inflation Targeting (FAIT) framework during the third quarter of the year, and speculation about changes to the composition of the Fed began to mount (specifically, rumors that President Biden would replace Chair Powell with a more dovish option). As if that wasn’t enough, two Federal Reserve members resigned in September amid scrutiny of their trading activity, the Fed formally announced that it will begin the tapering of purchases in November ($10 billion of Treasuries and $5 billion of mortgages per month beginning in December), and investor concern shifted towards the timing and pace of potential rate hikes.

Fixed income markets responded to these developments as one would expect; rates backed up across the board, with the 10-year U.S. Treasury rising from roughly 85 bps to 155 bps and the ten year muni rising from 92 bps to 120 bps. The more muted response in municipals was driven by the low-supply/high-demand imbalance that the asset class has enjoyed since the passage of the tax cut package several years ago. Notably, demand for municipals (as measured by investor inflows) came in at the second fastest pace in the past 15 years, with year-to-date inflows of roughly $81 billion second only to the calendar year 2019 inflow of $92 billion. The lower-beta response of municipals drove valuations to the rich side of neutral, though notably those valuations are well off the extremes exhibited in late 2019/early 2020, and liquidity remained robust throughout most of the year. Primary market subscriptions remained elevated throughout the year, particularly for lower-rated credits, and dealers observed a wide breadth of buying interest from both retail and institutional investors. Notably, municipal credit generally improved to very robust levels, a recovery driven by the influx of Federal stimulus as well as a recovery in tax collections that proved to be much more rapid than anticipated.

Over the course of the year, the Fund was positioned with a long-duration posture relative to the benchmark given the solid technical and fundamental backdrop for municipals via a curve flattener posture. This ultimately proved to be disadvantageous, however, as the market took on a very inflationary/reflationary bias and rates backed up, particularly in the months of February and September. The most significant performance detractor was the portfolio’s duration, a relative long driven by an overweight posture in longer dated maturities. Notably, longer dated maturities beyond seven years impacted the Fund most acutely given higher interest rate sensitivity and tighter valuations. Helping to offset this negative effect, the Fund captured positive roll-down effect (positive across the maturity spectrum given the steepness of the municipal curve) and credit allocation remained strong. In particular, the credit barbell (overweight AAA and A, financed by an underweight in AA) performed particularly well; the AAA market beta helped to buffer some of the market volatility, and single A positions outperformed given a continued reach for yield in the muni market.

Old Westbury Funds, Inc.

Municipal Bond Fund

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

PORTFOLIO DIVERSIFICATION BY STATE

State:	Percentage of Net Assets
Alabama		0.7	%
Arizona		1.0
Arkansas		0.2
California		5.7
Colorado		1.3
Connecticut		2.9
Delaware		2.1
District of Columbia		1.6
Florida		1.8
Georgia		4.2
Hawaii		4.1
Idaho		0.1
Illinois		0.2
Indiana		0.3
Iowa		0.9
Kansas		0.0	*
Maine		0.2
Maryland		4.0
Massachusetts		3.4
Michigan		0.2
Minnesota		1.5
Mississippi		0.3
Missouri		0.0	*
Montana		0.0	*
New Hampshire		0.2
New Jersey		3.9
New Mexico		0.0	*
New York		14.0
North Carolina		2.2
Ohio		3.4
Oklahoma		0.7
Oregon		0.8
Pennsylvania		2.4
Rhode Island		0.3
South Carolina		0.6
South Dakota		0.5
Tennessee		0.9
Texas		12.2
Utah		0.9
Virginia		3.6
Washington		5.9
West Virginia		0.0	*
Wisconsin		1.1
Other**		9.7
		100.0	%

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

Old Westbury Funds, Inc.

Municipal Bond Fund

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

Average Annual Total Returns

For the Year Ended October 31, 2021

Municipal Bond Fund
One Year	-0.05	%
Five Year	1.83	%
Ten Year	1.89	%

ICE Bank of America 1-12 Year AAA-AA Municipal Securities Index
One Year	0.63	%
Five Year	2.24	%
Ten Year	2.37	%

Lipper Short-Intermediate Municipal Debt Funds Index
One Year	1.27	%
Five Year	2.02	%
Ten Year	1.97	%

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2021 as 0.65%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank

Old Westbury Funds, Inc.

Municipal Bond Fund

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

of America 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index are unmanaged. Investments cannot be made directly in an index.

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

Old Westbury Funds, Inc.

California Municipal Bond Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury California Municipal Bond Fund (the “Fund”) was (-0.05%) for the fiscal year ended Octover 31, 2021. In comparison, the return of the Fund’s benchmark, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index (the “Index”), was 0.33%.

Fiscal 2021 proved to be a financial market rollercoaster much akin to that experienced in 2020, though notably with very different catalysts. As the fiscal year commenced, the economy had just experienced sequential GDP declines of (-5.1%) and (-31.2%) in the first and second quarters, and rebounded with a solid +33.8%. The ensuing three paces would average a respectable +5.8% before slowing to +2.1% in the third quarter of 2021, a notably faster aggregate pace than the average +2.6% quarterly pace experienced since the early 1990s. Arguably, much of this growth was driven by the unprecedented amount of fiscal support released by the Federal Government to help bolster the economy, totaling roughly $870 billion and spread over three distinct packages (the CARES Act totaling $292 billion, the Consolidated Appropriations Act totaling $164 billion, and finally the American Rescue Plan totaling $411 billion). Concurrent to this catalyst for consumer spending, the global economy encountered a supply headwind; with factories shuttered around the world, production was very quickly overwhelmed by demand, a formidable imbalance exacerbated by the six day blockage of the Suez Canal when the Ever Given ran aground.

Given the magnitude of the supply/demand imbalance in the economy, investors found themselves faced with a concern not encountered in decades; inflation. As the calendar year commenced, inflationary fears became a focal point for investors and fluctuated between hyperinflation, stagflation, and all scenarios in-between. The economic data reinforced these fears to a certain extent; Core PCE, the Federal Reserve’s preferred inflation measure, rose from the long run average of 1.9% to 2.7%/6.1%/4.5% in the first/second/third quarters of 2021, respectively. Adding further fuel to the fire, the Fed announced its Flexible Average Inflation Targeting (FAIT) framework during the third quarter of the year, and speculation about changes to the composition of the Fed began to mount (specifically, rumors that President Biden would replace Chair Powell with a more dovish option). As if that wasn’t enough, two Federal Reserve members resigned in September amid scrutiny of their trading activity, the Fed formally announced that it will begin the tapering of purchases in November ($10 billion of Treasuries and $5 billion of mortgages per month beginning in December), and investor concern shifted towards the timing and pace of potential rate hikes.

Over the course of the year, the Fund was positioned with a long-duration posture relative to the benchmark given the solid technical and fundamental backdrop for municipals via a curve flattener posture. This ultimately proved to be disadvantageous, however, as the market took on a very inflationary/reflationary bias and rates backed up, particularly in the months of February and September. The most significant performance detractor was the portfolio’s duration, a relative long driven by an overweight posture in longer dated maturities. Notably, longer dated maturities beyond seven years impacted the Fund most acutely given higher interest rate sensitivity and tighter valuations. Helping to offset this negative effect, the Fund captured positive roll-down effect (positive across the maturity spectrum given the steepness of the municipal curve) and credit allocation remained strong. In particular, AA-rated California credits performed relatively well as the possibility of higher taxes catalyzed investor demand, though notably California municipals slightly underperformed the broader universe given particularly tight valuations.

Old Westbury Funds, Inc.

California Municipal Bond Fund

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

PORTFOLIO DIVERSIFICATION BY STATE

State:	Percentage of Net Assets
California		93.4	%
Other*		6.6
		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.

Old Westbury Funds, Inc.

California Municipal Bond Fund

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

Average Annual Total Returns

For the Period Ended October 31, 2021

California Municipal Bond Fund
One Year	-0.05	%
Since Inception date of December 4, 2018	2.74	%

ICE Bank of America 3-7 Year AAA-AA Municipal Securities Index
One Year	0.33	%
Since Inception date of December 4, 2018	3.31	%

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2021 as 0.77%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 2 Years and 11 Months, with distributions reinvested. The ICE Bank of America 3-7 Year AAA-AA Municipal Securities Index also includes the reinvestment of distributions but does not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America 3-7 Year AAA-AA Municipal Securities Index is unmanaged. Investments cannot be made directly in an index.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

Old Westbury Funds, Inc.

New York Municipal Bond Fund

Investment Adviser’s Report (Unaudited)

The return of the Old Westbury New York Municipal Bond Fund (the “Fund”) was 0.55% for the fiscal year ended October 31, 2021. In comparison, the return of the Fund’s benchmark, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index (the “Index”), was 0.33%.

Fiscal 2021 proved to be a financial market rollercoaster much akin to that experienced in 2020, though notably with very different catalysts. As the fiscal year commenced, the economy had just experienced sequential GDP declines of (-5.1%) and (-31.2%) in the first and second quarters, and rebounded with a solid +33.8%. The following three paces would average a respectable +5.8% before slowing to +2.1% in the third quarter of 2021, a notably faster aggregate pace than the average +2.6% quarterly pace experienced since the early 1990s. Argu-ably, much of this growth was driven by the unprecedented amount of fiscal support released by the Federal Government to help bolster the economy, totaling roughly $870 billion and spread over three distinct packages (the CARES Act totaling $292 billion, the Consolidated Appropriations Act totaling $164 billion, and finally the American Rescue Plan totaling $411 billion). Concurrent to this catalyst for consumer spending, the global economy encountered a supply headwind; with factories shuttered around the world, production was very quickly overwhelmed by demand, a formidable imbalance exacerbated by the six day blockage of the Suez Canal when the Ever Given ran aground.

Given the magnitude of the supply/demand imbalance in the economy, investors found themselves faced with a concern not encountered in decades; inflation. As the calendar year commenced, inflationary fears became a focal point for investors and fluctuated between hyperinflation, stagflation, and all scenarios in-between. The economic data reinforced these fears to a certain extent; Core PCE, the Federal Reserve’s preferred inflation measure, rose from the long run average of 1.9% to 2.7%/6.1%/4.5% in the first/second/third quarters of 2021, respectively. Adding further fuel to the fire, the Fed announced its Flexible Average Inflation Targeting (FAIT) framework during the third quarter of the year, and speculation about changes to the composition of the Fed began to mount (specifically, rumors that President Biden would replace Chair Powell with a more dovish option). As if that wasn’t enough, two Federal Reserve members resigned in September amid scrutiny of their trading activity, the Fed formally announced that it will begin the tapering of purchases in November ($10 billion of Treasuries and $5 billion of mortgages per month beginning in December), and investor concern shifted towards the timing and pace of potential rate hikes.

Old Westbury Funds, Inc.

New York Municipal Bond Fund

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

PORTFOLIO DIVERSIFICATION BY STATE

State:	Percentage of Net Assets
New York		92.1	%
Other*		7.9
		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.

Old Westbury Funds, Inc.

New York Municipal Bond Fund

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

Average Annual Total Returns

For the Period Ended October 31, 2021

New York Municipal Bond Fund
One Year	0.55	%
Since Inception date of December 4, 2018	2.94	%

ICE Bank of America 3-7 Year AAA-AA Municipal Securities Index
One Year	0.33	%
Since Inception date of December 4, 2018	3.31	%

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2021 as 0.76%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2021 can be found in the Financial Highlights.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

Old Westbury Funds, Inc.
Disclosure of Fund Expenses (Unaudited)
	*For the Period Ended October 31, 2021*

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2021 through October 31, 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 05/01/2021		Actual Ending Account Value 10/31/2021		Actual Expenses Paid During Period* 05/01/2021 - 10/31/2021		Actual Expense Ratio During Period** 05/01/2021 - 10/31/2021
All Cap Core Fund	$	1,000.00	$	1,118.69	$	5.07		0.95	%
Small & Mid Cap Strategies Fund		1,000.00		1,008.69		5.57		1.10	%
Large Cap Strategies Fund		1,000.00		1,086.24		5.73		1.09	%
Credit Income Fund		1,000.00		1,036.90		4.36		0.85	%
Fixed Income Fund		1,000.00		998.48		2.87		0.57	%
Municipal Bond Fund		1,000.00		994.74		2.87		0.57	%
California Municipal Bond Fund		1,000.00		995.35		2.87		0.57	%
New York Municipal Bond Fund		1,000.00		996.46		2.87		0.57	%

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

Old Westbury Funds, Inc.
Disclosure of Fund Expenses (Unaudited) - (Continued)
	*For the Period Ended October 31, 2021*

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 05/01/2021		Hypothetical Ending Account Value 10/31/2021		Hypothetical Expenses Paid During Period* 05/01/2021 - 10/31/2021		Hypothetical Expense Ratio During Period** 05/01/2021 - 10/31/2021
All Cap Core Fund	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.66		5.60		1.10	%
Large Cap Strategies Fund		1,000.00		1,019.71		5.55		1.09	%
Credit Income Fund		1,000.00		1,020.92		4.33		0.85	%
Fixed Income Fund		1,000.00		1,022.33		2.91		0.57	%
Municipal Bond Fund		1,000.00		1,022.33		2.91		0.57	%
California Municipal Bond Fund		1,000.00		1,022.33		2.91		0.57	%
New York Municipal Bond Fund		1,000.00		1,022.33		2.91		0.57	%

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

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

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	*October 31, 2021*

Shares			Value
COMMON STOCKS — 97.3%
Banks — 5.0%
	1,934,093	Bank of America Corp.	$	92,410,963
	560,551	Citigroup, Inc.		38,767,707
	314,112	JPMorgan Chase & Co.		53,364,488
				184,543,158
Communication Services — 11.2%
	62,679	Alphabet, Inc. - Class C(a)		185,868,933
	80,727	Charter Communications, Inc. - Class A(a)		54,481,845
	190,160	Match Group, Inc.(a)		28,672,325
	336,472	Meta Platforms, Inc. - Class A(a)		108,872,245
	92,752	Sea Ltd. - ADR(a)		31,866,805
				409,762,153
Consumer Discretionary — 14.1%
	128,889	Advance Auto Parts, Inc.		29,067,047
	34,783	Amazon.com, Inc.(a)		117,303,233
	248,209	Aptiv Plc(a)		42,912,854
	68,790	Burlington Stores, Inc.(a)		19,005,989
	685,518	Dollarama, Inc.		30,985,679
	34,561	Domino’s Pizza, Inc.		16,899,292
	71,660	Expedia Group, Inc.(a)		11,781,621
	328,966	Hilton Worldwide Holdings, Inc.(a)		47,354,656
	64,755	Home Depot, Inc. (The)		24,072,024
	58,724	LVMH Moet Hennessy Louis Vuitton SE		45,971,684
	464,469	NIKE, Inc. - Class B		77,701,019
	317,168	Ross Stores, Inc.		35,903,418
	203,518	Wyndham Hotels & Resorts, Inc.		17,191,165
				516,149,681
Consumer Staples — 2.3%
	339,180	PepsiCo, Inc.		54,811,488
	865,318	US Foods Holding Corp.(a)		30,000,575
				84,812,063
Diversified Financials — 7.2%
	701,085	Blackstone, Inc.		97,044,186
	799,875	Charles Schwab Corp. (The)		65,613,746
	58,194	MSCI, Inc.		38,692,027
	136,479	Nasdaq, Inc.		28,642,848
	66,979	S&P Global, Inc.		31,758,762
				261,751,569
Energy — 2.2%
	738,768	ConocoPhillips		55,030,829
	130,193	Pioneer Natural Resources Co.		24,343,487
				79,374,316
Health Care — 12.8%
	225,317	Catalent, Inc.(a)		31,062,202
	74,272	Cooper Cos, Inc. (The)		30,965,482
	190,353	Danaher Corp.		59,346,355
	337,825	IQVIA Holdings, Inc.(a)		88,314,212

Shares			Value
Health Care (continued)
	59,336	Laboratory Corp. of America Holdings(a)	$	17,030,619
	114,948	STERIS Plc		26,867,946
	60,312	Teleflex, Inc.		21,527,765
	97,204	Thermo Fisher Scientific, Inc.		61,536,936
	157,830	UnitedHealth Group, Inc.		72,675,980
	262,472	Zoetis, Inc.		56,746,446
				466,073,943
Industrials — 10.2%
	215,709	A.O. Smith Corp.		15,761,857
	91,320	Carlisle Cos, Inc.		20,357,055
	83,360	Cintas Corp.		36,103,216
	139,042	Dover Corp.		23,509,221
	317,066	Eaton Corp. Plc		52,239,794
	112,131	Equifax, Inc.		31,108,503
	58,732	HEICO Corp.		8,186,654
	366,452	IAA, Inc.(a)		21,858,862
	127,960	Lincoln Electric Holdings, Inc.		18,221,504
	70,496	Northrop Grumman Corp.		25,182,581
	1,481,331	Rentokil Initial Plc		11,928,489
	259,880	Safran SA		34,860,885
	300,613	Union Pacific Corp.		72,567,978
				371,886,599
Information Technology — 25.6%
	79,928	Adobe, Inc.(a)		51,981,974
	486,823	Amphenol Corp. - Class A		37,373,402
	48,295	ANSYS, Inc.(a)		18,331,816
	1,076,111	Apple, Inc.		161,201,428
	67,315	ASML Holding NV		54,510,206
	101,116	Aspen Technology, Inc.(a)		15,843,866
	135,072	CDW Corp.		25,211,189
	713,567	Microsoft Corp.		236,633,089
	86,948	Nice Ltd. - ADR(a)		24,608,023
	46,165	Paycom Software, Inc.(a)		25,291,495
	52,297	ServiceNow, Inc.(a)		36,490,755
	261,416	SS&C Technologies Holdings, Inc.		20,774,729
	84,463	Synopsys, Inc.(a)		28,141,382
	389,366	Texas Instruments, Inc.		72,998,338
	530,796	Visa, Inc. - A Shares		112,406,669
	78,043	WEX, Inc.(a)		11,683,037
				933,481,398
Insurance — 1.3%
	143,583	Aon Plc - Class A		45,935,073

Materials — 1.8%
	103,218	Air Products and Chemicals, Inc.		30,945,789
	175,529	Vulcan Materials Co.		33,371,573
				64,317,362
Real Estate — 2.2%
	195,027	American Tower Corp. REIT		54,991,763

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
Real Estate (continued)
	93,453	Jones Lang LaSalle, Inc.(a)	$	24,132,368
				79,124,131
Utilities — 1.4%
	316,607	Ameren Corp.		26,686,804
	137,446	American Water Works Co., Inc.		23,940,344
				50,627,148
Total Common Stocks (Cost $1,884,454,140)				3,547,838,594

EXCHANGE-TRADED FUNDS — 0.4%
	31,000	SPDR S&P MidCap 400 ETF Trust		15,783,340

Total Exchange-Traded Funds (Cost $15,108,427)				15,783,340

INVESTMENT COMPANY — 2.3%
	84,879,834	SEI Daily Income Trust Government II Fund - Class A, 0.01%(b)		84,879,834

Total Investment Company (Cost $84,879,834)				84,879,834

TOTAL INVESTMENTS — 100.0% (Cost $1,984,442,401)			$	3,648,501,768
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				180,900
NET ASSETS — 100.0%			$	3,648,682,668

(a)	Non-income producing security.
(b)	The rate shown represents the current yield as of October 31, 2021.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments	*October 31, 2021*

Shares			Value
COMMON STOCKS — 84.7%
ARGENTINA — 0.4%
	24,149	MercadoLibre, Inc.(a)	$	35,765,152
AUSTRALIA — 1.5%
	1,066,907	Adbri Ltd.		2,391,691
	626,517	Aeris Resources Ltd.(a)		75,408
	4,267	Altium Ltd.		117,866
	420,121	Ardent Leisure Group Ltd.(a)		472,474
	62,971	Atomos Ltd.(a)		66,318
	82,024	Australian Clinical Labs Ltd.(a)		270,257
	140,436	Base Resources Ltd.		32,221
	746,989	BlueScope Steel Ltd.		11,586,841
	133,008	Calix Ltd.(a)		517,286
	11,072	Cardno Ltd.		12,618
	1	Castile Resources Ltd.(a)		0
	2,182,394	Champion Iron Ltd.(a)		7,223,506
	61,163	Clinuvel Pharmaceuticals Ltd.		1,776,441
	6,292	Cogstate Ltd.(a)		11,265
	199,504	Cokal Ltd.(a)		24,763
	1,832,840	CSR Ltd.		8,176,011
	6,637	Data#3 Ltd.		28,309
	5,053	DDH1 Ltd.		4,561
	15,835	DGL Group Ltd.(a)		35,736
	61,947	Eclipx Group Ltd.(a)		116,499
	14,106	Enero Group Ltd.		42,021
	926,872	Estia Health Ltd.		1,464,203
	8,358	Euroz Ltd.		10,248
	459,637	Hansen Technologies Ltd.		2,185,215
	1,585,425	Healius Ltd.		5,748,505
	681,771	IGO Ltd.		4,943,992
	1,730,427	Iluka Resources Ltd.		12,236,109
	397,331	Imdex Ltd.		857,821
	159,854	Incitec Pivot Ltd.		359,548
	71,119	IVE Group Ltd.		95,496
	811,814	Karoon Energy Ltd.(a)		1,111,450
	364,347	MACA Ltd.		209,671
	1,033,952	Macmahon Holdings Ltd.		159,447
	23,600	Mastermyne Group Ltd.		17,043
	749,872	Mayne Pharma Group Ltd.(a)		191,791
	112,692	McMillan Shakespeare Ltd.		1,160,536
	107,242	Medusa Mining Ltd.		62,118
	520,030	Mineral Resources Ltd.		15,096,121
	242,442	Monash IVF Group Ltd.		171,434
	352,823	Myer Holdings Ltd.(a)		143,322
	183,806	Navigator Global Investments Ltd.		259,944
	2,933,810	New Hope Corp. Ltd.		4,435,987
	84,662	Nick Scali Ltd.		921,551
	964,902	Nufarm Ltd.(a)		3,157,437
	17,007	Objective Corp. Ltd.		267,384
	4,455,590	Orora Ltd.		11,060,668
	899,439	OZ Minerals Ltd.		17,003,033
	83,935	Pact Group Holdings Ltd.		195,734
	87,736	People Infrastructure Ltd.		291,717

Shares			Value
AUSTRALIA (continued)
	9,386	ReadyTech Holdings Ltd.(a)	$	26,689
	43,545	Regis Healthcare Ltd.		64,367
	14,254	Ridley Corp. Ltd.		14,207
	93,934	RPMGlobal Holdings Ltd.(a)		137,791
	956,482	Sandfire Resources Ltd.		4,000,496
	271,079	SEEK Ltd.		6,668,157
	2,028,425	Seven West Media Ltd.(a)		694,277
	37,539	SG Fleet Group Ltd.		71,726
	703,578	Sigma Healthcare Ltd.		301,682
	33,228	SmartGroup Corp. Ltd.		200,466
	2,425,338	South32 Ltd.		6,513,324
	12,440	Sunland Group Ltd.		25,173
	428,507	Technology One Ltd.		3,935,825
	448,369	Telix Pharmaceuticals Ltd.(a)		2,033,832
	39,775	ThinkSmart Ltd.		54,434
	7,365	Tuas Ltd.(a)		7,756
	44,772	Virtus Health Ltd.		186,923
	4,028,261	Whitehaven Coal Ltd.(a)		7,908,977
	970	Zimplats Holdings Ltd.		16,783
				149,662,502
AUSTRIA — 0.1%
	50,721	ANDRITZ AG		2,871,868
	19,850	EVN AG		559,897
	7,921	Palfinger AG		349,785
	7,264	POLYTEC Holding AG		71,040
	3,902	Porr Ag(a)		55,933
	590	Rosenbauer International AG		32,192
	13,404	S IMMO AG		317,648
	27,107	Schoeller-Bleckmann Oilfield Equipment AG(a)		1,104,583
	18,592	Semperit AG Holding		626,502
	10,527	UNIQA Insurance Group AG		97,962
	28,029	Zumtobel Group AG		288,374
				6,375,784
BELGIUM — 0.2%
	3,907	Ackermans & van Haaren NV		671,602
	82,251	AGFA-Gevaert NV(a)		357,509
	53,556	Bekaert SA		2,345,179
	375,756	bpost SA(a)		3,214,367
	4,644	Cie d’Entreprises CFE		475,109
	10,734	Deceuninck NV		45,787
	196,752	Econocom Group SA		831,313
	18,393	EVS Broadcast Equipment SA		431,625
	140,385	Galapagos NV(a)		7,433,467
	11,070	Ion Beam Applications		217,548
	55,348	Melexis NV		6,372,636
	25,321	Recticel SA		468,337
	652	Sipef NV		43,866
	7,341	Warehouses De Pauw CVA REIT		334,356
				23,242,701

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
BERMUDA — 0.4%
	425,000	Argo Group International Holdings Ltd.	$	23,417,500
	382,255	James River Group Holdings Ltd.		12,213,047
				35,630,547
BRAZIL — 0.3%
	326,780	Afya Ltd. - Class A(a)		5,702,311
	1,665,988	Cia Energetica de Minas Gerais - ADR		3,748,473
	221,685	Embraer SA - ADR(a)		3,442,768
	397,700	Notre Dame Intermedica Participacoes SA		4,529,600
	1,658,800	Rumo SA(a)		4,655,621
	2,547,500	Vibra Energia SA		9,474,472
				31,553,245
CANADA — 2.8%
	40,500	Absolute Software Corp.		454,872
	6,900	AcuityAds Holdings, Inc.(a)		43,989
	331,746	Advantage Energy Ltd.(a)		1,879,072
	14,146	Alaris Equity Partners Income - Units		211,916
	2,300	Algoma Central Corp.		32,002
	5,600	Allied Properties Real Estate Investment Trust REIT		193,529
	422,000	Altus Group Ltd.		22,133,177
	34,200	Birchcliff Energy Ltd.		183,767
	22,180	Bird Construction, Inc.		180,652
	26,300	Black Diamond Group Ltd.(a)		96,266
	14,553	Boardwalk Real Estate Investment Trust REIT		627,816
	9,134	Bridgemarq Real Estate Services		126,205
	6,500	BRP, Inc.		571,534
	817,429	CAE, Inc.(a)		24,788,389
	313,824	Canfor Corp.(a)		6,501,654
	9,200	Canfor Pulp Products, Inc.(a)		49,955
	973,033	Capstone Mining Corp.(a)		4,080,512
	41,947	Cardinal Energy Ltd.(a)		158,284
	173,457	Celestica, Inc.(a)		1,709,903
	178,194	CES Energy Solutions Corp.		277,888
	700	Cogeco, Inc.		46,595
	168,100	Descartes Systems Group, Inc. (The)(a)		13,728,076
	1,896,320	Dollarama, Inc.		85,714,400
	56,640	Doman Building Materials Group Ltd.		310,293
	14,531	Dream Impact Trust - Units		75,849
	4,316	DREAM Unlimited Corp. - Class A		107,761
	41,042	Ensign Energy Services, Inc.(a)		67,652
	71,013	ERO Copper Corp.(a)		1,324,895
	19,400	Evertz Technologies Ltd.		222,122
	30,283	Exco Technologies Ltd.		238,819
	54,507	Finning International, Inc.		1,613,717
	6,700	Firm Capital Property Trust REIT		40,440
	4,900	Frontera Energy Corp.(a)		34,881
	184,422	H&R Real Estate Investment Trust REIT		2,534,759
	52,462	Hardwoods Distribution, Inc.		1,754,527

Shares			Value
CANADA (continued)
	14,739	High Liner Foods, Inc.	$	156,608
	1,173,774	IAMGOLD Corp.(a)		3,251,354
	282,329	Interfor Corp.		6,465,097
	246,413	Intertape Polymer Group, Inc.		5,598,847
	42,105	Kelt Exploration Ltd.(a)		170,107
	102,100	Kinaxis, Inc.(a)		15,846,290
	15,218	Leon’s Furniture Ltd.		309,869
	93,087	Linamar Corp.		5,119,935
	96,972	Medical Facilities Corp.		723,999
	15,500	MEG Energy Corp.(a)		138,894
	1,887	Morguard Corp.		208,201
	72,866	Morguard North American Residential Real Estate Investment Trust REIT		1,084,512
	435,892	Mullen Group Ltd.		4,508,256
	7,600	Neo Performance Materials, Inc.		117,169
	4,132	Nexus Real Estate Investment Trust - Units		44,305
	194,037	NuVista Energy Ltd.(a)		961,092
	20,200	Obsidian Energy Ltd.(a)		78,345
	7,506	Pason Systems, Inc.		55,798
	184,653	Peyto Exploration & Development Corp.		1,456,216
	24,952	Precision Drilling Corp.(a)		1,104,654
	299,700	Real Matters, Inc.(a)		2,191,568
	2,700	Richelieu Hardware Ltd.		95,316
	475,000	Ritchie Bros Auctioneers, Inc.		32,466,250
	42,436	Russel Metals, Inc.		1,118,848
	49,225	ShawCor Ltd.(a)		211,998
	282,834	Stelco Holdings, Inc.		9,820,117
	100,448	TECSYS, Inc.		4,544,347
	39,100	Tidewater Midstream and Infrastructure Ltd.		47,074
	239	Uni-Select, Inc.(a)		3,439
	44,177	Wajax Corp.		882,041
	15,970	West Fraser Timber Co. Ltd.		1,278,658
	512,884	Western Forest Products, Inc.		886,855
				273,062,227
CHINA — 3.1%
	4,754,716	3SBio, Inc.(a)(b)		4,351,080
	13,276,000	Agricultural Bank of China Ltd. - H Shares		4,521,740
	179,432	Alibaba Group Holding Ltd. - ADR(a)		29,595,514
	11,452,000	Aluminum Corp. of China Ltd. - H Shares(a)		6,844,265
	2,818,500	Bank of Changsha Co. Ltd. - A Shares		3,540,912
	3,062,400	Bank of Chengdu Co. Ltd. - A Shares		6,098,371
	10,480,770	Bank of China Ltd. - H Shares		3,704,404
	5,896,000	Bank of Communications Co. Ltd. - H Shares		3,508,577
	290,195	Baozun, Inc. - ADR(a)		5,020,373
	2,400,400	Beibuwan Port Co. Ltd. - A Shares		2,790,880

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
CHINA (continued)
	4,297,800	Beijing Yanjing Brewery Co. Ltd. - A Shares	$	4,446,937
	8,249,000	Beiqi Foton Motor Co. Ltd. - A Shares(a)		4,524,552
	1,751,000	Better Life Commercial Chain Share Co. Ltd. - A Shares		1,836,355
	6,487,044	China Construction Bank Corp. - H Shares		4,410,573
	6,820,000	China Galaxy Securities Co. Ltd. - H Shares		3,804,229
	2,603,300	China Railway Tielong Container Logistics Co. Ltd. - A Shares		1,917,642
	772,400	Chongqing Department Store Co. Ltd. - A Shares		2,773,704
	5,092,800	CSG Holding Co. Ltd. - A Shares		7,184,992
	4,043,700	Daqin Railway Co. Ltd. - A Shares		4,007,319
	5,171,600	Dongfang Electric Corp. Ltd. - H Shares		8,268,711
	4,004,000	Dongfeng Motor Group Co. Ltd. - H Shares		3,741,287
	2,474,205	FAW Jiefang Group Co. Ltd.		4,019,644
	1,194,480	Fujian Star-net Communication Co. Ltd. - A Shares		4,084,346
	3,757,000	Greentown China Holdings Ltd.		5,195,723
	3,325,700	Guangxi Liugong Machinery Co. Ltd. - A Shares		3,856,320
	3,258,400	Guangzhou R&F Properties Co. Ltd. - H Shares		2,043,698
	69,056	I-Mab - ADR(a)		4,266,970
	9,504,000	Industrial & Commercial Bank of China Ltd. - H Shares		5,203,655
	3,394,600	IRICO Display Devices Co. Ltd. - A Shares(a)		3,660,204
	2,368,938	Jiangxi Copper Co. Ltd. - H Shares		4,146,897
	2,895,483	Jilin Sino-Microelectronics Co. Ltd. - A Shares		4,072,219
	7,489,000	Kingdee International Software Group Co. Ltd.(a)		24,737,138
	2,293,400	MLS Co. Ltd. - A Shares		4,985,769
	429,518	OneConnect Financial Technology Co. Ltd. - ADR(a)		1,361,572
	5,511,600	ORG Technology Co. Ltd. - A Shares		5,754,466
	9,838,200	Rizhao Port Co. Ltd. - A Shares		4,027,956
	2,440,400	Shandong Haihua Co. Ltd. - A Shares		3,085,156
	12,066,000	Shandong Nanshan Aluminum Co. Ltd. - A Shares		8,134,826
	1,437,405	Shanghai Kehua Bio-Engineering Co. Ltd. - A Shares		3,088,974
	1,675,731	Shenzhen Hepalink Pharmaceutical Group Co. Ltd. - A Shares		4,016,953
	1,698,000	Shenzhen Laibao Hi-tech Co. Ltd. - A Shares		2,734,756

Shares			Value
CHINA (continued)
	5,233,500	Sino-Ocean Group Holding Ltd.	$	1,136,767
	3,324,900	Tianjin Port Co. Ltd. - A Shares		2,104,269
	1,856,367	Tongkun Group Co. Ltd. - A Shares		5,776,838
	15,813,400	Tongling Nonferrous Metals Group Co. Ltd. - A Shares		9,106,528
	1,544,000	Triangle Tyre Co. Ltd. - A Shares		3,059,385
	3,635,300	Wuxi Taiji Industry Co. Ltd. - A Shares		4,538,700
	2,378,400	Xiamen King Long Motor Group Co. Ltd. - A Shares		2,137,078
	1,799,374	Xuji Electric Co. Ltd. - A Shares		5,565,783
	2,429,800	Yunnan Aluminium Co. Ltd. - A Shares(a)		4,508,723
	2,740,300	Yunnan Copper Co. Ltd. - A Shares		5,662,227
	323,308	Zai Lab Ltd. - ADR(a)		33,753,355
	5,720,800	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		4,132,240
				300,851,552
COSTA RICA — 0.0%
	52,364	Establishment Labs Holdings, Inc.(a)		4,269,761
DENMARK — 1.5%
	36,538	ALK-Abello A/S(a)		15,830,294
	438,460	Ambu A/S - Class B		12,489,467
	1,452	Brodrene A&O Johansen A/S - Preference Shares		249,333
	48,276	Carlsberg AS - Class B		7,963,477
	13,512	Chemometec A/S		2,040,973
	30,074	Columbus A/S		44,118
	133,040	D/S Norden A/S		3,210,740
	69,350	Dfds A/S(a)		3,588,741
	66,915	DSV A/S		15,551,108
	95,277	Genmab A/S(a)		42,700,679
	202,784	GN Store Nord AS		12,305,696
	454,595	H Lundbeck A/S		12,638,236
	17,109	H+H International A/S - Class B(a)		675,320
	188,145	Matas A/S		3,681,034
	22,271	Nilfisk Holding A/S(a)		773,515
	6,153	North Media A/S		115,698
	353	Solar A/S - Class B		41,142
	60,546	Spar Nord Bank A/S		779,994
	300,123	Vestas Wind Systems A/S		12,979,679
				147,659,244
FINLAND — 0.7%
	10,650	Aktia Bank Oyj		152,415
	2,578	Aspo Oyj		36,239
	4,578	Atria Oyj		59,061
	112,401	BasWare Oyj(a)		4,151,441
	33,927	Caverion Oyj		268,066
	1,816	Consti Oyj		28,445
	4,481	eQ Oyj		134,681
	13,388	Fiskars Oyj Abp		328,876

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
FINLAND (continued)
	16,592	F-Secure Oyj	$	93,504
	30,895	Harvia Oyj		1,900,018
	642	Marimekko Oyj		61,227
	3,220,006	Metso Outotec Oyj		32,309,798
	7,742	Oma Saastopankki Oyj		164,675
	42,588	Orion Oyj - Class B		1,842,744
	12,025	Pihlajalinna Oyj		163,197
	1,114	Ponsse Oyj		57,564
	48,994	QT Group Oyj(a)		7,906,534
	71,828	Revenio Group Oyj		4,745,346
	28,653	Sievi Capital Oyj		69,227
	10,692	Solteq Oyj		56,238
	3,578	Titanium Oyj		64,111
	118,332	Tokmanni Group Corp.		2,692,062
	77,674	Uponor Oyj		1,889,206
	112,846	Vaisala Oyj - Class A		6,000,699
	123,312	Valmet Oyj		5,003,458
	8,970	Verkkokauppa.com Oyj		73,518
	2,653	Vincit Oyj		26,375
				70,278,725
FRANCE — 0.8%
	3,602	AKWEL		91,814
	1,668	Altarea SCA REIT		356,719
	3,048	Alten SA		490,470
	24,339	Artefact SA(a)		219,460
	2,904	Aubay		179,937
	1,888	Axway Software SA		59,365
	1,683	Beneteau SA(a)		25,642
	369	Boiron SA		17,852
	641	Cegedim SA(a)		19,192
	389,059	Cellectis SA(a)		4,238,915
	40,041	Coface SA(a)		571,649
	237,413	Derichebourg SA(a)		2,697,838
	8,263	Eramet SA(a)		690,612
	432	Esker SA		147,570
	17,401	Etablissements Maurel et Prom SA(a)		50,088
	3,886	Eurobio Scientific SA(a)		80,231
	222,990	Gaztransport Et Technigaz SA		18,405,238
	3,114	Groupe Guillin		96,834
	6,868	Groupe LDLC		436,667
	5,483	Guerbet		242,125
	3,358	Haulotte Group SA(a)		19,409
	658	Infotel SA		37,994
	3,913	Ipsen SA		404,394
	1,099	Jacquet Metals SACA		26,806
	9,151	Lagardere SA(a)		241,614
	447,759	Lectra		18,737,460
	1,707	LNA Sante SA		98,171
	9,223	Manitou BF SA		313,990
	185,086	Mercialys SA REIT		2,005,870
	14,250	Mersen SA		534,549
	1,232	Neurones		50,701

Shares			Value
FRANCE (continued)
	2,057	Nexans SA	$	206,044
	125,471	Nexity SA		5,726,356
	26,648	Quadient SA		636,433
	24,092	ReWorld Media SA(a)		184,091
	464,168	Rexel SA		9,207,682
	416	Seche Environnement SA		32,893
	16,813	Societe BIC SA		976,650
	1,113	Societe pour l’Informatique Industrielle		50,693
	1,386	Somfy SA		272,377
	286	Stef SA		35,773
	900	Synergie SE		41,564
	112,884	Technip Energies NV(a)		1,738,831
	208,902	Television Francaise 1		2,236,204
	4,034	Thermador Groupe		458,869
	5,595	Virbac SA		2,829,671
	3,077	Wavestone		169,314
				76,392,621
GERMANY — 1.5%
	367	ABO Wind AG		26,643
	1,552	Adesso SE		345,546
	65,518	ADVA Optical Networking SE(a)		867,967
	733,097	AIXTRON SE		17,415,306
	450,005	alstria office REIT-AG REIT		8,406,525
	8,498	Amadeus Fire AG		1,962,773
	8,594	Atoss Software AG		1,943,220
	4,334	Basler AG		800,615
	1,566	BayWa AG		66,257
	24,172	Carl Zeiss Meditec AG		4,860,656
	1,567	Datagroup SE(a)		137,308
	58,705	Dermapharm Holding SE		5,904,079
	188,916	Deutsche EuroShop AG		3,837,058
	170,975	Deutz AG(a)		1,434,918
	18,591	Draegerwerk AG & Co. KGaA - Preference Shares		1,463,550
	21,421	Eckert & Ziegler Strahlen- und Medizintechnik AG		3,206,767
	1,752	Elmos Semiconductor AG		81,519
	137	Envitec Biogas AG		6,430
	31,823	Ernst Russ AG(a)		156,714
	184,973	EuroEyes International Eye Clinic Ltd.		236,313
	21,274	GFT Technologies SE		1,003,384
	462	GK Software SE(a)		84,116
	119,262	Hamborner REIT AG		1,337,447
	348,371	Hamburger Hafen und Logistik AG		7,808,680
	520,453	Heidelberger Druckmaschinen AG(a)		1,341,665
	4,723	Hornbach Holding AG & Co. KGaA		596,755
	2,517	IVU Traffic Technologies AG		58,775
	2,011	JDC Group AG(a)		57,420
	93,305	Jungheinrich AG - Preference Shares		4,726,451
	143,887	K+S AG(a)		2,477,536
	84,930	KION Group AG		9,268,105

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
GERMANY (continued)
	291,837	Kloeckner & Co. SE(a)	$	3,926,912
	7,512	Koenig & Bauer AG(a)		264,858
	43,662	Krones AG		4,504,740
	239	KSB SE & Co. KGaA - Preference Shares		99,462
	547	KUKA AG		45,401
	2,073	Mensch und Maschine Software SE		148,097
	312,328	MorphoSys AG(a)		14,712,835
	3,326	New Work SE		811,265
	604	OEKOWORLD AG - Preference Shares		66,611
	99	Paul Hartmann AG		41,200
	1,687	Pfeiffer Vacuum Technology AG		421,237
	2,188	PSI Software AG		105,473
	158,268	SAF-Holland SE(a)		2,195,494
	181,123	Salzgitter AG(a)		6,662,414
	90,925	Schaeffler AG - Preference Shares		721,050
	694	Secunet Security Networks AG		364,228
	138,742	SGL Carbon SE(a)		1,324,786
	9,447	Software AG		388,341
	2,475	Steico SE		323,877
	1,836	STO SE & Co. KGaA - Preference Shares		413,022
	2,064	STRATEC SE		329,266
	50,092	SUESS MicroTec SE(a)		1,314,474
	98,486	Symrise AG		13,610,745
	3,601	Technotrans SE		106,358
	12,336	VIB Vermoegen AG		581,112
	1,269	Villeroy & Boch AG - Preference Shares		35,207
	48,988	Wacker Chemie AG		8,831,468
	78,520	Wacker Neuson SE		2,574,212
	4,714	Washtec AG		306,255
	17,289	Wuestenrot & Wuerttembergische AG		360,149
				147,511,047
GREECE — 0.1%
	4,107,680	Alpha Services and Holdings SA(a)		5,216,203
	4,072,764	Eurobank Ergasias Services and Holdings SA(a)		4,253,311
	1,284,524	National Bank of Greece SA(a)		4,038,955
				13,508,469
HONG KONG — 0.5%
	330,000	Analogue Holdings Ltd.		75,496
	534,900	ASM Pacific Technology Ltd.		5,778,336
	114,414	Build King Holdings Ltd.		14,558
	263,479	Champion REIT		138,504
	893,301	Chow Sang Sang Holdings International Ltd.		1,269,830
	2,632,710	COSCO SHIPPING Ports Ltd.		2,192,656
	2,900,000	Emperor Watch & Jewellery Ltd.		67,464

Shares			Value
HONG KONG (continued)
	349,000	Far East Consortium International Ltd.	$	115,279
	114,495	FSE Lifestyle Services Ltd.		98,006
	1,130,000	Giordano International Ltd.		220,757
	10,000	Great Eagle Holdings Ltd.		27,569
	117,500	G-Resources Group Ltd.(a)		44,399
	487,000	Guotai Junan International Holdings Ltd.		70,729
	420,385	HKR International Ltd.		168,575
	350,700	Hutchison Port Holdings Trust - Units		75,401
	128,000	Hysan Development Co. Ltd.		445,010
	504,000	International Housewares Retail Co. Ltd.		175,547
	3,604,000	IRC Ltd.(a)		114,876
	205,918	Jacobson Pharma Corp. Ltd.		15,350
	20,242	Jinhui Shipping & Transportation Ltd.		29,352
	1,136,437	Johnson Electric Holdings Ltd.		2,523,955
	107,031	Kerry Logistics Network Ltd.		259,994
	1,544,500	Kerry Properties Ltd.		4,357,275
	122,000	LH GROUP Ltd.		15,367
	278,374	Luk Fook Holdings International Ltd.		760,291
	202,057	Modern Dental Group Ltd.		172,179
	3,507,000	Nine Dragons Paper Holdings Ltd.		4,408,259
	44,788	Oriental Watch Holdings		23,889
	9,000,825	Pacific Basin Shipping Ltd.		4,164,639
	780,562	PC Partner Group Ltd.		991,190
	2,582,000	Poly Property Group Co. Ltd.		637,162
	1,172,000	Prosperity REIT		459,431
	272,000	Prosperous Industrial Holdings Ltd.		48,943
	372,000	Singamas Container Holdings Ltd.		43,987
	2,153,000	SITC International Holdings Co. Ltd.		7,291,504
	200,000	SOCAM Development Ltd.(a)		37,787
	2,826,000	Solomon Systech International Ltd.		276,044
	38,000	Stella International Holdings Ltd.		45,275
	3,590,000	Sun Art Retail Group Ltd.		2,113,258
	117,198	Sun Hung Kai & Co. Ltd.		61,005
	1,156,177	Tai Hing Group Holdings Ltd.		227,357
	1,397	Tang Palace China Holdings Ltd.		129
	851,500	Texhong Textile Group Ltd.		1,273,885
	1,118,564	Texwinca Holdings Ltd.		228,586
	1,464,000	Time Interconnect Technology Ltd.		88,436
	497,600	Tsit Wing International Holdings Ltd.		63,315
	6,838,000	United Laboratories International Holdings Ltd. (The)		4,332,799
	1,006,600	Valuetronics Holdings Ltd.		432,946
	1,178,000	VSTECS Holdings Ltd.		1,115,849
	59,000	VTech Holdings Ltd.		453,846
	135,331	Wai Kee Holdings Ltd.		65,748
				48,112,024
ICELAND — 0.1%
	1,224,790	Ossur HF(a)		7,974,934

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
INDIA — 0.8%
	6,013,944	Bank of Baroda(a)	$	7,830,526
	2,190,500	Bharat Heavy Electricals Ltd.(a)		1,996,516
	132,746	IndiaMart InterMesh Ltd.(b)		12,668,983
	5,705,879	Indian Oil Corp. Ltd.		9,749,667
	400,191	Lupin Ltd.		4,932,293
	5,143,880	Steel Authority of India Ltd.		7,906,660
	60,693	Sun TV Network Ltd.		454,704
	5,047,781	TV18 Broadcast Ltd.(a)		2,800,905
	234,461	WNS Holdings Ltd. - ADR(a)		20,822,481
	1,044,380	Zee Entertainment Enterprises Ltd.		4,197,395
				73,360,130
INDONESIA — 0.0%
	22,129,300	Perusahaan Gas Negara Tbk PT(a)		2,358,584
IRELAND — 0.2%
	390,746	Alkermes Plc(a)		11,835,696
	52,828	COSMO Pharmaceuticals NV(a)		4,021,529
	124,792	Grafton Group Plc - Units		2,290,215
				18,147,440
ISRAEL — 2.9%
	18,785	Airport City Ltd.(a)		357,849
	27,267	Alony Hetz Properties & Investments Ltd.		444,548
	161,848	Bezeq The Israeli Telecommunication Corp. Ltd.(a)		202,595
	1,057	Blue Square Real Estate Ltd.		81,504
	158,371	Compugen Ltd.(a)		1,027,828
	277,444	CyberArk Software Ltd.(a)		49,970,439
	5,435	Danel Adir Yeoshua Ltd.		1,147,338
	43,216	Delek Automotive Systems Ltd.		564,996
	12,662	Delta Galil Industries Ltd.		647,835
	715	Duniec Brothers Ltd.		39,700
	10,272	Electra Consumer Products 1970 Ltd.		481,082
	9,607	FIBI Holdings Ltd.		422,005
	8,790	First International Bank of Israel Ltd. (The)		351,672
	2,901	Formula Systems 1985 Ltd.		310,970
	1,219	Fox Wizel Ltd.		167,767
	10,947	Gav-Yam Lands Corp. Ltd.		130,146
	1,576	Israel Corp. Ltd. (The)(a)		579,828
	6,900,100	Isramco Negev 2 LP		1,870,933
	236,596	JFrog Ltd.(a)		7,734,323
	312,151	Kornit Digital Ltd.(a)		52,216,619
	1,232,057	Max Stock Ltd.		5,018,792
	5,284	Melisron Ltd.(a)		446,352
	7,233	Naphtha Israel Petroleum Corp. Ltd.(a)		44,778
	1,016	Neto ME Holdings Ltd.		50,056
	447,076	Nice Ltd. - ADR(a)		126,531,450
	330	Norstar Holdings, Inc.		2,837
	478,267	Oil Refineries Ltd.(a)		129,378
	68,459	Phoenix Holdings Ltd. (The)		862,566

Shares			Value
ISRAEL (continued)
	206,747	Plus500 Ltd.	$	3,724,953
	700,981	Radware Ltd.(a)		24,835,757
	58,124	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		4,371,676
	117,400	Ratio Oil Exploration 1992 LP(a)		56,653
	742,780	Sarine Technologies Ltd.		382,819
	3,532	Scope Metals Group Ltd.		159,391
	7,226	Tadiran Group Ltd.		940,829
	7,517	YH Dimri Construction & Development Ltd.		538,770
				286,847,034
ITALY — 0.5%
	64,676	Aeffe SpA(a)		187,661
	801	Alkemy SpA(a)		17,917
	16,534	Aquafil SpA(a)		148,510
	140,236	Arnoldo Mondadori Editore SpA(a)		324,226
	274,489	Azimut Holding SpA		7,897,828
	100,044	Banca IFIS SpA		1,849,257
	133,952	Banca Mediolanum SpA		1,348,111
	68,270	Banca Popolare di Sondrio SCPA		296,424
	396,834	Banco BPM SpA		1,232,176
	97,891	Biesse SpA(a)		3,025,952
	319,730	Cairo Communication SpA		669,729
	14,298	Credito Emiliano SpA		108,427
	41,355	Danieli & C Officine Meccaniche SpA		893,023
	30,300	Datalogic SpA		550,271
	891,642	Davide Campari-Milano NV		12,657,464
	58,173	Digital Bros SpA		2,812,311
	4,948	Digital Value SpA(a)		520,510
	4,312	Digital360 SpA(a)		24,525
	9,952	El.En. SpA		199,028
	24,978	Elica SpA(a)		103,660
	23,216	Exprivia SpA(a)		50,992
	8,226	Fine Foods & Pharmaceuticals NTM		169,740
	13,310	Gefran SpA		173,866
	4,369	GPI SpA		62,880
	11,139	Gruppo MutuiOnline SpA		544,040
	207,517	Immobiliare Grande Distribuzione SIIQ SpA REIT(a)		909,182
	6,503	Interpump Group SpA		479,239
	5,820	Italian Wine Brands SpA		286,609
	46	Italmobiliare SpA		1,614
	173,385	Leonardo SpA(a)		1,270,345
	1,467	MARR SpA		34,528
	933,189	Mediaset NV		2,619,245
	9,447	Prima Industrie SpA(a)		208,368
	1,769	Reply SpA		342,940
	148,724	Rizzoli Corriere Della Sera Mediagroup SpA		122,239
	2,056	Sabaf SpA		66,073
	10,622	Sanlorenzo SpA		445,729
	23,783	Seco SpA(a)		219,395

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
ITALY (continued)
	2,524	Sesa SpA	$	494,849
	6,963	SIT SpA		92,164
	104,789	Sogefi SpA(a)		165,956
	37,784	Tinexta SpA		1,672,879
	203,454	Unipol Gruppo SpA		1,168,908
				46,468,790
JAPAN — 6.1%
	40,900	77 Bank Ltd. (The)		416,984
	4,500	A&A Material Corp.		38,100
	70,900	A&D Co. Ltd.		628,909
	4,900	Abist Co. Ltd.		123,387
	2,600	Achilles Corp.		29,907
	22,800	Advanced Media, Inc.(a)		154,434
	92,300	AEON Financial Service Co. Ltd.		1,167,770
	9,300	Ai Holdings Corp.		175,025
	4,700	Aichi Steel Corp.		109,320
	9,400	Aida Engineering Ltd.		85,031
	6,600	Aiphone Co. Ltd.		136,488
	32,800	Aisan Industry Co. Ltd.		240,586
	51,900	Akatsuki, Inc.		1,411,625
	106,492	Altech Corp.		1,911,670
	46,700	Anest Iwata Corp.		371,224
	2,900	AOI Electronics Co. Ltd.		62,542
	2,300	Arakawa Chemical Industries Ltd.		24,983
	4,100	Arata Corp.		144,791
	11,900	Arealink Co. Ltd.		161,625
	8,300	Argo Graphics, Inc.		230,121
	20,400	Artiza Networks, Inc.		220,869
	85,300	Asahi Co. Ltd.		989,398
	174,500	Asahi Diamond Industrial Co. Ltd.		1,070,195
	22,500	Asahi Net, Inc.		141,939
	6,200	ASAHI YUKIZAI CORP.		74,743
	50,000	Asia Pile Holdings Corp.		203,115
	7,600	ASKA Pharmaceutical Holdings Co. Ltd.		65,681
	28,200	Astena Holdings Co. Ltd.		139,546
	48,504	Ateam, Inc.		702,186
	63,696	Avant Corp.		887,469
	660,600	Azbil Corp.		28,110,638
	35,200	Bando Chemical Industries Ltd.		271,779
	391,500	BASE, Inc.(a)		3,194,516
	10,300	BayCurrent Consulting, Inc.		4,238,386
	74,400	BML, Inc.		2,607,835
	258,300	Bunka Shutter Co. Ltd.		2,511,045
	1,700	Canare Electric Co. Ltd.		25,506
	415,900	Capcom Co. Ltd.		11,166,080
	943,900	Carenet, Inc.		10,343,769
	3,000	Carlit Holdings Co. Ltd.		19,978
	3,000	Central Glass Co. Ltd.		55,644
	170,300	Chiba Kogyo Bank Ltd. (The)		403,431
	1,800	Chino Corp.		22,173
	1,138,780	CKD Corp.		22,470,860

