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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number             811-07912                            

Old Westbury Funds, Inc.

(Exact name of registrant as specified in charter)

103 Bellevue Parkway
Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

Nicola R. Knight, Esq.
Bessemer Investment Management LLC
1271 Ave. of the Americas
New York, NY 10020

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

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 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.

Semi-Annual Report

April 30, 2024

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

Disclosure of Fund Expenses	2
Portfolios of Investments:
All Cap Core Fund	4
Large Cap Strategies Fund	6
Small & Mid Cap Strategies Fund	15
Credit Income Fund	40
Fixed Income Fund	66
Short-Term Bond Fund	71
Municipal Bond Fund	74
California Municipal Bond Fund	97
New York Municipal Bond Fund	102
Statements of Assets and Liabilities	110
Statements of Operations	112
Statements of Changes in Net Assets	114
Financial Highlights:
All Cap Core Fund	119
Large Cap Strategies Fund	120
Small & Mid Cap Strategies Fund	121
Credit Income Fund	122
Fixed Income Fund	123
Short-Term Bond Fund	124
Municipal Bond Fund	125
California Municipal Bond Fund	126
New York Municipal Bond Fund	127
Notes to Financial Statements	128
Additional Information (Unaudited)	146

Old Westbury Funds, Inc.
Disclosure of Fund Expenses
	For the Period Ended April 30, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 through April 30, 2024.

Actual Expenses

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

	Actual Beginning Account Value 11/01/2023	Actual Ending Account Value 04/30/2024	Actual Expenses Paid During Period* 11/01/2023 - 04/30/2024	Actual Expense Ratio During Period** 11/01/2023 - 04/30/2024
All Cap Core Fund	$1,000.00	$1,208.50	$5.22	0.95%
Large Cap Strategies Fund	1,000.00	1,207.70	5.98	1.09%
Small & Mid Cap Strategies Fund	1,000.00	1,164.90	5.92	1.10%
Credit Income Fund	1,000.00	1,067.40	4.37	0.85%
Fixed Income Fund	1,000.00	1,033.90	2.88	0.57%
Short-Term Bond Fund***	1,000.00	1,000.00	0.59	0.37%
Municipal Bond Fund	1,000.00	1,045.70	2.90	0.57%
California Municipal Bond Fund	1,000.00	1,045.00	2.90	0.57%
New York Municipal Bond Fund	1,000.00	1,044.60	2.90	0.57%

*	Expenses are equal to the average account value times each Fund’s annualized expense ratio multiplied by 182/366 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.
***	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 58/366 to reflect the period of the Fund’s operations.

2

Old Westbury Funds, Inc.
Disclosure of Fund Expenses - (Continued)
	For the Period Ended April 30, 2024 (Unaudited)

Hypothetical Example for Comparison Purposes

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

	Hypothetical Beginning Account Value 11/01/2023	Hypothetical Ending Account Value 04/30/2024	Hypothetical Expenses Paid During Period* 11/01/2023 - 04/30/2024	Hypothetical Expense Ratio During Period** 11/01/2023 - 04/30/2024
All Cap Core Fund	$1,000.00	$1,020.14	$4.77	0.95%
Large Cap Strategies Fund	1,000.00	1,019.44	5.47	1.09%
Small & Mid Cap Strategies Fund	1,000.00	1,019.39	5.52	1.10%
Credit Income Fund	1,000.00	1,020.64	4.27	0.85%
Fixed Income Fund	1,000.00	1,022.03	2.87	0.57%
Short-Term Bond Fund***	1,000.00	1,023.02	1.86	0.37%
Municipal Bond Fund	1,000.00	1,022.03	2.87	0.57%
California Municipal Bond Fund	1,000.00	1,022.03	2.87	0.57%
New York Municipal Bond Fund	1,000.00	1,022.03	2.87	0.57%

*	Expenses are equal to the average account value times each Fund’s annualized expense ratio multiplied by 182/366 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.
***	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 58/366 to reflect the period of the Fund’s operations.

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.

3

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	April 30, 2024
	(Unaudited)

Shares			Value
COMMON STOCKS — 97.5%
Banks — 3.8%
	1,589,553	Bank of America Corp.	$	58,829,357
	333,349	JPMorgan Chase & Co.		63,916,337
				122,745,694
Communication Services — 8.2%
	745,181	Alphabet, Inc. - Class C(a)		122,686,600
	167,901	Live Nation Entertainment, Inc.(a)		14,928,078
	196,858	Meta Platforms, Inc. - Class A		84,682,406
	299,841	Take-Two Interactive Software, Inc.(a)		42,820,293
				265,117,377
Consumer Discretionary — 12.0%
	681,176	Amazon.com, Inc.(a)		119,205,800
	17,631	AutoZone, Inc.(a)		52,124,288
	218,385	Bath & Body Works, Inc.		9,919,047
	346,078	Dollarama, Inc.		28,869,791
	116,547	Expedia Group, Inc.(a)		15,690,723
	195,530	Hilton Worldwide Holdings, Inc.		38,574,158
	132,865	Lowe’s Cos., Inc.		30,291,891
	33,099	LVMH Moet Hennessy Louis Vuitton SE		27,188,722
	21,597	MercadoLibre, Inc.(a)		31,503,544
	34,036	Pool Corp.		12,339,071
	48,918	Ulta Beauty, Inc.(a)		19,803,963
				385,510,998
Consumer Staples — 5.4%
	937,306	Alimentation Couche-Tard, Inc.		51,949,622
	339,889	BJ’s Wholesale Club Holdings, Inc.(a)		25,382,911
	35,578	Costco Wholesale Corp.		25,719,336
	522,211	US Foods Holding Corp.(a)		26,241,103
	736,631	Walmart, Inc.		43,719,050
				173,012,022
Energy — 3.4%
	341,563	ChampionX Corp.		11,466,270
	378,021	ConocoPhillips		47,486,998
	1,048,115	Schlumberger NV		49,764,500
				108,717,768
Financial Services — 10.5%
	188,745	Blackstone, Inc.		22,009,554
	474,335	Brookfield Corp.		19,030,320
	307,206	Fiserv, Inc.(a)		46,901,140
	409,295	Intercontinental Exchange, Inc.		52,700,824
	342,338	Nasdaq, Inc.		20,488,929
	89,396	S&P Global, Inc.		37,173,539
	209,373	Tradeweb Markets, Inc. - Class A		21,295,328
	377,050	Visa, Inc. - Class A		101,279,401
	83,320	WEX, Inc.(a)		17,602,183
				338,481,218
Health Care — 10.8%
	846,182	Avantor, Inc.(a)		20,502,990

Shares			Value
Health Care (continued)
	148,098	Cencora, Inc.	$	35,402,826
	231,606	Cooper Cos., Inc. (The)		20,626,830
	130,504	Danaher Corp.		32,184,896
	181,276	IQVIA Holdings, Inc.(a)		42,014,339
	50,785	McKesson Corp.		27,282,210
	50,364	Medpace Holdings, Inc.(a)		19,558,859
	109,394	STERIS Plc		22,377,637
	40,979	Teleflex, Inc.		8,554,366
	74,684	Thermo Fisher Scientific, Inc.		42,474,285
	157,344	UnitedHealth Group, Inc.		76,107,293
				347,086,531
Industrials — 13.8%
	544,026	Ashtead Group Plc		39,502,756
	136,359	Booz Allen Hamilton Holding Corp.		20,136,134
	67,224	Builders FirstSource, Inc.(a)		12,289,892
	103,207	BWX Technologies, Inc.		9,884,134
	447,687	Canadian Pacific Kansas City Ltd.		35,121,633
	53,732	Carlisle Cos., Inc.		20,861,449
	131,548	Clean Harbors, Inc.(a)		24,921,769
	648,511	Copart, Inc.(a)		35,220,632
	291,743	Core & Main, Inc. - Class A(a)		16,474,727
	118,817	Eaton Corp. Plc		37,814,698
	92,821	Equifax, Inc.		20,438,256
	488,279	Howmet Aerospace, Inc.		32,592,623
	37,874	Lincoln Electric Holdings, Inc.		8,314,479
	69,708	Northrop Grumman Corp.		33,810,471
	64,914	Old Dominion Freight Line, Inc.		11,795,523
	42,637	Saia, Inc.(a)		16,919,641
	674,390	TransUnion		49,230,470
	501,437	WillScot Mobile Mini Holdings Corp.(a)		18,533,112
				443,862,399
Information Technology — 24.4%
	720,104	Apple, Inc.		122,655,314
	24,974	ASM International NV		15,709,609
	53,505	ASML Holding NV		46,603,520
	93,927	CDW Corp.		22,717,184
	7,937	Constellation Software, Inc.		20,434,352
	204,404	Fortinet, Inc.(a)		12,914,245
	110,133	Gartner, Inc.(a)		45,439,774
	132,381	Keysight Technologies, Inc.(a)		19,584,445
	75,676	Manhattan Associates, Inc.(a)		15,593,797
	543,132	Marvell Technology, Inc.		35,797,830
	496,738	Microsoft Corp.		193,395,006
	131,692	Motorola Solutions, Inc.		44,663,342
	113,155	Nice Ltd. - ADR(a)		25,291,274
	133,748	NVIDIA Corp.		115,560,947
	51,577	NXP Semiconductors NV		13,213,512
	170,568	Oracle Corp.		19,402,110
	25,768	ServiceNow, Inc.(a)		17,865,727
				786,841,988

4

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
Insurance — 0.4%
	291,320	Ryan Specialty Holdings, Inc.	$	14,373,729
Materials — 1.5%
	334,290	CRH Plc		25,880,732
	79,862	Sherwin-Williams Co. (The)		23,927,454
				49,808,186
Real Estate — 1.4%
	357,018	Prologis, Inc. REIT		36,433,687
	43,564	SBA Communications Corp. REIT		8,108,132
				44,541,819
Utilities — 1.9%
	417,310	Ameren Corp.		30,826,690
	432,424	NextEra Energy, Inc.		28,959,435
				59,786,125
Total Common Stocks (Cost $1,973,882,756)				3,139,885,854
EXCHANGE-TRADED FUNDS(b) — 1.1%
	131,602	Health Care Select Sector SPDR Fund		18,467,709
	657,362	iShares China Large-Cap ETF		16,756,157
Total Exchange-Traded Funds (Cost $33,812,195)				35,223,866
INVESTMENT COMPANY — 1.9%
	59,621,006	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(c)		59,621,006
Total Investment Company (Cost $59,621,006)				59,621,006
TOTAL INVESTMENTS — 100.5% (Cost $2,067,315,957)			$	3,234,730,726
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(16,499,369	)
NET ASSETS — 100.0%			$	3,218,231,357

(a)	Non-income producing security.
(b)	A copy of the underlying funds’ financial statements is available upon request.
(c)	The rate shown represents the current yield as of April 30, 2024.

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

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Banks		3.8	%
Communication Services		8.2
Consumer Discretionary		12.0
Consumer Staples		5.4
Energy		3.4
Exchange-Traded Funds		1.1
Financial Services		10.5
Health Care		10.8
Industrials		13.8
Information Technology		24.4
Insurance		0.4
Materials		1.5
Real Estate		1.4
Utilities		1.9
Other*		1.4
		100.0	%

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

5

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	April 30, 2024 (Unaudited)

Shares			Value
COMMON STOCKS — 97.1%
AUSTRALIA — 1.4%
	92,490	ANZ Group Holdings Ltd.	$	1,668,883
	25,700	Aristocrat Leisure Ltd.		655,864
	217,300	Atlassian Corp. - Class A(a)		37,440,790
	2,407,731	BHP Group Ltd.		66,034,709
	69,225	Cochlear Ltd.		14,440,887
	62,419	Commonwealth Bank of Australia		4,573,411
	638,373	CSL Ltd.		113,423,646
	961,000	Fortescue Ltd.		15,928,043
	70,800	Goodman Group REIT		1,430,134
	11,300	Macquarie Group Ltd.		1,353,045
	96,066	National Australia Bank Ltd.		2,082,474
	36,500	Rio Tinto Ltd.		3,037,688
	180,200	Telstra Group Ltd.		425,743
	1,095,115	Wesfarmers Ltd.		46,913,875
	108,700	Westpac Banking Corp.		1,805,110
	74,635	Woodside Energy Group Ltd.		1,337,236
	39,726	Woolworths Group Ltd.		815,063
				313,366,601
AUSTRIA — 0.1%
	408,750	CA Immobilien Anlagen AG		13,295,341
	7,600	Verbund AG		580,573
				13,875,914
BELGIUM — 0.0%
	27,000	Anheuser-Busch InBev SA		1,613,892
	7,650	KBC Group NV		568,274
				2,182,166
BRAZIL — 0.5%
	16,784,523	Banco Bradesco SA - Preference Shares		45,350,471
	13,830,122	Natura & Co. Holding SA		44,239,557
	1,775,079	WEG SA		13,564,522
				103,154,550
CANADA — 0.9%
	26,292	Alimentation Couche-Tard, Inc.		1,457,218
	22,400	Bank of Montreal		2,000,892
	37,293	Bank of Nova Scotia (The)		1,710,984
	12,200	BCE, Inc.		400,833
	337,025	Brookfield Asset Management Ltd. - Class A		12,874,837
	65,200	Canadian Imperial Bank of Commerce		3,043,440
	30,687	Canadian National Railway Co.		3,724,615
	35,523	Canadian Natural Resources Ltd.		2,691,868
	125,037	CGI, Inc.(a)		12,669,459
	11,788	Constellation Software, Inc.		30,349,016
	66,328	Enbridge, Inc.		2,358,447
	13,195	Fairfax Financial Holdings Ltd.		14,345,759
	18,200	Great-West Lifeco, Inc.		538,207
	7,450	Imperial Oil Ltd.		512,216
	5,450	Intact Financial Corp.		895,777
	8,350	Loblaw Cos. Ltd.		915,640
	7,300	Lululemon Athletica, Inc.(a)		2,632,380

Shares			Value
CANADA (continued)
	82,500	Manulife Financial Corp.	$	1,924,291
	21,100	National Bank of Canada		1,694,253
	172,665	Onex Corp.		12,250,166
	18,700	Pembina Pipeline Corp.		657,994
	43,300	Power Corp. of Canada		1,153,702
	893,670	Quebecor, Inc. - Class B		18,494,649
	8,850	Restaurant Brands International, Inc.		671,408
	10,675	Rogers Communications, Inc. - Class B		399,891
	54,179	Royal Bank of Canada		5,241,783
	726,016	Shopify, Inc. - Class A(a)		50,966,323
	18,100	Sun Life Financial, Inc.		924,163
	36,100	Suncor Energy, Inc.		1,377,498
	32,066	TC Energy Corp.		1,148,800
	117,581	Thomson Reuters Corp.		17,759,501
	56,256	Toronto-Dominion Bank (The)		3,337,397
				211,123,407
CHILE — 0.2%
	330,102,122	Banco de Chile		36,618,797
CHINA — 1.5%
	9,000,516	Foshan Haitian Flavouring & Food Co. Ltd. - A Shares		48,526,944
	3,654,329	Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares		19,273,972
	7,878,691	Hangzhou Robam Appliances Co. Ltd. - A Shares		25,621,319
	2,994,828	Meituan - B Shares(a)(b)(c)		40,892,972
	2,273,810	NetEase, Inc.		42,621,752
	3,043,035	SF Holding Co. Ltd. - A Shares		15,152,953
	3,393,957	Tencent Holdings Ltd.		148,937,695
	1,236,430	Yunnan Botanee Bio-Technology Group Co. Ltd. - A Shares		9,711,004
				350,738,611
DENMARK — 0.2%
	5,800	DSV A/S		824,003
	438,723	Novo Nordisk A/S - Class B		56,262,851
				57,086,854
FINLAND — 0.1%
	10,497	Kone Oyj - Class B		511,697
	2,972,300	Mandatum Oyj(a)		13,774,498
	1,281,920	Nordea Bank Abp		15,021,867
	14,100	Sampo Oyj - Class A		572,226
				29,880,288
FRANCE — 1.4%
	19,607	Air Liquide SA		3,834,710
	663,738	Airbus SE		109,223,241
	55,600	AXA SA		1,921,068
	32,518	BNP Paribas SA		2,340,056
	383,979	Bouygues SA		14,151,652
	74,934	Capgemini SE		15,749,708

6

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Shares			Value
FRANCE (continued)
	14,000	Cie de Saint-Gobain SA	$	1,107,157
	20,700	Cie Generale des Etablissements Michelin SCA		795,266
	23,500	Danone SA		1,470,802
	45,800	Dassault Systemes SE		1,797,738
	964	Hermes International SCA		2,307,806
	18,600	Legrand SA		1,911,459
	10,892	L’Oreal SA		5,106,748
	126,896	LVMH Moet Hennessy Louis Vuitton SE		104,236,985
	39,300	Orange SA		437,420
	127,237	Publicis Groupe SA		14,040,192
	10,538	Safran SA		2,284,976
	41,159	Sanofi SA		4,066,222
	16,712	Schneider Electric SE		3,810,558
	49,541	STMicroelectronics NV		1,961,075
	457,253	TotalEnergies SE		33,195,983
	20,700	Vinci SA		2,425,544
				328,176,366
GERMANY — 1.3%
	150,364	Allianz SE		42,671,030
	20,900	Bayerische Motoren Werke AG		2,277,041
	15,000	Bayerische Motoren Werke AG - Preference Shares		1,541,275
	85,100	Deutsche Bank AG		1,359,260
	8,459	Deutsche Boerse AG		1,630,827
	79,639	Deutsche Post AG		3,334,480
	889,443	Deutsche Telekom AG		20,373,195
	1,775	Hannover Rueck SE		440,278
	162,425	Heidelberg Materials AG		16,345,739
	24,800	Mercedes-Benz Group AG		1,875,894
	36,940	Muenchener Rueckversicherungs-Gesellschaft AG		16,246,527
	19,700	RWE AG		686,260
	41,200	SAP SE		7,439,362
	763,954	Siemens AG		143,114,230
	22,806	Vonovia SE		659,003
	1,251,636	Zalando SE(a)(b)(c)		32,749,381
				292,743,782
HONG KONG — 0.4%
	6,042,766	AIA Group Ltd.		44,259,382
	282,000	CLP Holdings Ltd.		2,218,230
	6,888,000	Henderson Land Development Co. Ltd.		20,766,104
	2,195,136	Sun Hung Kai Properties Ltd.		20,250,041
	165,000	Techtronic Industries Co. Ltd.		2,280,185
				89,773,942
INDIA — 2.0%
	769,090	Asian Paints Ltd.		26,455,107
	315,896	Bajaj Finance Ltd.		26,204,272
	455,388	Dr. Reddy’s Laboratories Ltd.		33,793,269

Shares			Value
INDIA (continued)
	10,696,558	HDFC Bank Ltd.	$	194,255,838
	1,272,615	Mahindra & Mahindra Ltd.		32,825,703
	6,767,800	Marico Ltd.		41,999,283
	652,132	Tata Consultancy Services Ltd.		29,763,385
	1,545,585	Titan Co. Ltd.		66,316,919
				451,613,776
INDONESIA — 0.2%
	65,028,849	Bank Central Asia Tbk PT		39,100,846
IRELAND — 1.6%
	21,326	Accenture Plc - Class A		6,417,207
	15,800	Allegion Plc		1,920,648
	884,252	CRH Plc		68,458,790
	206,117	CRH Plc		15,961,870
	202,025	DCC Plc		13,796,424
	347,373	Experian Plc		14,010,923
	239,679	Flutter Entertainment Plc(a)		44,642,611
	474,893	ICON Plc(a)		141,461,127
	467,288	Medtronic Plc		37,495,189
	303,800	Smurfit Kappa Group Plc		13,200,869
	11,800	Trane Technologies Plc		3,744,612
				361,110,270
ISRAEL — 0.1%
	122,098	Check Point Software Technologies Ltd.(a)		18,243,883
ITALY — 0.4%
	30,500	Assicurazioni Generali SpA		743,664
	391,871	Buzzi SpA		14,119,234
	387,200	Enel SpA		2,544,848
	86,100	Eni SpA		1,382,912
	48,044	Ferrari NV		19,759,281
	622,200	Intesa Sanpaolo SpA		2,328,897
	2,727,900	Pirelli & C SpA(b)(c)		17,248,386
	1,785,400	Poste Italiane SpA(b)(c)		22,680,156
	55,900	UniCredit SpA		2,051,774
				82,859,152
JAPAN — 4.6%
	119,300	Advantest Corp.		3,734,170
	137,590	Aeon Co. Ltd.		2,876,773
	82,579	Ajinomoto Co., Inc.		3,070,409
	108,206	Asahi Group Holdings Ltd.		3,701,617
	292,100	Astellas Pharma, Inc.		2,803,547
	85,568	Bandai Namco Holdings, Inc.		1,598,853
	134,200	Bridgestone Corp.		5,921,845
	663,900	Canon, Inc.		17,968,647
	157,900	Central Japan Railway Co.		3,610,855
	530,953	Chugai Pharmaceutical Co. Ltd.		16,886,360
	20,250	Daifuku Co. Ltd.		414,797
	171,900	Dai-ichi Life Holdings, Inc.		3,981,383
	147,800	Daiichi Sankyo Co. Ltd.		4,974,610
	9,300	Daikin Industries Ltd.		1,269,369

7

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Shares			Value
JAPAN (continued)
	80,479	Daiwa House Industry Co. Ltd.	$	2,264,592
	1,982,500	Daiwa Securities Group, Inc.		14,569,511
	285,200	Denso Corp.		4,860,699
	46,639	Disco Corp.		13,284,922
	172,500	East Japan Railway Co.		3,161,747
	106,200	ENEOS Holdings, Inc.		490,667
	215,500	FANUC Corp.		6,382,959
	33,104	Fast Retailing Co. Ltd.		8,655,672
	212,400	FUJIFILM Holdings Corp.		4,518,276
	454,730	Fujitsu Ltd.		7,024,739
	18,442	Hamamatsu Photonics KK		675,746
	357,129	Hitachi Ltd.		32,948,970
	873,800	Honda Motor Co. Ltd.		9,941,731
	79,169	Hoya Corp.		9,178,840
	31,500	Isuzu Motors Ltd.		399,195
	3,170,074	ITOCHU Corp.		143,017,167
	189,900	Japan Post Bank Co. Ltd.		1,927,544
	288,100	Japan Post Holdings Co. Ltd.		2,766,711
	172,252	Japan Tobacco, Inc.		4,633,857
	28,400	JFE Holdings, Inc.		423,891
	97,641	Kao Corp.		4,027,909
	301,975	KDDI Corp.		8,379,443
	204,073	Keyence Corp.		89,745,154
	118,500	Kirin Holdings Co. Ltd.		1,729,815
	186,900	Komatsu Ltd.		5,580,114
	321,700	Kyocera Corp.		3,921,087
	1,675	Lasertec Corp.		361,307
	580,400	LY Corp.		1,394,489
	17,900	Makita Corp.		518,221
	218,800	Marubeni Corp.		3,898,220
	613,727	Mitsubishi Corp.		14,035,680
	477,125	Mitsubishi Electric Corp.		8,316,254
	188,623	Mitsubishi Estate Co. Ltd.		3,456,463
	2,034,000	Mitsubishi UFJ Financial Group, Inc.		20,261,399
	244,291	Mitsui & Co. Ltd.		11,793,318
	414,984	Mitsui Fudosan Co. Ltd.		4,223,318
	427,900	Mizuho Financial Group, Inc.		8,270,925
	192,000	MS&AD Insurance Group Holdings, Inc.		3,451,977
	371,608	Murata Manufacturing Co. Ltd.		6,790,086
	214,100	NEC Corp.		15,501,266
	67,500	Nexon Co. Ltd.		1,052,416
	213,700	Nintendo Co. Ltd.		10,421,936
	160	Nippon Building Fund, Inc. REIT		611,327
	158,500	Nippon Paint Holdings Co. Ltd.		1,014,561
	5,818,001	Nippon Telegraph & Telephone Corp.		6,281,477
	15,500	Nissin Foods Holdings Co. Ltd.		413,626
	916,550	NOF Corp.		12,296,372
	108,109	Nomura Research Institute Ltd.		2,616,011
	95,500	NTT Data Group Corp.		1,493,412
	26,418	Obic Co. Ltd.		3,393,829
	267,500	Olympus Corp.		3,726,201
	28,200	Ono Pharmaceutical Co. Ltd.		406,175

Shares			Value
JAPAN (continued)
	212,200	Oriental Land Co. Ltd.	$	5,854,966
	884,100	ORIX Corp.		18,093,475
	98,254	Otsuka Holdings Co. Ltd.		4,201,033
	548,892	Panasonic Holdings Corp.		4,790,980
	290,883	Recruit Holdings Co. Ltd.		12,527,563
	315,900	Renesas Electronics Corp.		5,128,874
	27,200	Rohm Co. Ltd.		390,996
	43,800	Secom Co. Ltd.		3,042,458
	108,900	Sekisui House Ltd.		2,502,561
	475,329	Seven & i Holdings Co. Ltd.		6,141,821
	35,700	SG Holdings Co. Ltd.		417,872
	21,600	Shimadzu Corp.		586,830
	20,350	Shimano, Inc.		3,307,140
	902,150	Shin-Etsu Chemical Co. Ltd.		34,921,270
	56,400	Shionogi & Co. Ltd.		2,633,924
	11,814	SMC Corp.		6,206,682
	537,139	SoftBank Corp.		6,478,802
	75,600	SoftBank Group Corp.		3,718,053
	173,700	Sompo Holdings, Inc.		3,437,546
	255,854	Sony Group Corp.		21,146,683
	893,900	Sumitomo Corp.		23,507,038
	31,200	Sumitomo Electric Industries Ltd.		482,237
	495,465	Sumitomo Mitsui Financial Group, Inc.		28,144,302
	320,000	Suzuki Motor Corp.		3,726,651
	248,200	Takeda Pharmaceutical Co. Ltd.		6,523,210
	315,362	Terumo Corp.		5,349,842
	336,451	Tokio Marine Holdings, Inc.		10,634,003
	589,991	Tokyo Electron Ltd.		129,412,117
	627,195	Tokyo Gas Co. Ltd.		14,066,270
	26,100	Toyota Industries Corp.		2,480,201
	1,955,423	Toyota Motor Corp.		44,600,453
	55,400	Toyota Tsusho Corp.		3,522,329
	609,493	Unicharm Corp.		18,109,957
				1,039,412,598
LUXEMBOURG — 0.1%
	827,135	Tenaris SA		13,736,403
MALAYSIA — 0.1%
	31,957,567	Public Bank Bhd		27,563,661
MEXICO — 0.2%
	4,326,881	Fomento Economico Mexicano SAB de CV - Units		50,889,773
NETHERLANDS — 2.3%
	50,258	Adyen NV(a)(b)(c)		60,209,058
	162,303	ASML Holding NV		141,367,931
	127,949	ASML Holding NV - New York		111,631,664
	249,512	IMCD NV		37,645,001
	7,424,733	ING Groep NV		117,387,043
	520,364	Koninklijke Ahold Delhaize NV		15,795,220
	7,848	NXP Semiconductors NV		2,010,579
	45,600	Prosus NV		1,525,774

8

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Shares			Value
NETHERLANDS (continued)
	724,486	Stellantis NV	$	16,030,336
	90,223	Wolters Kluwer NV		13,506,961
				517,109,567
NORWAY — 0.2%
	18,795	Aker BP ASA		455,838
	726,494	DNB Bank ASA		12,662,180
	531,800	Equinor ASA		14,150,335
	2,296,000	Orkla ASA		15,618,332
				42,886,685
SINGAPORE — 0.2%
	9,544,800	CapitaLand Integrated Commercial Trust REIT		13,606,072
	92,400	DBS Group Holdings Ltd.		2,352,265
	112,800	Oversea-Chinese Banking Corp. Ltd.		1,171,042
	2,604,697	Singapore Airlines Ltd.		12,428,626
	403,100	Singapore Telecommunications Ltd.		699,086
	39,700	United Overseas Bank Ltd.		880,975
	3,995,600	UOL Group Ltd.		17,060,224
				48,198,290
SOUTH AFRICA — 0.3%
	6,615,352	AVI Ltd.		30,454,593
	278,927	Capitec Bank Holdings Ltd.		34,520,817
				64,975,410
SOUTH KOREA — 0.2%
	704,718	LG Corp.		40,209,761
SPAIN — 0.1%
	8,000	Aena SME SA(b)(c)		1,457,916
	14,273	Amadeus IT Group SA		905,964
	187,632	Banco Bilbao Vizcaya Argentaria SA		2,029,047
	503,024	Banco Santander SA		2,447,529
	104,800	CaixaBank SA		552,669
	47,600	Endesa SA		868,017
	16,100	Ferrovial SE		579,042
	263,092	Iberdrola SA		3,225,923
	53,473	Industria de Diseno Textil SA		2,434,675
	23,100	Naturgy Energy Group SA		584,277
	136,800	Telefonica SA		612,809
				15,697,868
SWEDEN — 0.3%
	58,800	Assa Abloy AB - Class B		1,553,579
	111,459	Atlas Copco AB - Class A		1,952,326
	79,500	Atlas Copco AB - Class B		1,192,041
	5,700	Evolution AB(b)(c)		629,766
	55,000	H & M Hennes & Mauritz AB - Class B		874,214
	63,117	Hexagon AB - Class B		660,265
	424,100	Industrivarden AB - Class A		13,657,522
	1,734,781	Investor AB - Class B		42,489,575
	77,023	Sandvik AB		1,535,341

Shares			Value
SWEDEN (continued)
	49,700	Skandinaviska Enskilda Banken AB - Class A	$	650,893
	39,200	Svenska Handelsbanken AB - Class A		336,153
	39,200	Swedbank AB - Class A		749,593
	90,700	Telefonaktiebolaget LM Ericsson - Class B		460,292
	54,500	Volvo AB - Class A		1,435,326
	84,800	Volvo AB - Class B		2,158,430
				70,335,316
SWITZERLAND — 0.9%
	73,500	ABB Ltd.		3,571,250
	12,400	Chubb Ltd.		3,083,136
	447	Givaudan SA		1,911,716
	468,940	Glencore Plc		2,728,558
	245,281	Holcim AG		20,531,928
	1,700	Kuehne + Nagel International AG		449,304
	82,069	Nestle SA		8,239,744
	333,650	Novartis AG		32,383,253
	875	Partners Group Holding AG		1,125,745
	141,935	Roche Holding AG		34,009,644
	4,150	Roche Holding AG		1,091,693
	1,775	Schindler Holding AG		432,485
	2,600	Schindler Holding AG - Participation Certificates		648,067
	202,768	Sika AG		57,679,707
	3,450	Straumann Holding AG		458,635
	9,000	Swiss Re AG		978,349
	24,665	Swisscom AG		13,531,394
	105,308	UBS Group AG		2,765,734
	32,786	Zurich Insurance Group AG		15,869,944
				201,490,286
TAIWAN — 0.5%
	2,572,000	Advantech Co. Ltd.		29,916,013
	811,551	Taiwan Semiconductor Manufacturing Co. Ltd.		19,431,590
	27,731,223	Uni-President Enterprises Corp.		65,046,556
				114,394,159
UNITED KINGDOM — 3.7%
	521,188	3i Group Plc		18,620,719
	1,419,326	AstraZeneca Plc		214,671,570
	2,985,012	B&M European Value Retail SA		19,263,994
	84,800	BAE Systems Plc		1,410,412
	6,392,300	Barclays Plc		16,116,871
	2,710,409	BP Plc		17,470,314
	18,000	Coca-Cola Europacific Partners Plc		1,296,360
	53,619	Compass Group Plc		1,491,344
	86,800	Diageo Plc		2,999,780
	778,110	GSK Plc		16,143,386
	1,353,465	Howden Joinery Group Plc		14,732,088
	665,773	HSBC Holdings Plc		5,770,889
	46,200	Imperial Brands Plc		1,055,677

9

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	241,221	Intertek Group Plc	$	14,846,326
	155,208	Legal & General Group Plc		455,613
	1,989,576	Lloyds Banking Group Plc		1,284,040
	1,357,201	London Stock Exchange Group Plc		149,617,985
	113,700	National Grid Plc		1,491,421
	176,000	NatWest Group Plc		664,291
	127,270	Next Plc		14,274,344
	28,900	Pentair Plc		2,285,701
	22,200	Reckitt Benckiser Group Plc		1,241,135
	366,190	RELX Plc		15,045,605
	2,026,499	Rightmove Plc		12,981,359
	471,902	Rio Tinto Plc		31,929,257
	26,131,438	Rolls-Royce Holdings Plc(a)		134,002,687
	875,527	Shell Plc		31,123,775
	55,800	SSE Plc		1,159,881
	4,121,920	Tesco Plc		15,218,419
	1,490,121	Unilever Plc		77,085,161
	1,148,000	Vodafone Group Plc		968,111
				836,718,515
UNITED STATES — 70.8%
	14,738	3M Co.		1,422,364
	14,694	A.O. Smith Corp.		1,217,251
	959,445	Abbott Laboratories		101,672,387
	908,597	AbbVie, Inc.		147,774,216
	15,512	Adobe, Inc.(a)		7,179,419
	24,800	Aflac, Inc.		2,074,520
	846,876	Agilent Technologies, Inc.		116,055,887
	203,825	Air Products and Chemicals, Inc.		48,172,001
	139,038	Airbnb, Inc. - Class A(a)		22,047,256
	518,464	Alexandria Real Estate Equities, Inc. REIT		60,074,424
	97,484	Align Technology, Inc.(a)		27,527,532
	56,100	Alliant Energy Corp.		2,793,780
	591,001	Alphabet, Inc. - Class A(a)		96,203,143
	3,486,746	Alphabet, Inc. - Class C(a)		574,057,861
	26,800	Altria Group, Inc.		1,174,108
	3,897,004	Amazon.com, Inc.(a)		681,975,700
	132,500	American Airlines Group, Inc.(a)		1,790,075
	18,472	American Express Co.		4,323,002
	20,517	American International Group, Inc.		1,545,135
	350,233	American Tower Corp. REIT		60,085,973
	4,254	Ameriprise Financial, Inc.		1,751,755
	562,410	AMETEK, Inc.		98,230,531
	16,415	Amgen, Inc.		4,496,725
	28,200	Amphenol Corp. - Class A		3,405,714
	18,613	Analog Devices, Inc.		3,733,954
	9,093	Aon Plc - Class A		2,564,317
	4,510,288	Apple, Inc.		768,237,355
	27,030	Applied Materials, Inc.		5,369,510
	10,000	Arista Networks, Inc.(a)		2,565,600
	556,584	Arthur J Gallagher & Co.		130,624,699
	14,000	Assurant, Inc.		2,441,600

Shares			Value
UNITED STATES (continued)
	190,070	AT&T, Inc.	$	3,210,282
	7,780	Autodesk, Inc.(a)		1,655,973
	162,169	Automatic Data Processing, Inc.		39,227,059
	769	AutoZone, Inc.(a)		2,273,472
	248,534	Axon Enterprise, Inc.(a)		77,955,174
	3,777,970	Bank of America Corp.		139,822,670
	19,800	Bank of New York Mellon Corp. (The)		1,118,502
	466,085	Berkshire Hathaway, Inc. - Class B(a)		184,909,902
	31,740	Bio-Techne Corp.		2,006,285
	1,437,821	Blackstone, Inc.		167,664,307
	670,765	Block, Inc.(a)		48,965,845
	41,160	Booking Holdings, Inc.		142,085,555
	8,500	Booz Allen Hamilton Holding Corp.		1,255,195
	33,049	BorgWarner, Inc.		1,083,016
	18,600	Boston Properties, Inc. REIT		1,151,154
	53,593	Bristol-Myers Squibb Co.		2,354,876
	433,372	Broadcom, Inc.		563,500,610
	3,910	Broadridge Financial Solutions, Inc.		756,233
	10,800	Builders FirstSource, Inc.(a)		1,974,456
	326,398	Cadence Design Systems, Inc.(a)		89,965,081
	35,600	Camden Property Trust REIT		3,548,608
	59,000	Campbell Soup Co.		2,696,890
	13,649	Capital One Financial Corp.		1,957,676
	15,109	Cardinal Health, Inc.		1,556,831
	164,628	Caterpillar, Inc.		55,079,590
	5,900	CDW Corp.		1,426,974
	14,100	Celanese Corp.		2,165,901
	810,667	Cencora, Inc.		193,789,946
	14,700	Centene Corp.(a)		1,073,982
	14,700	CH Robinson Worldwide, Inc.		1,043,700
	6,950	Charles River Laboratories International, Inc.(a)		1,591,550
	40,010	Charles Schwab Corp. (The)		2,958,740
	5,965	Charter Communications, Inc. - Class A(a)		1,526,682
	6,800	Cheniere Energy, Inc.		1,073,176
	2,542,824	Chevron Corp.		410,081,226
	49,207	Chipotle Mexican Grill, Inc.(a)		155,474,437
	9,833	Cigna Group (The)		3,510,774
	1,850	Cintas Corp.		1,217,929
	110,443	Cisco Systems, Inc.		5,188,612
	59,349	Citigroup, Inc.		3,639,874
	45,943	Citizens Financial Group, Inc.		1,567,116
	425,107	Cloudflare, Inc. - Class A(a)		37,154,352
	17,000	CME Group, Inc.		3,563,880
	1,194,504	Coca-Cola Co. (The)		73,784,512
	29,602	Colgate-Palmolive Co.		2,721,016
	1,318,985	Comcast Corp. - Class A		50,266,518
	53,300	Conagra Brands, Inc.		1,640,574
	42,157	ConocoPhillips		5,295,762
	22,800	Copart, Inc.(a)		1,238,268
	1,378,840	Corteva, Inc.		74,636,609
	13,600	CoStar Group, Inc.(a)		1,244,808