Shares			Value
JAPAN (continued)
	5,200	Cleanup Corp.	$	25,321
	95,000	COLOPL, Inc.(a)		685,150
	212,400	Computer Engineering & Consulting Ltd.		2,521,406
	49,900	CONEXIO Corp.		637,459
	2,300	Copro-Holdings Co. Ltd.		24,720
	1,800	Core Corp.		25,269
	21,000	Cosel Co. Ltd.		170,616
	15,500	Cosmo Energy Holdings Co. Ltd.		317,276
	13,200	Creek & River Co. Ltd.		228,039
	2,900	Creo Co. Ltd.		25,393
	52,100	Cresco Ltd.		951,262
	3,500	CTI Engineering Co. Ltd.		83,865
	19,200	CTS Co. Ltd.		133,924
	31,500	Cybernet Systems Co. Ltd.		175,499
	4,300	Dai Nippon Toryo Co. Ltd.		32,672
	9,700	Daihatsu Diesel Manufacturing Co. Ltd.		50,213
	16,400	Daihen Corp.		682,764
	2,300	Daiichi Jitsugyo Co. Ltd.		106,751
	6,000	Daiken Corp.		130,818
	61,200	Daiken Medical Co. Ltd.		309,289
	13,679	Daikoku Denki Co. Ltd.		145,341
	248,649	Daikokutenbussan Co. Ltd.		14,136,833
	20,900	Daito Pharmaceutical Co. Ltd.		586,795
	38,500	Daitron Co. Ltd.		764,764
	3,600	Daiwa Industries Ltd.		39,893
	70,251	DCM Holdings Co. Ltd.		683,557
	28,900	Dear Life Co. Ltd.		145,039
	10,500	Dexerials Corp.		211,704
	2,400	Digital Hearts Holdings Co. Ltd.		38,093
	40,100	Digital Holdings, Inc.		613,242
	118,305	Dip Corp.		4,245,382
	1,700	DMS, Inc.		22,605
	117,700	Doshisha Co. Ltd.		1,840,240
	69,500	Drecom Co. Ltd.(a)		314,038
	58,000	Duskin Co. Ltd.		1,393,323
	10,000	E-Guardian, Inc.		273,744
	40,500	Eiken Chemical Co. Ltd.		678,701
	6,200	Eizo Corp.		236,631
	4,600	Elematec Corp.		45,808
	192,650	en Japan, Inc.		7,623,176
	19,500	Enigmo, Inc.		184,435
	22,400	Exedy Corp.		332,733
	8,500	FALCO HOLDINGS Co. Ltd.		126,558
	341,500	FAN Communications, Inc.		1,351,318
	1,900	FCC Co. Ltd.		26,256
	103,400	Ferrotec Holdings Corp.		3,447,423
	44,500	Fields Corp.		202,637
	14,871	First Bank of Toyama Ltd. (The)		37,447
	3,000	Forum Engineering, Inc.		24,979
	120,100	Foster Electric Co. Ltd.		853,529
	107,000	Freee KK(a)		7,641,851

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
JAPAN (continued)
	15,800	Fudo Tetra Corp.	$	251,053
	4,800	Fuji Corp. Ltd.		28,975
	23,400	Fuji Pharma Co. Ltd.		225,428
	40,500	Fuji Soft, Inc.		2,053,871
	348,000	Fujikura Ltd.(a)		1,868,620
	30,300	Fujisash Co. Ltd.		20,470
	836,700	Fujitec Co. Ltd.		18,932,655
	73,853	Fukui Computer Holdings, Inc.		2,656,699
	1,000	Fukushima Galilei Co. Ltd.		39,658
	12,600	Full Speed, Inc.		41,788
	128,600	FULLCAST Holdings Co. Ltd.		2,991,170
	1,400	Funai Soken Holdings, Inc.		38,754
	111,700	Furuno Electric Co. Ltd.		1,189,768
	83,783	Furyu Corp.		1,212,915
	72,200	Future Corp.		2,106,295
	30,200	Gakujo Co. Ltd.		314,785
	12,200	Gecoss Corp.		92,055
	18,000	GLOBERIDE, Inc.		649,879
	48,600	Glory Ltd.		1,042,997
	22,100	GMO Financial Gate, Inc.		5,718,175
	2,700	GMO Pepabo, Inc.		64,411
	64,776	Goldcrest Co. Ltd.		925,818
	21,400	Grandy House Corp.		91,064
	505,300	Gree, Inc.		4,247,224
	17,400	GSI Creos Corp.		150,528
	353,580	GungHo Online Entertainment, Inc.		6,620,221
	23,900	Gunosy, Inc.(a)		137,141
	23,200	Gunze Ltd.		892,582
	86,500	H.U. Group Holdings, Inc.		2,128,822
	34,200	Hanwa Co. Ltd.		1,021,724
	29,100	Happinet Corp.		382,723
	3,100	Heiwa Real Estate Co. Ltd.		97,644
	163,700	Hennge KK(a)		8,057,530
	2,600	HI-LEX Corp.		41,427
	3,600	Himaraya Co. Ltd.		33,292
	16,000	Hioki EE Corp.		1,113,227
	29,100	Hito Communications Holdings, Inc.		560,426
	32,800	Hochiki Corp.		360,016
	111,600	Hokuhoku Financial Group, Inc.		798,996
	7,200	Hoosiers Holdings		44,283
	18,700	Hosiden Corp.		196,393
	81	Ichigo Hotel REIT Investment Corp.		69,292
	2,200	ID Holdings Corp.		18,125
	22,100	Idec Corp.		466,335
	34,000	IMAGICA GROUP, Inc.(a)		173,020
	44,600	Ines Corp.		649,972
	30,700	Infocom Corp.		587,738
	1,867,000	Infomart Corp.		18,182,672
	50,500	Intage Holdings, Inc.		850,713
	165,000	Internet Initiative Japan, Inc.		5,740,075
	37,000	I-O Data Device, Inc.		294,442
	2,000	I-PEX, Inc.		35,973
	17,300	ISB Corp.		188,217

Shares			Value
JAPAN (continued)
	14,200	Iseki & Co. Ltd.(a)	$	204,575
	4,100	Isolite Insulating Products Co. Ltd.		31,800
	57,000	Itfor, Inc.		443,597
	71,800	Itoki Corp.		228,047
	2,500	Iwaki Co. Ltd.		22,000
	6,300	Iwasaki Electric Co. Ltd.		115,525
	90,100	JAC Recruitment Co. Ltd.		1,764,450
	70,300	Japan Aviation Electronics Industry Ltd.		1,161,438
	14,400	Japan Lifeline Co. Ltd.		154,771
	1,200	Japan Living Warranty, Inc.		35,850
	18,200	Japan Petroleum Exploration Co. Ltd.		331,664
	11,400	Japan Pulp & Paper Co. Ltd.		384,084
	24,200	Japan System Techniques Co. Ltd.		471,791
	42,091	JBCC Holdings, Inc.		641,475
	212,600	Jeol Ltd.		16,041,764
	23,100	Joshin Denki Co. Ltd.		479,531
	134,900	Juki Corp.		1,003,687
	58,400	JVCKenwood Corp.		100,429
	7,800	Kaga Electronics Co. Ltd.		213,863
	43,200	Kaken Pharmaceutical Co. Ltd.		1,701,847
	129,800	Kanamoto Co. Ltd.		2,771,952
	7,100	Kaneka Corp.		271,915
	14,600	Kanematsu Corp.		169,090
	2,100	Kanematsu Electronics Ltd.		68,449
	22,100	Kawai Musical Instruments Manufacturing Co. Ltd.		680,597
	2,000	Keihanshin Building Co. Ltd.		24,900
	45,300	Kimoto Co. Ltd.		92,210
	45,300	Kissei Pharmaceutical Co. Ltd.		905,006
	65,800	Kito Corp.		908,124
	33,700	Kitz Corp.		224,716
	230,800	Kobe Bussan Co. Ltd.		7,927,896
	235,700	Kojima Co. Ltd.		1,209,778
	8,387	Komehyo Holdings Co. Ltd.		136,650
	87,500	Komeri Co. Ltd.		2,019,083
	41,500	Komori Corp.		270,173
	424,200	Konica Minolta, Inc.		2,091,690
	1,700	Konoshima Chemical Co. Ltd.		43,583
	31,000	Kurabo Industries Ltd.		514,876
	3,900	Kuriyama Holdings Corp.		33,979
	62,200	Kyokuto Kaihatsu Kogyo Co. Ltd.		848,070
	11,600	Kyokuto Securities Co. Ltd.		77,452
	9,000	Kyoritsu Printing Co. Ltd.		13,345
	151,400	M3, Inc.		8,910,649
	13,100	Macnica Fuji Electronics Holdings, Inc.		306,998
	2,500	Maezawa Kyuso Industries Co. Ltd.		23,251
	5,200	Makino Milling Machine Co. Ltd.		186,830
	15,500	Marubun Corp.		108,660
	5,400	Marusan Securities Co. Ltd.		28,380
	227,600	Marvelous, Inc.		1,441,783
	54,300	Max Co. Ltd.		862,321

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
JAPAN (continued)
	38,000	Maxell Ltd.	$	455,767
	448,700	Mazda Motor Corp.(a)		4,011,628
	72,400	Megachips Corp.		2,280,465
	96,300	Meidensha Corp.		2,020,209
	2,700	Meiho Facility Works Ltd.		21,605
	3,300	Meiji Electric Industries Co. Ltd.		38,740
	57,800	Meiko Network Japan Co. Ltd.		288,049
	66,500	Meitec Corp.		3,979,206
	16,200	Melco Holdings, Inc.		667,331
	242,700	Micronics Japan Co. Ltd.		3,200,510
	4,600	Mimaki Engineering Co. Ltd.		37,454
	15,300	Mimasu Semiconductor Industry Co. Ltd.		334,123
	43,200	Mito Securities Co. Ltd.		111,814
	9,800	Mitsubishi Paper Mills Ltd.(a)		30,868
	2,000	Mitsubishi Pencil Co. Ltd.		23,935
	25,700	Mitsubishi Research Institute, Inc.		956,069
	34,600	Mitsuboshi Belting Ltd.		612,615
	112,600	Mitsui Matsushima Holdings Co. Ltd.		1,459,181
	3,100	Mitsui-Soko Holdings Co. Ltd.		62,041
	164,600	Mixi, Inc.		3,762,079
	72,150	Mizuno Corp.		1,672,475
	18,400	Mochida Pharmaceutical Co. Ltd.		534,363
	161,600	Money Forward, Inc.(a)		10,945,839
	627,000	MonotaRO Co. Ltd.		14,193,113
	2,900	MORESCO Corp.		30,482
	206,746	Morinaga Milk Industry Co. Ltd.		12,117,247
	3,800	Mory Industries, Inc.		90,153
	46,580	Mugen Estate Co. Ltd.		200,256
	8,200	Nachi-Fujikoshi Corp.		309,726
	1,500	Nafco Co. Ltd.		22,663
	31,600	Nagano Keiki Co. Ltd.		362,925
	4,300	Naigai Trans Line Ltd.		82,850
	4,400	Nakabayashi Co. Ltd.		22,082
	3,900	Nakamoto Packs Co. Ltd.		59,608
	4,300	Nakanishi, Inc.		99,601
	13,600	Nakayama Steel Works Ltd.		51,548
	2,500	Narumiya International Co. Ltd.		25,005
	4,900	NCS&A Co. Ltd.		21,711
	3,000	Nicca Chemical Co. Ltd.		24,979
	1,400	Nice Corp.		23,265
	15,900	Nichiban Co. Ltd.		257,943
	4,500	Nichiha Corp.		129,107
	23,200	Nihon Falcom Corp.		276,833
	2,900	Nihon Kohden Corp.		92,235
	223,900	Nihon Unisys Ltd.		6,266,646
	12,300	Nikon Corp.		134,790
	2,200	Nippon Carbide Industries Co., Inc.		26,637
	78,600	Nippon Commercial Development Co. Ltd.		1,191,672
	3,600	Nippon Light Metal Holdings Co. Ltd.		59,603
	96,800	Nippon Sheet Glass Co. Ltd.(a)		539,311

Shares			Value
JAPAN (continued)
	13,200	Nippon Steel Trading Corp.	$	595,288
	2,061	Nippon Systemware Co. Ltd.		45,026
	9,600	Nippon Thompson Co. Ltd.		49,274
	116,500	Nishi-Nippon Financial Holdings, Inc.		679,732
	16,500	Nishio Rent All Co. Ltd.		406,655
	5,400	Nissei ASB Machine Co. Ltd.		175,539
	3,200	Nissei Plastic Industrial Co. Ltd.		30,519
	53,200	Nissha Co. Ltd.		866,790
	117,600	Nisshinbo Holdings, Inc.		905,925
	33,400	Nissin Electric Co. Ltd.		412,024
	27,000	Nisso Corp.		170,090
	3,400	Nissui Pharmaceutical Co. Ltd.		28,996
	13,500	Nitta Corp.		308,673
	122,500	Nitto Kogyo Corp.		1,816,407
	26,200	Nitto Seiko Co. Ltd.		150,568
	20,500	Nojima Corp.		448,401
	14,000	Nomura Real Estate Holdings, Inc.		340,127
	9,300	Noritake Co. Ltd.		405,128
	29,500	Noritz Corp.		472,104
	207,722	NSD Co. Ltd.		3,945,761
	110,500	NTN Corp.(a)		238,500
	1,000	OBIC Business Consultants Co. Ltd.		49,221
	42,300	Obic Co. Ltd.		7,790,103
	93,400	Okamura Corp.		1,227,578
	376,300	Oki Electric Industry Co. Ltd.		3,086,997
	1,600	Okura Industrial Co. Ltd.		29,508
	16,800	Optex Group Co. Ltd.		213,141
	2,900	Oricon, Inc.		25,521
	2,854	Origin Co. Ltd.		32,177
	162,000	Osaki Electric Co. Ltd.		797,385
	42,030	Oyo Corp.		642,758
	10,900	PAPYLESS Co. Ltd.		131,594
	17,200	Paramount Bed Holdings Co. Ltd.		320,383
	4,800	Pasco Corp.		63,803
	67,200	Pasona Group, Inc.		1,871,989
	40,600	Pegasus Sewing Machine Manufacturing Co. Ltd.		163,148
	222,200	PeptiDream, Inc.(a)		5,367,112
	4,800	Pilot Corp.		175,617
	83,500	Plus Alpha Consulting Co. Ltd.		2,197,850
	58,300	Poletowin Pitcrew Holdings, Inc.		524,304
	700	Pronexus, Inc.		6,510
	87,152	Proto Corp.		1,075,875
	18,000	Punch Industry Co. Ltd.		91,757
	4,500	Quick Co. Ltd.		56,657
	596,000	Raccoon Holdings, Inc.		8,314,455
	246,090	Relia, Inc.		2,517,578
	1,100	Rhythm Co. Ltd.		13,463
	11,900	Riken Corp.		280,233
	80,400	Riken Technos Corp.		385,864
	7,600	Rion Co. Ltd.		165,036
	121,400	Rohm Co. Ltd.		11,056,214
	204,400	Roland Corp.		8,357,131

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
JAPAN (continued)
	57,900	Roland DG Corp.	$	1,516,906
	6,700	Ryobi Ltd.		70,072
	100	Saison Information Systems Co. Ltd.		1,704
	11,700	Sakai Chemical Industry Co. Ltd.		217,524
	1,100	Sakai Heavy Industries Ltd.		24,225
	13,600	Sangetsu Corp.		186,743
	55,200	Sanken Electric Co. Ltd.		2,891,371
	15,200	Sankyo Tateyama, Inc.		98,955
	11,300	Sansha Electric Manufacturing Co. Ltd.		107,770
	67,600	Sanwa Holdings Corp.		785,281
	600	Sanyo Denki Co. Ltd.		34,323
	9,200	Sanyo Special Steel Co. Ltd.		151,188
	13,000	Sanyo Trading Co. Ltd.		124,440
	56,400	Sato Holdings Corp.		1,295,505
	2,800	Sato Shoji Corp.		29,308
	36,940	Sawai Group Holdings Co. Ltd.		1,627,013
	87,500	SCREEN Holdings Co. Ltd.		8,114,718
	7,200	Seed Co. Ltd.		38,977
	106,000	Seikagaku Corp.		933,749
	78,500	Seiko Holdings Corp.		1,653,683
	2,500	Sekisui Jushi Corp.		46,436
	17,100	Sekisui Kasei Co. Ltd.		85,219
	900	Semba Corp.		6,262
	1,223,000	SG Holdings Co. Ltd.		30,581,707
	6,300	Shibaura Electronics Co. Ltd.		363,159
	20,900	Shibaura Mechatronics Corp.		1,340,461
	20,400	Shidax Corp.(a)		78,575
	700	Shinagawa Refractories Co. Ltd.		23,861
	50,500	Shindengen Electric Manufacturing Co. Ltd.(a)		1,790,042
	6,900	Shinmaywa Industries Ltd.		56,302
	4,200	Shinnihon Corp.		30,696
	82,300	Shinoken Group Co. Ltd.		813,071
	1,997	Shofu, Inc.		41,263
	3,400	Sigma Koki Co. Ltd.		53,070
	7,100	SIGMAXYZ Holdings, Inc.		170,687
	62,900	Sinfonia Technology Co. Ltd.		722,957
	46,200	Sinko Industries Ltd.		835,025
	49,200	SK-Electronics Co. Ltd.		396,276
	1,300	SMK Corp.		26,565
	92,900	Sodick Co. Ltd.		713,205
	1,900	Softcreate Holdings Corp.		65,681
	1,900	Soken Chemical & Engineering Co. Ltd.		29,506
	115,413	Soliton Systems KK		1,437,916
	11,200	Sprix Ltd.		114,874
	9,600	ST Corp.		136,114
	4,100	Star Mica Holdings Co. Ltd.		54,175
	102,300	Star Micronics Co. Ltd.		1,338,270
	54,600	Starts Corp., Inc.		1,309,250
	10,200	Studio Alice Co. Ltd.		192,679
	3,200	Sumitomo Bakelite Co. Ltd.		143,470

Shares			Value
JAPAN (continued)
	20,900	Sumitomo Mitsui Construction Co. Ltd.	$	88,569
	21,600	Sumitomo Riko Co. Ltd.		140,241
	47,200	Sumitomo Rubber Industries Ltd.		580,190
	3,000	Sumitomo Seika Chemicals Co. Ltd.		85,413
	37,700	Sun Frontier Fudousan Co. Ltd.		351,944
	18,700	Sun-Wa Technos Corp.		252,177
	3,200	Takaoka Toko Co. Ltd.		41,328
	513,000	Takara Leben Co. Ltd.		1,395,306
	4,300	Takara Standard Co. Ltd.		56,969
	16,800	Takasago International Corp.		436,454
	4,800	Takeuchi Manufacturing Co. Ltd.		123,185
	124,400	Tamron Co. Ltd.		2,917,492
	114,100	Tanseisha Co. Ltd.		931,020
	27,600	Tatsuta Electric Wire and Cable Co. Ltd.		123,985
	20,100	TDC Soft, Inc.		230,319
	59,400	TechMatrix Corp.		938,100
	1,200	Techno Medica Co. Ltd.		16,604
	24,500	Teikoku Electric Manufacturing Co. Ltd.		311,046
	91,300	Temairazu, Inc.		4,437,833
	19,187	T-Gaia Corp.		341,402
	11,500	Toa Corp.		82,233
	400	TOA ROAD Corp.		17,758
	85,800	TOC Co. Ltd.		479,531
	88,265	Tochigi Bank Ltd. (The)		137,073
	109,600	Toho Holdings Co. Ltd.		1,766,486
	6,800	Tokai Corp.		130,601
	22,100	Tokai Rika Co. Ltd.		308,304
	25,500	Tokyo Keiki, Inc.		224,181
	91,900	Tokyo Seimitsu Co. Ltd.		3,729,217
	38,000	Tokyo Tekko Co. Ltd.		496,776
	58,085	TOMONY Holdings, Inc.		154,927
	276,090	Tomy Co. Ltd.		2,616,163
	30,700	Topcon Corp.		546,795
	5,600	Toppan Forms Co. Ltd.		53,654
	5,200	Topy Industries Ltd.		54,429
	3,100	Torishima Pump Manufacturing Co. Ltd.		23,935
	90,300	Tosei Corp.		865,169
	566,739	Toshiba Corp.		24,414,902
	39,855	Toshiba TEC Corp.		1,563,078
	43,800	Towa Corp.		949,208
	142,500	Towa Pharmaceutical Co. Ltd.		3,657,052
	6,600	Toyo Denki Seizo KK		62,135
	18,700	Toyo Machinery & Metal Co. Ltd.		88,270
	2,300	Toyo Tanso Co. Ltd.		62,457
	13,600	TPR Co. Ltd.		172,543
	115,400	Transcosmos, Inc.		3,467,822
	2,900	Trinity Industrial Corp.		21,297
	60,600	Tsubakimoto Chain Co.		1,783,839
	37,700	Tsukuba Bank Ltd.		56,562

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
JAPAN (continued)
	6,700	TV Asahi Holdings Corp.	$	101,345
	237,800	Ubicom Holdings, Inc.		6,019,329
	9,800	Uchida Yoko Co. Ltd.		412,722
	6,400	ULS Group, Inc.		314,455
	27,700	Ulvac, Inc.		1,545,707
	3,300	Union Tool Co.		111,182
	23,200	UNITED, Inc.		345,430
	17,500	Unitika Ltd.(a)		55,736
	12,600	V Technology Co. Ltd.		473,709
	3,900	Valqua Ltd.		78,565
	600	Visional, Inc.(a)		46,642
	59,100	VT Holdings Co. Ltd.		263,416
	566,300	Wacom Co. Ltd.		3,646,977
	800	WDB coco Co. Ltd.		33,060
	17,400	WDB Holdings Co. Ltd.		548,068
	3,600	Welbe, Inc.		50,758
	48,300	Will Group, Inc.		544,554
	83,700	World Holdings Co. Ltd.		2,087,818
	21,700	Xebio Holdings Co. Ltd.		201,245
	126,300	YAMABIKO Corp.		1,372,983
	2,200	YAMADA Consulting Group Co. Ltd.		22,372
	69,900	Yamaichi Electronics Co. Ltd.		1,069,582
	35,600	Yamanashi Chuo Bank Ltd. (The)		256,126
	17,800	Yonex Co. Ltd.		116,819
	13,500	Yushin Precision Equipment Co. Ltd.		90,967
	30,600	Zenrin Co. Ltd.		281,367
	30,400	ZERIA Pharmaceutical Co. Ltd.		542,519
	99,500	ZIGExN Co. Ltd.		352,691
	900	Zuken, Inc.		34,587
				597,997,534
JERSEY CHANNEL ISLANDS — 0.3%
	314,553	Novocure Ltd.(a)		32,263,701
NETHERLANDS — 1.4%
	76,667	Aalberts NV		4,240,804
	5,765	Accell Group NV(a)		237,584
	25,108	Arcadis NV		1,224,849
	22,258	Argenx SE(a)		6,661,561
	45,943	ASM International NV		20,787,296
	127,464	ASR Nederland NV		5,961,716
	196,187	BE Semiconductor Industries NV		17,907,510
	140,733	Boskalis Westminster		4,197,334
	35,527	Brunel International NV		487,902
	223,433	Eurocommercial Properties NV		5,214,846
	187,057	Heijmans NV		2,603,504
	105,771	IMCD NV		23,482,199
	3,966	Kendrion NV		91,694
	1,876,501	Koninklijke BAM Groep NV(a)		5,444,780
	81,289	Koninklijke DSM NV		17,765,044
	1,880	Nedap NV		131,483
	1,938	NSI NV REIT		77,739
	162,187	OCI NV(a)		4,593,460
	862,565	PostNL NV		3,742,211

Shares			Value
NETHERLANDS (continued)
	77,070	TKH Group NV	$	4,388,717
	32,767	Van Lanschot Kempen NV		909,088
	32,929	Vastned Retail NV REIT		938,325
	2,107	Wereldhave NV REIT		32,663
				131,122,309
NEW ZEALAND — 0.5%
	1,249,566	Fletcher Building Ltd.		6,344,906
	563,889	Fletcher Building Ltd.		2,897,274
	75,764	Skellerup Holdings Ltd.		338,242
	145,311	SKY Network Television Ltd.(a)		197,847
	3,190	Tourism Holdings Ltd.(a)		6,286
	19,825	Warehouse Group Ltd. (The)		57,253
	365,983	Xero Ltd.(a)		41,161,704
				51,003,512
NORWAY — 0.1%
	65,917	2020 Bulkers Ltd.		889,515
	504,491	ABG Sundal Collier Holding ASA		555,974
	8,478	American Shipping Co. ASA		31,311
	206	Atea ASA		3,853
	350,506	B2Holding ASA(a)		383,785
	87,795	Belships ASA		146,535
	236,694	DNO ASA(a)		344,622
	6,111	Elektro Importoren AS		54,904
	95,522	FLEX LNG Ltd.		1,929,006
	1,727	Medistim ASA		77,683
	239,883	MPC Container Ships AS(a)		566,776
	16,133	OKEA ASA(a)		51,562
	14,768	Olav Thon Eiendomsselskap ASA		323,753
	16,612	Pareto Bank ASA		121,131
	46	Sparebanken More		2,358
	1	TGS ASA		9
	34,685	Veidekke ASA		499,260
	400,150	Wallenius Wilhelmsen ASA(a)		1,823,622
				7,805,659
PERU — 0.1%
	645,000	Cia de Minas Buenaventura SAA - ADR(a)		5,082,600
POLAND — 0.2%
	256,165	Grupa Lotos SA(a)		3,979,574
	1,750,123	PGE Polska Grupa Energetyczna SA(a)		4,302,434
	369,073	Polski Koncern Naftowy ORLEN SA		7,961,205
	3,097,256	Tauron Polska Energia SA(a)		2,550,997
				18,794,210
PORTUGAL — 0.0%
	241,645	CTT-Correios de Portugal SA		1,329,666
RUSSIA — 0.8%
	3,531,360	Alrosa PJSC		6,222,187
	1,189,126,065	Federal Grid Co. Unified Energy System PJSC		3,109,616

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
RUSSIA (continued)
	4,480,742	Gazprom PJSC	$	22,116,307
	1,373,778	Gazprom PJSC - ADR		13,471,267
	112,793	Magnit PJSC		10,288,548
	243,969	Mail.Ru Group Ltd. - GDR(a)		5,014,445
	532,967	Mobile TeleSystems PJSC		2,330,779
	190,648,655	ROSSETI PJSC		3,744,267
	1,641,600	Rostelecom PJSC		2,158,468
	461,432,194	RusHydro PJSC		5,292,013
	10,568,881	Surgutneftegas PJSC		5,084,869
				78,832,766
SINGAPORE — 0.1%
	123,700	APAC Realty Ltd.		73,844
	8,959	Asian Pay Television Trust - Units		897
	68,080	China Sunsine Chemical Holdings Ltd.		25,748
	1,608,200	CSE Global Ltd.		614,181
	161,700	Food Empire Holdings Ltd.		98,327
	722,000	Geo Energy Resources Ltd.		182,039
	91,500	Hanwell Holdings Ltd.		27,820
	34	Ho Bee Land Ltd.		71
	17,703	Hong Leong Asia Ltd.		11,027
	36,156	Hyphens Pharma International Ltd.		7,910
	13,200	iFAST Corp. Ltd.		84,672
	325,500	InnoTek Ltd.		185,862
	94,300	ISDN Holdings Ltd.		43,356
	219,700	Kimly Ltd.		61,910
	219,700	LHN Ltd.		56,208
	68,690	OM Holdings Ltd.(a)		55,806
	135,200	Oxley Holdings Ltd.		20,052
	345,300	Propnex Ltd.		489,079
	73,920	Q&M Dental Group Singapore Ltd.		30,971
	1,467,200	Raffles Medical Group Ltd.		1,490,592
	741,500	Rex International Holding Ltd.(a)		186,956
	304,400	RHT Health Trust REIT(a)(c)		4,289
	3,202,400	Riverstone Holdings Ltd.		2,042,317
	71,800	Sabana Industrial Real Estate Investment Trust REIT		23,161
	587,300	Singapore Medical Group Ltd.		137,189
	467,900	Starhill Global REIT		223,801
	1,203,000	UMS Holdings Ltd.		1,177,575
	18,500	Wing Tai Holdings Ltd.		26,615
	1,118,600	Yanlord Land Group Ltd.		929,056
				8,311,331
SOUTH AFRICA — 0.2%
	579,261	Remgro Ltd.		5,105,460
	2,043,616	Sappi Ltd.(a)		6,238,548
	527,065	Shoprite Holdings Ltd.		6,262,326
				17,606,334
SOUTH KOREA — 0.9%
	12,060	Green Cross Corp.		2,832,972
	161,394	GS Engineering & Construction Corp.		5,711,045

Shares			Value
SOUTH KOREA (continued)
	124,679	Hankook Tire & Technology Co. Ltd.	$	4,411,858
	70,221	Hyundai Department Store Co. Ltd.		4,975,653
	137,051	Hyundai Engineering & Construction Co. Ltd.		5,899,333
	102,010	KB Financial Group, Inc.		4,940,966
	94,348	Kia Corp.		6,870,921
	62,952	Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		5,548,805
	51,649	LG Electronics, Inc.		5,326,006
	17,209	Lotte Chemical Corp.		3,306,166
	56,652	OCI Co. Ltd.(a)		6,278,237
	401,995	Samsung Engineering Co. Ltd.(a)		8,531,493
	1,163,031	Samsung Heavy Industries Co. Ltd.(a)		6,349,868
	82,412	Samsung Life Insurance Co. Ltd.		4,746,333
	32,924	Samsung SDS Co. Ltd.		4,310,789
	157,641	Shinhan Financial Group Co. Ltd.		5,160,043
	572,093	SK Networks Co. Ltd.		2,491,937
				87,692,425
SPAIN — 0.3%
	24,097	Acerinox SA		335,249
	1,403,423	Almirall SA		20,847,287
	282,284	Atresmedia Corp. de Medios de Comunicacion SA(a)		1,152,563
	181	Corp. Financiera Alba SA		10,305
	39,971	Ercros SA(a)		161,723
	65,319	Faes Farma SA		266,395
	41,091	Laboratorios Farmaceuticos Rovi SA		2,878,572
	320,579	Mediaset Espana Comunicacion SA(a)		1,667,652
				27,319,746
SWEDEN — 1.6%
	645,025	AAK AB		14,097,717
	32,400	Annehem Fastigheter AB - Class B(a)		139,213
	756,313	Arjo AB - Class B		10,303,752
	3,004	Atrium Ljungberg AB - Class B		68,979
	136,418	Avanza Bank Holding AB		5,415,102
	15,625	Beijer Alma AB		392,080
	1,616	Bergman & Beving AB		29,166
	182,854	Betsson AB - Class B		1,273,250
	387,030	Bilia AB - Class A		6,872,622
	18,066	BioGaia AB - Class B		1,110,718
	63,242	Biotage AB		2,044,245
	685	BTS Group AB - Class B		33,420
	28,490	Bufab AB		1,214,176
	201,650	Byggmax Group AB		1,725,812
	52,210	Catella AB		233,449
	8,135	Cellavision AB		369,997
	6,424	C-RAD AB - Class B(a)		43,834
	392,143	Dios Fastigheter AB		4,563,891
	7,721	Doro AB(a)		60,236
	2,249	Elanders AB - Class B		38,758
	495,536	Elekta AB - Class B		5,753,941
	40,648	Fagerhult AB		326,112

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
SWEDEN (continued)
	9,719	Ferronordic AB	$	332,718
	650	Fortinova Fastigheter AB		4,163
	322,026	Fortnox AB		22,798,301
	4,320	GARO AB		108,654
	495,267	Getinge AB - Class B		22,162,448
	20,214	GHP Specialty Care AB		60,374
	49,425	Haldex AB(a)		295,238
	26,231	Hanza Holding AB		102,932
	29,850	HMS Networks AB		1,703,132
	53,047	Humana AB(a)		442,882
	77,837	Instalco AB		4,123,875
	171,934	Inwido AB		3,153,191
	7,753	Lagercrantz Group AB - Class B		103,819
	5,473	Lifco AB - Class B		159,385
	281,334	Lindab International AB		9,218,373
	27,490	Medicover AB - Class B		829,053
	133,292	Mekonomen AB(a)		2,747,169
	4,383	Micro Systemation AB - Class B		22,022
	51	Momentum Group AB - Class B		1,309
	176,851	Net Insight AB - Class B(a)		66,721
	145,193	New Wave Group AB - Class B(a)		2,461,586
	1,314	Nilorngruppen AB - Class B		12,684
	260,298	Nobia AB		1,601,857
	495,609	Nolato AB - Class B		6,544,255
	6,181	Nordic Waterproofing Holding AB		183,530
	27,773	NP3 Fastigheter AB		986,349
	1,644	OEM International AB - Class B		36,946
	21,528	Proact IT Group AB		216,834
	778	Probi AB		34,742
	11,639	QleanAir AB		87,550
	953,575	Ratos AB - Class B		5,482,945
	144,420	Sectra AB - Class B		3,524,736
	9,984	SkiStar AB(a)		208,097
	24,081	Softronic AB - Class B		70,241
	3,574	Studsvik AB		35,790
	33,487	Svedbergs i Dalstorp AB - Class B		230,837
	73,808	SwedenCare AB		1,216,096
	46,256	Systemair AB		445,971
	59,684	Tethys Oil AB		434,356
	15,913	Troax Group AB		652,233
	1,497	VBG Group AB - Class B		28,849
	59,080	Vitrolife AB		3,845,566
	26,897	Volati AB		601,330
				153,489,609
SWITZERLAND — 2.4%
	372,085	Alcon, Inc.		30,746,998
	10,788	ALSO Holding AG		3,193,041
	117,666	Arbonia AG		2,554,828
	101,147	Ascom Holding AG(a)		1,570,894
	2,358	Bachem Holding AG - Class B		1,895,465
	87,858	Baloise Holding AG		14,009,685
	5,160	Barry Callebaut AG		11,936,304

Shares			Value
SWITZERLAND (continued)
	29,311	Belimo Holding AG	$	17,030,856
	2,908	Bellevue Group AG		130,536
	13,973	Bobst Group SA(a)		1,138,473
	9,363	Bossard Holding AG - Class A		3,435,963
	15,081	Bucher Industries AG		7,603,090
	17,298	Burckhardt Compression Holding AG		7,273,624
	606	Burkhalter Holding AG		43,815
	1,678	Calida Holding AG		88,885
	1,562	Coltene Holding AG		197,212
	56,397	Comet Holding AG		20,942,529
	10,008	dormakaba Holding AG		7,416,370
	15,136	EFG International AG		106,296
	266	Energiedienst Holding AG		13,451
	1,573	Feintool International Holding AG(a)		92,944
	1,106,226	Ferrexpo Plc		4,723,448
	7,640	Georg Fischer AG		11,556,793
	1,410,311	Glencore Plc		7,049,621
	572	Hiag Immobilien Holding AG		60,599
	31,457	Huber + Suhner AG		2,796,636
	52	Ina Invest Holding AG(a)		1,051
	2,792	Inficon Holding AG		3,573,858
	168	Interroll Holding AG		815,596
	1,339	Investis Holding SA		149,168
	59	Kardex Holding AG		18,172
	11,005	Komax Holding AG(a)		2,802,934
	8,388	Kudelski SA		33,393
	20	LEM Holding SA		48,493
	9,072	Leonteq AG		600,440
	92	Metall Zug AG - Class B		207,995
	16,551	Mobilezone Holding AG		222,343
	1,498	Mobimo Holding AG		504,732
	15,330	OC Oerlikon Corp. AG		155,627
	19	Orell Fuessli AG		1,942
	135	Phoenix Mecano AG		65,686
	51,393	PSP Swiss Property AG		6,421,318
	348,937	Quotient Ltd.(a)		882,811
	7,575	Rieter Holding AG(a)		1,571,920
	409	Schweiter Technologies AG		586,966
	29,401	SFS Group AG		3,956,098
	15,131	Siegfried Holding AG		14,534,419
	2,367	Swissquote Group Holding SA		479,294
	39,412	Tecan Group AG		24,105,199
	86,248	Temenos AG		13,173,638
	10,644	Vontobel Holding AG		984,651
	1,976	V-ZUG Holding AG(a)		277,538
	16,997	Zehnder Group AG		1,828,533
				235,612,171
TAIWAN — 0.8%
	6,172,000	Acer, Inc.		5,770,610
	1,831,000	ASE Technology Holding Co. Ltd.		6,571,149
	6,150,100	AU Optronics Corp.		4,246,253
	2,226,018	Cheng Shin Rubber Industry Co. Ltd.		2,729,641

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
TAIWAN (continued)
	7,721,432	China Petrochemical Development Corp.(a)	$	3,359,740
	1,645,000	ENNOSTAR, Inc.(a)		4,318,284
	1,067,000	Everlight Electronics Co. Ltd.		1,899,293
	1,644,000	Hon Hai Precision Industry Co. Ltd.		6,325,692
	2,247,000	HTC Corp.(a)		5,300,653
	8,110,500	Innolux Corp.		4,870,645
	2,741,431	International CSRC Investment Holdings Co.		2,365,979
	4,243,000	Inventec Corp.		4,050,979
	1,363,000	Pegatron Corp.		3,332,938
	303,000	Phison Electronics Corp.		4,254,868
	6,722,000	Qisda Corp.		7,493,464
	5,777,000	Winbond Electronics Corp.		5,463,621
	4,812,696	Wistron Corp.		5,053,517
				77,407,326
THAILAND — 0.5%
	11,652,166	Banpu Public Co. Ltd. - FOR		4,003,155
	176,442	Fabrinet(a)		16,938,432
	43,105,207	IRPC Public Co. Ltd. - FOR		5,585,848
	5,002,000	Italian-Thai Development Public Co. Ltd. - FOR(a)		352,737
	3,299,558	PTT Global Chemical Public Co. Ltd. - FOR		6,239,652
	396,032	Siam Cement Public Co. Ltd. (The) - FOR		4,714,311
	3,229,183	Thai Oil Public Co. Ltd. - FOR		5,425,358
				43,259,493
TURKEY — 0.5%
	1,843,327	Arcelik AS		6,457,588
	6,634,452	Dogan Sirketler Grubu Holding AS		1,835,619
	18,659,402	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		3,823,489
	4,729,940	Eregli Demir ve Celik Fabrikalari TAS		9,687,177
	7,551,154	Petkim Petrokimya Holding AS(a)		5,128,879
	3,078,894	Turkcell Iletisim Hizmetleri AS		4,896,639
	8,814,293	Turkiye Is Bankasi AS - Class C		5,161,688
	589,180	Turkiye Petrol Rafinerileri AS(a)		8,567,440
	19,202,250	Yapi ve Kredi Bankasi AS		5,452,688
				51,011,207
UNITED KINGDOM — 6.1%
	4,205	4imprint Group Plc		164,586
	3,659	accesso Technology Group Plc(a)		44,367
	2,089,252	Adaptimmune Therapeutics Plc - ADR(a)		10,592,508
	42,832	Advanced Medical Solutions Group Plc		190,508
	70,342	Alliance Pharma Plc		98,962
	2,184,420	Alphawave IP Group Plc(a)		5,961,039
	2,756	Aptitude Software Group Plc		23,875
	408,574	ASOS Plc(a)		13,878,201

Shares			Value
UNITED KINGDOM (continued)
	200,483	AVEVA Group Plc	$	9,762,121
	1,420,934	B&M European Value Retail SA		12,313,329
	1,763,414	Balfour Beatty Plc		6,129,833
	19,959	Belvoir Group Plc		71,975
	27,727	Bloomsbury Publishing Plc		137,364
	5,522,351	boohoo Group Plc(a)		13,735,962
	5,000	Braemar Shipping Services Plc		17,175
	134,494	Brewin Dolphin Holdings Plc		692,993
	27,923	Brickability Group Plc		40,316
	902,440	Britvic Plc		10,967,104
	119,918	Bytes Technology Group Plc(a)		876,368
	14,468	Central Asia Metals Plc		48,609
	1,508,173	Centrica Plc(a)		1,245,011
	380,893	Ceres Power Holdings Plc(a)		6,489,825
	10,247	Cerillion Plc		111,487
	359,900	Chemring Group Plc		1,440,683
	4,567	Clarkson Plc		250,007
	63,918	Computacenter Plc		2,353,077
	40,496	Concentric AB		1,190,643
	8,906,881	ConvaTec Group Plc(b)		26,061,177
	7,431	Craneware Plc		231,869
	146,084	Crest Nicholson Holdings plc		711,727
	166,601	CVS Group Plc(a)		5,688,645
	30,892	Daily Mail & General Trust Plc - Class A		439,683
	15,024	Dechra Pharmaceuticals Plc		1,052,728
	10,545	Devro Plc		31,100
	45,700	DFS Furniture Plc(a)		170,742
	43,810	Dignity Plc(a)		424,490
	87,434	dotdigital group plc		287,777
	1,931,507	Drax Group Plc		14,023,046
	2,500	Eco Animal Health Group Plc		9,152
	107,607	EKF Diagnostics Holdings Plc		119,285
	1,683,858	Electrocomponents Plc		25,924,993
	610,966	Elementis Plc(a)		1,166,412
	79,118	EMIS Group Plc		1,459,573
	1,306	Epwin Group Plc		1,993
	341,992	Ergomed Plc(a)		6,716,276
	135,738	FDM Group Holdings Plc		2,232,886
	248,897	Fevertree Drinks Plc		7,728,849
	19,537	Focusrite Plc		362,291
	274,139	Frasers Group Plc(a)		2,414,238
	11,561	Galliford Try Holdings Plc		31,644
	8,895	Gattaca Plc(a)		26,051
	235,343	Genus Plc		17,810,950
	111,075	Go-Ahead Group Plc (The)(a)		1,193,292
	172,353	Greggs Plc		7,205,941
	644,285	Gulf Keystone Petroleum Ltd.		1,752,892
	530,375	Halfords Group Plc		1,933,650
	5,585	Hargreaves Services Plc		32,102
	73,434	Headlam Group Plc		457,266
	2,622	Hill & Smith Holdings Plc		65,810
	726,325	HomeServe Plc		8,498,803

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
UNITED KINGDOM (continued)
	1,973,365	Howden Joinery Group Plc	$	24,840,566
	238,107	Hunting Plc		552,009
	409,611	IMI Plc		9,159,765
	100,750	Impact Healthcare Plc REIT		162,976
	10,195	Impax Asset Management Group Plc		152,918
	289,233	Inchcape Plc		3,269,554
	201,995	Indivior Plc(a)		672,303
	1,241,097	ITM Power Plc(a)		8,305,681
	873	James Halstead Plc		6,643
	813,046	JD Sports Fashion Plc		12,106,112
	1,666,602	JET2 Plc(a)		27,814,699
	31,821	Joules Group Plc(a)		87,097
	1,087,108	Just Group Plc(a)		1,367,253
	308,965	Kainos Group Plc		8,372,114
	69,678	Keller Group Plc		874,431
	85,517	Kin & Carta Plc(a)		312,482
	13,357	Liontrust Asset Management Plc		398,498
	360,123	Lookers Plc(a)		315,422
	33,599	M&C Saatchi Plc(a)		74,491
	28,648	Macfarlane Group Plc		51,458
	2,501,114	Man Group Plc		7,965,087
	919,112	Micro Focus International Plc		4,486,754
	24,897	Morgan Advanced Materials Plc		117,892
	21,090	Morgan Sindall Group Plc		656,627
	32,539	Next Fifteen Communications Group Plc		549,961
	307,405	Ninety One Plc		1,097,183
	484	Norcros Plc		2,206
	8,750	Numis Corp. Plc		40,355
	3,144,199	Ocado Group Plc(a)		77,582,974
	510,237	Orchard Therapeutics plc - ADR(a)		979,655
	510,331	Oxford Biomedica Plc(a)		10,629,853
	48,846	Oxford Instruments Plc		1,540,851
	96,831	Oxford Metrics Plc		160,347
	812,375	Oxford Nanopore Technologies Plc(a)		6,209,268
	47,725	Pagegroup Plc		433,685
	5,827	Patisserie Holdings Plc(a)(c)		0
	45,186	PayPoint Plc		426,691
	63,657	Pharos Energy Plc(a)		17,467
	17,255	Phoenix Spree Deutschland Ltd.		94,693
	150,806	Polar Capital Holdings Plc		1,713,000
	36,420	Rathbone Brothers Plc		982,896
	7,691	Renew Holdings Plc		80,310
	137,598	Renishaw Plc		9,462,565
	4,160,856	Rentokil Initial Plc		33,505,493
	609,230	Rightmove Plc		5,764,628
	12,337	RM Plc		35,118
	805	Robert Walters Plc		9,364
	5,217,980	Rotork Plc		25,293,658
	2,364,062	Royal Mail Plc		13,604,592
	111,903	RPS Group Plc		193,575
	307,077	Safestore Holdings Plc REIT		5,051,408
	53,484	Sanderson Design Group Plc		129,190

Shares			Value
UNITED KINGDOM (continued)
	59,554	Savills Plc	$	1,155,707
	153,639	Senior Plc(a)		336,841
	134,385	Serica Energy Plc		378,860
	1,272,810	SIG Plc(a)		904,919
	16,957	Softcat Plc		450,902
	150,092	Speedy Hire Plc		131,051
	514,796	Spirent Communications Plc		2,029,029
	26,063	Springfield Properties Plc		53,324
	823,428	St. James’s Place Plc		17,799,423
	109,870	SThree Plc		885,636
	9,253	Stolt-Nielsen Ltd.		142,389
	2,130,648	Trainline Plc(a)(b)		9,237,566
	172,326	Travis Perkins Plc		3,638,961
	51,428	Tyman Plc		262,876
	1,163	UP Global Sourcing Holdings Plc		2,626
	60,862	Vertu Motors Plc(a)		51,142
	191,004	Victrex Plc		5,980,798
	4,337	Vitec Group Plc (The)		85,470
	152,630	Volution Group Plc		1,031,876
	111,284	Wincanton Plc		577,208
	536,125	YouGov Plc		9,685,023
				597,630,706
UNITED STATES — 43.4%
	580,755	A.O. Smith Corp.		42,435,768
	356,807	Advance Auto Parts, Inc.		80,467,115
	159,744	AeroVironment, Inc.(a)		14,234,788
	243,923	Agilysys, Inc.(a)		11,640,006
	105,000	Albany International Corp. - Class A		8,468,250
	409,101	Alnylam Pharmaceuticals, Inc.(a)		65,276,156
	510,000	Altra Industrial Motion Corp.		26,596,500
	87,999	Ambarella, Inc.(a)		16,352,854
	135,659	ANSYS, Inc.(a)		51,493,443
	306,699	Appian Corp.(a)		30,488,948
	40,000	Asana, Inc. - Class A(a)		5,432,000
	278,050	Aspen Technology, Inc.(a)		43,567,654
	240,000	AtriCure, Inc.(a)		18,014,400
	145,000	Avanos Medical, Inc.(a)		4,573,300
	254,575	Axogen, Inc.(a)		3,866,994
	145,712	Axon Enterprise, Inc.(a)		26,222,332
	65,000	Axonics, Inc.(a)		4,767,750
	400,000	Barnes Group, Inc.		16,776,000
	207,681	Benefitfocus, Inc.(a)		2,276,184
	489,003	BioCryst Pharmaceuticals, Inc.(a)		7,300,815
	335,000	Blackbaud, Inc.(a)		23,788,350
	427,574	Blackline, Inc.(a)		54,246,313
	498,310	BRP Group, Inc. - Class A(a)		18,188,315
	200,000	Bryn Mawr Bank Corp.		9,268,000
	189,669	Burlington Stores, Inc.(a)		52,403,648
	526,860	Cardiovascular Systems, Inc.(a)		18,482,249
	161,839	Cardlytics, Inc.(a)		12,730,256
	252,600	Carlisle Cos, Inc.		56,309,592
	373,440	CDW Corp.		69,702,576

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
UNITED STATES (continued)
	325,000	Central Garden & Pet Co. - Class A(a)	$	15,015,000
	119,275	Cerence, Inc.(a)		12,539,381
	105,521	CEVA, Inc.(a)		4,812,813
	65,000	Chase Corp.		6,240,000
	522,676	Chegg, Inc.(a)		31,067,861
	146,063	Chinook Therapeutics, Inc.(a)		1,568,717
	1,241,194	Codexis, Inc.(a)		43,156,315
	195,000	Community Bank System, Inc.		13,975,650
	295,000	CONMED Corp.		43,152,600
	205,436	Cooper Cos, Inc. (The)		85,650,377
	140,000	CSW Industrials, Inc.		19,406,800
	600,745	CVB Financial Corp.		12,026,915
	194,873	Digimarc Corp.(a)		9,846,933
	96,280	Domino’s Pizza, Inc.		47,078,032
	384,510	Dover Corp.		65,012,951
	690,000	elf Beauty, Inc.(a)		22,293,900
	210,000	Envestnet, Inc.(a)		17,535,000
	159,750	Envista Holdings Corp.(a)		6,246,225
	310,150	Equifax, Inc.		86,044,915
	115,000	ESCO Technologies, Inc.		9,724,400
	140,876	Everbridge, Inc.(a)		22,442,956
	185,122	EverQuote, Inc. - Class A(a)		2,552,832
	1,075,000	Evoqua Water Technologies Corp.(a)		44,967,250
	240,582	Exact Sciences Corp.(a)		22,908,218
	196,400	Expedia Group, Inc.(a)		32,290,124
	275,000	German American Bancorp, Inc.		10,840,500
	84,660	Gibraltar Industries, Inc.(a)		5,516,446
	274,730	Glaukos Corp.(a)		12,557,908
	325,000	Globus Medical, Inc. - Class A(a)		25,080,250
	160,745	HEICO Corp.		22,406,246
	105,000	Honest Co., Inc. (The)(a)		960,750
	2,165,000	Hostess Brands, Inc.(a)		40,940,150
	1,013,580	IAA, Inc.(a)		60,460,047
	300,000	Independent Bank Corp.		25,350,000
	321,197	Ingersoll Rand, Inc.(a)		17,267,551
	160,000	Innospec, Inc.		14,497,600
	159,754	Inspire Medical Systems, Inc.(a)		43,066,483
	582,050	Integra LifeSciences Holdings Corp.(a)		38,683,043
	106,263	Intersect ENT, Inc.(a)		2,865,913
	76,268	IPG Photonics Corp.(a)		12,127,375
	141,141	iRobot Corp.(a)		11,773,982
	120,000	J & J Snack Foods Corp.		17,706,000
	345,000	John Bean Technologies Corp.		50,973,750
	475,000	John Wiley & Sons, Inc. - Class A		25,730,750
	260,440	Jones Lang LaSalle, Inc.(a)		67,253,421
	164,123	Laboratory Corp. of America Holdings(a)		47,106,583
	210,000	Lancaster Colony Corp.		35,700,000
	366,900	Lantheus Holdings, Inc.(a)		8,581,791
	190,467	Legend Biotech Corp. - ADR(a)		9,999,517
	134,240	LendingTree, Inc.(a)		21,664,994
	354,100	Lincoln Electric Holdings, Inc.		50,423,840
	252,660	LivePerson, Inc.(a)		13,014,517

Shares			Value
UNITED STATES (continued)
	217,246	LiveRamp Holdings, Inc.(a)	$	11,624,833
	38,074	Madrigal Pharmaceuticals, Inc.(a)		2,960,253
	113,141	MarketAxess Holdings, Inc.		46,237,332
	35,000	Masimo Corp.(a)		9,923,900
	525,946	Match Group, Inc.(a)		79,302,138
	495,440	MaxCyte, Inc.(a)		5,125,940
	290,000	MGP Ingredients, Inc.		18,620,900
	562,101	Model N, Inc.(a)		18,217,693
	33,545	Montrose Environmental Group, Inc.(a)		2,299,510
	275,000	MSA Safety, Inc.		42,083,250
	343,759	Myriad Genetics, Inc.(a)		10,577,464
	376,365	Nasdaq, Inc.		78,987,723
	205,000	National Vision Holdings, Inc.(a)		12,636,200
	64,017	Nevro Corp.(a)		7,281,294
	570,000	New Relic, Inc.(a)		46,261,200
	95,000	Omnicell, Inc.(a)		16,924,250
	370,000	Outset Medical, Inc.(a)		19,709,900
	285,647	Pacira BioSciences, Inc.(a)		14,933,625
	165,000	Palomar Holdings, Inc.(a)		15,089,250
	127,873	Paycom Software, Inc.(a)		70,055,223
	85,000	Penumbra, Inc.(a)		23,506,750
	215,000	Prestige Consumer Healthcare, Inc.(a)		12,897,850
	225,000	Prosperity Bancshares, Inc.		16,944,750
	305,000	Pulmonx Corp.(a)		11,873,650
	1,880,000	Pure Storage, Inc. - Class A(a)		50,496,800
	3,304,860	PureTech Health Plc(a)		16,010,946
	499,947	Q2 Holdings, Inc.(a)		39,225,842
	115,000	Qualys, Inc.(a)		14,315,200
	27,264	Reata Pharmaceuticals, Inc. - Class A(a)		2,617,617
	95,047	Rubius Therapeutics, Inc.(a)		1,350,618
	605,000	SailPoint Technologies Holding, Inc.(a)		29,027,900
	885,000	Sally Beauty Holdings, Inc.(a)		13,505,100
	300,000	Selective Insurance Group, Inc.		23,511,000
	270,000	Sensient Technologies Corp.		25,812,000
	135,000	Shake Shack, Inc. - Class A(a)		9,337,950
	83,304	Shockwave Medical, Inc.(a)		17,802,065
	237,705	SI-BONE, Inc.(a)		5,360,248
	1,070,000	Simply Good Foods Co. (The)(a)		42,425,500
	94,163	Splunk, Inc.(a)		15,519,946
	122,128	Sprout Social, Inc. - Class A(a)		15,593,303
	733,245	SS&C Technologies Holdings, Inc.		58,270,980
	382,425	STAAR Surgical Co.(a)		45,302,065
	130,000	Standex International Corp.		14,465,100
	431,275	STERIS Plc		100,806,218
	179,785	Stock Yards Bancorp, Inc.		11,011,831
	247,050	Stratasys Ltd.(a)		7,791,957
	777,655	Sumo Logic, Inc.(a)		13,430,102
	233,622	Synopsys, Inc.(a)		77,838,178
	119,491	Tabula Rasa HealthCare, Inc.(a)		3,244,181
	314,005	Tactile Systems Technology, Inc.(a)		10,830,032