10

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Shares			Value
UNITED STATES (continued)
	349,094	Costco Wholesale Corp.	$	252,360,053
	44,230	Coterra Energy, Inc.		1,210,133
	33,921	Crown Castle, Inc. REIT		3,181,111
	85,665	CSX Corp.		2,845,791
	42,821	CVS Health Corp.		2,899,410
	381,242	Danaher Corp.		94,021,902
	10,300	DaVita, Inc.(a)		1,431,803
	90,340	Deere & Co.		35,359,979
	13,300	Dell Technologies, Inc. - Class C		1,657,712
	37,400	Devon Energy Corp.		1,914,132
	676,157	Dexcom, Inc.(a)		86,135,640
	7,200	Diamondback Energy, Inc.		1,448,136
	14,826	Digital Realty Trust, Inc. REIT		2,057,552
	2,554	Domino’s Pizza, Inc.		1,351,756
	441,454	DoorDash, Inc. - Class A(a)		57,062,344
	8,150	DR Horton, Inc.		1,161,294
	992,076	Duke Energy Corp.		97,481,388
	12,600	Eastman Chemical Co.		1,189,944
	439,755	Eaton Corp. Plc		139,956,426
	35,498	eBay, Inc.		1,829,567
	14,800	Ecolab, Inc.		3,347,020
	274,854	Edwards Lifesciences Corp.(a)		23,271,888
	14,615	Electronic Arts, Inc.		1,853,474
	293,108	Elevance Health, Inc.		154,931,027
	203,010	Eli Lilly & Co.		158,571,111
	439,638	Entegris, Inc.		58,436,683
	713,044	EOG Resources, Inc.		94,214,504
	30,500	EQT Corp.		1,222,745
	1,350	Equinix, Inc. REIT		959,998
	28,300	Etsy, Inc.(a)		1,943,361
	9,200	Expedia Group, Inc.(a)		1,238,596
	924,994	Exxon Mobil Corp.		109,399,040
	6,050	F5, Inc.(a)		1,000,126
	1,442	Fair Isaac Corp.(a)		1,634,262
	18,590	Fastenal Co.		1,263,005
	10,000	FedEx Corp.		2,617,800
	37,400	Fifth Third Bancorp		1,363,604
	775	First Citizens BancShares, Inc. - Class A		1,307,239
	1,168,033	Fiserv, Inc.(a)		178,323,598
	1,272,198	Fortinet, Inc.(a)		80,377,470
	1,152,354	Freeport-McMoRan, Inc.		57,548,559
	3,500	Gartner, Inc.(a)		1,444,065
	9,046	General Dynamics Corp.		2,597,016
	29,175	General Electric Co.		4,721,099
	57,126	General Mills, Inc.		4,025,098
	36,700	General Motors Co.		1,634,251
	469,878	Genuine Parts Co.		73,869,520
	41,001	Gilead Sciences, Inc.		2,673,265
	8,950	Globe Life, Inc.		681,721
	12,932	Goldman Sachs Group, Inc. (The)		5,518,214
	1,773,364	Halliburton Co.		66,447,949

Shares			Value
UNITED STATES (continued)
	12,700	Hartford Financial Services Group, Inc. (The)	$	1,230,503
	5,317	HCA Healthcare, Inc.		1,647,313
	143,994	Hershey Co. (The)		27,923,316
	11,200	Hilton Worldwide Holdings, Inc.		2,209,536
	302,560	Home Depot, Inc. (The)		101,121,603
	570,764	Honeywell International, Inc.		110,003,346
	56,100	Host Hotels & Resorts, Inc. REIT		1,058,607
	961,108	Howmet Aerospace, Inc.		64,153,959
	5,265	Humana, Inc.		1,590,504
	5,500	Huntington Ingalls Industries, Inc.		1,523,115
	146,740	Illinois Tool Works, Inc.		35,820,701
	30,885	International Business Machines Corp.		5,133,087
	38,300	Interpublic Group of Cos., Inc. (The)		1,165,852
	9,175	Intuit, Inc.		5,740,064
	254,027	Intuitive Surgical, Inc.(a)		94,147,487
	83,800	Invesco Ltd.		1,187,446
	258,261	iRhythm Technologies, Inc.(a)		28,300,240
	850,082	Jabil, Inc.		99,765,624
	421,360	Johnson & Johnson		60,924,442
	2,463,656	JPMorgan Chase & Co.		472,381,401
	1,676,922	Kenvue, Inc.		31,559,672
	28,173	Kimberly-Clark Corp.		3,846,460
	857,250	KKR & Co., Inc. - Class A		79,784,258
	232,518	KLA Corp.		160,272,332
	9,393	L3Harris Technologies, Inc.		2,010,572
	84,956	Lam Research Corp.		75,985,496
	10,400	Lamb Weston Holdings, Inc.		866,736
	9,891	Leidos Holdings, Inc.		1,386,916
	7,893	Lennar Corp. - Class A		1,196,737
	343,416	Linde Plc		151,432,719
	7,409	Lockheed Martin Corp.		3,444,666
	15,100	Loews Corp.		1,134,765
	676,122	Lowe’s Cos., Inc.		154,149,055
	12,400	LyondellBasell Industries NV - Class A		1,239,628
	48,400	Marathon Oil Corp.		1,299,540
	11,800	Marathon Petroleum Corp.		2,144,296
	9,400	Marriott International, Inc. - Class A		2,219,622
	13,200	Marsh & McLennan Cos, Inc.		2,632,476
	436,675	Mastercard, Inc. - Class A		197,027,760
	50,847	Match Group, Inc.(a)		1,567,105
	231,520	McDonald’s Corp.		63,214,221
	4,542	McKesson Corp.		2,440,008
	1,370,535	Merck & Co., Inc.		177,100,533
	850,182	Meta Platforms, Inc. - Class A		365,722,791
	1,614,482	MetLife, Inc.		114,757,381
	3,154	Mettler-Toledo International, Inc.(a)		3,878,474
	19,912	Microchip Technology, Inc.		1,831,506
	3,094,952	Microsoft Corp.		1,204,957,662
	23,000	Mid-America Apartment Communities, Inc. REIT		2,990,000
	15,181	Mohawk Industries, Inc.(a)		1,750,673
	2,509	Molina Healthcare, Inc.(a)		858,329

11

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Shares			Value
UNITED STATES (continued)
	26,100	Molson Coors Beverage Co. - Class B	$	1,494,486
	36,649	Mondelez International, Inc. - Class A		2,636,529
	15,109	Monster Beverage Corp.(a)		807,576
	775,556	Morgan Stanley		70,451,507
	356,010	Motorola Solutions, Inc.		120,740,792
	14,099	NetApp, Inc.		1,441,059
	128,847	Netflix, Inc.(a)		70,948,312
	57,600	News Corp. - Class A		1,370,880
	3,383,482	NextEra Energy, Inc.		226,591,790
	556,016	NIKE, Inc. - Class B		51,298,036
	4,300	Nordson Corp.		1,110,217
	17,600	Northern Trust Corp.		1,450,064
	208,404	Northrop Grumman Corp.		101,082,192
	8,000	Nucor Corp.		1,348,240
	1,125,343	NVIDIA Corp.		972,318,859
	290	NVR, Inc.(a)		2,157,266
	533,225	Okta, Inc.(a)		49,579,261
	14,700	Old Dominion Freight Line, Inc.		2,671,137
	2,103,915	Oracle Corp.		239,320,331
	152,263	O’Reilly Automotive, Inc.(a)		154,282,007
	21,797	PACCAR, Inc.		2,312,880
	14,200	Palo Alto Networks, Inc.(a)		4,130,638
	5,100	Parker-Hannifin Corp.		2,779,041
	9,763	Paychex, Inc.		1,159,942
	267,721	PepsiCo, Inc.		47,094,801
	8,449,695	PG&E Corp.		144,574,281
	1,183,686	Philip Morris International, Inc.		112,379,149
	16,999	Phillips 66		2,434,427
	35,500	Pinnacle West Capital Corp.		2,614,575
	15,600	PNC Financial Services Group, Inc. (The)		2,390,856
	3,550	Pool Corp.		1,286,981
	15,600	Principal Financial Group, Inc.		1,234,584
	453,758	Procter & Gamble Co. (The)		74,053,306
	359,578	Prudential Financial, Inc.		39,726,177
	48,900	Public Service Enterprise Group, Inc.		3,378,012
	10,300	PulteGroup, Inc.		1,147,626
	12,400	Qorvo, Inc.(a)		1,448,816
	843,715	QUALCOMM, Inc.		139,930,133
	491,634	Quanta Services, Inc.		127,116,887
	7,900	Ralph Lauren Corp.		1,292,756
	17,200	Raymond James Financial, Inc.		2,098,400
	3,593	Regeneron Pharmaceuticals, Inc.(a)		3,200,141
	58,000	Regions Financial Corp.		1,117,660
	3,850	Reliance, Inc.		1,096,172
	173,169	Repligen Corp.(a)		28,434,350
	15,700	Republic Services, Inc.		3,009,690
	24,183	Rollins, Inc.		1,077,594
	2,894	Roper Technologies, Inc.		1,480,165
	254,757	Ross Stores, Inc.		33,003,769
	11,200	Royal Caribbean Cruises Ltd.(a)		1,563,856
	30,301	Salesforce, Inc.		8,149,151
	7,950	SBA Communications Corp. REIT		1,479,654

Shares			Value
UNITED STATES (continued)
	16,204	Seagate Technology Holdings Plc	$	1,392,086
	7,576	ServiceNow, Inc.(a)		5,252,668
	14,300	Sherwin-Williams Co. (The)		4,284,423
	644,895	Simon Property Group, Inc. REIT		90,627,094
	417,900	Sirius XM Holdings, Inc.		1,228,626
	14,111	Skyworks Solutions, Inc.		1,504,091
	232,884	Snowflake, Inc. - Class A(a)		36,143,597
	29,200	Southern Co. (The)		2,146,200
	645,280	Starbucks Corp.		57,100,827
	14,444	State Street Corp.		1,047,046
	9,550	Steel Dynamics, Inc.		1,242,646
	9,050	Stryker Corp.		3,045,325
	29,379	Synchrony Financial		1,292,088
	4,082	Synopsys, Inc.(a)		2,165,868
	29,500	Tapestry, Inc.		1,177,640
	403,407	Target Corp.		64,940,459
	355,079	TE Connectivity Ltd.		50,236,577
	9,600	Teleflex, Inc.		2,004,000
	49,300	Tesla, Inc.(a)		9,035,704
	233,231	Texas Instruments, Inc.		41,146,613
	206,248	Thermo Fisher Scientific, Inc.		117,297,363
	28,800	TJX Cos., Inc. (The)		2,709,792
	24,600	T-Mobile US, Inc.		4,038,582
	6,200	Travelers Cos, Inc. (The)		1,315,392
	1,979,462	Truist Financial Corp.		74,328,798
	3,403	Tyler Technologies, Inc.(a)		1,570,655
	35,200	UDR, Inc. REIT		1,340,416
	478,711	Union Pacific Corp.		113,531,101
	24,200	United Parcel Service, Inc. - Class B		3,569,016
	154,048	United Rentals, Inc.		102,902,524
	582,538	UnitedHealth Group, Inc.		281,773,631
	6,950	Universal Health Services, Inc. - Class B		1,184,489
	93,400	US Bancorp		3,794,842
	8,697	Valero Energy Corp.		1,390,389
	9,549	Verisk Analytics, Inc.		2,081,300
	3,033,499	Verizon Communications, Inc.		119,792,876
	9,250	Vertex Pharmaceuticals, Inc.(a)		3,633,492
	853,132	Visa, Inc. - Class A		229,159,787
	14,600	W R Berkley Corp.		1,123,762
	1,731,898	Walmart, Inc.		102,788,146
	434,246	Waste Management, Inc.		90,331,853
	8,336	Waters Corp.(a)		2,576,157
	710,438	WEC Energy Group, Inc.		58,710,596
	106,086	Wells Fargo & Co.		6,293,022
	457,255	Westinghouse Air Brake Technologies Corp.		73,654,635
	37,043	Weyerhaeuser Co. REIT		1,117,587
	32,500	Williams Cos, Inc. (The)		1,246,700
	1,895	WW Grainger, Inc.		1,745,958
	12,252	Yum! Brands, Inc.		1,730,595
	9,452	Zebra Technologies Corp. - Class A(a)		2,973,221

12

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Shares			Value
UNITED STATES (continued)
	15,400	Zoetis, Inc.	$	2,452,296
				16,036,433,432
URUGUAY — 0.3%
	55,040	MercadoLibre, Inc.(a)		80,286,848
Total Common Stocks (Cost $14,628,931,870)				21,981,987,777
RIGHTS/WARRANTS — 0.0%
CANADA — 0.0%
	489	Constellation Software, Inc. Warrants, Expire 03/31/40(a)(d)		0
Total Rights/Warrants (Cost $0)				0
EXCHANGE-TRADED   FUNDS(e) — 1.1%
	1,566,720	Energy Select Sector SPDR Fund		146,519,654
	648,753	SPDR S&P Oil & Gas Exploration & Production ETF		98,240,667
Total Exchange-Traded Funds (Cost $205,123,654)				244,760,321
Principal Amount
U.S. GOVERNMENT SECURITIES — 0.2%
U.S. Treasury Bills — 0.2%
$	50,000,000	5.29%, 05/07/24(f)		49,956,012
Total U.S. Government Securities (Cost $49,956,108)				49,956,012

Shares			Value
INVESTMENT COMPANY — 1.9%
	440,002,449	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(g)	$	440,002,449
Total Investment Company (Cost $440,002,449)				440,002,449
TOTAL INVESTMENTS — 100.3% (Cost $15,324,014,081)			$	22,716,706,559
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(69,992,215	)
NET ASSETS — 100.0%			$	22,646,714,344

(a)	Non-income producing security.
(b)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(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)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $0 which is 0.00% of net assets and the cost is $0.
(e)	A copy of the underlying funds’ financial statements is available upon request.
(f)	Zero coupon security. The rate represents the yield at time of purchase.
(g)	The rate shown represents the current yield as of April 30, 2024.

Forward Foreign Currency Exchange Contracts Outstanding at April 30, 2024:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
JPY	7,749,300,000	USD	53,905,174	Barclays Bank Plc	09/17/24	$	(3,716,895	)
EUR	13,987,970	USD	15,425,338	Barclays Bank Plc	09/17/24		(401,768	)
GBP	12,448,133	USD	15,951,197	Barclays Bank Plc	09/17/24		(381,918	)
CAD	13,625,000	USD	10,145,348	Barclays Bank Plc	09/17/24		(222,552	)
Total Forward Foreign Currency Exchange Contracts						$	(4,723,133	)

13

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

The following abbreviations are used in the report:

CAD — Canadian Dollar

ETF — Exchange-Traded Fund

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

USD — U.S. Dollar

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Australia		1.4	%
Austria		0.1
Belgium		0.0	*
Brazil		0.5
Canada		0.9
Chile		0.2
China		1.5
Denmark		0.2
Finland		0.1
France		1.4
Germany		1.3
Hong Kong		0.4
India		2.0
Indonesia		0.2
Ireland		1.6
Israel		0.1
Italy		0.4
Japan		4.6
Luxembourg		0.1
Malaysia		0.1
Mexico		0.2
Netherlands		2.3
Norway		0.2
Singapore		0.2
South Africa		0.3
South Korea		0.2
Spain		0.1
Sweden		0.3
Switzerland		0.9
Taiwan		0.5
United Kingdom		3.7
United States		70.8
Uruguay		0.3
Other**		2.9
		100.0	%

* Represents less than 0.01% of net assets.

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

14

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments	April 30, 2024
	(Unaudited)

Shares			Value
COMMON STOCKS — 88.9%
AUSTRALIA — 2.2%
	1,133,266	Abacus Storage King REIT	$	826,490
	534,224	Accent Group Ltd.		649,082
	36,932	Adairs Ltd.		50,620
	250,227	AGL Energy Ltd.		1,524,024
	109,618	AIC Mines Ltd.(a)		35,293
	68,049	Altium Ltd.		2,875,061
	27,100	Ampol Ltd.		639,934
	68,145	Ansell Ltd.		1,120,378
	27,800	ARB Corp. Ltd.		682,476
	75,099	Audinate Group Ltd.(a)		901,620
	526,749	Aurelia Metals Ltd.(a)		67,726
	938,900	Aurizon Holdings Ltd.		2,306,175
	21,551	Australian Ethical Investment Ltd.		65,111
	140,436	Base Resources Ltd.		22,701
	284,519	Bega Cheese Ltd.		754,275
	394,852	Bendigo & Adelaide Bank Ltd.		2,474,983
	45,500	BlueScope Steel Ltd.		664,092
	290,985	Brambles Ltd.		2,737,486
	144,560	Bravura Solutions Ltd.(a)		127,792
	7,957	Brickworks Ltd.		137,045
	398,004	Capricorn Metals Ltd.(a)		1,259,923
	580,642	Cettire Ltd.(a)		1,103,747
	713,054	Champion Iron Ltd.		3,231,439
	29,206	Clarity Pharmaceuticals Ltd.(a)		52,564
	21,585	Cobram Estate Olives Ltd.		25,976
	21,110	Cochlear Ltd.		4,403,714
	671,822	Codan Ltd.		4,734,763
	81,450	Computershare Ltd.		1,430,944
	5,509	Credit Corp. Group Ltd.		57,651
	34,863	Downer EDI Ltd.		104,661
	138,600	Elders Ltd.		753,038
	23,016	Electro Optic Systems Holdings Ltd. (a)		26,018
	362,677	Emerald Resources NL(a)		816,421
	14,106	Enero Group Ltd.		15,140
	1,270	EQT Holdings Ltd.		24,916
	390,563	Evolution Mining Ltd.		1,007,177
	8,343	FleetPartners Group Ltd.(a)		19,318
	1,826,439	Gold Road Resources Ltd.		1,890,063
	652,151	GrainCorp Ltd. - Class A		3,583,344
	1,684,581	Grange Resources Ltd.		453,487
	19,396	GWA Group Ltd.		32,048
	1,147,340	Harvey Norman Holdings Ltd.		3,369,522
	991,106	Helia Group Ltd.		2,543,916
	155,179	Helloworld Travel Ltd.		272,178
	40,160	HUB24 Ltd.		1,031,852
	93,657	Iluka Resources Ltd.		455,418
	441,197	Imdex Ltd.		591,682
	3,970,353	Incitec Pivot Ltd.		7,129,117
	837,948	Inghams Group Ltd.		1,983,325
	160,100	Insurance Australia Group Ltd.		663,291
	35,452	Integrated Research Ltd.(a)		9,842

Shares			Value
AUSTRALIA (continued)
	221,455	IPH Ltd.	$	891,456
	20,531	JB Hi-Fi Ltd.		801,163
	10,348	Jumbo Interactive Ltd.		105,181
	216,307	Kogan.com Ltd.		703,247
	1,033,952	Macmahon Holdings Ltd.		166,185
	1,944	Macquarie Technology Group Ltd.(a)		102,267
	22,358	Mader Group Ltd.		96,762
	198,170	Magellan Financial Group Ltd.		1,125,235
	13,545	Mayne Pharma Group Ltd.(a)		60,754
	360,588	McMillan Shakespeare Ltd.		4,304,140
	1,437,925	Medibank Pvt Ltd.		3,295,523
	567,828	Metals X Ltd.(a)		165,392
	446,215	Metcash Ltd.		1,131,550
	303,276	Monadelphous Group Ltd.		2,605,108
	183,660	Monash IVF Group Ltd.		173,950
	737,603	Mount Gibson Iron Ltd.(a)		211,281
	655,577	Nanosonics Ltd.(a)		1,213,022
	57,294	Navigator Global Investments Ltd.		68,516
	301,586	Netwealth Group Ltd.		3,795,921
	1,588,373	New Hope Corp. Ltd.		4,620,609
	111,915	nib holdings Ltd.		534,455
	779,323	NRW Holdings Ltd.		1,391,060
	1,338,703	Nufarm Ltd.		4,424,794
	66,258	Nuix Ltd.(a)		87,786
	37,291	Objective Corp. Ltd.		300,752
	258,209	oOh!media Ltd.		279,168
	299,914	Ora Banda Mining Ltd.(a)		64,802
	109,300	Origin Energy Ltd.		689,838
	5,942,752	Orora Ltd.		8,329,916
	831,452	Pantoro Ltd.(a)		46,035
	487,736	Perenti Ltd.		299,372
	4,888,559	Perseus Mining Ltd.		7,150,606
	383,950	Pilbara Minerals Ltd.		977,500
	147,008	PointsBet Holdings Ltd.		48,186
	35,859	Premier Investments Ltd.		689,771
	222,307	Pro Medicus Ltd.		15,882,746
	13,752	PWR Holdings Ltd.		104,102
	57,700	QBE Insurance Group Ltd.		660,028
	1,837	Qualitas Ltd.		2,917
	471,300	Qube Holdings Ltd.		1,002,580
	1,449,403	Ramelius Resources Ltd.		1,922,649
	41,045	REA Group Ltd.		4,704,909
	975,566	Red 5 Ltd.(a)		279,426
	3,747	Regal Partners Ltd.		6,946
	81,728	Regis Healthcare Ltd.		207,971
	1,275,298	Regis Resources Ltd.(a)		1,796,357
	995,798	Resolute Mining Ltd.(a)		270,522
	67,073	Ridley Corp. Ltd.		97,860
	153,915	Sandfire Resources Ltd.(a)		927,034
	39,275	SEEK Ltd.		606,714
	263,987	Service Stream Ltd.		217,423
	1	Seven Group Holdings Ltd.		24
	509,517	Sigma Healthcare Ltd.		414,891

15

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	353,426	Silver Lake Resources Ltd.(a)	$	326,139
	178,560	SmartGroup Corp. Ltd.		1,094,869
	52,579	Southern Cross Electrical Engineering Ltd.		41,842
	305,383	SRG Global Ltd.		164,993
	79,759	Stanmore Resources Ltd.		170,477
	155,854	Super Retail Group Ltd.		1,449,190
	652,851	Technology One Ltd.		6,761,718
	12,570	Telix Pharmaceuticals Ltd.(a)		120,635
	255,211	Temple & Webster Group Ltd.(a)		1,862,595
	138,387	Tuas Ltd.(a)		356,249
	3,111	Universal Store Holdings Ltd.		11,557
	24,186	Veem Ltd.		30,067
	2,095,038	Ventia Services Group Pty Ltd.		4,875,885
	29,050	Washington H Soul Pattinson & Co. Ltd.		607,946
	834,196	Webjet Ltd.(a)		4,378,746
	2,608,269	West African Resources Ltd.(a)		2,210,126
	1,301,044	Westgold Resources Ltd.		1,858,711
	1,721,494	Whitehaven Coal Ltd.		8,515,348
	373,300	Yancoal Australia Ltd.		1,332,656
	2,558,695	Zip Co. Ltd.(a)		2,005,256
				179,970,266
AUSTRIA — 0.2%
	52,607	ANDRITZ AG		2,871,475
	338	DO & CO AG		51,775
	40,250	Erste Group Bank AG		1,877,063
	353	EVN AG		10,849
	76,554	Kontron AG		1,541,072
	6,773	Palfinger AG		152,216
	8,563	Porr AG		129,794
	525,150	Raiffeisen Bank International AG		9,698,915
	27,582	Rhi Magnesita NV		1,240,829
	3,577	Schoeller-Bleckmann Oilfield Equipment AG		173,988
	12,503	Vienna Insurance Group AG Wiener Versicherung Gruppe		389,226
	19,750	voestalpine AG		527,425
	32,273	Zumtobel Group AG		206,280
				18,870,907
BELGIUM — 0.2%
	2,523	Ascencio REIT		130,422
	345,555	Azelis Group NV		8,302,972
	32,910	Barco NV		456,560
	16,280	Bekaert SA		814,581
	3,608	Cie d’Entreprises CFE		29,444
	68,441	Colruyt Group NV		3,166,234
	2,141	Deme Group NV		339,894
	19,241	EVS Broadcast Equipment SA		694,581
	6,325	Melexis NV		528,555
	18,022	Retail Estates NV REIT		1,257,911

Shares			Value
BELGIUM (continued)
	1,051	Wereldhave Belgium Comm VA REIT	$	50,375
				15,771,529
BRAZIL — 0.6%
	2,775,475	BRF SA - ADR(a)		9,131,313
	2,452,484	Cia Energetica de Minas Gerais - ADR		5,885,961
	3,026,948	Hapvida Participacoes e InvestimentosSA(a)(b)(c)		2,151,030
	625,614	Natura & Co. Holding SA - ADR		3,966,393
	736,910	Pagseguro Digital Ltd. - Class A(a)		9,174,529
	1,353,100	Rumo SA		5,261,158
	584,800	StoneCo Ltd. - Class A(a)		9,122,880
	1,704,400	Vibra Energia SA		7,703,707
				52,396,971
CANADA — 3.0%
	531,175	AbCellera Biologics, Inc.(a)		2,007,841
	4,416	ADENTRA, Inc.		136,588
	84,200	Aecon Group, Inc.		1,034,266
	21,166	AGF Management Ltd. - Class B		121,155
	4,941	Agnico Eagle Mines Ltd.		312,879
	52,200	Allied Properties Real Estate Investment Trust REIT		641,954
	125,630	Altius Minerals Corp.		1,985,769
	151,000	Altus Group Ltd.		5,541,365
	54,300	Amerigo Resources Ltd.		68,237
	203,005	ARC Resources Ltd.		3,676,254
	10,180	Bird Construction, Inc.		139,983
	26,300	Black Diamond Group Ltd.		161,814
	34,000	Brookfield Asset Management Ltd. - Class A		1,298,849
	738,074	CAE, Inc.(a)		14,239,818
	45,320	Canada Goose Holdings, Inc.(a)		511,584
	35,165	Capital Power Corp.		917,792
	23,627	Cascades, Inc.		158,583
	34,975	CCL Industries, Inc. - Class B		1,786,033
	60,291	Celestica, Inc.(a)		2,610,646
	400,473	Centerra Gold, Inc.		2,437,776
	80,224	CES Energy Solutions Corp.		330,418
	132,435	Choice Properties Real Estate Investment Trust REIT		1,252,536
	49,200	Chorus Aviation, Inc.(a)		76,839
	9,900	CI Financial Corp.		116,932
	3,095	Cogeco, Inc.		115,401
	11,253	Coveo Solutions, Inc.(a)		68,663
	119,465	Descartes Systems Group, Inc. (The)(a)		11,085,157
	61,300	Descartes Systems Group, Inc. (The)(a)		5,686,275
	615,941	Dollarama, Inc.		51,381,734
	5,000	DRI Healthcare Trust - Units		58,984
	106,000	Dundee Precious Metals, Inc.		802,324
	9,323	Enghouse Systems Ltd.		201,880
	21,700	Evertz Technologies Ltd.		219,735
	19,383	Exco Technologies Ltd.		99,544
	76,945	FirstService Corp.		11,310,915

16

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
CANADA (continued)
	134,672	H&R Real Estate Investment Trust REIT	$	880,433
	13,400	Hammond Power Solutions, Inc.		1,122,888
	131,285	Headwater Exploration, Inc.		713,334
	1,608,286	IAMGOLD Corp.(a)		5,725,498
	2,000	Information Services Corp.		38,514
	25,600	InPlay Oil Corp.		45,188
	219,480	Killam Apartment Real Estate Investment Trust REIT		2,740,610
	98,117	Kinaxis, Inc.(a)		10,447,805
	1,214,830	Kinross Gold Corp.		7,835,653
	411,025	Knight Therapeutics, Inc.(a)		1,722,743
	84,300	Labrador Iron Ore Royalty Corp.		1,841,355
	300	Lassonde Industries, Inc. - Class A		31,385
	120,785	Laurentian Bank of Canada		2,257,508
	676,500	Lightspeed Commerce, Inc.(a)		8,860,128
	12,295	Linamar Corp.		579,003
	93,900	Lundin Gold, Inc.		1,276,191
	285,667	Martinrea International, Inc.		2,375,976
	17,980	Methanex Corp.		860,961
	45,415	Metro, Inc.		2,323,121
	1,345	Morguard Corp.		108,126
	66,466	Morguard North American Residential Real Estate Investment Trust REIT		733,871
	366,872	Mullen Group Ltd.		3,405,821
	27,770	North West Co., Inc. (The)		787,118
	1,420	NuVista Energy Ltd.(a)		12,832
	314,827	Pan American Silver Corp.		5,805,410
	1,400	Paramount Resources Ltd. - Class A		31,729
	24,350	Parkland Corp.		750,142
	210,687	Pason Systems, Inc.		2,395,127
	28,415	Quebecor, Inc. - Class B		588,053
	270,000	RB Global, Inc.		19,326,600
	5,499	Reitmans Canada Ltd. - Class A(a)		9,786
	99,890	Richelieu Hardware Ltd.		2,818,964
	125,210	RioCan Real Estate Investment Trust REIT		1,586,215
	8,457	Russel Metals, Inc.		238,171
	268,155	Secure Energy Services, Inc.		2,271,229
	8	SIR Royalty Income Fund - Units		79
	1,600	Softchoice Corp.		20,641
	19,840	Stelco Holdings, Inc.		575,175
	115,250	Stella-Jones, Inc.		6,695,743
	2,500	TECSYS, Inc.		70,352
	41,875	TFI International, Inc.		5,453,347
	92,775	TMX Group Ltd.		2,456,433
	72,012	Torex Gold Resources, Inc.(a)		1,014,806
	78,005	Tourmaline Oil Corp.		3,812,281
	9,036	Transat AT, Inc.(a)		23,630
	140,110	Transcontinental, Inc. - Class A		1,390,261
	142,270	Vermilion Energy, Inc.		1,639,053
	1,700	VersaBank		16,819

Shares			Value
CANADA (continued)
	44,177	Wajax Corp.	$	1,085,612
	22,400	Westaim Corp. (The)(a)		61,018
	414,412	Western Forest Products, Inc.		162,556
	40,215	Westshore Terminals Investment Corp.		773,540
	851,655	Whitecap Resources, Inc.		6,458,634
	3,700	Winpak Ltd.		115,221
				246,969,212
CHILE — 0.1%
	2,979,098	Cencosud SA		5,104,853
CHINA — 3.8%
	5,468,216	3SBio, Inc.(b)(c)		4,371,074
	15,282,000	Agricultural Bank of China Ltd. - H Shares		6,814,410
	1,914,439	Aisino Corp. - A Shares		2,234,320
	196,600	Autohome, Inc. - ADR		5,052,620
	8,074,900	Bank of Beijing Co. Ltd. - A Shares		6,205,407
	3,229,000	Bank of Changsha Co. Ltd. - A Shares		3,626,712
	2,283,439	Bank of Chengdu Co. Ltd. - A Shares		4,650,583
	14,962,770	Bank of China Ltd. - H Shares		6,710,659
	8,169,000	Bank of Communications Co. Ltd. - H Shares		5,882,163
	2,880,674	Bank of Hangzhou Co. Ltd. - A Shares		5,120,286
	5,644,251	Bank of Jiangsu Co. Ltd. - A Shares		6,281,578
	3,647,800	Bank of Nanjing Co. Ltd. - A Shares		4,684,093
	2,881,900	Beibuwan Port Co. Ltd. - A Shares		3,205,961
	1,020,100	Beibuwan Port Co. Ltd. - A Shares		1,136,719
	38,100	Beibuwan Port Co. Ltd. - A Shares		42,384
	4,973,900	Beijing Yanjing Brewery Co. Ltd. - A Shares		6,776,134
	10,953,200	Beiqi Foton Motor Co. Ltd. - A Shares(a)		3,961,411
	7,467,044	China Construction Bank Corp. - H Shares		4,831,111
	1,247,600	China National Medicines Corp. Ltd. - A Shares		5,978,438
	6,863,000	China Railway Group Ltd. - H Shares		3,386,608
	954,800	China Railway Tielong Container Logistics Co. Ltd. - A Shares		800,863
	6,828,944	China Railway Tielong Container Logistics Co. Ltd. - A Shares		5,718,322
	140,800	China Railway Tielong Container Logistics Co. Ltd. - A Shares		117,901
	888,400	Chongqing Department Store Co. Ltd. - A Shares		3,181,428
	8,100	Chongqing Department Store Co. Ltd. - A Shares		29,007
	5,902,400	Daqin Railway Co. Ltd. - A Shares		5,628,431
	5,968,600	Dongfang Electric Corp. Ltd. - H Shares		8,096,625
	4,636,000	Dongfeng Motor Group Co. Ltd. - H Shares		1,681,212
	2,706,000	E-Commodities Holdings Ltd.		559,655

17

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
CHINA (continued)
	3,961,274	FAW Jiefang Group Co. Ltd. - A Shares(a)	$	4,895,936
	36,900	FAW Jiefang Group Co. Ltd. - A Shares(a)		45,607
	1,610,730	Fujian Star-net Communication Co. Ltd. - A Shares		3,381,154
	4,446,500	Greentown China Holdings Ltd.		3,898,766
	4,675,100	Guangxi Liugong Machinery Co. Ltd. - A Shares		6,767,133
	45,600	Guangxi Liugong Machinery Co. Ltd. - A Shares		66,005
	10,851,000	Industrial & Commercial Bank of China Ltd. - H Shares		5,818,616
	6,205,500	IRICO Display Devices Co. Ltd. - A Shares(a)		6,905,356
	2,675,600	JD Logistics, Inc.(a)(b)(c)		2,895,868
	305,100	JD.com, Inc. - ADR		8,814,339
	3,317,583	Jilin Sino-Microelectronics Co. Ltd. - A Shares		2,829,022
	6,129,125	Kingdee International Software Group Co. Ltd.(a)		6,466,385
	2,593,800	MLS Co. Ltd. - A Shares		2,989,871
	6,130,000	ORG Technology Co. Ltd. - A Shares.		3,939,805
	3,838,600	Oriental Pearl Group Co. Ltd. - A Shares		3,642,043
	12,203,000	People’s Insurance Co. Group of China Ltd. (The) - H Shares		4,005,333
	3,890,400	Ping An Bank Co. Ltd. - A Shares		5,772,408
	625,700	Raytron Technology Co. Ltd. - A Shares		2,843,610
	12,981,400	Rizhao Port Co. Ltd. - A Shares		5,047,727
	1,779,500	Sany Heavy Industry Co. Ltd. - A Shares		3,991,738
	13,548,350	Shandong Nanshan Aluminum Co. Ltd. - A Shares		6,664,448
	890,400	Shanghai Kehua Bio-Engineering Co. Ltd. - A Shares		902,796
	1,437,405	Shanghai Kehua Bio-Engineering Co. Ltd. - A Shares		1,454,965
	2,459,900	Shanghai Mechanical and Electrical Industry Co. Ltd. - A Shares		4,358,018
	840,100	Shenzhen Laibao Hi-tech Co. Ltd. - A Shares		1,220,199
	2,166,600	Shenzhen Laibao Hi-tech Co. Ltd. - A Shares		3,141,574
	1,551,265	Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares		7,251,504
	8,068,500	Sinopec Engineering Group Co. Ltd. - H Shares		5,196,957
	1,864,000	Sinopharm Group Co. Ltd. - H Shares		4,707,275
	2,698,240	Tasly Pharmaceutical Group Co. Ltd. - A Shares		5,740,210

Shares			Value
CHINA (continued)
	8,853,686	Tianjin Port Co. Ltd. - A Shares	$	5,428,770
	2,339,667	Tongkun Group Co. Ltd. - A Shares(a)		4,431,106
	2,164,667	Triangle Tyre Co. Ltd. - A Shares		5,127,871
	280,123	Vipshop Holdings Ltd. - ADR		4,213,050
	4,087,200	Wuxi Taiji Industry Co. Ltd. - A Shares(a)		3,523,320
	2,773,500	Xiamen King Long Motor Group Co. Ltd. - A Shares(a)		2,941,851
	4,980,200	Xiaomi Corp. - B Shares(a)(b)(c)		10,856,475
	2,045,674	Xuji Electric Co. Ltd. - A Shares		7,446,631
	19,900	Xuji Electric Co. Ltd. - A Shares		72,440
	1,974,700	Yifan Pharmaceutical Co. Ltd. - A Shares(a)		3,586,340
	3,030,000	Yunnan Copper Co. Ltd. - A Shares		5,831,929
	30,300	Yunnan Copper Co. Ltd. - A Shares		58,319
	2,511,340	Zai Lab Ltd.(a)		4,036,504
	8,530,400	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		6,476,317
				306,451,706
DENMARK — 1.4%
	526,393	ALK-Abello A/S(a)		9,758,803
	1,269,158	Ambu A/S - Class B(a)		20,293,236
	9,926	cBrain A/S		395,671
	14,890	D/S Norden A/S		627,834
	22,500	Danske Bank A/S		647,708
	30,019	DSV A/S		4,264,782
	283,618	FLSmidth & Co. A/S		14,153,457
	59,246	Genmab A/S(a)		16,448,474
	1,642,580	H Lundbeck A/S		7,987,261
	422,173	H Lundbeck A/S - Class A		1,775,814
	15,188	Invisio AB		332,221
	147,514	ISS A/S		2,761,964
	9,602	Jyske Bank A/S		776,896
	142,794	Matas A/S		2,300,195
	22,271	Nilfisk Holding A/S(a)		467,396
	144,598	NKT A/S(a)		11,995,031
	5,855	Pandora A/S		891,131
	13,529	Per Aarsleff Holding A/S		633,931
	9,792	Royal Unibrew A/S		737,411
	98	Solar A/S - Class B		4,585
	153,664	Spar Nord Bank A/S		2,718,720
	5,992	Sparekassen Sjaelland-Fyn A/S		184,955
	31,250	Sydbank A/S		1,589,046
	45,870	Topdanmark A/S		1,913,644
	185,547	Vestas Wind Systems A/S(a)		4,972,406
	24,934	Zealand Pharma A/S(a)		2,258,327
				110,890,899
FINLAND — 0.6%
	309	Aspo Oyj		1,941
	114,283	Cargotec Oyj - Class B		9,013,502
	443,645	Citycon Oyj		1,815,012
	124	Fiskars Oyj Abp		2,317

18

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
FINLAND (continued)
	3,393	Harvia Oyj(c)	$	147,660
	47,700	Kemira Oyj		1,038,702
	262,616	Konecranes Oyj		13,801,875
	6,789	Marimekko Oyj		92,305
	247,810	Metsa Board Oyj - Class B		1,782,022
	1,341,699	Metso Oyj		15,210,973
	980	Olvi Oyj - Class A		31,329
	12,419	Oriola Oyj - Class A		13,505
	95,894	Oriola Oyj - Class B		91,403
	73,995	Orion Oyj - Class B		2,825,429
	653,830	Outokumpu Oyj		2,643,961
	87,264	Puuilo Oyj		950,768
	37,814	Raisio Oyj - Class V		77,518
	753	Titanium Oyj(c)		8,235
	7,681	Vaisala Oyj - Class A		286,843
	51,435	Wartsila Oyj Abp		948,847
				50,784,147
FRANCE — 1.3%
	3,790	Alten SA		445,402
	24,725	Amundi SA(b)(c)		1,724,924
	4,500	Aubay		196,594
	2,813	Boiron SA		102,862
	87,700	Carmila SA REIT		1,473,402
	251,559	Cellectis SA(a)		652,640
	118,061	Cellectis SA - ADR(a)		302,236
	30,551	Cie des Alpes		443,450
	105,450	Coface SA		1,622,728
	67,620	Covivio SA REIT		3,365,860
	111,946	Elis SA		2,513,341
	7,028	Esso SA Francaise		1,335,785
	174,879	Etablissements Maurel et Prom SA		1,104,448
	56,025	Eurazeo SE		5,046,597
	58,309	Gaztransport Et Technigaz SA		8,127,124
	39,135	Gecina SA REIT		3,995,752
	1,755	GL Events SACA		35,212
	111	Groupe Guillin		3,378
	1,979	Guerbet		79,080
	31,510	Ipsen SA		3,832,762
	78,849	IPSOS SA		5,276,385
	1,959	Jacquet Metals SACA		37,933
	5,558	Kaufman & Broad SA		179,199
	101,065	Klepierre SA REIT		2,713,839
	293,328	Lectra		9,993,168
	2,882	Manitou BF SA		70,900
	1,152	Neurones		54,727
	47,552	Nexans SA		5,064,129
	776	Peugeot Invest		87,538
	56,392	Pluxee NV(a)		1,738,645
	13,300	Publicis Groupe SA		1,467,612
	250,685	Rubis SCA		8,675,272
	6,250	SEB SA		737,651
	1,349	Seche Environnement SACA		151,099

Shares			Value
FRANCE (continued)
	57,524	Societe BIC SA	$	4,045,261
	18,448	Sopra Steria Group		4,039,342
	242,156	SPIE SA		8,804,950
	684	Stef SA		92,731
	245,301	Technip Energies NV		5,776,842
	59,182	Television Francaise 1 SA		540,418
	2,273	Trigano SA		345,542
	154,604	Ubisoft Entertainment SA(a)		3,640,832
	44,629	Vallourec SACA(a)		768,366
	28,985	Veolia Environnement SA		901,077
	77,560	Verallia SA(b)(c)		2,987,239
	795	Vetoquinol SA		80,037
	28,809	Vicat SACA		1,063,578
	3,716	Virbac SACA		1,373,263
	901	Wavestone		51,248
	2,102	Wendel SE		214,353
				107,376,753
GERMANY — 1.1%
	377,736	AIXTRON SE		8,777,041
	2,196	Amadeus Fire AG		263,471
	219	Bertrandt AG		9,407
	57,585	Bilfinger SE		2,680,321
	80,204	Brenntag SE		6,400,552
	120,183	CECONOMY AG(a)		276,841
	3,102	Cewe Stiftung & Co. KGAA		330,094
	66,481	CTS Eventim AG & Co. KGaA		5,878,832
	68,905	Deutz AG		398,072
	9,333	Draegerwerk AG & Co. KGaA - Preference Shares		497,055
	125,691	Duerr AG		3,215,373
	438	Einhell Germany AG - Preference Shares		75,339
	3,427	ElringKlinger AG		24,337
	155,772	EuroEyes International Eye Clinic Ltd.		106,815
	27,234	Fielmann Group AG		1,269,874
	34,148	flatexDEGIRO AG(a)		446,156
	27,360	Freenet AG		760,563
	2,598	Friedrich Vorwerk Group SE		43,536
	75,558	FUCHS SE - Preference Shares		3,528,504
	27,690	Hannover Rueck SE		6,868,338
	167,243	Hensoldt AG		6,588,868
	26,937	HOCHTIEF AG		2,836,447
	5,426	Hornbach Holding AG & Co. KGaA		425,778
	91,847	HUGO BOSS AG		4,949,152
	91,156	Immatics NV(a)		905,179
	14,032	Indus Holding AG		381,002
	615	Init Innovation in Traffic Systems SE		25,807
	27,528	Ionos SE(a)		704,731
	26,885	K+S AG		402,198
	24,778	KION Group AG		1,141,966
	8	Knaus Tabbert AG		363
	4,415	Koenig & Bauer AG(a)		62,562

19

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
GERMANY (continued)
	30,446	Krones AG	$	4,013,753
	352	KSB SE & Co. KGaA - Preference Shares		229,707
	342	MBB SE		38,021
	25,586	Mutares SE & Co. KGaA		1,146,728
	2,960	New Work SE		187,328
	99	Paul Hartmann AG		21,342
	369,060	ProSiebenSat.1 Media SE		2,866,438
	97,271	SAF-Holland SE		1,873,872
	140,792	Salzgitter AG		3,615,686
	11,752	Schaeffler AG - Preference Shares		68,769
	57,380	Scout24 SE(b)(c)		4,214,998
	21,524	Stabilus SE		1,335,519
	1,844	STO SE & Co. KGaA - Preference Shares		316,686
	15,824	Stroeer SE & Co. KGaA		1,014,728
	80,315	Suedzucker AG		1,146,303
	42,829	Symrise AG		4,590,909
	725,154	thyssenkrupp AG		3,639,317
	94,100	TUI AG(a)		660,828
	672	Villeroy & Boch AG - Preference Shares		12,246
	3,877	Vossloh AG		187,615
	59,701	Wacker Neuson SE		1,067,934
	5,146	Washtec AG		218,729
				92,742,030
GREECE — 0.3%
	4,764,917	Alpha Services and Holdings SA(a)		8,046,123
	1,804,801	Eurobank Ergasias Services and Holdings SA(a)		3,860,916
	988,934	National Bank of Greece SA(a)		7,958,663
	1,727,178	Piraeus Financial Holdings SA(a)		6,918,992
				26,784,694
HONG KONG — 0.6%
	239,250	Analogue Holdings Ltd.		32,936
	98,000	APT Satellite Holdings Ltd.		27,814
	1,378,100	ASMPT Ltd.		17,126,587
	731,920	Bank of East Asia Ltd. (The)		921,556
	1,530,000	Bright Smart Securities & Commodities Group Ltd.		320,648
	66,035	Build King Holdings Ltd.		9,074
	530,481	Cafe de Coral Holdings Ltd.		550,183
	2,116,500	China Overseas Land & Investment Ltd.		3,944,747
	32,619	Chow Sang Sang Holdings International Ltd.		35,045
	1,010,445	Chow Tai Fook Jewellery Group Ltd.		1,374,861
	372,000	Comba Telecom Systems Holdings Ltd.		28,274
	3,006,710	COSCO SHIPPING Ports Ltd.		1,845,095
	337,187	Dah Sing Banking Group Ltd.		275,715
	2,756,045	Emperor Watch & Jewellery Ltd.		62,215

Shares			Value
HONG KONG (continued)
	236,000	First Pacific Co. Ltd.	$	110,371
	31,000	Great Eagle Holdings Ltd.		47,321
	234,300	Henderson Land Development Co. Ltd.		706,373
	93,696	HKR International Ltd.		15,333
	25,148	Hong Kong Resources Holdings Co. Ltd.(a)		3,053
	1,941,500	Hutchison Port Holdings Trust - U Shares- Units		248,273
	431,247	International Housewares Retail Co. Ltd.		70,411
	205,918	Jacobson Pharma Corp. Ltd.(c)		14,919
	52,354	JBM Healthcare Ltd.(c)		5,806
	69,310	Jinhui Shipping & Transportation Ltd.		36,457
	673,882	Johnson Electric Holdings Ltd.		919,296
	107,031	Kerry Logistics Network Ltd.		100,176
	122,000	LH GROUP Ltd.(c)		12,926
	613,374	Luk Fook Holdings International Ltd.		1,470,479
	5,724,000	Nine Dragons Paper Holdings Ltd.(a)		2,528,907
	5,272,301	Pacific Basin Shipping Ltd.		1,825,575
	1,138,208	PC Partner Group Ltd.		412,754
	5,553,880	PCCW Ltd.		2,776,909
	74,000	Perfect Medical Health Management Ltd.		22,923
	732,496	Prosperity REIT		116,510
	1,269,477	Shun Tak Holdings Ltd.(a)		125,736
	1,310,326	Singamas Container Holdings Ltd.		91,700
	358,000	SITC International Holdings Co. Ltd.		776,357
	200,000	SOCAM Development Ltd.(a)		13,508
	273,500	Stella International Holdings Ltd.		498,545
	299,000	Sunlight Real Estate Investment Trust REIT		64,215
	155,500	Swire Pacific Ltd. - A Shares		1,316,884
	1,098,612	Tai Hing Group Holdings Ltd.(c)		124,598
	1,397	Tang Palace China Holdings Ltd.		66
	7,274,000	United Laboratories International Holdings Ltd. (The)		8,577,828
	56,737	VSTECS Holdings Ltd.		36,129
	123,000	VTech Holdings Ltd.		710,965
	123,676	Wai Kee Holdings Ltd.(a)		14,326
	1,439,700	WH Group Ltd.(b)(c)		1,046,432
	122,000	Xinyi Glass Holdings Ltd.		130,370
	270,000	Yue Yuen Industrial Holdings Ltd.		478,050
				52,005,231
ICELAND — 0.1%
	913,879	Embla Medical HF(a)		3,800,969
INDIA — 0.7%
	4,782,665	Bank of India		8,855,664
	2,184,369	Indus Towers Ltd.(a)		9,244,838
	458,760	Lupin Ltd.		9,033,003
	485,030	PB Fintech Ltd.(a)		7,346,066
	719,909	Sun TV Network Ltd.		5,646,542

20

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
INDIA (continued)
	5,849,566	TV18 Broadcast Ltd.(a)	$	3,231,520
	290,566	WNS Holdings Ltd.(a)		12,177,621
	1,197,601	Zee Entertainment Enterprises Ltd.(a)		2,104,795
				57,640,049
INDONESIA — 0.1%
	35,325,900	Perusahaan Gas Negara Tbk PT		3,190,022
	10,058,889	Semen Indonesia Persero Tbk PT		2,885,354
				6,075,376
IRELAND — 0.2%
	39,547	AerCap Holdings NV(a)		3,341,326
	277,034	Alkermes Plc(a)		6,798,414
	480,950	Cairn Homes Plc		812,248
	33,201	COSMO Pharmaceuticals NV		2,606,358
	397,071	Greencore Group Plc(a)		649,541
				14,207,887
ISRAEL — 2.4%
	41,715	Ackerstein Group Ltd.		66,171
	32	Afcon Holdings Ltd.(a)		806
	97,239	Alarum Technologies Ltd.(a)		282,121
	3,384	Ashdod Refinery Ltd.		76,168
	130,982	B Communications Ltd.(a)		458,817
	246,330	Bank Leumi Le-Israel BM		1,919,432
	605,180	Bezeq The Israeli Telecommunication Corp. Ltd.		749,901
	56,850	Brainsway Ltd.(a)		153,641
	12,025	Camtek Ltd.		978,527
	101,715	CyberArk Software Ltd.(a)		24,335,314
	29,014	Danya Cebus Ltd.		665,260
	5,300	Delek Group Ltd.		622,553
	20,766	Delta Galil Ltd.		923,910
	1,125,546	El Al Israel Airlines(a)		1,573,713
	52,530	FIBI Holdings Ltd.		2,187,791
	349,790	First International Bank of Israel Ltd. (The)		13,884,230
	1,336	FMS Enterprises Migun Ltd.		55,528
	34,940	Formula Systems 1985 Ltd.		2,543,328
	5,988	Fox Wizel Ltd.		475,449
	5,646	Gav-Yam Lands Corp. Ltd.		40,140
	2,451	Hiper Global Ltd.		11,738
	13,688	Israel Corp. Ltd.		3,261,961
	6,291,203	Isramco Negev 2 LP		2,795,040
	465	Isras Investment Co. Ltd.		88,736
	217,334	JFrog Ltd.(a)		8,667,280
	496,552	Kornit Digital Ltd.(a)		7,651,866
	54,385	Max Stock Ltd.		124,794
	3,071	Meitav Investment House Ltd.		13,705
	75,853	Menora Mivtachim Holdings Ltd.		1,828,309
	337	Naphtha Israel Petroleum Corp. Ltd.(a)		1,747
	224,812	Next Vision Stabilized Systems Ltd.		3,003,217
	365,610	Nice Ltd. - ADR(a)		81,717,491

Shares			Value
ISRAEL (continued)
	3,850	Nova Ltd.(a)	$	651,539
	13,512,296	Oil Refineries Ltd.		3,914,956
	51,505	One Software Technologies Ltd.		713,575
	6,011	Paz Oil Co. Ltd.		598,865
	338,660	Plus500 Ltd.		9,160,657
	1,356	Qualitau Ltd.		46,291
	312,100	Radware Ltd.(a)		5,159,013
	38,873	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,211,920
	64,779	Retailors Ltd.		1,423,087
	178,015	Sella Capital Real Estate Ltd. REIT		359,230
	1,236,781	Tel Aviv Stock Exchange Ltd.		8,185,807
	210	Tower Semiconductor Ltd.(a)		6,796
				193,590,420
ITALY — 1.9%
	6,819,588	A2A SpA		13,449,275
	1,490	ACEA SpA		25,846
	215,355	Anima Holding SpA(b)(c)		1,009,014
	166,683	Arnoldo Mondadori Editore SpA		398,311
	9,078	Avio SpA(c)		109,611
	28,637	Azimut Holding SpA		754,655
	4,150	Banca Generali SpA		162,539
	145,193	Banca IFIS SpA		3,234,725
	797,674	Banca Mediolanum SpA		8,632,088
	1,780,446	Banca Monte dei Paschi di Siena SpA(a)		8,587,582
	288,547	Banca Popolare di Sondrio SPA		2,410,741
	111,700	Banco BPM SpA		733,382
	283,780	BFF Bank SpA(b)(c)		3,641,642
	11,852	Biesse SpA		153,837
	2,914,976	BPER Banca SpA		15,138,051
	348,365	Buzzi SpA		12,551,699
	124,861	Cairo Communication SpA		287,153
	4,091	Cembre SpA		193,728
	70,658	Cementir Holding NV		748,154
	281,051	CIR SpA-Compagnie Industriali(a)		166,922
	145,735	Credito Emiliano SpA		1,539,470
	6,429	Danieli & C Officine Meccaniche SpA		221,902
	55,048	Danieli & C Officine Meccaniche SpA - RSP		1,413,109
	29,882	Datalogic SpA		181,074
	596,570	Davide Campari-Milano NV		5,982,884
	117,709	De’ Longhi SpA		3,859,970
	7,300	DiaSorin SpA		737,280
	7,736	El.En. SpA		97,234
	508,670	Ermenegildo Zegna NV		6,256,641
	70,133	Fiera Milano SpA		269,845
	16,655	Fila SpA		156,486
	3,563	Fine Foods & Pharmaceuticals NTM		32,858
	2,292,661	Hera SpA		8,277,610
	1,852,709	Iren SpA		3,724,354
	18,066	Italian Sea Group SpA (The)		184,524

21

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
ITALY (continued)
	653,721	Iveco Group NV	$	8,196,826
	1,063,831	Maire Tecnimont SpA		8,810,303
	82,066	MFE-MediaForEurope NV - Class A		240,939
	41,072	Moncler SpA		2,796,270
	13,930	Orsero SpA		216,997
	58,426	Rizzoli Corriere Della Sera Mediagroup SpA		50,930
	2,443,392	Saipem SpA(a)		5,606,924
	1,058	Salcef Group SpA		29,146
	172,985	Salvatore Ferragamo SpA		1,716,511
	28,854	Sanlorenzo SpA		1,263,648
	345,500	Saras SpA		648,790
	47,025	Sogefi SpA(a)		144,112
	27,461	SOL SpA		1,056,388
	196,815	Stevanato Group SpA		5,518,693
	1,226,278	Unipol Gruppo SpA		10,993,222
	311,037	Webuild SpA		780,717
				153,394,612
JAPAN — 9.7%
	65,200	77 Bank Ltd. (The)		1,843,224
	4,500	A&A Material Corp.		36,301
	37,300	A&D HOLON Holdings Co. Ltd.		647,790
	374,290	ABC-Mart, Inc.		7,455,215
	4,400	Abist Co. Ltd.		89,871
	158,700	Adastria Co. Ltd.		3,455,585
	48,400	ADEKA Corp.		1,005,787
	8,900	Ad-sol Nissin Corp.		92,288
	7,900	Advanced Media, Inc.		81,090
	38,440	Advantest Corp.		1,203,198
	21,700	Adways, Inc.		61,918
	43,500	Aeon Delight Co. Ltd.		1,028,873
	363,300	AEON Financial Service Co. Ltd.		3,024,175
	990	AEON REIT Investment Corp.		865,778
	70,100	Ai Holdings Corp.		1,078,179
	12,600	Aica Kogyo Co. Ltd.		292,058
	8,700	Aichi Corp.		58,491
	20,600	Aichi Steel Corp.		451,813
	1,400	Aichi Tokei Denki Co. Ltd.		21,163
	20,000	Ain Holdings, Inc.		756,930
	6,600	Aiphone Co. Ltd.		125,595
	124,300	Aisan Industry Co. Ltd.		1,161,111
	16,500	AIT Corp.		187,178
	57,000	Akatsuki, Inc.		831,726
	20,200	Akita Bank Ltd. (The)		266,645
	184,100	Alfresa Holdings Corp.		2,728,267
	10,700	Alpha Systems, Inc.		215,544
	12,300	AlphaPolis Co. Ltd.(a)		149,818
	9,000	Alps Logistics Co. Ltd.		182,664
	111,892	Altech Corp.		1,948,912
	22,100	Amada Co. Ltd.		241,378
	19,100	Amano Corp.		459,379
	8,300	Amiyaki Tei Co. Ltd.		332,577

Shares			Value
JAPAN (continued)
	700	Anabuki Kosan, Inc.	$	9,656
	77,500	Anest Iwata Corp.		661,343
	71,300	Anicom Holdings, Inc.		268,566
	53,900	Anritsu Corp.		410,941
	2,900	AOI Electronics Co. Ltd.		43,475
	85,300	AOKI Holdings, Inc.		600,927
	12,900	Aoyama Trading Co. Ltd.		132,499
	16,100	Aoyama Zaisan Networks Co. Ltd.		142,949
	98,200	ARE Holdings, Inc.		1,269,293
	3,100	Argo Graphics, Inc.		79,527
	30,200	Artiza Networks, Inc.		124,769
	14,500	Artner Co. Ltd.		199,736
	81,400	As One Corp.		1,341,087
	8,200	Asahi Co. Ltd.		74,359
	165,800	Asahi Diamond Industrial Co. Ltd.		965,257
	21,300	Asahi Net, Inc.		86,184
	22,300	ASAHI YUKIZAI CORP.		696,270
	3,700	Ashimori Industry Co. Ltd.		57,522
	59,100	Asia Pile Holdings Corp.		315,763
	7,600	ASKA Pharmaceutical Holdings Co. Ltd.		112,128
	198,270	ASKUL Corp.		2,994,331
	21,304	Ateam, Inc.		84,302
	57,800	Atrae, Inc.(a)		159,536
	7,700	Aucnet, Inc.		126,727
	74,096	Avant Group Corp.		603,618
	105,800	Avex, Inc.		871,063
	21,500	Awa Bank Ltd. (The)		366,319
	11,200	Axell Corp.		119,583
	71,200	Axial Retailing, Inc.		475,857
	499,500	Azbil Corp.		13,951,035
	35,200	Bando Chemical Industries Ltd.		398,403
	10,700	Bank of Iwate Ltd. (The)		166,647
	13,900	Bank of Saga Ltd. (The)		193,117
	5,300	Bank of the Ryukyus Ltd.		39,610
	4,500	baudroie, Inc.(a)		96,035
	1,900	Beauty Garage, Inc.		23,412
	339,700	BIPROGY, Inc.		9,882,354
	26,300	B-Lot Co. Ltd.		168,809
	85,200	BML, Inc.		1,573,720
	301,700	Bunka Shutter Co. Ltd.		3,251,641
	11,000	Business Brain Showa-Ota, Inc.		141,728
	7,600	Business Engineering Corp.		169,938
	1,700	Canare Electric Co. Ltd.		17,069
	4,700	Career Design Center Co. Ltd.		53,952
	19,500	Carlit Holdings Co. Ltd.		141,894
	800	Celm, Inc.		3,225
	4,500	Celsys, Inc.		23,675
	5,300	Central Automotive Products Ltd.		194,007
	60,000	Central Glass Co. Ltd.		1,065,495
	30,152	Central Security Patrols Co. Ltd.		511,862
	142,900	Chiba Kogyo Bank Ltd. (The)		982,270
	2,700	Chino Corp.		48,539

22

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	12,000	Chiyoda Co. Ltd.	$	66,984
	227,500	Chiyoda Corp.(a)		627,325
	2,500	Chiyoda Integre Co. Ltd.		44,192
	3,500	Chofu Seisakusho Co. Ltd.		50,599
	1,300	Chori Co. Ltd.		29,007
	2,100	Choushimaru Co. Ltd.		26,318
	6,200	Chuetsu Pulp & Paper Co. Ltd.		66,823
	71,700	Chugoku Marine Paints Ltd.		938,361
	645,280	CKD Corp.		12,059,653
	5,200	Cleanup Corp.		24,774
	40,500	Coca-Cola Bottlers Japan Holdings, Inc.		567,022
	155,500	COLOPL, Inc.		600,989
	320	Comforia Residential REIT, Inc.		692,718
	219,600	Computer Engineering & Consulting Ltd.		2,527,544
	7,700	COMSYS Holdings Corp.		180,238
	32,800	Comture Corp.		401,690
	27,600	Copro-Holdings Co. Ltd.		275,292
	1,800	Core Corp.		22,102
	21,000	Cosel Co. Ltd.		195,746
	8,100	Cosmos Initia Co. Ltd.		44,322
	6,150	Cosmos Pharmaceutical Corp.		565,764
	217,535	Credit Saison Co. Ltd.		4,015,513
	51,100	Creek & River Co. Ltd.		536,444
	63,000	Cresco Ltd.		800,203
	5,900	CTI Engineering Co. Ltd.		179,358
	19,400	CTS Co. Ltd.		90,902
	2,800	Cube System, Inc.		19,628
	13,000	Cyber Security Cloud, Inc.(a)		220,072
	150,200	CyberAgent, Inc.		935,831
	39,000	Cybozu, Inc.		394,749
	60,700	Daicel Corp.		563,787
	8,900	Daiei Kankyo Co. Ltd.		148,742
	25,300	Daihatsu Diesel Manufacturing Co. Ltd.		250,415
	25,700	Daihen Corp.		1,562,236
	5,900	Dai-Ichi Cutter Kogyo KK		56,932
	10,000	Daiichi Jitsugyo Co. Ltd.		131,293
	17,100	Daiichikosho Co. Ltd.		199,598
	51,100	Daiken Medical Co. Ltd.		178,551
	158,759	Daikokutenbussan Co. Ltd.		8,117,440
	7,200	Daikyonishikawa Corp.		33,058
	4,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		72,991
	10,500	Daiseki Co. Ltd.		199,552
	7,200	Daishinku Corp.		38,597
	22,400	Daisue Construction Co. Ltd.		228,666
	38,610	Daito Pharmaceutical Co. Ltd.		616,447
	29,900	Daitron Co. Ltd.		638,452
	475	Daiwa House REIT Investment Corp.		797,894
	2,500	Daiwa Industries Ltd.		25,400
	99,400	Daiwa Securities Group, Inc.		730,497

Shares			Value
JAPAN (continued)
	42,400	Daiwabo Holdings Co. Ltd.	$	736,491
	235,000	Dear Life Co. Ltd.		1,527,724
	24,500	Denka Co. Ltd.		363,029
	3,100	Densan System Holdings Co. Ltd.		54,531
	45,500	Dentsu Soken, Inc.		1,507,326
	6,300	Denyo Co. Ltd.		94,701
	23,400	Dexerials Corp.		876,485
	13,200	Digital Arts, Inc.		353,991
	6,100	Digital Hearts Holdings Co. Ltd.		37,143
	20,100	Digital Holdings, Inc.		138,753
	69,300	dip Corp.		1,171,182
	23,810	Disco Corp.		6,782,178
	403,000	DMG Mori Co. Ltd.		10,773,214
	117,700	Doshisha Co. Ltd.		1,622,329
	4,900	Double Standard, Inc.		55,235
	26,100	Dowa Holdings Co. Ltd.		977,367
	58,000	Duskin Co. Ltd.		1,205,699
	1,200	Ebara Jitsugyo Co. Ltd.		25,685
	5,000	Ebase Co. Ltd.		21,391
	1,500	Eco’s Co. Ltd.		22,307
	16,900	eGuarantee, Inc.		184,708
	3,000	E-Guardian, Inc.		26,313
	27,900	Ehime Bank Ltd. (The)		208,051
	162,000	Eiken Chemical Co. Ltd.		2,060,100
	9,900	Eizo Corp.		318,104
	153,400	Elecom Co. Ltd.		1,451,705
	11,900	Elematec Corp.		145,229
	282,550	en Japan, Inc.		4,697,385
	2,900	Endo Lighting Corp.		26,241
	40,600	Enigmo, Inc.		88,349
	3,500	Entrust, Inc.		18,394
	10,000	ERI Holdings Co. Ltd.		142,955
	4,300	eSOL Co. Ltd.		22,922
	3,700	Eternal Hospitality Group Co. Ltd.		94,213
	44,100	Exedy Corp.		807,415
	201,800	EXEO Group, Inc.		2,199,468
	7,200	FALCO HOLDINGS Co. Ltd.		101,526
	275,100	FAN Communications, Inc.		706,088
	24,300	Fancl Corp.		283,815
	12,100	Fast Fitness Japan, Inc.		81,342
	85,000	FCC Co. Ltd.		1,209,452
	15,000	Feed One Co. Ltd.		97,866
	98,105	Ferrotec Holdings Corp.		1,862,676
	11,600	Fibergate, Inc.		81,974
	61,800	Financial Partners Group Co. Ltd.		866,059
	4,200	First Brothers Co. Ltd.		33,661
	12,800	FJ Next Holdings Co. Ltd.		110,641
	1,400	FLECT Co. Ltd.(a)		24,125
	29,100	Food & Life Cos. Ltd.		550,014
	73,200	Forum Engineering, Inc.		436,885
	58,100	Foster Electric Co. Ltd.		460,328
	67,527	Freee KK(a)		1,181,928

23

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	470	Frontier Real Estate Investment Corp. REIT	$	1,366,335
	32,000	Fudo Tetra Corp.		474,103
	48,200	Fuji Corp.		808,574
	31,400	Fuji Corp.		364,721
	25,600	Fuji Media Holdings, Inc.		304,267
	41,200	Fuji Oil Co. Ltd.		125,331
	13,000	Fuji Seal International, Inc.		167,042
	15,600	Fuji Soft, Inc.		610,487
	60,600	Fujikura Ltd.		1,041,370
	91,500	Fujimi, Inc.		1,984,611
	15,800	Fujimori Kogyo Co. Ltd.		427,538
	30,300	Fujisash Co. Ltd.		17,472
	35,000	Fujitec Co. Ltd.		863,225
	700	Fukuda Corp.		24,316
	7,400	Fukuda Denshi Co. Ltd.		306,849
	74,753	Fukui Computer Holdings, Inc.		1,164,853
	5,100	Fukushima Galilei Co. Ltd.		203,922
	13,200	Fukuyama Transporting Co. Ltd.		318,950
	163,600	FULLCAST Holdings Co. Ltd.		1,568,198
	11,400	Funai Soken Holdings, Inc.		172,472
	93,200	Furukawa Electric Co. Ltd.		1,995,494
	94,300	Furuno Electric Co. Ltd.		1,253,151
	79,683	Furyu Corp.		607,065
	4,400	Fuso Pharmaceutical Industries Ltd.		62,386
	2,800	Futaba Corp.		8,233
	205,300	Futaba Industrial Co. Ltd.		1,203,975
	142,000	Future Corp.		1,432,548
	9,900	Fuyo General Lease Co. Ltd.		849,020
	92,000	Gakken Holdings Co. Ltd.		534,711
	44,100	Gakujo Co. Ltd.		486,700
	1,700	Gamecard-Joyco Holdings, Inc.		24,599
	12,200	Gecoss Corp.		79,750
	5,600	Genki Sushi Co. Ltd.		105,182
	8,600	Global Link Management KK		148,209
	127,500	Glory Ltd.		2,297,329
	55,600	GMO Financial Gate, Inc.		2,473,749
	3,700	GMO GlobalSign Holdings KK		62,983
	144,200	GMO Payment Gateway, Inc.		6,595,875
	4,400	Gree, Inc.		12,991
	15,800	Greens Co. Ltd.		222,948
	10,500	GS Yuasa Corp.		198,108
	2,200	G-Tekt Corp.		30,016
	370,980	GungHo Online Entertainment, Inc.		5,453,970
	33,100	Gunze Ltd.		1,121,901
	69,300	H.U. Group Holdings, Inc.		1,053,440
	2,500	Hagihara Industries, Inc.		24,702
	27,300	Hakuhodo DY Holdings, Inc.		253,925
	12,400	Hamakyorex Co. Ltd.		305,700
	73,085	Hamamatsu Photonics KK		2,677,957
	61,400	Hanwa Co. Ltd.		2,362,451
	29,100	Happinet Corp.		563,615
	136,500	Harmonic Drive Systems, Inc.		3,409,057

Shares			Value
JAPAN (continued)
	65,900	Heiwa Corp.	$	825,530
	31,900	Hennge KK(a)		206,615
	9,700	Hioki EE Corp.		386,813
	16,800	HIS Co. Ltd.(a)		186,670
	80,900	Hisamitsu Pharmaceutical Co., Inc.		1,962,766
	17,411	Hito Communications Holdings, Inc.		110,751
	36,100	Hochiki Corp.		554,702
	2,900	Hodogaya Chemical Co. Ltd.		85,500
	14,300	Hokkaido Gas Co. Ltd.		278,905
	2,400	Hokkan Holdings Ltd.		27,493
	51,500	Hokuhoku Financial Group, Inc.		631,748
	83,500	Horiba Ltd.		8,101,097
	7,900	Hosokawa Micron Corp.		220,813
	20,700	Hotland Co. Ltd.		283,825
	30,900	Hyakugo Bank Ltd. (The)		127,079
	46,800	Hyakujushi Bank Ltd. (The)		857,380
	49,800	IBJ, Inc.		171,444
	1,800	Ichiken Co. Ltd.		27,352
	32,300	Ichikoh Industries Ltd.		109,316
	2,500	Ichinen Holdings Co. Ltd.		27,463
	2,200	ID Holdings Corp.		20,339
	12,600	Idec Corp.		222,405
	235,575	Idemitsu Kosan Co. Ltd.		1,596,049
	12,100	IDOM, Inc.		107,303
	12,200	I’ll, Inc.		208,594
	13,000	IMAGICA GROUP, Inc.		49,849
	13,300	Imperial Hotel Ltd.		80,509
	1,100	Inaba Denki Sangyo Co. Ltd.		25,664
	1,400	Inaba Seisakusho Co. Ltd.		15,961
	3,000	I-Net Corp.		38,564
	1,201,911	Infomart Corp.		2,806,050
	106,045	Inpex Corp.		1,588,533
	5,400	Insource Co. Ltd.		26,238
	8,100	Integrated Design & Engineering Holdings Co. Ltd.		240,317
	345,800	Internet Initiative Japan, Inc.		5,850,583
	40,500	I-PEX, Inc.		455,256
	17,000	ISB Corp.		138,517
	6,800	Isetan Mitsukoshi Holdings Ltd.		95,507
	1,500	Ishizuka Glass Co. Ltd.		25,770
	142,530	Isuzu Motors Ltd.		1,806,262
	75,500	Itfor, Inc.		654,273
	1,900	Itochu-Shokuhin Co. Ltd.		89,856
	134,700	Itoki Corp.		1,609,155
	5,700	Iwaki Co. Ltd.		91,929
	3,600	Iyogin Holdings, Inc.		27,475
	66,500	Izumi Co. Ltd.		1,544,960
	61,400	J Trust Co. Ltd.		174,719
	371,200	JAC Recruitment Co. Ltd.		1,788,701
	158,760	JAFCO Group Co. Ltd.		1,791,703
	107,300	Japan Aviation Electronics Industry Ltd.		1,723,788
	7,100	Japan Electronic Materials Corp.		115,254

24

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	233,600	Japan Elevator Service Holdings Co. Ltd.	$	3,630,286
	1,060	Japan Excellent, Inc. REIT		865,909
	29,200	Japan Exchange Group, Inc.		683,879
	187,900	Japan Lifeline Co. Ltd.		1,379,132
	18,000	Japan Medical Dynamic Marketing, Inc.		76,833
	1,490	Japan Metropolitan Fund Invest REIT		899,556
	72,000	Japan Post Insurance Co. Ltd.		1,351,734
	96,800	Japan System Techniques Co. Ltd.		1,029,789
	42,091	JBCC Holdings, Inc.		890,110
	39,400	JCR Pharmaceuticals Co. Ltd.		202,536
	3,400	JCU Corp.		81,173
	126,500	Jeol Ltd.		5,011,852
	41,300	JFE Holdings, Inc.		616,432
	900	JFE Systems, Inc.		21,073
	295,100	JGC Holdings Corp.		2,844,519
	6,200	JINS Holdings, Inc.		130,255
	3,200	JK Holdings Co. Ltd.		21,696
	5,700	J-Oil Mills, Inc.		71,455
	21,600	Joshin Denki Co. Ltd.		348,431
	27,500	JSB Co. Ltd.		509,986
	17,400	JSP Corp.		256,706
	122,800	JTEKT Corp.		950,570
	20,100	Juroku Financial Group, Inc.		603,703
	83,100	Justsystems Corp.		1,447,486
	58,400	JVCKenwood Corp.		296,873
	5,400	K&O Energy Group, Inc.		116,503
	5,100	Kaga Electronics Co. Ltd.		200,909
	56,300	Kajima Corp.		1,078,544
	171,100	Kakaku.com, Inc.		1,968,087
	12,600	Kamei Corp.		162,251
	128,700	Kamigumi Co. Ltd.		2,779,352
	12,000	Kanaden Corp.		118,445
	217,900	Kanamoto Co. Ltd.		3,664,860
	17,100	Kaneka Corp.		442,925
	107,200	Kanematsu Corp.		1,743,053
	1,800	Kanro, Inc.		25,825
	99,500	Kansai Paint Co. Ltd.		1,295,309
	1,600	Kaonavi, Inc.(a)		14,684
	2,800	Katakura Industries Co. Ltd.		34,244
	46,100	Katitas Co. Ltd.		555,407
	1,900	Kato Sangyo Co. Ltd.		55,100
	2,800	Kato Works Co. Ltd.		24,566
	17,400	Kawada Technologies, Inc.		331,246
	200	Kawai Musical Instruments Manufacturing Co. Ltd.		4,746
	151,500	Kawasaki Kisen Kaisha Ltd.		2,134,618
	1,660	KDX Realty Investment Corp. REIT		1,637,320
	41,600	Keihanshin Building Co. Ltd.		417,010
	11,100	Keiyo Bank Ltd. (The)		54,574
	11,800	Kenko Mayonnaise Co. Ltd.		168,682
	43,400	Kewpie Corp.		875,558