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
UNITED STATES (continued)
	275,378	Teladoc Health, Inc.(a)	$	41,193,795
	170,413	Teleflex, Inc.		60,827,216
	625,000	Tenable Holdings, Inc.(a)		33,281,250
	79,136	Tesla, Inc.(a)		88,157,504
	65,000	Transcat, Inc.(a)		4,867,200
	665,770	TriMas Corp.(a)		22,203,429
	234,121	Trupanion, Inc.(a)		23,973,990
	275,000	UMB Financial Corp.		27,175,500
	889,986	Upwork, Inc.(a)		41,936,140
	2,393,730	US Foods Holding Corp.(a)		82,990,619
	993,085	Utz Brands, Inc.		15,482,195
	300,000	Vapotherm, Inc.(a)		6,861,000
	281,659	Varex Imaging Corp.(a)		7,562,544
	345,580	Veeco Instruments, Inc.(a)		8,394,138
	310,000	Veracyte, Inc.(a)		14,842,800
	367,510	Verastem, Inc.(a)		955,526
	3,096,024	ViewRay, Inc.(a)		22,631,935
	150,000	Washington Trust Bancorp, Inc.		8,199,000
	88,181	Wayfair, Inc. - Class A(a)		21,965,887
	102,275	WEX, Inc.(a)		15,310,567
	155,000	Wingstop, Inc.		26,732,850
	257,754	Wolfspeed, Inc.(a)		30,958,833
	775,000	Wolverine World Wide, Inc.		25,706,750
	195,000	Workiva, Inc.(a)		29,162,250
	557,180	Wyndham Hotels & Resorts, Inc.		47,064,995
	997,185	Yext, Inc.(a)		12,554,559
	140,000	Zevia PBC - Class A(a)		1,566,600
	111,597	Zillow Group, Inc. - Class A(a)		11,798,035
	488,082	Zillow Group, Inc. - Class C(a)		50,579,938
	424,017	Zogenix, Inc.(a)		6,500,181
	649,312	Zuora, Inc. - Class A(a)		14,193,960
				4,230,084,871
VIETNAM — 0.0%
	794,673	PetroVietnam Drilling & Well Services JSC(a)		979,741
	563,790	Vietnam National Petroleum Group		1,340,617
				2,320,358
Total Common Stocks (Cost $5,896,323,763)				8,255,010,047

RIGHTS/WARRANTS — 0.0%
THAILAND — 0.0%
	2,510,366	Banpu Public Co. Ltd. Warrants, Expire 09/30/22(a)		389,614
	2,510,366	Banpu Public Co. Ltd. Warrants, Expire 09/30/23(a)		255,708
				645,322

Shares			Value
UNITED STATES — 0.0%
	146,063	Aduro Biotech CVR Rights, Expire 12/31/21(a)(c)	$	0

Total Rights/Warrants (Cost $0)				645,322

EXCHANGE-TRADED FUNDS — 11.9%
	1,383,000	Consumer Staples Select Sector SPDR Fund		98,538,750
	560,000	Invesco KBW Bank ETF		39,995,200
	456,925	iShares Core S&P Small-Cap ETF		51,659,941
	49,805	iShares Russell 2000 ETF		11,358,030
	213,600	iShares Russell Mid-Cap Growth ETF		25,646,952
	853,900	SPDR S&P Bank ETF		47,254,826
	128,000	SPDR S&P MidCap 400 ETF Trust		65,169,920
	514,500	SPDR S&P Oil & Gas Exploration & Production ETF		54,722,220
	1,447,020	SPDR S&P Regional Banking ETF		102,608,188
	2,000,000	VanEck Gold Miners ETF		63,420,000
	2,822,645	VanEck Junior Gold Miners ETF		122,135,849
	238,000	Vanguard Consumer Staples ETF		44,191,840
	640,000	Vanguard Energy ETF		51,980,800
	379,300	Vanguard Financials ETF		37,797,245
	201,830	Vanguard Mid-Cap ETF		50,933,819
	974,500	Vanguard Small-Cap Growth ETF		288,062,200

Total Exchange-Traded Funds (Cost $915,411,506)				1,155,475,780

INVESTMENT COMPANY — 0.2%
	17,388,439	SEI Daily Income Trust Government II Fund - Class A, 0.01%(d)		17,388,439

Total Investment Company (Cost $17,388,439)				17,388,439

CASH SWEEP — 3.1%
	305,673,113	Citibank - US Dollars on Deposit in Custody Account, 0.03%(d)		305,673,113

Total Cash Sweep (Cost $305,673,113)				305,673,113

TOTAL INVESTMENTS — 99.9% (Cost $7,134,796,821)			$	9,734,192,701
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				12,646,655
NET ASSETS — 100.0%			$	9,746,839,356

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

(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 $4,289 which is 0.00% of net assets and the cost is $203,236.
(d)	The rate shown represents the current yield as of October 31, 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

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	*October 31, 2021*

Shares			Value
COMMON STOCKS — 89.5%
ARGENTINA — 0.7%
	124,592	MercadoLibre, Inc.(a)	$	184,523,244
AUSTRALIA — 0.7%
	405,359	Atlassian Corp. Plc - Class A(a)		185,707,119
	18,781	Australia & New Zealand Banking Group Ltd.		397,562
	21,723	BHP Group Ltd.		597,758
	29,875	BlueScope Steel Ltd.		463,403
	10,305	Commonwealth Bank of Australia		811,473
	26,839	Computershare Ltd.		378,758
	3,074	CSL Ltd.		694,858
	3,131	Macquarie Group Ltd.(b)		465,948
	72,214	Santos Ltd.		379,174
	14,776	Woodside Petroleum Ltd.		258,541
	8,322	Woolworths Group Ltd.		238,389
				190,392,983
BELGIUM — 0.0%
	3,369	Etablissements Franz Colruyt NV		165,285
	8,578	Proximus SADP		161,485
	2,173	UCB SA		258,986
				585,756
BRAZIL — 0.3%
	88,713	Ambev SA		267,689
	76,650	B3 SA - Brasil Bolsa Balcao		162,160
	1,334,200	Localiza Rent a Car SA		10,671,142
	537,647	Pagseguro Digital Ltd. - Class A(a)		19,462,821
	62,266	Petroleo Brasileiro SA		306,266
	2,488,285	Raia Drogasil SA		10,316,785
	53,222	WEG SA		348,068
	740,961	XP, Inc. - Class A(a)		24,310,930
				65,845,861
CANADA — 0.6%
	9,217	Alimentation Couche-Tard, Inc. - Class B		345,712
	5,169	Bank of Nova Scotia (The)		338,892
	9,436	Barrick Gold Corp.		173,151
	2,548	Canadian National Railway Co.		338,635
	15,295	Canadian Natural Resources Ltd.		650,062
	8,355	Canadian Pacific Railway Ltd.		646,675
	214	Constellation Software, Inc.		376,089
	6,378	Dollarama, Inc.		288,288
	8,230	Enbridge, Inc.		344,734
	117,665	GoGold Resources, Inc.(a)		327,059
	42,580	Kinross Gold Corp.		255,975
	6,971	Metro, Inc.		350,747
	4,698	Rogers Communications, Inc. - Class B		218,501
	5,522	Royal Bank of Canada		574,777
	105,965	Shopify, Inc. - Class A(a)		155,422,045
	4,442	TC Energy Corp.		240,297

Shares			Value
CANADA (continued)
	4,970	Toronto-Dominion Bank (The)	$	360,783
	5,774	Wheaton Precious Metals Corp.		233,088
				161,485,510
CHILE — 0.0%
	20,232	Antofagasta Plc		394,700
CHINA — 5.9%
	574,500	AAC Technologies Holdings, Inc.		2,506,815
	569,964	Agricultural Bank of China Ltd. - H Shares		194,127
	2,413,412	Alibaba Group Holding Ltd.(a)		50,560,524
	295,476	Alibaba Group Holding Ltd. - ADR(a)		48,735,811
	11,044,878	ANTA Sports Products Ltd.		172,618,362
	179,387	Asymchem Laboratories Tianjin Co. Ltd. - A Shares		11,148,190
	509,680	Bank of China Ltd. - H Shares		180,145
	36,796	BeiGene Ltd. - ADR(a)		13,162,665
	289,800	Beijing United Information Technology Co. Ltd. - A Shares		5,074,491
	665,587	Berry Genomics Co. Ltd. - A Shares(a)		2,016,191
	242,965	BGI Genomics Co. Ltd. - A Shares		3,379,248
	139,895	Bilibili, Inc. - ADR(a)		10,254,303
	264,557	Burning Rock Biotech Ltd. - ADR(a)		3,727,608
	448,058	China Construction Bank Corp. - H Shares		304,637
	128,302	China International Capital Corp. Ltd. - H Shares(c)		319,250
	97,010	China Life Insurance Co. Ltd. - H Shares		169,071
	2,677,793	China Merchants Bank Co. Ltd. - H Shares		22,560,161
	16,269,000	China Molybdenum Co. Ltd. - H Shares		10,099,514
	391,836	China Petroleum & Chemical Corp. - H Shares		192,380
	106,358	China Shenhua Energy Co. Ltd. - H Shares		229,106
	101,776	CITIC Securities Co. Ltd. - H Shares		259,264
	332,686	Contemporary Amperex Technology Co. Ltd. - A Shares		33,188,383
	2,550,000	Country Garden Services Holdings Co. Ltd.		19,828,417
	422,300	ENN Energy Holdings Ltd.		7,311,074
	2,406,721	Estun Automation Co. Ltd. - A Shares		9,934,652
	1,493,718	Foshan Haitian Flavouring & Food Co. Ltd. - A Shares		27,279,093
	158,113	Fosun International Ltd.		185,944
	1,142,800	Fuyao Glass Industry Group Co. Ltd. - H Shares(c)		6,594,913
	635,600	Glodon Co. Ltd. - A Shares		7,390,940
	599,255	Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares		10,707,312

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
CHINA (continued)
	1,866,800	Haier Smart Home Co. Ltd. - H Shares	$	6,982,055
	211,457	Haitong Securities Co. Ltd. - H Shares		188,342
	898,835	Hangzhou Robam Appliances Co. Ltd. - A Shares		4,394,825
	330,612	Hangzhou Tigermed Consulting Co. Ltd. - A Shares		8,792,035
	1,082,686	Hangzhou Tigermed Consulting Co. Ltd. - H Shares(c)		21,109,629
	2,086,816	Huayu Automotive Systems Co. Ltd. - A Shares		8,708,569
	370,445	Industrial & Commercial Bank of China Ltd. - H Shares		202,827
	605,858	JD Health International, Inc.(a)(c)		5,365,159
	724,650	JD.com, Inc. - A Shares(a)		28,909,628
	272,967	Kanzhun Ltd. - ADR(a)		9,581,142
	124,114	KE Holdings, Inc. - ADR(a)		2,261,357
	3,025,000	Kingdee International Software Group Co. Ltd.(a)		9,991,967
	1,192,000	Kingsoft Corp. Ltd.		5,124,658
	332,900	Kuaishou Technology(a)(c)		4,428,398
	80,427	Kweichow Moutai Co. Ltd. - A Shares		22,920,437
	1,885,500	Li Ning Co. Ltd.		20,962,117
	531,500	LONGi Green Energy Technology Co. Ltd. - A Shares		8,103,163
	510,759	Lufax Holding Ltd. - ADR(a)		3,222,889
	229,524	Luzhou Laojiao Co. Ltd. - A Shares		8,201,060
	1,423,000	Medlive Technology Co. Ltd.(a)(c)		7,398,027
	922,400	Meituan - B Shares(a)(c)		31,961,833
	1,023,211	Midea Group Co. Ltd. - A Shares		10,981,596
	1,246,000	Minth Group Ltd.		4,980,477
	103,340	NetEase, Inc. - ADR		10,084,951
	59,816	New China Life Insurance Co. Ltd. - H Shares		173,363
	286,134	NIO, Inc. - ADR(a)		11,276,541
	204,855	PICC Property & Casualty Co. Ltd. - H Shares		191,677
	75,546	Pinduoduo, Inc. - ADR(a)		6,717,550
	4,209,305	Ping An Bank Co. Ltd. - A Shares		12,809,914
	319,300	Ping An Healthcare and Technology Co. Ltd.(a)(c)		1,553,307
	2,795,500	Ping An Insurance Group Co. of China Ltd. - H Shares		20,084,628
	851,600	Pop Mart International Group Ltd.(c)		5,029,371
	235,696	Proya Cosmetics Co. Ltd. - A Shares		7,393,490
	223,500	SG Micro Corp. - A Shares		11,301,179
	467,593	Shandong Sinocera Functional Material Co. Ltd. - A Shares		3,121,835
	1,240,252	Shenzhen Inovance Technology Co. Ltd. - A Shares		12,625,789
	1,551,637	Shenzhen Megmeet Electrical Co. Ltd. - A Shares		7,417,172

Shares			Value
CHINA (continued)
	602,300	Shenzhou International Group Holdings Ltd.	$	12,989,646
	845,617	Sinocare, Inc. - A Shares		3,097,334
	327,100	Sunny Optical Technology Group Co. Ltd.		8,837,018
	6,712,540	Tencent Holdings Ltd.		414,977,410
	384,819	Tencent Music Entertainment Group - ADR(a)		3,024,677
	212,772	Topchoice Medical Corp. - A Shares(a)		7,918,287
	2,918,000	Weichai Power Co. Ltd. - H Shares		5,243,061
	539,500	WuXi AppTec Co. Ltd. - H Shares(c)		11,531,245
	12,527,548	Wuxi Biologics Cayman, Inc.(a)(c)		190,638,350
	442,839	Yatsen Holding Ltd. - ADR(a)		1,239,949
	374,484	Yifeng Pharmacy Chain Co. Ltd. - A Shares		2,790,666
	1,439,840	Yonyou Network Technology Co. Ltd. - A Shares		7,145,664
	4,426	Yum China Holdings, Inc.		252,636
	141,400	Yunnan Energy New Material Co. Ltd. - A Shares		6,437,935
	79,400	Zai Lab Ltd. - ADR(a)		8,289,360
	2,819,868	Zhejiang Sanhua Intelligent Controls Co. Ltd. - A Shares		10,438,658
				1,519,517,444
CYPRUS — 0.1%
	300,294	TCS Group Holding Plc - GDR		30,750,106
DENMARK — 0.0%
	1,639	Carlsberg AS - Class B		270,365
	2,330	Chr Hansen Holding A/S		185,386
	1,502	Coloplast A/S - Class B		244,848
	2,840	DSV A/S		660,019
	4,513	GN Store Nord AS		273,866
	9,596	Novo Nordisk A/S - Class B		1,050,266
	4,181	Novozymes A/S - Class B		307,451
				2,992,201
FINLAND — 0.0%
	3,384	Elisa Oyj		204,123
	13,020	Kesko Oyj - Class B		422,786
	3,477	Kone Oyj - Class B		236,985
	7,400	UPM-Kymmene Oyj		261,080
				1,124,974
FRANCE — 1.1%
	2,393	Air Liquide SA		399,012
	1,297,717	Airbus SE(a)		165,917,790
	2,923	Atos SE		151,987
	8,602	BNP Paribas SA		575,752
	2,675	Capgemini SE		622,480
	4,966	Edenred		268,492
	322	Hermes International		510,144
	1,348	L’Oreal SA		615,446

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
FRANCE (continued)
	1,727	LVMH Moet Hennessy Louis Vuitton SE	$	1,351,970
	4,276	Sanofi		427,228
	970	Sartorius Stedim Biotech		533,973
	675,737	Schneider Electric SE		116,313,529
	941	Teleperformance		392,803
	12,014	TotalEnergies SE		602,331
				288,682,937
GERMANY — 1.7%
	347,133	adidas AG		113,684,253
	5,078	BASF SE		365,594
	1,320	Deutsche Boerse AG		219,122
	6,906	Deutsche Post AG		427,268
	27,659	Deutsche Telekom AG		514,075
	8,321	Evonik Industries AG		269,527
	2,839	Fresenius Medical Care AG & Co KGaA		188,577
	6,643	Fresenius SE & Co KGaA		301,528
	7,225	RWE AG		277,874
	1,105,481	Siemens AG		179,268,867
	5,032	Vonovia SE		305,159
	1,395,982	Zalando SE(a)(c)		131,650,149
				427,471,993
HONG KONG — 0.6%
	10,927,695	AIA Group Ltd.		123,385,130
	63,099	BOC Hong Kong Holdings Ltd.		200,314
	53,378	China Mengniu Dairy Co. Ltd.		339,937
	58,130	China Overseas Land & Investment Ltd.		128,207
	41,359	China Resources Beer Holdings Co. Ltd.		342,864
	47,099	China Resources Land Ltd.		183,420
	91,053	CLP Holdings Ltd.		891,162
	3,774,000	Geely Automobile Holdings Ltd.		13,120,841
	103,863	Guangdong Investment Ltd.		130,822
	11,151	Hang Seng Bank Ltd.		212,113
	14,987	Hong Kong Exchanges & Clearing Ltd.		906,867
	418,257	Hutchmed China Ltd. - ADR(a)		12,305,121
	32,806	Sun Hung Kai Properties Ltd.		436,401
	27,057	Techtronic Industries Co. Ltd.		556,754
				153,139,953
INDIA — 3.5%
	978,195	Apollo Hospitals Enterprise Ltd.		55,676,368
	1,919,124	Asian Paints Ltd.		79,452,150
	522,805	Bajaj Finance Ltd.		51,666,626
	3,084,267	Bandhan Bank Ltd.(c)		12,004,469
	622,973	Britannia Industries Ltd.		30,580,326
	10,003,149	HDFC Bank Ltd.		211,447,918
	7,540	Hero MotoCorp Ltd.		267,551

Shares			Value
INDIA (continued)
	2,192,088	Housing Development Finance Corp. Ltd.	$	83,276,290
	3,761,045	ICICI Prudential Life Insurance Co. Ltd.(c)		31,060,248
	730,029	Jubilant Foodworks Ltd.		35,967,562
	5,336,341	Reliance Industries Ltd.		180,743,442
	27,555	Tata Consumer Products Ltd.		297,882
	3,891,533	Titan Co. Ltd.		123,871,643
				896,312,475
INDONESIA — 0.1%
	45,058,810	Bank Central Asia Tbk PT		23,773,750
	1,066,862	Bank Rakyat Indonesia Persero Tbk PT		320,040
				24,093,790
IRELAND — 1.4%
	2,717	Accenture Plc - Class A		974,832
	1,588,040	Aptiv Plc(a)		274,556,236
	6,725	Experian Plc		308,041
	905	ICON Plc(a)		259,527
	1,778	Jazz Pharmaceuticals Plc(a)		236,545
	789,505	Medtronic Plc		94,630,069
				370,965,250
ISRAEL — 0.0%
	1,867	Check Point Software Technologies Ltd.(a)		223,293
	1,420	Nice Ltd.(a)		399,477
				622,770
ITALY — 0.0%
	1,276	DiaSorin SpA		288,153
	20,891	FinecoBank Banca Fineco SpA(a)		398,837
	11,946	Prysmian SpA		451,573
				1,138,563
JAPAN — 2.2%
	9,594	Aeon Co. Ltd.		220,374
	5,876	Asahi Group Holdings Ltd.		265,870
	11,847	Astellas Pharma, Inc.		199,260
	3,761	Bandai Namco Holdings, Inc.		286,658
	7,180	Chugai Pharmaceutical Co. Ltd.		267,545
	1,559	Daikin Industries Ltd.		340,456
	7,875	Daiwa House Industry Co. Ltd.		259,172
	130	Daiwa House REIT Investment Corp.		372,977
	800	Disco Corp.		214,784
	13,699	Fuji Electric Co. Ltd.		667,071
	3,290	Fujitsu Ltd.		566,495
	4,576	Hamamatsu Photonics KK		270,605
	6,693	Hitachi Ltd.		384,873
	2,714	Hoya Corp.		398,260
	9,886	ITOCHU Corp.		281,206

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
JAPAN (continued)
	75	Japan Real Estate Investment Corp. REIT	$	459,311
	10,695	Japan Tobacco, Inc.		209,771
	3,698	Kao Corp.		208,658
	8,141	KDDI Corp.		251,998
	237,574	Keyence Corp.		142,804,955
	8,646	Kyowa Kirin Co. Ltd.		283,712
	3,562	Lawson, Inc.		172,201
	5,298	M3, Inc.		311,814
	9,769	Mitsubishi Corp.		309,591
	16,140	Mitsubishi Electric Corp.		215,955
	12,213	Mitsubishi Estate Co. Ltd.		185,164
	14,123	Mitsui & Co. Ltd.		321,183
	11,528	Mitsui Fudosan Co. Ltd.		262,825
	4,303	Murata Manufacturing Co. Ltd.		326,684
	7,341	Nabtesco Corp.		237,669
	7,527	Nichirei Corp.		183,593
	5,487	Nihon Kohden Corp.		174,515
	2,619,100	Nihon M&A Center Holdings, Inc.		80,083,909
	62	Nippon Building Fund, Inc. REIT		402,544
	144	Nippon Prologis, Inc. REIT		480,737
	9,341	Nippon Telegraph & Telephone Corp.		261,278
	50,817	Nomura Holdings, Inc.		245,224
	8,212	Nomura Research Institute Ltd.		327,111
	1,250	Obic Co. Ltd.		230,204
	3,662	Omron Corp.		349,252
	11,664	Osaka Gas Co. Ltd.		187,893
	4,966	Otsuka Holdings Co. Ltd.		195,808
	26,607	Panasonic Corp.		325,073
	13,090	Recruit Holdings Co. Ltd.		869,642
	5,679	Seven & i Holdings Co. Ltd.		238,271
	7,452	Shimadzu Corp.		301,741
	1,743	Shin-Etsu Chemical Co. Ltd.		309,756
	543	SMC Corp.		323,680
	14,944	SoftBank Corp.		203,821
	1,611,599	Sony Group Corp.		185,798,735
	7,785	Sumitomo Mitsui Financial Group, Inc.		254,161
	7,675	Sumitomo Realty & Development Co. Ltd.		276,765
	5,361	Suntory Beverage & Food Ltd.		207,667
	6,620	Terumo Corp.		291,460
	4,237	Tokio Marine Holdings, Inc.		222,975
	307,625	Tokyo Electron Ltd.		142,645,152
	10,446	Tokyo Gas Co. Ltd.		181,379
	4,747	Toyo Suisan Kaisha Ltd.		204,499
	42,525	Toyota Motor Corp.		748,642
	5,136	Unicharm Corp.		206,927
	4,756	Yamaha Corp.		299,610
				568,589,121
KAZAKHSTAN — 0.2%
	257,893	Kaspi.KZ JSC - GDR		37,394,485

Shares			Value
MALAYSIA — 0.0%
	344,835	Public Bank Berhad	$	347,250
	67,933	Tenaga Nasional Berhad		158,472
				505,722
MEXICO — 0.0%
	353,479	America Movil SAB de CV - Series L		314,711
	75,493	Grupo Financiero Banorte SAB de CV - Series O		477,203
	106,503	Grupo Mexico SAB de CV - Series B		466,714
	82,378	Wal-Mart de Mexico SAB de CV		287,010
				1,545,638
NETHERLANDS — 2.4%
	63,216	Adyen NV(a)(c)		190,769,325
	270,567	ASML Holding NV		219,938,503
	243,651	ASML Holding NV		197,303,220
	2,519	IMCD NV		559,243
	71,433	ING Groep NV		1,083,404
	9,188	Koninklijke Ahold Delhaize NV		298,778
	2,404	NXP Semiconductors NV		482,867
	17,084	Royal Dutch Shell Plc - Class A		393,023
	17,858	Royal Dutch Shell Plc - Class B		411,807
	2,754	Wolters Kluwer NV		288,564
				611,528,734
NORWAY — 0.0%
	14,386	Aker BP ASA		551,572
	12,813	Telenor ASA		202,253
				753,825
POLAND — 0.0%
	37,606	Powszechna Kasa Oszczednosci Bank Polski SA(a)		459,983
	26,916	Powszechny Zaklad Ubezpieczen SA		269,184
				729,167
PORTUGAL — 0.0%
	11,494	Jeronimo Martins SGPS SA		260,426
QATAR — 0.0%
	52,733	Qatar National Bank QPSC		296,904
RUSSIA — 0.3%
	771,107	Yandex NV - Class A(a)		63,878,504
SINGAPORE — 1.5%
	1,089,129	Sea Ltd. - ADR(a)		374,192,051
SOUTH AFRICA — 0.0%
	44,587	Absa Group Ltd.		408,653
	35,902	Standard Bank Group Ltd.		318,312
	33,477	Vodacom Group Ltd.		297,140
				1,024,105
SOUTH KOREA — 0.7%
	1,619	Hyundai Mobis Co. Ltd.		349,140
	8,899	KB Financial Group, Inc.		431,033

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
SOUTH KOREA (continued)
	13,024	Kia Corp.	$	948,477
	733	Korea Zinc Co. Ltd.		336,846
	239	LG Household & Health Care Ltd.		239,501
	509,856	NAVER Corp.		177,580,242
	2,371	POSCO		600,587
	29,445	Samsung Electronics Co. Ltd.		1,758,813
	7,747	Samsung Electronics Co. Ltd. - Preference Shares		424,293
				182,668,932
SPAIN — 0.0%
	42,312	Iberdrola SA		499,643
	7,129	Industria de Diseno Textil SA		257,453
	13,908	Red Electrica Corp. SA		289,558
				1,046,654
SWEDEN — 0.5%
	8,676	Atlas Copco AB - Class A		557,454
	6,494	Essity AB - Class B		210,064
	800,023	Evolution AB(c)		129,412,197
	58,621	Hexagon AB - Class B		941,977
	16,248	Sandvik AB		411,498
	33,020	Swedish Match AB		290,598
	14,654	Tele2 AB - Class B		206,722
				132,030,510
SWITZERLAND — 0.6%
	281	Georg Fischer AG		425,060
	64	Givaudan SA		301,197
	5,785	Logitech International SA		481,578
	719	Lonza Group AG		589,429
	12,201	Nestle SA		1,610,010
	8,954	Novartis AG		739,712
	2,638	Roche Holding AG		1,020,078
	1,467	Sika AG		496,691
	1,117	Sonova Holding AG		461,513
	8,514	STMicroelectronics NV		402,693
	654	Swisscom AG		356,000
	1,052,941	TE Connectivity Ltd.		153,729,386
	20,619	UBS Group AG		374,840
	665	Zurich Insurance Group AG		294,805
				161,282,992
TAIWAN — 1.2%
	386,190	Chunghwa Telecom Co. Ltd.		1,534,567
	44,074	Delta Electronics, Inc.		388,303
	81,921	Formosa Chemicals & Fibre Corp.		237,145
	140,564	Hon Hai Precision Industry Co. Ltd.		540,854
	16,025	MediaTek, Inc.		526,128
	202,532	Mega Financial Holding Co. Ltd.		243,255
	90,443	Pegatron Corp.		221,160
	25,438	Realtek Semiconductor Corp.		456,463
	147,021	Taiwan Cement Corp.		255,093

Shares			Value
TAIWAN (continued)
	10,935,701	Taiwan Semiconductor Manufacturing Co. Ltd.	$	232,017,678
	693,862	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		78,892,109
	87,230	Uni-President Enterprises Corp.		208,912
				315,521,667
THAILAND — 0.3%
	41,523,900	CP ALL Public Co. Ltd. - FOR		80,088,287
TURKEY — 0.0%
	13,589	BIM Birlesik Magazalar AS		87,847
	91,777	Eregli Demir ve Celik Fabrikalari TAS		187,964
				275,811
UNITED KINGDOM — 1.9%
	12,964	Anglo American Plc		493,668
	8,966	Ashtead Group Plc		751,441
	5,940	AstraZeneca Plc		739,268
	4,051	AstraZeneca Plc - ADR		252,701
	32,538	Barratt Developments Plc		295,233
	104,926	BP Plc		502,875
	10,997	British American Tobacco Plc		383,247
	3,510	Croda International Plc		454,326
	9,930	Diageo Plc		493,578
	5,852,009	Entain Plc(a)		164,019,546
	19,222	GlaxoSmithKline Plc		396,856
	10,381	Hargreaves Lansdown Plc		218,360
	221,317	ITV Plc(a)		326,054
	31,348	JD Sports Fashion Plc		466,766
	76,805	Legal & General Group Plc		303,667
	522,087	Linde Plc		166,650,170
	1,399,903	London Stock Exchange Group Plc		136,024,445
	120,828	M&G Plc		330,388
	11,844	Mondi Plc		295,816
	3,603	Next Plc		392,794
	14,882	RELX Plc		461,103
	11,000	Rio Tinto Plc		686,540
	2,251	Spirax-Sarco Engineering Plc		480,729
	13,255	Unilever Plc		709,598
	200	Unilever Plc		10,708
				476,139,877
UNITED STATES — 60.9%
	2,485	3M Co.		444,020
	5,895	A.O. Smith Corp.		430,748
	437,159	Abbott Laboratories		56,345,424
	1,529,014	AbbVie, Inc.		175,332,035
	7,655	ACI Worldwide, Inc.(a)		234,855
	4,021	Activision Blizzard, Inc.		314,402
	2,526	Adobe, Inc.(a)		1,642,809
	802,017	Agilent Technologies, Inc.		126,309,657
	4,970	Agilysys, Inc.(a)		237,168
	3,235	Agree Realty Corp. REIT		229,879

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
UNITED STATES (continued)
	474,233	Air Products and Chemicals, Inc.	$	142,179,796
	3,244	Albemarle Corp.		812,525
	195,409	Align Technology, Inc.(a)		122,007,517
	5,309	Alliance Data Systems Corp.		452,592
	13,024	Ally Financial, Inc.		621,766
	36,264	Alphabet, Inc. - Class A(a)		107,374,803
	277,827	Alphabet, Inc. - Class C(a)		823,870,964
	215,325	Amazon.com, Inc.(a)		726,168,490
	4,557	American Express Co.		791,915
	391,212	American Tower Corp. REIT		110,310,048
	1,807	Ameriprise Financial, Inc.		545,949
	2,232	AmerisourceBergen Corp.		272,349
	1,659,498	AMETEK, Inc.		219,717,535
	238,006	Amgen, Inc.		49,260,102
	1,935	Analog Devices, Inc.		335,703
	1,019	ANSYS, Inc.(a)		386,792
	328,943	Anthem, Inc.		143,132,968
	1,062	Aon Plc - Class A		339,755
	6,491,611	Apple, Inc.		972,443,328
	6,134	Applied Materials, Inc.		838,211
	5,115	ASGN, Inc.(a)		612,061
	31,203	AT&T, Inc.		788,188
	1,966	Autodesk, Inc.(a)		624,421
	403,475	Automatic Data Processing, Inc.		90,576,103
	209	AutoZone, Inc.(a)		373,032
	4,500,491	Avantor, Inc.(a)		181,729,827
	1,818	Avery Dennison Corp.		395,815
	11,543,276	Bank of America Corp.		551,537,727
	10,822	Bank OZK		483,419
	4,079	Baxter International, Inc.		322,078
	5,370	Berkshire Hathaway, Inc. - Class B(a)		1,541,244
	928	Biogen, Inc.(a)		247,479
	498	Bio-Rad Laboratories, Inc. - Class A(a)		395,751
	1,033	Bio-Techne Corp.		540,930
	3,866	Blackbaud, Inc.(a)		274,525
	3,698,418	Blackstone, Inc.		511,935,020
	278	Booking Holdings, Inc.(a)		672,977
	7,362	BorgWarner, Inc.		331,805
	13,050	Boyd Gaming Corp.(a)		832,329
	10,337	Bristol-Myers Squibb Co.		603,681
	182,627	Broadcom, Inc.		97,097,297
	1,907	Broadridge Financial Solutions, Inc.		340,228
	3,151	Brown-Forman Corp. - Class B		213,921
	125	Cable One, Inc.		213,901
	755,686	Cadence Design Systems, Inc.(a)		130,816,803
	3,752	California Water Service Group		228,422
	3,903	Cardinal Health, Inc.		186,602
	2,827	Caterpillar, Inc.		576,736
	5,536	CDK Global, Inc.		240,927
	4,257	Cerner Corp.		316,253
	7,559	Charles Schwab Corp. (The)		620,065
	778	Charter Communications, Inc. - Class A(a)		525,064

Shares			Value
UNITED STATES (continued)
	449	Chemed Corp.	$	216,530
	3,380,689	Chevron Corp.		387,055,084
	91,223	Chipotle Mexican Grill, Inc.(a)		162,288,454
	2,741	Church & Dwight Co., Inc.		239,454
	2,053	Cigna Corp.		438,541
	22,707	Cisco Systems, Inc.		1,270,911
	15,129	Citigroup, Inc.		1,046,322
	14,533	Citizens Financial Group, Inc.		688,574
	2,166	Citrix Systems, Inc.		205,185
	1,415	Clorox Co. (The)		230,659
	653,342	Cloudflare, Inc. - Class A(a)		127,218,754
	2,189,391	Coca-Cola Co. (The)		123,415,971
	4,974	Cognizant Technology Solutions Corp. - Class A		388,420
	8,569	Colfax Corp.(a)		442,332
	4,627	Colgate-Palmolive Co.		352,531
	3,653,311	Comcast Corp. - Class A		187,889,785
	8,009	Comerica, Inc.		681,486
	4,927	CommVault Systems, Inc.(a)		303,010
	5,677	ConocoPhillips		422,880
	3,054,833	Corteva, Inc.		131,816,044
	377,846	Costco Wholesale Corp.		185,726,423
	9,490	Coterra Energy, Inc.		202,327
	1,977	Crown Castle International Corp. REIT		356,453
	18,914	CSX Corp.		684,119
	1,340	Cummins, Inc.		321,386
	5,905	CVS Health Corp.		527,198
	552,085	Danaher Corp.		172,123,540
	275,488	Deere & Co.		94,302,297
	255,521	DexCom, Inc.(a)		159,243,242
	2,583	Digital Realty Trust, Inc. REIT		407,623
	1,111	Dollar General Corp.		246,109
	570	Domino’s Pizza, Inc.		278,713
	565,638	DoorDash, Inc. - Class A(a)		110,186,282
	12,132	East West Bancorp, Inc.		964,251
	596,129	Eaton Corp. Plc		98,218,214
	12,360	eBay, Inc.		948,259
	1,441	Ecolab, Inc.		320,219
	1,160,910	Edwards Lifesciences Corp.(a)		139,100,236
	2,287	Electronic Arts, Inc.		320,752
	4,069	Eli Lilly & Co.		1,036,618
	2,783	Encompass Health Corp.		176,887
	3,777	Entegris, Inc.		531,726
	3,476	Envestnet, Inc.(a)		290,246
	4,827	EOG Resources, Inc.		446,304
	9,238	Equity Commonwealth REIT(a)		239,541
	3,162	Equity LifeStyle Properties, Inc. REIT		267,221
	2,297	Euronet Worldwide, Inc.(a)		257,700
	2,160	Extra Space Storage, Inc. REIT		426,319
	12,312	Exxon Mobil Corp.		793,755
	1,253	Fair Isaac Corp.(a)		498,945
	5,534	Fastenal Co.		315,881

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
UNITED STATES (continued)
	12,111	Fifth Third BanCorp	$	527,192
	1,581	FleetCor Technologies, Inc.(a)		391,155
	25,044	Flex Ltd.(a)		423,244
	515,153	Fortinet, Inc.(a)		173,266,560
	1,428,400	Freeport-McMoRan, Inc.		53,879,248
	2,454	General Dynamics Corp.		497,548
	1,581,955	General Electric Co.		165,899,621
	5,106	General Mills, Inc.		315,551
	736,274	Genuine Parts Co.		96,532,884
	5,944	Gilead Sciences, Inc.		385,647
	2,458	Goldman Sachs Group, Inc. (The)		1,016,014
	4,292	Graco, Inc.		322,673
	2,275	Guidewire Software, Inc.(a)		286,036
	1,734	HCA Healthcare, Inc.		434,298
	297,317	Hershey Co. (The)		52,134,536
	271,616	Home Depot, Inc. (The)		100,970,532
	685,954	Honeywell International, Inc.		149,963,263
	4,340	Hormel Foods Corp.		183,669
	17,050	HP, Inc.		517,126
	753	Humana, Inc.		348,759
	766	IDEXX Laboratories, Inc.(a)		510,263
	577,043	Illinois Tool Works, Inc.		131,490,788
	963	Illumina, Inc.(a)		399,703
	4,122	Integra LifeSciences Holdings Corp.(a)		273,948
	20,376	Intel Corp.		998,424
	4,263	InterDigital, Inc.		285,408
	6,440	International Business Machines Corp.		805,644
	234,225	Intuit, Inc.		146,622,508
	284,532	Intuitive Surgical, Inc.(a)		102,753,041
	1,181	Jack Henry & Associates, Inc.		196,613
	2,545	Jack in the Box, Inc.		251,828
	10,850	Johnson & Johnson		1,767,248
	6,728	Johnson Controls International plc		493,633
	1,853	Jones Lang LaSalle, Inc.(a)		478,500
	3,347,562	JPMorgan Chase & Co.		568,717,308
	8,949	Kennametal, Inc.		355,723
	854,842	Keysight Technologies, Inc.(a)		153,888,657
	2,345	Kimberly-Clark Corp.		303,654
	13,196	Kinder Morgan, Inc.		221,033
	571,442	KLA Corp.		213,010,720
	6,238	Kroger Co. (The)		249,645
	1,591	L3Harris Technologies, Inc.		366,789
	187,268	Lam Research Corp.		105,538,627
	1,400	Lancaster Colony Corp.		238,000
	2,085	Leidos Holdings, Inc.		208,458
	4,655	Lennar Corp. - Class A		465,174
	1,540	LHC Group, Inc.(a)		207,269
	7,893	Liberty Media Corp-Liberty Formula One - Class C(a)		440,429
	6,712	Lincoln National Corp.		484,271
	132,192	Lockheed Martin Corp.		43,930,045
	830,112	Lowe’s Cos, Inc.		194,096,788
	3,421	Manhattan Associates, Inc.(a)		621,048

Shares			Value
UNITED STATES (continued)
	2,542	Marriott Vacations Worldwide Corp.	$	399,653
	7,596	Marvell Technology, Inc.		520,326
	5,058	Masco Corp.		331,552
	1,002	Masimo Corp.(a)		284,107
	452,998	Mastercard, Inc. - Class A		151,989,889
	296,009	McDonald’s Corp.		72,685,010
	1,418	McKesson Corp.		294,774
	1,366,518	Merck & Co., Inc.		120,321,910
	1,338,604	Meta Platforms, Inc. - Class A(a)		433,132,096
	346	Mettler-Toledo International, Inc.(a)		512,384
	5,498	Microchip Technology, Inc.		407,347
	5,147	Micron Technology, Inc.		355,658
	3,107,622	Microsoft Corp.		1,030,549,608
	810	Moderna, Inc.(a)		279,620
	2,477	Mohawk Industries, Inc.(a)		438,949
	1,232	Molina Healthcare, Inc.(a)		364,327
	9,007	Mondelez International, Inc. - Class A		547,085
	1,081	Monolithic Power Systems, Inc.		568,022
	3,586	Monster Beverage Corp.(a)		304,810
	2,815	Moody’s Corp.		1,137,682
	12,267	Morgan Stanley		1,260,802
	523,961	Motorola Solutions, Inc.		130,251,465
	928	MSCI, Inc.		617,009
	26,825	Navient Corp.		528,452
	10,345	NCR Corp.(a)		409,041
	4,712	NetApp, Inc.		420,782
	227,625	Netflix, Inc.(a)		157,131,814
	6,876	Newmont Corp.		371,304
	4,409	NextEra Energy Partners LP		380,497
	2,958,334	NextEra Energy, Inc.		252,434,640
	940,568	NIKE, Inc. - Class B		157,347,621
	2,668	Norfolk Southern Corp.		781,857
	364,466	Northrop Grumman Corp.		130,194,545
	9,778	NortonLifeLock, Inc.		248,850
	2,498	Novanta, Inc.(a)		431,055
	628,886	NVIDIA Corp.		160,787,284
	346,028	Okta, Inc.(a)		85,531,201
	14,521	ON Semiconductor Corp.(a)		698,024
	12,432	Oracle Corp.		1,192,726
	558	O’Reilly Automotive, Inc.(a)		347,255
	2,958	PACCAR, Inc.		265,096
	3,006	Paychex, Inc.		370,580
	990	PayPal Holdings, Inc.(a)		230,264
	618,563	PepsiCo, Inc.		99,959,781
	22,037	Pfizer, Inc.		963,898
	7,268	Philip Morris International, Inc.		687,117
	3,390	Phillips 66		253,504
	2,613	Pioneer Natural Resources Co.		488,579
	6,007	Premier, Inc. - Class A		233,973
	456,739	Procter & Gamble Co. (The)		65,309,110
	5,239	Progress Software Corp.		269,337
	2,995	Prologis, Inc. REIT		434,155
	1,110,595	Prudential Financial, Inc.		122,220,980

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
UNITED STATES (continued)
	3,394	PTC, Inc.(a)	$	432,226
	1,555	Public Storage REIT		516,540
	4,457	PVH Corp.(a)		487,284
	5,003	QUALCOMM, Inc.		665,599
	586,054	Quest Diagnostics, Inc.		86,021,006
	5,025	Raytheon Technologies Corp.		446,521
	501	Regeneron Pharmaceuticals, Inc.(a)		320,610
	1,296	ResMed, Inc.		340,731
	7,696	Rollins, Inc.		271,130
	923	Roper Technologies, Inc.		450,304
	782,343	Ross Stores, Inc.		88,561,228
	2,530	Saia, Inc.(a)		790,979
	12,948	Schlumberger NV		417,702
	2,480	Science Applications International Corp.		222,654
	3,915	Seagate Technology Holdings Plc		348,709
	1,183	Sherwin-Williams Co. (The)		374,550
	753,675	Simon Property Group, Inc. REIT		110,473,681
	12,635	Six Flags Entertainment Corp.(a)		519,678
	3,359	Skyworks Solutions, Inc.		561,390
	342,178	Snowflake, Inc. - Class A(a)		121,076,264
	5,185	Spectrum Brands Holdings, Inc.		486,094
	223,293	Square, Inc. - Class A(a)		56,828,068
	5,255	SS&C Technologies Holdings, Inc.		417,615
	578,961	Starbucks Corp.		61,410,393
	6,177	State Street Corp.		608,743
	4,060	Stericycle, Inc.(a)		271,695
	1,156	SVB Financial Group(a)		829,314
	12,765	Synchrony Financial		592,934
	1,895	Synopsys, Inc.(a)		631,376
	1,604	Take-Two Interactive Software, Inc.(a)		290,324
	2,609	Target Corp.		677,349
	421	Teledyne Technologies, Inc.(a)		189,122
	3,082	Teradyne, Inc.		426,056
	708,049	Texas Instruments, Inc.		132,745,027
	7,257	Textron, Inc.		535,929
	280,305	Thermo Fisher Scientific, Inc.		177,452,686
	5,612	Timken Co. (The)		398,171
	2,177	Tractor Supply Co.		472,779
	7,601	Trimble, Inc.(a)		664,099
	4,331	TriNet Group, Inc.(a)		438,514
	2,610,924	Truist Financial Corp.		165,715,346
	263,877	Twilio, Inc. - Class A(a)		76,883,203
	678	Tyler Technologies, Inc.(a)		368,303
	3,215	Tyson Foods, Inc. - Class A		257,104
	5,181	UFP Industries, Inc.		423,961
	948	Ulta Beauty, Inc.(a)		348,257
	724,057	Union Pacific Corp.		174,787,360
	415,274	United Rentals, Inc.(a)		157,434,526
	1,925	United Therapeutics Corp.(a)		367,213
	673,018	UnitedHealth Group, Inc.		309,904,598
	1,231	Vail Resorts, Inc.		424,338
	3,940	Valero Energy Corp.		304,680

Shares			Value
UNITED STATES (continued)
	970	VeriSign, Inc.(a)	$	215,990
	1,314	Verisk Analytics, Inc.		276,295
	2,746,347	Verizon Communications, Inc.		145,528,928
	15,173	Viatris, Inc.		202,560
	1,523,844	Visa, Inc. - Class A		322,704,444
	11,352	Vistra Corp.		222,386
	1,473	VMware, Inc. - Class A(a)		223,454
	19,390	Vonage Holdings Corp.(a)		312,567
	4,469	Walgreens Boots Alliance, Inc.		210,132
	1,397,198	Walmart, Inc.		208,769,325
	583,317	Waste Management, Inc.		93,464,883
	1,007	Waters Corp.(a)		370,123
	1,175	WD-40 Co.		266,725
	18,118	Wells Fargo & Co.		926,917
	3,190	Welltower, Inc. REIT		256,476
	8,213	WESCO International, Inc.(a)		1,064,076
	1,181	West Pharmaceutical Services, Inc.		507,688
	6,451	Westrock Co.		310,293
	3,794	WEX, Inc.(a)		567,962
	9,913	Weyerhaeuser Co. REIT		354,092
	726	WW Grainger, Inc.		336,218
	2,424	Yum! Brands, Inc.		302,855
	981	Zebra Technologies Corp. - Class A(a)		523,805
	200,300	Zoetis, Inc.		43,304,860
				15,671,499,616
URUGUAY — 0.1%
	104,705	Globant SA(a)		33,420,789
VIETNAM — 0.0%
	335,600	Vincom Retail JSC(a)		460,221

Total Common Stocks (Cost $14,441,140,992)				23,035,174,548

EXCHANGE-TRADED FUNDS — 8.7%
	2,383,650	Consumer Staples Select Sector SPDR Fund		169,835,063
	2,444,400	Energy Select Sector SPDR Fund		140,479,668
	3,737,000	Financial Select Sector SPDR Fund		150,451,620
	1,226,910	Health Care Select Sector SPDR Fund		164,185,096
	1,449,429	iShares MSCI ACWI ETF		152,639,368
	2,350,695	iShares MSCI Emerging Markets ETF		119,697,389
	6,587,856	iShares MSCI Europe Financials ETF		138,674,369
	1,514,000	iShares MSCI Japan ETF		103,557,600
	1,372,885	Materials Select Sector SPDR Fund		116,859,971
	1,350,000	SPDR S&P Metals & Mining ETF		58,887,000
	1,477,755	SPDR S&P Oil & Gas Exploration & Production ETF		157,174,022
	8,644,585	VanEck Gold Miners ETF		274,119,790
	635,150	Vanguard Consumer Staples ETF		117,934,652
	1,333,480	Vanguard Financials ETF		132,881,282
	451,000	Vanguard Health Care ETF		116,560,950

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Shares			Value
	294,500	Vanguard S&P 500 ETF	$	124,326,120

Total Exchange-Traded Funds (Cost $1,892,408,948)				2,238,263,960

INVESTMENT COMPANY — 2.0%
	506,048,905	Federated Hermes Government Obligations Fund, 0.03%(d)		506,048,905

Total Investment Company (Cost $506,048,905)				506,048,905

CASH SWEEP — 0.0%
	6,737,107	Citibank - US Dollars on Deposit in Custody Account, 0.03%(d)		6,737,107

Total Cash Sweep (Cost $6,737,107)				6,737,107

TOTAL INVESTMENTS — 100.2% (Cost $16,846,335,952)			$	25,786,224,520
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(43,737,882	)
NET ASSETS — 100.0%			$	25,742,486,638

(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 $465,948 which is 0.00% of net assets and the cost is $274,288.
(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 October 31, 2021.

The following abbreviations are used in the report:

ACWI — All Country World Index

ADR — American Depositary Receipt

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

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments	*October 31, 2021*

Shares			Value
PREFERRED STOCKS — 0.2%
UNITED STATES — 0.2%
	27,600	MetLife, Inc., Series F, 4.75%	$	740,784
	38,900	Morgan Stanley, Series K, 5.85%		1,145,994
	31,500	Public Storage, Series O, 3.90%		806,400
	28,500	US Bancorp, Series L, 3.75%		690,555
	122,100	Wells Fargo & Co., Series Z, 4.75%		3,162,390

Total Preferred Stocks (Cost $6,547,571)				6,546,123

EXCHANGE-TRADED FUNDS — 18.1%
UNITED STATES — 18.1%
	12,956,804	Invesco Preferred ETF		195,388,604
	1,166,665	iShares JP Morgan USD Emerging Markets Bond ETF		128,204,817
	1,769,837	iShares Preferred & Income Securities ETF		69,678,483
	1,591,740	SPDR Bloomberg Barclays Convertible Securities ETF		140,041,285

Total Exchange-Traded Funds (Cost $509,507,432)				533,313,189

Principal Amount
BANK LOANS — 0.1%
UNITED STATES — 0.1%
$	4,393,750	Caliber Home Loans, Inc., (1 mo. LIBOR USD + 2.875%), 3.15%, 07/15/24(a)		4,382,766
Total Bank Loans (Cost $4,393,750)				4,382,766
CORPORATE BONDS — 9.7%
CANADA — 0.4%
	1,000,000	1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28(b)		997,580
	500,000	Bombardier, Inc., 7.50%, 12/01/24(b)		520,625
	1,250,000	Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 6.25%, 09/15/27(b)		1,301,562
	1,125,000	First Quantum Minerals Ltd., 6.50%, 03/01/24(b)		1,141,875
	1,000,000	First Quantum Minerals Ltd., 6.88%, 03/01/26(b)		1,041,250
	1,325,000	GFL Environmental, Inc., 3.75%, 08/01/25(b)		1,363,359

Principal Amount				Value
CANADA (continued)
$	1,100,000	goeasy Ltd., 5.38%, 12/01/24(b)	$	1,128,875
	600,000	Kronos Acquisition Holdings, Inc./Kik Custom Products, Inc., 7.00%, 12/31/27(b)		580,236
	500,000	MEG Energy Corp., 7.13%, 02/01/27(b)		525,000
	350,000	MEG Energy Corp., 5.88%, 02/01/29(b)		360,063
	600,000	Methanex Corp., 5.25%, 12/15/29		636,000
	500,000	NOVA Chemicals Corp., 4.88%, 06/01/24(b)		520,375
	500,000	NOVA Chemicals Corp., 5.25%, 06/01/27(b)		526,235
	500,000	Telesat Canada/Telesat LLC, 4.88%, 06/01/27(b)		446,740
				11,089,775
CAYMAN ISLANDS — 0.0%
	762,952	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(b)		854,001
FRANCE — 0.0%
	550,000	Iliad Holding SASU, 6.50%, 10/15/26(b)		566,610
GERMANY — 0.0%
	500,000	Deutsche Bank AG, (5 yr. Swap Semi 30/360 USD + 2.248%), 4.30%, 05/24/28(c)		518,041
IRELAND — 0.1%
	925,000	Castlelake Aviation Finance DAC, 5.00%, 04/15/27(b)		922,401
	1,225,000	LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)		1,286,250
				2,208,651
ITALY — 0.1%
	1,500,000	Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)		1,667,739
	1,525,000	UniCredit SpA, (USD Swap Rate 11:00 am NY 1 + 3.703%), 5.86%, 06/19/32(b)(c)		1,683,679
				3,351,418

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
LUXEMBOURG — 0.2%
$	525,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28(b)	$	520,758
	1,650,000	Altice Financing SA, 5.00%, 01/15/28(b)		1,589,973
	1,000,000	Altice France Holding SA, 6.00%, 02/15/28(b)		950,000
	900,000	Consolidated Energy Finance SA, 5.63%, 10/15/28(b)		895,590
	925,000	JBS Finance Luxembourg Sarl, 3.63%, 01/15/32(b)		913,289
	600,000	Telecom Italia Capital SA, 6.38%, 11/15/33		688,326
	500,000	Telecom Italia Capital SA, 7.20%, 07/18/36		608,600
	500,000	Venator Finance Sarl/Venator Materials LLC, 9.50%, 07/01/25(b)		548,750
				6,715,286
NETHERLANDS — 0.1%
	1,000,000	Alcoa Nederland Holding BV, 5.50%, 12/15/27(b)		1,075,000
	1,075,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26		1,013,188
	1,000,000	UPC Holding BV, 5.50%, 01/15/28(b)		1,035,000
				3,123,188
UNITED KINGDOM — 0.1%
	200,000	INEOS Quattro Finance 2 Plc, 3.38%, 01/15/26(b)		198,750
	1,400,000	Jaguar Land Rover Automotive Plc, 7.75%, 10/15/25(b)		1,508,500
	1,050,000	Jaguar Land Rover Automotive Plc, 5.50%, 07/15/29(b)		1,011,927
				2,719,177
UNITED STATES — 8.7%
	1,000,000	Abercrombie & Fitch Management Co., 8.75%, 07/15/25(b)		1,075,000
	350,000	AdaptHealth LLC, 5.13%, 03/01/30(b)		351,750
	1,000,000	Adient Global Holdings Ltd., 4.88%, 08/15/26(b)		1,018,085
	375,000	Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(b)		390,000

Principal Amount				Value
UNITED STATES (continued)
$	750,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 7.50%, 03/15/26(b)	$	808,125
	500,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28(b)		531,250
	750,000	Alliance Data Systems Corp., 4.75%, 12/15/24(b)		767,245
	1,850,000	Alliance Data Systems Corp., 7.00%, 01/15/26(b)		1,970,250
	1,200,000	Allison Transmission, Inc., 5.88%, 06/01/29(b)		1,291,500
	381,965	Ambac Assurance Corp., 5.10%(b)(d)		536,176
	350,000	Ambience Merger Sub, Inc., 7.13%, 07/15/29(b)		337,267
	1,025,000	American Airlines, Inc., 11.75%, 07/15/25(b)		1,269,719
	250,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(b)		262,182
	1,350,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(b)		1,452,938
	525,000	American Axle & Manufacturing, Inc., 6.25%, 03/15/26		539,438
	825,000	AMN Healthcare, Inc., 4.63%, 10/01/27(b)		847,704
	550,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27(b)		567,875
	575,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29(b)		599,438
	520,000	Antero Resources Corp., 8.38%, 07/15/26(b)		585,000
	325,000	Antero Resources Corp., 7.63%, 02/01/29(b)		359,775
	375,000	Antero Resources Corp., 5.38%, 03/01/30(b)		396,938
	1,175,000	Aramark Services, Inc., 6.38%, 05/01/25(b)		1,236,558
	975,000	Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(b)		1,009,125
	650,000	Artera Services LLC, 9.03%, 12/04/25(b)		693,875

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
$	1,075,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/28(b)	$	1,169,063
	1,100,000	Ball Corp., 3.13%, 09/15/31		1,069,750
	3,930,000	Bank of America Corp., Series FF, (3 mo. LIBOR USD + 2.931%), 5.88%(c)(d)		4,399,517
	630,000	Bank of New York Mellon Corp. (The), Series F, (3 mo. LIBOR USD + 3.131%), 4.63%(c)(d)		676,463
	1,000,000	Bath & Body Works, Inc., 6.63%, 10/01/30(b)		1,119,700
	750,000	Bath & Body Works, Inc., 6.75%, 07/01/36		900,304
	1,325,000	Bausch Health Cos, Inc., 6.13%, 04/15/25(b)		1,349,539
	600,000	Bausch Health Cos, Inc., 7.00%, 01/15/28(b)		607,581
	500,000	Bausch Health Cos, Inc., 5.00%, 01/30/28(b)		461,510
	275,000	Bausch Health Cos, Inc., 6.25%, 02/15/29(b)		266,406
	1,000,000	Berry Global, Inc., 5.63%, 07/15/27(b)		1,047,360
	600,000	Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)		651,750
	1,500,000	Blackstone Mortgage Trust, Inc. REIT, 3.75%, 01/15/27(b)		1,492,275
	475,000	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29(b)		469,514
	250,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25(b)		268,750
	1,000,000	Boeing Co. (The), 5.04%, 05/01/27		1,136,484
	1,000,000	Boyd Gaming Corp., 8.63%, 06/01/25(b)		1,080,720
	1,050,000	Brink’s Co. (The), 5.50%, 07/15/25(b)		1,100,505
	700,000	Buckeye Partners LP, 3.95%, 12/01/26		717,619
	625,000	Buckeye Partners LP, 4.50%, 03/01/28(b)		617,187

Principal Amount				Value
UNITED STATES (continued)
$	300,000	Burford Capital Global Finance LLC, 6.25%, 04/15/28(b)	$	318,000
	325,000	Cablevision Lightpath LLC, 3.88%, 09/15/27(b)		316,453
	700,000	Cablevision Lightpath LLC, 5.63%, 09/15/28(b)		691,922
	1,500,000	Caesars Entertainment, Inc., 6.25%, 07/01/25(b)		1,577,775
	826,000	Caesars Entertainment, Inc., 8.13%, 07/01/27(b)		925,161
	500,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)		525,375
	1,350,000	Carnival Corp., 10.50%, 02/01/26(b)		1,568,700
	1,100,000	Carnival Corp., 5.75%, 03/01/27(b)		1,119,580
	450,000	Carnival Corp., 6.00%, 05/01/29(b)		450,900
	1,250,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 08/15/30(b)		1,271,875
	1,925,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/31(b)		1,916,337
	1,000,000	Centene Corp., 3.00%, 10/15/30		1,016,380
	250,000	Century Communities, Inc., 6.75%, 06/01/27		265,450
	1,670,000	Charles Schwab Corp. (The), Series H, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%), 4.00%(c)(d)		1,695,050
	200,000	Cheniere Energy Partners LP, 3.25%, 01/31/32(b)		198,240
	1,175,000	Chesapeake Energy Corp., 5.88%, 02/01/29(b)		1,248,438
	875,000	CHS/Community Health Systems, Inc., 6.00%, 01/15/29(b)		922,031
	650,000	Churchill Downs, Inc., 4.75%, 01/15/28(b)		671,938
	500,000	CITGO Petroleum Corp., 7.00%, 06/15/25(b)		515,300
	350,000	Clarios Global LP/Clarios US Finance Co., 8.50%, 05/15/27(b)		371,795

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
$	450,000	Clarivate Science Holdings Corp., 4.88%, 07/01/29(b)	$	448,065
	1,500,000	Cleveland-Cliffs, Inc., 6.75%, 03/15/26(b)		1,597,500
	234,000	CommScope Technologies LLC, 6.00%, 06/15/25(b)		231,620
	500,000	CommScope, Inc., 6.00%, 03/01/26(b)		515,000
	775,000	CommScope, Inc., 4.75%, 09/01/29(b)		760,430
	650,000	Comstock Resources, Inc., 5.88%, 01/15/30(b)		675,870
	250,000	Consolidated Communications, Inc., 6.50%, 10/01/28(b)		266,223
	500,000	Cornerstone Building Brands, Inc., 6.13%, 01/15/29(b)		518,750
	700,000	CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)		715,750
	1,250,000	CSC Holdings LLC, 7.50%, 04/01/28(b)		1,331,250
	650,000	CSC Holdings LLC, 6.50%, 02/01/29(b)		697,125
	1,000,000	CSC Holdings LLC, 4.50%, 11/15/31(b)		968,900
	130,000	CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23(b)		130,260
	400,000	CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28(b)		414,000
	1,000,000	Dana, Inc., 4.25%, 09/01/30		1,011,951
	1,600,000	Delta Air Lines, Inc., 7.38%, 01/15/26		1,882,003
	650,000	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, 08/15/27(b)		673,822
	1,000,000	DISH DBS Corp., 5.00%, 03/15/23		1,035,000
	1,575,000	DISH DBS Corp., 7.38%, 07/01/28		1,655,719
	750,000	DISH DBS Corp., 5.13%, 06/01/29		721,875
	375,000	Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(b)		369,844
	275,000	DT Midstream, Inc., 4.13%, 06/15/29(b)		276,966

Principal Amount				Value
UNITED STATES (continued)
$	900,000	DT Midstream, Inc., 4.38%, 06/15/31(b)	$	911,844
	575,000	Dycom Industries, Inc., 4.50%, 04/15/29(b)		583,625
	550,000	Embarq Corp., 8.00%, 06/01/36		607,750
	250,000	Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26(b)		258,565
	525,000	EPR Properties REIT, 5.25%, 07/15/23		558,735
	1,050,000	EQM Midstream Partners LP, 6.50%, 07/01/27(b)		1,168,125
	475,000	EQM Midstream Partners LP, 4.75%, 01/15/31(b)		491,779
	925,000	EQM Midstream Partners LP, 6.50%, 07/15/48		1,100,213
	375,000	EQT Corp., 5.00%, 01/15/29		416,604
	500,000	Ford Motor Co., 8.50%, 04/21/23		548,250
	1,000,000	Ford Motor Co., 9.00%, 04/22/25		1,202,500
	425,000	Ford Motor Co., 6.63%, 10/01/28		509,830
	1,100,000	Ford Motor Co., 4.75%, 01/15/43		1,200,111
	575,000	Ford Motor Co., 5.29%, 12/08/46		661,250
	2,100,000	Ford Motor Credit Co. LLC, 4.06%, 11/01/24		2,202,270
	1,000,000	Ford Motor Credit Co. LLC, 4.27%, 01/09/27		1,061,290
	500,000	Ford Motor Credit Co. LLC, 4.00%, 11/13/30		521,875
	250,000	Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(b)		266,437
	1,000,000	FXI Holdings, Inc., 7.88%, 11/01/24(b)		1,018,750
	725,000	Gap, Inc. (The), 3.88%, 10/01/31(b)		710,500
	500,000	GCI LLC, 4.75%, 10/15/28(b)		517,500
	625,000	Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25		621,419

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
$	350,000	Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27	$	351,645
	925,000	Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28		913,660
	722,000	Global Infrastructure Solutions, Inc., 5.63%, 06/01/29(b)		740,050
	675,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29(b)		653,062
	975,000	GPD Cos, Inc., 10.13%, 04/01/26(b)		1,043,250
	750,000	Gray Television, Inc., 7.00%, 05/15/27(b)		802,500
	975,000	Gray Television, Inc., 4.75%, 10/15/30(b)		961,723
	500,000	Greif, Inc., 6.50%, 03/01/27(b)		520,000
	250,000	Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)		254,062
	750,000	Griffon Corp., 5.75%, 03/01/28		783,750
	1,000,000	Gulfport Energy Operating Corp., 8.00%, 05/17/26(b)		1,107,500
	1,250,000	H&E Equipment Services, Inc., 3.88%, 12/15/28(b)		1,245,313
	500,000	Hanesbrands, Inc., 5.38%, 05/15/25(b)		520,000
	1,075,000	Harvest Midstream I LP, 7.50%, 09/01/28(b)		1,128,750
	250,000	HAT Holdings I LLC/HAT Holdings II LLC REIT, 6.00%, 04/15/25(b)		260,362
	775,000	HAT Holdings I LLC/HAT Holdings II LLC REIT, 3.38%, 06/15/26(b)		768,219
	525,000	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)		550,594
	1,400,000	Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/25(b)		1,503,194
	1,000,000	Herc Holdings, Inc., 5.50%, 07/15/27(b)		1,042,500
	600,000	Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 02/01/31(b)		615,824

Principal Amount				Value
UNITED STATES (continued)
$	1,175,000	Hilton Domestic Operating Co., Inc., 5.75%, 05/01/28(b)	$	1,261,656
	300,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(b)		305,925
	450,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/31(b)		447,696
	1,150,000	HLF Financing Sarl LLC/Herbalife International, Inc., 4.88%, 06/01/29(b)		1,158,314
	500,000	Home Point Capital, Inc., 5.00%, 02/01/26(b)		449,195
	1,200,000	Hughes Satellite Systems Corp., 6.63%, 08/01/26		1,360,440
	1,000,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25		1,020,000
	1,350,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29		1,350,000
	350,000	iHeartCommunications, Inc., 8.38%, 05/01/27		372,750
	1,000,000	International Game Technology Plc, 6.50%, 02/15/25(b)		1,110,000
	975,000	IRB Holding Corp., 7.00%, 06/15/25(b)		1,029,844
	500,000	IRB Holding Corp., 6.75%, 02/15/26(b)		511,250
	650,000	Iron Mountain, Inc. REIT, 4.50%, 02/15/31(b)		656,500
	4,810,000	JPMorgan Chase & Co., Series HH, (SOFR RATE + 3.125%), 4.60%(c)(d)		4,919,989
	1,250,000	Kaiser Aluminum Corp., 4.50%, 06/01/31(b)		1,225,125
	1,075,000	Kennedy-Wilson, Inc., 4.75%, 02/01/30		1,081,719
	300,000	Koppers, Inc., 6.00%, 02/15/25(b)		307,179
	1,750,000	Kraft Heinz Foods Co., 3.75%, 04/01/30		1,903,120
	1,075,000	Kraft Heinz Foods Co., 5.00%, 06/04/42		1,328,873
	1,125,000	Kraft Heinz Foods Co., 4.38%, 06/01/46		1,306,333

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
$	175,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/25(b)	$	180,906
	534,000	LABL, Inc., 10.50%, 07/15/27(b)		564,705
	400,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.75%, 06/15/29(b)		403,000
	550,000	LBM Acquisition LLC, 6.25%, 01/15/29(b)		534,105
	925,000	LCM Investments Holdings II LLC, 4.88%, 05/01/29(b)		949,808
	250,000	Legacy LifePoint Health LLC, 6.75%, 04/15/25(b)		261,875
	250,000	Legacy LifePoint Health LLC, 4.38%, 02/15/27(b)		247,500
	650,000	Level 3 Financing, Inc., 4.25%, 07/01/28(b)		642,687
	700,000	Level 3 Financing, Inc., 3.75%, 07/15/29(b)		661,500
	550,000	Live Nation Entertainment, Inc., 4.88%, 11/01/24(b)		556,188
	600,000	Live Nation Entertainment, Inc., 5.63%, 03/15/26(b)		620,250
	1,000,000	LogMeIn, Inc., 5.50%, 09/01/27(b)		1,000,890
	425,000	LSB Industries, Inc., 6.25%, 10/15/28(b)		429,139
	875,000	LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26(b)		886,865
	1,000,000	Lumen Technologies, Inc., 5.63%, 04/01/25		1,073,750
	1,000,000	Lumen Technologies, Inc., 5.13%, 12/15/26(b)		1,023,230
	575,000	Lumen Technologies, Inc., 5.38%, 06/15/29(b)		577,156
	450,000	Macy’s Retail Holdings LLC, 2.88%, 02/15/23		454,500
	550,000	Manitowoc Co., Inc. (The), 9.00%, 04/01/26(b)		585,623
	750,000	Masonite International Corp., 5.38%, 02/01/28(b)		787,500
	625,000	Match Group Holdings II LLC, 5.00%, 12/15/27(b)		651,563

Principal Amount				Value
UNITED STATES (continued)
$	1,100,000	Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)	$	1,103,575
	1,000,000	Meritage Homes Corp., 3.88%, 04/15/29(b)		1,036,250
	600,000	Meritor, Inc., 6.25%, 06/01/25(b)		627,750
	525,000	Michaels Cos., Inc. (The), 7.88%, 05/01/29(b)		530,250
	825,000	Midcap Financial Issuer Trust, 6.50%, 05/01/28(b)		855,938
	500,000	Midcap Financial Issuer Trust, 5.63%, 01/15/30(b)		491,875
	750,000	Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b)		778,125
	2,000,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)		2,176,720
	1,050,000	Millennium Escrow Corp., 6.63%, 08/01/26(b)		1,067,104
	325,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/01/29(b)		330,580
	1,150,000	ModivCare, Inc., 5.88%, 11/15/25(b)		1,207,500
	800,000	Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29(b)		796,576
	975,000	MPH Acquisition Holdings LLC, 5.75%, 11/01/28(b)		886,031
	825,000	Murphy Oil Corp., 6.38%, 07/15/28		871,452
	1,650,000	Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/28(b)		1,687,125
	1,000,000	Navient Corp., 6.50%, 06/15/22		1,028,750
	1,075,000	Navient Corp., 5.50%, 01/25/23		1,123,977
	500,000	Netflix, Inc., 5.38%, 11/15/29(b)		603,090
	1,000,000	Netflix, Inc., 4.88%, 06/15/30(b)		1,175,190
	825,000	New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28(b)		832,326
	1,000,000	Newell Brands, Inc., 4.70%, 04/01/26		1,095,138

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
$	725,000	Nexstar Media, Inc., 5.63%, 07/15/27(b)	$	764,875
	550,000	Nexstar Media, Inc., 4.75%, 11/01/28(b)		561,907
	1,100,000	Northern Oil and Gas, Inc., 8.13%, 03/01/28(b)		1,182,500
	1,000,000	Novelis Corp., 4.75%, 01/30/30(b)		1,040,000
	525,000	Occidental Petroleum Corp., 5.88%, 09/01/25		582,750
	750,000	Occidental Petroleum Corp., 5.50%, 12/01/25		824,925
	1,225,000	Occidental Petroleum Corp., 6.63%, 09/01/30		1,498,971
	1,000,000	Occidental Petroleum Corp., 4.30%, 08/15/39		1,005,000
	575,000	Occidental Petroleum Corp., 6.20%, 03/15/40		696,650
	500,000	Occidental Petroleum Corp., 4.40%, 04/15/46		505,883
	500,000	OneMain Finance Corp., 6.13%, 03/15/24		531,875
	500,000	OneMain Finance Corp., 7.13%, 03/15/26		567,500
	600,000	OneMain Finance Corp., 5.38%, 11/15/29		640,500
	1,000,000	Open Text Holdings, Inc., 4.13%, 02/15/30(b)		1,016,600
	1,675,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(b)		1,698,031
	425,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(b)		438,358
	300,000	Ortho-Clinical Diagnostics, Inc./ Ortho-Clinical Diagnostics SA, 7.38%, 06/01/25(b)		314,940
	250,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25(b)		261,562
	600,000	Patrick Industries, Inc., 4.75%, 05/01/29(b)		595,500
	875,000	PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(b)		853,125
	525,000	PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(b)		567,378

Principal Amount				Value
UNITED STATES (continued)
$	700,000	PGT Innovations, Inc., 4.38%, 10/01/29(b)	$	696,500
	625,000	Pilgrim’s Pride Corp., 4.25%, 04/15/31(b)		659,375
	1,000,000	Post Holdings, Inc., 5.75%, 03/01/27(b)		1,037,500
	550,000	PRA Group, Inc., 5.00%, 10/01/29(b)		543,504
	725,000	Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29(b)		737,687
	1,650,000	Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)		1,757,250
	975,000	Primo Water Holdings, Inc., 4.38%, 04/30/29(b)		966,295
	250,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(b)		254,010
	700,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/28(b)		700,000
	453,000	Rayonier AM Products, Inc., 7.63%, 01/15/26(b)		468,289
	250,000	Rent-A-Center, Inc., 6.38%, 02/15/29(b)		261,250
	596,000	Rite Aid Corp., 7.50%, 07/01/25(b)		597,490
	575,000	ROBLOX Corp., 3.88%, 05/01/30(b)		572,844
	675,000	Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)		722,250
	1,000,000	Rockies Express Pipeline LLC, 4.80%, 05/15/30(b)		1,065,000
	1,500,000	Royal Caribbean Cruises Ltd., 9.13%, 06/15/23(b)		1,628,670
	1,050,000	Royal Caribbean Cruises Ltd., 5.50%, 08/31/26(b)		1,069,687
	675,000	Royal Caribbean Cruises Ltd., 5.50%, 04/01/28(b)		686,813
	275,000	RP Escrow Issuer LLC, 5.25%, 12/15/25(b)		275,000
	975,000	Sabre GLBL, Inc., 7.38%, 09/01/25(b)		1,035,938
	500,000	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		479,568

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
$	500,000	Scientific Games International, Inc., 5.00%, 10/15/25(b)	$	514,770
	675,000	SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(b)		680,785
	550,000	Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32(b)		552,780
	650,000	Scripps Escrow, Inc., 5.88%, 07/15/27(b)		659,750
	2,350,000	Select Medical Corp., 6.25%, 08/15/26(b)		2,458,021
	1,000,000	Service Properties Trust REIT, 4.35%, 10/01/24		1,007,750
	1,325,000	Service Properties Trust REIT, 5.50%, 12/15/27		1,386,084
	400,000	Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28(b)		403,000
	850,000	Sinclair Television Group, Inc., 5.50%, 03/01/30(b)		811,750
	1,025,000	Sirius XM Radio, Inc., 3.13%, 09/01/26(b)		1,026,281
	1,300,000	Sirius XM Radio, Inc., 4.00%, 07/15/28(b)		1,308,059
	4,765,000	Sitka Holdings LLC, (3 mo. LIBOR USD + 4.500%, 5.25%, 07/06/26(b)(e)		4,847,183
	580,000	Six Flags Entertainment Corp., 4.88%, 07/31/24(b)		584,350
	457,000	Southwestern Energy Co., 6.45%, 01/23/25		498,130
	875,000	Southwestern Energy Co., 5.38%, 03/15/30		923,107
	500,000	Spectrum Brands, Inc., 5.50%, 07/15/30(b)		540,000
	1,300,000	Spirit AeroSystems, Inc., 7.50%, 04/15/25(b)		1,372,475
	1,500,000	Sprint Capital Corp., 6.88%, 11/15/28		1,899,210
	1,500,000	SRM Escrow Issuer LLC, 6.00%, 11/01/28(b)		1,560,000
	400,000	Starwood Property Trust, Inc. REIT, 5.50%, 11/01/23(b)		420,000
	300,000	Starwood Property Trust, Inc. REIT, 3.63%, 07/15/26(b)		300,000
	325,000	Summer BC Bidco B LLC, 5.50%, 10/31/26(b)		330,688

Principal Amount				Value
UNITED STATES (continued)
$	175,000	SunCoke Energy, Inc., 4.88%, 06/30/29(b)	$	173,687
	500,000	Talen Energy Supply LLC, 6.63%, 01/15/28(b)		472,500
	1,225,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(b)		1,225,270
	1,000,000	TEGNA, Inc., 4.63%, 03/15/28		1,008,750
	1,500,000	TEGNA, Inc., 5.00%, 09/15/29		1,518,638
	650,000	Tempur Sealy International, Inc., 3.88%, 10/15/31(b)		644,117
	500,000	Tenet Healthcare Corp., 6.13%, 10/01/28(b)		524,975
	675,000	Tenneco, Inc., 7.88%, 01/15/29(b)		738,281
	625,000	Tenneco, Inc., 5.13%, 04/15/29(b)		619,531
	375,000	Thor Industries, Inc., 4.00%, 10/15/29(b)		371,362
	1,000,000	T-Mobile USA, Inc., 3.50%, 04/15/31		1,035,000
	300,000	TMS International Corp., 6.25%, 04/15/29(b)		309,750
	750,000	Toll Brothers Finance Corp., 4.35%, 02/15/28		818,437
	1,550,000	TransDigm, Inc., 8.00%, 12/15/25(b)		1,648,813
	650,000	TransDigm, Inc., 6.25%, 03/15/26(b)		679,250
	875,000	Travel + Leisure Co., 4.25%, 03/01/22		876,925
	1,000,000	Travel + Leisure Co., 4.63%, 03/01/30(b)		1,037,620
	1,075,000	Tronox, Inc., 6.50%, 05/01/25(b)		1,130,094
	1,650,000	Truist Financial Corp., Series N, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%), 4.80%(c)(d)		1,709,813
	1,500,000	Uber Technologies, Inc., 8.00%, 11/01/26(b)		1,596,600
	1,700,000	Uber Technologies, Inc., 7.50%, 09/15/27(b)		1,859,545
	1,000,000	United Airlines Holdings, Inc., 4.25%, 10/01/22		1,019,500

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
$	275,000	United Airlines, Inc., 4.38%, 04/15/26(b)	$	284,479
	275,000	United Airlines, Inc., 4.63%, 04/15/29(b)		283,520
	500,000	United Rentals North America, Inc., 3.88%, 02/15/31		503,700
	575,000	United Rentals North America, Inc., 3.75%, 01/15/32		573,620
	375,000	United States Steel Corp., 6.88%, 03/01/29		401,250
	1,500,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC REIT, 7.88%, 02/15/25(b)		1,577,550
	950,000	US Foods, Inc., 6.25%, 04/15/25(b)		992,750
	825,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27		856,969
	925,000	Vector Group Ltd., 5.75%, 02/01/29(b)		920,375
	75,000	Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29(b)		76,440
	1,600,000	Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)		1,658,000
	250,000	Verscend Escrow Corp., 9.75%, 08/15/26(b)		264,828
	500,000	Viking Cruises Ltd., 5.88%, 09/15/27(b)		483,125
	800,000	Wabash National Corp., 4.50%, 10/15/28(b)		777,784
	1,225,000	WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(b)		1,266,344
	750,000	WESCO Distribution, Inc., 7.25%, 06/15/28(b)		827,183
	162,000	Western Midstream Operating LP, 4.65%, 07/01/26		174,960
	375,000	Western Midstream Operating LP, 5.50%, 08/15/48		447,667
	1,075,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25(b)		1,092,469
	1,250,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25(b)		1,315,375

Principal Amount				Value
UNITED STATES (continued)
$	575,000	ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)	$	571,406
				256,209,158

Total Corporate Bonds (Cost $283,781,226)				287,355,305

ASSET-BACKED SECURITIES — 19.3%
CANADA — 0.0%
Other Asset-Backed Securities — 0.0%
	300,000	Golden Credit Card Trust, Series 2017-4A, Class A, (1 mo. LIBOR USD + 0.520%), 0.61%, 07/15/24(b)(e)		301,182
	1,000,000	Master Credit Card Trust II, Series 2020-1A, Class A, 1.99%, 09/21/24(b)		1,020,737
				1,321,919
CAYMAN ISLANDS — 1.8%
Collateralized Loan Obligations — 1.8%
	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR USD + 5.700%), 5.83%, 04/20/31(b)(e)		949,778
	5,000,000	Atrium VIII, Series 8A, Class SUB, 1.25%, 10/23/24(b)(f)(g)(h)		243,457
	2,000,000	Atrium XII, Series 12A, Class ER, (3 mo. LIBOR USD + 5.250%), 5.38%, 04/22/27(b)(e)(h)		1,967,088
	12,131,250	Atrium XIII, Series 13A, Class SUB, 2.83%, 11/21/47(b)(f)(g)(h)		8,520,397
	457,228	BlueMountain CLO Ltd., Series 2015- 2A, Class A1R, (3 mo. LIBOR USD + 0.930%), 1.05%, 07/18/27(b)(e)		457,228
	400,336	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR USD + 8.500%), 8.63%, 07/20/32(b)(e)(h)		394,210
	17,550,000	CBAM Ltd., Series 2019-10A, Class SUB, 3.62%, 04/20/32(b)(f)(g)(h)		11,590,013
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 3.74%, 01/20/31(b)(f)(g)(h)		6,463,869

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	1,000,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR USD + 1.450%), 1.57%, 05/15/30(b)(e)	$	999,997
	4,500,000	Generate CLO-3 Ltd., Series 3A, Class ER, (3 mo. LIBOR USD + 6.400%), 6.53%, 10/20/29(b)(e)		4,500,631
	4,000,000	Generate CLO-3 Ltd., Series 3A, Class SUB, 6.71%, 10/20/29(b)(f)(g)(h)		2,200,726
	500,000	GoldentTree Loan Management US CLO 1 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR USD + 1.600%), 1.73%, 07/20/34(b)(e)		499,188
	1,000,000	Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2, (3 mo. LIBOR USD + 1.750%), 1.87%, 04/15/34(b)(e)		999,996
	500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. LIBOR USD + 1.400%), 1.53%, 03/20/30(b)(e)		496,510
	1,000,000	Regatta XXI Funding Ltd., Series 2021-3A, Class B, (3 mo. LIBOR USD + 1.700%), 1.83%, 10/20/34(b)(e)		998,276
	5,000,000	Romark CLO II Ltd., Series 2018-2A, Class SUB, 5.26%, 07/25/31(b)(f)(g)		2,850,730
	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 5.70%, 10/23/30(b)(f)(g)		2,840,965
	7,500,000	Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR USD + 8.100%), 8.23%, 04/20/31(b)(e)		6,452,224
				53,425,283
UNITED STATES — 17.5%
Other Asset-Backed Securities — 17.5%
	4,492,027	510 Loan Acquisition Trust, Series 2020-1, Class A, STEP, 5.11%, 09/25/60(b)		4,535,615

Principal Amount				Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	218,484	Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1, (1 mo. LIBOR USD + 1.050%), 1.14%, 01/25/34(e)	$	218,320
	111,431	Ajax Mortgage Loan Trust, Series 2017-D, Class B, 2.35%, 12/25/57(a)(b)(f)(g)		89,390
	33,194	Ajax Mortgage Loan Trust, Series 2018-A, Class B, 2.90%, 04/25/58(b)(g)		30,233
	119,326	Ajax Mortgage Loan Trust, Series 2018-B, Class B, 1.98%, 02/26/57(b)(g)		58,151
	5,529,404	Ajax Mortgage Loan Trust, Series 2018-D, Class A, 3.75%, 08/25/58(b)(f)		5,533,177
	1,820,383	Ajax Mortgage Loan Trust, Series 2018-D, Class B, 2.93%, 08/25/58(a)(b)(f)(g)		1,295,748
	140,112	Ajax Mortgage Loan Trust, Series 2018-E, Class C, 1.15%, 06/25/58(b)(f)(g)		135,993
	215,833	Ajax Mortgage Loan Trust, Series 2018-F, Class C, 1.99%, 11/25/58(a)(b)(g)		141,111
	10,619,895	Ajax Mortgage Loan Trust, Series 2018-G, Class A, 4.38%, 06/25/57(b)(f)		10,663,948
	2,100,000	Ajax Mortgage Loan Trust, Series 2018-G, Class B, 5.25%, 06/25/57(a)(b)(f)		1,585,500
	5,362,641	Ajax Mortgage Loan Trust, Series 2018-G, Class C, 0.05%, 06/25/57(b)(g)		5,321,932
	10,623,662	Ajax Mortgage Loan Trust, Series 2019-A, Class A, 3.75%, 08/25/57(b)(f)		10,739,844
	2,450,000	Ajax Mortgage Loan Trust, Series 2019-A, Class B, 5.25%, 08/25/57(b)(f)		2,319,082
	6,120,402	Ajax Mortgage Loan Trust, Series 2019-A, Class C, 0.79%, 08/25/57(a)(b)(g)		5,067,693
	6,125,922	Ajax Mortgage Loan Trust, Series 2019-B, Class A, 3.75%, 01/25/59(b)(f)		6,192,090

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,100,000	Ajax Mortgage Loan Trust, Series 2019-B, Class B, 5.25%, 01/25/59(a)(b)(f)	$	1,585,500
	5,351,208	Ajax Mortgage Loan Trust, Series 2019-B, Class C, 0.61%, 01/25/59(b)(g)		4,692,208
	6,299,227	Ajax Mortgage Loan Trust, Series 2019-E, Class A, STEP, 3.00%, 09/25/59(b)		6,316,276
	3,512,199	Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP, 4.88%, 09/25/59(b)		3,189,905
	7,623,843	Ajax Mortgage Loan Trust, Series 2019-E, Class C, 2.64%, 09/25/59(b)(g)		6,874,896
	11,697,852	Ajax Mortgage Loan Trust, Series 2019-G, Class A, STEP, 3.00%, 09/25/59(b)(g)		11,738,366
	2,927,374	Ajax Mortgage Loan Trust, Series 2019-G, Class B, STEP, 4.25%, 09/25/59(b)		2,855,987
	7,464,195	Ajax Mortgage Loan Trust, Series 2019-G, Class C, 1.05%, 09/25/59(b)(g)		6,922,462
	23,783,753	Ajax Mortgage Loan Trust, Series 2020-A, Class A, STEP, 2.38%, 12/25/59(b)		23,718,036
	4,328,402	Ajax Mortgage Loan Trust, Series 2020-A, Class B, STEP, 3.50%, 12/25/59(b)		4,316,158
	10,387,904	Ajax Mortgage Loan Trust, Series 2020-A, Class C, 1.92%, 12/25/59(a)(b)(g)		6,513,216
	14,323,996	Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP, 2.00%, 03/25/60(b)		14,178,301
	2,042,300	Ajax Mortgage Loan Trust, Series 2021-D, Class B, 4.00%, 03/25/60(a)(b)(f)		2,024,532
	3,051,274	Ajax Mortgage Loan Trust, Series 2021-D, Class C, 0.66%, 03/25/60(a)(b)(f)(g)		2,364,738
	4,041,340	Ajax Mortgage Loan Trust, Series 2021-E, Class B2, 3.77%, 12/25/60(b)(f)		3,892,481
	1,080,800	Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP, 3.75%, 06/25/61(b)		1,073,571

Principal Amount				Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,017,749	Ajax Mortgage Loan Trust, Series 2021-F, Class C, 0.55%, 06/25/61(b)(g)	$	1,818,045
	500,000	American Credit Acceptance Receivables Trust, Series 2020-4, Class B, 0.85%, 12/13/24(b)		500,812
	1,000,000	American Express Credit Account Master Trust, Series 2017-5, Class A, (1 mo. LIBOR USD + 0.380%), 0.47%, 02/18/25(e)		1,002,373
	1,000,000	American Express Credit Account Master Trust, Series 2018-5, Class A, (1 mo. LIBOR USD + 0.340%), 0.43%, 12/15/25(e)		1,003,353
	5,000,000	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7, (1 mo. LIBOR USD + 1.980%), 2.07%, 05/25/35(e)		5,115,049
	6,000,000	AMSR Trust, Series 2020-SFR5, Class F, 2.69%, 11/17/37(b)		5,860,935
	8,853,642	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR USD + 0.480%), 0.57%, 05/25/35(e)		8,312,036
	4,662,515	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1, (1 mo. LIBOR USD + 0.690%), 0.78%, 01/25/36(e)		5,139,993
	6,021,472	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006- HE1, Class M2, (1 mo. LIBOR USD + 0.630%), 0.72%, 01/25/36(e)		5,896,384
	5,740,000	BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(f)		2,563,773
	5,000,000	BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.41%, 12/10/25(f)		1,840,319

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	7,565,648	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR USD + 0.450%), 0.54%, 09/25/37(b)(e)	$	7,281,600
	7,530,892	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR USD + 1.000%), 1.09%, 05/28/39(b)(e)		7,145,258
	1,662,864	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR USD + 1.300%), 1.39%, 05/28/39(b)(e)		1,342,597
	1,407,759	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. LIBOR USD + 1.000%), 1.09%, 12/28/40(b)(e)		1,323,712
	2,956,611	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR USD + 0.930%), 1.02%, 12/28/40(b)(e)		2,913,716
	210,574	BCC Funding XVII LLC, Series 2020- 1, Class A2, 0.91%, 08/20/25(b)		211,038
	908,185	Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4, (1 mo. LIBOR USD + 1.800%), 1.89%, 05/25/35(e)		913,079
	1,809,327	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR USD + 1.020%), 1.11%, 12/25/35(e)		2,644,325
	3,864,400	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR USD + 0.140%), 0.23%, 12/25/36(e)		4,904,735
	2,609,542	Bear Stearns Asset Backed Securities I Trust, Series 2007-HE1, Class 21A2, (1 mo. LIBOR USD + 0.160%), 0.25%, 01/25/37(e)		2,576,904
	500,000	BMW Vehicle Lease Trust, Series 2021-1, Class A4, 0.37%, 07/25/24		498,110
	500,000	Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3, 0.77%, 09/15/26		498,550

Principal Amount				Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	500,000	CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 06/15/26	$	497,486
	1,000,000	CarMax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26		983,637
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR USD + 0.420%), 0.51%, 12/26/36(e)		4,428,278
	6,740,542	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1, (1 mo. LIBOR USD + 0.500%), 0.59%, 02/25/37(e)		6,427,573
	6,674,297	Cascade MH Asset Trust, Series 2019- MH1, Class A, 4.00%, 11/25/44(b)(f)		6,896,376
	3,471,236	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B, (1 mo. LIBOR USD + 0.200%), 0.29%, 05/25/37(e)		2,893,897
	93,275	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C, (1 mo. LIBOR USD + 0.270%), 0.36%, 05/25/37(e)		78,377
	4,224,278	Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B, (1 mo. LIBOR USD + 0.170%), 0.26%, 07/25/45(e)		3,643,976
	500,000	CNH Equipment Trust, Series 2021- C, Class A4, 1.16%, 10/16/28		499,309
	1,832,809	Conseco Finance Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(f)		1,852,592
	1,907,079	Conseco Finance Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(f)		1,938,650
	2,305,457	Conseco Finance Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(f)		1,290,032
	2,600,921	Conseco Finance Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(f)		1,398,807
	11,184,069	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(f)		3,315,925

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount				Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,605,856	Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 6.05%, 05/25/36	$	2,596,588
	295,157	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR USD + 0.160%), 0.25%, 09/25/46(e)		292,592
	4,483,804	Countrywide Asset-Backed Certificates, Series 2006-12, Class 1A, (1 mo. LIBOR USD + 0.260%), 0.35%, 12/25/36(e)		4,480,418
	8,945,032	Countrywide Asset-Backed Certificates, Series 2006-18, Class M1, (1 mo. LIBOR USD + 0.300%), 0.39%, 03/25/37(e)		9,308,402
	5,671,328	Countrywide Asset-Backed Certificates, Series 2006-22, Class M1, (1 mo. LIBOR USD + 0.230%), 0.32%, 05/25/47(e)		4,951,454
	5,718,283	Countrywide Asset-Backed Certificates, Series 2006-26, Class M1, (1 mo. LIBOR USD + 0.250%), 0.34%, 06/25/37(e)		5,967,467
	1,439,323	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A, (1 mo. LIBOR USD + 0.180%), 0.27%, 05/15/36(e)		1,408,808
	790,432	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR USD + 0.300%), 0.39%, 12/15/33(b)(e)		719,609
	644,199	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR USD + 0.240%), 0.33%, 02/15/30(b)(e)		589,829
	398,751	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR USD + 0.190%), 0.28%, 05/15/35(b)(e)		390,540

Principal Amount				Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	500,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 02/15/30(b)	$	498,739
	2,244,775	Credit Suisse Mortgage Capital Certificates, Series 2021-JR1, Class A2, 3.50%, 09/27/66(b)(f)		2,134,285
	3,895,940	Credit Suisse Mortgage Capital Certificates, Series 2021-JR1, Class B2, 30.67%, 09/27/66(a)(b)(f)		3,384,598
	3,699,404	Credit Suisse Mortgage Capital Certificates, Series 2021-JR1, Class PT2, 2.68%, 07/26/60(a)(b)(f)(g)		1,304,040
	2,432,688	Credit-Based Asset Servicing and Securitization LLC, Series 2007- CB6, Class A4, (1 mo. LIBOR USD + 0.340%), 0.43%, 07/25/37(b)(e)		2,000,529
	1,000,000	Discover Card Execution Note Trust, Series 2017-A7, Class A7, (1 mo. LIBOR USD + 0.360%), 0.45%, 04/15/25(e)		1,002,975
	500,000	Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24		500,279
	302,152	DT Auto Owner Trust, Series 2019- 1A, Class C, 3.61%, 11/15/24(b)		303,408
	1,000,000	DT Auto Owner Trust, Series 2021- 1A, Class B, 0.62%, 09/15/25(b)		999,438
	1,000,000	Enterprise Fleet Financing LLC, Series 2020-2, Class A3, 0.65%, 07/20/26(b)		990,406
	500,000	Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 08/20/27(b)		499,516
	4,888,215	First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR USD + 0.540%), 0.63%, 03/25/36(e)		4,510,992
	1,990,933	First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1, (1 mo. LIBOR USD + 1.800%), 1.88%, 10/25/33(e)		2,006,222

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	9,141,360	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR USD + 0.375%), 0.46%, 07/25/36(e)	$	9,440,621
	4,310,792	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR USD + 0.600%), 0.69%, 01/25/36(e)		3,999,212
	3,955,388	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR USD + 0.150%), 0.24%, 03/25/37(e)		2,444,575
	500,000	Flagship Credit Auto Trust, Series 2020-4, Class B, 1.00%, 10/15/25(b)		501,580
	1,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(b)		987,939
	1,300,000	Ford Credit Auto Owner Trust, Series 2020-C, Class B, 0.79%, 08/15/26		1,284,053
	1,000,000	Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06%, 09/15/27		988,305
	1,500,000	Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR USD + 0.615%), 0.70%, 11/25/35(e)		1,452,146
	1,500,000	FRTKL, Series 2021-SFR1, Class F, 3.17%, 09/17/38(b)		1,476,201
	1,000,000	GM Financial Consumer Automobile Receivables Trust, Series 2020-4, Class A3, 0.38%, 08/18/25		998,424
	1,050,000	GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class B, 0.75%, 05/17/27		1,036,836
	598,166	GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR USD + 0.500%), 0.59%, 02/25/36(e)		592,145
	130,757	GMACM Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR USD + 0.315%), 0.40%, 11/25/36(e)		311,243
	500,000	GMF Floorplan Owner Revolving Trust, Series 2020-2, Class B, 0.96%, 10/15/25(b)		499,314

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	500,000	GreatAmerica Leasing Receivables Funding LLC, Series 2021-1, Class B, 0.72%, 12/15/26(b)	$	491,607
	5,782,048	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(f)		4,171,846
	2,463,906	GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR USD + 0.700%), 0.79%, 12/25/35(e)		1,093,355
	9,308,009	GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. LIBOR USD + 0.360%), 0.45%, 03/25/36(e)		4,043,059
	399,037	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(f)		220,572
	3,566,000	GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. LIBOR USD + 3.375%), 3.46%, 02/25/47(e)		3,781,399
	3,954,185	Home Equity Asset Trust, Series 2007- 1, Class 2A3, (1 mo. LIBOR USD + 0.300%), 0.39%, 05/25/37(e)		3,606,607
	3,000,000	Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26(b)		2,999,890
	375,000	HPEFS Equipment Trust, Series 2021- 2A, Class B, 0.61%, 09/20/28(b)		372,304
	4,877,547	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.76%, 12/25/36		2,221,130
	1,000,000	Hyundai Auto Lease Securitization Trust, Series 2020-B, Class B, 0.81%, 10/15/24(b)		1,002,138
	768,776	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(b)		764,667
	500,000	John Deere Owner Trust, Series 2021- A, Class A3, 0.36%, 09/15/25		497,316
	118,480	JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP, 6.63%, 07/25/36		48,442

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	240,702	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3, (1 mo. LIBOR USD + 0.180%), 0.27%, 07/25/36(e)	$	137,712
	1,250,000	Kubota Credit Owner Trust, Series 2021-1A, Class A3, 0.62%, 08/15/25(b)		1,243,347
	1,686,381	Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 0.27%, 02/25/59(a)(b)(g)		252,957
	1,900,000	Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(b)(f)		1,941,323
	2,654,978	Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(f)		2,815,880
	276,136	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR USD + 0.090%), 0.18%, 06/25/37(b)(e)		226,568
	5,682,717	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A2, (1 mo. LIBOR USD + 0.200%), 0.29%, 06/25/37(b)(e)		4,723,801
	1,008,945	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR USD + 0.110%), 0.20%, 11/25/36(e)		429,279
	5,309,782	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR USD + 0.160%), 0.25%, 10/25/36(e)		2,201,712
	1,729,919	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR USD + 3.250%), 3.34%, 03/25/32(e)		1,738,123
	3,940,453	MASTR Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR USD + 0.320%), 0.41%, 03/25/36(e)		440,758
	1,000,000	Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 09/15/25		1,010,020
	2,306,738	MERIT Securities Corp., Series 13, Class M2, STEP, 7.88%, 12/28/33		1,911,295

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	10,348,143	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR USD + 0.500%), 0.59%, 10/25/37(e)	$	4,545,117
	1,089,382	Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4, (1 mo. LIBOR USD + 0.480%), 0.57%, 06/25/36(e)		727,122
	6,515,736	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1, (1 mo. LIBOR USD + 0.130%), 0.22%, 11/25/36(e)		3,587,184
	3,346,689	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1, (1 mo. LIBOR USD + 1.900%), 1.99%, 02/25/47(b)(e)		3,269,499
	3,565,680	Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1, (1 mo. LIBOR USD + 0.540%), 0.63%, 02/25/36(e)		3,790,066
	4,424,923	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.51%, 10/25/36		1,492,716
	495,845	Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, (1 mo. LIBOR USD + 0.300%), 0.39%, 03/25/36(e)		489,862
	8,000,000	Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR USD + 0.300%), 0.39%, 03/25/37(e)		7,476,239
	754,064	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, 09/16/69(b)		753,914
	610,360	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, 01/15/69(b)		612,040
	5,690,116	New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR USD + 0.675%), 0.76%, 12/25/35(e)		5,451,378

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	857,364	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR USD + 0.400%), 0.49%, 10/25/36(b)(e)	$	1,057,978
	1,566,648	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		1,461,975
	9,913,794	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(f)		3,584,730
	8,572,117	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(f)		1,404,439
	5,947,218	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(f)		1,087,949
	6,795,981	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(f)		1,392,741
	629,176	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(f)		435,866
	454,420	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(f)		472,517
	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(b)		4,011,914
	1,000,000	PFS Financing Corp., Series 2020-A, Class A, 1.27%, 06/15/25(b)		1,008,055
	2,955,985	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 3.70%, 07/25/35		2,790,137
	1,000,000	Progress Residential Trust, Series 2019- SFR3, Class F, 3.87%, 09/17/36(b)		1,006,784
	3,000,000	Progress Residential Trust, Series 2019- SFR4, Class F, 3.68%, 10/17/36(b)		3,033,245
	750,000	Progress Residential Trust, Series 2020- SFR1, Class G, 4.03%, 04/17/37(b)		752,079
	3,500,000	Progress Residential Trust, Series 2021- SFR8, Class F, 3.18%, 10/17/38(b)		3,446,965

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,400,000	Progress Residential Trust, Series 2021- SFR9, Class F, 4.05%, 11/17/40(b)	$	2,380,897
	4,327,916	PRPM LLC, Series 2020-4, Class A1, STEP, 2.95%, 10/25/25(b)		4,332,257
	3,825,000	Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4, (1 mo. LIBOR USD + 0.870%), 0.96%, 11/25/35(e)		3,356,995
	2,000,000	Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2, (1 mo. LIBOR USD + 0.290%), 0.52%, 06/25/36(e)		1,948,025
	333,250	SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR USD + 0.260%), 0.35%, 07/25/36(e)		342,775
	1,000,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class B, 0.73%, 03/17/25		1,001,927
	500,000	Santander Retail Auto Lease Trust, Series 2020-B, Class A4, 0.65%, 12/20/24(b)		498,728
	4,179,436	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR USD + 0.320%), 0.41%, 09/25/36(e)		4,218,721
	8,480,772	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR USD + 0.290%), 0.38%, 01/25/47(e)		9,188,573
	2,740,908	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR USD + 0.270%), 0.36%, 02/25/37(e)		2,130,278
	1,000,000	SLM Student Loan Trust, Series 2003- 10A, Class A4, (3 mo. LIBOR USD + 0.670%), 0.79%, 12/17/68(b)(e)		1,001,843
	11,572,290	Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR USD + 0.250%), 0.34%, 07/25/36(e)		12,163,434

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,124,459	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR USD + 0.675%), 0.76%, 11/25/35(e)	$	4,369,229
	4,363,389	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR USD + 0.750%), 0.84%, 07/25/35(e)		4,125,424
	2,064,400	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR USD + 0.660%), 0.75%, 02/25/37(e)		6,866,831
	1,000,000	Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22(b)		1,007,105
	1,000,000	Toyota Auto Receivables Owner Trust, Series 2020-D, Class A3, 0.35%, 01/15/25		998,634
	1,700,000	Tricon American Homes Trust, Series 2017-SFR2, Class F, 5.10%, 01/17/36(b)		1,742,522
	1,520,000	Tricon American Homes Trust, Series 2020-SFR1, Class F, 4.88%, 07/17/38(b)		1,582,958
	995,196	Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/39(b)		966,594
	1,000,000	Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 07/22/24		1,018,364
	1,000,000	Verizon Owner Trust, Series 2020-C, Class B, 0.67%, 04/21/25		995,824
	1,000,000	World Omni Automobile Lease Securitization Trust, Series 2020-B, Class B, 0.70%, 02/17/26		998,415
	662,890	World Omni Select Auto Trust, Series 2019-A, Class A3, 2.00%, 08/15/24		666,203

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	8,903,823	Yale Mortgage Loan Trust, Series 2007- 1, Class A, (1 mo. LIBOR USD + 0.400%), 0.49%, 06/25/37(b)(e)	$	3,843,033
				515,765,006
Total Asset-Backed Securities (Cost $547,916,793)				570,512,208

NON-AGENCY MORTGAGE-BACKED SECURITIES — 16.1%
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9%
	3,800,000	1Texas Capital Bank CLN, 0.00%, 02/01/26(g)		3,812,469
	365,053	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.91%, 07/25/35(f)		373,783
	1,672,084	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.31%, 03/25/37(f)		1,350,787
	1,230,360	Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP, 3.72%, 01/25/61(b)		1,227,264
	3,154,362	Ajax Mortgage Loan Trust, Series 2021-C, Class C, 1.51%, 01/25/61(b)		2,574,791
	1,522,737	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 1.05%, 09/25/46(e)		1,526,051
	1,137,866	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.75%, 06/25/37		1,102,704
	3,324,000	Angel Oak Mortgage Trust, Series 2020-R1, Class B2, 4.61%, 04/25/53(b)(f)		3,362,836
	1,000,000	Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1, 5.02%, 03/25/49(b)(f)		1,001,403
	13,306,096	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 3.63%, 07/31/57(b)(f)		5,178,520
	2,965,490	ARI Investments LLC, 4.61%, 01/08/25(a)		2,950,662
	2,989,534	ARI Investments LLC, 4.55%, 01/06/25(a)		2,959,639

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,461,366	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR USD + 0.400%), 0.49%, 01/25/37(e)	$	1,134,293
	196,949	Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1, 3.20%, 09/20/35(f)		204,483
	439,693	Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2, 2.76%, 02/20/36(f)		433,183
	411,282	Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1, 2.66%, 06/20/36(f)		395,908
	1,357,255	Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP, 6.59%, 01/25/37		1,374,230
	3,308,403	Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2, 0.49%, 03/27/36(b)(f)		3,095,204
	399,149	Banc of America Mortgage Trust, Series 2005-I, Class 2A5, 2.71%, 10/25/35(f)		408,084
	2,544,199	BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.25%, 12/26/37(b)(f)		2,232,038
	836,670	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 3.11%, 02/25/36(f)		833,950
	55,406	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 3.53%, 08/25/35(f)		51,419
	298,463	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.14%, 05/25/47(f)		297,681
	1,221,148	Bear Stearns ALT-A Trust, Series 2006- 2, Class 11A1, (1 mo. LIBOR USD + 0.440%), 0.53%, 04/25/36(e)		1,569,219
	3,047,843	Bear Stearns ALT-A Trust, Series 2006- 6, Class 1A1, (1 mo. LIBOR USD + 0.320%), 0.41%, 11/25/36(e)		2,806,359
	2,945,517	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR USD + 0.350%), 0.44%, 03/25/36(e)		352,332

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,945,517	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR USD + 0.350%), 0.44%, 03/25/36(e)	$	352,331
	1,157,913	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR USD + 0.280%), 0.37%, 08/25/36(e)		1,143,577
	530,872	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR USD + 0.300%), 0.39%, 11/25/36(e)		526,351
	3,100,000	CFMT LLC, Series 2021-HB7, Class M3, 3.85%, 10/27/31(b)(f)		3,099,991
	1,533,685	Chase Mortgage Finance Corp., Series 2016-SH1, Class M4, 3.75%, 04/25/45(b)(f)		1,535,994
	3,837,011	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37		2,341,616
	11,617,864	ChaseFlex Trust, Series 2007-1, Class 2A7, 6.00%, 02/25/37		6,603,417
	2,359,481	Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37		2,128,706
	2,712,530	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		2,419,971
	118,766	Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A, 3.20%, 06/25/36(f)		115,784
	3,113,843	Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1, 5.75%, 04/25/47(b)		2,169,382
	187,237	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.89%, 05/25/35(f)		190,853
	381,188	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		352,951
	829,301	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR USD + 0.600%), 0.69%, 08/25/35(e)		799,713

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,370,920	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6, (1 mo. LIBOR USD + 0.500%), 0.59%, 11/25/35(e)	$	1,830,046
	6,269,218	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR USD + 5.500%), 5.41%, 11/25/35(e)		1,176,172
	230,704	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.35%, 12/25/35(f)		226,226
	70,626	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 1.000%), 1.09%, 12/25/35(e)		69,221
	1,070,767	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR USD + 0.450%), 0.54%, 05/25/35(e)		992,023
	650,292	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		534,427
	2,733,768	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR USD + 0.350%), 0.44%, 05/25/36(e)		1,317,663
	1,733,986	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		1,261,652
	3,360,696	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		2,175,580
	1,119,658	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR USD + 0.350%), 0.44%, 08/25/36(e)		556,502
	1,119,658	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR USD + 7.150%), 7.06%, 08/25/36(e)		395,899
	1,154,210	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36		880,356
	1,169,979	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR USD + 0.400%), 0.49%, 03/25/36(e)		415,078

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,079,721	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5, (1 mo. LIBOR USD + 7.100%), 7.01%, 03/25/36(e)	$	507,771
	3,286,375	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		2,036,690
	1,255,731	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		961,980
	909,198	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		682,058
	1,120,746	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		853,818
	2,562,674	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		1,952,323
	4,885,051	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, (1 mo. LIBOR USD + 0.340%), 0.43%, 02/25/37(e)		2,324,236
	2,442,525	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, (1 mo. LIBOR USD + 6.600%), 6.51%, 02/25/37(e)		776,576
	137,606	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		133,314
	390,402	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR USD + 0.400%), 0.49%, 05/25/36(e)		314,787
	3,077,026	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		2,230,728
	2,161,739	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Francisco + 1.500%), 1.74%, 11/20/46(e)		1,652,376
	4,167,207	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 1.730%), 1.82%, 11/25/46(e)		3,629,453

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,971,363	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR USD + 0.380%), 0.47%, 11/25/46(e)	$	1,778,533
	3,354,298	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR USD + 0.190%), 0.28%, 03/20/47(e)		2,900,693
	701,800	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR USD + 0.420%), 0.51%, 05/25/36(e)		647,851
	2,607,625	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR USD + 0.360%), 0.45%, 04/25/46(e)		2,579,168
	1,985,658	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		1,342,144
	2,000,043	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,391,313
	964,879	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		684,550
	4,313,927	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		2,450,378
	3,711,941	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		2,461,397
	885,179	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		579,537
	222,096	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.08%, 11/25/36		333,371
	7,473,564	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.840%), 0.93%, 03/25/47(e)		6,798,091
	194,747	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR USD + 0.180%), 0.45%, 04/25/47(e)		42,428