Shares			Value
JAPAN (continued)
	2,300	KFC Holdings Japan Ltd.	$	74,598
	31,500	KH Neochem Co. Ltd.		483,675
	800	Kimoto Co. Ltd.		1,073
	800	Kimura Kohki Co. Ltd.		25,574
	9,400	Kimura Unity Co. Ltd.		109,291
	59,400	Kinden Corp.		1,133,419
	57,200	Kissei Pharmaceutical Co. Ltd.		1,310,676
	2,700	Kitagawa Corp.		26,329
	1,800	Kita-Nippon Bank Ltd. (The)		28,553
	100,650	Kitz Corp.		856,708
	45,500	KNT-CT Holdings Co. Ltd.(a)		364,534
	5,100	Koatsu Gas Kogyo Co. Ltd.		27,981
	17,600	Kobayashi Pharmaceutical Co. Ltd.		623,919
	124,600	Kobe Steel Ltd.		1,520,811
	70,600	Koei Tecmo Holdings Co. Ltd.		656,677
	2,100	Koike Sanso Kogyo Co. Ltd.		91,190
	14,800	Kokuyo Co. Ltd.		252,846
	10,800	Komatsu Wall Industry Co. Ltd.		218,426
	43,500	Komeri Co. Ltd.		1,054,704
	100,700	Komori Corp.		786,604
	6,500	Kondotec, Inc.		52,633
	737,600	Konica Minolta, Inc.		2,452,621
	26,800	Konishi Co. Ltd.		227,598
	37,400	Konoike Transport Co. Ltd.		542,234
	11,100	Koshidaka Holdings Co. Ltd.		60,725
	9,500	KRS Corp.		70,399
	67,900	K’s Holdings Corp.		651,788
	800	Kura Sushi, Inc.		24,832
	31,000	Kurabo Industries Ltd.		729,467
	2,500	Kurimoto Ltd.		66,508
	8,200	Kuriyama Holdings Corp.		72,317
	6,800	Kyodo Printing Co. Ltd.		141,502
	1,500	Kyoei Steel Ltd.		21,354
	22,700	Kyokuto Kaihatsu Kogyo Co. Ltd.		370,225
	23,500	Kyokuto Securities Co. Ltd.		234,522
	261,900	Kyushu Electric Power Co., Inc.		2,429,617
	8,700	Kyushu Leasing Service Co. Ltd.		70,710
	6,600	LAC Co. Ltd.		33,873
	9,800	Lacto Japan Co. Ltd.		161,832
	4,950	Lasertec Corp.		1,067,742
	96,000	Leopalace21 Corp.		317,730
	21,500	Life Corp.		537,097
	82,200	LIFENET INSURANCE Co.(a)		725,809
	228,500	LIFULL Co. Ltd.		239,159
	10,300	Link And Motivation, Inc.		32,637
	5,500	Lintec Corp.		109,648
	118,300	Lixil Corp.		1,270,627
	6,200	Loadstar Capital KK		133,379
	4,700	Look Holdings, Inc.		89,019
	81,000	M&A Capital Partners Co. Ltd.		1,093,539
	96,853	M3, Inc.		1,024,529
	105,700	Mabuchi Motor Co. Ltd.		1,637,069
	1,600	Makino Milling Machine Co. Ltd.		64,180

25

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	34,900	Mandom Corp.	$	287,938
	66,839	Mani, Inc.		774,332
	25,800	MarkLines Co. Ltd.		486,972
	1,200	Maruchiyo Yamaokaya Corp.		27,970
	11,300	Maruwa Co. Ltd.		2,381,225
	22,000	Maruzen Showa Unyu Co. Ltd.		658,194
	210,700	Marvelous, Inc.		901,475
	51,100	Matching Service Japan Co. Ltd.		392,973
	217,600	MatsukiyoCocokara & Co.		3,085,728
	2,300	Matsuoka Corp.		21,602
	1,600	Matsuyafoods Holdings Co. Ltd.		56,790
	54,300	Max Co. Ltd.		1,211,687
	69,400	Maxell Ltd.		684,719
	40,900	MCJ Co. Ltd.		357,039
	10,300	Media Do Co. Ltd.		88,452
	7,700	Medical System Network Co. Ltd.		30,860
	95,000	Medipal Holdings Corp.		1,489,890
	59,900	Megachips Corp.		1,388,767
	24,500	Megmilk Snow Brand Co. Ltd.		395,670
	100,700	Meidensha Corp.		2,231,405
	2,400	Meiji Electric Industries Co. Ltd.		24,896
	6,300	Meisei Industrial Co. Ltd.		53,553
	285,700	MEITEC Group Holdings, Inc.		5,328,309
	26,700	Meiwa Corp.		113,237
	24,200	Melco Holdings, Inc.		526,052
	67,900	Menicon Co. Ltd.		655,142
	251,000	Micronics Japan Co. Ltd.		10,339,589
	24,100	Milbon Co. Ltd.		473,713
	18,000	Mimaki Engineering Co. Ltd.		140,323
	30,300	Mimasu Semiconductor Industry Co. Ltd.		698,888
	156,300	Mirait one Corp.		1,908,424
	429,300	Mirarth Holdings, Inc.		1,316,335
	27,600	Miroku Jyoho Service Co. Ltd.		296,881
	33,800	MISUMI Group, Inc.		553,564
	8,300	Mitani Sangyo Co. Ltd.		19,121
	179,200	Mito Securities Co. Ltd.		604,702
	62,000	Mitsuba Corp.		569,264
	10,300	Mitsubishi Kakoki Kaisha Ltd.		253,604
	37,800	Mitsubishi Logisnext Co. Ltd.		372,807
	81,500	Mitsubishi Logistics Corp.		2,703,861
	56,000	Mitsubishi Materials Corp.		1,094,385
	638,600	Mitsubishi Motors Corp.		2,023,621
	7,300	Mitsubishi Pencil Co. Ltd.		111,358
	24,800	Mitsubishi Research Institute, Inc.		771,030
	24,200	Mitsubishi Shokuhin Co. Ltd.		858,092
	27,000	Mitsuboshi Belting Ltd.		828,109
	26,100	Mitsui Mining & Smelting Co. Ltd.		818,415
	164,850	Mitsui OSK Lines Ltd.		5,232,271
	20,500	Mitsui-Soko Holdings Co. Ltd.		604,685
	158,200	Miura Co. Ltd.		2,489,002
	145,400	Mixi, Inc.		2,219,072
	3,500	Miyaji Engineering Group, Inc.		88,491

Shares			Value
JAPAN (continued)
	100,450	Mizuno Corp.	$	4,875,214
	15,900	Mochida Pharmaceutical Co. Ltd.		320,752
	6,200	Modec, Inc.		122,322
	248,000	Monex Group, Inc.		1,281,389
	162,700	Money Forward, Inc.(a)		5,665,437
	2,900	MORESCO Corp.		23,826
	34,900	Morinaga & Co. Ltd.		564,010
	483,986	Morinaga Milk Industry Co. Ltd.		9,483,899
	17,500	Moriroku Holdings Co. Ltd.		300,300
	16,500	Morita Holdings Corp.		194,243
	27,300	Morito Co. Ltd.		266,877
	8,800	Mory Industries, Inc.		366,501
	49,480	Mugen Estate Co. Ltd.		435,192
	3,400	m-up Holdings, Inc.		22,463
	1,300	Murakami Corp.		38,579
	12,300	Musashino Bank Ltd. (The)		240,850
	8,500	Nachi-Fujikoshi Corp.		183,736
	93,300	Nagase & Co. Ltd.		1,614,122
	83,500	Nakanishi, Inc.		1,282,720
	2,600	Nanto Bank Ltd. (The)		49,971
	3,400	Nanyo Corp.		27,043
	68,100	NEC Corp.		4,930,576
	2,200	NEC Networks & System Integration Corp.		36,546
	6,400	Needs Well, Inc.		33,919
	3,000	NEOJAPAN, Inc.		28,389
	246,200	NET One Systems Co. Ltd.		4,119,574
	24,900	Nextage Co. Ltd.		437,164
	29,500	Nichias Corp.		808,587
	16,900	Nichiban Co. Ltd.		204,536
	4,500	Nichiha Corp.		104,927
	4,300	Nichirin Co. Ltd.		107,386
	7,800	Nifco, Inc.		188,553
	15,800	Nihon Chouzai Co. Ltd.		154,186
	20,300	Nihon Falcom Corp.		152,331
	3,700	Nihon Flush Co. Ltd.		21,391
	74,400	Nihon Kohden Corp.		2,022,821
	379,800	Nihon M&A Center Holdings, Inc.		2,078,771
	14,600	Nihon Trim Co. Ltd.		329,682
	45,200	Nikkon Holdings Co. Ltd.		887,191
	120	Nippon Accommodations Fund, Inc. REIT		499,742
	8,100	Nippon Air Conditioning Services Co. Ltd.		46,335
	5,600	Nippon Aqua Co. Ltd.		34,102
	380	Nippon Building Fund, Inc. REIT		1,451,902
	7,800	Nippon Carbide Industries Co., Inc.		89,052
	1,500	Nippon Ceramic Co. Ltd.		25,671
	3,100	Nippon Chemical Industrial Co. Ltd.		47,458
	1,300	Nippon Dry-Chemical Co. Ltd.		21,831
	23,500	Nippon Express Holdings, Inc.		1,202,220
	238,422	Nippon Gas Co. Ltd.		3,888,475

26

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	4,200	Nippon Light Metal Holdings Co. Ltd.	$	49,837
	6,300	Nippon Rietec Co. Ltd.		52,497
	30,000	Nippon Seiki Co. Ltd.		272,801
	17,000	Nippon Sheet Glass Co. Ltd.(a)		56,668
	41,500	Nippon Shinyaku Co. Ltd.		1,148,317
	22,400	Nippon Shokubai Co. Ltd.		212,914
	147,205	Nippon Steel Corp.		3,300,178
	48,500	Nippon Television Holdings, Inc.		707,974
	62,300	Nippon Thompson Co. Ltd.		258,162
	22,600	Nippon Yusen KK		641,625
	75,100	Nipro Corp.		607,626
	2,600	Nishikawa Rubber Co. Ltd.		32,755
	51,500	Nishimatsuya Chain Co. Ltd.		714,161
	2,900	Nishi-Nippon Financial Holdings, Inc.		36,663
	21,900	Nishio Holdings Co. Ltd.		559,584
	12,000	Nissan Tokyo Sales Holdings Co. Ltd.		42,089
	9,900	Nissei ASB Machine Co. Ltd.		325,437
	10,600	Nisshin Oillio Group Ltd. (The)		340,521
	449,100	Nisshinbo Holdings, Inc.		3,404,634
	22,400	Nissin Corp.		443,188
	65,900	Nisso Holdings Co. Ltd.		346,148
	7,400	Nitta Corp.		190,933
	149,200	Nitto Kogyo Corp.		4,002,001
	4,500	Nitto Kohki Co. Ltd.		69,548
	45,400	Nitto Seiko Co. Ltd.		177,288
	61,900	Nittoc Construction Co. Ltd.		447,180
	2,600	Noda Corp.		18,383
	599,651	NOF Corp.		8,044,877
	14,600	Noritake Co. Ltd.		383,272
	70,400	Noritz Corp.		795,001
	13,100	NPR-RIKEN CORP.		241,022
	37,500	NS Solutions Corp.		1,221,436
	274,822	NSD Co. Ltd.		5,371,665
	2,061	NSW, Inc.		38,927
	874,900	NTN Corp.		1,736,262
	1,210	NTT UD REIT Investment Corp.		927,662
	33,900	OBIC Business Consultants Co. Ltd.		1,385,232
	24,300	Oenon Holdings, Inc.		54,962
	21,000	Ogaki Kyoritsu Bank Ltd. (The)		300,785
	15,100	Ohba Co. Ltd.		107,809
	4,700	Ohsho Food Service Corp.		232,932
	10,000	Oita Bank Ltd. (The)		185,676
	55,400	Okabe Co. Ltd.		281,879
	1,400	Okada Aiyon Corp.		26,758
	4,300	Okamoto Industries, Inc.		134,885
	152,700	Okamura Corp.		2,312,523
	203,300	Oki Electric Industry Co. Ltd.		1,452,930
	8,600	Okinawa Financial Group, Inc.		145,834
	27,900	OKUMA Corp.		1,253,099
	14,600	Okura Industrial Co. Ltd.		289,782
	3,000	Onamba Co. Ltd.		24,368
	24,500	Ono Pharmaceutical Co. Ltd.		352,883

Shares			Value
JAPAN (continued)
	375,900	Onward Holdings Co. Ltd.	$	1,446,943
	55,900	Open Up Group, Inc.		708,132
	30,700	Optim Corp.(a)		173,504
	41,800	Optorun Co. Ltd.		513,506
	12,900	Oracle Corp. Japan		968,075
	36,800	Organo Corp.		1,688,176
	3,600	Oricon, Inc.		18,810
	121,200	Oriental Shiraishi Corp.		290,826
	415	Orix JREIT, Inc. REIT		437,443
	19,200	Oro Co. Ltd.		317,249
	181,300	Osaki Electric Co. Ltd.		788,608
	86,900	OSG Corp.		1,120,689
	118,400	Otsuka Corp.		2,354,754
	2,730	Oyo Corp.		42,431
	1,200	Pack Corp. (The)		27,869
	70,000	PAL GROUP Holdings Co. Ltd.		835,391
	29,100	PALTAC Corp.		880,768
	31,400	Pan Pacific International Holdings Corp.		737,461
	7,200	PAPYLESS Co. Ltd.		41,429
	39,200	Paramount Bed Holdings Co. Ltd.		667,910
	10,300	Paris Miki Holdings, Inc.		26,152
	7,400	Pasco Corp.		92,372
	18,700	Pasona Group, Inc.		262,413
	2,800	PCA Corp.		34,492
	1,400	Pegasus Co. Ltd.		4,642
	2,000	People Dreams & Technologies Group Co. Ltd.		21,747
	273,745	PeptiDream, Inc.(a)		3,488,124
	34,300	Pilot Corp.		918,031
	19,500	Plus Alpha Consulting Co. Ltd.		248,043
	51,600	Pola Orbis Holdings, Inc.		473,490
	59,800	Pole To Win Holdings, Inc.		188,139
	4,800	PR Times, Corp.(a)		55,113
	129,000	Prestige International, Inc.		550,903
	44,300	Pronexus, Inc.		322,399
	86,452	Proto Corp.		765,573
	17,500	QB Net Holdings Co. Ltd.		126,385
	4,500	Quick Co. Ltd.		66,472
	4,100	R&D Computer Co. Ltd.		20,337
	6,500	Raito Kogyo Co. Ltd.		84,459
	137,200	Rakus Co. Ltd.		1,386,828
	116,200	Rakuten Group, Inc.(a)		558,858
	2,500	Rasa Corp.		30,066
	81,900	Raysum Co. Ltd.		1,886,159
	156,200	Resorttrust, Inc.		2,585,167
	16,548	Rheon Automatic Machinery Co. Ltd.		157,249
	95,800	Riken Technos Corp.		612,573
	42,000	Riken Vitamin Co. Ltd.		723,786
	97,900	Rinnai Corp.		2,121,247
	7,600	Rion Co. Ltd.		152,499
	9,200	Riso Kagaku Corp.		171,733
	2,900	Rix Corp.		82,420

27

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	465,040	Rohm Co. Ltd.	$	6,684,882
	552,700	Rohto Pharmaceutical Co. Ltd.		10,783,419
	2,500	Rorze Corp.		433,438
	95,500	Round One Corp.		419,505
	452,600	Ryohin Keikaku Co. Ltd.		7,290,948
	900	S&B Foods, Inc.		25,934
	38,200	Sac’s Bar Holdings, Inc.		206,689
	100	Saison Technology Co. Ltd.		1,186
	30,200	Saizeriya Co. Ltd.		1,019,777
	3,000	Sakai Heavy Industries Ltd.		119,544
	38,500	Sakai Moving Service Co. Ltd.		677,707
	27,800	Sakata INX Corp.		282,351
	77,410	Sakata Seed Corp.		1,783,550
	3,600	San Holdings, Inc.		24,730
	5,300	San ju San Financial Group, Inc.		70,061
	80,100	Sangetsu Corp.		1,702,826
	33,800	Sanken Electric Co. Ltd.		1,459,263
	4,300	Sanko Metal Industrial Co. Ltd.		127,821
	519,925	Sankyo Co. Ltd.		5,647,434
	41,800	Sankyo Tateyama, Inc.		214,539
	53,600	Sankyu, Inc.		1,858,291
	54,700	Sansan, Inc.(a)		502,351
	4,100	Sansei Technologies, Inc.		32,089
	56,500	Sansha Electric Manufacturing Co. Ltd.		547,000
	539,400	Santen Pharmaceutical Co. Ltd.		5,210,112
	258,000	Sanwa Holdings Corp.		4,213,368
	6,100	Sanyo Chemical Industries Ltd.		159,516
	6,400	Sanyo Denki Co. Ltd.		301,752
	29,600	Sanyo Shokai Ltd.		523,251
	113,800	Sato Holdings Corp.		1,576,904
	8,700	Sato Shoji Corp.		97,052
	38,140	Sawai Group Holdings Co. Ltd.		1,421,305
	15,400	SB Technology Corp.		285,875
	33,500	SBI Global Asset Management Co. Ltd.		137,965
	51,200	Scroll Corp.		304,038
	309,435	SCSK Corp.		5,625,281
	102,800	Sega Sammy Holdings, Inc.		1,345,546
	7,700	Seika Corp.		198,600
	125,200	Seikagaku Corp.		591,097
	66,200	Seiko Group Corp.		1,751,069
	206,800	Seino Holdings Co. Ltd.		2,770,528
	32,000	Sekisui Kasei Co. Ltd.		100,553
	900	Semba Corp.		7,289
	20,500	Senshu Ikeda Holdings, Inc.		52,186
	19,200	SERAKU Co. Ltd.		129,235
	29,100	Seria Co. Ltd.		493,280
	705,100	SG Holdings Co. Ltd.		8,253,260
	32,700	Shibaura Machine Co. Ltd.		732,034
	2,300	Shibusawa Warehouse Co. Ltd. (The)		44,265
	9,500	Shibuya Corp.		212,316
	26,200	Shikoku Bank Ltd. (The)		188,638

Shares			Value
JAPAN (continued)
	3,200	Shikoku Kasei Holdings Corp.	$	36,049
	77,500	Shimamura Co. Ltd.		3,820,507
	3,100	Shimojima Co. Ltd.		24,842
	6,600	Shin Nippon Air Technologies Co. Ltd.		166,937
	45,000	Shinagawa Refractories Co. Ltd.		548,378
	63,000	Shindengen Electric Manufacturing Co. Ltd.		1,180,230
	11,600	Shin-Etsu Polymer Co. Ltd.		113,232
	20,600	Shinmaywa Industries Ltd.		157,059
	27,500	Shinnihon Corp.		276,032
	22,900	Shinnihonseiyaku Co. Ltd.		248,683
	202,300	Shiseido Co. Ltd.		5,415,219
	31,300	Shizuoka Gas Co. Ltd.		191,521
	30,400	Shoei Co. Ltd.		389,479
	20,297	Shofu, Inc.		393,067
	3,400	Sigma Koki Co. Ltd.		33,888
	44,200	SIGMAXYZ Holdings, Inc.		439,805
	3,100	Siix Corp.		31,959
	134,700	Simplex Holdings, Inc.		2,176,148
	73,500	Sinfonia Technology Co. Ltd.		1,559,720
	70,400	Sinko Industries Ltd.		1,787,838
	32,900	SK-Electronics Co. Ltd.		674,478
	349,600	SKY Perfect JSAT Holdings, Inc.		2,057,292
	2,900	SMK Corp.		44,997
	207,000	SMS Co. Ltd.		2,864,360
	56,000	Socionext, Inc.		1,637,196
	163,500	Sodick Co. Ltd.		757,057
	21,600	Softcreate Holdings Corp.		253,459
	440,800	Sohgo Security Services Co. Ltd.		2,451,615
	1,300	Soken Chemical & Engineering Co. Ltd.		24,215
	103,713	Soliton Systems KK		845,216
	3,400	SPK Corp.		44,294
	6,000	Sprix, Inc.		29,820
	13,000	Square Enix Holdings Co. Ltd.		469,913
	4,400	SRA Holdings		110,074
	16,200	St. Marc Holdings Co. Ltd.		217,372
	51,000	Stanley Electric Co. Ltd.		902,547
	29,600	Star Mica Holdings Co. Ltd.		119,774
	167,300	Star Micronics Co. Ltd.		1,986,458
	6,100	Startia Holdings, Inc.		56,218
	124,600	Starts Corp., Inc.		2,810,849
	8,400	Step Co. Ltd.		105,951
	15,200	Strike Co. Ltd.		424,982
	32,200	Subaru Corp.		718,994
	65,400	Sugi Holdings Co. Ltd.		959,567
	4,200	Sugimoto & Co. Ltd.		62,180
	19,100	Sumitomo Bakelite Co. Ltd.		544,024
	2,600	Sumitomo Densetsu Co. Ltd.		58,400
	132,600	Sumitomo Forestry Co. Ltd.		4,085,366
	76,100	Sumitomo Heavy Industries Ltd.		2,120,657
	38,000	Sumitomo Mitsui Trust Holdings, Inc.		798,944

28

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	281,800	Sumitomo Pharma Co. Ltd.(a)	$	711,180
	98,400	Sumitomo Riko Co. Ltd.		819,247
	129,100	Sumitomo Rubber Industries Ltd.		1,566,996
	5,300	Sumitomo Seika Chemicals Co. Ltd.		168,782
	38,000	Sumitomo Warehouse Co. Ltd. (The)		629,281
	283,800	Sun Frontier Fudousan Co. Ltd.		3,529,736
	19,700	Sun*, Inc.(a)		115,359
	207,200	Suntory Beverage & Food Ltd.		6,741,305
	42,000	Sun-Wa Technos Corp.		601,672
	172,100	Suzuken Co. Ltd.		5,082,757
	5,200	SWCC Corp.		137,109
	21,000	Synchro Food Co. Ltd.		73,191
	5,000	System Research Co. Ltd.		49,711
	2,500	System Support, Inc.		29,610
	497,200	Systena Corp.		828,454
	5,000	T. RAD Co. Ltd.		122,114
	15,700	Tachi-S Co. Ltd.		199,170
	53,300	Tadano Ltd.		427,704
	4,400	Taihei Dengyo Kaisha Ltd.		123,843
	4,500	Taiho Kogyo Co. Ltd.		25,334
	22,000	Taikisha Ltd.		648,882
	3,600	Takamatsu Construction Group Co. Ltd.		60,619
	18,600	Takaoka Toko Co. Ltd.		260,204
	38,700	Takara & Co. Ltd.		639,063
	76,600	Takara Holdings, Inc.		503,217
	101,300	Takara Standard Co. Ltd.		1,235,774
	13,200	Takasago International Corp.		292,922
	39,300	Takasago Thermal Engineering Co. Ltd.		1,317,499
	6,000	Takashima & Co. Ltd.		45,121
	6,600	Takashimaya Co. Ltd.		93,557
	53,400	Takeuchi Manufacturing Co. Ltd.		2,025,634
	47,900	Takuma Co. Ltd.		599,409
	131,400	Tamron Co. Ltd.		6,110,191
	57,500	Tanseisha Co. Ltd.		321,016
	13,900	TDK Corp.		620,093
	153,300	TechMatrix Corp.		1,624,679
	1,100	Techno Medica Co. Ltd.		12,148
	52,200	TechnoPro Holdings, Inc.		889,143
	15,200	Teikoku Electric Manufacturing Co. Ltd.		239,765
	14,600	Temairazu, Inc.		298,810
	1,700	Tenma Corp.		24,299
	5,000	Terasaki Electric Co. Ltd.		60,341
	19,187	T-Gaia Corp.		258,510
	85,580	TIS, Inc.		1,827,696
	11,600	TKC Corp.		266,951
	11,500	Toa Corp.		83,810
	40,100	Toagosei Co. Ltd.		403,380
	5,200	Tobishima Corp.		45,148
	88,700	TOC Co. Ltd.		441,892
	33,900	Tocalo Co. Ltd.		390,633

Shares			Value
JAPAN (continued)
	133,365	Tochigi Bank Ltd. (The)	$	300,040
	4,700	Toell Co. Ltd.		22,557
	56,900	Toho Gas Co. Ltd.		1,461,220
	183,100	Toho Holdings Co. Ltd.		4,386,578
	11,200	Tohoku Electric Power Co., Inc.		86,465
	79,200	Tokai Carbon Co. Ltd.		525,443
	24,000	Tokai Corp.		319,335
	12,800	Tokai Tokyo Financial Holdings, Inc.		46,906
	11,500	Tokyo Base Co. Ltd.		21,596
	103,900	Tokyo Electric Power Co. Holdings, Inc.(a)		646,287
	4,600	Tokyo Energy & Systems, Inc.		39,303
	7,700	Tokyo Individualized Educational Institute, Inc.		20,113
	10,900	Tokyo Kiraboshi Financial Group, Inc.		323,552
	37,800	Tokyo Ohka Kogyo Co. Ltd.		1,002,391
	4,300	Tokyo Rope Manufacturing Co. Ltd.		39,281
	51,700	Tokyo Seimitsu Co. Ltd.		3,364,263
	42,410	Tokyo Tatemono Co. Ltd.		705,702
	19,600	Tokyotokeiba Co. Ltd.		540,263
	550,845	Tokyu Fudosan Holdings Corp.		4,035,631
	1,035	Tokyu REIT, Inc.		1,064,942
	87,200	Toli Corp.		219,791
	2,800	Tomato Bank Ltd.		21,454
	97,485	TOMONY Holdings, Inc.		257,681
	301,390	Tomy Co. Ltd.		4,818,969
	800	Tonami Holdings Co. Ltd.		24,371
	35,300	Topre Corp.		569,801
	20,100	Topy Industries Ltd.		340,905
	6,500	Torishima Pump Manufacturing Co. Ltd.		117,353
	211,400	Tosei Corp.		3,300,360
	79,355	Toshiba TEC Corp.		1,596,142
	91,300	TOTO Ltd.		2,470,989
	1,700	Toumei Co. Ltd.		25,035
	36,400	Towa Bank Ltd. (The)		155,858
	140,300	Towa Pharmaceutical Co. Ltd.		2,525,447
	6,600	Toyo Denki Seizo KK		46,907
	109,500	Toyo Engineering Corp.		653,159
	4,700	Toyo Kanetsu KK		130,406
	18,700	Toyo Machinery & Metal Co. Ltd.		88,085
	44,700	Toyo Seikan Group Holdings Ltd.		690,943
	72,688	Toyo Suisan Kaisha Ltd.		4,545,495
	120,700	Toyo Tire Corp.		2,283,536
	38,100	Toyoda Gosei Co. Ltd.		737,643
	2,200	Toyokumo, Inc.		20,784
	122,000	Toyota Boshoku Corp.		1,804,177
	40,300	Traders Holdings Co. Ltd.		190,356
	9,800	Trancom Co. Ltd.		356,349
	143,900	Transcosmos, Inc.		3,110,718
	54,305	Trend Micro, Inc.		2,676,053
	2,900	Trinity Industrial Corp.		21,814
	97,400	Trusco Nakayama Corp.		1,611,221

29

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
JAPAN (continued)
	118,700	Tsubakimoto Chain Co.	$	4,086,605
	12,900	Tsubakimoto Kogyo Co. Ltd.		178,836
	99,000	Tsugami Corp.		854,754
	27,300	Tsukada Global Holdings, Inc.		74,876
	6,100	Tsuruha Holdings, Inc.		385,056
	15,700	TV Asahi Holdings Corp.		205,907
	3,700	TYK Corp.		11,020
	40,100	UACJ Corp.		1,225,080
	31,600	Ubicom Holdings, Inc.		232,152
	9,800	Uchida Yoko Co. Ltd.		434,340
	500	ULS Group, Inc.		12,519
	15,900	Ulvac, Inc.		950,753
	2,800	U-Next Holdings Co. Ltd.		78,245
	1,000	Union Tool Co.		28,969
	55,700	Unipres Corp.		412,089
	112,900	United Arrows Ltd.		1,301,108
	96,800	UNITED, Inc.		510,276
	5,400	Univance Corp.		24,441
	147,200	Ushio, Inc.		1,936,248
	294,080	USS Co. Ltd.		2,246,564
	56,600	UT Group Co. Ltd.		1,186,896
	7,500	V Technology Co. Ltd.		120,493
	20,300	Valor Holdings Co. Ltd.		311,008
	82,900	ValueCommerce Co. Ltd.		567,428
	68,000	Vector, Inc.		570,274
	8,100	Vertex Corp.		90,090
	47,000	Vision, Inc.(a)		343,767
	20,700	Visional, Inc.(a)		944,505
	56,200	Vital KSK Holdings, Inc.		438,588
	198,100	Wacom Co. Ltd.		760,807
	3,100	Wadakohsan Corp.		28,550
	400	Warabeya Nichiyo Holdings Co. Ltd.		6,087
	2,200	Waseda Academy Co. Ltd.		21,047
	28,400	WATAMI Co. Ltd.		166,620
	600	WDB coco Co. Ltd.		17,108
	23,300	WDB Holdings Co. Ltd.		333,633
	28,700	Will Group, Inc.		195,869
	20,200	WingArc1st, Inc.		342,116
	37,200	Workman Co. Ltd.		913,915
	33,800	Wowow, Inc.		235,331
	103,400	Xebio Holdings Co. Ltd.		662,649
	135,700	YAMABIKO Corp.		1,795,785
	1,500	YAMADA Consulting Group Co. Ltd.		17,927
	4,500	Yamagata Bank Ltd. (The)		33,514
	49,400	Yamaguchi Financial Group, Inc.		499,020
	77,600	Yamaichi Electronics Co. Ltd.		1,338,317
	33,400	Yamanashi Chuo Bank Ltd. (The)		379,892
	43,900	Yamashin-Filter Corp.		119,220
	49,900	Yamazaki Baking Co. Ltd.		1,207,750
	93,700	Yamazen Corp.		822,917
	24,400	Yokogawa Bridge Holdings Corp.		442,552
	163,610	Yokohama Rubber Co. Ltd. (The)		4,282,361
	2,600	Yokowo Co. Ltd.		27,607

Shares			Value
JAPAN (continued)
	9,800	Yorozu Corp.	$	59,535
	26,900	Yossix Holdings Co. Ltd.		478,421
	6,200	Yuasa Trading Co. Ltd.		226,565
	4,600	Yurtec Corp.		42,620
	20,100	Yushin Precision Equipment Co. Ltd.		88,768
	3,700	Yutaka Giken Co. Ltd.		57,987
	139,100	Zenkoku Hosho Co. Ltd.		4,884,074
	116,300	Zenrin Co. Ltd.		657,227
	60,600	Zeon Corp.		603,947
	48,000	ZERIA Pharmaceutical Co. Ltd.		636,574
	226,700	ZIGExN Co. Ltd.		759,734
	60,600	ZOZO, Inc.		1,305,232
	13,100	Zuken, Inc.		342,308
				789,348,253
JERSEY CHANNEL ISLANDS — 0.1%
	449,900	Centamin Plc		679,383
	302,662	Novocure Ltd.(a)		3,704,583
				4,383,966
MALAYSIA — 0.1%
	21,673,800	Top Glove Corp. Behrad(a)		3,991,767
MEXICO — 0.1%
	603,365	Qualitas Controladora SAB de CV		7,889,541
NETHERLANDS — 0.9%
	30,230	Arcadis NV		1,866,974
	42,669	ASM International NV		26,840,447
	54,715	ASR Nederland NV		2,737,911
	20,980	BE Semiconductor Industries NV		2,783,502
	175,322	Eurocommercial Properties NV REIT		3,987,505
	12,209	ForFarmers NV		31,448
	187,572	Fugro NV		4,549,604
	57,115	IMCD NV		8,617,198
	468,422	Koninklijke BAM Groep NV		1,909,476
	187,057	Koninklijke Heijmans NV		3,510,632
	33,200	Koninklijke Vopak NV		1,318,423
	266	Nedap NV		17,660
	457	PPHE Hotel Group Ltd.		8,420
	16,600	QIAGEN NV		693,078
	81,830	Randstad NV		4,103,852
	23,400	Signify NV(b)(c)		638,152
	37,692	TKH Group NV		1,623,545
	521,628	TomTom NV(a)		3,109,333
	100,308	Van Lanschot Kempen NV		3,553,306
	30,547	Vastned Retail NV REIT		682,081
	176,395	Wereldhave NV REIT		2,448,963
				75,031,510
NEW ZEALAND — 0.1%
	2,115,532	Air New Zealand Ltd.		685,260
	19,344	Bathurst Resources Ltd.(a)		10,552
	33,913	Channel Infrastructure NZ Ltd.		30,934
	58,019	Genesis Energy Ltd.		79,496

30

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
NEW ZEALAND (continued)
	112,609	SKY Network Television Ltd.	$	193,038
	1,336,155	Spark New Zealand Ltd.		3,754,803
	7,554	Vista Group International Ltd.(a)		8,020
	76,091	Xero Ltd.(a)		5,907,569
				10,669,672
NORWAY — 0.6%
	25,451	2020 Bulkers Ltd.		392,761
	254,929	ABG Sundal Collier Holding ASA		133,444
	153,655	Aker BP ASA		3,726,618
	90,427	Atea ASA		1,154,469
	51,474	Awilco LNG AS		36,569
	536,005	Belships ASA		1,207,738
	30,307	Bouvet ASA		166,155
	2,650,505	DNO ASA		2,453,598
	6,239	DOF Group ASA(a)		45,871
	24,595	Elopak ASA		74,872
	36,575	FLEX LNG Ltd.		960,455
	197,710	Gjensidige Forsikring ASA		3,169,942
	10,839	Golden Ocean Group Ltd.		152,321
	16,838	Gram Car Carriers ASA		389,304
	700,721	Hoegh Autoliners ASA		7,354,881
	73,900	Kongsberg Gruppen ASA		5,216,835
	307,800	MPC Container Ships ASA		494,756
	14,100	NORBIT ASA		90,704
	218,920	Norconsult Norge AS(a)		551,900
	3,085,768	Norwegian Air Shuttle ASA(a)		4,007,786
	29,632	Odfjell Drilling Ltd.		135,063
	1,194	Odfjell SE - Class A		18,865
	214,555	Orkla ASA		1,459,491
	26,995	Pexip Holding ASA		63,987
	81,032	Protector Forsikring ASA		1,638,041
	54,728	Rana Gruber ASA		408,782
	37,495	Salmar ASA		2,358,852
	90,582	SATS ASA(a)		142,221
	40,100	Schibsted ASA - Class A		1,146,353
	42,300	Schibsted ASA - Class B		1,181,723
	23,560	Sea1 Offshore, Inc.(a)		75,362
	2,897	SpareBank 1 Nord Norge		26,141
	91	Sparebank 1 Oestlandet		1,096
	4,705	Sparebanken More		35,888
	14,749	Sparebanken Vest		169,593
	43,200	TGS ASA		487,309
	67,324	Veidekke ASA		703,924
	688,615	Wallenius Wilhelmsen ASA		6,936,105
	2,055	Wilh Wilhelmsen Holding ASA - Class A		71,693
				48,841,468
PERU — 0.2%
	840,000	Cia de Minas Buenaventura SAA - ADR		14,532,000

Shares			Value
POLAND — 0.3%
	1,064,885	Allegro.eu SA(a)(b)(c)	$	8,877,000
	250,143	KGHM Polska Miedz SA		8,599,826
	3,276,809	Orange Polska SA		6,334,212
	491,894	PGE Polska Grupa Energetyczna SA(a)		733,165
	2,241,397	Tauron Polska Energia SA(a)		1,608,691
				26,152,894
PORTUGAL — 0.2%
	21,252,910	Banco Comercial Portugues SA - Class R(a)		7,420,464
	3,621	Ibersol SGPS SA		27,107
	212,280	Jeronimo Martins SGPS SA		4,366,969
	582,611	Mota-Engil SGPS SA		2,521,418
	576,470	Navigator Co. SA (The)		2,546,154
	258,125	NOS SGPS SA		891,565
	1,245,467	Sonae SGPS SA		1,247,045
				19,020,722
RUSSIA — 0.0%
	3,531,360	Alrosa PJSC(d)(e)		0
	1,189,126,065	Federal Grid Co. - Rosseti PJSC(a)(d)(e)		0
	4,480,742	Gazprom PJSC(a)(d)(e)		0
	1,073,095	Gazprom PJSC - ADR(a)(d)(e)		0
	112,793	Magnit PJSC(d)(e)		0
	532,967	Mobile TeleSystems PJSC(d)(e)		0
	217,810,135	ROSSETI PJSC(a)(d)(e)		0
	1,641,600	Rostelecom PJSC(d)(e)		0
	461,432,194	RusHydro PJSC(d)(e)		0
	13,369,855	Surgutneftegas PJSC(d)(e)		0
	243,969	VK IPJSC(a)(d)(e)		0
				0
SINGAPORE — 0.5%
	1,731,100	AIMS APAC REIT		1,596,537
	13,100	APAC Realty Ltd.		4,162
	51,200	Aztech Global Ltd.(c)		34,410
	1,038,000	CapitaLand Integrated Commercial Trust REIT		1,479,665
	3,070,040	ComfortDelGro Corp. Ltd.		3,339,339
	62,000	Cromwell European Real Estate Investment Trust REIT(c)		98,473
	379,800	CSE Global Ltd.		117,542
	297,400	Dyna-Mac Holdings Ltd.		85,246
	1,152,000	Frasers Hospitality Trust Units		388,247
	2,118,500	Frasers Logistics & Commercial Trust REIT(c)		1,534,610
	36,800	Frasers Property Ltd.		21,519
	4,190,400	Genting Singapore Ltd.		2,796,549
	2,860,000	Golden Agri-Resources Ltd.		575,250
	1,295,755	Hafnia Ltd.		9,769,667
	186,000	Hour Glass Ltd. (The)		217,628
	529,000	iFAST Corp. Ltd.		2,846,599
	793,729	IGG, Inc.(a)		330,884

31

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	231,000	InnoTek Ltd.	$	92,857
	93,200	Japfa Ltd.(a)		20,493
	5,741,800	Keppel Pacific Oak US REIT(c)		780,368
	3,212,200	Keppel REIT		2,062,538
	101,700	Kimly Ltd.		22,341
	194,900	LHN Ltd.		46,258
	8,167,800	Manulife US Real Estate Investment Trust REIT(c)		582,699
	2,500,700	Marco Polo Marine Ltd.		127,850
	622,000	OUE Real Estate Investment Trust REIT		122,554
	173,030	Prime US REIT(c)		19,193
	109,200	Propnex Ltd.(c)		70,676
	81,500	PSC Corp. Ltd.		20,857
	4,564,895	Raffles Medical Group Ltd.		3,343,143
	304,400	RHT Health Trust REIT(a)(d)		4,237
	4,526,600	Riverstone Holdings Ltd.		2,594,287
	309,476	Samudera Shipping Line Ltd.		205,468
	631,100	Sasseur Real Estate Investment Trust REIT(c)		311,592
	156,200	Sembcorp Industries Ltd.		610,441
	2,156,910	Sheng Siong Group Ltd.		2,445,048
	127,000	SIA Engineering Co. Ltd.		209,719
	243,500	Singapore Exchange Ltd.		1,661,041
	3,494,100	Starhill Global REIT		1,214,336
	651,400	StarHub Ltd.		556,951
	159,700	UOL Group Ltd.		681,879
	5,246,300	Yangzijiang Financial Holding Ltd.		1,206,651
	728,600	Yanlord Land Group Ltd.(a)		239,080
				44,488,884
SOUTH AFRICA — 0.6%
	161,985	Anglo American Platinum Ltd.		5,642,741
	560,948	Aspen Pharmacare Holdings Ltd.		6,682,527
	1,711,983	Harmony Gold Mining Co. Ltd. - ADR		14,671,694
	1,064,880	Impala Platinum Holdings Ltd.		4,740,371
	102,070	Investec Plc		646,541
	666,221	Remgro Ltd.		4,340,949
	2,339,970	Sappi Ltd.		6,286,101
	3,710,251	Sibanye Stillwater Ltd.		4,234,696
	420,358	SPAR Group Ltd. (The)(a)		2,165,761
				49,411,381
SOUTH KOREA — 1.4%
	42,263	Green Cross Corp.		3,472,360
	231,729	GS Engineering & Construction Corp.(a)		2,746,948
	143,546	Hankook Tire & Technology Co. Ltd.		6,090,988
	3,792	Hanmi Pharm Co. Ltd.		863,829
	97,412	HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		9,197,295
	103,568	Hyundai Department Store Co. Ltd.		3,917,534

Shares			Value
SOUTH KOREA (continued)
	158,884	Hyundai Engineering & Construction Co. Ltd.	$	4,047,601
	115,060	KB Financial Group, Inc.		6,240,502
	108,213	Kia Corp.		9,168,089
	71,727	LG Electronics, Inc.		4,777,170
	40,300	Lotte Chemical Corp.		3,114,280
	20,191	OCI Co. Ltd.		1,366,734
	45,027	OCI Holdings Co. Ltd.		3,067,791
	458,328	Samsung E&A Co. Ltd.(a)		8,689,589
	1,541,033	Samsung Heavy Industries Co. Ltd.(a)		10,441,197
	94,093	Samsung Life Insurance Co. Ltd.		5,929,072
	50,299	Samsung SDS Co. Ltd.		5,778,315
	181,359	Shinhan Financial Group Co. Ltd.		6,093,173
	834,883	SK Networks Co. Ltd.		3,030,645
	189,403	SK Square Co. Ltd.(a)		10,406,268
	65,479	S-Oil Corp.		3,418,631
				111,858,011
SPAIN — 0.7%
	98,065	ACS Actividades de Construccion y Servicios SA		3,927,546
	286,128	Atresmedia Corp. de Medios de Comunicacion SA		1,436,971
	163,396	Audax Renovables SA(a)		294,813
	9,442,788	Banco de Sabadell SA		18,037,648
	762,543	Bankinter SA		6,027,264
	188,891	Cia de Distribucion Integral Logista Holdings SA		5,137,726
	79,480	CIE Automotive SA		2,100,886
	11,935	Construcciones y Auxiliar de Ferrocarriles SA		408,557
	18,091	Elecnor SA		389,660
	184,825	Ence Energia y Celulosa SA		658,282
	457,390	Faes Farma SA		1,659,649
	208,178	Fluidra SA		4,406,747
	17,624	Grupo Catalana Occidente SA		682,483
	239,172	Indra Sistemas SA		4,572,207
	24,852	Laboratorios Farmaceuticos Rovi SA		2,230,315
	36,162	Lar Espana Real Estate Socimi SA REIT		262,615
	1,076,360	Mapfre SA		2,596,791
	386,850	Merlin Properties Socimi SA REIT		4,351,733
	12,080	Tecnicas Reunidas SA(a)		119,839
				59,301,732
SWEDEN — 1.6%
	359,969	AAK AB		9,258,959
	25,060	AFRY AB		393,660
	16,940	Alfa Laval AB		721,216
	561,586	Alleima AB		3,490,460
	34,043	Alligo AB - Class B		397,345
	9,013	AQ Group AB		516,248
	511,598	Arjo AB - Class B		2,147,178
	104,839	Avanza Bank Holding AB		2,246,704

32

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
SWEDEN (continued)
	139,886	Axfood AB	$	3,618,775
	12,232	Bahnhof AB - Class B		52,501
	7,863	Beijer Alma AB		148,805
	286,434	Beijer Ref AB		4,036,820
	511,219	Betsson AB - Class B		5,650,703
	94,258	BioGaia AB - Class B		1,003,712
	25,338	Biotage AB		382,318
	5,933	Bjorn Borg AB		25,910
	465,169	Bredband2 i Skandinavien AB		81,293
	32,993	Bufab AB		1,003,608
	38,290	Camurus AB(a)		1,717,065
	6,462	Cellavision AB		131,188
	24,648	Cibus Nordic Real Estate AB		321,018
	47,848	Clas Ohlson AB - Class B		577,445
	112,143	Cloetta AB - Class B		166,993
	955	CTT Systems AB		30,184
	7,290	Doro AB		13,300
	180	Elanders AB - Class B		1,605
	42,176	Electrolux Professional AB - Class B		272,327
	6,695	Ependion AB		65,709
	113,384	Fagerhult Group AB		727,564
	10,961	Fasadgruppen Group AB		68,047
	135,700	Fastighets AB Balder - Class B(a)		855,359
	14,771	FastPartner AB - Class A		99,180
	1,337,999	Fortnox AB		7,796,439
	78,383	Granges AB		925,577
	5,874	Haypp Group AB(a)		45,862
	27,337	Heba Fastighets AB - Class B		80,729
	111,821	Hemnet Group AB		2,906,082
	428,668	Hexpol AB		4,850,439
	12,658	Humana AB(a)		33,976
	16,700	Instalco AB(c)		58,801
	147,370	Inwido AB		1,815,064
	40,400	JM AB		684,167
	13,228	Klarabo Sverige AB - Class B(a)		22,658
	21,734	Lagercrantz Group AB - Class B		318,910
	278	Lime Technologies AB		8,827
	128,407	Lindab International AB		2,579,477
	229,558	Loomis AB		5,866,762
	3,369	Medcap AB(a)		132,868
	11,500	MEKO AB		117,236
	1,279	Momentum Group AB		15,995
	123,938	Mycronic AB		4,313,540
	95,295	NCC AB - Class B		1,159,012
	79	Nederman Holding AB		1,363
	242,569	Neobo Fastigheter AB(a)		347,097
	245,670	Net Insight AB - Class B(a)		116,254
	42,566	New Wave Group AB - Class B		387,619
	56,054	Nordic Paper Holding AB		280,411
	7,423	Norion Bank AB(a)		27,423
	73,300	Nyfosa AB		634,104
	11,155	OEM International AB - Class B		109,835
	71,569	Pandox AB		1,106,773

Shares			Value
SWEDEN (continued)
	68,330	Paradox Interactive AB	$	1,033,085
	146,826	Peab AB - Class B		895,102
	40,075	Platzer Fastigheter Holding AB - Class B		323,958
	19,329	Proact IT Group AB		182,923
	254	QleanAir AB(a)		720
	332,805	Ratos AB - Class B		1,155,106
	113,147	Rusta AB(a)		775,681
	106,114	Rvrc Holding AB		600,209
	6,609	Scandi Standard AB		45,960
	162,217	Sectra AB - Class B		3,191,845
	34,470	SkiStar AB		477,497
	10,855	Solid Forsakring AB		71,061
	365,275	SSAB AB - Class A		2,051,067
	445,510	SSAB AB - Class B		2,492,879
	574,050	Stillfront Group AB(a)		545,539
	736,073	Swedish Orphan Biovitrum AB(a)		19,000,291
	62,445	Synsam AB		286,604
	19,839	Systemair AB		134,438
	21,230	Thule Group AB(b)(c)		599,318
	36,567	Tobii Dynavox AB(a)		180,745
	407,070	Trelleborg AB - Class B		14,346,137
	29,274	Troax Group AB		588,968
	9,576	VBG Group AB - Class B		335,109
	709	Volati AB(c)		6,613
	87,535	Wihlborgs Fastigheter AB		733,162
	8,121	Zinzino AB - Class B		54,179
				127,074,695
SWITZERLAND — 1.8%
	188,649	Accelleron Industries AG		7,334,441
	250,025	Alcon, Inc.		19,171,127
	4,560	ALSO Holding AG		1,123,206
	928	APG SGA SA		209,686
	942,643	Aryzta AG(a)		1,784,645
	105,280	Ascom Holding AG		844,539
	1,074	Autoneum Holding AG		171,553
	48,125	Baloise Holding AG		7,272,312
	20,270	Banque Cantonale Vaudoise		2,119,728
	1,470	Barry Callebaut AG		2,375,481
	25,880	Basilea Pharmaceutica AG(a)		1,110,745
	14,314	Belimo Holding AG		6,622,906
	14,325	BKW AG		2,126,374
	15,749	Bucher Industries AG		6,051,615
	14,695	Burckhardt Compression Holding AG		9,359,600
	1,182	Burkhalter Holding AG		129,611
	492	Cie Financiere Tradition SA		77,461
	1,562	Coltene Holding AG		87,267
	12,425	Comet Holding AG		3,920,723
	11,280	DKSH Holding AG		735,110
	12,045	dormakaba Holding AG		6,410,678
	5,105	EMS-Chemie Holding AG		4,072,949
	984,816	Ferrexpo Plc(a)		623,306

33

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	769	Flughafen Zurich AG	$	153,954
	256	Forbo Holding AG		295,678
	47,465	Galenica AG(b)(c)		3,631,942
	1,175	Geberit AG		627,193
	140,797	Georg Fischer AG		9,826,997
	73,251	Huber + Suhner AG		5,827,094
	7,810	Implenia AG		285,584
	52	Ina Invest Holding AG(a)		1,047
	4,508	Inficon Holding AG		6,267,920
	984	Investis Holding SA(c)		105,528
	884,444	IWG Plc(a)		2,041,982
	17,485	Julius Baer Group Ltd.		938,217
	1,904	Jungfraubahn Holding AG		422,627
	4,969	Kardex Holding AG		1,314,710
	8,388	Kudelski SA(a)		13,010
	12,483	Landis+Gyr Group AG		923,542
	15,750	Logitech International SA		1,226,251
	2,615	Meier Tobler Group AG		87,582
	54	Metall Zug AG - Class B		74,474
	81,678	On Holding AG - Class A(a)		2,593,276
	19	Orell Fuessli AG		1,656
	99	Phoenix Mecano AG(a)		53,200
	75,667	PSP Swiss Property AG		9,354,061
	1,223	Rieter Holding AG		170,966
	36,445	SFS Group AG		4,322,631
	2,602	Siegfried Holding AG		2,486,428
	4,400	Sonova Holding AG		1,216,302
	28,785	Stadler Rail AG		853,969
	1,000	Swiss Life Holding AG		674,756
	23,980	Swiss Prime Site AG		2,214,141
	592	Tecan Group AG		208,850
	437	TX Group AG		67,991
	6,209	u-blox Holding AG		574,380
	7,362	VZ Holding AG		849,027
	8,576	Ypsomed Holding AG		3,056,833
	20,405	Zehnder Group AG		1,189,678
	14	Zug Estates Holding AG - Class B		27,388
				147,715,928
TAIWAN — 0.9%
	6,994,000	Acer, Inc.		9,623,420
	2,096,000	ASE Technology Holding Co. Ltd.		9,429,060
	3,468,018	Cheng Shin Rubber Industry Co. Ltd.		5,006,884
	10,290,432	China Petrochemical Development Corp.(a)		3,548,920
	2,672,000	Ennostar, Inc.(a)		3,505,364
	708,000	Hiwin Technologies Corp.		5,006,602
	1,875,000	Hon Hai Precision Industry Co. Ltd.		8,925,657
	2,606,000	HTC Corp.(a)		3,391,260
	3,024,431	International CSRC Investment Holdings Co.		1,664,771
	1,991,000	Pegatron Corp.		5,938,008
	425,000	Phison Electronics Corp.		9,072,137

Shares			Value
TAIWAN (continued)
	7,659,000	Qisda Corp.	$	9,677,935
				74,790,018
THAILAND — 0.3%
	78,371	Fabrinet(a)		13,563,669
	3,799,258	PTT Global Chemical Public Co. Ltd. - FOR		3,747,290
	457,032	Siam Cement Public Co. Ltd. (The) - FOR		3,061,816
				20,372,775
TURKEY — 0.3%
	1,338,864	Anadolu Efes Biracilik Ve Malt Sanayii AS		7,542,967
	1,841,615	Tekfen Holding AS		2,946,439
	5,546,808	Turk Telekomunikasyon AS(a)		6,904,831
	3,437,944	Turkcell Iletisim Hizmetleri AS		8,558,935
				25,953,172
UNITED KINGDOM — 5.8%
	111,215	3i Group Plc		3,973,428
	36,706	4imprint Group Plc		2,836,939
	525,705	abrdn Plc		958,666
	13,299	accesso Technology Group Plc(a)		109,638
	1,485,464	Adaptimmune Therapeutics Plc - ADR(a)		1,767,702
	100,883	AG Barr Plc		718,195
	417,691	AJ Bell Plc		1,684,157
	70,390	Allfunds Group Plc		442,363
	3,789,400	Alphawave IP Group Plc(a)		6,023,829
	57,417	AO World Plc(a)		75,390
	235,500	Ashmore Group Plc		567,558
	63,329	Ashtead Technology Holdings Plc		644,840
	4,480,720	Assura Plc REIT		2,293,997
	82,610	B&M European Value Retail SA		533,130
	3,103,620	Balfour Beatty Plc		14,074,864
	90,610	Bank of Georgia Group Plc		6,067,162
	103,525	Barratt Developments Plc		584,929
	62,680	Berkeley Group Holdings Plc		3,680,923
	46,243	Big Yellow Group Plc REIT		622,076
	27,727	Bloomsbury Publishing Plc		184,356
	1,154,293	Breedon Group Plc		5,186,610
	908,205	Britvic Plc		10,015,447
	2,309	Brooks Macdonald Group Plc		55,257
	27,400	Burberry Group Plc		392,057
	178,984	Bytes Technology Group Plc		1,088,645
	6,892	Card Factory Plc(a)		9,364
	403,015	Centrica Plc		643,322
	509,716	Ceres Power Holdings Plc(a)		1,131,477
	10,247	Cerillion Plc		201,355
	1,947,742	Chemring Group Plc		9,102,813
	27,315	Chesnara Plc		85,651
	45,203	Clarkson Plc		2,190,898
	251,030	Close Brothers Group Plc		1,426,607

34

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	375,253	CLS Holdings Plc REIT	$	386,380
	3,285	Cohort Plc		30,686
	54,027	Computacenter Plc		1,732,133
	34,472	Concentric AB		593,712
	9,536,267	ConvaTec Group Plc(b)(c)		29,670,314
	1,629	Costain Group Plc		1,685
	93,066	Cranswick Plc		4,998,140
	799,490	Darktrace Plc(a)		5,968,074
	3,502,936	Direct Line Insurance Group Plc		8,132,785
	393,797	Domino’s Pizza Group Plc		1,596,406
	213,961	dotdigital group Plc		248,722
	195,950	Drax Group Plc		1,269,196
	278,985	Dunelm Group Plc		3,514,587
	759,730	easyJet Plc		5,088,710
	1,978	Eco Animal Health Group Plc(a)		2,729
	71,545	Ecora Resources Plc		73,422
	1,306	Epwin Group Plc		1,485
	293,386	FDM Group Holdings Plc		1,275,473
	2,456,218	Firstgroup Plc		4,975,823
	56,408	Foresight Group Holdings Ltd.		311,155
	31,061	Foxtons Group Plc		22,475
	27	Frasers Group Plc(a)		275
	17,922	Frontier Developments Plc(a)		50,701
	8,361	Fuller Smith & Turner Plc - Class A		63,163
	21,075	Galliford Try Holdings Plc		63,373
	81,327	Games Workshop Group Plc		10,051,548
	343,556	Gamma Communications Plc		5,598,947
	142,206	Genus Plc		3,198,072
	172,378	Greggs Plc		5,833,609
	283,184	Gulf Keystone Petroleum Ltd.(a)		416,067
	193,100	Harbour Energy Plc		690,039
	64,200	Hargreaves Lansdown Plc		648,763
	22,413	Hargreaves Services Plc		159,209
	90,739	Hill & Smith Plc		2,129,846
	20,995	Hilton Food Group Plc		239,071
	84,989	Hollywood Bowl Group Plc		362,425
	1,516,038	Howden Joinery Group Plc		16,501,649
	201,832	Hunting Plc		897,053
	260,855	IG Group Holdings Plc		2,434,105
	353,352	IMI Plc		7,696,966
	52,225	Indivior Plc(a)		937,510
	13,450	InterContinental Hotels Group Plc		1,311,832
	59,654	Intermediate Capital Group Plc		1,554,816
	1,523	International Personal Finance Plc		1,982
	2,083,940	ITM Power Plc(a)		1,332,354
	182,056	J D Wetherspoon Plc(a)		1,643,519
	4,746,583	JD Sports Fashion Plc		6,795,561
	1,645,034	JET2 Plc		29,417,547
	144,146	Johnson Matthey Plc		3,156,848
	873,936	Johnson Service Group Plc		1,409,055
	205,370	Jupiter Fund Management Plc		197,964
	1,098,866	Just Group Plc		1,413,107
	223,623	Kainos Group Plc		2,741,771

Shares			Value
UNITED KINGDOM (continued)
	145,791	Keller Group Plc	$	2,000,401
	918,182	Kier Group Plc		1,536,074
	76,178	Lancashire Holdings Ltd.		577,048
	112,722	Liontrust Asset Management Plc		948,379
	1,036,863	LondonMetric Property Plc REIT		2,530,893
	28,648	Macfarlane Group Plc		51,878
	2,636,263	Man Group Plc		8,454,242
	4,042,053	Marks & Spencer Group Plc		12,877,744
	77,341	ME Group International Plc		154,567
	72,175	Mears Group Plc		325,516
	2,944,174	Mitie Group Plc		4,273,302
	1,335,369	Moneysupermarket.com Group Plc		3,577,709
	122,431	Moonpig Group Plc(a)		238,242
	24,400	Morgan Sindall Group Plc		687,975
	698	Mortgage Advice Bureau Holdings Ltd.		7,536
	56,895	Next Plc		6,381,227
	307,405	Ninety One Plc		639,348
	306	Norcros Plc		702
	2,079,181	Ocado Group Plc(a)		9,103,119
	15,511	Odfjell Technology Ltd.		86,488
	228,697	OSB Group Plc		1,171,090
	25,923	Oxford Biomedica Plc(a)		89,579
	96,831	Oxford Metrics Plc		131,794
	7,886,936	Oxford Nanopore Technologies Plc - Class A(a)		9,688,224
	208,024	Pagegroup Plc		1,155,997
	1,465,664	Pan African Resources Plc		443,066
	590,284	Paragon Banking Group Plc		5,264,217
	5,827	Patisserie Holdings Plc(a)(d)		0
	30,705	PayPoint Plc		202,225
	120,160	Pearson Plc		1,458,002
	276,475	Pets at Home Group Plc		1,009,307
	138,251	Pharos Energy Plc		40,606
	13,650	Pinewood Technologies Group Plc		56,772
	187,353	Polar Capital Holdings Plc		1,269,102
	2,125,800	Primary Health Properties Plc REIT		2,433,178
	878,808	QinetiQ Group Plc		3,750,482
	37,624	Redde Northgate Plc		179,918
	42,225	Renew Holdings Plc		499,818
	133,821	Renishaw Plc		6,900,053
	1,582,109	Rightmove Plc		10,134,683
	600,915	Rolls-Royce Holdings Plc(a)		3,081,508
	3,793,039	Rotork Plc		15,247,779
	291,095	RS GROUP Plc		2,666,667
	434,000	RWS Holdings Plc		934,640
	44,730	S4 Capital Plc(a)		27,240
	227,150	Safestore Holdings Plc REIT		2,189,240
	35,836	Sanderson Design Group Plc		45,843
	53,700	Savills Plc		725,772
	1,046,206	Serco Group Plc		2,386,085
	765,599	Serica Energy Plc		1,772,802
	765,936	Smiths Group Plc		15,441,250

35

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	36,944	Smiths News Plc	$	24,469
	325,435	Softcat Plc		6,369,841
	120,704	Spectris Plc		4,992,698
	364,112	Speedy Hire Plc		125,562
	53,287	Spirax-Sarco Engineering Plc		5,863,568
	918,422	Spirent Communications Plc		2,220,083
	626,022	St. James’s Place Plc		3,387,591
	851,866	Standard Chartered Plc		7,318,842
	131,893	SThree Plc		696,986
	74,487	Stolt-Nielsen Ltd.		3,171,866
	685,322	Subsea 7 SA		11,025,292
	3,439	Tatton Asset Management Plc		24,318
	828,795	Taylor Wimpey Plc		1,358,083
	104,137	Telecom Plus Plc		2,258,375
	43,376	TORM Plc - Class A		1,498,380
	967,869	TP ICAP Group Plc		2,505,463
	2,166,231	Trainline Plc(a)(b)(c)		8,054,726
	25,564	TT Electronics plc		56,856
	60,862	Vertu Motors Plc		53,538
	137,553	Vesuvius Plc		821,296
	2,133	Victorian Plumbing Group Plc		2,045
	378,420	Vistry Group Plc		5,621,286
	224,801	WH Smith Plc		3,074,892
	146,443	Wickes Group Plc		264,609
	53,813	XPS Pensions Group Plc(c)		178,898
	10,629	YouGov Plc		115,507
				474,150,883
UNITED STATES — 41.7%
	177,965	Academy Sports & Outdoors, Inc.		10,375,359
	203,684	Aehr Test Systems(a)		2,440,134
	108,516	AeroVironment, Inc.(a)		17,339,772
	150,745	Agilysys, Inc.(a)		12,519,372
	40,232	Akero Therapeutics, Inc.(a)		800,214
	240,000	Albany International Corp. - Class A		19,140,000
	194,004	Alnylam Pharmaceuticals, Inc.(a)		27,926,876
	171,475	Alphatec Holdings, Inc.(a)		2,164,014
	80,566	Ambarella, Inc.(a)		3,703,619
	314,431	American Superconductor Corp.(a)		3,883,223
	203,000	AMERISAFE, Inc.		9,256,800
	74,920	AMN Healthcare Services, Inc.(a)		4,493,702
	283,135	Amphastar Pharmaceuticals, Inc.(a)		11,679,319
	296,606	Appian Corp. - Class A(a)		11,104,929
	95,225	Applied Industrial Technologies, Inc.		17,449,981
	950,000	Asana, Inc. - Class A(a)		14,126,500
	73,595	Atkore, Inc.		12,901,203
	635,000	AtriCure, Inc.(a)		15,316,200
	1,317,809	Avantor, Inc.(a)		31,930,512
	314,734	Avidity Biosciences, Inc.(a)		7,594,531
	88,262	Axon Enterprise, Inc.(a)		27,684,259
	215,000	Axonics, Inc.(a)		14,312,550
	216,255	AZEK Co., Inc. (The)(a)		9,869,878
	130,000	BancFirst Corp.		11,592,100

Shares			Value
UNITED STATES (continued)
	195,000	Barnes Group, Inc.	$	6,770,400
	131,400	Beacon Roofing Supply, Inc.(a)		12,946,842
	129,469	Beam Therapeutics, Inc.(a)		2,747,332
	19,655	BeiGene Ltd. - ADR(a)		3,025,691
	679,976	BJ’s Wholesale Club Holdings, Inc.(a)		50,780,608
	136,498	BlackLine, Inc.(a)		7,923,709
	212,350	Booz Allen Hamilton Holding Corp.		31,357,725
	665,000	Bowlero Corp. - Class A		7,813,750
	735,000	Box, Inc. - Class A(a)		19,124,700
	530,000	Braze, Inc. - Class A(a)		22,207,000
	155,915	Bright Horizons Family Solutions, Inc. (a)		16,169,945
	455,400	BrightView Holdings, Inc.(a)		5,123,250
	21,405	Brookfield Renewable Corp. - Class A		497,245
	1,010,000	BRP Group, Inc. - Class A(a)		26,906,400
	156,500	BWX Technologies, Inc.		14,988,005
	174,140	Cactus, Inc. - Class A		8,644,310
	164,933	Calix, Inc.(a)		4,573,592
	112,952	Cardlytics, Inc.(a)		1,383,662
	83,461	Carlisle Cos., Inc.		32,403,733
	126,445	Casella Waste Systems, Inc. - Class A(a)		11,430,628
	28,180	Cavco Industries, Inc.(a)		10,263,438
	205,988	CBIZ, Inc.(a)		14,662,226
	146,270	CDW Corp.		35,376,862
	46,819	Celcuity, Inc.(a)		738,336
	537,500	Central Garden & Pet Co. - Class A(a)		19,043,625
	530,512	ChampionX Corp.		17,809,288
	8,289	Chart Industries, Inc.(a)		1,194,113
	366,110	Chegg, Inc.(a)		1,892,789
	170,090	Civitas Resources, Inc.		12,239,676
	204,324	Clean Harbors, Inc.(a)		38,709,182
	745,382	Codexis, Inc.(a)		2,169,062
	34,769	Comfort Systems USA, Inc.		10,757,876
	192,365	Commercial Metals Co.		10,337,695
	195,000	CommVault Systems, Inc.(a)		19,981,650
	117,199	Confluent, Inc. - Class A(a)		3,295,636
	310,000	CONMED Corp.		21,073,800
	360,684	Cooper Cos., Inc. (The)		32,122,517
	730,190	Core & Main, Inc. - Class A(a)		41,233,829
	145,790	Crane Co.		20,412,058
	196,410	Crane NXT Co.		11,943,692
	275,000	Cullen/Frost Bankers, Inc.		28,693,500
	49,650	Curtiss-Wright Corp.		12,582,303
	384,725	CVB Financial Corp.		6,286,406
	105,864	Denali Therapeutics, Inc.(a)		1,634,540
	124,099	Digimarc Corp.(a)		2,623,453
	103,270	Diodes, Inc.(a)		7,539,743
	14,870	Disc Medicine, Inc.(a)		413,981
	161,409	Doximity, Inc. - Class A(a)		3,920,625
	486,370	Element Solutions, Inc.		11,249,738
	96,590	elf Beauty, Inc.(a)		15,698,773
	755,000	Enerpac Tool Group Corp.		26,900,650

36

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	125,427	Ensign Group, Inc. (The)	$	14,845,540
	148,625	Envestnet, Inc.(a)		9,225,154
	144,502	Equifax, Inc.		31,817,895
	73,340	Esab Corp.		7,765,239
	290,000	ESCO Technologies, Inc.		29,420,500
	184,880	Essent Group Ltd.		9,793,094
	885,000	European Wax Center, Inc. - Class A(a)		10,407,600
	119,362	EverQuote, Inc. - Class A(a)		2,407,532
	232,630	Exact Sciences Corp.(a)		13,806,590
	445,470	ExlService Holdings, Inc.(a)		12,918,630
	180,631	Expedia Group, Inc.(a)		24,318,352
	789,155	First Financial Bankshares, Inc.		23,327,422
	160,110	FirstCash Holdings, Inc.		18,089,228
	287,530	Fluor Corp.(a)		11,596,085
	186,290	FormFactor, Inc.(a)		8,306,671
	285,000	Freshpet, Inc.(a)		30,229,950
	1,300,000	Freshworks, Inc. - Class A(a)		23,205,000
	335,000	German American Bancorp, Inc.		10,629,550
	164,720	Glaukos Corp.(a)		15,813,120
	595,000	Globus Medical, Inc. - Class A(a)		29,625,050
	65,800	Guidewire Software, Inc.(a)		7,264,320
	119,060	Hamilton Lane, Inc. - Class A		13,301,383
	682,824	HashiCorp, Inc. - Class A(a)		22,164,467
	1,440,000	Hayward Holdings, Inc.(a)		19,555,200
	162,080	Independent Bank Group, Inc.		6,035,859
	139,796	Ingersoll Rand, Inc.		13,045,763
	196,805	Innospec, Inc.		23,616,600
	147,494	Inspire Medical Systems, Inc.(a)		35,643,400
	29,862	Insulet Corp.(a)		5,134,472
	420,000	Integra LifeSciences Holdings Corp.(a)		12,251,400
	57,505	Inter Parfums, Inc.		6,692,432
	131,100	International Seaways, Inc.		7,248,519
	36,510	Ionis Pharmaceuticals, Inc.(a)		1,506,403
	47,354	IPG Photonics Corp.(a)		3,976,789
	135,000	iRhythm Technologies, Inc.(a)		14,793,300
	90,000	J & J Snack Foods Corp.		12,356,100
	365,000	John Bean Technologies Corp.		32,517,850
	206,155	Keysight Technologies, Inc.(a)		30,498,571
	28,439	Kinsale Capital Group, Inc.		10,330,467
	150,545	Kirby Corp.(a)		16,428,976
	145,000	Lancaster Colony Corp.		27,667,450
	65,834	Legend Biotech Corp. - ADR(a)		2,879,579
	1,070,000	Leslie’s, Inc.(a)		4,205,100
	336,900	Liberty Energy, Inc.		7,411,800
	234,885	Light & Wonder, Inc.(a)		20,965,835
	58,885	Lincoln Electric Holdings, Inc.		12,927,024
	254,687	Live Nation Entertainment, Inc.(a)		22,644,221
	238,131	LiveRamp Holdings, Inc.(a)		7,646,386
	54,469	Madrigal Pharmaceuticals, Inc.(a)		11,112,765
	449,520	Magnolia Oil & Gas Corp. - Class A		11,269,466
	117,694	Manhattan Associates, Inc.(a)		24,252,026
	51,520	MarketAxess Holdings, Inc.		10,308,637

Shares			Value
UNITED STATES (continued)
	201,675	Matador Resources Co.	$	12,564,352
	78,328	Medpace Holdings, Inc.(a)		30,418,679
	325,000	MGP Ingredients, Inc.		25,493,000
	53,700	MKS Instruments, Inc.		6,389,226
	320,000	Montrose Environmental Group, Inc.(a)		13,894,400
	230,202	MSA Safety, Inc.		41,528,441
	255,135	Mueller Industries, Inc.		14,241,636
	33,771	Murphy USA, Inc.		13,975,115
	346,931	Myriad Genetics, Inc.(a)		6,789,440
	531,954	Nasdaq, Inc.		31,837,447
	1,310,000	Neogen Corp.(a)		16,152,300
	67,265	Nexstar Media Group, Inc.		10,766,436
	203,888	Novanta, Inc.(a)		31,908,472
	340,000	Nutanix, Inc. - Class A(a)		20,638,000
	510,265	Old National Bancorp		8,439,783
	125,000	Ollie’s Bargain Outlet Holdings, Inc.(a)		9,142,500
	415,000	Omnicell, Inc.(a)		11,126,150
	85,045	Onto Innovation, Inc.(a)		15,774,997
	174,821	Pacira BioSciences, Inc.(a)		4,589,051
	320,000	Palomar Holdings, Inc.(a)		25,174,400
	135,373	Penumbra, Inc.(a)		26,596,733
	370,000	Phreesia, Inc.(a)		7,673,800
	94,765	Pinnacle Financial Partners, Inc.		7,268,475
	120,000	PJT Partners, Inc. - Class A		11,338,800
	474,640	Planet Fitness, Inc. - Class A(a)		28,402,458
	53,001	Pool Corp.		19,214,453
	374,480	PROCEPT BioRobotics Corp.(a)		19,839,950
	354,801	Progyny, Inc.(a)		11,374,920
	893,465	Pure Storage, Inc. - Class A(a)		45,030,636
	1,996,131	PureTech Health Plc(a)		5,377,806
	300,645	Q2 Holdings, Inc.(a)		15,450,147
	345,650	QuantumScape Corp.(a)		1,873,423
	178,190	RadNet, Inc.(a)		8,642,215
	119,074	RBC Bearings, Inc.(a)		29,119,547
	45,647	Repligen Corp.(a)		7,495,237
	341,600	REV Group, Inc.		7,467,376
	36,212	Rhythm Pharmaceuticals, Inc.(a)		1,439,789
	309,593	RxSight, Inc.(a)		16,139,083
	452,600	Ryan Specialty Holdings, Inc.		22,331,284
	86,745	Ryman Hospitality Properties, Inc. REIT		9,149,863
	104,401	Saia, Inc.(a)		41,429,449
	925,000	Sally Beauty Holdings, Inc.(a)		10,036,250
	67,659	SBA Communications Corp. REIT		12,592,693
	491,626	Schrodinger, Inc.(a)		11,985,842
	235,240	Selective Insurance Group, Inc.		23,912,146
	320,000	Sensient Technologies Corp.		23,430,400
	340,000	ServisFirst Bancshares, Inc.		20,046,400
	145,000	Shake Shack, Inc. - Class A(a)		15,348,250
	155,105	Shift4 Payments, Inc. - Class A(a)		8,974,375
	23,207	Shockwave Medical, Inc.(a)		7,662,719

37

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	580,000	SI-BONE, Inc.(a)	$	8,270,800
	935,000	Simply Good Foods Co. (The)(a)		34,080,750
	70,275	Simpson Manufacturing Co., Inc.		12,220,120
	133,620	Skyline Champion Corp.(a)		10,020,164
	325,000	Skyward Specialty Insurance Group, Inc.(a)		11,349,000
	645,000	Smartsheet, Inc. - Class A(a)		24,400,350
	113,390	SouthState Corp.		8,583,623
	191,677	Sprout Social, Inc. - Class A(a)		9,670,105
	58,315	SPS Commerce, Inc.(a)		10,139,229
	349,154	STAAR Surgical Co.(a)		16,047,118
	349,085	STAG Industrial, Inc. REIT		12,005,033
	155,000	Standex International Corp.		26,796,400
	170,421	STERIS Plc		34,861,320
	275,000	Stock Yards Bancorp, Inc.		12,251,250
	138,094	Stratasys Ltd.(a)		1,342,274
	176,567	Summit Materials, Inc. - Class A(a)		6,868,456
	173,735	Synovus Financial Corp.		6,217,976
	355,000	Tandem Diabetes Care, Inc.(a)		13,024,950
	85,038	Tarsus Pharmaceuticals, Inc.(a)		2,672,744
	66,080	Teleflex, Inc.		13,794,200
	405,000	Tenable Holdings, Inc.(a)		18,212,850
	205,170	Terreno Realty Corp. REIT		11,150,989
	121,490	Texas Capital Bancshares, Inc.(a)		6,973,526
	83,607	Texas Roadhouse, Inc.		13,442,333
	325,395	Tradeweb Markets, Inc. - Class A		33,095,925
	80,975	Transcat, Inc.(a)		8,694,286
	34,608	TransMedics Group, Inc.(a)		3,257,651
	458,935	TriMas Corp.		11,927,721
	139,828	Trupanion, Inc.(a)		3,146,130
	216,180	Twist Bioscience Corp.(a)		6,751,301
	78,221	UFP Technologies, Inc.(a)		16,108,833
	484,271	UiPath, Inc. - Class A(a)		9,186,621
	75,983	Ulta Beauty, Inc.(a)		30,760,958
	210,665	United Parks & Resorts, Inc.(a)		10,705,995
	721,341	Upwork, Inc.(a)		8,439,690
	799,787	US Foods Holding Corp.(a)		40,189,297
	1,224,505	Utz Brands, Inc.		22,077,825
	220,598	Veeco Instruments, Inc.(a)		7,795,933
	635,000	Veracyte, Inc.(a)		12,426,950
	258,450	Vertex, Inc. - Class A(a)		7,528,648
	2,193,315	ViewRay, Inc.(a)(e)		2
	300,000	Vita Coco Co., Inc. (The)(a)		7,272,000
	275,380	Vontier Corp.		11,188,689
	129,750	WEX, Inc.(a)		27,410,985
	783,878	WillScot Mobile Mini Holdings Corp.(a)		28,972,131
	29,132	Wingstop, Inc.		11,209,702
	40,885	Winmark Corp.		14,690,798
	415,773	Wolfspeed, Inc.(a)		11,238,344
	449,045	Workiva, Inc.(a)		35,384,746
	310,000	WSFS Financial Corp.		13,246,300
	33,833	Zillow Group, Inc. - Class A(a)		1,420,986

Shares			Value
UNITED STATES (continued)
	296,955	Zillow Group, Inc. - Class C(a)	$	12,641,374
	707,241	Zuora, Inc. - Class A(a)		6,973,396
				3,390,052,519
URUGUAY — 0.2%
	303,981	Dlocal Ltd.(a)		4,319,570
	5,235	MercadoLibre, Inc.(a)		7,636,295
				11,955,865
Total Common Stocks (Cost $6,424,771,750)				7,231,816,167
RIGHTS/WARRANTS — 0.0%
AUSTRALIA — 0.0%
	885	Clarity Pharmaceuticals Ltd., Rights, Expire 04/19/24(a)		143
UNITED STATES — 0.0%
	146,063	Aduro Biotech CVR, Rights, Expire 12/31/49(a)(d)(e)		0
Total Rights/Warrants (Cost $0)				143
EXCHANGE-TRADED FUNDS(f) — 8.6%
	2,444,400	FlexShares Morningstar Global Upstream Natural Resources Index Fund		101,173,716
	518,000	iShares S&P Small-Cap 600 Value ETF		49,769,440
	653,805	SPDR S&P Biotech ETF		55,324,979
	1,535,025	SPDR S&P Metals & Mining ETF		90,980,932
	650,385	SPDR S&P Regional Banking ETF		30,581,103
	928,400	Utilities Select Sector SPDR Fund		61,961,416
	2,846,650	VanEck Junior Gold Miners ETF		115,175,459
	621,350	VanEck Oil Services ETF		194,476,336
Total Exchange-Traded Funds (Cost $632,355,125)				699,443,381
INVESTMENT COMPANY — 0.4%
	35,374,805	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(g)		35,374,805
Total Investment Company (Cost $35,374,805)				35,374,805