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,502,066	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR USD + 0.480%), 0.57%, 08/25/47(e)	$	1,466,730
	1,247,851	Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		987,560
	1,490,116	Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		1,057,187
	1,056,741	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- 31, Class 2A3, 2.54%, 01/25/36(f)		984,562
	1,934,730	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J2, Class 2A4, (1 mo. LIBOR USD + 1.400%), 1.49%, 08/25/35(e)		1,606,815
	220,626	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J3, Class 2A4, 4.50%, 09/25/35		217,516
	10,262,058	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA4, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 1.05%, 04/25/46(e)		4,036,942
	2,620,861	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA5, Class 3A1, (1 mo. LIBOR USD + 0.400%), 0.49%, 04/25/46(e)		2,477,880
	1,513,634	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 21, Class 1A1, 6.25%, 02/25/38		1,050,644
	2,087,504	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- HYB1, Class 3A1, 2.99%, 03/25/37(f)		1,984,706
	1,740,848	Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1, 6.00%, 11/25/36		1,623,726

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,657,937	Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(f)	$	959,627
	7,024,727	Credit Suisse Mortgage Capital Certificates Trust, Series 2009- 12R, Class 3A1, 6.50%, 10/27/37(b)		3,838,037
	3,661,155	Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3, 2.67%, 04/27/37(b)(f)		3,224,621
	6,325,523	Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR USD + 0.150%), 0.24%, 10/27/36(b)(e)		5,271,063
	6,288,065	Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT, 0.45%, 02/01/47(a)(b)(g)		5,674,978
	2,400,000	Credit Suisse Mortgage Capital Certificates Trust, Series 2020- SPT1, Class B2, 3.39%, 04/25/65(b)(f)		2,410,214
	3,289,850	Credit Suisse Mortgage Capital Certificates Trust, Series 2021- NQM2, Class B1, 3.44%, 02/25/66(b)(f)		3,307,446
	6,267,249	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR USD + 1.350%), 1.44%, 11/25/35(e)		1,166,851
	1,626,000	Deephaven Residential Mortgage Trust, Series 2021-1, Class B1, 3.10%, 05/25/65(b)(f)		1,610,705
	100,000	GCAT Trust, Series 2019-NQM2, Class B1, 4.01%, 09/25/59(b)(f)		101,112
	2,000,000	GCAT Trust, Series 2020-NQM2, Class B1, 4.85%, 04/25/65(b)(f)		2,053,064
	438,016	GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 3.09%, 11/19/35(f)		433,850
	3,553,739	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR USD + 0.350%), 0.44%, 01/25/35(b)(e)		3,308,955

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,609,964	GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF, (1 mo. LIBOR USD + 0.350%), 0.44%, 09/25/35(b)(e)	$	3,977,745
	1,339,497	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR USD + 0.350%), 0.44%, 01/25/36(b)(e)		1,122,228
	273,147	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.61%, 01/25/35(f)		279,274
	2,696,655	GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, 6.50%, 08/25/36		1,323,789
	45,690	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 10/01/36		43,500
	203,744	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 2.85%, 01/25/36(f)		215,373
	535,064	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		457,902
	10,157,695	GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, 2.26%, 06/25/47(f)		8,070,051
	1,959,135	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR USD + 0.250%), 0.33%, 07/19/47(e)		1,819,122
	385,838	HomeBanc Mortgage Trust, Series 2006-1, Class 2A1, 2.40%, 04/25/37(f)		360,879
	3,690,000	Homeward Opportunities Fund I Trust, Series 2020-2, Class B1, 5.45%, 05/25/65(b)(f)		3,826,751
	20,031,742	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 2.28%, 07/25/47(f)		688,607
	1,878,003	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR USD + 0.270%), 0.36%, 06/25/37(e)		2,479,544
	3,617,502	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2, (1 mo. LIBOR USD + 0.240%), 0.33%, 08/25/37(e)		3,403,467
	1,163,081	JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.62%, 10/25/37(f)		870,207

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	44,087	JP Morgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37	$	59,365
	6,402,279	JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37		2,996,971
	84,534	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 3.10%, 10/26/48(b)(f)		87,313
	113,391,200	JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X, 0.50%, 12/25/51(b)(f)		1,808,590
	6,670,015	JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X, 0.50%, 12/25/51(b)(f)		103,719
	120,061,216	JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1, 0.19%, 12/25/51(b)(f)		686,150
	6,167,618	JP Morgan Mortgage Trust, Series 2021-INV5, Class B1, 3.19%, 12/25/51(b)(f)		6,178,028
	1,810,124	JP Morgan Mortgage Trust, Series 2021-INV5, Class B2, 3.19%, 12/25/51(b)(f)		1,786,050
	2,011,122	JP Morgan Mortgage Trust, Series 2021-INV5, Class B3, 3.19%, 12/25/51(b)(f)		1,904,531
	1,340,811	JP Morgan Mortgage Trust, Series 2021-INV5, Class B4, 3.19%, 12/25/51(b)(f)		1,066,713
	469,312	JP Morgan Mortgage Trust, Series 2021-INV5, Class B5, 3.19%, 12/25/51(b)(f)		340,099
	1,608,964	JP Morgan Mortgage Trust, Series 2021-INV5, Class B6, 3.19%, 12/25/51(b)(f)		659,275
	37,000,000	JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X, 0.50%, 02/25/52(b)(f)		726,126
	23,618,234	JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X, 0.50%, 02/25/52(b)(f)		283,419
	7,872,776	JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X, 0.50%, 02/25/52(b)(f)		334,593
	4,028,950	JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X, 0.50%, 02/25/52(b)(f)		76,550

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	72,520,067	JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1, 0.27%, 02/25/52(b)(f)	$	637,430
	3,948,390	JP Morgan Mortgage Trust, Series 2021-INV7, Class B1, 3.27%, 02/25/52(b)(f)		4,068,791
	926,630	JP Morgan Mortgage Trust, Series 2021-INV7, Class B2, 3.27%, 02/25/52(b)(f)		940,316
	1,289,150	JP Morgan Mortgage Trust, Series 2021-INV7, Class B3, 3.27%, 02/25/52(b)(f)		1,259,294
	684,950	JP Morgan Mortgage Trust, Series 2021-INV7, Class B4, 3.27%, 02/25/52(b)(f)		620,915
	281,960	JP Morgan Mortgage Trust, Series 2021-INV7, Class B5, 3.27%, 02/25/52(b)(f)		229,197
	926,814	JP Morgan Mortgage Trust, Series 2021-INV7, Class B6, 3.27%, 02/25/52(b)(f)		451,041
	2,165,686	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR USD + 1.150%), 1.24%, 12/25/37(e)		2,286,388
	8,570,000	Loan Revolving Advance Investment Trust, Series 2021-1, Class A1X, (1 mo. LIBOR USD + 2.750%), 2.84%, 12/31/22(a)(b)(e)		8,570,000
	11,430,000	Loan Revolving Advance Investment Trust, Series 2021-2, Class A1X, (1 mo. LIBOR USD + 2.750%), 2.84%, 06/30/23(a)(b)(e)		11,430,000
	4,617,425	MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37		1,656,176
	2,709,740	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(b)		2,561,670
	1,302,962	MASTR Resecuritization Trust, Series 2008-3, Class A1, 0.52%, 08/25/37(b)(f)		698,909
	1,762,241	MCM Trust, Series 2021-VFN1, 3.00%, 08/25/31(a)		1,762,241
	1,356,782	MCM Trust, Series 2021-VFN1, Class CERT, 3.00%(a)(d)		484,792

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,500,000	Mello Warehouse Securitization Trust, Series 2020-2, Class F, (1 mo. LIBOR USD + 3.250%), 3.34%, 11/25/53(b)(e)	$	2,487,431
	4,875,000	Mello Warehouse Securitization Trust, Series 2021-1, Class F, (1 mo. LIBOR USD + 2.750%), 2.84%, 02/25/55(b)(e)		4,815,603
	2,294,076	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR USD + 0.420%), 0.51%, 04/25/37(e)		2,277,603
	869,230	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 2.63%, 05/25/36(f)		740,746
	459,833	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1, 6.25%, 10/25/36		288,059
	3,757,238	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 0.93%, 05/26/37(b)		3,793,417
	3,057,707	Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1 mo. LIBOR USD + 0.160%), 0.41%, 12/26/46(b)(e)		3,034,244
	435,205	Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR USD + 0.160%), 0.41%, 07/26/45(b)(e)		430,394
	915,480	MortgageIT Trust, Series 2004-1, Class B1, (1 mo. LIBOR USD + 1.800%), 1.89%, 11/25/34(e)		889,047
	1,389,000	New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2, 4.52%, 01/26/60(b)(f)		1,388,475
	4,016,253	NYMT Loan Trust, Series 2020-SP2, Class A1, 2.94%, 10/25/60(b)(f)		4,014,217
	3,334,007	Prime Mortgage Trust, Series 2006- DR1, Class 2A1, 5.50%, 05/25/35(b)		3,211,179
	1,570,747	Prime Mortgage Trust, Series 2006- DR1, Class 2A2, 6.00%, 05/25/35(b)		1,507,681

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,000,000	Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class G, (1 mo. LIBOR USD + 5.500%), 5.59%, 02/25/55(a)(b)(e)	$	3,000,000
	4,166,087	PRPM LLC, Series 2020-5, Class A1, STEP, 3.10%, 11/25/25(b)		4,168,083
	610,771	Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR USD + 0.420%), 0.51%, 07/25/36(b)(e)		575,781
	765,066	Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1, (1 mo. LIBOR USD + 0.380%), 0.47%, 05/25/46(e)		728,439
	564,836	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		563,018
	3,722,983	Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5, (1 mo. LIBOR USD + 0.550%), 0.64%, 01/25/37(e)		2,768,318
	637,046	Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5, (1 mo. LIBOR USD + 0.250%), 0.34%, 07/25/36(e)		52,876
	2,584,074	Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1, 3.11%, 09/25/35(f)		2,014,668
	7,010,468	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1, 4.41%, 08/25/36(f)		5,669,854
	92,109	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1, 4.46%, 09/25/36(f)		68,968
	2,150,000	Residential Mortgage Loan Trust, Series 2020-1, Class B2, 4.67%, 02/25/24(b)(f)		2,217,237
	3,750,000	Residential Mortgage Loan Trust, Series 2020-2, Class B2, 5.40%, 05/25/60(b)(f)		3,710,146
	2,814,000	Residential Mortgage Loan Trust, Series 2021-1R, Class B1, 3.42%, 01/25/65(b)(f)		2,783,556

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,935,000	RMF Buyout Issuance Trust, Series 2020-1, Class M5, 6.00%, 02/25/30(a)(b)(f)	$	1,895,913
	10,787,832	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 3.03%, 07/25/56(b)(g)		3,672,992
	18,753,197	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.46%, 07/25/56(b)(f)		1,875,355
	4,763,029	Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 1.01%, 11/25/57(f)		2,100,667
	2,645,285	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 2.38%, 08/25/57(b)(f)(g)		1,104,147
	4,500,055	Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1, 4.75%, 04/26/60(b)(f)		4,620,639
	100,000	SG Residential Mortgage Trust, Series 2019-3, Class B1, 4.08%, 09/25/59(b)(f)		99,538
	175,000	SG Residential Mortgage Trust, Series 2020-2, Class B1, 4.25%, 05/25/65(b)(f)		176,180
	257,000	SG Residential Mortgage Trust, Series 2020-2, Class M1, 3.19%, 05/25/65(b)(f)		259,048
	2,425,000	Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.68%, 01/28/50(b)(f)		2,466,829
	3,000,000	Station Place Securitization Trust, Series 2021-WL1, Class F, (1 mo. LIBOR USD + 2.500%), 2.59%, 01/26/54(b)(e)		2,998,802
	1,306,597	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.88%, 05/25/35(f)		1,100,547
	2,012,228	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.00%, 04/25/36(f)		1,488,636
	3,489,276	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR USD + 0.440%), 0.53%, 05/25/46(e)		1,741,456

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,446,954	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR USD + 0.180%), 0.27%, 09/25/47(e)	$	1,488,147
	2,960,295	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR USD + 0.350%), 0.44%, 06/25/35(b)(e)		2,683,390
	13,286,701	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36(b)		9,882,095
	496,694	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 2.25%, 04/25/37(f)		329,738
	229,125	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 2.47%, 04/25/37(f)		163,818
	204,010	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR USD + 1.250%), 1.55%, 06/25/47(e)		194,467
	4,138,321	TVC Holdings Plc, Series 2021-1, Class A, 2.38%, 03/25/23(a)		4,138,321
	1,034,580	TVC Holdings Plc, Series 2021-1, Class CERT, 0.00%(a)(d)(g)		1,299,433
	3,162,000	Verus Securitization Trust, Series 2021- 1, Class B1, 2.98%, 01/25/66(b)(f)		3,142,712
	3,300,000	Vista Point Securitization Trust, Series 2020-2, Class B2, 5.16%, 04/25/65(b)(f)		3,352,587
	27,967,067	Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 5.68%, 02/25/38(b)(f)		8,687,357
	896,888	WaMu Mortgage Pass-Through Certificates Trust, Series 2007- HY7, Class 2A2, 2.92%, 07/25/37(f)		907,309

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,634,695	WaMu Mortgage Pass-Through Certificates Trust, Series 2007- OA4, Class 2A, (Cost of Funds for the 11th District of San Francisco + 1.250%), 1.49%, 05/25/47(e)	$	6,656,143
	1,329,781	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 1CB, 6.50%, 11/25/35		897,090
	851,731	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 2A6, 5.50%, 11/25/35		867,830
	4,607,371	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36		4,101,020
	4,013,207	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5, Class 3A3, STEP, 6.72%, 07/25/36		1,385,582
	1,328,458	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 1.05%, 08/25/46(e)		879,457
	708,754	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, (1 mo. LIBOR USD + 0.320%), 0.41%, 03/25/37(e)		611,744
	5,921,324	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR USD + 6.680%), 6.59%, 03/25/37(e)		944,958
	1,254,777	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8, (1 mo. LIBOR USD + 0.540%), 0.63%, 03/25/37(e)		1,093,953
	1,128,197	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9, (1 mo. LIBOR USD + 0.490%), 0.58%, 03/25/37(e)		981,368
	1,616,228	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 2.85%, 03/25/38(f)		1,453,266

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	13,610,000	Western Alliance CLN, 5.63%, 12/28/24	$	13,598,735
				409,354,529
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.2%
	1,044,879	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR USD + 0.705%), 0.79%, 01/25/36(b)(e)		1,009,718
	891,375	Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR USD + 0.750%), 0.84%, 01/25/36(b)(e)		861,865
	1,309,647	Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR USD + 1.305%), 1.39%, 07/25/36(b)(e)		1,235,903
	7,462,303	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR USD + 1.500%), 1.59%, 10/25/37(b)(e)		5,613,567
	10,127,000	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR USD + 1.500%), 1.59%, 12/25/37(b)(e)		9,969,785
	4,250,000	BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR USD + 2.650%), 2.74%, 10/15/36(b)(e)		4,239,421
	1,382,512	CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 6.26%, 07/25/39(b)		1,052,460
	3,000,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. LIBOR USD + 0.600%), 0.69%, 06/25/37(b)(e)		2,545,078
	3,600,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2, (1 mo. LIBOR USD + 2.000%), 2.09%, 10/25/37(b)(e)		2,896,628
	2,387,596	Velocity Commercial Capital Loan Trust, Series 2014-1, Class M7, 8.07%, 09/25/44(b)(f)		2,230,964
	3,881,000	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 8.63%, 04/25/46(b)(f)		3,950,815

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	3,055,000	Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(b)(f)	$	3,082,880
	2,770,716	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(b)(f)		2,829,582
	980,459	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(b)(f)		1,005,583
	1,842,153	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(b)(f)		1,871,518
	2,246,506	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(b)(f)		2,267,898
	2,640,788	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(b)(f)		2,664,300
	1,590,845	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(b)(f)		1,611,334
	498,304	Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5, 4.93%, 07/25/49(b)(f)		502,846
	2,030,134	Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5, 3.97%, 05/25/51(b)(f)		1,996,571
	1,241,259	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5, 3.83%, 08/25/51(b)(f)		1,221,164
	1,241,259	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6, 4.77%, 08/25/51(b)(f)		1,222,707
	3,395,972	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7, 6.54%, 08/25/51(a)(b)		3,345,033
	5,000,000	Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5, 4.33%, 10/25/51(b)(f)		4,957,261
				64,184,881
Total Non-Agency Mortgage-Backed Securities (Cost $472,857,261)				473,539,410

Principal Amount			Value
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.6%
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.6%
$	2,740,286	Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, (SOFR 30A + 6.000%), 6.05%, 10/25/41(b)(e)	$	2,728,311
	5,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA5, Class B1, (SOFR 30A + 4.800%), 4.85%, 10/25/50(b)(e)		5,289,676
	3,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B1, (SOFR 30A + 3.000%), 3.05%, 12/25/50(b)(e)		3,038,279
	2,000,000	Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B2, (SOFR 30A + 5.650%), 5.70%, 12/25/50(b)(e)		2,154,479
	3,076,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B1, (SOFR 30A + 2.650%), 2.70%, 01/25/51(b)(e)		3,090,023
	4,000,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B2, (SOFR 30A + 4.750%), 4.80%, 01/25/51(b)(e)		4,146,542
	4,000,000	Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class B2, (SOFR 30A + 5.500%), 5.55%, 01/25/34(b)(e)		4,194,780
	1,375,566	Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B1, (SOFR 30A + 3.000%), 3.05%, 08/25/33(b)(e)		1,384,162
	2,856,608	Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B2, (SOFR 30A + 5.000%), 5.05%, 08/25/33(b)(e)		2,945,447
	3,357,143	Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B1, (SOFR 30A + 3.350%), 3.40%, 09/25/41(b)(e)		3,325,063
	1,361,989	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017- DNA1, Class B2, (1 mo. LIBOR USD + 10.000%), 10.09%, 07/25/29(e)		1,463,824

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018- DNA1, Class B1, (1 mo. LIBOR USD + 3.150%), 3.24%, 07/25/30(e)	$	3,044,950
	167,989	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018- SPI2, Class M2, 3.81%, 05/25/48(b)(f)		167,947
	4,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020- HQA5, Class B1, (SOFR 30A + 4.000%), 4.05%, 11/25/50(b)(e)		4,192,300
	2,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021- DNA2, Class B1, (SOFR 30A + 3.400%), 3.45%, 08/25/33(b)(e)		2,051,721
	3,000,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021- DNA2, Class B2, (SOFR 30A + 6.000%), 6.05%, 08/25/33(b)(e)		3,330,029

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $44,512,190)				46,547,533

U.S. GOVERNMENT SECURITIES — 21.5%
U.S. Treasury Bonds — 21.5%
	41,315,000	3.63%, 08/15/43		53,265,687
	38,170,000	3.63%, 02/15/44		49,431,641
	48,055,000	3.38%, 05/15/44		60,181,379
	42,650,000	3.13%, 08/15/44		51,483,215
	42,050,000	3.00%, 02/15/47		50,957,701
	47,000,000	2.75%, 08/15/47		54,600,781
	42,100,000	3.00%, 08/15/48		51,345,555
	41,800,000	3.38%, 11/15/48		54,516,344
	47,000,000	3.00%, 02/15/49		57,527,266
	42,290,000	2.88%, 05/15/49		50,718,265
	59,560,000	1.25%, 05/15/50		50,270,036
	53,100,000	1.63%, 11/15/50		49,175,578

Total U.S. Government Securities (Cost $665,874,665)				633,473,448

Shares			Value
CASH SWEEP — 13.4%
UNITED STATES — 13.4%
	395,197,227	Citibank - US Dollars on Deposit in Custody Account, 0.03%(i)	$	395,197,227
Total Cash Sweep (Cost $395,197,227)				395,197,227
TOTAL INVESTMENTS — 100.0% (Cost $2,930,588,115)			$	2,950,867,209
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(291,297)
NET ASSETS — 100.0%			$	2,950,575,912

(a)	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 $77,502,801 which is 2.63% of net assets and the cost is $77,644,081.
(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 aggregate value is $828,229,215, which is 28.07% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except as indicated in (h).
(c)	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 October 31, 2021.
(d)	Perpetual security with no stated maturity date.
(e)	Floating rate security. Rate shown is the rate in effect as of October 31, 2021.
(f)	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 October 31, 2021.
(g)	Zero coupon bond. The rate represents the yield at time of purchase. These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(i)	The rate shown represents the current yield as of October 31, 2021.

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Reference Entity	Counterparty	Payment/ Expiration Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
Total Return Swap 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 + 0.650%) 0.776%, with quarterly payments until expiration date	Barclays Bank Plc	11/02/2021		80,000	$	(699,328)	$	–	$	(699,328)
Total Return Swap 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 + 0.650%) 0.769%, with quarterly payments until expiration date	Barclays Bank Plc	12/02/2021		100,000		(811,514)		(62,775)		(748,739)
Total Return Swap 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 + 0.650%) 0.776%, with quarterly payments until expiration date	Barclays Bank Plc	01/31/2022		120,000		(1,258,413)		(397,233)		(861,180)
Total Return Swap receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,310.26 and paying a (3 mo. LIBOR USD + 0.650%) 0.764%, with quarterly payments until expiration date	Barclays Bank Plc	09/13/2022		40,000		(182,338)		–		(182,338)
Total Total Return Swaps									$	(2,491,585)

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

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.
Fixed Income Fund
Portfolio of Investments	*October 31, 2021*

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	$	4,366,238
New Jersey — 0.1%
	1,750,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.48%, 01/01/28		1,727,604
Pennsylvania — 0.3%
	5,000,000	Pennsylvania State University Refunding Revenue Bonds, Series D, 1.65%, 09/01/25		5,094,015
Total Municipal Bonds (Cost $11,250,000)				11,187,857

CORPORATE BONDS — 35.4%
Banks — 6.9%
	1,500,000	ANZ New Zealand Int’l Ltd., 1.25%, 06/22/26(a)		1,476,039
	4,000,000	Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.450%), 0.70%, 06/30/24(b)		3,988,042
	6,425,000	Bank of America Corp., (3 mo. LIBOR US + 0.810%), 3.37%, 01/23/26(b)		6,817,675
	5,470,000	Bank of America Corp., (SOFR RATE + 0.960%), 1.73%, 07/22/27(b)		5,435,599
	3,675,000	Bank of New York Mellon Corp. (The) MTN, 1.60%, 04/24/25		3,728,526
	6,140,000	Barclays Plc, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.200%), 2.67%, 03/10/32(b)		6,118,147
	5,000,000	BNP Paribas SA, (SOFR RATE + 1.004%), 1.32%, 01/13/27(a)(b)		4,887,907
	5,000,000	BPCE SA, 1.00%, 01/20/26(a)		4,870,343

Principal Amount			Value
Banks (continued)
$	5,560,000	Canadian Imperial Bank of Commerce, 3.10%, 04/02/24	$	5,849,274
	6,295,000	Citigroup, Inc., (3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28(b)		6,812,381
	4,000,000	Credit Suisse AG, 1.25%, 08/07/26		3,915,940
	2,000,000	Danske Bank A/S, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.550%), 0.98%, 09/10/25(a)(b)		1,984,639
	4,570,000	HSBC Holdings Plc, (SOFR RATE + 1.285%), 2.21%, 08/17/29(b)		4,484,623
	2,000,000	Huntington Bancshares, Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.170%), 2.49%, 08/15/36(a)(b)		1,955,081
	7,136,000	JPMorgan Chase & Co., (SOFRRATE + 1.015%), 2.07%, 06/01/29(b)		7,069,797
	3,369,000	JPMorgan Chase & Co., (3 mo. LIBOR US + 1.260%), 4.20%, 07/23/29(b)		3,780,048
	4,000,000	Macquarie Group Ltd., (SOFR RATE + 0.694%), 1.20%, 10/14/25(a)(b)		3,975,972
	5,000,000	Mitsubishi UFJ Financial Group, Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.750%), 1.54%, 07/20/27(b)		4,938,433
	5,000,000	Mizuho Financial Group, Inc., (3 mo. LIBOR USD + 1.000%), 3.92%, 09/11/24(b)		5,280,873
	2,500,000	Mizuho Financial Group, Inc., 2.56%, 09/13/31		2,449,358
	2,875,000	Morgan Stanley, (SOFRRATE + 0.879%), 1.59%, 05/04/27(b)		2,848,616
	2,555,000	Morgan Stanley GMTN, (SOFRRATE + 0.858%), 1.51%, 07/20/27(b)		2,516,097
	2,000,000	NatWest Markets Plc, 1.60%, 09/29/26(a)		1,973,995

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Banks (continued)
$	5,000,000	Standard Chartered Plc, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.200%), 2.68%, 06/29/32(a)(b)	$	4,897,463
	6,000,000	Truist Bank,Series, BKNT, 1.25%, 03/09/23		6,059,414
				108,114,282
Communication Services — 1.7%
	7,325,000	Amazon.com, Inc., 1.65%, 05/12/28		7,301,762
	5,720,000	Comcast Corp., 4.15%, 10/15/28		6,529,764
	5,000,000	E*TRADE Financial Corp., 4.50%, 06/20/28		5,694,817
	6,176,000	Omnicom Group, Inc., 2.45%, 04/30/30		6,215,521
				25,741,864
Consumer Discretionary — 5.6%
	5,500,000	American Honda Finance Corp. MTN, 0.88%, 07/07/23		5,529,079
	2,500,000	Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 1.91%, 09/01/30		2,496,561
	8,500,000	DR Horton, Inc., 1.40%, 10/15/27		8,259,638
	5,465,000	Equifax, Inc., 2.60%, 12/01/24		5,689,747
	6,250,000	Estee Lauder Cos., Inc. (The), 2.60%, 04/15/30		6,530,592
	2,300,000	General Motors Financial Co., Inc., 1.70%, 08/18/23		2,331,486
	2,616,000	General Motors Financial Co., Inc., 4.35%, 04/09/25		2,846,847
	5,210,000	Hasbro, Inc., 3.50%, 09/15/27		5,609,221
	6,145,000	Kimberly-Clark Corp., 1.05%, 09/15/27		5,960,653
	5,000,000	Lowe’s Cos, Inc., 2.50%, 04/15/26		5,227,429
	4,205,000	McDonald’s Corp. MTN, 3.30%, 07/01/25		4,490,234
	5,105,000	Moody’s Corp., 3.75%, 03/24/25		5,499,032

Principal Amount			Value
Consumer Discretionary (continued)
$	3,060,000	PayPal Holdings, Inc., 1.65%, 06/01/25	$	3,104,046
	5,500,000	Ross Stores, Inc., 0.88%, 04/15/26		5,357,519
	3,535,000	Southwest Airlines Co., 5.25%, 05/04/25		3,963,528
	3,693,000	Southwest Airlines Co., 5.13%, 06/15/27		4,261,887
	1,000,000	Starbucks Corp., 1.30%, 05/07/22		1,004,687
	4,985,000	Verisk Analytics, Inc., 4.00%, 06/15/25		5,433,667
	2,680,000	VF Corp., 2.05%, 04/23/22		2,700,242
	1,830,000	Walmart, Inc., 1.80%, 09/22/31		1,804,529
				88,100,624
Consumer Staples — 1.8%
	5,000,000	Bunge Ltd. Finance Corp., 1.63%, 08/17/25		5,018,524
	5,000,000	Conagra Brands, Inc., 4.60%, 11/01/25		5,570,495
	4,125,000	Conagra Brands, Inc., 1.38%, 11/01/27		3,974,520
	1,965,000	Constellation Brands, Inc., 3.15%, 08/01/29		2,089,648
	5,000,000	Diageo Capital Plc, 2.63%, 04/29/23		5,129,633
	4,950,000	General Mills, Inc., 4.00%, 04/17/25		5,381,465
	1,426,000	Kroger Co. (The), 2.80%, 08/01/22		1,448,967
				28,613,252
Diversified Financials — 4.4%
	2,950,000	Ally Financial, Inc., 2.20%, 11/02/28		2,913,576
	1,760,000	American Express Co., 3.70%, 08/03/23		1,849,762
	2,000,000	American Tower Corp., 2.40%, 03/15/25		2,060,398
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,874,047
	5,000,000	Athene Global Funding, 1.73%, 10/02/26(a)		4,945,223
	5,000,000	Blackstone Holdings Finance Co. LLC, 2.00%, 01/30/32(a)		4,808,567

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Diversified Financials (continued)
$	5,000,000	Capital One Financial Corp., (SOFRRATE + 1.337%), 2.36%, 07/29/32(b)	$	4,829,931
	2,570,000	Charles Schwab Corp. (The), 2.00%, 03/20/28		2,593,913
	6,000,000	Fidelity National Financial, Inc., 2.45%, 03/15/31		5,952,346
	3,270,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR USD + 1.000%), 1.12%, 07/24/23(c)		3,286,045
	5,220,000	Invitation Homes Operating Partnership LP REIT, 2.00%, 08/15/31		4,956,282
	5,000,000	Kimco Realty Corp. REIT, 1.90%, 03/01/28		4,927,789
	3,500,000	Magna International, Inc., 3.63%, 06/15/24		3,732,595
	1,500,000	Magna International, Inc., 2.45%, 06/15/30		1,525,556
	1,800,000	Mastercard, Inc., 3.50%, 02/26/28		1,991,577
	5,000,000	New York Life Global Funding, 1.10%, 05/05/23(a)		5,047,618
	6,070,000	Public Storage REIT, 1.85%, 05/01/28		6,065,223
	2,525,000	Visa, Inc., 1.90%, 04/15/27		2,576,843
				68,937,291
Energy — 2.9%
	6,235,000	BP Capital Markets America, Inc., 3.94%, 09/21/28		6,984,671
	6,253,000	Chevron USA, Inc., 0.69%, 08/12/25		6,151,627
	1,500,000	Enbridge, Inc., 1.60%, 10/04/26		1,489,398
	5,567,000	Energy Transfer LP, 4.95%, 06/15/28		6,360,025
	8,525,000	Pioneer Natural Resources Co., 1.13%, 01/15/26		8,343,689
	5,370,000	Sabine Pass Liquefaction LLC, 5.88%, 06/30/26		6,233,341
	3,555,000	Valero Energy Corp., 1.20%, 03/15/24		3,547,666
	5,000,000	Williams Cos., Inc. (The), 3.35%, 08/15/22		5,074,442

Principal Amount			Value
Energy (continued)
$	1,560,000	Williams Cos., Inc. (The), 4.50%, 11/15/23	$	1,658,290
				45,843,149
Health Care — 2.6%
	4,000,000	AbbVie, Inc., 2.60%, 11/21/24		4,165,549
	5,000,000	Anthem, Inc., 3.65%, 12/01/27		5,489,356
	3,000,000	Bristol-Myers Squibb Co., 2.90%, 07/26/24		3,157,563
	2,714,000	Cigna Corp., 3.75%, 07/15/23		2,849,584
	5,000,000	HCA, Inc., 5.00%, 03/15/24		5,441,494
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		5,367,802
	6,320,000	Merck & Co., Inc., 1.45%, 06/24/30		6,076,195
	5,000,000	Stryker Corp., 1.15%, 06/15/25		4,989,032
	2,550,000	Thermo Fisher Scientific, Inc., 1.22%, 10/18/24		2,552,689
				40,089,264
Industrials — 1.7%
	4,175,000	General Dynamics Corp., 3.63%, 04/01/30		4,674,166
	6,206,000	Jabil, Inc., 4.70%, 09/15/22		6,420,709
	2,522,000	Precision Castparts Corp., 3.25%, 06/15/25		2,700,514
	6,889,000	Union Pacific Corp., 3.95%, 09/10/28		7,774,941
	5,000,000	Waste Management, Inc., 1.15%, 03/15/28		4,774,855
				26,345,185
Information Technology — 2.2%
	4,165,000	Adobe, Inc., 3.25%, 02/01/25		4,434,013
	3,275,000	Broadcom, Inc., 4.70%, 04/15/25		3,616,237
	3,000,000	Broadcom, Inc., 3.15%, 11/15/25		3,167,080
	4,871,000	Hewlett Packard Enterprise Co., 4.90%, 10/15/25		5,458,233
	8,000,000	NVIDIA Corp., 2.00%, 06/15/31		7,842,240

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Information Technology (continued)
$	5,475,000	Oracle Corp., 2.50%, 05/15/22	$	5,518,707
	4,670,000	Roper Technologies, Inc., 2.95%, 09/15/29		4,906,642
				34,943,152
Materials — 2.4%
	5,200,000	Air Products and Chemicals, Inc., 1.50%, 10/15/25		5,256,371
	4,730,000	DuPont de Nemours, Inc., 4.49%, 11/15/25		5,262,999
	10,000,000	Georgia-Pacific LLC, 1.75%, 09/30/25(a)		10,143,392
	7,000,000	International Flavors & Fragrances, Inc., 1.83%, 10/15/27(a)		6,908,922
	5,250,000	Nucor Corp., 2.00%, 06/01/25		5,359,789
	3,996,000	Sherwin-Williams Co. (The), 3.45%, 08/01/25		4,290,103
	1,000,000	Westlake Chemical Corp., 0.88%, 08/15/24		999,967
				38,221,543
Telecommunication Services — 0.9%
	6,000,000	T-Mobile USA, Inc., 3.88%, 04/15/30		6,563,678
	7,935,000	Verizon Communications, Inc., 1.75%, 01/20/31		7,497,156
				14,060,834
Utilities — 2.3%
	5,000,000	Dominion Energy, Inc., Series B, 3.60%, 03/15/27		5,454,588
	2,000,000	Enel Finance International NV, 2.25%, 07/12/31(a)		1,959,135
	5,000,000	Eversource Energy, Series N, 3.80%, 12/01/23		5,294,956
	4,180,000	Florida Power & Light Co., 2.75%, 06/01/23		4,284,662
	5,000,000	Public Service Co. of Colorado, Series 35, 1.90%, 01/15/31		4,885,938
	4,500,000	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		4,316,115
	5,000,000	Southern Co. Gas Capital Corp., 2.45%, 10/01/23		5,142,590

Principal Amount			Value
Utilities (continued)
$	5,000,000	Xcel Energy, Inc., 3.30%, 06/01/25	$	5,312,759
				36,650,743
Total Corporate Bonds (Cost $554,273,501)				555,661,183

ASSET-BACKED SECURITIES — 6.5%
CAYMAN ISLANDS — 2.8%
Collateralized Loan Obligations — 2.8%
	3,500,000	AGL CLO 10 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR USD + 1.500%), 1.62%, 04/15/34(a)(c)		3,489,638
	5,000,000	Aimco CLO 14 Ltd., Series 2021-14A, Class A, (3 mo. LIBOR USD + 0.990%), 1.12%, 04/20/34(a)(c)		4,996,328
	1,828,910	BlueMountain CLO Ltd., Series 2015- 2A, Class A1R, (3 mo. LIBOR USD + 0.930%), 1.05%, 07/18/27(a)(c)		1,828,911
	1,500,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR USD + 1.450%), 1.57%, 05/15/30(a)(c)		1,499,996
	5,750,000	GoldentTree Loan Management US CLO 1 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR USD + 1.600%), 1.73%, 07/20/34(a)(c)		5,740,663
	4,700,000	Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2, (3 mo. LIBOR USD + 1.750%), 1.87%, 04/15/34(a)(c)		4,699,983
	5,000,000	KAYNE CLO I Ltd., Series 2018-1A, Class BR, (3 mo. LIBOR USD + 1.400%), 1.52%, 07/15/31(a)(c)		4,987,658
	1,500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. LIBOR USD + 1.400%), 1.53%, 03/20/30(a)(c)		1,489,530
	1,125,323	Mercer Field II CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR USD + 1.330%), 1.45%, 04/15/29(a)(c)		1,126,041

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	1,750,000	OCP CLO Ltd., Series 2019-17A, Class BR, (3 mo. LIBOR USD + 1.600%), 1.73%, 07/20/32(a)(c)	$	1,739,529
	4,500,000	Octagon 55 Ltd., Series 2021-1A, Class B, (3 mo. LIBOR USD + 1.650%), 1.76%, 07/20/34(a)(c)		4,492,360
	4,000,000	Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, (3 mo. LIBOR USD + 1.400%), 1.57%, 07/20/29(a)(c)		3,989,827
	3,000,000	Regatta XXI Funding Ltd., Series 2021-3A, Class B, (3 mo. LIBOR USD + 1.700%), 1.83%, 10/20/34(a)(c)		2,994,827
	150,188	Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR USD + 0.950%), 1.07%, 07/16/27(a)(c)		150,185
				43,225,476
UNITED STATES — 3.7%
Other Asset-Backed Securities — 3.7%
	2,100,000	BMW Vehicle Lease Trust, Series 2021-1, Class A4, 0.37%, 07/25/24		2,092,064
	2,750,000	Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3, 0.77%, 09/15/26		2,742,027
	1,500,000	CarMax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26		1,475,455
	350,000	CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 02/17/26		349,497
	1,500,000	CNH Equipment Trust, Series 2021- C, Class A4, 1.16%, 10/16/28		1,497,928
	2,000,000	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 02/15/30(a)		1,994,954
	3,000,000	Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24		3,001,674
	1,208,608	DT Auto Owner Trust, Series 2019- 1A, Class C, 3.61%, 11/15/24(a)		1,213,633

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)				��
$	2,114,477	Enterprise Fleet Financing LLC, Series 2020-2, Class A2, 0.61%, 07/20/26(a)	$	2,114,655
	1,750,000	Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 08/20/27(a)		1,748,306
	4,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(a)		3,951,756
	32,759	GM Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A3, 3.02%, 05/16/23		32,939
	1,000,000	HPEFS Equipment Trust, Series 2021- 2A, Class B, 0.61%, 09/20/28(a)		992,809
	1,250,000	Hyundai Auto Lease Securitization Trust, Series 2020-B, Class B, 0.81%, 10/15/24(a)		1,252,672
	2,202,505	Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.94%, 07/15/69(a)		2,186,075
	3,530,881	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69(a)		3,516,400
	5,000,000	PFS Financing Corp., Series 2020-A, Class A, 1.27%, 06/15/25(a)		5,040,275
	2,000,000	PFS Financing Corp., Series 2021-A, Class A, 0.71%, 04/15/26(a)		1,982,629
	1,750,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class B, 0.73%, 03/17/25		1,753,372
	1,506,801	Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a)		1,541,461
	907,104	Sofi Professional Loan Program Trust, Series 2021-A, Class AFX, 1.03%, 08/17/43(a)		900,441
	2,000,000	Tesla Auto Lease Trust, Series 2021-B, Class A3, 0.60%, 09/22/25(a)		1,982,638
	2,500,000	Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3, 0.44%, 10/15/24		2,500,957
	5,500,000	Verizon Owner Trust, Series 2020-B, Class A, 0.47%, 02/20/25		5,499,153

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,500,000	Verizon Owner Trust, Series 2020-C, Class B, 0.67%, 04/21/25	$	2,489,559
	51,598	Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3, 3.02%, 11/21/22		51,704
	232,966	World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23		233,489
	844,692	World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.04%, 05/15/24		853,894
	3,500,000	World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25		3,495,380
				58,487,796
Total Asset-Backed Securities (Cost $101,920,239)				101,713,272

NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.1%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
	639,407	JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(a)		611,642
Total Non-Agency Mortgage-Backed Securities (Cost $648,854)				611,642

U.S. GOVERNMENT AGENCIES — 0.0%
U.S. International Development Finance Corp. — 0.0%
	182,928	5.14%, 12/15/23		192,344
Total U.S. Government Agencies (Cost $182,928)				192,344

U.S. GOVERNMENT SECURITIES — 55.8%
U.S. Treasury Bonds — 2.0%
	833,000	1.38%, 11/15/40		749,342
	31,000,000	1.88%, 02/15/41		30,384,844
				31,134,186
U.S. Treasury Inflation Indexed Bonds — 2.6%
	38,655,347	0.63%, 01/15/24(d)		41,381,606
U.S. Treasury Notes — 51.2%
	160,000	1.88%, 01/31/22		160,713
	1,000,000	1.63%, 12/15/22		1,015,977

Principal Amount			Value
U.S. Treasury Notes (continued)
$	80,000,000	0.13%, 06/30/23	$	79,640,625
	53,595,000	2.75%, 07/31/23		55,749,268
	85,966,000	2.25%, 01/31/24		89,162,861
	100,000,000	0.25%, 06/15/24		98,847,656
	74,871,000	2.38%, 08/15/24		78,289,914
	1,234,000	2.25%, 11/15/24		1,288,518
	24,486,000	2.00%, 02/15/25		25,403,269
	50,139,000	2.00%, 08/15/25		52,046,632
	56,783,000	2.25%, 11/15/25		59,522,336
	59,079,000	1.63%, 02/15/26		60,405,970
	36,058,000	2.00%, 11/15/26		37,476,375
	12,353,000	0.50%, 04/30/27		11,841,509
	48,258,000	2.38%, 05/15/27		51,093,157
	20,000,000	1.00%, 07/31/28		19,430,469
	3,249,000	2.63%, 02/15/29		3,511,458
	35,999,000	1.50%, 02/15/30		36,053,842
	41,833,000	1.63%, 05/15/31		42,146,747
				803,087,296
Total U.S. Government Securities (Cost $868,656,141)				875,603,088

Shares
INVESTMENT COMPANY — 1.2%
	18,309,659	SEI Daily Income Trust Government II Fund - Class A, 0.01%(e)		18,309,659
Total Investment Company (Cost $18,309,659)				18,309,659
TOTAL INVESTMENTS — 99.7% (Cost $1,555,241,322)			$	1,563,279,045
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				5,412,302
NET ASSETS — 100.0%			$	1,568,691,347

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers.
	The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(b)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2021.
(c)	Floating rate security. Rate shown is the rate in effect as of October 31, 2021.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	The rate shown represents the current yield as of October 31, 2021.

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

GMTN — Global Medium Term Note

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	*October 31, 2021*

Principal Amount			Value
MUNICIPAL BONDS — 90.3%
Alabama — 0.7%
$	2,000,000	Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 09/01/22	$	2,079,879
	1,500,000	Alabama Public School & College Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		1,674,769
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/22		3,151,017
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/26		4,135,119
	1,500,000	City of Huntsville Warrants Refunding GO, Series A, 5.00%, 08/01/26		1,689,368
	13,000,000	Water Works Board of the City of Birmingham Water Utility Improvements Revenue Bonds, Series B, 5.00%, 01/01/45(a)		14,883,660
				27,613,812
Arizona — 1.0%
	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, 5.00%, 07/01/25		982,080
	1,300,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Series A, 5.00%, 07/01/29(a)		1,341,357
	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A, 5.00%, 09/01/23		2,595,617
	1,715,000	Arizona State Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/24		1,916,366
	1,250,000	Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/26		1,415,540

Principal Amount			Value
Arizona (continued)
$	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, 5.00%, 01/01/22	$	5,039,764
	8,950,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, 5.00%, 01/01/30		11,080,293
	8,850,000	Salt River Project Agricultural Improvement & Power District Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 01/01/22		8,920,381
	6,470,000	Salt River Project Agricultural Improvement & Power District Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 01/01/23		6,830,560
				40,121,958
Arkansas — 0.2%
	7,250,000	State of Arkansas Public Improvements GO, 5.00%, 10/01/26		8,184,540
	735,000	University of Arkansas Refunding Revenue Bonds, 5.00%, 03/01/26		839,975
				9,024,515
California — 5.7%
	100,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, (California Mortgage Insurance), 5.00%, 07/01/23		107,637
	200,000	California Municipal Finance Authority Advance Refunding Revenue Bonds, (California Mortgage Insurance), 5.00%, 02/01/25		229,014
	200,000	California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds, (California Mortgage Insurance), 5.00%, 05/15/25		231,215

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	1,410,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/29	$	1,776,928
	1,160,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/30		1,481,636
	1,360,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/31		1,760,950
	1,805,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/33		2,317,951
	5,235,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/27		6,346,450
	5,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/28		6,184,645
	8,250,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/30		10,537,496
	10,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/31		12,948,164
	7,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/32		9,115,219
	1,500,000	County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A, 5.00%, 10/01/23		1,633,878

Principal Amount				Value
California (continued)
$	4,150,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 06/01/32		$	5,590,112
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/22			5,019,586
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24	��		5,616,151
	3,500,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub- Series B, 5.00%, 08/15/49(b)			4,032,426
	6,850,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27			6,867,444
	3,800,000	San Diego County Water Authority Refunding Revenue Bonds, Sub- Series S1, 5.00%, 05/01/28			4,785,584
	800,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/24			909,277
	2,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series B-1, 5.00%, 08/01/24			2,818,551
	10,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series 2020, 5.00%, 05/01/37			12,439,732
	2,340,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/31			3,023,036

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	13,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/32	$	16,722,800
	1,860,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/34		2,380,630
	1,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series B, 5.00%, 05/01/31		1,317,598
	4,380,000	State of California Advance Refunding GO, 5.00%, 08/01/25		5,105,046
	6,095,000	State of California Advance Refunding GO, 5.00%, 09/01/25		7,122,736
	4,475,000	State of California Advance Refunding GO, 5.00%, 11/01/25		5,256,863
	4,530,000	State of California Advance Refunding GO, Group B, 5.00%, 09/01/25		5,293,846
	2,000,000	State of California Current Refunding GO, 5.00%, 10/01/25		2,343,356
	9,635,000	State of California Current Refunding GO, 5.00%, 12/01/28		12,277,907
	750,000	State of California Current Refunding GO, 5.00%, 04/01/24		834,438
	2,630,000	State of California Current Refunding GO, 5.00%, 10/01/25		3,081,513
	3,250,000	State of California Current Refunding GO, 5.00%, 08/01/26		3,905,881
	2,000,000	State of California Current Refunding GO, 5.00%, 04/01/27		2,448,530

Principal Amount			Value
California (continued)
$	8,695,000	State of California Current Refunding GO, (AGM), 5.25%, 08/01/32	$	11,907,420
	1,620,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX, 5.00%, 12/01/22		1,704,298
	6,210,000	State of California GO, 5.00%, 10/01/23		6,769,265
	3,735,000	State of California GO, 5.00%, 10/01/24		4,236,631
	7,000,000	State of California Public Improvements GO, 5.00%, 09/01/22		7,280,178
	3,000,000	State of California Public Improvements GO, 5.00%, 03/01/26		3,439,468
	5,715,000	State of California Public Improvements GO, 5.00%, 10/01/27		6,811,873
	8,000,000	State of California Refunding GO, 5.00%, 10/01/25		9,064,450
	7,230,000	State of California School Improvements GO, 5.00%, 11/01/28		9,028,544
	6,360,000	University of California Refunding Revenue Bonds, Series AJ, 4.60%, 05/15/31		7,411,564
				241,517,917
Colorado — 1.3%
	5,850,000	City & County of Denver CO Airport System Revenue Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 12/01/28		7,269,164
	8,000,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A1, 5.00%, 11/15/22		8,398,589
	2,175,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A1, 5.00%, 11/15/32		2,797,377
	5,000,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, 5.00%, 11/15/23		5,470,360

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Colorado (continued)
$	3,300,000	City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, 5.00%, 11/15/25	$	3,875,521
	10,000,000	City & County of Denver CO Airport System Revenue, Series A, 5.00%, 12/01/32		12,283,043
	4,000,000	City & County of Denver Co. Airport System Refunding Revenue Bonds, Series D, 5.00%, 11/15/31(b)		4,191,577
	2,060,000	Colorado Higher Education Refunding COP, Series A, 5.00%, 11/01/24		2,328,806
	2,000,000	Denver City & County School District No 1 Refunding GO, (State Aid Withholding), 5.00%, 12/01/24		2,280,456
	4,275,000	Regional Transportation District Sales Tax Revenue Advance Refunding Revenue Bonds, 1.18%, 11/01/27		4,165,281
	890,000	Weld County School District No RE-2 Eaton Schools Improvements GO, (State Aid Withholding), 5.00%, 12/01/23		976,443
				54,036,617
Connecticut — 2.9%
	9,000,000	Connecticut State Health & Educational Facilities Authority Refunding Revenue Bonds, Series A, 1.45%, 07/01/42(b)(c)		9,074,714
	1,000,000	Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series A, 5.00%, 07/01/31		1,319,726
	6,500,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, 4.00%, 07/01/31		8,053,386
	8,880,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, 5.00%, 07/01/40(b)		11,010,792

Principal Amount			Value
Connecticut (continued)
$	11,200,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, 5.00%, 07/01/27	$	13,811,330
	1,000,000	Hartford County Metropolitan District Refunding Notes GO, 5.00%, 03/01/25		1,105,694
	325,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/23		355,635
	5,860,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/25		6,888,933
	2,350,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A, 5.00%, 03/01/29		2,693,409
	5,000,000	State of Connecticut Current Refunding GO, Series C, 5.00%, 07/15/22		5,170,271
	8,650,000	State of Connecticut Current Refunding GO, Series C, 5.00%, 07/15/24		9,725,468
	1,675,000	State of Connecticut GO, Series A, 5.00%, 04/15/28		2,096,414
	20,000,000	State of Connecticut Refunding GO, Series C, 5.00%, 06/01/23		20,551,446
	1,245,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/26		1,485,280
	1,700,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/27		2,083,588
	1,715,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/28		2,148,783
	2,200,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/29		2,804,779

100

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Connecticut (continued)
$	1,700,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/29	$	2,174,345
	1,500,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/30		1,949,364
	2,000,000	State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/31		2,647,713
	2,000,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A, 5.00%, 08/01/30		2,315,717
	3,100,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A, 5.00%, 08/01/22		3,212,199
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds, 5.00%, 08/01/22		1,295,241
	1,900,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/24		2,146,647
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/27		5,639,991
				121,760,865
Delaware — 2.1%
	10,000,000	Delaware State Health Facilities Authority Current Refundin Revenue Bonds, 5.00%, 10/01/45		12,411,542
	2,415,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/28		3,031,062
	1,165,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/29		1,491,783

Principal Amount			Value
Delaware (continued)
$	1,250,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/30	$	1,630,768
	2,750,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/31		3,571,671
	5,000,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 07/01/32		6,504,007
	1,500,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/32		1,942,585
	1,000,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 09/01/35		1,284,839
	5,825,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/26		6,989,493
	10,000,000	State of Delaware Current Refunding GO, 5.00%, 02/01/28		12,509,475
	7,705,000	State of Delaware Current Refunding GO, Series A, 5.00%, 10/01/27		9,563,923
	10,800,000	State of Delaware Public Facilities GO, 5.00%, 02/01/25		12,404,508
	9,650,000	State of Delaware Public Facilities GO, 5.00%, 02/01/26		11,447,468
	2,885,000	State of Delaware Public Improvements GO, 5.00%, 03/01/24		3,201,338
				87,984,462
District of Columbia — 1.6%
	1,000,000	District of Columbia Public Improvements GO, Series A, 5.00%, 06/01/25		1,161,615
	4,145,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/25		4,774,494

101

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
District of Columbia (continued)
$	8,800,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/26	$	10,470,433
	3,500,000	District of Columbia Public Improvements Revenue Bonds, Series B, 5.00%, 10/01/27		4,344,417
	11,735,000	District of Columbia Refunding Revenue Bonds, Series C, 5.00%, 10/01/23		12,789,472
	10,000,000	District of Columbia Water & Sewer Authority Revenue Bonds, Series B, 5.00%, 10/01/52		11,835,113
	5,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/26		5,957,813
	9,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/27		10,950,666
	5,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/28		6,200,499
				68,484,522
Florida — 1.8%
	740,000	County of Hillsborough Refunding GO, 5.00%, 07/01/25		862,251
	5,000,000	Orange County Health Facilities Authority Current Refunding Revenue Bonds, 5.00%, 11/15/52(b)		6,047,290
	1,065,000	Peace River Manasota Regional Water Supply Authority Refunding Revenue Bonds, 4.00%, 10/01/22		1,101,661
	1,000,000	Peace River Manasota Regional Water Supply Authority Refunding Revenue Bonds, 5.00%, 10/01/25		1,168,289
	10,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/29		12,866,348

Principal Amount			Value
Florida (continued)
$	10,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/30	$	13,073,992
	5,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/24		5,616,151
	3,475,000	State of Florida Current Refunding GO, Series A, 5.00%, 06/01/24		3,890,655
	10,000,000	State of Florida Current Refunding GO, Series B, 5.00%, 06/01/28		12,590,095
	2,565,000	State of Florida Current Refunding GO, Series D, 5.00%, 06/01/23		2,756,892
	1,750,000	State of Florida Current Refunding GO, Series F, 5.00%, 06/01/28		2,093,797
	2,380,000	State of Florida Department of Transportation Turnpike System Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		2,456,431
	2,465,000	State of Florida Department of Transportation Turnpike System Refunding Revenue Bonds, Series C, 5.00%, 07/01/22		2,544,160
	5,350,000	State of Florida Refunding GO, Series C, 5.00%, 06/01/23		5,750,243
	3,895,000	State of Florida Refunding GO, Series C, 5.00%, 06/01/24		4,188,971
				77,007,226
Georgia — 4.2%
	800,000	Brookhaven Development Authority Revenue Bonds, Series A, 5.00%, 07/01/22		825,636
	1,950,000	Brookhaven Development Authority Revenue Bonds, Series A, 5.00%, 07/01/23		2,104,370
	21,000,000	Brookhaven Development Authority Revenue Bonds, Series A, 4.00%, 07/01/49		24,033,385
	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding), 5.00%, 02/01/23		794,725

102

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Georgia (continued)
$	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24	$	2,244,186
	5,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		5,804,212
	4,225,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		5,056,720
	11,445,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		14,056,438
	5,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		6,285,355
	1,400,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		1,563,789
	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/25		2,306,710
	2,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/26		2,368,442
	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/27		3,636,431
	3,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/28		3,705,832
	265,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		273,528
	1,500,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/22		1,548,273

Principal Amount			Value
Georgia (continued)
$	240,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/23	$	258,957
	820,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/25		951,891
	750,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/26		897,643
	1,000,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/29		1,281,557
	1,000,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series B, 5.00%, 07/01/30		1,305,488
	1,350,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/22		1,392,800
	1,140,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/23		1,228,854
	1,230,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/24		1,373,901
	920,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/25		1,061,087
	1,250,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/29		1,566,524
	1,315,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/30		1,675,855
	1,725,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/31		2,236,831

103

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Georgia (continued)
$	1,400,000	City of Atlanta GA Department of Aviation Refunding Revenue Bonds, Series C, 5.00%, 07/01/33	$	1,805,127
	810,000	Development Authority of Bulloch County Current Refunding Revenue Bonds, 5.00%, 08/01/22		838,256
	6,010,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds, 5.00%, 02/15/25		6,886,445
	3,000,000	Gainesville & Hall County Hospital Authority Current Refunding Revenue Bonds, 5.00%, 02/15/26		3,539,256
	1,000,000	Gainesville & Hall County Hospital Authority Revenue Bonds, Series A, 5.00%, 02/15/24		1,104,748
	1,000,000	Gainesville & Hall County Hospital Authority Revenue Bonds, Series A, 5.00%, 02/15/30		1,284,329
	1,750,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/28		2,200,723
	3,190,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/29		4,094,870
	3,800,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/29		4,855,663
	3,000,000	Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/30		3,901,924
	3,935,000	Lowndes County Board of Education School Improvements GO, (State Aid Withholding), 5.00%, 02/01/22		3,982,077
	1,975,000	Lowndes County Board of Education School Improvements GO, (State Aid Withholding), 5.00%, 02/01/23		2,092,776

Principal Amount			Value
Georgia (continued)
$	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 08/01/26	$	1,852,751
	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/26		1,310,628
	3,265,000	State of Georgia Advance Refunding GO, Series C-1, 5.00%, 01/01/24		3,596,424
	1,950,000	State of Georgia Public Improvements GO, Series A-2, 5.00%, 02/01/25		2,152,267
	13,475,000	State of Georgia School Improvements GO, Series A, 5.00%, 07/01/31		18,172,793
	2,230,000	State of Georgia School Improvements GO, Series A-1, 5.00%, 02/01/25		2,561,301
	18,020,000	State of Georgia University and College Improvements GO, Series A-1, 5.00%, 02/01/24		19,915,965
				177,987,743
Hawaii — 4.1%
	12,715,000	City & County of Honolulu GO, Series E, 5.00%, 03/01/30		16,506,838
	13,705,000	City & County of Honolulu GO, Series E, 5.00%, 03/01/31		18,096,679
	10,000,000	City & County of Honolulu HI Refunding GO, Series A, 5.00%, 09/01/25		11,690,346
	4,940,000	City & County of Honolulu HI Transit Improvements GO, Series E, 5.00%, 09/01/29(b)		5,298,141
	3,000,000	City & County of Honolulu Public Improvements Refunding GO, Series D, 5.00%, 08/01/23		3,250,127
	12,260,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/31		15,491,233

104

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Hawaii (continued)
$	11,965,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/32	$	15,116,670
	5,865,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33		7,367,203
	2,500,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/35		3,032,594
	2,000,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.71%, 07/01/26		2,001,005
	2,250,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.81%, 07/01/27		2,239,831
	10,000,000	State of Hawaii Airports System Revenue Refunding Revenue Bonds, Series D, 5.00%, 07/01/33		12,717,597
	1,500,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		1,780,103
	4,165,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/27		5,053,677
	7,330,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/28		9,091,568
	3,915,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/29		4,951,684

Principal Amount			Value
Hawaii (continued)
$	3,750,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/30	$	4,810,509
	10,420,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/31		12,349,108
	11,920,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/32		14,082,952
	5,420,000	State of Hawaii Public Improvements GO, Series EH, 5.00%, 08/01/33(a)		5,863,934
	2,515,000	State of Hawaii Public Improvements GO, Series FK, 5.00%, 05/01/29		3,062,194
	1,180,000	University of Hawaii Advance Refunding Revenue Bonds, Series F, 5.00%, 10/01/22		1,231,943
				175,085,936
Idaho — 0.1%
	500,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY), 5.00%, 09/15/24		565,733
	900,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY), 5.00%, 09/15/25		1,051,520
	810,000	Idaho Bond Bank Authority Current Refunding Revenue Bonds, Series D, 5.00%, 09/15/23		843,280
	690,000	Idaho Bond Bank Authority Current Refunding Revenue Bonds, Series D, 5.00%, 09/15/23(a)		718,427
				3,178,960
Illinois — 0.2%
	250,000	Glenview Park District Recreation Facilities Improvements GO, 5.00%, 12/01/25		291,262

105

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Illinois (continued)
$	300,000	Glenview Park District Recreation Facilities Improvements GO, 5.00%, 12/01/26	$	359,129
	500,000	Illinois State Toll Highway Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/24		549,381
	3,250,000	Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A, 5.00%, 12/01/24		3,702,518
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D, 5.00%, 12/01/22		2,102,055
	850,000	Peoria Metropolitan Airport Authority Advance Refunding GO, Series D, 5.00%, 12/01/24		969,194
				7,973,539
Indiana — 0.3%
	355,000	Center Grove 2000 Building Corp. Current Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 01/10/24		390,033
	235,000	Columbus Multi-High School Building Corp. Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 07/15/22		242,799
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 01/15/22		1,342,751
	250,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 07/15/22		258,242
	7,025,000	Indiana Finance Authority Health Care Facilities Revenue Bonds, 0.70%, 12/01/46(b)		6,994,867
	2,000,000	Indiana Finance Authority University Health Obligated Group Revenue Bonds, 1.65%, 12/01/42(a)(b)		2,004,668
				11,233,360

Principal Amount			Value
Iowa — 0.9%
$	1,750,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/27	$	2,162,413
	1,425,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/28		1,804,308
	1,000,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/29		1,293,912
	1,210,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/30		1,597,312
	1,250,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/31		1,680,545
	2,360,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/32		3,152,354
	3,000,000	State of Iowa Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/28		3,565,171
	3,920,000	State of Iowa Board of Regents Current Refunding Revenue Bonds, 5.00%, 09/01/24		4,430,059
	4,325,000	State of Iowa Board of Regents Current Refunding Revenue Bonds, 5.00%, 09/01/26		5,198,932
	4,535,000	State of Iowa Board of Regents Current Refunding Revenue Bonds, 5.00%, 09/01/27		5,585,933
	4,785,000	State of Iowa Board of Regents Current Refunding Revenue Bonds, 5.00%, 09/01/28		6,030,762
				36,501,701
Kansas — 0.0%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2, 5.00%, 08/01/23		1,364,128
Maine — 0.2%
	725,000	Maine Governmental Facilities Authority Facilities Improvements Revenue Bonds, Series A, 5.00%, 10/01/23		789,708
	2,835,000	State of Maine Highway Improvements GO, Series B, 5.00%, 06/01/28		3,571,354

106

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Maine (continued)
$	3,400,000	State of Maine Highway Improvements GO, Series B, 5.00%, 06/01/29	$	4,378,716
				8,739,778
Maryland — 4.0%
	5,735,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/27		6,596,208
	2,810,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/28		3,223,699
	1,200,000	County of Baltimore 78th Issue Refunding GO, 5.00%, 02/01/29		1,412,208
	3,835,000	County of Baltimore 81st Issue Refunding GO, 5.00%, 03/01/23		4,080,227
	2,730,000	County of Baltimore Refunding GO, 5.00%, 03/01/23		2,904,569
	2,000,000	County of Baltimore Refunding GO, 5.00%, 03/01/27		2,444,486
	340,000	County of Frederick Crossover Pre-refunded Refunding GO, Series A, 5.00%, 02/01/25(a)		389,063
	1,160,000	County of Frederick Crossover Refunding GO, Series A, 5.00%, 02/01/25		1,331,930
	4,500,000	County of Montgomery Advance Refunding GO, Series B, 5.00%, 06/01/23		4,838,888
	2,000,000	County of Montgomery Public Improvements GO, Series A, 5.00%, 12/01/27		2,272,424
	10,000,000	County of Montgomery Refunding GO, Series A, 5.00%, 08/01/27		12,350,311
	10,000,000	County of Montgomery Refunding GO, Series A, 5.00%, 08/01/28		12,639,395
	10,000,000	County of Montgomery Refunding GO, Series A, 5.00%, 08/01/31		13,400,928
	3,500,000	County of Montgomery Refunding GO, Series A, 5.00%, 11/01/23		3,830,654

Principal Amount			Value
Maryland (continued)
$	3,185,000	County of Prince George’s Public School Improvement GO, Series A, 5.00%, 09/15/25	$	3,733,235
	3,110,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 07/01/24		3,495,901
	1,000,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/23		1,078,815
	945,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/24		1,061,721
	2,750,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/29		3,542,915
	1,000,000	Maryland State Transportation Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/30		1,311,232
	9,255,000	State of Maryland Advance Refunding GO, Series B, 5.00%, 08/01/25		10,802,061
	6,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 02/01/25		6,357,801
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 11/01/26		11,354,056
	8,035,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/24(a)		8,700,495
	1,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/25		1,152,665
	7,015,000	State of Maryland Refunding GO, Series 2-C, 5.00%, 08/01/23		7,597,303

107

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Maryland (continued)
$	7,700,000	State of Maryland School Improvements GO, 1st Series, 5.00%, 06/01/23	$	8,279,875
	20,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 03/15/23		21,309,670
	1,675,000	University System of Maryland Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/24		1,862,288
	5,000,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series, (County GTY), 5.00%, 06/01/25		5,806,136
				169,161,159
Massachusetts — 3.4%
	13,025,000	Commonwealth of Massachusetts Advance Refunding GO, Series B, 5.00%, 07/01/31		15,495,801
	9,330,000	Commonwealth of Massachusetts Advance Refunding GO, Series C, 5.00%, 10/01/26		11,266,711
	835,000	Commonwealth of Massachusetts Advance Refunding GO, Series E, 5.00%, 11/01/23		913,709
	15,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 09/01/27		18,543,330
	3,900,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B, 5.00%, 06/15/22		4,017,152
	2,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/32		2,307,784
	8,000,000	Commonwealth of Massachusetts Refunding GO, Series C, (AGM), 5.25%, 11/01/26		9,781,423
	5,000,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/27		5,950,082

Principal Amount			Value
Massachusetts (continued)
$	1,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Advance Refunding Revenue Bonds, Senior Series B, 5.00%, 07/01/33	$	1,151,168
	2,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/24		2,245,891
	1,500,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/25		1,743,045
	1,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/26		1,198,384
	1,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/28		1,260,747
	7,280,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Series 2020, 5.00%, 02/01/36		8,277,172
	8,000,000	Massachusetts Clean Water Trust Advance Green Revenue Bond, Sub Series 2017A, 5.00%, 02/01/33		8,452,189
	2,265,000	Massachusetts Clean Water Trust Revenue Bond, Series 23B, 5.00%, 02/01/29		2,902,183
	2,380,000	Massachusetts Clean Water Trust Revenue Bond, Series 23B, 5.00%, 02/01/30		3,113,036
	5,035,000	Massachusetts Clean Water Trust Revenue Bond, Series 23B, 5.00%, 02/01/32		6,678,939
	5,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 07/15/33		5,953,132
	10,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/27		12,450,306

108

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Massachusetts (continued)
$	4,050,000	Massachusetts Development Finance Agency Current Refunding Revenue Bonds, Series A, 5.00%, 10/15/26	$	4,911,447
	3,500,000	Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, 0.45%, 07/01/41(b)		3,477,386
	5,450,000	Massachusetts Housing Finance Agency STATE MF HSG Revenue Bonds, Series B-2, 0.90%, 06/01/26		5,447,345
	3,500,000	Massachusetts School Building Authority Refunding Revenue Bonds, Senior Series A, 5.00%, 08/15/23		3,631,908
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/22		518,019
	3,050,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, 5.00%, 08/01/22		3,159,919
				144,848,208
Michigan — 0.2%
	225,000	Allegan Public School District Current Refunding GO, (Q-SBLF), 5.00%, 05/01/25		259,790
	950,000	L’Anse Creuse Public Schools Current Refunding GO, (Q-SBLF), 5.00%, 05/01/23		1,015,939
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program), 5.00%, 04/15/24		1,114,027
	1,000,000	Michigan State University Refunding Revenue Bonds, Series A, 5.00%, 08/15/31		1,151,058
	1,000,000	University of Michigan Advance Refunding Revenue Bonds, Series A, 5.00%, 04/01/22		1,020,078
	3,000,000	University of Michigan University & College Improvements Revenue Bonds, Series A, 5.00%, 04/01/26		3,574,341

Principal Amount			Value
Michigan (continued)
$	290,000	Wayne-Westland Community Schools Improvements GO, (Q-SBLF), 5.00%, 11/01/22	$	303,707
				8,438,940
Minnesota — 1.5%
	600,000	Cambridge-Isanti Independent School District No 911 Crossover Refunding GO, Series D, (School District Credit Program), 5.00%, 02/01/25		686,205
	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		1,670,793
	2,000,000	City of Rochester Advance Refunding GO, Series B, 5.00%, 12/01/24		2,282,443
	10,000,000	Metropolitan Council Transit Improvements GO, Series B, 5.00%, 12/01/23		10,980,070
	1,815,000	Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 03/01/27		2,151,817
	2,535,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/23		2,685,842
	2,805,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		3,094,783
	2,200,000	Sartell-St Stephen Independent School District No 748 GO, Series A, (School District Credit Program), 5.00%, 02/01/25		2,519,921
	1,500,000	State of Minnesota Advance Refunding GO, Series D, 5.00%, 08/01/25		1,750,130
	2,335,000	State of Minnesota Advance Refunding GO, Series D, 5.00%, 08/01/23		2,530,541
	2,870,000	State of Minnesota Highway Improvements GO, Series B, 5.00%, 10/01/23		3,132,524

109

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Minnesota (continued)
$	1,395,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/24	$	1,561,860
	2,910,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/26		3,241,312
	10,000,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/29		12,943,286
	8,260,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/30		10,905,103
	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		1,103,310
				63,239,940
Mississippi — 0.3%
	2,310,000	Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A, 5.00%, 01/01/25		2,635,287
	10,000,000	State of Mississippi Public Improvements GO, Series B, 5.00%, 12/01/31(a)		10,980,069
				13,615,356
Missouri — 0.0%
	905,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/25		1,033,668
	500,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/24		554,330
				1,587,998
Montana — 0.0%
	1,000,000	State of Montana Public Facilities GO, Series G, 5.00%, 08/01/27		1,234,398

New Hampshire — 0.2%
	3,990,000	State of New Hampshire Public Improvements GO, Series B, 5.00%, 12/01/21		4,005,608

Principal Amount			Value
New Hampshire (continued)
$	3,990,000	State of New Hampshire Public Improvements GO, Series B, 5.00%, 12/01/22	$	4,197,176
				8,202,784
New Jersey — 3.9%
	1,060,000	County of Ocean Current Refunding GO, Series B, 4.00%, 08/01/24		1,166,105
	1,825,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/24		2,057,542
	1,255,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/25		1,465,805
	1,340,000	County of Ocean Public Improvements GO, Series A, 5.00%, 08/01/27		1,656,640
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds, Series B, (County GTY), 5.00%, 12/01/23		1,097,567
	1,000,000	Monmouth County Improvement Authority Cash Flow Management Revenue Bonds, Series B, (County GTY), 5.00%, 12/01/24		1,140,890
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22		210,318
	5,000,000	New Jersey Economic Development Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 11/01/21		5,000,000
	5,095,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/31		6,806,772
	4,920,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 09/01/22		5,111,023
	12,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/24		14,040,376

110

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New Jersey (continued)
$	7,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/25	$	8,724,142
	1,675,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/26		2,009,000
	1,000,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/26		1,199,913
	1,000,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/27		1,231,907
	1,055,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/29		1,356,505
	1,000,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/30		1,309,314
	1,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/30		1,959,664
	1,040,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/31		1,382,450
	1,500,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds, 5.00%, 07/01/23		1,616,129
	1,000,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds, 5.00%, 07/01/23		1,078,989
	4,455,000	New Jersey Infrastructure Bank Green Purpose Revenue Bonds, 5.00%, 09/01/26		5,378,750
	10,300,000	New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds, Series A, 5.00%, 06/15/23		11,062,760

Principal Amount			Value
New Jersey (continued)
$	5,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, (NATL-RE), 5.25%, 12/15/21	$	5,029,871
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A, 5.25%, 12/15/21		2,011,948
	3,860,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A, 5.50%, 12/15/21		3,884,211
	7,750,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/21		7,798,611
	100,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series D, 5.00%, 12/15/23		109,695
	1,770,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A, 5.25%, 12/15/22		1,867,210
	9,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.28%, 01/01/27		8,890,826
	5,500,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.81%, 01/01/30		5,400,446
	3,500,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.86%, 01/01/31		3,409,615
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/27		1,210,149
	2,380,000	New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/25		2,712,723
	2,775,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, 5.00%, 01/01/27		3,358,163

111

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New Jersey (continued)
$	2,145,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, 5.00%, 01/01/29	$	2,392,316
	2,500,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, 5.00%, 01/01/29		3,008,953
	3,250,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/32		3,688,966
	3,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/33		3,404,188
	4,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds,Series A, 5.00%, 01/01/34		4,789,896
	2,000,000	Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S, 1.66%, 05/01/28		1,989,016
	20,000,000	State of New Jersey COVID-19 GO, Series A, 5.00%, 06/01/24		22,277,056
				165,296,420
New Mexico — 0.0%
	500,000	Albuquerque Municipal School District No 12 School Improvements GO, Series 2017, (State Aid Withholding), 5.00%, 08/01/24		562,976
	1,000,000	Hobbs School District No 16 School Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/15/28		1,124,731
				1,687,707
New York — 14.0%
	10,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/26		11,997
	30,000,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		31,083,480
	15,000,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/23		16,245,125

Principal Amount			Value
New York (continued)
$	9,400,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24	$	10,575,670
	8,000,000	City of New York GO, Sub-Series B-3, 0.12%, 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)		1,748,658
	2,000,000	City of New York Public Improvements GO, Series I, Subseries I-A, 5.00%, 04/01/29(c)		2,550,464
	2,910,000	City of New York Public Improvements GO, Sub-Series D-1, 5.00%, 08/01/22		3,015,098
	32,750,000	City of New York Public Improvements GO, Sub-Series D-3, 5.00%, 08/01/38(b)(c)		35,197,460
	2,135,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 03/01/24		2,268,561
	650,000	City of New York Refunding GO, Series C, 5.00%, 08/01/22		673,475
	3,575,000	City of New York Refunding GO, Series F, 5.00%, 08/01/29		3,617,679
	18,500,000	City of New York Refunding GO, Series G, 5.00%, 08/01/22		19,168,146
	5,000,000	City of New York Refunding GO, Series I, 5.00%, 08/01/25		5,405,865
	9,450,000	City of New York Refunding GO, Series J, Sub-Series J11, 5.00%, 08/01/25(c)		11,002,818
	4,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/30		5,230,103
	4,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/31		5,312,864
	2,055,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.25%, 11/15/31		2,478,176

112

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	240,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/28	$	283,803
	1,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/29		1,199,958
	3,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/30		3,152,592
	24,820,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 09/01/22		25,782,798
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/21		1,928,329
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21		1,913,259
	2,045,000	New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/24(a)		2,296,948
	455,000	New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/24		511,753
	700,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/26		800,820
	1,850,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding), 5.00%, 07/15/25		2,153,646

Principal Amount			Value
New York (continued)
$	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	$	1,878,301
	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		4,110,534
	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		3,528,035
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C, 5.00%, 11/01/23		1,476,684
	10,000,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub- Series B, 5.00%, 11/01/21		10,000,000
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub- Series G, 5.00%, 11/01/21		2,425,000
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub- Series H, 5.00%, 11/01/21		1,535,000
	4,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Current Refunding Revenue Bonds, 5.00%, 11/01/21		4,000,000
	9,500,000	New York City Transitional Finance Authority Future Tax Secured Revenue Current Refunding Revenue Bonds, 5.00%, 11/01/22		9,955,880

113

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	4,210,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/29	$	4,640,930
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/31		10,855,578
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series C1, 5.00%, 11/01/30		1,272,677
	10,500,000	New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Series A-1, 5.00%, 11/01/33		13,884,807
	3,545,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/24		3,974,001
	1,000,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series DD, 5.00%, 06/15/29		1,286,312
	500,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series EE, 5.00%, 06/15/29		587,168
	1,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2, 5.00%, 06/15/25		1,098,626
	2,350,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series AA-2, 5.00%, 06/15/30		3,080,991
	6,200,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2, 5.00%, 06/15/25		6,811,479
	1,000,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series DD-2, 5.00%, 06/15/24		1,053,639

Principal Amount			Value
New York (continued)
$	5,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/21	$	5,019,642
	150,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/23		160,984
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23		9,690,700
	7,790,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/22		7,929,381
	2,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/31		2,320,035
	8,770,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series A-Group A, 5.00%, 03/15/22		8,926,915
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,706,263
	4,660,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26		5,143,617
	6,600,000	New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E, 5.00%, 03/15/30		8,284,843
	12,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Group 2, Series A, 5.00%, 03/15/29		14,933,322
	1,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 02/15/27		1,204,201
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/27		7,686,778

114

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	5,200,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/25	$	5,771,302
	22,680,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/27		27,716,396
	13,375,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series D, 5.00%, 02/15/25		15,338,358
	6,325,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series C, 5.00%, 03/15/30		7,826,274
	7,305,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/22		7,435,703
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		1,939,625
	7,500,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		9,653,672
	2,250,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/30		2,952,037
	5,000,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bondss, 5.00%, 06/15/29		5,599,495
	10,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series O, 5.00%, 01/01/33		13,094,188
	2,000,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		2,220,428
	2,105,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		2,486,579

Principal Amount			Value
New York (continued)
$	1,000,000	New York State Urban Development Corp. Current Refunding Revenue Bonds, Series A, 5.00%, 03/15/28	$	1,165,429
	4,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/28		5,000,537
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/29		6,392,659
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/31		6,482,962
	10,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/32		12,911,306
	5,875,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue, Series A, 5.00%, 03/15/25		6,764,760
	5,605,000	New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C, 5.00%, 03/15/22		5,705,286
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1, 5.00%, 03/15/22		4,789,183
	10,000,000	New York State Urban Development Corp. Transit Improvements Refunding Revenue Bonds, Series A, 5.00%, 03/15/30		13,023,160
	3,500,000	Port Authority of New York & New Jersey Current Refunding Revenue Bonds, Series 223, 5.00%, 07/15/30		4,472,994
	8,000,000	Port Authority of New York & New Jersey Current Refunding Revenue Bonds, Series 223, 5.00%, 07/15/32		10,313,653

115

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	5,715,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27	$	6,265,060
	5,880,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28		6,440,779
	3,270,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/22		3,378,045
	3,800,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/23		4,097,458
	1,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/24		1,119,150
	4,195,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/25		4,850,631
	4,885,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/26		5,803,301
	5,255,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/27		6,381,616
	5,750,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/29		7,253,584
	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, 5.00%, 12/15/24		1,684,894
				594,402,372
North Carolina — 2.2%
	1,260,000	City of Durham NC Water & Sewer Utility System Revenue Refunding Revenue Bonds, 5.00%, 08/01/26		1,516,899
	1,680,000	City of Durham NC Water & Sewer Utility System Revenue Refunding Revenue Bonds, 5.00%, 08/01/27		2,073,789

Principal Amount			Value
North Carolina (continued)
$	1,300,000	City of Durham NC Water & Sewer Utility System Revenue Refunding Revenue Bonds, 5.00%, 08/01/28	$	1,644,092
	750,000	City of Winston-Salem Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/26		839,297
	1,000,000	Durham Capital Financing Corp. Advance Refunding Revenue Bonds, 5.00%, 12/01/25		1,178,261
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A, 5.00%, 01/01/22		2,015,956
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A, 5.00%, 01/01/23(a)		2,064,309
	3,250,000	State of North Carolina Advance Refunding Revenue Bonds, 5.00%, 03/01/22		3,301,941
	13,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/23		13,930,778
	1,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		1,116,778
	8,950,000	State of North Carolina GO, Series B, 5.00%, 06/01/30		11,476,136
	1,500,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/22		1,536,222
	8,750,000	State of North Carolina Highway Improvements Revenue Bonds, Series B, 5.00%, 05/01/29		11,213,215
	2,000,000	State of North Carolina Highway Improvements Revenue Bonds, Series B, 5.00%, 05/01/32		2,595,545
	2,650,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/23		2,818,350

116

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
North Carolina (continued)
$	3,250,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/24	$	3,604,751
	3,250,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/25		3,741,235
	2,555,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/26		3,031,550
	2,750,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/28		3,429,957
	2,125,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/29		2,705,278
	3,500,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/30		4,537,337
	2,100,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/31		2,762,161
	4,000,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/32		5,241,901
	1,500,000	State of North Carolina Revenue Bonds, 5.00%, 03/01/33		1,960,722
	385,000	Town of Garner Public Improvements GO, 5.00%, 08/01/24		434,170
	1,175,000	University of North Carolina at Chapel Hill Current Refunding Revenue Bonds, Series B, 5.00%, 12/01/29		1,528,445
				92,299,075
Ohio — 3.4%
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/24		1,141,222
	2,225,000	City of Columbus Advance Refunding GO, Series 2017-1, 5.00%, 04/01/24		2,476,642
	2,000,000	City of Columbus Refunding GO, Series 5, 5.00%, 08/15/23		2,169,593
	1,100,000	County of Cuyahoga Refunding Revenue Bonds, 5.00%, 12/01/22		1,156,870

Principal Amount			Value
Ohio (continued)
$	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/26	$	1,136,596
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/27		1,720,944
	1,350,000	County of Montgomery Current Refunding Revenue Bonds, 5.00%, 08/01/30		1,757,316
	600,000	Greater Cleveland Regional Transit Authority Advance Refunding Revenue Bonds, 5.00%, 12/01/25		705,628
	545,000	Greater Cleveland Regional Transit Authority Advance Refunding Revenue Bonds, 5.00%, 12/01/26		659,940
	1,000,000	Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds, 5.00%, 12/01/23		1,096,029
	1,030,000	Hamilton City School District Advance Refunding GO, (School District Credit Program), 5.00%, 12/01/22		1,081,867
	1,000,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/28		1,272,734
	2,000,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/29		2,594,438
	2,500,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/30		3,304,320
	2,000,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/31		2,698,364
	1,500,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/32		2,009,503
	4,300,000	Ohio State University Revenue Bonds, Series A, 5.00%, 12/01/33		5,747,458
	3,000,000	Ohio Water Development Authority Revenue Bonds, 5.00%, 06/01/26		3,589,367

117

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

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	$	3,629,166
	3,300,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/24		3,690,186
	1,410,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/25		1,633,510
	1,450,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/26		1,734,861
	2,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, 5.00%, 06/01/27		2,455,100
	10,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bond, Series 2015-A, 5.00%, 12/01/24		11,392,362
	10,285,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, 5.00%, 06/01/28		12,893,733
	3,045,000	Revere Local School District School Improvements GO, Series A, 5.00%, 12/01/42(a)		3,130,214
	2,350,000	Revere Local School District School Improvements GO, Series A, 5.00%, 12/01/45(a)		2,415,764
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds, Series A, 5.00%, 06/01/24		343,464
	16,790,000	State of Ohio Advance Refunding GO, Series A, 5.00%, 12/15/24		19,170,265
	4,000,000	State of Ohio Current Refunding GO, Series C, 5.00%, 03/15/28		4,995,859

Principal Amount			Value
Ohio (continued)
$	2,250,000	State of Ohio Current Refunding GO, Series C, 5.00%, 03/15/30	$	2,923,530
	2,400,000	State of Ohio Current Refunding GO, Series C, 5.00%, 03/15/31		3,179,731
	2,500,000	State of Ohio Current Refunding GO, Series C, 5.00%, 03/15/32		3,380,004
	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24		1,630,394
	1,690,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24		1,906,828
	2,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 1-A, 5.00%, 12/15/29		2,594,662
	1,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 1-A, 5.00%, 12/15/30		1,320,788
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A, 5.00%, 06/01/25		2,315,490
	2,185,000	State of Ohio Public Facilities Revenue Bonds, Series A, 5.00%, 02/01/26		2,582,900
	2,400,000	State of Ohio Public Facilities Revenue Bonds, Series A, 5.00%, 02/01/29		3,040,587
	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A, 5.00%, 02/01/24		1,561,183
	5,000,000	State of Ohio School Improvements GO, Series B, 5.00%, 06/15/23		5,380,436
	2,200,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28(a)		2,252,789
	5,445,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28		6,282,816
				144,155,453

118

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Oklahoma — 0.7%
$	3,650,000	City of Oklahoma City Public Improvements GO, 5.00%, 03/01/26	$	4,337,675
	2,350,000	Oklahoma Turnpike Authority Pre-refunded Highway Improvements Revenue Bonds, Series C, 5.00%, 01/01/31(a)		2,369,078
	1,500,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/24		1,652,262
	1,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/25		1,144,556
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/26		2,364,510
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/27		2,433,864
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/28		2,493,951
	2,315,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/29		2,951,682
	5,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/26		5,911,274
	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/28		3,722,222
				29,381,074
Oregon — 0.8%
	8,035,000	City of Portland Sewer System Revenue Sewer Improvements Revenue Bonds, Series A, 5.00%, 03/01/30		10,468,162
	3,290,000	State of Oregon Advance Refunding GO, Series M, 5.00%, 11/01/23		3,598,041

Principal Amount			Value
Oregon (continued)
$	10,350,000	State of Oregon Facilities Improvements GO, Series A, 5.00%, 05/01/25	$	11,969,856
	4,900,000	State of Oregon Public Facilities GO, 5.00%, 05/01/29		6,271,284
				32,307,343
Pennsylvania — 2.4%
	15,000,000	Commonwealth of Pennsylvania Advance Refunding GO, 5.00%, 07/15/26		18,011,416
	5,000,000	Commonwealth of Pennsylvania Public Facilities GO, Series 1, 5.00%, 03/01/22		5,080,080
	8,245,000	General Authority of Southcentral Pennsylvania Pre-refunded Refunding Revenue Bonds, 5.00%, 06/01/44(a)		9,235,749
	1,000,000	Lancaster County Hospital Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/26		1,200,539
	1,500,000	Pennsylvania Higher Educational Facilities Authority Advance Refunding Revenue Bonds, Series C, 5.00%, 08/15/25		1,749,223
	2,755,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/22		2,837,231
	3,500,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/23		3,769,275
	1,700,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/25		1,974,105
	7,000,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/26		8,370,881
	5,890,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/27		7,222,970

119

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Pennsylvania (continued)
$	6,275,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/28	$	7,869,725
	8,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/29		10,871,724
	6,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/30		8,460,882
	6,000,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/31		7,950,141
	6,000,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/32		8,093,873
				102,697,814
Rhode Island — 0.3%
	6,950,000	Rhode Island Commerce Corp. Grant Anticipation Current Refunding Revenue, 5.00%, 06/15/23		7,477,627
	1,045,000	State of Rhode Island Advance Refunding COP, Series D, 5.00%, 04/01/25		1,200,211
	550,000	State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D, 5.00%, 04/01/24		609,667
	960,000	State of Rhode Island University & College Improvements COP, Series A, 5.00%, 06/01/24		1,070,875
	1,010,000	State of Rhode Island University & College Improvements COP, Series A, 5.00%, 06/01/25		1,166,207
				11,524,587
South Carolina — 0.6%
	3,600,000	Beaufort County School District School Improvements Refunding GO, Series A, (South Carolina School District Enhancement), 5.00%, 03/01/22		3,657,657

Principal Amount			Value
South Carolina (continued)
$	9,360,000	County of Charleston Highway Improvements GO, Series A, 5.00%, 11/01/30	$	12,415,012
	4,010,000	Darlington County School District School Improvement GO, (South Carolina School District Enhancement), 5.00%, 03/01/27		4,898,844
	2,350,000	Lexington County School District No 2 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/26		2,790,531
	1,485,000	State of South Carolina University & College Improvements GO, Series B, (State Aid Withholding), 5.00%, 04/01/22		1,515,005
				25,277,049
South Dakota — 0.5%
	2,125,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/29		2,745,904
	1,950,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/31		2,548,867
	1,500,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/33		1,950,739
	4,910,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/38		6,263,340
	5,155,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, 5.00%, 08/01/39		6,560,824
	2,455,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, Series B, 5.00%, 08/01/29		2,755,580
				22,825,254
Tennessee — 0.9%
	500,000	City of Clarksville TN Water Sewer & Gas Revenue Repayment of Bank Loan Refunding Revenue Bonds, 5.00%, 02/01/25		573,758

120

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Tennessee (continued)
$	2,000,000	City of Clarksville TN Water Sewer & Gas Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 02/01/29	$	2,548,181
	1,000,000	City of Clarksville TN Water Sewer & Gas Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 02/01/30		1,299,757
	1,125,000	City of Clarksville TN Water Sewer & Gas Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 02/01/31		1,491,026
	1,000,000	County of Montgomery Advance Refunding School Improvements GO, 5.00%, 04/01/26		1,190,484
	5,105,000	County of Shelby Refunding GO, Series B, 5.00%, 04/01/22		5,207,714
	400,000	Metropolitan Government of Nashville & Davidson County Electric System Revenue Bonds, Series A, 5.00%, 05/15/23		429,427
	3,880,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		4,358,133
	2,070,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		2,408,684
	1,470,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		1,764,622
	2,175,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		2,679,397

Principal Amount			Value
Tennessee (continued)
$	2,150,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/28	$	2,710,606
	3,115,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/29		4,002,586
	1,600,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/31		2,131,971
	1,900,000	Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/32		2,521,250
	1,005,000	State of Tennessee Refunding GO, Series A, 5.00%, 09/01/23		1,092,470
	2,165,000	Tennessee State School Bond Authority Pre-refunded Advance Refunding Revenue Bonds, Series B, (State Aid Intercept Program), 5.00%, 11/01/30(a)		2,543,264
	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 11/01/25		1,021,472
				39,974,802
Texas — 12.2%
	1,000,000	Allen Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/22		1,013,868
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		986,934
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/26		2,036,371
	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/23		513,763

121

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	410,000	Aransas Pass Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/22	$	415,662
	1,315,000	Austin Community College District Refunding GO, 5.00%, 08/01/27		1,578,333
	280,000	Austin Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/23		303,242
	5,000,000	Austin Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/31		6,695,049
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD), 5.00%, 08/01/27		1,289,159
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,854,665
	750,000	City of Austin Public Improvements GO, 5.00%, 09/01/25		849,864
	1,465,000	City of Austin Public Improvements GO, 5.00%, 09/01/26		1,659,178
	1,700,000	City of Austin Public Improvements GO, 5.00%, 11/01/22		1,781,228
	290,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 11/15/28		348,012
	3,000,000	City of Austin TX Electric Utility Revenue Refunding Revenue Bonds, Series A, 5.00%, 11/15/28		3,802,777
	810,000	City of Austin TX Water & Wastewater System Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/21		811,417
	4,000,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/26		4,834,951

Principal Amount			Value
Texas (continued)
$	1,000,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/30	$	1,315,003
	1,000,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/33		1,329,656
	1,250,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/34		1,655,436
	1,500,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/35		1,980,190
	1,250,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 4.00%, 11/15/36		1,522,902
	1,750,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/37		2,295,529
	1,750,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 4.00%, 11/15/38		2,120,386
	2,350,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/39		3,069,849
	1,500,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 4.00%, 11/15/40		1,808,645
	1,000,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 4.00%, 11/15/41		1,200,316

122

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	5,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, 5.00%, 11/15/29	$	6,030,794
	4,020,000	City of College Station Improvements Advance Refunding GO, 5.00%, 02/15/25		4,613,344
	935,000	City of Conroe Public Improvements GO, 5.00%, 03/01/25		1,036,365
	1,715,000	City of Dallas TX Waterworks & Sewer System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 10/01/28		2,170,746
	3,545,000	City of Dallas TX Waterworks & Sewer System Revenue Refunding Revenue Bonds, Series C, 5.00%, 10/01/31		4,766,532
	3,725,000	City of Dallas TX Waterworks & Sewer System Revenue Refunding Revenue Bonds, Series C, 5.00%, 10/01/32		4,976,904
	2,075,000	City of Denton Public Improvements GO, 5.00%, 02/15/23		2,201,390
	1,715,000	City of Denton Public Improvements GO, 5.00%, 02/15/24		1,898,384
	1,290,000	City of Denton Public Improvements GO, 5.00%, 02/15/28		1,521,880
	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds, 5.00%, 03/01/24		918,136
	350,000	City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/25		387,684
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/26(a)		1,386,443
	5,145,000	City of Fort Worth Water & Sewer System Improvements Refunding Revenue Bonds, 5.00%, 02/15/25		5,909,853
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/24		1,116,992

Principal Amount			Value
Texas (continued)
$	1,250,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/26	$	1,480,276
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/27		1,212,144
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/29		1,252,397
	1,200,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/31		1,549,860
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/32		1,289,321
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 07/01/33		1,283,224
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/26		1,195,332
	2,460,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/27		3,010,629
	3,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, 5.00%, 07/01/28		3,740,536
	1,000,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series C, 0.88%, 07/01/22		1,005,002
	5,500,000	City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series C, 1.05%, 07/01/23		5,541,396
	2,040,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements Refunding Revenue Bonds, 5.00%, 03/15/25		2,348,470

123

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements Refunding Revenue Bonds, 5.00%, 03/15/26	$	2,803,473
	1,815,000	City of Plano Advance Refunding GO, 5.00%, 09/01/23		1,973,318
	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds, 5.00%, 05/01/26		1,406,578
	1,205,000	City of Round Rock TX Utility System Revenue Advance Refunding Revenue Bonds, 5.00%, 08/01/25		1,400,079
	875,000	Clear Creek Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/24		968,351
	1,000,000	Clear Creek Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/25		1,149,014
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,388,662
	460,000	Conroe Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/22		466,379
	1,500,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/24		1,660,030
	2,000,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		2,297,319
	10,000,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/28		12,486,566
	670,000	Corsicana Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/22		679,214
	2,130,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/26		2,476,546

Principal Amount			Value
Texas (continued)
$	7,500,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/29	$	8,957,158
	2,910,000	County of Bexar Refunding GO, 5.00%, 06/15/22		2,997,228
	3,000,000	County of Bexar Tax Public Improvements GO, Series B, 5.00%, 06/15/43(a)		3,230,962
	650,000	County of Collin Advance Refunding GO, 5.00%, 02/15/25		745,939
	675,000	County of Collin Advance Refunding GO, 5.00%, 02/15/24		746,686
	1,500,000	County of Denton Advance Refunding GO, 5.00%, 07/15/24		1,686,065
	475,000	County of El Paso Advance Refunding GO, 5.00%, 02/15/23		502,916
	2,000,000	County of Harris Current Refunding GO, Series A, 5.00%, 10/01/26		2,417,311
	1,485,000	County of Harris Current Refunding GO, Series A, 5.00%, 10/01/24		1,683,516
	1,850,000	County of Williamson Limited Tax Advance Refunding GO, 5.00%, 02/15/24		2,047,820
	1,000,000	County of Williamson Public Improvements GO, 5.00%, 02/15/25		1,149,014
	360,000	Crystal City Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/26		411,611
	750,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A, 5.00%, 12/01/25		855,171
	1,120,000	Dayton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/22		1,135,598
	7,715,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/26		8,842,811

124

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	2,500,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/29	$	2,945,902
	1,085,000	Denver City Independent School District School Building GO, Series A, (PSF-GTD), 5.00%, 02/15/25		1,241,313
	100,000	Denver City Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/26		117,975
	25,000	Dilley Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/25		29,123
	180,000	Dilley Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/25		209,542
	2,780,000	Eagle Mountain & Saginaw Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/24		3,135,585
	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/27		2,165,697
	750,000	Eagle Mountain & Saginaw Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/23		813,175
	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/25		3,434,318
	1,500,000	El Paso Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,694,995
	5,000,000	Fort Worth Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/28		6,225,990
	1,395,000	Frenship Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/26(a)		1,542,952

Principal Amount			Value
Texas (continued)
$	1,285,000	Goose Creek Consolidated Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25	$	1,474,663
	8,000,000	Grand Parkway Transportation Corp. Highway Improvements Revenue Bonds, Series A, 5.50%, 04/01/53(a)		8,791,900
	1,990,000	Harlandale Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/24		2,196,042
	350,000	Harlandale Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		400,547
	325,000	Harlingen Consolidated Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/22		337,054
	1,000,000	Harris County Flood Control District Refunding GO, Series A, 5.00%, 10/01/29		1,289,439
	1,500,000	Harris County Flood Control District Refunding GO, Series A, 5.00%, 10/01/31		1,960,305
	5,000,000	Harris County Flood Control District Refunding Revenue Bonds, Series A, 5.00%, 10/01/23		5,451,302
	1,970,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/28		2,486,274
	2,000,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/29		2,575,999
	2,150,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/30		2,823,496
	1,500,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/31		1,962,291
	1,000,000	Harris County Toll Road Authority Bridges Revenue Bonds, 5.00%, 08/15/32		1,301,482
	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/24		2,715,130

125

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/24	$	645,429
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/25		571,506
	750,000	Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/23		811,705
	5,625,000	Lamar Consolidated Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/33		7,360,365
	4,500,000	Lamar Consolidated Independent School District Current Refunding GO, Series A, (PSF-GTD), 4.00%, 02/15/34		5,453,393
	10,000,000	Lone Star College System Advance Refunding GO, 5.00%, 02/15/29		11,737,379
	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,973,045
	225,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/26		265,444
	1,050,000	Longview Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,113,816
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/25		3,109,245
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/01/24		3,831,497
	2,755,000	Manor Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/30		3,469,867

Principal Amount			Value
Texas (continued)
$	5,675,000	Manor Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/31	$	7,242,605
	1,005,000	Mesquite Independent School District Advance Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/23		1,089,654
	1,060,000	Mesquite Independent School District Advance Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24		1,195,583
	1,435,000	Mesquite Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/23		1,555,874
	1,650,000	Mesquite Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/25		1,924,821
	585,000	Mesquite Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/26		702,621
	580,000	Mesquite Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24		654,187
	1,170,000	Mesquite Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/25		1,364,873
	500,000	Mesquite Independent School District School Improvements GO, Series C, (PSF-GTD), 5.00%, 08/15/22		519,031
	5,030,000	Metropolitan Transit Authority of Harris County Sales Tax Revenue Bonds, Series B, 5.00%, 11/01/23(a)		5,030,000
	1,765,000	North Texas Municipal Water District Water System Revenue Current Refunding Revenue Bonds, 5.00%, 09/01/26		2,120,715
	2,000,000	North Texas Municipal Water District Water System Revenue Current Refunding Revenue Bonds, 5.00%, 09/01/27		2,462,199

126

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	545,000	Northside Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/25	$	636,669
	3,000,000	Northwest Independent School District Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/23		3,185,547
	2,525,000	Northwest Independent School District Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/25		2,890,551
	500,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/25		571,682
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,212,905
	1,220,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/28		1,432,523
	1,000,000	Pecos Barstow Toyah Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,060,714
	21,665,000	Permanent University Fund - Texas A&M University System Refunding Revenue Bonds, 5.50%, 07/01/28		25,506,716
	650,000	Petersburg Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/26		768,651
	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD), 5.00%, 02/15/23		1,618,911
	1,050,000	Point Isabel Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/01/25		1,202,323
	1,995,000	Port Arthur Independent School District Advance Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/25		2,288,752

Principal Amount			Value
Texas (continued)
$	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD), 5.00%, 02/15/25	$	1,147,952
	925,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/22		959,382
	1,020,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/23		1,104,195
	1,075,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/24		1,209,623
	1,000,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,162,469
	1,330,000	San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/23		1,442,779
	205,000	San Elizario Independent School District School Improvements GO, (PSF-GTD), 5.00%, 05/01/25		236,775
	1,000,000	Socorro Independent School District Current Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/25		1,144,068
	2,160,000	Spring Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/22		2,241,162
	7,180,000	Spring Independent School District Advance Refunding GO, Series A, 5.00%, 08/15/28		8,593,669
	2,500,000	State of Texas Current Refunding GO, Series B, 5.00%, 08/01/24		2,817,082
	5,000,000	State of Texas Current Refunding GO, Series B, 5.00%, 08/01/25		5,831,736
	2,300,000	State of Texas Highway Improvements GO, 5.00%, 04/01/27		2,734,794

127

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	3,720,000	State of Texas Highway Improvements Revenue Bonds GO, 5.00%, 04/01/44(a)	$	4,130,227
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 5.00%, 10/01/26		6,040,586
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 2.18%, 10/01/27		5,198,611
	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/25		3,752,087
	5,000,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/28		5,845,676
	6,500,000	State of Texas Transportation Commission Highway Improvement GO, 5.00%, 04/01/25		7,498,860
	3,500,000	State of Texas Transportation Commission Refunding GO, Series A, 5.00%, 10/01/22		3,654,400
	1,000,000	State of Texas, Water Financial Assistance Refunding GO, Subseries B-2, 5.00%, 08/01/28		1,123,021
	1,000,000	Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD), 5.00%, 08/15/26		1,199,495
	1,000,000	Temple Independent School District Advance Refunding GO, (PSF- GTD), 5.00%, 02/01/27		1,214,998
	1,250,000	Texas A&M University University & College Improvements Revenue Bonds, Series A, 0.59%, 05/15/24		1,240,954
	1,000,000	Texas State University System University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		1,109,614

Principal Amount			Value
Texas (continued)
$	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/22	$	1,044,020
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/24		6,558,343
	4,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A, 5.00%, 10/01/26		5,134,498
	5,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/24		5,634,353
	6,665,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/25		7,782,891
	5,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/26		6,020,864
	1,500,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/27		1,853,163
	4,050,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/29		5,215,182
	4,985,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/30		6,536,146
	2,500,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/31		3,338,968
	5,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/32		6,656,284

128

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Texas (continued)
$	6,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/33	$	7,975,526
	1,250,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/15/23		1,365,293
	1,000,000	Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds, 5.00%, 08/01/24		1,126,245
	2,000,000	Trinity River Authority Central Regional Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 08/01/30		2,601,514
	500,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/22		519,031
	1,680,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/23		1,821,196
	935,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/24		1,054,594
	2,085,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/25		2,433,129
	500,000	University of North Texas System University & College Improvements Revenue Bonds, Series A, 5.00%, 04/15/22		510,884
	7,000,000	University of Texas System Advance Refunding Revenue Bonds, Series C, 5.00%, 08/15/26		8,425,738
	1,065,000	University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/29		1,198,370
	4,000,000	University of Texas System University and College Improvements Revenue, Series D, 5.00%, 08/15/23		4,340,690
	640,000	Valley View Independent School District/Hidalgo County Current Refunding GO, (PSF-GTD), 5.00%, 02/15/26		755,041

Principal Amount			Value
Texas (continued)
$	640,000	Wall Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/27	$	731,077
	315,000	Wichita Falls Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/01/24		347,842
	1,210,000	Wichita Falls Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/01/23		1,281,371
	430,000	Wildorado Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/25		491,041
	450,000	Wildorado Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/26		514,197
				515,286,749
Utah — 0.9%
	1,255,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/25		1,446,968
	1,635,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		1,936,201
	2,250,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/27		2,727,323
	2,500,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/28		3,081,013
	3,365,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/29		4,203,269

129

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Utah (continued)
$	4,920,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/30	$	6,247,332
	6,390,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/32		8,219,078
	10,000,000	State of Utah Highway Improvements Revenue Bonds GO, 5.00%, 07/01/26		12,019,554
	200,000	Washington County School District Board of Education/St George School Improvements Refunding GO, (School Board GTY), 5.00%, 03/01/22		203,210
				40,083,948
Virginia — 3.6%
	555,000	City of Alexandria Advance Refunding GO, Series C, (State Aid Withholding), 5.00%, 07/01/22		572,785
	7,800,000	City of Harrisonburg GO, Series A, (State Aid Withholding), 5.00%, 07/15/27		9,622,752
	6,665,000	City of Harrisonburg GO, Series A, (State Aid Withholding), 5.00%, 07/15/28		8,420,303
	7,615,000	City of Harrisonburg GO, Series A, (State Aid Withholding), 5.00%, 07/15/29		9,831,173
	3,045,000	City of Newport News Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 02/01/27		3,694,428
	1,530,000	City of Newport News Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 02/01/29		1,944,468
	2,975,000	City of Newport News Water Revenue Water Utility Improvements Revenue Bonds, 5.00%, 07/15/30		3,900,866
	7,430,000	Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding), 5.00%, 06/01/28		8,627,918

Principal Amount			Value
Virginia (continued)
$	2,275,000	Commonwealth of Virginia Pre-refunded GO, Series A, 5.00%, 06/01/22(a)	$	2,337,608
	2,715,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/25		3,183,411
	5,000,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/27		6,109,510
	7,965,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/29		9,714,429
	7,530,000	County of Loudoun Public Facilities GO, Series A, (State Aid Withholding), 5.00%, 12/01/26		9,155,826
	21,235,000	Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A, 5.00%, 07/01/26		25,393,665
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A, 5.00%, 10/01/24		1,324,946
	5,375,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A, 5.00%, 05/15/28		6,685,531
	2,510,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23		2,674,722
	815,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/25		938,237
	1,345,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/26		1,597,102
	2,175,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/29		2,772,864

130

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Virginia (continued)
$	1,250,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/30	$	1,625,132
	3,935,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/32		5,172,304
	4,160,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/33		5,426,474
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 05/15/27		5,961,963
	4,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/24		5,013,098
	870,000	Virginia Public School Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 08/01/25		1,014,369
	2,790,000	Virginia Public School Authority School Improvement Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 10/01/23		3,041,264
	920,000	Virginia Public School Authority School Improvements Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 10/01/25		1,076,773
	2,000,000	Virginia Resources Authority Advance Refunding Revenue, 5.00%, 11/01/26		2,419,754
	750,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/23		820,380
	395,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/25(a)		449,214
	755,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/25		859,571
				151,382,840

Principal Amount			Value
Washington — 5.9%
$	1,025,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY), 5.00%, 12/01/21	$	1,028,959
	3,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/23		3,282,001
	5,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/24		5,683,218
	5,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/25		5,878,888
	5,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/26		6,056,441
	4,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/29		5,168,667
	5,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/30		6,586,054
	5,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/31		6,722,096
	10,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/32		13,404,380
	10,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/33		13,375,292
	100,000	Central Puget Sound Regional Transit Authority Green Purpose Revenue Bonds, Series S-1, 5.00%, 11/01/26		121,152
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY), 5.00%, 12/01/26		1,253,131

131

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Washington (continued)
$	11,320,000	City of Seattle WA Drainage & Wastewater Revenue Sewer Improvements Revenue Bonds, 5.00%, 09/01/30	$	14,889,501
	11,620,000	City of Seattle WA Drainage & Wastewater Revenue Sewer Improvements Revenue Bonds, 5.00%, 09/01/31		15,597,984
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds, 5.00%, 01/01/27		1,880,044
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY), 5.00%, 12/01/24		942,054
	1,035,000	County of King Refunding GO, 5.00%, 07/01/25		1,184,225
	5,395,000	County of King Refunding GO, 5.00%, 07/01/26		6,163,867
	9,000,000	County of King School District No 411 Issaquah School Improvement GO, (School Board GTY), 5.00%, 12/01/32		11,071,347
	10,000,000	County of King Sewer Improvements GO, Series A, 5.00%, 01/01/30		12,985,043
	5,000,000	County of King Sewer Improvements GO, Series A, 5.00%, 01/01/31		6,610,139
	8,000,000	County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B, 5.00%, 07/01/29		9,998,758
	10,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		11,943,170
	3,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		3,476,599
	2,250,000	Energy Northwest Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		2,698,657
	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		4,020,717

Principal Amount			Value
Washington (continued)
$	565,000	Jefferson County School District No 50 Port Townsend School Improvements GO, (School Board GTY), 5.00%, 12/01/23	$	618,637
	250,000	Jefferson County School District No 50 Port Townsend School Improvements GO, (School Board GTY), 5.00%, 12/01/25		293,459
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/27		6,077,903
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/29		6,312,422
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/30		6,399,355
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/31		6,513,949
	5,000,000	Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C, 5.00%, 08/01/32		6,466,871
	6,885,000	Port of Seattle Current Refunding Revenue Bonds, 5.00%, 09/01/25		7,991,872
	4,390,000	Port of Seattle Current Refunding Revenue Bonds, 5.00%, 09/01/26		5,233,302
	750,000	Port of Seattle Inter Lien Refunding Revenue Bonds, 5.00%, 02/01/27		881,750
	5,000,000	Port of Seattle Refunding GO, 5.00%, 06/01/24		5,596,689
	1,120,000	Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY), 5.00%, 12/01/23		1,228,783
	750,000	Snohomish County Public Utility District No 1 Current Refunding Revenue Bonds, Series A, 5.00%, 12/01/23		822,845

132

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
Washington (continued)
$	750,000	Snohomish County Public Utility District No 1 Current Refunding Revenue Bonds, Series A, 5.00%, 12/01/24	$	855,171
	5,000,000	Snohomish County School District No 201 Refunding GO, (School Board GTY), 5.00%, 12/01/25		5,585,699
	775,000	Spokane & Whitman Counties School District No 360 Cheney Advance Refunding GO, (School Board GTY), 5.00%, 12/01/23		850,444
	1,000,000	State of Washington Advance Refunding COP, (State Aid Intercept Program), 5.00%, 07/01/24		1,121,241
	5,475,000	State of Washington Public Improvements GO, Series C, 5.00%, 02/01/30		6,242,576
	2,760,000	State of Washington Public Improvements GO, Series D, 5.00%, 02/01/24		3,048,419
	800,000	State of Washington Refunding GO, Series R-2012C, 5.00%, 07/01/23		825,297
	4,435,000	Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY), 5.00%, 12/01/24		5,053,979
				250,043,047
West Virginia — 0.0%
	1,650,000	West Virginia Parkways Authority Highway Improvements Revenue Bonds, 5.00%, 06/01/26		1,967,561
Wisconsin — 1.1%
	1,000,000	State of Wisconsin Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/28		1,189,080
	4,700,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, 5.00%, 06/01/29(a)		5,258,304