38

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
CASH SWEEP — 2.2%
$	182,622,741	Citibank - U.S. Dollars on Deposit in Custody Account, 2.10%(g)	$	182,622,741
Total Cash Sweep (Cost $182,622,741)				182,622,741
TOTAL INVESTMENTS — 100.1% (Cost $7,275,124,421)			$	8,149,257,237
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(9,933,295	)
NET ASSETS — 100.0%			$	8,139,323,942

(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 except as indicated in (e).
(c)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $4,237 which is 0.00% of net assets and the cost is $55,696,320.
(e)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(f)	A copy of the underlying funds’ financial statements is available upon request.
(g)	The rate shown represents the current yield as of April 30, 2024.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CVR — Contingent Value Right

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Australia		2.2	%
Austria		0.2
Belgium		0.2
Brazil		0.6
Canada		3.0
Chile		0.1
China		3.8
Denmark		1.4

Country:	Percentage of Net Assets
Finland		0.6	%
France		1.3
Germany		1.1
Greece		0.3
Hong Kong		0.6
Iceland		0.1
India		0.7
Indonesia		0.1
Ireland		0.2
Israel		2.4
Italy		1.9
Japan		9.7
Jersey Channel Islands		0.1
Malaysia		0.1
Mexico		0.1
Netherlands		0.9
New Zealand		0.1
Norway		0.6
Peru		0.2
Poland		0.3
Portugal		0.2
Russia		0.0	*
Singapore		0.5
South Africa		0.6
South Korea		1.4
Spain		0.7
Sweden		1.6
Switzerland		1.8
Taiwan		0.9
Thailand		0.3
Turkey		0.3
United Kingdom		5.8
United States		41.7
Uruguay		0.2
Other**		11.1
		100.0	%

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

39

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments	April 30, 2024 (Unaudited)

Shares			Value
PREFERRED STOCKS — 0.2%
UNITED STATES — 0.2%
	27,600	MetLife, Inc., Series F, 4.75%	$	563,592
	38,900	Morgan Stanley, Series K, 5.85%		932,044
	31,500	Public Storage, Series O, 3.90%		535,815
	28,500	US Bancorp, Series L, 3.75%		462,270
	122,100	Wells Fargo & Co., Series Z, 4.75%		2,487,177
Total Preferred Stocks (Cost $6,547,571)				4,980,898
EXCHANGE-TRADED  FUNDS(a) — 17.3%
UNITED STATES — 17.3%
	5,091,215	Invesco Preferred ETF		57,632,554
	2,033,197	iShares JP Morgan USD Emerging Markets Bond ETF		177,193,118
	993,690	iShares MBS ETF		88,975,003
	1,249,478	SPDR Bloomberg Convertible Securities ETF		87,788,324
Total Exchange-Traded Funds (Cost $455,670,394)				411,588,999
Principal Amount
CORPORATE BONDS — 7.0%
AUSTRALIA — 0.0%
$	500,000	FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27(b)		471,515
	425,000	Mineral Resources Ltd., 9.25%, 10/01/28(b)		445,731
				917,246
AUSTRIA — 0.0%
	625,000	Benteler International AG, 10.50%, 05/15/28(b)		665,759
BERMUDA — 0.1%
	1,500,000	Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b)		1,626,411
CANADA — 0.5%
	425,000	Baytex Energy Corp., 8.50%, 04/30/30(b)		443,608
	625,000	Baytex Energy Corp., 7.38%, 03/15/32(b)		631,210
	450,000	Bombardier, Inc., 7.50%, 02/01/29(b)		460,257
	475,000	Bombardier, Inc., 7.25%, 07/01/31(b)		476,310
	1,250,000	Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 6.25%, 09/15/27(b)		1,201,942

Principal Amount			Value
CANADA (continued)
$	1,000,000	Dye & Durham Ltd., 8.63%, 04/15/29(b)	$	1,009,759
	900,000	ERO Copper Corp., 6.50%, 02/15/30(b)		852,224
	550,000	Garda World Security Corp., 7.75%, 02/15/28(b)		556,921
	575,000	GFL Environmental, Inc., 3.75%, 08/01/25(b)		559,581
	750,000	Hudbay Minerals, Inc., 6.13%, 04/01/29(b)		734,072
	400,000	Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29(b)		411,785
	475,000	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(b)		459,077
	550,000	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 7.00%, 12/31/27(b)		532,086
	235,000	NOVA Chemicals Corp., 4.88%, 06/01/24(b)		234,043
	500,000	NOVA Chemicals Corp., 5.00%, 05/01/25(b)		490,833
	525,000	NOVA Chemicals Corp., 5.25%, 06/01/27(b)		493,926
	400,000	NOVA Chemicals Corp., 9.00%, 02/15/30(b)		411,803
	600,000	Ontario Gaming GTA LP/OTG Co-Issuer, Inc., 8.00%, 08/01/30(b)		614,082
				10,573,519
CAYMAN ISLANDS — 0.0%
	631,125	Seagate HDD Cayman, 9.63%, 12/01/32		707,634
FRANCE — 0.0%
	650,000	Constellium SE, 5.63%, 06/15/28(b)		628,350
IRELAND — 0.1%
	500,000	Castlelake Aviation Finance DAC, 5.00%, 04/15/27(b)		481,216
	1,200,000	Cimpress Plc, 7.00%, 06/15/26		1,190,712
				1,671,928

40

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
ITALY — 0.1%
$	1,350,000	Intesa Sanpaolo SpA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.750%), 4.95%, 06/01/42(b)(c)	$	968,503
	1,525,000	UniCredit SpA, (USD Swap Rate 11:00 am NY 5 + 3.703%), 5.86%, 06/19/32(b)(c)		1,474,037
				2,442,540
LUXEMBOURG — 0.1%
	300,000	Altice Financing SA, 5.00%, 01/15/28(b)		236,655
	925,000	Connect Finco SARL/Connect US Finco LLC, 6.75%, 10/01/26(b)		895,931
	725,000	Intelsat Jackson Holdings SA, 6.50%, 03/15/30(b)		691,597
	425,000	Telecom Italia Capital SA, 6.38%, 11/15/33		375,371
				2,199,554
MALTA — 0.0%
	475,000	VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 06/01/28(b)		425,114
NETHERLANDS — 0.1%
	475,000	Alcoa Nederland Holding BV, 7.13%, 03/15/31(b)		480,653
	250,000	Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b)		255,191
	460,000	Sigma Holdco BV, 7.88%, 05/15/26(b)		436,080
	500,000	Sunrise HoldCo IV BV, 5.50%, 01/15/28(b)		472,403
				1,644,327
UNITED KINGDOM — 0.1%
	1,050,000	Jaguar Land Rover Automotive Plc, 5.50%, 07/15/29(b)		987,109
	600,000	Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/28(b)		630,143
	500,000	Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29(b)		523,073
	125,000	Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31(b)		125,108
				2,265,433

Principal Amount			Value
UNITED STATES — 5.9%
$	900,000	Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b)	$	814,781
	650,000	AdaptHealth LLC, 6.13%, 08/01/28(b)		608,987
	450,000	Adient Global Holdings Ltd., 8.25%, 04/15/31(b)		467,307
	750,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28(b)		735,039
	550,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/31(b)		552,628
	300,000	Allied Universal Holdco LLC, 7.88%, 02/15/31(b)		300,470
	750,000	Allison Transmission, Inc., 5.88%, 06/01/29(b)		730,903
	381,965	Ambac Assurance Corp., 5.10%(b)(d)		550,029
	1,025,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(b)		993,005
	550,000	American Axle & Manufacturing, Inc., 6.50%, 04/01/27		544,585
	950,000	American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29(b)		832,527
	1,225,000	AMN Healthcare, Inc., 4.63%, 10/01/27(b)		1,150,735
	520,000	Antero Resources Corp., 8.38%, 07/15/26(b)		534,238
	975,000	Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(b)		955,248
	875,000	Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 8.25%, 12/31/28(b)		892,808
	630,000	Bank of New York Mellon Corp. (The), Series F, (3 mo. Term SOFR + 3.393%), 4.63%(c)(d)		595,211
	1,000,000	Bath & Body Works, Inc., 6.63%, 10/01/30(b)		999,212
	425,000	BCPE Empire Holdings, Inc., 7.63%, 05/01/27(b)		413,849
	625,000	Berry Global, Inc., 5.63%, 07/15/27(b)		609,446
	1,000,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26(b)		996,590

41

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	275,000	Boost Newco Borrower LLC, 7.50%, 01/15/31(b)	$	283,843
	240,000	Bread Financial Holdings, Inc., 7.00%, 01/15/26(b)		240,770
	850,000	Bread Financial Holdings, Inc., 9.75%, 03/15/29(b)		884,224
	500,000	Brinker International, Inc., 8.25%, 07/15/30(b)		521,566
	625,000	Buckeye Partners LP, 4.50%, 03/01/28(b)		582,241
	1,200,000	Builders FirstSource, Inc., 4.25%, 02/01/32(b)		1,045,324
	475,000	Burford Capital Global Finance LLC, 9.25%, 07/01/31(b)		495,320
	951,000	Caesars Entertainment, Inc., 8.13%, 07/01/27(b)		963,642
	450,000	Caesars Entertainment, Inc., 7.00%, 02/15/30(b)		452,714
	500,000	Calpine Corp., 5.25%, 06/01/26(b)		492,835
	1,175,000	Calpine Corp., 5.00%, 02/01/31(b)		1,064,690
	575,000	Calpine Corp., 3.75%, 03/01/31(b)		497,233
	1,200,000	Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b)		1,180,952
	775,000	Carnival Corp., 5.75%, 03/01/27(b)		759,083
	550,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/29(b)		486,073
	1,250,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 08/15/30(b)		1,015,672
	500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/31(b)		392,867
	800,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 06/01/33(b)		601,584
	575,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.50%, 05/01/25(b)		575,000
	225,000	Champions Financing, Inc., 8.75%, 02/15/29(b)		229,842

Principal Amount			Value
UNITED STATES (continued)
$	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)	$	1,359,298
	400,000	Chart Industries, Inc., 7.50%, 01/01/30(b)		409,506
	825,000	Chesapeake Energy Corp., 5.88%, 02/01/29(b)		808,365
	321,000	CHS/Community Health Systems, Inc., 8.00%, 03/15/26(b)		319,550
	750,000	CHS/Community Health Systems, Inc., 6.00%, 01/15/29(b)		654,321
	1,250,000	Churchill Downs, Inc., 4.75%, 01/15/28(b)		1,181,393
	800,000	Churchill Downs, Inc., 5.75%, 04/01/30(b)		761,230
	600,000	CITGO Petroleum Corp., 7.00%, 06/15/25(b)		599,070
	875,000	Civitas Resources, Inc., 8.63%, 11/01/30(b)		931,554
	1,200,000	Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27(b)		1,112,241
	425,000	Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/30(b)		416,779
	875,000	Cloud Software Group, Inc., 6.50%, 03/31/29(b)		829,261
	450,000	Cloud Software Group, Inc., 9.00%, 09/30/29(b)		433,447
	450,000	Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/30(b)		435,075
	1,325,000	Cogent Communications Group, Inc., 7.00%, 06/15/27(b)		1,308,038
	350,000	Cornerstone Building Brands, Inc., 6.13%, 01/15/29(b)		295,352
	425,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/30(b)		425,349
	450,000	CP Atlas Buyer, Inc., 7.00%, 12/01/28(b)		405,422
	1,150,000	Crescent Energy Finance LLC, 9.25%, 02/15/28(b)		1,214,503
	550,000	Crescent Energy Finance LLC, 7.63%, 04/01/32(b)		552,342

42

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	600,000	CSC Holdings LLC, 6.50%, 02/01/29(b)	$	447,494
	925,000	Darling Ingredients, Inc., 6.00%, 06/15/30(b)		898,730
	650,000	Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b)		605,919
	625,000	DISH Network Corp., 11.75%, 11/15/27(b)		631,293
	882,000	Edgewell Personal Care Co., 4.13%, 04/01/29(b)		797,972
	450,000	EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, 12/15/30(b)		446,346
	275,000	Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)		279,408
	550,000	EQM Midstream Partners LP, 6.50%, 07/01/27(b)		550,728
	925,000	EQM Midstream Partners LP, 6.50%, 07/15/48		912,901
	450,000	EquipmentShare.com, Inc., 9.00%, 05/15/28(b)		463,131
	125,000	Esab Corp., 6.25%, 04/15/29(b)		124,630
	204,000	Evergreen Acqco 1 LP/TVI, Inc., 9.75%, 04/26/28(b)		217,160
	775,000	Fortrea Holdings, Inc., 7.50%, 07/01/30(b)		782,805
	300,000	Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/31(b)		301,674
	800,000	Frontier Communications Holdings LLC, 8.75%, 05/15/30(b)		814,646
	750,000	Frontier Communications Holdings LLC, 8.63%, 03/15/31(b)		757,122
	500,000	GCI LLC, 4.75%, 10/15/28(b)		445,907
	722,000	Global Infrastructure Solutions, Inc., 5.63%, 06/01/29(b)		648,656
	475,000	GrafTech Global Enterprises, Inc., 9.88%, 12/15/28(b)		357,238
	750,000	Gray Television, Inc., 5.38%, 11/15/31(b)		450,478
	675,000	Gulfport Energy Corp., 8.00%, 05/17/26(b)		683,872
	1,050,000	H&E Equipment Services, Inc., 3.88%, 12/15/28(b)		928,194

Principal Amount			Value
UNITED STATES (continued)
$	1,050,000	Hanesbrands, Inc., 4.88%, 05/15/26(b)	$	1,012,869
	1,575,000	Harvest Midstream I LP, 7.50%, 09/01/28(b)		1,579,265
	775,000	HAT Holdings I LLC/HAT Holdings II LLC REIT, 3.38%, 06/15/26(b)		722,133
	400,000	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)		375,155
	1,050,000	Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 02/01/31(b)		1,002,242
	1,125,000	Hilton Grand Vacations Borrower Escrow LLC, 4.88%, 07/01/31(b)		980,178
	375,000	Hilton Grand Vacations Borrower Escrow LLC, 6.63%, 01/15/32(b)		370,259
	450,000	Howard Hughes Corp. (The), 4.38%, 02/01/31(b)		381,670
	500,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25		491,155
	775,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 01/15/29(b)		803,924
	575,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29		483,552
	450,000	IRB Holding Corp., 7.00%, 06/15/25(b)		449,400
	850,000	Iron Mountain, Inc. REIT, 5.25%, 07/15/30(b)		788,990
	450,000	JELD-WEN, Inc., 4.88%, 12/15/27(b)		427,095
	4,810,000	JP Morgan Chase & Co., Series HH, (3 mo. Term SOFR + 3.125%), 4.60%(c)(d)		4,713,929
	1,250,000	Kaiser Aluminum Corp., 4.50%, 06/01/31(b)		1,094,478
	675,000	Kennedy-Wilson, Inc., 4.75%, 02/01/30		534,658
	575,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.25%, 02/01/27(b)		532,308

43

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	675,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.75%, 06/15/29(b)	$	603,050
	925,000	LCM Investments Holdings II LLC, 4.88%, 05/01/29(b)		844,937
	300,000	LCM Investments Holdings II LLC, 8.25%, 08/01/31(b)		311,674
	750,000	Level 3 Financing, Inc., 4.25%, 04/01/30(b)		434,526
	575,000	Light & Wonder International, Inc., 7.00%, 05/15/28(b)		577,600
	600,000	Live Nation Entertainment, Inc., 5.63%, 03/15/26(b)		590,149
	475,000	LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b)		441,225
	500,000	Masonite International Corp., 3.50%, 02/15/30(b)		438,144
	800,000	Match Group Holdings II LLC, 5.00%, 12/15/27(b)		757,486
	500,000	Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27(b)		489,956
	500,000	Mauser Packaging Solutions Holding Co., 7.88%, 04/15/27(b)		509,375
	300,000	Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/28(b)		317,851
	1,300,000	Medline Borrower LP, 3.88%, 04/01/29(b)		1,166,720
	225,000	Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b)		223,942
	300,000	MGM Resorts International, 6.50%, 04/15/32		291,028
	825,000	Midcap Financial Issuer Trust, 6.50%, 05/01/28(b)		745,091
	425,000	Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b)		405,722
	900,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30(b)		814,706
	600,000	Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31(b)		544,989
	1,400,000	Navient Corp., 6.75%, 06/25/25		1,397,762
	875,000	NCL Corp. Ltd., 8.38%, 02/01/28(b)		912,647

Principal Amount			Value
UNITED STATES (continued)
$	1,450,000	NCR Voyix Corp., 5.13%, 04/15/29(b)	$	1,332,424
	350,000	Neptune Bidco US, Inc., 9.29%, 04/15/29(b)		330,772
	1,425,000	New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28(b)		1,338,603
	500,000	Newell Brands, Inc., 6.38%, 09/15/27		488,702
	550,000	Nexstar Media, Inc., 4.75%, 11/01/28(b)		488,182
	975,000	Northern Oil & Gas, Inc., 8.13%, 03/01/28(b)		989,441
	575,000	Novelis Corp., 3.25%, 11/15/26(b)		537,580
	1,350,000	Novelis Corp., 3.88%, 08/15/31(b)		1,143,215
	900,000	Olympus Water US Holding Corp., 9.75%, 11/15/28(b)		954,896
	600,000	OneMain Finance Corp., 5.38%, 11/15/29		555,123
	1,000,000	Open Text Holdings, Inc., 4.13%, 02/15/30(b)		878,243
	1,325,000	Open Text Holdings, Inc., 4.13%, 12/01/31(b)		1,135,775
	1,075,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(b)		929,482
	1,425,000	Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/28(b)		1,309,400
	1,250,000	Penn Entertainment, Inc., 5.63%, 01/15/27(b)		1,187,944
	1,221,000	Performance Food Group, Inc., 5.50%, 10/15/27(b)		1,182,637
	500,000	PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/28(b)		461,880
	400,000	Phinia, Inc., 6.75%, 04/15/29(b)		401,385
	875,000	Post Holdings, Inc., 4.63%, 04/15/30(b)		789,499
	1,225,000	Prestige Brands, Inc., 3.75%, 04/01/31(b)		1,042,373
	575,000	Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)		573,338
	425,000	Rain Carbon, Inc., 12.25%, 09/01/29(b)		443,314

44

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	554,000	Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b)	$	594,271
	525,000	Range Resources Corp., 8.25%, 01/15/29		547,074
	850,000	RHP Hotel Properties LP/RHP Finance Corp. REIT, 6.50%, 04/01/32(b)		833,353
	950,000	Rocket Software, Inc., 9.00%, 11/28/28(b)		953,771
	500,000	Rockies Express Pipeline LLC, 3.60%, 05/15/25(b)		485,164
	950,000	Royal Caribbean Cruises Ltd., 9.25%, 01/15/29(b)		1,014,334
	500,000	Royal Caribbean Cruises Ltd., 8.25%, 01/15/29(b)		527,133
	825,000	Royal Caribbean Cruises Ltd., 6.25%, 03/15/32(b)		814,202
	875,000	SCIH Salt Holdings, Inc., 4.88%, 05/01/28(b)		812,498
	675,000	SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(b)		647,918
	275,000	Sealed Air Corp., 7.25%, 02/15/31(b)		279,872
	825,000	Select Medical Corp., 6.25%, 08/15/26(b)		825,148
	1,000,000	Service Properties Trust REIT, 7.50%, 09/15/25		1,008,051
	425,000	Service Properties Trust REIT, 5.25%, 02/15/26		409,431
	125,000	Service Properties Trust REIT, 5.50%, 12/15/27		117,997
	650,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b)		562,604
	1,025,000	Sirius XM Radio, Inc., 3.13%, 09/01/26(b)		955,050
	1,155,000	Six Flags Entertainment Corp., 4.88%, 07/31/24(b)		1,143,450
	625,000	Six Flags Entertainment Corp., 7.25%, 05/15/31(b)		623,720
	900,000	Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31(b)		951,231
	650,000	Southwestern Energy Co., 4.75%, 02/01/32		585,600
	425,000	Spirit AeroSystems, Inc., 9.38%, 11/30/29(b)		459,916
	800,000	Starwood Property Trust, Inc. REIT, 3.63%, 07/15/26(b)		740,380

Principal Amount			Value
UNITED STATES (continued)
$	250,000	Starwood Property Trust, Inc. REIT, 7.25%, 04/01/29(b)	$	246,903
	1,100,000	Station Casinos LLC, 4.63%, 12/01/31(b)		965,417
	1,150,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(b)		1,081,928
	1,000,000	TEGNA, Inc., 5.00%, 09/15/29		881,174
	925,000	Tenet Healthcare Corp., 5.13%, 11/01/27		896,210
	500,000	Tenet Healthcare Corp., 6.13%, 10/01/28		494,398
	700,000	TransDigm, Inc., 7.13%, 12/01/31(b)		711,632
	850,000	TransDigm, Inc., 6.63%, 03/01/32(b)		848,182
	925,000	TriNet Group, Inc., 7.13%, 08/15/31(b)		929,762
	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)		1,595,286
	925,000	United Wholesale Mortgage LLC, 5.50%, 04/15/29(b)		859,322
	775,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT, 10.50%, 02/15/28(b)		802,655
	600,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT, 6.50%, 02/15/29(b)		481,038
	750,000	Univision Communications, Inc., 8.00%, 08/15/28(b)		749,140
	825,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27		824,264
	950,000	Venture Global LNG, Inc., 8.13%, 06/01/28(b)		971,359
	675,000	Venture Global LNG, Inc., 9.50%, 02/01/29(b)		725,709
	725,000	Venture Global LNG, Inc., 8.38%, 06/01/31(b)		744,098
	500,000	Vibrantz Technologies, Inc., 9.00%, 02/15/30(b)		464,426
	500,000	Viking Cruises Ltd., 5.88%, 09/15/27(b)		484,778
	575,000	Vistra Operations Co. LLC, 4.38%, 05/01/29(b)		523,339

45

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	575,000	Vistra Operations Co. LLC, 6.88%, 04/15/32(b)	$	573,535
	950,000	Vital Energy, Inc., 9.75%, 10/15/30		1,035,110
	800,000	Vital Energy, Inc., 7.88%, 04/15/32(b)		811,673
	425,000	VOC Escrow Ltd., 5.00%, 02/15/28(b)		405,299
	525,000	WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(b)		509,177
	750,000	WESCO Distribution, Inc., 7.25%, 06/15/28(b)		761,808
	875,000	WR Grace Holdings LLC, 4.88%, 06/15/27(b)		830,406
	1,075,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)		997,165
	250,000	Zayo Group Holdings, Inc., 4.00%, 03/01/27(b)		199,218
	300,000	ZF North America Capital, Inc., 7.13%, 04/14/30(b)		306,180
	925,000	ZipRecruiter, Inc., 5.00%, 01/15/30(b)		812,821
				141,513,101
Total Corporate Bonds (Cost $170,128,767)				167,280,916
ASSET-BACKED  SECURITIES — 17.1%
CAYMAN ISLANDS — 1.0%
Collateralized Loan Obligations — 1.0%
	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. Term SOFR + 5.962%), 11.29%, 04/20/31(b)(c)		989,282
	5,000,000	Atrium VIII, Series 8A, Class SUB, 10.41%, 10/23/24(b)(c)(e)		3,500
	12,131,250	Atrium XIII, Series 13A, Class SUB, 2.22%, 11/21/47(b)(c)(e)		5,041,375
	17,550,000	CBAM Ltd., Series 2019-10A, Class SUB, 7.90%, 04/20/32(b)(c)(e)		7,581,365
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 7.76%, 01/20/31(b)(c)(e)		2,628,971
	5,000,000	Romark CLO II Ltd., Series 2018-2A, Class SUB, 8.11%, 07/25/31(b)(c)(e)		1,291,456

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 9.04%, 10/23/30(b)(c)(e)	$	1,208,506
	7,500,000	Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. Term SOFR + 8.362%), 13.69%, 04/20/31(b)(c)(e)		6,034,225
				24,778,680
UNITED STATES — 16.1%
Other Asset-Backed Securities — 16.1%
	3,099,986	510 Loan Acquisition Trust, Series 2020-1, Class A, STEP, 8.11%, 09/25/60(b)		3,037,322
	182,120	Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1, (1 mo. Term SOFR + 1.164%), 6.48%, 01/25/34(c)		177,587
	7,935,609	Ajax Mortgage Loan Trust, Series 2023-B, Class A, STEP, 4.25%, 10/25/62(b)		7,562,321
	873,700	Ajax Mortgage Loan Trust, Series 2023-B, Class B, STEP, 4.25%, 10/25/62(b)		744,554
	2,012,797	Ajax Mortgage Loan Trust, Series 2023-B, Class C, 3.34%, 10/25/62(b)(f)		747,231
	345,224	Ajax Mortgage Loan Trust, Series 2023-B, Class SA, 1.16%, 10/25/62(b)(f)		250,950
	5,000,000	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7, (1 mo. Term SOFR + 2.094%), 7.41%, 05/25/35(c)		3,960,147
	1,750,000	AMSR Trust, Series 2020-SFR1, Class G, 4.31%, 04/17/37(b)		1,691,234
	6,000,000	AMSR Trust, Series 2020-SFR5, Class F, 2.69%, 11/17/37(b)		5,630,416
	1,800,000	AMSR Trust, Series 2023-SFR2, Class F1, 3.95%, 06/17/40(b)		1,484,495
	2,230,000	AMSR Trust, Series 2023-SFR2, Class F2, 3.95%, 06/17/40(b)		1,774,888

46

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	6,893,865	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. Term SOFR + 0.594%), 5.91%, 05/25/35(c)	$	5,382,261
	4,721,976	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1, (1 mo. Term SOFR + 0.804%), 6.12%, 01/25/36(c)		4,428,383
	6,035,015	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. Term SOFR + 0.744%), 3.79%, 01/25/36(c)		5,110,652
	5,740,000	BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(c)		1,074,427
	5,000,000	BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.27%, 12/10/25(c)		741,296
	10,816,410	Barclays Mortgage Trust, Series 2021-NPL1, Class A, STEP, 2.00%, 11/25/51(b)		10,273,221
	1,177,500	Barclays Mortgage Trust, Series 2021-NPL1, Class B, STEP, 4.63%, 11/25/51(b)		1,070,645
	2,568,574	Barclays Mortgage Trust, Series 2021-NPL1, Class C, 0.00%, 11/25/51(b)(f)		3,121,902
	5,343,910	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. Term SOFR + 1.114%), 6.43%, 05/28/39(b)(c)		4,314,040
	1,081,397	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. Term SOFR + 1.414%), 6.73%, 05/28/39(b)(c)		541,131
	662,255	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. Term SOFR + 1.114%), 6.43%, 12/28/40(b)(c)		654,242
	1,390,885	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. Term SOFR + 1.044%), 6.36%, 12/28/40(b)(c)		1,371,519

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	908,185	Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4, (1 mo. Term SOFR + 1.914%), 4.99%, 05/25/35(c)	$	892,106
	1,811,641	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. Term SOFR + 1.134%), 5.12%, 12/25/35(c)		2,683,378
	2,695,299	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A, (1 mo. Term SOFR + 0.254%), 5.11%, 12/25/36(c)		3,746,241
	4,650,000	Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3, (1 mo. Term SOFR + 2.364%), 7.68%, 04/25/36(c)		4,677,588
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. Term SOFR + 0.534%), 5.85%, 12/26/36(c)		3,877,502
	7,368,454	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1, (1 mo. Term SOFR + 0.614%), 5.93%, 02/25/37(c)		5,448,260
	4,891,531	Cascade MH Asset Trust, Series 2019-MH1, Class A, 4.00%, 11/25/44(b)(c)		4,469,778
	3,100,000	CFMT LLC, Series 2021-HB7, Class M3, 3.85%, 10/27/31(b)(c)		2,927,695
	3,400,000	CFMT LLC, Series 2023-HB11, Class M2, 4.00%, 02/25/37(b)(c)		2,944,090
	6,000,000	CIT Mortgage Loan Trust, Series 2007-1, Class 1M2, (1 mo. Term SOFR + 1.864%), 7.18%, 10/25/37(b)(c)		5,471,920
	3,766,500	CIT Mortgage Loan Trust, Series 2007-1, Class 2M2, (1 mo. Term SOFR + 1.864%), 7.18%, 10/25/37(b)(c)		3,278,316
	2,818,744	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B, (1 mo. Term SOFR + 0.314%), 5.63%, 05/25/37(c)		1,817,316

47

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	75,742	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C, (1 mo. Term SOFR + 0.384%), 5.70%, 05/25/37(c)	$	48,832
	3,360,607	Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B, (1 mo. Term SOFR + 0.284%), 5.60%, 07/25/45(c)		2,288,861
	1,034,007	Conseco Finance Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(c)		975,418
	2,066,155	Conseco Finance Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(c)		693,146
	2,330,950	Conseco Finance Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(c)		748,584
	11,183,347	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(c)		1,936,128
	3,103,847	Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1, (1 mo. Term SOFR + 0.614%), 5.93%, 05/25/37(b)(c)		2,562,611
	1,088,453	Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4, 6.30%, 12/25/35(c)		1,023,573
	3,142,346	Countrywide Asset-Backed Certificates Trust, Series 2006-13, Class 1AF4, 3.98%, 01/25/37(c)		3,023,958
	9,265,544	Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1, (1 mo. Term SOFR + 0.564%), 5.88%, 03/25/37(c)		7,004,133
	6,268,832	Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1, (1 mo. Term SOFR + 0.344%), 5.78%, 05/25/47(c)		5,031,540
	6,079,075	Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1, (1 mo. Term SOFR + 0.364%), 5.68%, 06/25/37(c)		4,881,001
	478,699	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A, (1 mo. Term SOFR + 0.294%), 5.62%, 05/15/36(c)		465,584

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	373,051	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. Term SOFR + 0.354%), 5.68%, 02/15/30(b)(c)	$	358,290
	33,084	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. Term SOFR + 0.304%), 5.63%, 05/15/35(b)(c)		33,067
	3,737,040	Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT, 0.42%, 02/01/47(b)(f)		3,398,056
	1,942,638	Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB6, Class A4, (1 mo. Term SOFR + 0.454%), 5.77%, 07/25/37(b)(c)		1,239,068
	4,896,898	First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. Term SOFR + 0.654%), 4.54%, 03/25/36(c)		4,508,211
	1,216,759	First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1, (1 mo. Term SOFR + 1.914%), 7.24%, 10/25/33(c)		1,153,396
	9,144,739	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. Term SOFR + 0.489%), 5.81%, 07/25/36(c)		7,424,294
	4,406,685	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. Term SOFR + 0.714%), 6.03%, 01/25/36(c)		3,863,841
	3,349,119	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. Term SOFR + 0.414%), 5.73%, 03/25/37(c)		1,589,811
	2,710,000	FirstKey Homes Trust, Series 2020-SFR2, Class F1, 3.02%, 10/19/37(b)		2,554,687
	4,000,000	FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39(b)		3,745,732
	4,000,000	FirstKey Homes Trust, Series 2022-SFR1, Class E2, 5.00%, 05/19/39(b)		3,718,245

48

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,553,000	FirstKey Homes Trust, Series 2022-SFR2, Class E1, 4.50%, 07/17/39(b)	$	2,360,325
	1,500,000	Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. Term SOFR + 0.729%), 6.05%, 11/25/35(c)		1,316,039
	1,500,000	FRTKL, Series 2021-SFR1, Class F, 3.17%, 09/17/38(b)		1,326,640
	367,902	GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. Term SOFR + 0.614%), 5.93%, 02/25/36(c)		352,494
	4,841,965	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(c)		2,084,591
	2,463,906	GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. Term SOFR + 0.814%), 6.13%, 12/25/35(c)		1,052,975
	8,049,570	GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. Term SOFR + 0.474%), 5.79%, 03/25/36(c)		2,370,376
	14,506,716	GSAA Home Equity Trust, Series 2007-9, Class A3A, 7.00%, 10/25/37		4,794,697
	342,489	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(c)		124,180
	3,566,000	GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. Term SOFR + 3.489%), 8.81%, 02/25/47(c)		3,478,432
	3,087,239	Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. Term SOFR + 0.414%), 5.73%, 05/25/37(c)(e)		2,374,503
	2,883,786	Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26(b)		2,558,390
	3,652,122	Home Partners of America Trust, Series 2021-3, Class F, 4.24%, 01/17/41(b)		3,096,559
	4,419,249	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.49%, 12/25/36		1,439,889
	335,859	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(b)		329,311

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	104,993	JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP, 6.63%, 07/25/36	$	28,472
	211,085	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3, (1 mo. Term SOFR + 0.294%), 5.61%, 07/25/36(c)		88,474
	1,151,174	Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(c)		1,151,485
	216,974	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. Term SOFR + 0.204%), 5.52%, 06/25/37(b)(c)		139,664
	1,437,833	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. Term SOFR + 2.414%), 7.73%, 12/25/37(c)		1,357,316
	4,292,864	Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A, (1 mo. Term SOFR + 0.474%), 5.79%, 03/25/46(c)		3,313,667
	4,855,753	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. Term SOFR + 0.434%), 5.75%, 10/25/36(c)		1,527,254
	54,103	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. Term SOFR + 3.364%), 8.68%, 03/25/32(c)		54,103
	1,169,048	Mastr Asset Backed Securities Trust, Series 2007-NCW, Class A1, (1 mo. Term SOFR + 0.414%), 5.73%, 05/25/37(b)(c)		997,497
	3,704,470	MASTR Second Lien Trust, Series 2006-1, Class A, (1 mo. Term SOFR + 0.434%), 5.75%, 03/25/36(c)		244,105
	1,915,386	MERIT Securities Corp., Series 13, Class M2, STEP, 7.88%, 12/28/33		1,678,282
	6,969,848	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. Term SOFR + 0.614%), 5.93%, 10/25/37(c)(e)		1,065,534

49

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	921,285	Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4, (1 mo. Term SOFR + 0.594%), 5.91%, 06/25/36(c)	$	462,240
	5,757,775	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1, (1 mo. Term SOFR + 0.244%), 5.56%, 11/25/36(c)		2,432,288
	1,385,307	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1, (1 mo. Term SOFR + 3.914%), 9.23%, 02/25/47(b)(c)		1,273,599
	3,571,314	Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1, (1 mo. Term SOFR + 0.654%), 5.97%, 02/25/36(c)		3,215,209
	3,985,112	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.51%, 10/25/36		936,033
	249,800	Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, (1 mo. Term SOFR + 0.414%), 5.73%, 03/25/36(c)		244,482
	5,725,090	New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. Term SOFR + 0.789%), 6.11%, 12/25/35(c)		4,577,226
	6,500,000	New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, 4.44%, 02/17/39(b)		5,667,278
	5,000,000	New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1, 4.00%, 09/04/39(b)		4,411,292
	5,000,000	New Residential Mortgage Loan Trust, Series 2022-SFR2, Class F, 4.00%, 09/04/39(b)		4,228,648
	438,160	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. Term SOFR + 0.514%), 5.83%, 10/25/36(b)(c)		507,469
	896,484	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		694,945

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	9,752,270	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(c)	$	1,864,929
	8,572,117	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(c)		710,237
	5,947,218	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(c)		550,052
	6,795,981	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(c)		704,150
	500,788	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(c)		222,195
	5,000,000	Pagaya AI Technology in Housing Trust, Series 2022-1, Class D, 4.25%, 08/25/25(b)		4,781,415
	3,000,000	Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40(b)		2,213,022
	2,955,985	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 3.49%, 07/25/35		2,265,994
	1,372,727	PRET LLC, Series 2021-NPL6, Class A1, STEP, 2.49%, 07/25/51(b)		1,333,440
	2,000,000	PRET LLC, Series 2021-NPL6, Class A2, STEP, 5.07%, 07/25/51(b)		1,809,230
	5,183,053	PRET LLC, Series 2021-RN4, Class A1, 2.49%, 10/25/51(b)(c)		4,979,391
	3,286,490	PRET LLC, Series 2023-RN2, Class A1, STEP, 8.11%, 11/25/53(b)		3,264,988
	2,955,085	PRET LLC, Series 2024-NPL1, Class A1, STEP, 7.14%, 01/25/54(b)		2,841,016
	750,000	Progress Residential Trust, Series 2020-SFR1, Class G, 4.03%, 04/17/37(b)		725,590
	2,938,745	Progress Residential Trust, Series 2021-SFR10, Class F, 4.61%, 12/17/40(b)		2,549,145
	2,500,000	Progress Residential Trust, Series 2021-SFR11, Class F, 4.42%, 01/17/39(b)		2,151,467

50

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,500,000	Progress Residential Trust, Series 2021- SFR8, Class F, 3.18%, 10/17/38(b)	$	3,105,971
	2,400,000	Progress Residential Trust, Series 2021-SFR9, Class F, 4.05%, 11/17/40(b)		2,050,119
	4,000,000	Progress Residential Trust, Series 2022-SFR1, Class F, 4.88%, 02/17/41(b)		3,417,354
	4,000,000	Progress Residential Trust, Series 2022-SFR1, Class G, 5.52%, 02/17/41(b)		3,358,756
	1,548,000	Progress Residential Trust, Series 2022-SFR3, Class E2, 5.60%, 04/17/39(b)		1,459,580
	4,751,000	Progress Residential Trust, Series 2022-SFR4, Class E1, 6.12%, 05/17/41(b)		4,547,662
	5,000,000	Progress Residential Trust, Series 2022-SFR5, Class E1, 6.62%, 06/17/39(b)		4,889,917
	6,000,000	Progress Residential Trust, Series 2022-SFR6, Class D, 6.04%, 07/20/39(b)		5,873,416
	5,000,000	Progress Residential Trust, Series 2022-SFR7, Class E1, 6.75%, 10/27/39(b)		4,912,505
	925,000	Progress Residential Trust, Series 2023-SFR1, Class E1, 6.15%, 03/17/40(b)		889,554
	3,641,863	PRPM LLC, Series 2022-1, Class A1, STEP, 3.72%, 02/25/27(b)		3,557,938
	4,763,302	PRPM LLC, Series 2023-1, Class A1, 6.88%, 02/25/28(b)(c)		4,760,542
	2,828,182	RCO VI Mortgage LLC, Series 2022-1, Class A1, STEP, 3.00%, 01/25/27(b)		2,739,895
	2,069,350	RCO VII Mortgage LLC, Series 2024-1, Class A1, STEP, 7.02%, 01/25/29(b)		2,050,520
	3,825,000	Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4, (1 mo. Term SOFR + 0.984%), 6.30%, 11/25/35(c)		3,067,421

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,768,896	Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2, (1 mo. Term SOFR + 0.404%), 5.87%, 06/25/36(c)	$	1,705,302
	3,500,000	RMF Buyout Issuance Trust, Series 2021-HB1, Class M4, 4.70%, 11/25/31(b)(c)		2,918,587
	3,177,858	RMF Buyout Issuance Trust, Series 2021-HB1, Class M6, 6.00%, 11/25/31(b)(c)(g)		2,218,622
	4,203,683	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. Term SOFR + 0.594%), 5.91%, 09/25/36(c)		2,904,597
	8,507,004	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. Term SOFR + 0.404%), 5.72%, 01/25/47(c)		7,572,457
	5,793,391	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. Term SOFR + 0.654%), 5.97%, 02/25/37(c)		2,435,787
	11,797,360	Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. Term SOFR + 0.489%), 5.81%, 07/25/36(c)		8,688,607
	4,417,339	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. Term SOFR + 0.789%), 6.11%, 11/25/35(c)		3,748,622
	4,363,389	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. Term SOFR + 0.864%), 6.18%, 07/25/35(c)		2,786,442
	2,437,073	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. Term SOFR + 0.774%), 6.09%, 02/25/37(c)		4,352,718
	1,520,000	Tricon American Homes Trust, Series 2020-SFR1, Class F, 4.88%, 07/17/38(b)		1,450,572
	1,500,000	Tricon Residential Trust, Series 2021-SFR1, Class F, 3.69%, 07/17/38(b)		1,361,025

51

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	968,000	Tricon Residential Trust, Series 2021-SFR1, Class G, 4.13%, 07/17/38(b)	$	870,453
	1,600,000	Tricon Residential Trust, Series 2022-SFR1, Class E2, 5.74%, 04/17/39(b)		1,526,396
	4,000,000	Tricon Residential Trust, Series 2022-SFR2, Class E, 7.51%, 07/17/40(b)		3,991,353
	3,992,975	VOLT CVI LLC, Series 2021-NP12, Class A1, STEP, 2.73%, 12/26/51(b)		3,808,526
	4,029,544	Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE1, Class 2A3, (1 mo. Term SOFR + 0.264%), 5.58%, 01/25/37(c)		1,825,724
	1,584,563	Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE1, Class 2A4, (1 mo. Term SOFR + 0.344%), 5.66%, 01/25/37(c)		717,923
	5,161,793	Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE2, Class 2A3, (1 mo. Term SOFR + 0.364%), 5.68%, 04/25/37(c)		1,903,660
	7,967,996	Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. Term SOFR + 0.514%), 5.83%, 06/25/37(b)(c)		2,496,231
				383,936,099
Total Asset-Backed Securities (Cost $497,721,977)				408,714,779
NON-AGENCY MORTGAGE-BACKED
SECURITIES — 22.2%
COLLATERALIZED MORTGAGE OBLIGATIONS — 19.7%
	2,763,636	1Texas Capital Bank CLN, 0.08%, 02/01/26		2,752,610
	284,267	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 4.86%, 07/25/35(c)		259,041
	1,436,104	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.72%, 03/25/37(c)		900,992
	18,208	Ajax Mortgage Loan Trust, Series 2017-D, Class B, 2.24%, 12/25/57(b)(c)		6,125

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,230,360	Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP, 3.72%, 01/25/61(b)	$	1,197,353
	3,048,304	Ajax Mortgage Loan Trust, Series 2021-C, Class C, 1.37%, 01/25/61(b)(f)		3,065,787
	7,474,253	Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP, 2.00%, 03/25/60(b)		7,059,336
	2,042,300	Ajax Mortgage Loan Trust, Series 2021-D, Class B, 4.00%, 03/25/60(b)(c)		1,994,560
	2,980,109	Ajax Mortgage Loan Trust, Series 2021-D, Class C, 0.01%, 03/25/60(b)(c)		2,972,788
	4,041,340	Ajax Mortgage Loan Trust, Series 2021-E, Class B2, 3.86%, 12/25/60(b)(c)		2,101,058
	4,000,000	Ajax Mortgage Loan Trust, Series 2021-E, Class M1, 2.94%, 12/25/60(b)(c)		2,615,642
	7,231,384	Ajax Mortgage Loan Trust, Series 2021-F, Class A, STEP, 1.88%, 06/25/61(b)		6,762,842
	1,080,800	Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP, 3.75%, 06/25/61(b)		1,043,780
	2,001,172	Ajax Mortgage Loan Trust, Series 2021-F, Class C, 0.55%, 06/25/61(b)(f)		1,457,047
	8,357,685	Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP, 3.50%, 10/25/61(b)		7,872,678
	532,000	Ajax Mortgage Loan Trust, Series 2022-A, Class A2, 3.00%, 10/25/61(b)(c)		455,025
	283,800	Ajax Mortgage Loan Trust, Series 2022-A, Class A3, 3.00%, 10/25/61(b)(c)		238,981
	2,128,000	Ajax Mortgage Loan Trust, Series 2022-A, Class B, 3.00%, 10/25/61(b)		1,517,019
	1,044,150	Ajax Mortgage Loan Trust, Series 2022-A, Class C, 3.00%, 10/25/61(b)		935,981
	310,300	Ajax Mortgage Loan Trust, Series 2022-A, Class M1, 3.00%, 10/25/61(b)		249,825
	1,392,000	Ajax Mortgage Loan Trust, Series 2022-A, Class M2, 3.00%, 10/25/61(b)		1,067,221

52

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	88,700	Ajax Mortgage Loan Trust, Series 2022-A,Class M3, 3.00%, 10/25/61(b)	$	67,563
	9,172,279	Ajax Mortgage Loan Trust, Series 2022-B,Class A1, STEP, 3.50%, 03/27/62(b)		8,483,103
	403,400	Ajax Mortgage Loan Trust, Series 2022-B,Class A2, 3.00%, 03/27/62(b)(c)		317,322
	345,800	Ajax Mortgage Loan Trust, Series 2022-B,Class A3, 3.00%, 03/27/62(b)(c)		268,978
	1,921,100	Ajax Mortgage Loan Trust, Series 2022-B,Class B, 3.00%, 03/27/62(b)		1,254,618
	1,514,543	Ajax Mortgage Loan Trust, Series 2022-B,Class C, 3.00%, 03/27/62(b)		1,180,088
	259,300	Ajax Mortgage Loan Trust, Series 2022-B,Class M1, 3.00%, 03/27/62(b)		200,404
	1,287,100	Ajax Mortgage Loan Trust, Series 2022-B,Class M2, 3.00%, 03/27/62(b)		949,738
	10,279,878	Ajax Mortgage Loan Trust, Series 2023-A,Class A1, STEP, 3.50%, 07/25/62(b)		9,430,154
	481,800	Ajax Mortgage Loan Trust, Series 2023-A,Class A2, 3.00%, 07/25/62(b)(c)		403,690
	273,000	Ajax Mortgage Loan Trust, Series 2023-A,Class A3, 2.50%, 07/25/62(b)(c)		216,441
	1,605,800	Ajax Mortgage Loan Trust, Series 2023-A,Class B, 2.50%, 07/25/62(b)(c)		1,099,143
	985,142	Ajax Mortgage Loan Trust, Series 2023-A,Class C, 2.50%, 07/25/62(b)(c)		509,389
	827,000	Ajax Mortgage Loan Trust, Series 2023-A,Class M1, 2.50%, 07/25/62(b)(c)		586,202
	12,750,398	Ajax Mortgage Loan Trust, Series 2023-C,Class A1, STEP, 3.50%, 05/25/63(b)		11,876,107
	782,700	Ajax Mortgage Loan Trust, Series 2023-C,Class A2, 3.00%, 05/25/63(b)(c)		645,148
	417,400	Ajax Mortgage Loan Trust, Series 2023-C,Class A3, 2.50%, 05/25/63(b)(c)		326,067

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,400,786	Ajax Mortgage Loan Trust, Series 2023-C, Class C, 2.50%, 05/25/63(b)(c)	$	2,772,991
	365,300	Ajax Mortgage Loan Trust, Series 2023-C, Class M1, 2.50%, 05/25/63(b)(c)		281,606
	2,264,500	Ajax Mortgage Loan Trust, Series 2023-C, Class M2, 2.50%, 05/25/63(b)(c)		1,599,334
	1,149,343	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 6.05%, 09/25/46(c)		957,174
	777,666	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.75%, 06/25/37		638,631
	3,294,372	American Home Mortgage Investment Trust, Series 2007-1, Class GA1C, (1 mo. Term SOFR + 0.304%), 5.62%, 05/25/47(c)		1,876,215
	3,324,000	Angel Oak Mortgage Trust, Series 2020-R1, Class B2, 4.61%, 04/25/53(b)(c)		2,678,351
	1,000,000	Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1, 5.02%, 03/25/49(b)(c)		975,209
	14,042,374	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 3.00%, 07/31/57(b)(c)		5,277,769
	3,587,784	Banc of America Alternative Loan Trust, Series 2006-7, Class A4, STEP, 6.50%, 10/25/36		1,029,087
	1,033,823	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. Term SOFR + 0.514%), 5.83%, 01/25/37(c)		767,154
	69,748	Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1, 4.42%, 09/20/35(c)		59,313
	268,640	Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2, 4.89%, 02/20/36(c)		229,541
	234,302	Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1, 5.11%, 06/20/36(c)		207,033

53

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,038,190	Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP, 6.59%, 01/25/37	$	897,091
	2,845,729	Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2, 2.11%, 03/27/36(b)(c)		2,165,268
	262,281	Banc of America Mortgage Trust, Series 2005-I, Class 2A5, 4.68%, 10/25/35(c)		238,733
	18,979,458	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A1, STEP, 6.90%, 10/25/63(b)		19,064,649
	3,017,556	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A2, STEP, 7.36%, 10/25/63(b)		3,028,417
	1,822,054	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A3, STEP, 7.69%, 10/25/63(b)		1,826,265
	963,000	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B1, 8.09%, 10/25/63(b)(c)		950,426
	810,100	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B2, 8.09%, 10/25/63(b)(c)		775,958
	2,216,500	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B3, 8.09%, 10/25/63(b)(c)		1,951,921
	1,605,000	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class M1, 8.09%, 10/25/63(b)(c)		1,622,671
	1,141	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class SA, 0.05%, 10/25/63(b)(c)		1,121
	29,413,669	Barclays Mortgage Loan Trust, Series 2023-NQM3, Class XS, 0.82%, 10/25/63(b)(c)		889,763
	3,161,610	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, STEP, 5.90%, 01/25/64(b)		3,125,761
	2,153,762	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A2, STEP, 6.11%, 01/25/64(b)		2,116,448
	1,644,930	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A3, STEP, 6.31%, 01/25/64(b)		1,627,815
	724,200	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B1, 8.09%, 01/25/64(b)(c)		716,058
	663,800	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B2, 8.76%, 01/25/64(b)(c)		653,727

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,424,300	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B3, 8.76%, 01/25/64(b)(c)	$	1,177,346
	1,243,200	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class M1, 6.80%, 01/25/64(b)(c)		1,218,952
	3,100	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class SA, 0.09%, 01/25/64(b)(c)		2,996
	23,748,395	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class XS, 2.45%, 01/25/64(b)(c)		1,159,677
	6,631,204	Barclays Mortgage Trust, Series 2022-RPL1, Class A, STEP, 4.25%, 02/25/28(b)		6,273,099
	1,187,900	Barclays Mortgage Trust, Series 2022-RPL1, Class B, STEP, 4.25%, 02/25/28(b)		1,097,692
	2,064,819	Barclays Mortgage Trust, Series 2022-RPL1, Class C, 14.87%, 02/25/28(b)(f)		777,961
	37,493	Barclays Mortgage Trust, Series 2022-RPL1, Class SA, 8.62%, 02/25/28(b)(f)		23,405
	1,787,774	BCAP LLC Trust, Series 2012-RR3, Class 1A5, 5.52%, 12/26/37(b)(c)		1,243,097
	488,541	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.78%, 02/25/36(c)		419,176
	41,371	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.49%, 08/25/35(c)		37,391
	202,340	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.29%, 05/25/47(c)		176,794
	802,013	Bear Stearns ALT-A Trust, Series 2006-2, Class 11A1, (1 mo. Term SOFR + 0.554%), 5.87%, 04/25/36(c)		701,419
	2,249,418	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. Term SOFR + 0.434%), 5.75%, 11/25/36(c)		1,860,184
	2,945,505	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1, (1 mo. Term SOFR + 0.464%), 5.78%, 03/25/36(c)		383,079

54

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,945,505	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3, (1 mo. Term SOFR + 0.464%), 5.78%, 03/25/36(c)	$	383,079
	549,114	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. Term SOFR + 0.394%), 5.71%, 08/25/36(c)		534,031
	2,501,000	BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1, 2.29%, 03/25/60(b)(c)		2,161,522
	2,275,943	Chase Mortgage Finance Corp., Series 2016-SH1, Class M4, 3.75%, 04/25/45(b)(c)		1,948,770
	5,399,328	Chase Mortgage Finance Trust, Series 2007-S2, Class 1A9, 6.00%, 03/25/37		2,893,989
	3,547,411	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37		1,420,511
	11,181,124	ChaseFlex Trust, Series 2007-1, Class 2A7, 6.00%, 02/25/37		4,107,990
	1,153,046	CHNGE Mortgage Trust, Series 2022-1, Class A1, 3.01%, 01/25/67(b)(c)		1,042,114
	1,765,312	Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37		1,510,326
	2,068,078	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		1,568,087
	11,783	Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A2, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.400%), 7.20%, 10/25/35(c)		4,844
	51,857	Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A, 4.65%, 06/25/36(c)		46,552
	2,750,297	Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1, 5.75%, 04/25/47(b)		1,322,814
	3,630,751	Citigroup Mortgage Loan Trust, Series 2022-A, Class A1, STEP, 6.17%, 09/25/62(b)		3,617,297
	92,511	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 5.72%, 05/25/35(c)		85,880

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,354,000	COLT Mortgage Loan Trust, Series 2022-1, Class B1, 4.08%, 12/27/66(b)(c)	$	1,884,742
	1,599,272	COLT Mortgage Loan Trust, Series 2022-7, Class A3, 6.25%, 04/25/67(b)(c)		1,584,675
	298,174	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		209,285
	524,639	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. Term SOFR + 0.714%), 5.73%, 08/25/35(c)		474,989
	4,568,082	Countrywide Alternative Loan Trust, Series 2005-42CB, Class A1, (1 mo. Term SOFR + 0.794%), 5.50%, 10/25/35(c)		2,639,973
	3,590,940	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6, (1 mo. Term SOFR + 0.614%), 5.93%, 11/25/35(c)		1,924,777
	4,986,876	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. Term SOFR + 5.386%), 0.07%, 11/25/35(c)(e)		261,175
	78,655	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 4.62%, 12/25/35(c)		71,699
	49,665	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 1.000%), 6.09%, 12/25/35(c)		43,047
	1,781,426	Countrywide Alternative Loan Trust, Series 2005-79CB, Class A1, (1 mo. Term SOFR + 0.664%), 5.50%, 01/25/36(c)		891,510
	728,798	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. Term SOFR + 0.564%), 5.50%, 05/25/35(c)		605,544
	532,825	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		322,169
	2,414,680	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. Term SOFR + 0.464%), 5.78%, 05/25/36(c)		957,617

55

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,550,172	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36	$	694,304
	2,886,755	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		1,192,985
	938,815	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. Term SOFR + 0.464%), 5.78%, 08/25/36(c)		425,257
	938,815	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. Term SOFR + 7.036%), 1.72%, 08/25/36(c)		125,079
	967,787	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36		506,788
	6,951,498	Countrywide Alternative Loan Trust, Series 2006-25CB, Class A1, 6.00%, 10/25/36		3,619,244
	1,004,068	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. Term SOFR + 0.514%), 5.83%, 03/25/36(c)		347,464
	1,784,803	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5, (1 mo. Term SOFR + 6.986%), 1.67%, 03/25/36(c)(e)		237,402
	2,820,347	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		1,103,862
	1,054,065	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		531,786
	763,119	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		370,530
	1,020,962	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		532,262
	2,334,511	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		1,217,059
	4,450,119	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, (1 mo. Term SOFR + 0.454%), 5.77%, 02/25/37(c)		1,758,436
	2,225,060	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, (1 mo. Term SOFR + 6.486%), 1.17%, 02/25/37(c)(e)		285,883

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	102,488	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36	$	80,879
	290,769	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. Term SOFR + 0.514%), 5.50%, 05/25/36(c)		222,851
	2,367,210	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		1,091,386
	1,496,083	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (1 mo. LIBOR USD + 1.500%), 6.94%, 11/20/46(c)		1,112,558
	3,371,444	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 1.730%), 6.82%, 11/25/46(c)		2,595,576
	834,052	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. Term SOFR + 0.494%), 5.81%, 11/25/46(c)		763,429
	2,342,377	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. Term SOFR + 0.304%), 5.62%, 03/20/47(c)		1,871,070
	498,270	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. Term SOFR + 0.534%), 5.85%, 05/25/36(c)		433,758
	1,692,237	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. Term SOFR + 0.474%), 5.79%, 04/25/46(c)		1,497,485
	1,716,498	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		738,042
	1,728,933	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		773,566
	883,784	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		416,234
	4,031,330	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		1,488,782
	3,444,917	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		1,542,642

56

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	778,089	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37	$	366,139
	139,108	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.10%, 11/25/36		217,097
	4,760,782	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.840%), 5.93%, 03/25/47(c)		3,906,371
	132,171	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. Term SOFR + 0.474%), 5.79%, 04/25/47(c)		38,879
	852,759	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. Term SOFR + 0.594%), 5.91%, 08/25/47(c)		728,027
	895,978	Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		475,134
	1,364,876	Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		638,043
	821,846	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- 31, Class 2A3, 4.11%, 01/25/36(c)		692,374
	4,119,613	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J2, Class 3A9, (1 mo. Term SOFR + 1.514%), 6.00%, 08/25/35(c)		2,692,875
	124,693	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J3, Class 2A4, 4.50%, 09/25/35		104,749
	9,718,097	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA4, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 6.05%, 04/25/46(c)		2,890,845

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,686,090	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA5, Class 3A1, (1 mo. Term SOFR + 0.514%), 5.83%, 04/25/46(c)	$	1,536,456
	1,337,377	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 21, Class 1A1, 6.25%, 02/25/38		611,920
	6,545,009	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 4, Class 1A71, 6.00%, 05/25/37		2,749,019
	2,295,466	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 8, Class 1A12, 5.88%, 01/25/38		968,978
	1,253,376	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- HYB1, Class 3A1, 4.48%, 03/25/37(c)		1,036,830
	5,892,556	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-12, Class 2A1, 6.50%, 01/25/36		3,281,983
	1,116,440	Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1, 6.00%, 11/25/36		925,222
	2,425,729	Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(c)		567,843
	7,024,172	Credit Suisse Mortgage Capital Certificates Trust, Series 2009- 12R, Class 3A1, 6.50%, 10/27/37(b)		2,645,390
	2,241,914	Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3, 6.33%, 04/27/37(b)(c)		2,193,638
	4,880,859	Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4, (1 mo. Term SOFR + 0.264%), 2.96%, 10/27/36(b)(c)		3,488,148
	3,085,300	Credit Suisse Mortgage Capital Certificates Trust, Series 2020-RPL2, Class A12, 3.56%, 02/25/60(b)(c)		3,108,794

57

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,400,000	Credit Suisse Mortgage Capital Certificates Trust, Series 2020-SPT1, Class B2, 3.39%, 04/25/65(b)(c)	$	1,810,246
	2,244,775	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class A2, 3.50%, 09/27/66(b)(c)		1,926,568
	3,790,395	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class B2, 0.43%, 09/27/66(b)(f)		2,996,927
	2,687,248	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class PT2, 3.16%, 07/26/60(b)(c)		839,496
	3,289,850	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-NQM2, Class B1, 3.44%, 02/25/66(b)(c)		2,182,980
	3,869,640	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-RPL9, Class A1, 2.44%, 02/25/61(b)(c)		3,725,071
	6,035,465	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. Term SOFR + 1.464%), 6.25%, 11/25/35(c)		1,306,781
	1,626,000	Deephaven Residential Mortgage Trust, Series 2021-1, Class B1, 3.10%, 05/25/65(b)(c)		1,352,301
	3,314,000	Deephaven Residential Mortgage Trust, Series 2022-1, Class B1, 4.27%, 01/25/67(b)(c)		2,470,173
	2,000,000	GCAT Trust, Series 2020-NQM2, Class B1, 4.85%, 04/25/65(b)(c)		1,748,101
	3,437,000	GCAT Trust, Series 2021-NQM7, Class B1, 4.50%, 08/25/66(b)(c)		2,537,750
	406,938	GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 3.64%, 11/19/35(c)		330,359
	2,867,032	GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF, (1 mo. Term SOFR + 0.514%), 5.83%, 06/25/34(b)(c)		2,509,638

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,680,013	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. Term SOFR + 0.464%), 5.78%, 01/25/35(b)(c)	$	2,300,817
	3,557,339	GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF, (1 mo. Term SOFR + 0.464%), 5.78%, 09/25/35(b)(c)		2,982,683
	999,230	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. Term SOFR + 0.464%), 5.78%, 01/25/36(b)(c)		796,233
	3,965,998	GSMSC Resecuritization Trust, Series 2015-5R, Class 1D, (1 mo. Term SOFR + 0.254%), 3.67%, 04/26/37(b)(c)		2,283,590
	169,781	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 6.05%, 01/25/35(c)		159,157
	2,499,964	GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, 6.50%, 08/25/36		833,585
	47,994	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.61%, 01/25/36(c)		48,905
	480,365	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		301,975
	8,316,387	GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, 3.11%, 06/25/47(c)		5,032,778
	1,360,134	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. Term SOFR + 0.614%), 5.68%, 07/19/47(c)		1,211,007
	150,319	HomeBanc Mortgage Trust, Series 2006-1, Class 2A1, 4.92%, 04/25/37(c)		135,540
	3,690,000	Homeward Opportunities Fund I Trust, Series 2020-2, Class B1, 5.45%, 05/25/65(b)(c)		3,479,662
	2,657,338	Homeward Opportunities Fund Trust, Series 2022-1, Class A2, STEP, 5.08%, 07/25/67(b)		2,560,444
	1,628,717	Impac Secured Assets Trust, Series 2006-2, Class 1A2B, (1 mo. Term SOFR + 0.454%), 5.77%, 08/25/36(c)		1,630,062
	741,511	IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A4, 6.00%, 07/25/37		507,844

58

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	14,601,823	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 0.41%, 07/25/47(c)(g)	$	8,448
	1,362,495	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. Term SOFR + 0.654%), 5.97%, 06/25/37(c)		1,594,065
	2,487,202	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2, (1 mo. Term SOFR + 0.594%), 5.91%, 08/25/37(c)		2,140,593
	755,970	JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.86%, 10/25/37(c)		504,924
	6,185,372	JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37		1,744,415
	18,216	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 4.72%, 10/26/48(b)(c)		18,204
	92,372,672	JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X, 0.50%, 12/25/51(b)(c)		2,618,229
	5,433,641	JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X, 0.50%, 12/25/51(b)(c)		154,012
	97,806,314	JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1, 0.18%, 12/25/51(b)(c)		959,451
	1,255,883	JP Morgan Mortgage Trust, Series 2021-INV5, Class B4, 3.18%, 12/25/51(b)(c)		944,424
	439,586	JP Morgan Mortgage Trust, Series 2021-INV5, Class B5, 3.18%, 12/25/51(b)(c)		311,289
	1,499,232	JP Morgan Mortgage Trust, Series 2021-INV5, Class B6, 2.99%, 12/25/51(b)(c)		595,200
	30,576,627	JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X, 0.50%, 02/25/52(b)(c)		866,529
	18,151,248	JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X, 0.50%, 02/25/52(b)(c)		343,407
	7,872,776	JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X, 0.50%, 02/25/52(b)(c)		337,938
	3,329,505	JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X, 0.50%, 02/25/52(b)(c)		94,357

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	59,930,244	JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1, 0.27%, 02/25/52(b)(c)	$	845,460
	3,713,852	JP Morgan Mortgage Trust, Series 2021-INV7, Class B1, 3.27%, 02/25/52(b)(c)		2,964,375
	871,587	JP Morgan Mortgage Trust, Series 2021-INV7, Class B2, 3.27%, 02/25/52(b)(c)		688,364
	1,212,573	JP Morgan Mortgage Trust, Series 2021-INV7, Class B3, 3.27%, 02/25/52(b)(c)		946,550
	644,263	JP Morgan Mortgage Trust, Series 2021-INV7, Class B4, 3.27%, 02/25/52(b)(c)		484,623
	265,211	JP Morgan Mortgage Trust, Series 2021-INV7, Class B5, 3.27%, 02/25/52(b)(c)		187,717
	868,837	JP Morgan Mortgage Trust, Series 2021-INV7, Class B6, 3.21%, 02/25/52(b)(c)		340,254
	3,314,195	Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 9.02%, 02/25/59(b)(f)		593,307
	3,876,536	Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(b)(c)		3,297,812
	4,203,122	MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37		964,582
	2,241,683	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(b)		1,586,702
	960,128	MASTR Resecuritization Trust, Series 2008-3, Class A1, 4.80%, 08/25/37(b)(c)		379,728
	4,722,440	MCM Trust, Series 2021-VFN1, 2.50%, 09/25/31(b)(e)(g)		4,533,409
	3,860,965	MCM Trust, Series 2021-VFN1, Class CERT, 3.00%, 09/25/31(e)(g)		2,531,175
	1,497,817	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. Term SOFR + 0.534%), 5.85%, 04/25/37(c)		1,175,938
	501,465	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 5.57%, 05/25/36(c)		327,944

59

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	360,791	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1, 6.25%, 10/25/36	$	142,616
	2,343,597	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 3.32%, 05/26/37(b)		2,399,488
	2,336,935	Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1 mo. Term SOFR + 0.274%), 5.76%, 12/26/46(b)(c)		2,103,241
	613,159	MortgageIT Trust, Series 2004-1, Class B1, (1 mo. Term SOFR + 1.914%), 7.23%, 11/25/34(c)		554,031
	1,389,000	New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2, 4.52%, 01/26/60(b)(c)		1,041,083
	304,906	NRPL Trust, Series 2019-3A, Class A1, STEP, 7.00%, 07/25/59(b)		305,002
	3,860,570	PRET LLC, Series 2024-NPL2, Class A1, STEP, 7.02%, 02/25/54(b)		3,826,988
	2,176,597	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(b)		1,940,421
	1,125,028	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(b)		934,409
	2,841,372	PRPM LLC, Series 2020-4, Class A1, STEP, 5.61%, 10/25/25(b)		2,835,997
	349,262	Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1, (1 mo. Term SOFR + 0.534%), 5.85%, 07/25/36(b)(c)		320,096
	5,081,518	Residential Accredit Loans, Inc., Series 2005-QA10, Class A21, 4.69%, 09/25/35(c)		2,081,988
	1,276,886	Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4, 5.48%, 12/25/35(c)		1,101,203
	3,517,771	Residential Accredit Loans, Inc., Series 2005-QA4, Class A11, 4.79%, 04/25/35(c)		1,611,311
	478,280	Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1, (1 mo. Term SOFR + 0.494%), 5.81%, 05/25/46(c)		429,959

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	402,219	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36	$	327,375
	2,605,239	Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5, (1 mo. Term SOFR + 0.664%), 5.98%, 01/25/37(c)		1,834,194
	642,387	Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5, (1 mo. Term SOFR + 0.364%), 5.68%, 07/25/36(c)		111,397
	1,874,412	Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1, 5.17%, 09/25/35(c)		1,148,414
	5,583,677	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1, 5.44%, 08/25/36(c)		3,844,900
	81,880	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1, 5.72%, 09/25/36(c)		46,659
	2,150,000	Residential Mortgage Loan Trust, Series 2020-1, Class B2, 4.67%, 01/26/60(b)(c)		1,691,634
	3,750,000	Residential Mortgage Loan Trust, Series 2020-2, Class B2, 5.40%, 05/25/60(b)(c)		2,924,116
	2,814,000	Residential Mortgage Loan Trust, Series 2021-1R, Class B1, 3.42%, 01/25/65(b)(c)		2,246,703
	5,000,000	Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, STEP, 7.50%, 02/25/30(b)		4,962,946
	3,000,000	Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1, STEP, 7.76%, 04/25/30(b)		3,014,262
	10,569,317	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 11.84%, 07/25/56(b)(f)		1,148,967
	16,182,379	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.19%, 07/25/56(b)(c)		1,744,376
	4,679,928	Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 3.40%, 11/25/57(b)(c)		1,539,326

60

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,600,519	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 1.11%, 08/25/57(b)(c)	$	848,927
	5,130,398	Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1, 4.75%, 04/26/60(b)(c)		4,965,981
	100,000	SG Residential Mortgage Trust, Series 2019-3, Class B1, 4.08%, 09/25/59(b)(c)		83,614
	175,000	SG Residential Mortgage Trust, Series 2020-2, Class B1, 4.25%, 05/25/65(b)(c)		143,045
	257,000	SG Residential Mortgage Trust, Series 2020-2, Class M1, 3.19%, 05/25/65(b)(c)		207,658
	2,425,000	Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.68%, 01/28/50(b)(c)		2,051,850
	992,054	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 5.15%, 05/25/35(c)		770,304
	1,552,811	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.14%, 04/25/36(c)		845,924
	716,971	Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 4A1, (1 mo. Term SOFR + 0.474%), 5.79%, 06/25/36(c)		693,144
	2,905,936	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. Term SOFR + 0.554%), 5.87%, 05/25/46(c)		993,277
	1,009,695	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. Term SOFR + 0.474%), 5.79%, 09/25/47(c)		887,477
	2,091,898	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. Term SOFR + 0.464%), 5.78%, 06/25/35(b)(c)		1,786,532
	13,255,645	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36(b)		7,154,017

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	392,251	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 5.94%, 04/25/37(c)	$	235,241
	128,331	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 6.43%, 04/25/37(c)		62,564
	27,400	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. Term SOFR + 1.965%), 7.18%, 06/25/47(c)		26,849
	4,000,000	TRK Trust, Series 2022-INV1, Class B1, 4.03%, 02/25/57(b)(c)		2,901,846
	3,593,189	TVC Holdings Plc, Series 2021-1, Class A, 2.38%, 02/01/51(b)(e)(g)		3,281,784
	1,322,747	TVC Holdings Plc, Series 2021-1, Class CERT, 0.48%, 02/01/51(e)(f)(g)		1,145,118
	3,951,000	TVC Mortgage Trust, Series 2023-RTL1, Class A1, STEP, 8.25%, 11/25/27(b)		3,939,490
	3,343,000	Verus Securitization Trust, Series 2019-INV3, Class M1, 3.28%, 11/25/59(b)(c)		3,030,878
	3,162,000	Verus Securitization Trust, Series 2021-1, Class B1, 2.98%, 01/25/66(b)(c)		2,230,616
	5,000,000	Verus Securitization Trust, Series 2022-1, Class B1, 4.01%, 01/25/67(b)(c)		3,550,665
	2,680,000	Verus Securitization Trust, Series 2023-INV1, Class M1, 7.59%, 02/25/68(b)(c)		2,681,868
	3,300,000	Vista Point Securitization Trust, Series 2020-2, Class B2, 5.16%, 04/25/65(b)(c)		2,616,987
	25,274,074	Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 2.39%, 02/25/38(b)(c)		5,651,606
	1,107,314	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 1CB, 6.50%, 11/25/35		701,578
	628,525	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 2A6, 5.50%, 11/25/35		526,456

61

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,457,605	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36	$	2,515,724
	3,675,993	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5, Class 3A3, STEP, 6.72%, 07/25/36		837,503
	1,086,395	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 6.05%, 08/25/46(c)		548,087
	662,953	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.79%, 07/25/37(c)		529,365
	5,327,876	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.798%), 5.89%, 05/25/47(c)		4,206,364
	2,192,216	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA5, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.798%), 5.89%, 06/25/47(c)		1,704,068
	1,155,751	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-11, Class A1, 5.75%, 01/25/36		942,179
	2,348,355	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-11, Class A7, 5.75%, 01/25/36		1,913,830
	1,498,116	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-9, Class 5A3, (1 mo. Term SOFR + 1.464%), 6.25%, 11/25/35(c)		1,091,204
	3,690,999	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2007-5, Class A6, 6.00%, 06/25/37		3,136,135

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	470,281	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, (1 mo. Term SOFR + 0.434%), 5.75%, 03/25/37(c)	$	367,574
	3,928,983	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. Term SOFR + 6.566%), 1.25%, 03/25/37(c)(e)		263,044
	832,583	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8, (1 mo. Term SOFR + 0.654%), 5.97%, 03/25/37(c)		652,574
	748,594	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9, (1 mo. Term SOFR + 0.604%), 5.92%, 03/25/37(c)		589,473
	1,000,118	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 5.35%, 03/25/38(c)		801,368
	1,689,793	Western Alliance Bank, Series 2021-CL2, Class M1, (SOFR 30A + 3.150%), 8.48%, 07/25/59(b)(c)		1,738,290
	2,377,695	Western Alliance Bank, Series 2021-CL2, Class M2, (SOFR 30A + 3.700%), 9.03%, 07/25/59(b)(c)		2,449,433
				471,452,686
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5%
	674,531	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. Term SOFR + 0.819%), 6.14%, 01/25/36(b)(c)		641,148
	575,435	Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. Term SOFR + 0.864%), 6.18%, 01/25/36(b)(c)		545,673
	846,590	Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. Term SOFR + 1.419%), 6.74%, 07/25/36(b)(c)		799,514
	4,767,496	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. Term SOFR + 0.789%), 6.11%, 09/25/37(b)(c)		4,442,308
	5,728,913	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. Term SOFR + 1.614%), 6.93%, 10/25/37(b)(c)		3,272,506

62

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	7,214,468	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. Term SOFR + 1.614%), 6.93%, 12/25/37(b)(c)	$	6,193,505
	873,423	CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 6.26%, 07/25/39(b)		796,935
	724,826	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M1, (1 mo. Term SOFR + 0.514%), 5.83%, 06/25/37(b)(c)		715,419
	3,000,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. Term SOFR + 0.714%), 6.03%, 06/25/37(b)(c)		2,435,549
	3,600,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2, (1 mo. Term SOFR + 2.114%), 7.43%, 10/25/37(b)(c)		3,116,687
	1,283,952	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(b)(c)		1,068,809
	477,898	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(b)(c)		389,200
	1,039,846	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(b)(c)		898,961
	1,215,880	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(b)(c)		1,021,046
	1,450,418	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(b)(c)		1,196,463
	1,014,474	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(b)(c)		856,807
	266,982	Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5, 4.93%, 07/25/49(b)(c)		226,851
	1,800,608	Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5, 3.97%, 05/25/51(b)(c)		1,263,684
	1,241,259	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5, 4.01%, 08/25/51(b)(c)		890,398

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	1,160,940	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6, 4.92%, 08/25/51(b)(c)	$	810,436
	2,243,267	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7, 6.54%, 08/25/51(b)(c)		1,490,629
	4,136,112	Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5, 4.33%, 10/25/51(b)(c)		2,666,675
	2,728,699	Velocity Commercial Capital Loan Trust, Series 2021-3, Class M7, 6.54%, 10/25/51(b)(c)		1,917,319
	1,969,995	Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5, 5.68%, 12/26/51(b)(c)		1,444,658
	3,454,616	Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6, 7.11%, 12/26/51(b)(c)		2,403,463
	4,348,087	Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4, 5.20%, 02/25/52(b)(c)		3,257,646
	2,322,897	Velocity Commercial Capital Loan Trust, Series 2022-4, Class M2, 6.97%, 08/25/52(b)(c)		2,233,183
	1,865,845	Velocity Commercial Capital Loan Trust, Series 2022-4, Class M3, 7.53%, 08/25/52(b)(c)		1,677,230
	3,953,602	Velocity Commercial Capital Loan Trust, Series 2023-2, Class M2, 8.00%, 05/25/53(b)(c)		3,972,930
	1,239,676	Velocity Commercial Capital Loan Trust, Series 2023-3, Class M2, 8.27%, 08/25/53(b)(c)		1,246,012
	1,239,676	Velocity Commercial Capital Loan Trust, Series 2023-3, Class M3, 9.32%, 08/25/53(b)(c)		1,240,487
	2,984,071	Velocity Commercial Capital Loan Trust, Series 2023-4, Class M2, 9.08%, 11/25/53(b)(c)		3,059,912
	995,685	Velocity Commercial Capital Loan Trust, Series 2023-4, Class M4, 10.72%, 11/25/53(b)(c)		926,228
				59,118,271
Total Non-Agency Mortgage-Backed Securities (Cost $621,405,857)				530,570,957

63

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.1%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
$	1,345,307	Freddie Mac STACR Debt Notes, Series 2017-DNA1, Class B2, (SOFR 30A + 10.114%), 15.44%, 07/25/29(c)	$	1,530,889
	29,416	Freddie Mac STACR Securitized Participation Interests Trust, Series 2018-SPI2, Class M2, 3.85%, 05/25/48(b)(c)		28,165
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,316,267)				1,559,054
U.S. GOVERNMENT SECURITIES — 32.1%
U.S. Treasury Bonds — 23.7%
	41,315,000	3.63%, 08/15/43		34,627,134
	42,400,000	3.63%, 02/15/44		35,432,156
	48,055,000	3.38%, 05/15/44		38,599,804
	47,350,000	3.13%, 08/15/44		36,448,402
	47,550,000	3.00%, 02/15/47		35,062,553
	52,750,000	2.75%, 08/15/47		36,933,242
	60,400,000	3.00%, 08/15/48		44,092,000
	46,350,000	3.38%, 11/15/48		36,252,580
	47,000,000	3.00%, 02/15/49		34,247,578
	47,300,000	2.88%, 05/15/49		33,583,000
	81,560,000	1.25%, 05/15/50		38,489,311
	103,400,000	1.63%, 11/15/50		53,978,031
	82,250,000	2.38%, 05/15/51		51,839,991
	78,500,000	3.00%, 08/15/52		56,627,325
				566,213,107
U.S. Treasury Notes — 8.4%
	205,000,000	0.75%, 11/15/24		200,025,146
Total U.S. Government Securities (Cost $1,072,439,397)				766,238,253

Principal Amount			Value
CASH SWEEP — 4.1%
UNITED STATES — 4.1%
$	97,510,847	Citibank - U.S. Dollars on Deposit in Custody Account, 2.10%(h)	$	97,510,847
Total Cash Sweep (Cost $97,510,847)				97,510,847
TOTAL INVESTMENTS — 100.1% (Cost $2,922,741,077)			$	2,388,444,703
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(1,412,187	)
NET ASSETS — 100.0%			$	2,387,032,516

(a)	A copy of the underlying funds’ financial statements is available upon request.
(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 $752,331,375, which is 31.52% 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 (e).
(c)	Floating rate security. Rate shown is the rate in effect as of April 30, 2024.
(d)	Perpetual security with no stated maturity date.
(e)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(f)	Zero coupon security. The rate represents the yield at time of purchase.
(g)	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 $13,718,556 which is 0.57% of net assets and the cost is $17,000,856.
(h)	The rate shown represents the current yield as of April 30, 2024.