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	$	1,074,431
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Refunding Revenue Bonds, Series 1, 5.00%, 06/01/26(a)		1,074,316
	14,000,000	State of Wisconsin Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/29		17,046,008
	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/27		1,431,595
	3,205,000	State of Wisconsin Public Improvements GO, Series B, 5.00%, 05/01/30(a)		3,282,214
	1,900,000	State of Wisconsin Refunding Bonds GO, Series 3, 5.00%, 11/01/25(a)		1,991,588
	1,000,000	State of Wisconsin Refunding GO, Series 1, 5.00%, 05/01/24		1,071,285
	860,000	State of Wisconsin Refunding Notes GO, Series A, 5.00%, 05/01/28		991,680
	6,000,000	Wisconsin Department of Transportation Advance Refunding Revenue Bonds, Series 1, 1.01%, 07/01/26		5,903,352
	1,600,000	Wisconsin Department of Transportation Pre-refunded Current Refunding Revenue Bonds, Series 1, 5.00%, 07/01/29(a)		1,651,163
	2,250,000	Wisconsin Health & Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.13%, 04/15/31(a)		2,407,188
				44,372,204
Total Municipal Bonds (Cost $3,772,468,392)				3,824,911,121

133

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
CORPORATE BONDS — 1.5%
United States — 1.5%
$	1,675,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27	$	1,632,806
	3,000,000	BayCare Health System, Inc., Series 2020, 2.61%, 11/15/22		3,062,226
	5,000,000	Baylor Scott & White Holdings, Series 2021, 0.83%, 11/15/25		4,845,942
	1,750,000	Bon Secours Mercy Health, Inc., 1.35%, 06/01/25		1,750,623
	8,000,000	Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 1.91%, 09/01/30		7,988,995
	5,000,000	Leland Stanford Junior University, 1.29%, 06/01/27		4,955,121
	5,750,000	PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25		5,760,590
	10,000,000	Seattle Children’s Hospital, Series 2021, 1.21%, 10/01/27		9,666,258
	10,000,000	Yale University, Series 2020, 0.87%, 04/15/25		9,950,968
	12,550,000	Yale University, Series 2020, 1.48%, 04/15/30		12,329,801
Total Corporate Bonds (Cost $62,766,359)				61,943,330

U.S. GOVERNMENT SECURITIES — 2.0%
U.S. Treasury Bills — 1.2%
	50,000,000	0.05%, 03/31/22(d)(e)		49,986,979
U.S. Treasury Bonds — 0.8%
	25,000,000	4.50%, 02/15/36		34,355,469
Total U.S. Government Securities (Cost $84,183,166)				84,342,448


Shares			Value
INVESTMENT COMPANY — 9.5%
	402,891,766	SEI Daily Income Trust Government II Fund - Class A, 0.01%(f)	$	402,891,766
Total Investment Company (Cost $402,891,766)				402,891,766
TOTAL INVESTMENTS — 103.3% (Cost $4,322,309,683)			$	4,374,088,665
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%				(139,841,978)
NET ASSETS — 100.0%			$	4,234,246,687

(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 October 31, 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)	Zero coupon bond. The rate represents the yield at time of purchase.
(e)	The rate represents the annualized yield at time of purchase.
(f)	The rate shown represents the current yield as of October 31, 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

134

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments	*October 31, 2021*

Principal Amount			Value
MUNICIPAL BONDS — 93.4%
California — 93.4%
$	1,000,000	Abag Finance Authority for Nonprofit Corps Odd fellows Home Refunding Revenue Bonds, Series A, (California Mortgage Insurance), 5.00%, 04/01/23	$	1,064,613
	250,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Sub-Series S-4, 5.00%, 04/01/38(a)		266,964
	6,000,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Sub-Series S-4, 5.00%, 04/01/43(a)		6,407,131
	20,000,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Sub-Series S-4, 5.25%, 04/01/48(a)		21,427,666
	100,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds, 5.00%, 04/01/22		102,012
	125,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds, 5.00%, 04/01/23		133,353
	150,000	Cabrillo Community College District Refunding GO, 5.00%, 08/01/23(a)		155,417
	100,000	Cabrillo Community College District Refunding GO, 5.00%, 08/01/24(a)		103,612
	930,000	Cabrillo Community College District Refunding GO, 5.00%, 08/01/27(a)		963,588
	500,000	California Educational Facilities Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 01/01/27		587,739
	1,550,000	California Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/23		1,690,279
	500,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/01/31		676,757

Principal Amount				Value
California (continued)
$	275,000		California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/15/22	$	288,790
	1,000,000		California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/01/23		1,094,051
	100,000		California Health Facilities Financing Authority Current Refunding Revenue Bonds, 5.00%, 11/15/25		117,922
	1,565,000		California Infrastructure & Economic Development Bank Current Refunding Revenue Bond, Series A-1, 5.00%, 04/01/33		2,179,804
	5,725,000		California Infrastructure & Economic Development Bank Revenue Bond, 5.00%, 10/01/35		7,076,298
	100,000		California Infrastructure & Economic Development Bank Revenue Bond, 5.00%, 10/01/23		109,107
	250,000	��	California Infrastructure & Economic Development Bank Revenue Bond, 5.00%, 10/01/23		272,767
	125,000		California Infrastructure & Economic Development Bank University & College Improvements Revenue Bonds, 5.00%, 05/15/23		134,055
	100,000		California Municipal Finance Authority Advance Refunding Anaheim Water System Project Revenue Bonds, Series A, 5.00%, 10/01/24		113,650
	160,000		California Municipal Finance Authority Retirement Facilities California Armenian Home Project Revenue Bonds, (California Mortgage Insurance), 5.00%, 05/15/22		164,164
	100,000		California Municipal Finance Authority Retirement Facilities Revenue Bonds, (California Mortgage Insurance), 5.00%, 04/01/23		106,786

135

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	125,000	California Municipal Finance Authority Retirement Facilities Revenue Bonds, (California Mortgage Insurance), 5.00%, 04/01/24	$	138,817
	670,000	California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds, (California Mortgage Insurance), 4.00%, 07/01/24		733,502
	4,770,000	California State Current Refunding GO, 5.00%, 08/01/27		5,470,312
	250,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C, 5.00%, 11/01/23		273,302
	460,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C, 5.00%, 11/01/24		522,972
	100,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C, 5.00%, 11/01/25		117,515
	325,000	California State Public Works Board Current Refunding Revenue Bonds, Series F, 5.00%, 05/01/26		374,396
	150,000	California State Public Works Board Public Improvements Current Refunding Revenue Bonds, Series G, 5.00%, 11/01/22		157,214
	250,000	California State University & College Improvements Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/23		273,618
	1,785,000	California State University & College Improvements Revenue Bonds, Series A, 5.00%, 11/01/24		2,032,806
	1,000,000	California State University Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/24(a)		1,048,091

Principal Amount			Value
California (continued)
$	120,000	California State University Current Refunding Revenue Bonds, Series C, 5.00%, 11/01/21	$	120,000
	20,000	California State University Pre-refunded Refunding Revenue Bonds, 5.00%, 11/01/25(a)		22,739
	230,000	California State University Unfunded Revenue Bonds, 5.00%, 11/01/25(a)		262,078
	150,000	California Statewide Communities Development Authority Advance Refunding Revenue Bonds, (California Mortgage Insurance), 5.00%, 08/15/25		174,554
	745,000	California Statewide Communities Development Authority Current Refunding Revenue Bonds, (California Mortgage Insurance), 4.00%, 11/15/25		844,001
	100,000	California Statewide Communities Development Authority Nursing Homes Retirement Facilities Revenue Bonds, (California Mortgage Insurance), 5.00%, 07/01/28		125,122
	5,000,000	Carlsbad Unified School District School Improvements GO, Series B, 6.00%, 05/01/34		5,693,376
	885,000	Chabot-Las Positas Community College District Refunding GO, 5.00%, 08/01/25(a)		957,975
	325,000	City & County of San Francisco Public Improvements GO, Series B, 5.00%, 06/15/22		334,742
	4,335,000	City & County of San Francisco Public Improvements GO, Series R1, 5.00%, 06/15/29		5,646,181
	150,000	City & County of San Francisco Refunding Notes COP, 5.00%, 04/01/23		160,090
	2,500,000	City & County of San Francisco Refunding Notes COP, 5.00%, 04/01/23		2,667,792

136

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/30	$	1,277,272
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/31		1,294,816
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/32		1,288,310
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/33		1,284,183
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/34		1,280,793
	1,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 05/15/46		1,241,244
	4,000,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/34		5,127,719
	7,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/40		9,488,865
	3,645,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C, 5.00%, 05/15/23		3,911,396
	1,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C, 5.00%, 05/15/24		1,675,701

Principal Amount			Value
California (continued)
$	200,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds, 5.00%, 05/15/24	$	223,427
	100,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds, 5.00%, 05/15/25		115,798
	100,000	City of Los Angeles Wastewater System Revenue Advance Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/01/24		112,044
	2,550,000	City of Los Angeles Wastewater System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/01/25		2,741,614
	1,800,000	City of Los Angeles Wastewater System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/01/27		1,935,257
	275,000	City of Palo Alto Parking Facility Improvements COP, Series A, 5.00%, 11/01/23		300,980
	150,000	City of Palo Alto Parking Facility Improvements COP, Series A, 5.00%, 11/01/24		170,824
	200,000	City of Palo Alto Parking Facility Improvements COP, Series A, 5.00%, 11/01/25		235,639
	100,000	City of Roseville Water Utility Revenue Advance Refunding COP, 5.00%, 12/01/23		109,823
	150,000	City of Sacramento Wastewater Revenue Sewer Improvements Revenue Bonds, 5.00%, 09/01/25		175,979
	1,900,000	City of San Francisco Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds, 5.00%, 11/01/28		2,192,351
	1,600,000	Contra Costa County Public Financing Authority Current Refunding Revenue Bonds, Series B, 5.00%, 06/01/25		1,852,392

137

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	3,625,000	Contra Costa Transportation Authority Current Refunding Revenue Bonds, Series A, 5.00%, 03/01/31	$	4,877,041
	275,000	Contra Costa Water District Refunding Revenue Bonds, Series T, 5.00%, 10/01/25		312,364
	425,000	County of Marin Advance Refunding COP, 5.00%, 11/01/26		499,809
	225,000	County of Sacramento Airport System Revenue Current Refunding Revenue Bonds, Sub-Series D, 5.00%, 07/01/23		242,694
	225,000	County of Sacramento Airport System Revenue Current Refunding Revenue Bonds, Sub-Series D, 5.00%, 07/01/26		269,293
	100,000	County of San Diego Refunding COP, Series A, 5.00%, 10/15/25		113,565
	100,000	Cucamonga Valley Water District Financing Authority Current Refunding Revenue Bonds, 5.00%, 09/01/24		113,012
	1,445,000	Desert Community College District Refunding GO, 5.00%, 08/01/26		1,744,889
	200,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/22		205,597
	300,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/23		322,543
	225,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/24		252,223
	150,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/25		174,417

Principal Amount			Value
California (continued)
$	1,500,000	Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/36	$	1,951,334
	1,000,000	Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/37		1,297,483
	805,000	Garden Grove Unified School District School Improvements GO, Series C, 5.00%, 08/01/30(a)		872,118
	2,000,000	Los Angeles Community College District Advance Refunding GO, 1.17%, 08/01/26		1,996,590
	200,000	Los Angeles Community College District Refunding GO, Series A, 5.00%, 08/01/25(a)		225,308
	1,100,000	Los Angeles Community College District Refunding GO, Series A, 5.00%, 08/01/29(a)		1,239,193
	1,000,000	Los Angeles Community College District University & College Improvements GO, Series 2008-F, 5.00%, 08/01/24(a)		1,083,376
	850,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Senior Series B, 5.00%, 07/01/25		916,992
	125,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		140,582
	120,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		134,958
	5,000,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 06/01/28		6,324,219

138

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	4,000,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 06/01/29	$	5,171,672
	4,950,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 06/01/30		6,522,866
	5,000,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 06/01/31		6,715,266
	4,000,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 06/01/32		5,388,060
	275,000	Los Angeles County Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.00%, 07/01/24		309,280
	1,125,000	Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/39		1,444,789
	1,425,000	Los Angeles Department of Water & Power Power System Electricity Light & Power Improvements Revenue Bonds, Series D, 5.00%, 07/01/22		1,470,762
	2,065,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		2,179,663
	250,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		269,835
	150,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/22		150,588

Principal Amount			Value
California (continued)
$	450,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/23	$	473,385
	600,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/24		658,672
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		5,616,150
	100,000	Los Angeles Department of Water & Power Power System Revenue Electricity Light & Power Improvements Revenue Bonds, Series C, 5.00%, 07/01/22		103,211
	1,800,000	Los Rios Community College District Refunding GO, 5.00%, 08/01/27		1,863,069
	175,000	Marin Community College District Advance Refunding GO, 5.00%, 08/01/23		189,591
	1,100,000	Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A, 5.00%, 08/01/28		1,280,751
	2,000,000	Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 11/01/24(a)		2,232,493
	450,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		464,420
	125,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		140,475

139

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	210,000	Northern California Transmission Agency California-Oregon Project Advance Refunding Revenue Bonds, 5.00%, 05/01/26	$	249,707
	160,000	Ohlone Community College District Advance Refunding GO, 5.00%, 08/01/24		180,670
	100,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A, 5.00%, 02/01/26		118,905
	3,000,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A, 5.00%, 02/01/34		3,370,818
	475,000	Orange County Water District Repayment Of Bank Loan Revenue Bonds, Series C, 5.00%, 08/15/25		556,066
	200,000	Placer County Water Agency Current Refunding COP, 5.00%, 07/01/22		206,436
	150,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L, 5.00%, 05/15/23		160,987
	1,145,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L, 5.00%, 05/15/24		1,277,882
	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)		1,416,111
	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)		6,621,348
	1,100,000	Rio Hondo Community College District Current Refunding GO, Series B, 5.00%, 08/01/24		1,242,105

Principal Amount			Value
California (continued)
$	675,000	Rio Hondo Community College District Current Refunding GO, Series B, 5.00%, 08/01/25	$	789,755
	870,000	Riverside County Transportation Commission Pre-refunding Refunding Revenue Bond, Series A, 5.25%, 06/01/24(a)		939,237
	200,000	Sacramento County Sanitation Districts Financing Authority Current Refunding Revenue Bonds, 5.00%, 08/01/25		233,839
	3,000,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series A, 5.00%, 08/15/49(b)		3,200,871
	5,250,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub- Series B, 5.00%, 08/15/49(b)		6,048,639
	275,000	Saddleback Valley Unified School District Refunding GO, 5.00%, 08/01/24		297,827
	5,000,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27		5,012,732
	1,000,000	San Diego Community College District Advance Refunding GO, 5.00%, 08/01/28		1,203,368
	100,000	San Diego County Regional Transportation Commission Sales & Use Tax Refunding Revenue Bonds, Series A, 5.00%, 04/01/25(a)		111,348
	120,000	San Diego County Water Authority Advance Refunding Revenue Bonds, 5.00%, 05/01/22		122,898
	7,800,000	San Diego County Water Authority Advance Refunding Revenue Bonds, Series A, 1.33%, 05/01/28		7,650,706
	3,800,000	San Diego County Water Authority Refunding Revenue Bonds, Sub- Series S1, 5.00%, 05/01/28		4,785,584

140

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	300,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/25	$	349,782
	1,115,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 08/01/28		1,340,018
	300,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/23		324,902
	1,000,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Sub-Series A, 5.00%, 08/01/31(a)		1,035,962
	175,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/22		183,062
	100,000	San Diego Regional Building Authority County Operation Centre Current Advance Revenue Bonds, Series A, 5.00%, 10/15/23		109,244
	1,460,000	San Francisco Bay Area Rapid Transit District Sales Tax Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		1,693,098
	1,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series B-1, 5.00%, 08/01/24		1,691,131
	2,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series C-1, 5.00%, 08/01/24		2,818,551
	500,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A, 5.00%, 05/01/23		535,486
	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		4,537,848

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	$	3,770,773
	1,025,000	San Francisco City & County Airport Comm-San Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series E, 5.00%, 05/01/40		1,252,729
	3,450,000	San Francisco Municipal Transportation Agency Advance Refunding Revenue Bonds, Series A, 1.69%, 03/01/30		3,385,887
	200,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds, 5.00%, 03/01/23		212,567
	175,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds, 5.00%, 03/01/26		207,640
	830,000	San Jose Evergreen Community College District Advance Refunding GO, 5.00%, 09/01/24		939,508
	785,000	San Mateo County Community College District Refunding GO, 5.00%, 09/01/24(a)		816,487
	100,000	San Mateo Joint Powers Financing Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/15/24		112,693
	100,000	San Mateo Joint Powers Financing Authority Public Improvements Capital Project Revenue Bonds, Series A, 5.00%, 07/15/25		116,789
	1,000,000	San Mateo Union High School District Refunding GO, 5.00%, 09/01/27(a)		1,132,575
	275,000	San Mateo Union High School District Refunding GO, Series C, 5.00%, 09/01/24		310,949

141

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	125,000	San Rafael Joint Powers Financing Authority Green Bonds Public Facilities Revenue Bonds, 5.00%, 06/01/23	$	134,104
	1,000,000	San Ramon Valley Unified School District School Improvements GO, 5.00%, 08/01/24		1,126,833
	125,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A, 5.00%, 04/01/26		149,051
	250,000	Santa Clara Unified School District Advance Refunding GO, 5.00%, 07/01/22		258,011
	350,000	Santa Clara Unified School District Advance Refunding GO, 5.00%, 07/01/23		377,585
	100,000	Santa Clara Unified School District Advance Refunding GO, 5.00%, 07/01/25		112,351
	245,000	Santa Clara Unified School District School Improvements GO, 5.00%, 07/01/27		294,730
	1,540,000	Santa Clarita Community College District Refunding GO, 5.00%, 08/01/24(a)		1,668,399
	100,000	Santa Clarita Community College District University & College Improvements GO, 5.00%, 08/01/26		120,754
	150,000	Santa Monica Public Financing Authority Current Refunding Revenue Bonds, 5.00%, 07/01/25		174,721
	100,000	Southern California Public Power Authority Advance Refunding Revenue Bonds, Series C, 5.00%, 07/01/25		114,490
	225,000	Southern California Public Power Authority Electricity Light & Power Improvements Revenue Bonds, 5.00%, 07/01/26		265,193
	100,000	State of California (Other Revenue LOC) Advance Refunding GO, 5.00%, 09/01/22		104,003
	125,000	State of California Advance Refunding GO, 5.00%, 11/01/23		136,730

Principal Amount			Value
California (continued)
$	1,155,000	State of California Advance Refunding GO, 5.00%, 08/01/26	$	1,388,090
	325,000	State of California Advance Refunding GO, Group B, 5.00%, 09/01/25		379,801
	1,500,000	State of California Current Refunding GO, 5.00%, 04/01/24		1,668,876
	3,310,000	State of California Current Refunding GO, 5.00%, 08/01/24		3,730,788
	200,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX, 5.00%, 12/01/21		200,789
	150,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds, 5.00%, 12/01/22		157,805
	100,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds, 5.00%, 12/01/24		114,321
	1,300,000	State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O, 5.00%, 05/01/22		1,331,452
	300,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AS, 5.00%, 12/01/25		342,665
	125,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AV, 5.00%, 12/01/27		149,557
	1,000,000	State of California Multi Utility Improvements GO, 5.00%, 10/01/25		1,171,678
	125,000	State of California Refunding GO, 5.00%, 02/01/22		126,499
	1,000,000	State of California Refunding GO, 5.00%, 10/01/25		1,133,056
	6,065,000	State of California Refunding GO, 5.00%, 10/01/26		6,871,986

142

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	5,740,000	State of California Water Utility Improvements GO, 5.00%, 11/01/29	$	7,433,383
	550,000	Turlock Irrigation District Revenue Bonds, 5.00%, 01/01/25		628,383
	1,955,000	University of California Advance Refunding Revenue Bonds, Series AY, 5.00%, 05/15/24		2,187,167
	995,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/24(a)		1,066,648
	1,270,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/26(a)		1,361,451
	3,235,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF, 5.00%, 05/15/30(a)		3,467,947
	1,575,000	University of California Pre-refunded Limited Project Current Refunding Revenue Bonds, Series G, 5.00%, 05/15/30(a)		1,615,650
	11,000,000	University of California Refunding Revenue Bonds, Series AK, 5.00%, 05/15/48(b)		11,798,635
	130,000	University of California University & College Improvements Refunding Revenue Bonds, 5.00%, 05/15/23		133,391
	200,000	University of California University & College Improvements Refunding Revenue Bonds, Series BB, 5.00%, 05/15/25		231,902
	100,000	University of California University & College Improvements Revenue Bonds, Series AM, 5.00%, 05/15/26		111,767
	2,500,000	University of California University & College Improvements Revenue Bonds, Series BE, 5.00%, 05/15/33		3,251,832

Principal Amount			Value
California (continued)
$	550,000	Upper Santa Clara Valley Joint Powers Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 08/01/40	$	680,367
	125,000	Ventura County Community College District Advance Refunding GO, 5.00%, 08/01/24		141,148
	425,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, 5.00%, 11/01/24		483,865
	1,645,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.32%, 11/01/25		1,642,109
	2,295,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.54%, 11/01/26		2,287,632
	2,000,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.74%, 11/01/27		1,994,456
	3,970,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.96%, 11/01/28		3,977,736
	100,000	Walnut Energy Center Authority Current Refunding Revenue Bonds, 5.00%, 01/01/23		105,561
	1,100,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/36		1,442,149
	1,000,000	Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 10/01/37		1,305,570
	100,000	William S Hart Union High School District Advance Refunding GO, 5.00%, 08/01/24		112,713

143

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
California (continued)
$	125,000	Yosemite Community College District Current Refunding GO, 5.00%, 08/01/25	$	145,845
Total Municipal Bonds (Cost $318,734,794)				323,465,890

CORPORATE BONDS — 0.6%
United States — 0.6%
	2,000,000	Stanford Health Care, Series 2020, 3.31%, 08/15/30		2,171,032
Total Corporate Bonds (Cost $2,000,000)				2,171,032

Shares
INVESTMENT COMPANY — 4.8%
	16,446,457	SEI Daily Income Trust Government II Fund - Class A, 0.01%(c)		16,446,457
Total Investment Company (Cost $16,446,457)				16,446,457
TOTAL INVESTMENTS — 98.8% (Cost $337,181,251)			$	342,083,379
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%				4,071,564
NET ASSETS — 100.0%			$	346,154,943

(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 October 31, 2021.
(c)	The rate shown represents the current yield as of October 31, 2021.

The following abbreviations are used in the report:

COP — Certificates of Participation

GO — General Obligation

144

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments	*October 31, 2021*

Principal Amount			Value
MUNICIPAL BONDS — 92.1%
New York — 92.1%
$	2,000,000	Battery Park City Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/25	$	2,188,945
	100,000	Build NYC Resource Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/01/24		112,154
	1,110,000	City of New York Public Improvements GO, Series 2018-1, 5.00%, 08/01/25		1,292,395
	225,000	City of New York Advance Refunding GO, Series 2015-A, 5.00%, 08/01/24		253,141
	2,520,000	City of New York Advance Refunding GO, Series A, 5.00%, 08/01/26		3,023,333
	510,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/27		617,611
	150,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		155,417
	350,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/22		362,641
	200,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/23		216,602
	875,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/23		947,632
	1,515,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/27		1,730,030
	1,190,000	City of New York Advance Refunding GO, Series D, 5.00%, 08/01/33		1,456,018
	125,000	City of New York Advance Refunding GO, Series D, 5.00%, 08/01/24		140,634
	100,000	City of New York Advance Refunding GO, Series E, 5.00%, 08/01/24		112,507
	1,250,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/25		1,455,399

Principal Amount			Value
New York (continued)
$	24,000,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/26	$	28,793,645
	5,750,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24		6,469,160
	10,000,000	City of New York GO, Series A-1, 5.00%, 08/01/32		13,122,411
	255,000	City of New York Public Improvements GO, Series 2018-1, 5.00%, 08/01/23		276,167
	1,650,000	City of New York Public Improvements GO, Sub-Series D-3, 5.00%, 08/01/38(a)(b)		1,773,307
	200,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 04/01/23		213,512
	100,000	City of New York Public Improvements GO, Sub-Series F-1, 5.00%, 03/01/24		106,256
	100,000	City of New York Public Improvements GO, Sub-Series F-3, 5.00%, 12/01/23(b)		109,735
	200,000	City of New York Public Improvements GO, Sub-Series F-3, 5.00%, 12/01/25(b)		235,386
	1,500,000	City of New York Public Improvements GO, Sub-Series H-A, 5.00%, 01/01/25(b)		1,713,262
	2,025,000	City of New York Public Improvements GO, Sub-Series I-1, 5.00%, 03/01/25		2,243,531
	3,000,000	City of New York Public Improvements GO, Sub-Series I-1, 5.00%, 03/01/26		3,320,044
	155,000	City of New York Refunding GO, Series B, 5.00%, 08/01/25		160,491
	400,000	City of New York Refunding GO, Series C, 5.00%, 08/01/27		470,634

145

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	100,000	City of New York Refunding GO, Series F, 5.00%, 08/01/29	$	101,194
	9,000,000	City of New York Refunding GO, Series F, 5.00%, 08/01/30		9,106,989
	500,000	City of New York Refunding GO, Series J, 5.00%, 08/01/25		540,587
	325,000	City of New York Refunding GO, Series J, 5.00%, 08/01/24		365,648
	400,000	City of New York Refunding GO, Series J, Sub-Series J11, 5.00%, 08/01/25(b)		465,728
	100,000	City of New York Refunding GO, Sub-Series H-3, 5.00%, 08/01/23(b)		108,301
	2,125,000	County of Nassau Public Improvements GO, Series A, 5.00%, 04/01/22		2,167,575
	2,230,000	County of Nassau Public Improvements GO, Series A, 5.00%, 04/01/23		2,380,658
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 07/01/22		361,240
	100,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 07/01/23		107,934
	110,000	County of Westchester NY Sewer Improvements GO, Series C, 5.00%, 07/01/22		113,533
	150,000	Erie County Fiscal Stability Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/22		152,695
	300,000	Erie County Industrial Development Agency City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/23		321,386

Principal Amount			Value
New York (continued)
$	125,000	Erie County Industrial Development Agency City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/24	$	139,365
	1,025,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/29		1,315,249
	1,500,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/31		1,999,963
	1,200,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, 5.00%, 09/01/35		1,505,526
	1,420,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 09/01/34		1,840,990
	500,000	Long Island Power Authority Electric System General Revenue Bonds, 5.00%, 09/01/25		585,348
	4,000,000	Long Island Power Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/25		4,157,359
	1,600,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/24		1,810,614
	1,500,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/25		1,756,045
	1,025,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/26		1,235,364
	1,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/30		1,307,526
	1,000,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/31		1,328,216
	2,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/26		2,417,096

146

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	900,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/25	$	1,047,101
	125,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D, 5.00%, 11/15/24		141,250
	100,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F, 5.00%, 11/15/23		109,136
	450,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A2, 5.00%, 11/15/27		534,699
	700,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/23		733,881
	2,225,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D, 5.00%, 11/15/28		2,325,323
	400,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/24		418,932
	205,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/25		214,593
	1,500,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, 5.00%, 11/15/30		1,565,857
	150,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2, 5.00%, 11/15/25		174,526
	370,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2, 5.00%, 11/15/26		441,369
	1,500,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Sub-Series A1, 5.00%, 11/15/48(a)		1,688,111

Principal Amount			Value
New York (continued)
$	2,570,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series B-2, 5.00%, 11/15/23	$	2,816,841
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series B-2, 5.00%, 11/15/27		309,752
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1, 5.00%, 11/15/23		272,837
	375,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Sub-Series B-2, 5.00%, 11/15/26		453,594
	150,000	Metropolitan Transportation Authority Pre-refunded Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/25(c)		171,147
	1,600,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/25		1,676,360
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/29		2,617,171
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1, 5.00%, 11/15/29(b)		2,714,553
	100,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/23(b)		104,660
	8,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/27(b)		8,351,458
	100,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/22		104,769
	2,000,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1, 5.00%, 11/15/33		2,245,676

147

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1, 5.00%, 11/15/25	$	171,403
	375,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/22		392,884
	600,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/23		654,809
	100,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/26		119,289
	100,000	Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/24		111,333
	6,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/31		8,002,435
	6,250,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/34		8,243,179
	5,500,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/35		7,237,463
	5,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 0.83%, 11/15/26		4,889,021
	6,280,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 1.46%, 11/15/29		6,078,750
	300,000	Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/24		340,573

Principal Amount			Value
New York (continued)
$	115,000	New York City Transitional Finance Authority Building Aid Advance pre-refunded Revenue Bonds, (State Aid Withholding), 5.00%, 07/15/23(c)	$	124,131
	135,000	New York City Transitional Finance Authority Building Aid Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 07/15/23		145,881
	1,225,000	New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/24(c)		1,375,922
	500,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/29		613,206
	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		116,654
	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		1,242,011
	275,000	New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/24		309,301
	3,000,000	New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/31		3,985,138
	4,000,000	New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/32		5,278,135

148

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	700,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/26	$	800,820
	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		324,180
	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		112,473
	150,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/25		171,759
	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		147,504
	4,000,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/28		4,133,901
	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		135,075
	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		281,183

Principal Amount			Value
New York (continued)
$	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	$	108,101
	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		590,484
	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		2,328,266
	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		2,607,817
	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		1,033,765
	475,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C, 5.00%, 11/01/23		519,574
	250,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C, 5.00%, 11/01/24		284,385
	4,375,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 08/01/24		4,929,892
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series A1, 5.00%, 08/01/23		108,301

149

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	3,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series A-E1, 5.00%, 02/01/30	$	3,629,763
	150,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1, 5.00%, 05/01/23		160,716
	200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI, 5.00%, 08/01/25		225,190
	190,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI, 5.00%, 08/01/29		213,485
	2,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series I, 5.00%, 05/01/26		2,139,444
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds, Series B1, 5.00%, 11/01/25		111,518
	275,000	New York City Transitional Finance Authority Future Tax Secured Revenue Advance Refunding Revenue Bonds, Series C, 5.00%, 11/01/28		336,163
	1,075,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvement Revenue Bonds, Series C-1, 5.00%, 05/01/22		1,100,849
	200,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series A1, 5.00%, 08/01/28		232,055
	650,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series C1, 5.00%, 11/01/30		827,240

Principal Amount			Value
New York (continued)
$	375,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series C1, 5.00%, 11/01/31	$	476,233
	515,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series D1, 5.00%, 02/01/27		567,960
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series S, 5.00%, 05/01/34		6,451,677
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series B-1, 5.00%, 11/01/23		3,281,521
	1,100,000	New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Series A, 5.00%, 11/01/23		1,100,000
	670,000	New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Sub-Series C, 5.00%, 11/01/27		746,106
	600,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1, 5.00%, 05/01/23		642,865
	300,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1, 5.00%, 05/01/24		334,794
	350,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1, 5.00%, 08/01/23		379,053
	200,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/24		224,203
	1,825,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/26		2,186,934

150

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	2,750,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series CC, 5.00%, 06/15/25	$	3,194,187
	250,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series EE, 5.00%, 06/15/29		293,584
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2, 5.00%, 06/15/25		2,197,251
	150,000	New York City Water & Sewer System Refunding Revenue Bonds, Series FF, 5.00%, 06/15/25		174,228
	125,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG, 5.00%, 06/15/25		145,190
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG, 5.00%, 06/15/27		2,320,697
	7,500,000	New York City Water & Sewer System Refunding Revenue Bonds, Series HH, 5.00%, 06/15/28		8,679,189
	450,000	New York City Water & Sewer System Refunding Revenue Bonds, Sub- Series BB-2, 5.00%, 06/15/29		548,779
	4,750,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2, 5.00%, 06/15/25		5,218,472
	1,500,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Sub-Series FF-1, 5.00%, 06/15/49		1,849,846
	4,285,000	New York State Dormitory Authority Advance Pre-refunded Revenue Bonds, Series A, 5.00%, 02/15/25(c)		4,919,767
	1,885,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 02/15/25		2,161,705

Principal Amount			Value
New York (continued)
$	375,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 02/15/27	$	455,775
	150,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		154,782
	500,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23		532,456
	500,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		562,042
	1,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		1,201,955
	390,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 07/01/23		420,533
	1,400,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D, 5.00%, 02/15/24		1,550,521
	200,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D, 5.00%, 02/15/28		240,108
	1,525,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/24		1,694,613
	1,600,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/25		1,845,808
	750,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/28		923,902
	1,000,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/32		1,329,103

151

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	3,500,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/35	$	4,600,048
	5,000,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/50		6,259,301
	1,575,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2, 5.00%, 07/01/30		2,078,850
	650,000	New York State Dormitory Authority Green Bond Revenue Bonds, 5.00%, 07/01/24		730,655
	3,765,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/26		4,315,384
	1,455,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/30		1,657,969
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-A, 5.00%, 03/15/24		138,620
	150,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/26		175,379
	10,335,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/29		12,049,022
	2,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		2,217,913
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		119,055
	230,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/27		277,387

Principal Amount			Value
New York (continued)
$	350,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/25	$	402,617
	500,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/30		569,749
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/26		118,235
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/27		151,925
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,706,263
	100,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/23		105,443
	200,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/25		227,844
	3,275,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/27		3,946,717
	20,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/22		21,070
	1,925,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/25		2,127,573
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		3,228,174
	1,600,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/26(c)		1,726,662

152

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	6,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/29	$	7,498,757
	150,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/24		157,976
	2,025,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26		2,235,156
	4,765,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/29		5,017,271
	1,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series B, (AMBAC), 5.50%, 03/15/22		1,019,738
	350,000	New York State Dormitory Authority Refunding Revenue Bonds, Series C, 5.00%, 03/15/25		388,101
	500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series E, 5.00%, 02/15/23		530,522
	400,000	New York State Dormitory Authority Refunding Revenue Bonds, Series E, 5.00%, 02/15/24		442,618
	625,000	New York State Dormitory Authority School Improvements Bidding Group 2 Revenue Bonds, 5.00%, 03/15/24		693,098
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/24		138,620
	8,050,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/27		9,804,448
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A, 5.00%, 03/15/27		152,758

Principal Amount			Value
New York (continued)
$	100,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series E, 5.00%, 03/15/23	$	106,491
	2,500,000	New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A, 5.00%, 02/15/28		3,001,347
	425,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A, 5.00%, 02/15/26		502,500
	355,000	New York State Dormitory Authority Third Generation Resolution State Universal Refunding Revenue Bonds, 5.00%, 05/15/24		364,140
	1,000,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		1,108,957
	140,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/24		157,292
	2,525,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/25		2,939,131
	100,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/25		116,401
	1,025,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		1,136,066
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		2,101,634

153

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	200,000	New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A, 5.00%, 07/01/22	$	206,376
	2,500,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/28		3,150,357
	3,660,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		4,710,992
	2,250,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/30		2,952,037
	2,250,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/31		3,009,797
	200,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, Series A, 5.00%, 06/15/23		205,918
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C, 5.00%, 02/15/27		122,020
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series D, 5.00%, 03/15/23		106,563
	6,250,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/28		6,999,368
	475,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/15/27		511,303
	275,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/15/24		308,510

Principal Amount			Value
New York (continued)
$	2,530,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B, 4.00%, 06/15/37	$	2,981,794
	1,485,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/15/24		1,529,324
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/34		1,281,089
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/36		1,275,556
	100,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/23		107,728
	605,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		678,722
	985,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		1,105,027
	4,240,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/15/27		5,217,492
	3,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E, 5.00%, 06/15/23		3,231,826
	550,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E, 5.00%, 06/15/24		617,020
	100,000	New York State Thruway Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/22		101,789

154

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	375,000	New York State Thruway Authority Current Refunding Revenue Bonds, Series L, 5.00%, 01/01/26	$	441,988
	150,000	New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A, 5.00%, 04/01/23		152,944
	10,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, 4.00%, 01/01/38		11,589,901
	2,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series J, 5.00%, 01/01/27		2,196,611
	1,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/25		1,142,175
	375,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/24		412,636
	300,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/26		342,652
	250,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/23		263,751
	125,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/24		137,545
	200,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/25		228,435
	100,000	New York State Thruway Authority Refunding Revenue Bonds, Series L, 5.00%, 01/01/27		121,184
	2,405,000	New York State Thruway Authority Refunding Revenue Bonds, Series O, 5.00%, 01/01/33		3,149,152

Principal Amount			Value
New York (continued)
$	1,500,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/29	$	1,819,408
	300,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		333,064
	1,925,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		2,273,950
	540,000	New York State Urban Development Corp. Civic Convention Center Revenue Bonds, 1.83%, 03/15/29		534,768
	1,675,000	New York State Urban Development Corp. Civic Convention Center Revenue Bonds, Series A, 5.00%, 03/15/29		2,141,541
	1,000,000	New York State Urban Development Corp. Civic Convention Center Revenue Bonds, Series A, 5.00%, 03/15/35		1,281,081
	1,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, Series A-2, (NATL-RE), 5.50%, 03/15/23		1,071,743
	6,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/33		7,722,435
	1,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/27		1,220,296
	5,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/29		6,392,659
	500,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/32		645,565
	425,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/22		432,604

155

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	100,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23	$	106,491
	3,225,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/26		3,828,780
	2,750,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/28		3,245,901
	1,000,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue, Series A, 5.00%, 03/15/25		1,151,449
	200,000	New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C, 5.00%, 03/15/23		212,982
	225,000	New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		249,798
	10,000,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, 5.00%, 03/15/26		11,071,020
	150,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/22		152,684
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/26		118,722
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		122,030

Principal Amount			Value
New York (continued)
$	200,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24	$	222,043
	175,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/23		186,360
	2,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/29		2,128,397
	2,085,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/26		2,409,745
	500,000	Port Authority of New York & New Jersey Airport & Marina Improvements Revenue Bonds, Series 194, 5.00%, 10/15/33		582,489
	11,500,000	Port Authority of New York & New Jersey Cash Flow Management Revenue Bonds, Series AAA, 1.09%, 07/01/23		11,606,029
	150,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/24		167,397
	175,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 83, 5.00%, 12/15/26		196,178
	2,250,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 84, 5.00%, 09/01/34		2,531,204
	1,400,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27		1,534,748
	5,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28		5,476,853

156

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	100,000	Port Authority of New York & New Jersey Revenue Bonds, Series 209, 5.00%, 07/15/23	$	108,078
	325,000	Port Authority of New York & New Jersey Revenue Bonds, Series 209, 5.00%, 07/15/24		365,502
	125,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/23		136,563
	475,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/24		539,944
	5,150,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/30(c)		5,854,128
	8,195,000	State of New York Current Refunding GO, Series B, 2.55%, 02/15/29		8,633,591
	425,000	State of New York Green GO, Series A, 5.00%, 02/15/22		430,906
	100,000	State of New York Green GO, Series A, 5.00%, 02/15/26		118,954
	250,000	State of New York Public Improvements GO, Series A, 5.00%, 03/01/24(c)		265,917
	1,100,000	Syracuse Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/22		1,126,506
	1,415,000	Syracuse Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/23		1,514,983
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/33		1,167,695
	1,915,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/34		2,229,260

Principal Amount			Value
New York (continued)
$	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/35	$	1,161,490
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/36		1,157,298
	500,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/26		596,008
	375,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/24		426,671
	900,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/27		1,100,967
	450,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 11/15/29		547,104
	500,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series C-1, 5.00%, 11/15/25		587,419
	4,315,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/25		4,619,284
	475,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/26		508,496
	1,050,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/27		1,124,044
	1,575,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/29		1,685,309

157

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

Principal Amount			Value
New York (continued)
$	3,000,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 11/01/25	$	3,525,456
	100,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 11/15/25		117,484
	265,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 11/15/23		290,271
	435,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 11/15/27		510,484
	6,340,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/29		6,778,964
	1,500,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/30		1,603,856
	250,000	Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds, 5.00%, 11/15/23		273,840
	125,000	Triborough Bridge & Tunnel Authority Pre-refunded Highway Improvements Revenue Bonds, Series A, 5.00%, 11/15/25(c)		145,018
	250,000	Triborough Bridge & Tunnel Authority Pre-refunded Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/27(c)		268,323
	150,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/24		170,668
	100,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/24		104,886
	100,000	Utility Debt Securitization Authority Refunding Revenue Bonds, 5.00%, 12/15/26		114,277

Principal Amount			Value
New York (continued)
$	1,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, 5.00%, 06/15/25	$	1,882,559
	1,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series A, 5.00%, 06/15/26		1,682,362
	5,290,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/31		5,802,258
	1,080,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/28		1,185,307
	8,720,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/29		9,568,303
	2,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/30		3,016,911

Total Municipal Bonds (Cost $566,885,867)				577,401,202

CORPORATE BONDS — 0.8%
United States — 0.8%
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,874,047

Total Corporate Bonds (Cost $5,000,000)				4,874,047

Shares
INVESTMENT COMPANY — 6.0%
	37,412,126	SEI Daily Income Trust Government II Fund - Class A, 0.01%(d)		37,412,126

Total Investment Company (Cost $37,412,126)				37,412,126

TOTAL INVESTMENTS — 98.9% (Cost $609,297,993)			$	619,687,375
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%				6,856,741
NET ASSETS — 100.0%			$	626,544,116

158

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2021*

(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 October 31, 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 October 31, 2021.

The following abbreviations are used in the report:

AMBAC — Insured by AMBAC Financial Group

GO — General Obligation

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

159

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	*October 31, 2021*

	ALL CAP CORE FUND		SMALL & MID CAP STRATEGIES FUND		LARGE CAP STRATEGIES FUND		CREDIT INCOME FUND
ASSETS:
Investments, at fair value - unaffiliated	$	3,648,501,768	$	9,734,192,701	$	25,786,224,520	$	2,950,867,209
Foreign currency, at value (Cost $0, $2,018,737, $0 and $0 respectively)		—		2,008,793		—		—
Cash		4		—		9,890,342		—
Due from broker for collateral		—		—		—		2,890,000
Dividends and interest receivable		2,630,199		7,470,828		24,546,613		11,361,529
Receivable for Fund shares sold		1,088,488		1,351,579		3,183,302		1,646,618
Receivable for investments sold		—		19,593,146		111,721,541		192,298
Prepaid expenses		24,104		39,446		78,508		22,655
Total Assets		3,652,244,563		9,764,656,493		25,935,644,826		2,966,980,309
LIABILITIES:
Payable for Fund shares redeemed		576,449		2,728,383		6,692,982		404,390
Payable for investments purchased		15		4,890,419		124,986,662		11,150,894
Unrealized depreciation on swap contracts (Premiums received $0, $0, $0 and $460,008 respectively)		—		—		—		2,491,585
Deferred foreign capital gains tax liability (Note 8)		—		807,977		37,345,093		—
Accrued expenses and other payables:
Investment advisory		2,014,627		6,628,705		17,169,033		1,358,175
Administration and accounting - unaffiliated		88,553		308,943		603,834		109,003
Administration and accounting - affiliated		90,043		243,649		637,867		74,211
Shareholder servicing fee		600,286		1,624,331		4,252,447		494,738
Custody - unaffiliated		—		159,490		28,067		5,867
Custody - affiliated		52,547		18,756		458,684		—
Directors		16,510		48,941		126,123		12,062
Legal and Audit		72,645		222,176		506,109		227,025
Other		50,220		135,367		351,287		76,447
Total Liabilities		3,561,895		17,817,137		193,158,188		16,404,397
NET ASSETS	$	3,648,682,668	$	9,746,839,356	$	25,742,486,638	$	2,950,575,912
NET ASSETS consist of:
Capital paid-in	$	1,786,425,776	$	6,526,067,660	$	15,286,826,169	$	2,916,293,425
Total accumulated earnings		1,862,256,892		3,220,771,696		10,455,660,469		34,282,487
NET ASSETS	$	3,648,682,668	$	9,746,839,356	$	25,742,486,638	$	2,950,575,912
Net Asset Value, maximum offering price and redemption price per share	$	27.31	$	19.92	$	20.11	$	10.15
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		133,596,308		489,183,840		1,280,067,412		290,679,086
INVESTMENTS, AT COST	$	1,984,442,401	$	7,134,796,821	$	16,846,335,952	$	2,930,588,115

See Notes to Financial Statements.

160

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	*October 31, 2021*

	FIXED INCOME FUND		MUNICIPAL BOND FUND		CALIFORNIA MUNICIPAL BOND FUND		NEW YORK MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value - unaffiliated	$	1,563,279,045	$	4,374,088,665	$	342,083,379	$	619,687,375
Cash		—		—		1		1
Dividends and interest receivable		7,619,911		41,604,108		4,238,034		7,196,576
Receivable for Fund shares sold		263,129		4,741,457		7,200		—
Receivable for investments sold		3,070,155		—		—		—
Prepaid expenses		19,238		26,052		17,213		16,774
Total Assets		1,574,251,478		4,420,460,282		346,345,827		626,900,726
LIABILITIES:
Payable for Fund shares redeemed		67,953		523,910		—		29,500
Payable for investments purchased		4,659,618		183,462,199		—		—
Accrued expenses and other payables:
Investment advisory		385,849		1,040,672		75,573		142,991
Administration and accounting - unaffiliated		47,054		130,899		21,251		29,524
Administration and accounting - affiliated		40,068		107,540		8,886		15,823
Shareholder servicing fee		267,123		716,932		59,239		105,486
Custody - affiliated		20,035		53,769		4,443		7,912
Directors		11,588		29,129		2,816		4,081
Legal and Audit		39,884		90,432		18,676		21,093
Other		20,959		58,113		—		200
Total Liabilities		5,560,131		186,213,595		190,884		356,610
NET ASSETS	$	1,568,691,347	$	4,234,246,687	$	346,154,943	$	626,544,116
NET ASSETS consist of:
Capital paid-in	$	1,567,689,511	$	4,130,944,136	$	337,960,539	$	613,094,231
Total accumulated earnings		1,001,836		103,302,551		8,194,404		13,449,885
NET ASSETS	$	1,568,691,347	$	4,234,246,687	$	346,154,943	$	626,544,116
Net Asset Value, maximum offering price and redemption price per share	$	11.25	$	12.33	$	10.38	$	10.43
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		139,488,958		343,473,285		33,340,862		60,067,153
INVESTMENTS, AT COST	$	1,555,241,322	$	4,322,309,683	$	337,181,251	$	609,297,993

See Notes to Financial Statements.

161

Old Westbury Funds, Inc.
Statements of Operations
	*For the Year Ended October 31, 2021*

	ALL CAP CORE FUND			SMALL & MID CAP STRATEGIES FUND			LARGE CAP STRATEGIES FUND			CREDIT INCOME FUND
INVESTMENT INCOME:
Interest	$	2,446		$	—		$	192,445		$	113,463,292
Dividends - unaffiliated		25,365,703			95,156,119			263,563,764			16,597,899
Foreign tax withheld		(124,518	)		(6,624,284	)		(5,598,623	)		—
Total investment income		25,243,631			88,531,835			258,157,586			130,061,191
EXPENSES:
Investment advisory fees		19,873,840			75,399,102			182,173,117			14,835,361
Shareholder servicing fees		5,884,259			17,740,965			45,074,529			5,121,949
Administration and accounting fees - unaffiliated		452,206			1,497,249			3,302,390			496,658
Administration and accounting fees - affiliated		882,639			2,661,145			6,761,179			768,292
Custodian fees - unaffiliated		—			1,878,574			81,271			81,483
Custodian fees - affiliated		525,117			232,415			5,532,691			—
Directors fees and expenses		67,017			204,594			518,529			64,805
Insurance premiums		21,770			37,603			75,274			19,614
Legal and Audit fees		97,799			312,851			735,676			439,801
Printing and postage fees		22,279			48,557			110,362			20,826
Registration fees		36,090			90,658			216,602			35,039
Transfer agent fees		287,332			838,642			2,109,291			252,469
Miscellaneous expenses		17,418			49,621			73,007			16,806
Total expenses		28,167,766			100,991,976			246,763,918			22,153,103
Expenses waived by Advisor		—			(3,417,187	)		—			(384,818	)
Net expenses		28,167,766			97,574,789			246,763,918			21,768,285
NET INVESTMENT INCOME/(LOSS)		(2,924,135	)		(9,042,954	)		11,393,668			108,292,906
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:
Net realized gain/(loss) on:
Investments		220,381,046			675,821,438			1,642,059,283			6,403,344
Futures contracts		—			—			—			(18,120	)
Swap agreements		—			—			—			(2,252,755	)
Foreign currency transactions		(125,601	)		(1,251,276	)		(2,574,673	)		—
Foreign capital gains tax		—			(117,711	)		(3,308,637	)		—
Net change in unrealized appreciation/(depreciation) on:
Investments		905,273,240			1,522,987,158			4,531,241,210			30,882,691
Swap agreements		—			—			—			(2,264,937	)
Foreign currency transactions		(597	)		(139,208	)		(90,578	)		—
Deferred foreign capital gains taxed on unrealized appreciation/(depreciation)		—			(807,977	)		(37,345,093	)		—
Net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, foreign currency transactions, and foreign capital gains taxes		1,125,528,088			2,196,492,424			6,129,981,512			32,750,223
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,122,603,953		$	2,187,449,470		$	6,141,375,180		$	141,043,129

See Notes to Financial Statements.

162

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	*For the Year Ended October 31, 2021*

	FIXED INCOME FUND			MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND			NEW YORK MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest	$	24,774,957		$	62,438,417		$	5,952,650		$	9,358,801
Dividends - unaffiliated		1,562			15,434			1,038			1,947
Total investment income		24,776,519			62,453,851			5,953,688			9,360,748
EXPENSES:
Investment advisory fees		6,370,599			15,282,427			1,675,723			2,617,786
Shareholder servicing fees		3,211,771			8,304,244			744,765			1,183,893
Administration and accounting fees - unaffiliated		269,666			696,504			106,549			142,963
Administration and accounting fees - affiliated		481,766			1,245,637			111,715			177,584
Custodian fees - affiliated		240,883			622,818			55,857			88,792
Directors fees and expenses		39,310			100,633			9,220			14,250
Insurance premiums		19,253			27,725			15,026			15,642
Legal and Audit fees		55,778			130,768			25,326			27,204
Printing and postage fees		17,317			28,738			11,718			12,638
Registration fees		27,669			46,629			26,788			24,566
Transfer agent fees		162,483			399,441			46,787			67,163
Miscellaneous expenses		13,410			18,336			10,504			11,091
Total expenses		10,909,905			26,903,900			2,839,978			4,383,572
Expenses waived by Advisor		(1,756,358	)		(3,237,188	)		(717,605	)		(1,009,694	)
Net expenses		9,153,547			23,666,712			2,122,373			3,373,878
NET INVESTMENT INCOME		15,622,972			38,787,139			3,831,315			5,986,870
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain on:
Investments		7,726,587			48,932,448			3,021,716			2,550,678
Net change in unrealized depreciation on:
Investments		(44,298,763	)		(85,431,146	)		(6,927,094	)		(3,976,825	)
Net realized and change in unrealized gain/(loss) on investments		(36,572,176	)		(36,498,698	)		(3,905,378	)		(1,426,147	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(20,949,204	)	$	2,288,441		$	(74,063	)	$	4,560,723

See Notes to Financial Statements.

163

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

	ALL CAP CORE FUND
	FOR THE YEAR ENDED OCTOBER 31, 2021			FOR THE YEAR ENDED OCTOBER 31, 2020
FROM OPERATIONS:
Net investment income/(loss)	$	(2,924,135	)	$	1,982,763
Net realized gain on investments, futures contracts, swap agreements, foreign currency transactions, and foreign capital gains tax		220,255,445			80,145,937
Net change in unrealized appreciation/(depreciation) on investments, swap agreements, foreign currency transactions, net of foreign deferred taxes		905,272,643			299,945,554
Net increase/(decrease) in net assets resulting from operations		1,122,603,953			382,074,254

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(79,249,855	)		(158,030,798	)
Total distributions to shareholders		(79,249,855	)		(158,030,798	)

CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		568,233,362			486,652,689
Reinvestment of distributions		53,810,174			102,617,948
Value of capital stock redeemed		(300,620,640	)		(295,695,429	)
Net increase in net assets resulting from capital stock transactions		321,422,896			293,575,208
Net increase in net assets		1,364,776,994			517,618,664

NET ASSETS:
Beginning of year		2,283,905,674			1,766,287,010
End of year	$	3,648,682,668		$	2,283,905,674

CAPITAL SHARE TRANSACTIONS:
Shares sold		30,516,643			29,839,413
Shares issued as reinvestment of distributions		2,518,024			5,768,294
Shares redeemed		(12,630,701	)		(16,180,914	)
Net increase in shares outstanding		20,403,966			19,426,793

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

See Notes to Financial Statements.

164

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 YEAR ENDED OCTOBER 31, 2021			FOR THE YEAR ENDED OCTOBER 31, 2020			FOR THE YEAR ENDED OCTOBER 31, 2021			FOR THE YEAR ENDED OCTOBER 31, 2020			FOR THE YEAR ENDED OCTOBER 31, 2021			FOR THE PERIOD ENDED OCTOBER 31, 2020(a)

$	(9,042,954	)	$	11,050,629		$	11,393,668		$	81,211,125		$	108,292,906		$	7,974,055

	674,452,451			263,003,458			1,636,175,973			204,768,837			4,132,469			64,477

	1,522,039,973			180,589,854			4,493,805,539			833,559,388			28,617,754			(10,830,238	)
	2,187,449,470			454,643,941			6,141,375,180			1,119,539,350			141,043,129			(2,791,706	)

	(256,159,437	)		(294,105,663	)		(272,974,801	)		(841,174,746	)		(103,968,936	)		—
	(256,159,437	)		(294,105,663	)		(272,974,801	)		(841,174,746	)		(103,968,936	)		—

	1,469,920,430			1,067,779,413			3,340,285,718			1,940,470,637			1,083,765,608			1,950,834,733
	149,738,738			158,298,276			150,793,033			449,497,820			39,200,662			—
	(569,352,420	)		(899,814,445	)		(1,226,525,690	)		(2,060,679,178	)		(148,663,498	)		(8,844,080	)
	1,050,306,748			326,263,244			2,264,553,061			329,289,279			974,302,772			1,941,990,653
	2,981,596,781			486,801,522			8,132,953,440			607,653,883			1,011,376,965			1,939,198,947

	6,765,242,575			6,278,441,053			17,609,533,198			17,001,879,315			1,939,198,947			—
$	9,746,839,356		$	6,765,242,575		$	25,742,486,638		$	17,609,533,198		$	2,950,575,912		$	1,939,198,947

	76,480,118			80,097,942			184,198,653			139,256,546			107,298,194			195,093,897
	8,231,926			10,245,843			8,975,776			30,745,405			3,903,038			—
	(30,034,973	)		(63,865,971	)		(67,417,537	)		(149,768,926	)		(14,731,903	)		(884,140	)
	54,677,071			26,477,814			125,756,892			20,233,025			96,469,329			194,209,757

See Notes to Financial Statements.

165

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

	FIXED INCOME FUND
	FOR THE YEAR ENDED OCTOBER 31, 2021			FOR THE YEAR ENDED OCTOBER 31, 2020
FROM OPERATIONS:
Net investment income	$	15,622,972		$	22,001,592
Net realized gain on investments		7,726,587			42,920,519
Net change in unrealized appreciation/(depreciation) on investments		(44,298,763	)		13,941,459
Net increase/(decrease) in net assets resulting from operations		(20,949,204	)		78,863,570

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(60,499,108	)		(27,441,587	)
Total distributions to shareholders		(60,499,108	)		(27,441,587	)

CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		284,962,485			388,948,214
Reinvestment of distributions		40,178,581			16,254,462
Value of capital stock redeemed		(344,087,217	)		(280,356,378	)
Net increase/(decrease) in net assets resulting from capital stock transactions		(18,946,151	)		124,846,298
Net increase/(decrease) in net assets		(100,394,463	)		176,268,281

NET ASSETS:
Beginning of year		1,669,085,810			1,492,817,529
End of year	$	1,568,691,347		$	1,669,085,810

CAPITAL SHARE TRANSACTIONS:
Shares sold		24,942,340			33,141,790
Shares issued as reinvestment of distributions		3,490,875			1,391,381
Shares redeemed		(30,154,113	)		(23,950,896	)
Net increase/(decrease) in shares outstanding		(1,720,898	)		10,582,275

See Notes to Financial Statements.

166

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 YEAR ENDED OCTOBER 31, 2021			FOR THE YEAR ENDED OCTOBER 31, 2020			FOR THE YEAR ENDED OCTOBER 31, 2021			FOR THE YEAR ENDED OCTOBER 31, 2020			FOR THE YEAR ENDED OCTOBER 31, 2021			FOR THE YEAR ENDED OCTOBER 31, 2020

$	38,787,139		$	47,555,158		$	3,831,315		$	4,205,556		$	5,986,870		$	6,179,581
	48,932,448			29,034,242			3,021,716			2,818,592			2,550,678			3,909,922
	(85,431,146	)		49,604,957			(6,927,094	)		4,938,511			(3,976,825	)		3,998,762
	2,288,441			126,194,357			(74,063	)		11,962,659			4,560,723			14,088,265

	(62,051,485	)		(47,868,985	)		(6,793,047	)		(4,840,879	)		(9,915,106	)		(7,571,015	)
	(62,051,485	)		(47,868,985	)		(6,793,047	)		(4,840,879	)		(9,915,106	)		(7,571,015	)

	973,951,398			969,547,176			65,517,376			120,629,965			179,396,663			171,679,217
	22,329,496			12,512,019			3,422,001			2,055,461			4,321,762			2,870,995
	(903,910,339	)		(517,589,369	)		(116,284,782	)		(69,000,182	)		(134,320,233	)		(97,419,168	)
	92,370,555			464,469,826			(47,345,405	)		53,685,244			49,398,192			77,131,044
	32,607,511			542,795,198			(54,212,515	)		60,807,024			44,043,809			83,648,294

	4,201,639,176			3,658,843,978			400,367,458			339,560,434			582,500,307			498,852,013
$	4,234,246,687		$	4,201,639,176		$	346,154,943		$	400,367,458		$	626,544,116		$	582,500,307

	78,706,808			77,962,776			6,238,869			11,522,959			17,211,966			16,381,052
	1,784,997			1,010,713			324,974			197,029			409,495			274,948
	(72,615,591	)		(41,902,780	)		(11,093,932	)		(6,593,752	)		(12,753,669	)		(9,346,387	)
	7,876,214			37,070,709			(4,530,089	)		5,126,236			4,867,792			7,309,613

See Notes to Financial Statements.

167

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

For a Share Outstanding Throughout Each Year.

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year	$	20.18		$	18.84		$	17.08		$	16.50		$	13.69
Investment operations:
Net investment income/(loss)		(0.02	)(a)		0.02	(a)		0.09	(a)		0.07	(a)		0.10	(a)
Net realized and unrealized gain		7.85			3.02			2.44			0.84			2.86
Total from investment operations		7.83			3.04			2.53			0.91			2.96
Distributions:
Net investment income		(0.01	)		(0.08	)		(0.08	)		(0.09	)		(0.15	)
Net realized gains		(0.69	)		(1.62	)		(0.69	)		(0.24	)		—
Total distributions		(0.70	)		(1.70	)		(0.77	)		(0.33	)		(0.15	)
Net asset value, end of year	$	27.31		$	20.18		$	18.84		$	17.08		$	16.50
Total return		39.8	%		17.3	%		15.7	%		5.6	%		21.8	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	3,648,683		$	2,283,906		$	1,766,287		$	1,839,663		$	1,772,368
Ratio of expenses to average net assets before expense waivers		0.96	%(b)		0.97	%(b)		0.98	%(b)		0.98	%(b)		0.99	%(b)
Ratio of expenses to average net assets after expense waivers		0.96	%		0.97	%		0.98	%		0.98	%		0.99	%
Ratio of net investment income/(loss) to average net assets		(0.10	)%		0.10	%		0.51	%		0.42	%		0.67	%
Portfolio turnover rate		30	%		43	%		31	%		38	%		57	%

(a)	Calculated based on the average shares method for the year.
(b)	There were no voluntary fee reductions during the year.

See Notes to Financial Statements.

168

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

For a Share Outstanding Throughout Each Year.

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year	$	15.57		$	15.39		$	15.85		$	17.49		$	15.81
Investment operations:
Net investment income/(loss)		(0.02	)(a)		0.03	(a)		0.09	(a)		0.08	(a)		0.10	(a)
Net realized and unrealized gain/(loss)		4.97			0.88			1.10			(0.47	)		2.54
Total from investment operations		4.95			0.91			1.19			0.39			2.64
Distributions:
Net investment income		(0.03	)		(0.09	)		(0.09	)		(0.11	)		(0.09	)
Net realized gains		(0.57	)		(0.64	)		(1.56	)		(1.14	)		(0.87	)
Total distributions		(0.60	)		(0.73	)		(1.65	)		(1.25	)		(0.96	)
Net asset value, end of year	$	19.92		$	15.57		$	15.39		$	15.85		$	17.49
Total return		32.1	%		5.9	%		9.4	%		(2.6	)%		17.6	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	9,746,839		$	6,765,243		$	6,278,441		$	6,222,492		$	6,562,381
Ratio of expenses to average net assets before expense waivers		1.14	%(b)		1.15	%(b)		1.15	%(b)		1.15	%(b)		1.15	%(b)
Ratio of expenses to average net assets after expense waivers		1.10	%		1.11	%		1.11	%		1.11	%		1.11	%
Ratio of net investment income/(loss) to average net assets		(0.10	)%		0.17	%		0.58	%		0.48	%		0.59	%
Portfolio turnover rate		46	%		65	%		52	%		62	%		45	%

(a)

Calculated based on the average shares method for the year.

(b)

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

See Notes to Financial Statements.

169

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

For a Share Outstanding Throughout Each Year.

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year	$	15.26		$	14.99		$	13.87		$	14.85		$	12.95
Investment operations:
Net investment income		0.01	(a)		0.07	(a)		0.13	(a)		0.13	(a)		0.11	(a)
Net realized and unrealized gain/(loss)		5.08			0.94			1.58			(0.26	)		2.02
Total from investment operations		5.09			1.01			1.71			(0.13	)		2.13
Distributions:
Net investment income		(0.05	)		(0.12	)		(0.14	)		(0.10	)		(0.10	)
Net realized gains		(0.19	)		(0.62	)		(0.45	)		(0.75	)		(0.13	)
Total distributions		(0.24	)		(0.74	)		(0.59	)		(0.85	)		(0.23	)
Net asset value, end of year	$	20.11		$	15.26		$	14.99		$	13.87		$	14.85
Total return		33.6	%		7.0	%		12.9	%		(1.1	)%		16.7	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	25,742,487		$	17,609,533		$	17,001,879		$	16,499,149		$	17,243,479
Ratio of expenses to average net assets before expense waivers		1.09	%(b)(c)		1.10	%(b)(c)		1.10	%(b)(c)		1.11	%(b)(c)		1.11	%(b)(c)
Ratio of expenses to average net assets after expense waivers		1.09	%		1.10	%		1.10	%		1.11	%		1.11	%
Ratio of net investment income to average net assets		0.05	%		0.48	%		0.93	%		0.86	%		0.77	%
Portfolio turnover rate		43	%		76	%		73	%		38	%		61	%

(a)	Calculated based on the average shares method for the year.
(b)	There were no voluntary fee reductions during the year.
(c)	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.

See Notes to Financial Statements.

170

Old Westbury Funds, Inc.
Credit Income Fund
Financial Highlights

For a Share Outstanding Throughout the Period.

	YEAR ENDED OCTOBER 31, 2021			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		0.43	(b)		0.05	(b)
Net realized and unrealized gain/(loss)		0.15			(0.06	)
Total from investment operations		0.58			(0.01	)
Distributions:
Net investment income		(0.42	)		—
Total distributions		(0.42	)		—
Net asset value, end of period	$	10.15		$	9.99
Total return		5.9	%		(0.1	)%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	2,950,576		$	1,939,199
Ratio of expenses to average net assets before expense waivers		0.87	%(d)		0.94	%(d)(e)
Ratio of expenses to average net assets after expense waivers		0.85	%		0.85	%(e)
Ratio of net investment income to average net assets		4.23	%		5.33	%(e)
Portfolio turnover rate		24	%		1	%(c)

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

See Notes to Financial Statements.

171

Old Westbury Funds, Inc.
Fixed Income Fund
Financial Highlights

For a Share Outstanding Throughout Each Year.

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year	$	11.82		$	11.43		$	10.75		$	11.11		$	11.28
Investment operations:
Net investment income		0.11	(a)		0.16	(a)		0.21	(a)		0.19	(a)		0.14	(a)
Net realized and unrealized gain/(loss)		(0.25	)		0.43			0.69			(0.35	)		(0.15	)
Total from investment operations		(0.14	)		0.59			0.90			(0.16	)		(0.01	)
Distributions:
Net investment income		(0.19	)		(0.20	)		(0.22	)		(0.20	)		(0.16	)
Net realized gains		(0.24	)		—			—			—			—
Total distributions		(0.43	)		(0.20	)		(0.22	)		(0.20	)		(0.16	)
Net asset value, end of year	$	11.25		$	11.82		$	11.43		$	10.75		$	11.11
Total return		(1.2	)%		5.2	%		8.4	%		(1.5	)%		(1.0	)%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	1,568,691		$	1,669,086		$	1,492,818		$	865,030		$	825,545
Ratio of expenses to average net assets before expense waivers		0.68	%		0.68	%		0.70	%		0.72	%		0.72	%
Ratio of expenses to average net assets after expense waivers		0.57	%		0.57	%		0.57	%		0.62	%		0.62	%
Ratio of net investment income to average net assets		0.97	%		1.39	%		1.93	%		1.70	%		1.28	%
Portfolio turnover rate		58	%		87	%		34	%		49	%		70	%

(a)	Calculated based on the average shares method for the year.

See Notes to Financial Statements.

172

Old Westbury Funds, Inc.
Municipal Bond Fund
Financial Highlights

For a Share Outstanding Throughout Each Year.

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of year	$	12.52		$	12.26		$	11.63		$	11.95		$	12.09
Investment operations:
Net investment income		0.12	(a)		0.15	(a)		0.18	(a)		0.17	(a)		0.14	(a)
Net realized and unrealized gain/(loss)		(0.12	)		0.26			0.62			(0.33	)		(0.08	)
Total from investment operations		0.00			0.41			0.80			(0.16	)		0.06
Distributions:
Net investment income		(0.12	)		(0.15	)		(0.17	)		(0.16	)		(0.14	)
Net realized gains		(0.07	)		—			—			—			(0.06	)
Total distributions		(0.19	)		(0.15	)		(0.17	)		(0.16	)		(0.20	)
Net asset value, end of year	$	12.33		$	12.52		$	12.26		$	11.63		$	11.95
Total return		(0.1	)%		3.4	%		6.9	%		(1.4	)%		0.5	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	4,234,247		$	4,201,639		$	3,658,844		$	2,297,532		$	2,235,503
Ratio of expenses to average net assets before expense waivers		0.65	%		0.65	%		0.66	%		0.67	%		0.67	%
Ratio of expenses to average net assets after expense waivers		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		0.93	%		1.21	%		1.46	%		1.41	%		1.17	%
Portfolio turnover rate		58	%		40	%		26	%		51	%		31	%

(a)	Calculated based on the average shares method for the year.

See Notes to Financial Statements.

173

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

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,						PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER
	2021			2020			31, 2019
Net asset value, beginning of period	$	10.57		$	10.37		$	10.00
Investment operations:
Net investment income		0.11	(b)		0.12	(b)		0.12	(b)
Net realized and unrealized gain/(loss)		(0.11	)		0.22			0.36
Total from investment operations		0.00			0.34			0.48
Distributions:
Net investment income		(0.11	)		(0.12	)		(0.11	)
Net realized gains		(0.08	)		(0.02	)		—
Total distributions		(0.19	)		(0.14	)		(0.11	)
Net asset value, end of period	$	10.38		$	10.57		$	10.37
Total return		(0.1	)%		3.3	%		4.8	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	346,155		$	400,367		$	339,560
Ratio of expenses to average net assets before expense waivers		0.76	%		0.76	%		0.78	%(d)
Ratio of expenses to average net assets after expense waivers		0.57	%		0.57	%		0.57	%(d)
Ratio of net investment income to average net assets		1.03	%		1.13	%		1.32	%(d)
Portfolio turnover rate		25	%		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.

174

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

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,						PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER
	2021			2020			31, 2019
Net asset value, beginning of period	$	10.55		$	10.42		$	10.00
Investment operations:
Net investment income		0.11	(b)		0.12	(b)		0.13	(b)
Net realized and unrealized gain/(loss)		(0.05	)		0.16			0.40
Total from investment operations		0.06			0.28			0.53
Distributions:
Net investment income		(0.11	)		(0.12	)		(0.11	)
Net realized gains		(0.07	)		(0.03	)		—
Total distributions		(0.18	)		(0.15	)		(0.11	)
Net asset value, end of period	$	10.43		$	10.55		$	10.42
Total return		0.6	%		2.7	%		5.4	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	626,544		$	582,500		$	498,852
Ratio of expenses to average net assets before expense waivers		0.74	%		0.75	%		0.77	%(d)
Ratio of expenses to average net assets after expense waivers		0.57	%		0.57	%		0.57	%(d)
Ratio of net investment income to average net assets		1.01	%		1.13	%		1.42	%(d)
Portfolio turnover rate		23	%		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.

175

Old Westbury Funds, Inc.
Notes to Financial Statements
	*October 31, 2021*

1.	Organization:

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

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.

2.	Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Corporation in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

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

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

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

176

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*October 31, 2021*

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 Bessemer Investment Management LLC (“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 Cap Strategies Fund and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair

177

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	*October 31, 2021*

value certain securities 54 days during the year ended October 31, 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 October 31, 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 year ended October 31, 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.

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	*October 31, 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 October 31, 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. The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

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	*October 31, 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.

3.	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.

In an organized attempt to contain and mitigate the effects of the COVID-19 pandemic, 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 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.

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	*October 31, 2021*

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”). On March 5, 2021, the United Kingdom’s Financial Conduct Authority and ICE Benchmark Authority formally announced the dates after which the LIBORs will cease publication. Certain LIBORs (e.g., all euro and Swiss franc LIBOR settings, the Spot Next/Overnight, 1 week, 2 month and 12 month Japanese yen and Great British pound LIBOR settings, and the 1 week and 2 months U.S. dollar LIBOR settings) will cease publication after December 31, 2021. However, the publication of certain other LIBORs (e.g., the overnight, 1 month, 3 month, 6 month, and 12 months U.S. dollar LIBOR settings) will continue through at least June 30, 2023. The future publication and strike utilization of LIBOR, and the nature of any replacement rate, is uncertain. Therefore, the potential effect of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined.

In March 2020, the FASB issued guidance providing optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR or other interbank-offered based reference rates as of the end of December 2021. Management continues to evaluate the impact of the guidance and may apply other elections, as applicable, as the expected market transition to alternative reference rates evolves.

D. Shareholder Concentration Risk.

As of October 31, 2021, the following Funds had omnibus accounts which each owned more than 5% of a Fund’s outstanding shares as shown below:

	# of Omnibus Accounts		% of Fund
All Cap Core Fund		1	99.06	%
Small & Mid Cap Strategies Fund		1	98.09	%
Large Cap Strategies Fund		1	98.42	%
Credit Income Fund		1	99.02	%
Fixed Income Fund		1	99.66	%
Municipal Bond Fund		1	98.97	%
California Municipal Bond Fund		1	99.20	%
New York Municipal Bond Fund		1	99.92	%

4.	Fair Value Measurements:

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

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

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

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

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

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	*October 31, 2021*

The summary of inputs used to value the Funds’ investments as of October 31, 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	$	3,547,838,594(b)	$	—	$	—	$	3,547,838,594
Exchange-Traded Funds		15,783,340		—		—		15,783,340
Investment Company		84,879,834		—		—		84,879,834
Total	$	3,648,501,768	$	—	$	—	$	3,648,501,768

Small & Mid Cap Strategies Fund
Equity Securities
Argentina	$	35,765,152	$	—	$	—	$	35,765,152
Australia		149,662,502		—		—		149,662,502
Austria		6,375,784		—		—		6,375,784
Belgium		23,242,701		—		—		23,242,701
Bermuda		35,630,547		—		—		35,630,547
Brazil		31,553,245		—		—		31,553,245
Canada		273,062,227		—		—		273,062,227
China		274,180,733		26,670,819		—		300,851,552
Costa Rica		4,269,761		—		—		4,269,761
Denmark		147,659,244		—		—		147,659,244
Finland		70,278,725		—		—		70,278,725
France		76,392,621		—		—		76,392,621
Germany		147,511,047		—		—		147,511,047
Greece		13,508,469		—		—		13,508,469
Hong Kong		48,112,024		—		—		48,112,024
Iceland		7,974,934		—		—		7,974,934
India		73,360,130		—		—		73,360,130
Indonesia		2,358,584		—		—		2,358,584
Ireland		18,147,440		—		—		18,147,440
Israel		286,847,034		—		—		286,847,034
Italy		46,468,790		—		—		46,468,790
Japan		597,997,534		—		—		597,997,534
Jersey Channel Islands		32,263,701		—		—		32,263,701
Netherlands		131,122,309		—		—		131,122,309
New Zealand		51,003,512		—		—		51,003,512
Norway		7,805,659		—		—		7,805,659
Peru		5,082,600		—		—		5,082,600
Poland		18,794,210		—		—		18,794,210
Portugal		1,329,666		—		—		1,329,666
Russia		78,832,766		—		—		78,832,766
Singapore		8,307,042		—		4,289		8,311,331
South Africa		17,606,334		—		—		17,606,334
South Korea		87,692,425		—		—		87,692,425
Spain		27,319,746		—		—		27,319,746
Sweden		153,489,609		—		—		153,489,609
Switzerland		235,612,171		—		—		235,612,171
Taiwan		77,407,326		—		—		77,407,326
Thailand		16,938,432		26,321,061		—		43,259,493
Turkey		51,011,207		—		—		51,011,207
United Kingdom		597,630,706		—		0		597,630,706
United States		4,230,084,871		—		—		4,230,084,871
Vietnam		2,320,358		—		—		2,320,358
Total Equity Securities	$	8,202,013,878	$	52,991,880	$	4,289	$	8,255,010,047

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	*October 31, 2021*

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Rights/Warrants
Thailand	$	645,322	$	—	$	—	$	645,322
United States		—		—		0		0
Total Rights/Warrants	$	645,322	$	—	$	0	$	645,322
Exchange-Traded Funds		1,155,475,780		—		—		1,155,475,780
Investment Company		17,388,439		—		—		17,388,439
Cash Sweep		305,673,113		—		—		305,673,113
Total	$	9,681,196,532	$	52,991,880	$	4,289	$	9,734,192,701

Large Cap Strategies Fund
Equity Securities	$	22,954,620,313(b)	$	80,088,287(b)(c)	$	465,948(b)	$	23,035,174,548
Exchange-Traded Funds		2,238,263,960		—		—		2,238,263,960
Investment Company		506,048,905		—		—		506,048,905
Cash Sweep		6,737,107		—		—		6,737,107
Total	$	25,705,670,285	$	80,088,287	$	465,948	$	25,786,224,520

Credit Income Fund
Preferred Stocks	$	6,546,123(b)	$	—	$	—	$	6,546,123
Exchange-Traded Funds		533,313,189		—		—		533,313,189
Bank Loans		—		—		4,382,766(b)		4,382,766
Corporate Bonds		—		287,355,305(b)		—		287,355,305
Asset-Backed Securities		—		544,903,185(b)		25,609,023(b)		570,512,208
Non-Agency Mortgage-Backed Securities		—		426,028,398(b)		47,511,012(b)		473,539,410
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		46,547,533(b)		—		46,547,533
U.S. Government Securities		—		633,473,448		—		633,473,448
Cash Sweep		395,197,227		—		—		395,197,227

Other financial instruments - Liabilities Interest Rate Risk		—		(2,491,585)(b)		—		(2,491,585)
Total	$	935,056,539	$	1,935,816,284	$	77,502,801	$	2,948,375,624

Fixed Income Fund
Municipal Bonds	$	—	$	11,187,857(b)	$	—	$	11,187,857
Corporate Bonds		—		555,661,183(b)		—		555,661,183
Asset-Backed Securities		—		101,713,272(b)		—		101,713,272
Non-Agency Mortgage-Backed Securities		—		611,642(b)		—		611,642
U.S. Government Agencies		—		192,344		—		192,344
U.S. Government Securities		—		875,603,088		—		875,603,088
Investment Company		18,309,659		—		—		18,309,659
Total	$	18,309,659	$	1,544,969,386	$	—	$	1,563,279,045

Municipal Bond Fund
Municipal Bonds	$	—	$	3,824,911,121(b)	$	—	$	3,824,911,121
Corporate Bonds		—		61,943,330(b)		—		61,943,330
U.S. Government Securities		—		84,342,448		—		84,342,448
Investment Company		402,891,766		—		—		402,891,766
Total	$	402,891,766	$	3,971,196,899	$	—	$	4,374,088,665

California Municipal Bond Fund
Municipal Bonds	$	—	$	323,465,890(b)	$	—	$	323,465,890
Corporate Bonds		—		2,171,032(b)		—		2,171,032

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	*October 31, 2021*

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Investment Company	$	16,446,457	$	—	$	—	$	16,446,457
Total	$	16,446,457	$	325,636,922	$	—	$	342,083,379

New York Municipal Bond Fund
Municipal Bonds	$	—	$	577,401,202(b)	$	—	$	577,401,202
Corporate Bonds		—		4,874,047(b)		—		4,874,047
Investment Company		37,412,126		—		—		37,412,126
Total	$	37,412,126	$	582,275,249	$	—	$	619,687,375

(a)	The Small & Mid Cap Strategies Fund and the 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 year ended October 31, 2021. For the Small & Mid Cap Strategies Fund there were transfers out of Level 3 in the amount of $4,196,513. For the Large Cap Strategies Fund there were transfers into Level 3 in the amount of $274,494. In addition, with the exception of the Credit Income Fund, there were no significant purchases and sales during the period. As of October 31, 2021, the fair value of Level 3 assets as a percentage of NAV was 0.00%, 0.00% and 2.63% 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 Note 5 for derivatives.
(c)	Represents securities as disclosed in the Thailand section of the Fund’s Portfolio of Investments.

During the year ended October 31, 2021, the Funds recognized no material 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 year utilizing fair value at the beginning of the year.

The following is a rollforward of Level 3 investments:

	Credit Income Fund
Balance as of 10/31/2020 (value)	$	79,593,851
Net accrued discounts (premiums)		(188,833	)
Realized gain		3,646,107
Unrealized gain		178,635
Purchases		46,205,618
Sales (paydowns)		(32,503,748	)
Transfer in		2,271,726
Transfer out		(21,700,555	)
Balance as of 10/31/2021 (value)	$	77,502,801
Net change in unrealized appreciation on investments still held at October 31, 2021	$	2,027,973

5.	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

184

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	*October 31, 2021*

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 year ended October 31, 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.

As of October 31, 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	$	2,491,585	$	—	$	—	$	(2,491,585	)	$	—

(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.

185

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*October 31, 2021*

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 October 31, 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

2,491,585


	The Effect of Derivative Instruments on the Statements of Operations For the Year Ended October 31, 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)	$	(2,252,755)	$	—	$	(2,270,875)


	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	$	—	$	—	$	—	$	(2,264,937)	$	—	$	(2,264,937)

For the year ended October 31, 2021, the quarterly average volume of derivative activities were as follows:

		Credit Income Fund
Total Return Swaps (Notional Amount in U.S. Dollars)		$	315,000,000

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.

186

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	*October 31, 2021*

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 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

187

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	*October 31, 2021*

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

6.	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.

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	*October 31, 2021*

BIM has retained Baillie Gifford and Sands Capital Management, LLC (“Sands”) as sub-advisers to each manage a segment of the Large Cap Strategies Fund. Baillie Gifford and Sands are paid for their services directly by BIM. Harding Loevner LP (“Harding Loevner”) previously served as sub-adviser to the fund and was terminated effective June 30, 2021, and Baillie Gifford was 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.

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, 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 and the Large Cap Strategies Fund each 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. BTCO also serves as custodian for the Large Cap Strategies Fund except for assets managed by Baillie Gifford. 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 year ended October 31, 2021, BIM waived $3,417,187 for the Small & Mid Cap Strategies Fund, $384,818 for the Credit Income Fund, $1,756,358 for the Fixed Income Fund, $3,237,188 for the Municipal Bond Fund, $717,605 for the California Municipal Bond Fund and $1,009,694 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.

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	*October 31, 2021*

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.

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 year ended October 31, 2021, there were no affiliated transactions except for as described in Note 10.

7.	Securities Transactions:

Investment transactions for the year ended October 31, 2021, excluding short-term debt investments and U.S. Government securities, were as follows:

	Purchases		Sales
All Cap Core Fund	$	871,940,373	$	941,496,852
Small & Mid Cap Strategies Fund		4,539,825,402		3,920,132,977
Large Cap Strategies Fund		11,342,863,726		9,480,879,206
Credit Income Fund		979,695,929		528,918,571
Fixed Income Fund		390,025,675		301,306,756
Municipal Bond Fund		2,078,812,020		2,205,826,677
California Municipal Bond Fund		84,442,311		99,510,651
New York Municipal Bond Fund		127,769,709		119,586,663

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2021 were as follows:

	Purchases		Sales
Credit Income Fund	$	359,591,813	$	1,396,780
Fixed Income Fund		522,390,930		705,081,946
Municipal Bond Fund		225,412,109		378,692,151
California Municipal Bond Fund		4,832,031		37,593,421
New York Municipal Bond Fund		4,832,031		27,479,473


8.	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.

190

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Notes to Financial Statements - (Continued)
	*October 31, 2021*

As of October 31, 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	$	1,988,123,872	$	1,666,218,048	$	(5,840,152	)	$	1,660,377,896
Small & Mid Cap Strategies Fund		7,170,561,042		2,892,305,408		(328,673,749	)		2,563,631,659
Large Cap Strategies Fund		16,876,125,261		9,190,406,033		(280,306,774	)		8,910,099,259
Credit Income Fund		2,925,141,189		98,563,801		(72,837,781	)		25,726,020
Fixed Income Fund		1,567,781,079		21,729,941		(26,231,975	)		(4,502,034)
Municipal Bond Fund		4,322,349,125		70,433,312		(18,693,772	)		51,739,540
California Municipal Bond Fund		337,181,251		6,925,037		(2,022,909	)		4,902,128
New York Municipal Bond Fund		609,297,993		13,200,680		(2,811,298	)		10,389,382

Permanent differences as of October 31, 2021, were as follows:

	Total Distributable Earnings /(Accumulated Loss)		Increase/ (Decrease) Paid-in-Capital
All Cap Core Fund		$(13,430,589)		$13,430,589
Small & Mid Cap Strategies Fund		(17,735,260)		17,735,260
Large Cap Strategies Fund		(42,665,729)		42,665,729
Fixed Income Fund		2		(2)

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, 2021 was as follows:

	All Cap Core Fund		Small & Mid Cap Strategies Fund		Large Cap Strategies Fund		Credit Income Fund
Distributions paid from:
Ordinary income	$	4,211,963	$	11,767,194	$	56,977,378	$	103,968,936
Net Long Term Capital Gains		75,037,892		244,392,243		215,997,423		—
Total Taxable Distributions		79,249,855		256,159,437		272,974,801		103,968,936
Tax Exempt Distributions		—		—		—		—
Total Distributions Paid	$	79,249,855	$	256,159,437	$	272,974,801	$	103,968,936

	Fixed Income Fund		Municipal Bond Fund		California Municipal Bond Fund		New York Municipal Bond Fund
Distributions paid from:
Ordinary income	$	31,873,485	$	7,449,778	$	1,277,911	$	2,468,325
Net Long Term Capital Gains		28,625,623		17,587,348		2,207,796		1,974,234
Total Taxable Distributions		60,499,108		25,037,126		3,485,707		4,442,559
Tax Exempt Distributions		—		37,014,359		3,307,340		5,472,547
Total Distributions Paid	$	60,499,108	$	62,051,485	$	6,793,047	$	9,915,106

191

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*October 31, 2021*

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
Distributions paid from:
Ordinary income	$	11,301,833	$	33,645,169	$	134,614,727	$	27,441,587
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
Tax Exempt Distributions		—		—		—		—
Total Distributions Paid	$	158,030,798	$	294,105,663	$	841,174,746	$	27,441,587

	Municipal Bond Fund		California Municipal Bond Fund		New York Municipal Bond Fund
Distributions paid from:
Ordinary income	$	4,568,157	$	1,330,187	$	1,973,466
Net Long Term Capital Gains		—		—		—
Total Taxable Distributions		4,568,157		1,330,187		1,973,466
Tax Exempt Distributions		43,300,828		3,510,692		5,597,549
Total Distributions Paid	$	47,868,985	$	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, 2021, 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, 2021. 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, 2021, the components of accumulated earnings/(deficits) on a tax basis were as follows:

	All Cap Core Fund			Small & Mid Cap Strategies Fund		Large Cap Strategies Fund		Credit Income Fund
Undistributed Tax Exempt Income	$	—		$	—	$	—	$	—
Undistributed ordinary income		—			152,425,521		113,091,890		8,905,432
Undistributed long-term capital gains		204,877,634			505,593,974		1,469,694,227		—
Accumulated Earnings		204,877,634			658,019,495		1,582,786,117		8,905,432
Deferred Qualified Late-Year Losses		(2,997,986	)		—		—		—
Capital Loss Carryforwards		—			—		—		(348,965	)
Unrealized Appreciation/(Depreciation)		1,660,377,244			2,562,752,201		8,872,874,352		25,726,020
Total Accumulated Earnings/(Deficits)	$	1,862,256,892		$	3,220,771,696	$	10,455,660,469	$	34,282,487

	Fixed Income Fund			Municipal Bond Fund		California Municipal Bond Fund		New York Municipal Bond Fund
Undistributed Tax Exempt Income	$	—		$	2,632,596	$	271,522	$	510,708
Undistributed ordinary income		2,043,013			—		—		—
Undistributed long-term capital gains		3,460,857			48,930,415		3,020,754		2,549,795
Accumulated Earnings		5,503,870			51,563,011		3,292,276		3,060,503
Unrealized Appreciation/(Depreciation)		(4,502,034	)		51,739,540		4,902,128		10,389,382
Total Accumulated Earnings/(Deficits)	$	1,001,836		$	103,302,551	$	8,194,404	$	13,449,885

As of October 31, 2021, the Credit Income Fund utilized $137,877 capital loss carryforward and had a short-term capital loss carryforward of $348,965 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.

192

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*October 31, 2021*

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.

9.	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 October 31, 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.

10.

Acquisition of Net Assets

As of close of business on June 25, 2021, pursuant to an Agreement and Plan of Asset Acquisition previously approved by the Board of Directors, certain assets of the Bessemer Trust Company, N.A. Common Trust Fund A (All Cap Core Fund), Bessemer Trust Company All Cap Core Fund A, Bessemer Trust Company Tax-Exempt Securities Special Fund B, Bessemer Trust Company General Municipal Bond Fund C, and Bessemer Trust Company Taxable Fixed Income Fund D (each, a “Selling Fund” and collectively, the “Selling Funds”) were sold to All Cap Core Fund, New York Municipal Bond Fund, Municipal Bond Fund, and Fixed Income Fund (each, a “Purchasing Fund” and collectively, the “Purchasing Funds”) in exchange for shares of the Purchasing Fund (the “Transaction”). The Transaction was a tax-free event for federal income tax purposes. Information with respect to the assets and other relevant data on the effective date of the Transaction are included below:

Purchasing Fund	All Cap Core Fund	New York Municipal Bond Fund	Municipal Bond Fund	Fixed Income Fund
Net assets immediately prior to Transaction	$2,938,407,680	$550,973,814	$3,884,104,972	$1,528,418,384
Net assets immediately after Transaction	$3,370,412,202	$611,858,981	$4,128,555,350	$1,574,202,795
Fund shares issued in exchange for Selling Funds	17,221,627	5,790,701	19,669,959	4,041,703

11.

Subsequent Events

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

12.

Additional Tax Information (Unaudited)

Qualified Dividend Income (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2021, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:

All Cap Core Fund	100.00%
Small & Mid Cap Strategies Fund	84.50%
Large Cap Strategies Fund	100.00%
Credit Income Fund	0.19%

193

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*October 31, 2021*

Qualified Interest Income (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2021, as Qualified Interest Income as defined in the Code as follows:

Small & Mid Cap Strategies Fund	0.91%
Large Cap Strategies Fund	0.77%
Credit Income Fund	71.42%
Fixed Income Fund	94.97%
Municipal Bond Fund	6.34%
California Municipal Bond Fund	14.40%
New York Municipal Bond Fund	7.38%

Qualified Short Term Gain (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2021, as Qualified Short-Term Gain as defined in the Code as follows:

All Cap Core Fund	100.00%
Small & Mid Cap Strategies Fund	100.00%
Large Cap Strategies Fund	100.00%
Fixed Income Fund	100.00%
Municipal Bond Fund	100.00%
California Municipal Bond Fund	100.00%
New York Municipal Bond Fund	100.00%

Dividends Received Deduction (Unaudited)

For the fiscal year ended October 31, 2021, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:

All Cap Core Fund	100.00%
Small & Mid Cap Strategies Fund	75.81%
Large Cap Strategies Fund	100.00%
Credit Income Fund	0.15%

Long Term Capital Gain Dividends (Unaudited)

The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2021 as follows:

All Cap Core Fund	$75,037,892
Small & Mid Cap Strategies Fund	257,680,197
Large Cap Strategies Fund	215,997,423
Fixed Income Fund	28,625,623
Municipal Bond Fund	17,587,348
California Municipal Bond Fund	2,207,796
New York Municipal Bond Fund	1,974,234

194

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	*October 31, 2021*

U.S. Government Income (Unaudited)

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2021 which were derived from U.S. Treasury securities were as follows:

Small & Mid Cap Strategies Fund	0.22%
Large Cap Strategies Fund	0.24%
Credit Income Fund	7.15%
Fixed Income Fund	43.85%
Municipal Bond Fund	3.04%
California Municipal Bond Fund	4.09%
New York Municipal Bond Fund	2.63%

Tax Exempt Distributions (Unaudited)

The distributions designated as tax exempt dividends paid for the fiscal year ended October 31, 2021 were as follows:

Municipal Bond Fund	$	37,014,359
California Municipal Bond Fund		3,307,340
New York Municipal Bond Fund		5,472,547

195

Old Westbury Funds, Inc.
Report of Independent Registered Public Accounting Firm
	*October 31, 2021*

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Old Westbury Funds, Inc. (the “Corporation”) (comprising All Cap Core Fund, Small & Mid Cap Strategies Fund, Large Cap Strategies Fund, Credit Income Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund (collectively referred to as the “Funds”)), including the portfolios of investments, as of October 31, 2021, and the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the Corporation at October 31, 2021, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Funds comprising the Corporation	Statement of operations	Statement of changes in net assets	Financial highlights
All Cap Core Fund Small & Mid Cap Strategies Fund Large Cap Strategies Fund Fixed Income Fund Municipal Bond Fund	For the year ended October 31, 2021	For each of the two years in the period ended October 31, 2021	For each of the five years in the period ended October 31, 2021
Credit Income Fund	For the year ended October 31, 2021	For the year ended October 31, 2021 and the period from October 1, 2020 (commencement of operations) through October 31, 2020
California Municipal Bond Fund New York Municipal Bond Fund	For the year ended October 31, 2021	For each of the two years in the period ended October 31, 2021	For each of the two years in the period ended October 31, 2021 and the period from December 4, 2018 (commencement of operations) through October 31, 2019

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Corporation’s auditor since 2006.

New York, New York
December 23, 2021

196

Old Westbury Funds, Inc.
Directors and Officers of Old Westbury Funds, Inc. (Unaudited)
	*October 31, 2021*

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

Name, Address, and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served as a Director of the Corporation	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Director- ships¹ Held by Director During Past 5 Years

Interested Director

George H. Wilcox² 1271 Avenue of the Americas New York, NY 10020 Age: 56	Director	Indefinite term; 3 Years	President of Bessemer (2013- Present).	8	0

Independent Directors

Alexander Ellis III 1271 Avenue of the Americas New York, NY 10020 Age: 72	Chairman & Director	Indefinite term; 9 Years	General Partner, Rockport Capital Partners (2000-Present); Partner, New Energy Development Co. (2020-Present); Partner, Abnaki Group, LLC (2017-Present).	8	1³

Patricia L. Francy 1271 Avenue of the Americas New York, NY 10020 Age: 76	Director	Indefinite term; 17 Years	Director, corporate, and foundation boards.	8	1⁴

J. David Officer 1271 Avenue of the Americas New York, NY 10020 Age: 73	Director	Indefinite term; 9 Years	Independent Director.	8	2⁵

R. Keith Walton 1271 Avenue of the Americas New York, NY 10020 Age: 57	Director	Indefinite term; 5 Years	Managing Director, Lafayette Square Holding (October 2020-Present); Senior Adviser & Venture Partner, Plexo LLC (March 2017-October 2020); Senior Adviser, Vatic Labs LLC (May 2018-July 2019); Executive Vice President and Chief Legal Officer, Zero Mass Water LLC (July 2017-July 2018); and Vice President, Strategy, Arizona State University (2013-July 2017).	8	6⁶

197

Old Westbury Funds, Inc.
Directors and Officers of Old Westbury Funds, Inc. (Unaudited) - (Continued)
	*October 31, 2021*

¹	Directorships held during the last five years in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
²	Directors who are or may be deemed “interested persons” (as defined under the 1940 Act) of the Corporation, BIM (as defined below) or Bessemer (as defined below) are referred to as Interested Directors. Mr. Wilcox is deemed an Interested Director by virtue of his position as President of Bessemer Trust Company, N.A. Mr. Wilcox also serves as Director of Bessemer Trust Company (Cayman) Ltd. and Bessemer Investor Services.
³	Mr. Ellis has served as Director of Clean Diesel Technologies Inc.
⁴	Ms. Francy has served as Director of Siebert Financial Corp.
⁵	Mr. Officer serves, or has served, as Director of the following entities: DWS Trackers (formerly DBX ETF Trust) (40); and Ilex Partners (Asia) LLC.
⁶	Mr. Walton serves, or has served, as Director of the following entities: Blue Crest Capital Management, LLC Funds; Global Infrastructure Partners; Systematica Investments Limited; Zweig Fund Inc.; Zweig Total Return Fund Inc.; and Virtus Closed-End Funds.

198

Old Westbury Funds, Inc.
Directors and Officers of Old Westbury Funds, Inc. (Unaudited) - (Continued)
	*October 31, 2021*

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

Name, Address, and Age	Position(s) Held with the Corporation	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years

David W. Rossmiller 1271 Avenue of the Americas New York, NY 10020 Age: 63	President & Chief Executive Officer	Indefinite; 9 Years	Managing Director and Head of Fixed Income, Bessemer Trust Company, N.A. (Since 2010).

Nicola R. Knight 1271 Avenue of the Americas New York, NY 10020 Age: 58	Chief Legal Officer; Assistant Secretary	Indefinite; Chief Legal Officer 1 Year; Assistant Secretary 12 Years	Principal and Associate General Counsel of Bessemer Trust Company, N.A. (Since 2007).

Matthew A. Rizzi 1271 Avenue of the Americas New York, NY 10020 Age: 48	Vice President & Treasurer	Indefinite; 7 Years	Principal and Head of Fund Accounting, Bessemer Trust Company, N.A. (Since 2018); Principal and Head of Trust Accounting and Fees, Bessemer Trust Company, N.A. (2015-2017).

Ritu Gupta 1271 Avenue of the Americas New York, NY 10020 Age: 41	Chief Compliance Officer;	Indefinite; Since April 21, 2021	Principal and Director of Investment Management Compliance, Bessemer Trust Company, N.A. (Since March 2021); Vice President, Brown Brothers Harriman & Co. (2005-2021).

Hardik B. Patel 1271 Avenue of the Americas New York, NY 10020 Age: 39	Vice President & Assistant Treasurer	Indefinite; 1 Year	Senior Vice President and Accounting Manager, Bessemer Trust Company, N.A. (Since 2021); Vice President and Accounting Manager, Bessemer Trust Company, N.A. (2017-2020); Associate Vice President and Accounting Manager, Bessemer Trust Company, N.A. (2015-2017).

David Schwart 801 Brickell Avenue Suite 2000 Miami, FL 33131-2900 Age: 51	Vice President & Anti- Money Laundering Compliance Officer	Indefinite; 6 Years	Senior Vice President and Senior Bank Compliance Manager, Bessemer Trust Company, N.A. (Since 2019); Vice President and Associate Director of Bank Compliance, Bessemer Trust Company, N.A. (2013-2019).

199

Old Westbury Funds, Inc.
Directors and Officers of Old Westbury Funds, Inc. (Unaudited) - (Continued)
	*October 31, 2021*

Name, Address, and Age	Position(s) Held with the Corporation	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years

Marianna DiBenedetto 103 Bellevue Parkway Wilmington, DE 19809 Age: 55	Vice President & Assistant Treasurer	Indefinite; 3 Years	Vice President and Group Manager of Fund Accounting and Administration Client Services, The Bank of New York Mellon (“BNY Mellon”) (Since 2010).

Jack Jafolla 103 Bellevue Parkway Wilmington, DE 19809 Age: 51	Assistant Treasurer	Indefinite; 14 Years	Vice President and Lead Manager of NAV Operations, BNY Mellon (Since 2008).

Lisa M. King 103 Bellevue Parkway Wilmington, DE 19809 Age: 53	Secretary	Indefinite; 4 Years	Vice President and Group Manager, BNY Mellon Regulatory Administration (Since 2017); Vice President and Counsel, BNY Mellon (2016-2017); Counsel, Stradley, Ronon, Stevens & Young LLP (2007-2016).

William H. Wallace, III 103 Bellevue Parkway Wilmington, DE 19809 Age: 51	Assistant Secretary	Indefinite; 4 Years	Secretary of the Corporation (2015-2016); Vice President and Manager, BNY Mellon Regulatory Administration (Since 2010).

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

200

Old Westbury Funds, Inc.
Additional Information (Unaudited)
	*October 31, 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.

201

Old Westbury Funds, Inc.
Liquidity Risk Management Program (Unaudited)
	*October 31, 2021*

The Corporation has adopted a Liquidity Risk Management Program (the “Program”), on behalf of each of its Funds under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program became effective on June 1, 2019. The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed the Adviser’s Liquidity Risk Committee to be the program administrator for the Program (the “Program Administrator”). On July 21, 2021, the Board of Directors reviewed the annual report (the “Report”) concerning the operation of the Program based on a Fund-by-Fund analysis as of April 30, 2021. The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) historical data with respect to purchase and redemption requests compared to average cash levels; and (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

202

Old Westbury Funds, Inc.
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)
	*October 31, 2021*

At a meeting held on July 21, 2021, the Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory agreement between Bessemer Investment Management LLC (“BIM” or the “Adviser”) and the Corporation on behalf of Old Westbury All Cap Core Fund (“All Cap Core Fund”), Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”), Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”), Old Westbury Credit Income Fund (“Credit Income Fund”), Old Westbury Fixed Income Fund (“Fixed Income Fund”), Old Westbury Municipal Bond Fund (“Municipal Bond Fund”), Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”), and Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”) (each, a “Fund” and, collectively, the “Funds”), (2) a sub-advisory agreement among BIM, Artisan Partners Limited Partnership (“Artisan”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. (“BlackRock”) and the Corporation on behalf of the Credit Income Fund, (5) a sub-advisory agreement among BIM, Sands Capital Management, LLC (“Sands”) and the Corporation on behalf of the Large Cap Strategies Fund, (6) a sub-advisory agreement among BIM, Muzinich & Co, Inc. (“Muzinich”) and the Corporation on behalf of the Credit Income Fund, (7) a sub-advisory agreement among BIM, Baillie Gifford Overseas Limited (“Baillie Gifford”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (8) a sub-advisory agreement among BIM, Polunin Capital Partners Limited (“Polunin”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, and (9) a sub-advisory agreement among BIM, Acadian Asset Management LLC (“Acadian”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund (Polunin, Artisan, Champlain, BlackRock, Sands, Muzinich, Baillie Gifford and Acadian together, the “Sub-Advisers”). At both the meeting of the Board held on July 21, 2021 and the meeting of the Board held on April 21, 2021, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee rates charged and services provided by affiliated service providers. The Independent Directors also met in person with Counsel to the Independent Directors on May 24, 2021, during which time they conducted a review of substantial information from the Adviser and Sub-Advisers.

The Directors reviewed detailed due diligence questionnaires from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance, comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective organizations, compliance and regulatory processes and programs and financial conditions. The Directors also discussed and considered economies of scale and how the Adviser shared those economies with the Funds’ shareholders. The Board received and discussed information concerning BIM’s and each Sub-Adviser’s performance, the use of affiliated brokers to execute transactions, the use of soft dollars, best execution, portfolio manager compensation, and whether there are any other direct or indirect benefits received by the Adviser or the Sub-Advisers in managing the Funds. In addition, the Adviser supplied the Directors with additional information concerning its estimated profitability from managing the Funds. Moreover, the Board had received and considered materials and presentations throughout the course of the year relating to the investment management, performance and operation of the Funds.

The Directors determined that they had received adequate information to make a reasonable determination with respect to the approval of the Agreements. The Board considered information about BIM and the Sub-Advisers, the performance of the Funds and certain additional factors described above and below that it deemed relevant. The following summary details the materials and factors that the Board considered, among others, and the conclusions they reached, in approving the continuance of the Agreements.

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

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

203

Old Westbury Funds, Inc.
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) -
(Continued)	*October 31, 2021*

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

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

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

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

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

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

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

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

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

The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to All Cap Core Fund, Fixed Income Fund, California Municipal Bond

204

Old Westbury Funds, Inc.
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) -
(Continued)	*October 31, 2021*

Fund, New York Municipal Bond Fund, Municipal Bond Fund and Credit Income Fund, and at $1.25 billion and $2.5 billion for the Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability analysis. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees charged by third-party service providers based on the combined size of the Funds.

(5) Ancillary benefits and other factors.

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

Conclusion

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

205

Old Westbury Funds, Inc.
Approval of New Sub-Advisory Agreement with Baillie Gifford Overseas Limited (Unaudited)
	*October 31, 2021*

At a special meeting held on June 7, 2021, the Board of Directors, including the Independent Directors, unanimously approved a new Sub-Advisory Agreement among BIM, Baillie Gifford Overseas Limited (“Baillie Gifford”), and the Corporation on behalf of the Old West-bury Large Cap Strategies Fund (the “Fund”) (the “Sub-Advisory Agreement”). The Board noted that the fees payable to Baillie Gifford under the Sub-Advisory Agreement would be paid by the Adviser from the advisory fees that it receives from the Fund.

In approving the Sub-Advisory Agreement with Baillie Gifford, the Board considered the overall fairness of the Sub-Advisory Agreement and whether the agreement was in the best interests of the Fund. The Board noted that it had received and reviewed substantial information regarding Baillie Gifford, and the services to be provided by Baillie Gifford to the Fund under the Sub-Advisory Agreement. This information, which included a detailed due diligence questionnaire from Baillie Gifford, as well as information concerning their organization, compliance program and financial condition, formed, in part, the primary (but not exclusive) basis for the Board’s determinations. The Board considered information about BIM and Baillie Gifford, the materials presented in advance of the Meeting, and in conjunction with the Board’s meeting on April 21, 2021, and other information provided by BIM and Baillie Gifford in reports and presentations throughout the year. The Board also noted that the Independent Directors had met in executive session with their Counsel and Counsel to the Corporation and had met with the Adviser to discuss the Adviser’s recommendation regarding Baillie Gifford’s appointment. During the executive session, the Independent Directors reviewed their legal responsibilities in approving the Sub-Advisory Agreement and discussed materials and other information provided to them. The Board concluded that they had received adequate information to make a reasonable determination with respect to the approval of the Sub-Advisory Agreement.

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

The following summary details certain of the materials and factors that the Board considered, among others, and the conclusions they reached, in approving the Sub-Advisory Agreement.

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

The Board considered the scope and quality of services to be provided by Baillie Gifford, including the fact that Baillie Gifford pays the costs of all investment and management facilities necessary for the efficient conduct of its services. The Board also considered, among other things, the qualifications and experience of the individual portfolio managers responsible for managing Baillie Gifford’s portion of the Fund. The Board considered that Baillie Gifford serves as sub-adviser to another fund in the Corporation and took into account its history in managing that portfolio as well as its compliance, operational and trading capabilities. The Board also took into account the detailed information that it had reviewed earlier as it relates to Baillie Gifford in connection with its annual review of the Sub-Advisory Agreements for the existing funds in the Corporation. The Board considered the experience and skills of the investment personnel, the resources made available to such personnel and the organizational depth of Baillie Gifford.

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

(2) The performance of Baillie Gifford.

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

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

The Directors noted that the fee payable to Baillie Gifford under the Sub-Advisory Agreement would be paid entirely by the Adviser. The Directors reviewed the level of the proposed fee against benchmarks and peer comparisons. Based on these considerations, as well as other factors described herein, the Board, including all of the Independent Directors, concluded that Baillie Gifford’s sub-advisory fee was fair and reasonable in light of the quality of services to be provided by Baillie Gifford.

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

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

206

Old Westbury Funds, Inc.
Approval of New Sub-Advisory Agreement with Baillie Gifford Overseas Limited (Unaudited) - (Continued)
	*October 31, 2021*

(5) Ancillary benefits and other factors.

In addition to the above factors, the Board also discussed whether there were other benefits received by the Adviser, Baillie Gifford, or their affiliates, from Baillie Gifford’s relationship with the Fund. The Board determined to monitor these matters and concluded that the proposed sub-advisory fee was reasonable in light of these fall-out benefits and other factors.

Conclusion

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

207

Investment Adviser:

Bessemer Investment Management LLC
1271 Avenue of the Americas
New York, NY 10020
(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
One Manhattan West
New York, NY 10001

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.

October 31, 2021

Cusip 680414307

Cusip 680414604

Cusip 680414109

Cusip 680414851

Cusip 680414406

Cusip 680414505

Cusip 680414877

Cusip 680414869

(OWF_A21-AR2021)

(10/21)

Item 1. Reports to Stockholders (cont.).

(b)	Not applicable.

Item 2. Code of Ethics.

(a)

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

The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 13(a)(1).

(c)

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

(d)

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $642,455 in 2021 and $704,463 in 2020.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $9,300 in 2021 and $9,000 in 2020. Fees for both 2021 and 2020 relate to the review of financial statement data incorporated in the Funds’ periodic N-1A filings.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $307,523 in 2021 and $267,766 in 2020. Fees for both 2021 and 2020 relate to the review of federal income and excise tax returns, review of capital gains distribution calculations and certain global tax compliance services.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $46,400 in 2021 and $45,400 in 2020. Fees for both 2021 and 2020 relate to the review of holdings for the Funds’ affiliated custodian under Rule 17f-2.

(e)(1)

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

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

(e)(2)

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

(b) 0%

(d) 0%

(f)

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

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $380,953 in 2021 and $360,175 in 2020.

(h)

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The Schedule of Investments in securities of unaffiliated issuers as of the close of 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)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Old Westbury Funds, Inc.

By (Signature and Title)*	/s/ David W. Rossmiller
	David W. Rossmiller, President and Chief Executive Officer (Principal Executive Officer)

Date 1/5/2022

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 1/5/2022

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

Date 1/5/2022

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

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