Reference Entity	Counterparty	Payment/ Expiration Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Total Return Swap Agreements
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 1,945.47 and paying a (SOFR RATE + 0.750%) at expiration date	Barclays Bank Plc	12/04/2024	$	50,000	$	839,868	$	–	$	839,868

64

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Reference Entity	Counterparty	Payment/ Expiration Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Total Return Swap Agreements
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,120.01 and paying a (SOFR RATE + 0.750%) at expiration date	Barclays Bank Plc	11/13/2024	$	80,000	$	(4,503,558	)	$	–	$	(4,503,558	)
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,105.20 and paying a (SOFR RATE + 0.750%) at expiration date	Barclays Bank Plc	12/04/2024		70,000		(3,156,432	)		–		(3,156,432	)
Total Return Swap Agreements										$	(6,820,122	)

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

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

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Asset-Backed Securities		17.1	%
Corporate Bonds		7.0
Exchange-Traded Funds		17.3
Non-Agency Mortgage-Backed Securities		22.2
Preferred Stocks		0.2
U.S. Government Agencies and Securities		32.2
Other*		4.0
		100.0	%

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

65

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	April 30, 2024
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 26.1%
Banks — 6.2%
$	2,300,000	Banco Santander SA, 5.59%, 08/08/28	$	2,287,024
	5,032,000	Bank of America Corp., (SOFR RATE + 0.960%), 1.73%, 07/22/27(a)		4,615,086
	4,600,000	Bank of America Corp. GMTN, (SOFR RATE + 1.370%), 1.92%, 10/24/31(a)		3,655,290
	2,479,000	Bank of New York Mellon Corp. (The) MTN, (SOFR RATE + 1.418%), 4.29%, 06/13/33(a)		2,275,675
	4,600,000	Barclays Plc, (SOFR RATE + 1.880%), 6.50%, 09/13/27(a)		4,650,882
	5,791,000	Citigroup, Inc., (3 mo. Term SOFR + 1.652%), 3.67%, 07/24/28(a)		5,455,213
	5,959,000	Credit Suisse AG GMTN, 3.70%, 02/21/25		5,857,978
	2,000,000	Danske Bank A/S MTN, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.550%), 0.98%, 09/10/25(a)(b)		1,961,814
	5,980,000	Fifth Third Bancorp, (SOFR RATE + 2.340%), 6.34%, 07/27/29(a)		6,047,918
	6,565,000	JPMorgan Chase & Co., (SOFR RATE + 1.015%), 2.07%, 06/01/29(a)		5,736,369
	3,099,000	JPMorgan Chase & Co., (3 mo. Term SOFR + 1.522%), 4.20%, 07/23/29(a)		2,936,729
	4,600,000	JPMorgan Chase & Co., (SOFR RATE + 2.080%), 4.91%, 07/25/33(a)		4,375,033
	4,600,000	Mitsubishi UFJ Financial Group, Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.750%), 1.54%, 07/20/27(a)		4,206,323
	10,274,000	Morgan Stanley, (SOFR RATE + 2.620%), 5.30%, 04/20/37(a)		9,626,614
	4,989,000	Sumitomo Mitsui Financial Group, Inc., 2.63%, 07/14/26		4,697,037

Principal Amount			Value
Banks (continued)
$	5,520,000	Toronto-Dominion Bank (The) GMTN, 5.53%, 07/17/26	$	5,522,842
	5,431,000	Truist Financial Corp. MTN, (SOFR RATE + 2.050%), 6.05%, 06/08/27(a)		5,458,694
	3,000,000	Wells Fargo & Co. GMTN, (SOFR RATE + 1.070%), 5.71%, 04/22/28(a)		3,003,654
				82,370,175
Consumer Discretionary — 2.3%
	5,520,000	Clorox Co. (The), 1.80%, 05/15/30		4,500,913
	2,754,000	General Motors Financial Co., Inc., 6.00%, 01/09/28		2,780,044
	3,680,000	General Motors Financial Co., Inc., 5.55%, 07/15/29		3,623,657
	3,229,000	Southwest Airlines Co., 5.13%, 06/15/27		3,182,458
	3,997,000	Toyota Motor Credit Corp. GMTN, 5.25%, 09/11/28		3,997,311
	4,557,000	Verisk Analytics, Inc., 4.00%, 06/15/25		4,463,175
	2,135,000	Warnermedia Holdings, Inc., 6.41%, 03/15/26		2,134,591
	5,520,000	Warnermedia Holdings, Inc., 3.76%, 03/15/27		5,204,456
				29,886,605
Consumer Staples — 0.7%
	4,600,000	Anheuser-Busch InBev Worldwide, Inc., 5.00%, 06/15/34		4,449,558
	4,448,000	Sysco Corp., 5.75%, 01/17/29		4,493,349
				8,942,907
Energy — 2.3%
	7,504,000	BP Capital Markets America, Inc., 4.81%, 02/13/33		7,174,089
	5,000,000	Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29		4,540,149
	4,600,000	Enbridge, Inc., 5.70%, 03/08/33		4,553,221
	5,122,000	Energy Transfer LP, 4.95%, 06/15/28		4,990,859
	4,913,000	Sabine Pass Liquefaction LLC, 5.88%, 06/30/26		4,917,974

66

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Energy (continued)
$	4,600,000	Williams Cos., Inc. (The), 3.75%, 06/15/27	$	4,369,454
				30,545,746
Financial Services — 3.4%
	2,852,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 01/15/27		2,873,305
	4,600,000	Air Lease Corp., 5.85%, 12/15/27		4,609,398
	2,738,000	American Express Co., (SOFR RATE + 1.330%), 6.34%, 10/30/26(a)		2,759,650
	4,600,000	Athene Global Funding, 1.73%, 10/02/26(b)		4,160,187
	4,642,000	Capital One Financial Corp., (SOFR RATE + 2.080%), 5.47%, 02/01/29(a)		4,558,638
	2,903,000	Capital One Financial Corp., (SOFR RATE + 2.640%), 6.31%, 06/08/29(a)		2,932,255
	2,291,000	Charles Schwab Corp. (The), 2.45%, 03/03/27		2,110,048
	2,976,000	Charles Schwab Corp. (The), 2.00%, 03/20/28		2,627,285
	4,600,000	Corebridge Financial, Inc., 5.75%, 01/15/34		4,517,331
	4,570,000	Diageo Capital Plc, 5.20%, 10/24/25		4,553,612
	5,000,000	Metropolitan Life Global Funding I, 5.40%, 09/12/28(b)		4,976,351
	5,520,000	Progressive Corp. (The), 3.00%, 03/15/32		4,677,892
				45,355,952
Health Care — 3.2%
	4,600,000	AbbVie, Inc., 3.20%, 11/21/29		4,147,230
	5,742,000	CVS Health Corp., 5.25%, 01/30/31		5,634,418
	4,600,000	Haleon US Capital LLC, 3.38%, 03/24/27		4,343,941
	3,038,000	HCA, Inc., 5.38%, 09/01/26		3,013,944
	5,520,000	Kenvue, Inc., 4.90%, 03/22/33		5,344,493
	4,904,000	Laboratory Corp. of America Holdings, 1.55%, 06/01/26		4,511,398
	4,600,000	Pfizer Investment Enterprises Pte Ltd., 4.75%, 05/19/33		4,383,870

Principal Amount			Value
Health Care (continued)
$	4,570,000	Stryker Corp., 1.15%, 06/15/25	$	4,344,107
	3,272,000	Zimmer Biomet Holdings, Inc., 5.35%, 12/01/28		3,256,855
	3,135,000	Zoetis, Inc., 5.40%, 11/14/25		3,126,390
				42,106,646
Industrials — 1.8%
	5,520,000	BAE Systems Plc, 5.13%, 03/26/29(b)		5,419,445
	1,365,000	John Deere Capital Corp. MTN, 4.95%, 07/14/28		1,352,699
	6,216,000	L3Harris Technologies, Inc., 5.25%, 06/01/31		6,056,199
	3,199,000	Magna International, Inc., 3.63%, 06/15/24		3,189,987
	3,082,000	Ryder System, Inc., 6.30%, 12/01/28		3,172,031
	4,600,000	Waste Connections, Inc., 5.00%, 03/01/34		4,397,890
				23,588,251
Information Technology — 2.0%
	4,585,000	Fiserv, Inc., 3.50%, 07/01/29		4,176,067
	2,176,000	Fiserv, Inc., 5.35%, 03/15/31		2,144,578
	4,453,000	Hewlett Packard Enterprise Co., 4.90%, 10/15/25		4,398,827
	5,421,000	KLA Corp., 4.70%, 02/01/34		5,155,921
	6,941,000	PayPal Holdings, Inc., 2.85%, 10/01/29		6,160,417
	6,116,000	Texas Instruments, Inc., 1.75%, 05/04/30		5,054,936
				27,090,746
Materials — 1.4%
	5,520,000	BHP Billiton Finance USA Ltd., 5.10%, 09/08/28		5,475,435
	4,499,000	Glencore Funding LLC, 5.34%, 04/04/27(b)		4,453,698
	4,799,000	Nucor Corp., 2.00%, 06/01/25		4,622,998
	3,653,000	Sherwin-Williams Co. (The), 3.45%, 08/01/25		3,549,515
				18,101,646

67

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Real Estate — 0.4%
$	6,070,000	Public Storage Operating Co. REIT, 1.85%, 05/01/28	$	5,312,724
Telecommunication Services — 0.3%
	4,600,000	Cisco Systems, Inc., 4.95%, 02/26/31		4,522,649
Utilities — 2.1%
	1,555,000	Duke Energy Corp., 2.65%, 09/01/26		1,456,868
	4,600,000	National Rural Utilities Cooperative Finance Corp. MTN, 5.05%, 09/15/28		4,544,130
	4,600,000	Pacific Gas and Electric Co., 5.55%, 05/15/29		4,549,345
	4,723,000	Public Service Enterprise Group, Inc., 5.88%, 10/15/28		4,767,105
	3,463,342	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		2,931,506
	5,161,000	Southern California Edison Co., 5.65%, 10/01/28		5,194,464
	4,570,000	Xcel Energy, Inc., 3.30%, 06/01/25		4,448,144
				27,891,562
Total Corporate Bonds (Cost $356,493,243)				345,715,609
ASSET-BACKED  SECURITIES — 7.6%
BERMUDA — 0.4%
Collateralized Loan Obligations — 0.4%
	5,000,000	Trinitas CLO XXIII Ltd., Series 2023-23A, Class A, (3 mo. Term SOFR + 1.800%), 7.12%, 10/20/36(a)(b)		5,026,986
CAYMAN ISLANDS — 3.6%
Collateralized Loan Obligations — 3.6%
	3,500,000	AGL CLO 10 Ltd., Series 2021-10A, Class B, (3 mo. Term SOFR + 1.762%), 7.09%, 04/15/34(a)(b)		3,498,586
	4,500,000	Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR, (3 mo. Term SOFR + 1.962%), 7.29%, 10/15/34(a)(b)		4,512,510
	1,500,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. Term SOFR + 1.712%), 7.02%, 05/15/30(a)(b)		1,499,987

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	2,000,000	Flatiron CLO 19 Ltd., Series 2019-1A, Class BR, (3 mo. Term SOFR + 1.812%), 7.14%, 11/16/34(a)(b)	$	2,000,463
	3,500,000	Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR, (3 mo. Term SOFR + 1.950%), 7.27%, 04/20/35(a)(b)		3,500,732
	1,500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. Term SOFR + 1.662%), 6.99%, 03/20/30(a)(b)		1,500,380
	1,750,000	OCP CLO Ltd., Series 2019-17A, Class BR, (3 mo. Term SOFR + 1.862%), 7.19%, 07/20/32(a)(b)		1,744,222
	4,500,000	Octagon 55 Ltd., Series 2021-1A, Class B, (3 mo. Term SOFR + 1.912%), 7.24%, 07/20/34(a)(b)		4,500,581
	4,500,000	Palmer Square CLO Ltd., Series 2022- 1A, Class B, (3 mo. Term SOFR + 1.800%), 7.12%, 04/20/35(a)(b)		4,472,711
	3,000,000	Palmer Square CLO Ltd., Series 2023- 4A, Class B, (3 mo. Term SOFR + 2.150%), 7.47%, 10/20/33(a)(b)		3,003,646
	4,000,000	Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, (3 mo. Term SOFR + 1.662%), 6.99%, 07/20/29(a)(b)		3,999,973
	3,000,000	Regatta XXI Funding Ltd., Series 2021-3A, Class B, (3 mo. Term SOFR + 1.962%), 7.29%, 10/20/34(a)(b)		3,000,386
	4,700,000	RRX 3 Ltd., Series 2021-3A, Class A2, (3 mo. Term SOFR + 2.012%), 7.34%, 04/15/34(a)(b)		4,713,061
	5,000,000	RRX 7 Ltd., Series 2022-7A, Class A2, (3 mo. Term SOFR + 2.000%), 7.33%, 07/15/35(a)(b)		5,003,187
				46,950,425

68

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
JERSEY CHANNEL ISLANDS — 0.3%
Collateralized Loan Obligations — 0.3%
$	4,000,000	OCP Aegis CLO Ltd., Series 2023-29A, Class B, (3 mo. Term SOFR + 2.500%), 7.83%, 01/20/35(a)(b)	$	4,029,637
UNITED STATES — 3.3%
Other Asset-Backed Securities — 3.3%
	3,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class A, 6.12%, 04/20/27(b)		3,009,913
	3,850,000	Bank of America Auto Trust, Series 2023-2A, Class A3, 5.74%, 06/15/28(b)		3,864,156
	1,483,070	Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3, 0.77%, 09/15/26		1,442,388
	1,500,000	CarMax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26		1,433,260
	84,936	CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 02/17/26		83,727
	779,525	CarMax Auto Owner Trust, Series 2022-2, Class A3, 3.49%, 02/16/27		767,569
	5,000,000	CarMax Auto Owner Trust, Series 2022-4, Class A3, 5.34%, 08/16/27		4,986,663
	2,250,000	CarMax Auto Owner Trust, Series 2023-4, Class A3, 6.00%, 07/17/28		2,270,657
	1,500,000	CNH Equipment Trust, Series 2021-C, Class A4, 1.16%, 10/16/28		1,392,859
	3,750,000	Daimler Trucks Retail Trust, Series 2023-1, Class A3, 5.90%, 03/15/27		3,764,235
	411,836	Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 08/20/27(b)		405,650
	1,500,000	Enterprise Fleet Financing LLC, Series 2024-1, Class A2, 5.23%, 03/20/30(b)		1,488,674
	1,000,000	Enterprise Fleet Financing LLC, Series 2024-2, Class A2, 5.74%, 12/20/26(b)		999,204
	4,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(b)		3,746,253

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,000,000	Honda Auto Receivables Owner Trust, Series 2023-2, Class A3, 4.93%, 11/15/27	$	1,982,361
	1,246,536	Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.94%, 07/15/69(b)		1,075,632
	2,026,848	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69(b)		1,757,764
	3,700,000	PFS Financing Corp., Series 2024-B, Class A, 4.95%, 02/15/29(b)		3,635,273
	373,691	Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.34%, 08/25/47(b)		365,796
	507,651	Sofi Professional Loan Program Trust, Series 2021-A, Class AFX, 1.03%, 08/17/43(b)		426,845
	1,800,000	Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 04/15/28		1,761,128
	1,000,000	Tesla Auto Lease Trust, Series 2023-A, Class A3, 5.89%, 06/22/26(b)		1,001,546
	2,457,000	Verizon Master Trust, Series 2022-7, Class A1A, 5.23%, 11/22/27		2,451,110
	180,267	World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25		179,579
				44,292,242
Total Asset-Backed Securities (Cost $101,347,367)				100,299,290
NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%
	442,645	JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)		389,537
Total Non-Agency Mortgage-Backed Securities (Cost $447,630)				389,537

69

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 0.4%
Federal Farm Credit Banks Funding Corp. — 0.4%
$	5,000,000	5.65%, 07/25/33	$	4,971,524
Total U.S. Government Agencies (Cost $5,000,000)				4,971,524
U.S.  GOVERNMENT SECURITIES — 63.9%
U.S. Treasury Bonds — 4.9%
	15,686,000	3.38%, 08/15/42		12,787,153
	43,863,000	2.88%, 05/15/52		30,837,745
	23,049,000	4.13%, 08/15/53		20,618,051
				64,242,949
U.S. Treasury Inflation Indexed Notes — 2.6%
	36,531,373	1.25%, 04/15/28(c)		34,960,706
U.S. Treasury Notes — 56.4%
	52,522,000	4.75%, 10/15/26		52,105,517
	16,183,000	2.75%, 07/31/27		15,163,977
	40,212,000	4.13%, 10/31/27		39,277,385
	46,540,000	3.88%, 12/31/27		45,051,084
	18,443,000	4.00%, 02/29/28		17,918,527
	82,883,000	4.00%, 06/30/28		80,435,361
	45,391,000	1.00%, 07/31/28		38,855,405
	95,400,000	4.00%, 07/31/28		93,007,547
	19,534,000	4.88%, 10/31/28		19,616,409
	10,000,000	4.00%, 01/31/29		9,685,547
	8,051,000	4.25%, 02/28/29		7,883,690
	34,074,000	3.88%, 12/31/29		32,627,186
	109,000,000	4.00%, 01/31/31		104,516,524
	2,009,000	4.25%, 02/28/31		1,955,322
	13,068,000	4.13%, 11/15/32		12,542,728
	163,169,000	3.38%, 05/15/33		147,412,993
	30,245,000	4.00%, 02/15/34		28,628,783
				746,683,985
Total U.S. Government Securities (Cost $879,749,652)				845,887,640

Shares			Value
INVESTMENT COMPANY — 9.4%
	124,912,096	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(d)	$	124,912,096
Total Investment Company (Cost $124,912,096)				124,912,096
TOTAL INVESTMENTS — 107.4% (Cost $1,467,949,988)			$	1,422,175,696
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.4)%				(97,774,209	)
NET ASSETS — 100.0%			$	1,324,401,487

(a)	Floating rate security. Rate shown is the rate in effect as of April 30, 2024.
(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)	Inflation protected security.
(d)	The rate shown represents the current yield as of April 30, 2024.

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

GMTN — Global Medium Term Note

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Asset-Backed Securities		7.6	%
Corporate Bonds		26.1
Non-Agency Mortgage-Backed Securities		0.0	*
U.S. Government Agencies and Securities		64.3
Other**		2.0
		100.0	%

* Represents less than 0.01% of net assets.

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

70

Old Westbury Funds, Inc.
Short-Term Bond Fund
Portfolio of Investments	April 30, 2024
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 35.0%
Banks — 8.0%
$	147,000	Bank of America Corp., (SOFR RATE + 1.630%), 5.20%, 04/25/29(a)	$	144,825
	102,000	Bank of Montreal, Series H, MTN, 4.70%, 09/14/27		99,738
	137,000	Bank of New York Mellon Corp. (The), (SOFR RATE + 1.026%), 4.95%, 04/26/27(a)		135,557
	102,000	Citigroup, Inc., (3 mo. Term SOFR + 1.652%), 3.67%, 07/24/28(a)		96,086
	249,000	JPMorgan Chase & Co., (SOFR RATE + 1.015%), 2.07%, 06/01/29(a)		217,571
	217,000	Morgan Stanley, (SOFR RATE + 1.295%), 5.05%, 01/28/27(a)		214,808
	92,000	Sumitomo Mitsui Financial Group, Inc., 2.63%, 07/14/26		86,616
	87,000	Toronto-Dominion Bank (The) GMTN, 5.53%, 07/17/26		87,045
	150,000	Wells Fargo & Co. GMTN, (SOFR RATE + 1.070%), 5.71%, 04/22/28(a)		150,183
				1,232,429
Consumer Discretionary — 4.6%
	92,000	American Honda Finance Corp. GMTN, (SOFR RATE + 0.770%), 6.12%, 03/12/27(a)		92,253
	87,000	Clorox Co. (The), 3.90%, 05/15/28		82,775
	147,000	General Motors Financial Co., Inc., 5.40%, 05/08/27		145,943
	218,000	Southwest Airlines Co., 5.13%, 06/15/27		214,858
	190,000	Warnermedia Holdings, Inc., 3.76%, 03/15/27		179,139
				714,968
Consumer Staples — 2.1%
	102,000	Constellation Brands, Inc., 5.00%, 02/02/26		100,860
	117,000	Keurig Dr Pepper, Inc., (SOFRINDX + 0.880%), 6.24%, 03/15/27(a)		117,709

Principal Amount			Value
Consumer Staples (continued)
$	112,000	Sysco Corp., 3.75%, 10/01/25	$	108,941
				327,510
Energy — 3.0%
	114,000	BP Capital Markets America, Inc., 3.94%, 09/21/28		108,389
	113,000	Enbridge, Inc., 6.00%, 11/15/28		114,824
	167,000	Energy Transfer LP, 4.95%, 06/15/28		162,724
	87,000	Williams Cos., Inc. (The), 5.40%, 03/02/26		86,620
				472,557
Financial Services — 4.0%
	147,000	Air Lease Corp., 5.85%, 12/15/27		147,300
	152,000	American Express Co., (SOFR RATE + 1.000%), 5.10%, 02/16/28(a)		150,256
	181,000	Capital One Financial Corp., (SOFR RATE + 2.080%), 5.47%, 02/01/29(a)		177,749
	151,000	Corebridge Financial, Inc., 3.65%, 04/05/27		142,997
				618,302
Health Care — 4.8%
	87,000	Cigna Group (The), 4.50%, 02/25/26		85,460
	259,000	CVS Health Corp., 1.30%, 08/21/27		226,575
	167,000	HCA, Inc., 5.38%, 09/01/26		165,678
	87,000	Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/28		84,346
	92,000	Zimmer Biomet Holdings, Inc., 3.05%, 01/15/26		88,131
	87,000	Zoetis, Inc., 5.40%, 11/14/25		86,761
				736,951
Industrials — 1.3%
	117,000	L3Harris Technologies, Inc., 5.40%, 01/15/27		116,758
	87,000	Ryder System, Inc. MTN, 5.30%, 03/15/27		86,371
				203,129

71

Old Westbury Funds, Inc.
Short-Term Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Information Technology — 0.6%
$	102,000	Fiserv, Inc., 5.15%, 03/15/27	$	100,982
Materials — 1.1%
	170,000	Glencore Funding LLC, 5.34%, 04/04/27(b)		168,288
Telecommunication Services — 1.1%
	174,000	T-Mobile USA, Inc., 3.75%, 04/15/27		165,732
Utilities — 4.4%
	87,000	DTE Energy Co. , STEP, 4.22%, 11/01/24		86,236
	117,000	National Rural Utilities Cooperative Finance Corp. MTN, 5.05%, 09/15/28		115,579
	87,000	NextEra Energy Capital Holdings, Inc., 4.95%, 01/29/26		86,209
	217,000	Public Service Enterprise Group, Inc., 5.88%, 10/15/28		219,026
	87,000	Southern California Edison Co., 5.35%, 03/01/26		86,676
	97,000	Southern Co. (The), 4.85%, 06/15/28		94,558
				688,284
Total Corporate Bonds (Cost $5,473,044)				5,429,132
ASSET-BACKED  SECURITIES — 4.2%
UNITED STATES — 4.2%
Other Asset-Backed Securities — 4.2%
	200,000	CarMax Auto Owner Trust, Series 2023-1, Class A3, 4.75%, 10/15/27		198,040
	250,000	Enterprise Fleet Financing LLC, Series 2024-2, Class A2, 5.74%, 12/20/26(b)		249,801
	200,000	Hyundai Auto Receivables Trust, Series 2022-C, Class A3, 5.39%, 06/15/27		199,629
Total Asset-Backed Securities (Cost $647,800)				647,470
U.S. GOVERNMENT SECURITIES — 59.1%
U.S. Treasury Bills — 30.4%
	965,000	5.28%, 05/02/24(c)		964,859
	722,000	5.29%, 05/30/24(c)		718,932
	758,000	5.31%, 06/13/24(c)		753,222
	772,000	5.29%, 07/02/24(c)		764,995

Principal Amount			Value
U.S. Treasury Bills (continued)
$	758,000	5.23%, 08/29/24(c)	$	744,790
	779,000	5.26%, 09/26/24(c)		762,363
				4,709,161
U.S. Treasury Notes — 28.7%
	464,000	4.13%, 05/31/25		459,124
	460,000	5.00%, 08/31/25		458,760
	462,000	4.50%, 11/15/25		457,416
	448,000	4.25%, 01/31/26		441,613
	462,000	3.63%, 05/15/26		449,421
	199,000	4.38%, 08/15/26		196,303
	179,000	4.75%, 11/15/26		177,595
	179,000	4.00%, 01/15/27		174,833
	160,000	4.13%, 09/30/27		156,394
	160,000	3.88%, 11/30/27		154,956
	322,000	4.00%, 02/29/28		312,843
	325,000	4.00%, 06/30/28		315,402
	364,000	4.38%, 08/31/28		358,298
	352,000	4.00%, 01/31/29		340,931
				4,453,889
Total U.S. Government Securities (Cost $9,211,737)				9,163,050
Shares
INVESTMENT COMPANY — 2.3%
	352,016	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(d)		352,016
Total Investment Company (Cost $352,016)				352,016
TOTAL INVESTMENTS — 100.6% (Cost $15,684,597)			$	15,591,668
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(94,949	)
NET ASSETS — 100.0%			$	15,496,719

(a)	Floating rate security. Rate shown is the rate in effect as of April 30, 2024.
(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)	Zero coupon security. The rate represents the yield at time of purchase.
(d)	The rate shown represents the current yield as of April 30, 2024.

The following abbreviations are used in the report:

GMTN — Global Medium Term Note

72

Old Westbury Funds, Inc.
Short-Term Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

MTN — Medium Term Note

SOFR — Secured Overnight Financing Rate

SOFRINDX — SOFR Index

STEP — Step Coupon Bond

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Asset-Backed Securities		4.2	%
Corporate Bonds		35.0
U.S. Government Securities		59.1
Other*		1.7
		100.0	%

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

73

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	April 30, 2024 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 95.3%
Alabama — 0.4%
$	1,500,000	City of Huntsville Warrants Refunding GO, Series A, 5.00%, 08/01/26(a)	$	1,505,792
	13,000,000	Water Works Board of the City of Birmingham Water Utility Improvements Revenue Bonds, Series B, 5.00%, 01/01/45(a)		13,124,930
				14,630,722
Arizona — 1.7%
	1,715,000	Arizona Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/24		1,716,096
	12,270,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, 5.00%, 07/01/24		12,292,934
	5,000,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, 5.00%, 07/01/32		5,753,386
	10,000,000	Arizona Transportation Board Refunding Revenue Bonds, 5.00%, 07/01/24		10,018,691
	1,250,000	Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/26		1,256,581
	5,000,000	City of Phoenix Civic Improvement Corp. Current Refunding Revenue Bonds, 5.00%, 07/01/29		5,371,856
	5,000,000	City of Phoenix Civic Improvement Corp. Current Refunding Revenue Bonds, 5.00%, 07/01/31		5,485,562
	7,500,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, 5.00%, 01/01/30		7,991,728
	3,950,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, Series A, 5.00%, 01/01/33		4,110,353

Principal Amount			Value
Arizona (continued)
$	6,810,000	Salt River Project Agricultural Improvement & Power District Revenue Bonds, Series A, 5.00%, 01/01/43	$	7,418,484
	2,000,000	Salt River Project Agricultural Improvement & Power District Revenue Bonds, Series B, 5.00%, 01/01/43		2,205,530
	5,250,000	Town of Gilbert Public Improvements GO, 5.00%, 07/15/25		5,347,094
				68,968,295
California — 6.3%
	10,000,000	California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 5.00%, 10/01/36		11,614,154
	4,735,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, 5.00%, 05/15/32		5,187,961
	1,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/26		1,538,312
	2,250,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/27		2,336,450
	4,340,000	City of San Francisco CA Public Utilities Commission Water Revenue Cash Flow Management Revenue Bonds, Sub-Series C, 5.00%, 11/01/31		5,020,545
	2,000,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/24		2,007,059
	6,200,000	Los Angeles Community College District University & College Improvements GO, Series A-2, 5.50%, 08/01/24		6,197,343
	4,325,000	Los Angeles Department of Water & Power Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		4,503,322

74

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
California (continued)
$	5,000,000	Los Angeles Department of Water & Power Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 07/01/27	$	5,322,375
	6,850,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27		6,184,533
	18,115,000	San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series C, 5.00%, 05/01/30		19,532,410
	4,415,000	State of California Current Refunding GO, 5.00%, 10/01/25		4,514,596
	14,000,000	State of California Current Refunding GO, 5.00%, 12/01/25		14,359,505
	10,000,000	State of California Current Refunding GO, 5.00%, 12/01/27		10,645,768
	10,000,000	State of California Current Refunding GO, 5.00%, 10/01/37		11,119,584
	9,500,000	State of California Current Refunding GO, 5.00%, 04/01/27		9,980,531
	15,000,000	State of California Current Refunding GO, (AGM), 5.25%, 08/01/32		17,278,341
	11,250,000	State of California Public Improvements GO, 5.00%, 09/01/25		11,489,400
	8,500,000	State of California Public Improvements GO, 5.00%, 09/01/26		8,829,514
	5,000,000	State of California Public Improvements GO, 5.00%, 09/01/31		5,682,840
	3,000,000	State of California Public Improvements GO, 5.00%, 03/01/26		3,040,610
	5,715,000	State of California Public Improvements GO, 5.00%, 10/01/27		5,886,778
	8,000,000	State of California Refunding GO, 5.00%, 10/01/25		8,044,285
	10,000,000	State of California School Improvements GO, 1.75%, 11/01/30		8,160,096

Principal Amount			Value
California (continued)
$	15,000,000	State of California Water Utility Improvements GO, 5.00%, 09/01/25	$	15,319,200
	15,000,000	State of California Water Utility Improvements GO, 5.00%, 09/01/26		15,581,494
	4,100,000	State of California Water Utility Improvements GO, 5.00%, 09/01/27		4,342,929
	5,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/28		5,351,563
	7,265,000	State of California Water Utility Improvements GO, 5.00%, 04/01/29		7,928,641
	7,500,000	University of California Current Refunding Revenue Bonds, Series BV, 5.00%, 05/15/24		7,503,221
	10,000,000	University of California University & College Improvements Revenue Bonds, Series BK, 5.00%, 05/15/32		11,580,463
				256,083,823
Colorado — 0.9%
	3,225,000	Adams & Arapahoe Joint School District 28J Aurora Current Refunding GO, (State Aid Withholding), 5.00%, 12/01/24		3,248,872
	6,175,000	City & County of Denver Co. Airport System Refunding Revenue Bonds, Series A, 5.00%, 11/15/36		6,732,532
	2,225,000	City & County of Denver Co. Airport System Refunding Revenue Bonds, Series C, 5.00%, 11/15/27		2,369,532
	11,220,000	City & County of Denver Co. Airport System Revenue Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 12/01/28		11,814,206
	10,000,000	City & County of Denver Co. Airport System Revenue, Series A, 5.00%, 12/01/32		10,513,964
	2,060,000	Colorado Higher Education Refunding COP, Series A, 5.00%, 11/01/24		2,073,042
				36,752,148

75

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
Connecticut — 2.4%
$	5,000,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, 5.00%, 07/01/40(b)	$	5,346,289
	11,200,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, 5.00%, 07/01/27		11,869,265
	11,000,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series X-2, 5.00%, 07/01/37(c)		12,792,579
	1,000,000	Metropolitan District Refunding Notes GO, 5.00%, 03/01/25		1,001,145
	5,860,000	Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/25		5,995,639
	7,000,000	State of Connecticut Current Refunding GO, Series B, 5.00%, 08/01/24		7,022,212
	2,000,000	State of Connecticut Current Refunding GO, Series D, 5.00%, 09/15/24		2,010,082
	9,345,000	State of Connecticut Public Improvements GO, Series A, 5.00%, 01/15/26		9,609,863
	6,000,000	State of Connecticut Public Improvements GO, Series A, 3.85%, 09/15/27		5,780,984
	6,775,000	State of Connecticut Special Tax Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/30		7,548,771
	10,000,000	State of Connecticut Special Tax Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/35		10,581,833
	11,400,000	State of Connecticut Special Tax Revenue Bonds, Series B, 5.00%, 10/01/35		12,162,826
	1,900,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/24		1,907,747

Principal Amount			Value
Connecticut (continued)
$	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/27	$	5,019,672
				98,648,907
Delaware — 2.0%
	2,000,000	Delaware River & Bay Authority Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/25		2,017,453
	1,665,000	Delaware River & Bay Authority Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/26		1,710,395
	10,000,000	Delaware State Health Facilities Authority Current Refunding Revenue Bonds, 5.00%, 10/01/45		10,340,104
	9,430,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 07/01/28		10,178,564
	6,780,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/27		7,170,323
	2,240,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/35		2,565,845
	7,705,000	State of Delaware Current Refunding GO, Series A, 5.00%, 10/01/27		8,202,945
	10,800,000	State of Delaware Public Facilities GO, 5.00%, 02/01/25		10,917,441
	9,650,000	State of Delaware Public Facilities GO, 5.00%, 02/01/26		9,931,785
	9,005,000	State of Delaware Public Improvements GO, Series A, 5.00%, 05/01/26		9,307,658
	7,500,000	State of Delaware Public Improvements GO, Series A, 5.00%, 05/01/37		8,693,250
				81,035,763
District of Columbia — 2.2%
	4,000,000	District of Columbia Current Refunding GO, Series B, 5.00%, 06/01/24		4,003,527

76

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
District of Columbia (continued)
$	3,660,000	District of Columbia Current Refunding Revenue Bonds, Series C, 5.00%, 12/01/26	$	3,823,987
	4,145,000	District of Columbia Income Tax Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/25		4,195,557
	8,800,000	District of Columbia Income Tax Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/26		9,066,665
	3,500,000	District of Columbia Income Tax Public Improvements Revenue Bonds, Series B, 5.00%, 10/01/27		3,719,173
	4,280,000	District of Columbia Income Tax Revenue Bonds, Series A, 5.00%, 05/01/43		4,687,938
	5,000,000	District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/34		5,746,394
	2,750,000	District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/35		3,146,110
	4,500,000	District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/36		5,111,504
	10,000,000	District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/47		10,726,096
	7,185,000	District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B, 3.81%, 07/01/30		6,755,928
	6,000,000	District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B, 3.86%, 07/01/31		5,593,225
	10,000,000	District of Columbia Water & Sewer Authority Revenue Bonds, Series A, 5.00%, 10/01/52		10,244,235
	5,000,000	Metropolitan Washington Airports Authority Aviation Current Refunding Revenue Bonds, 5.00%, 10/01/25		5,075,994

Principal Amount			Value
District of Columbia (continued)
$	8,875,000	Metropolitan Washington Airports Authority Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 10/01/24	$	8,903,464
				90,799,797
Florida — 1.0%
	5,650,000	State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/34		6,524,217
	6,545,000	State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/37		7,424,850
	2,545,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/25		2,586,475
	2,670,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/26		2,765,135
	2,805,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/27		2,965,519
	2,945,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/28		3,173,860
	4,080,000	State of Florida Lottery Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		4,087,287
	4,720,000	State of Florida Lottery Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		4,982,808
	4,960,000	State of Florida Lottery Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		5,343,433
				39,853,584

77

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
Georgia — 1.5%
$	18,480,000	Brookhaven Development Authority Revenue Bonds, Series A, 4.00%, 07/01/44	$	17,930,623
	9,280,000	City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, 5.00%, 07/01/34		10,246,628
	12,890,000	City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, 5.00%, 07/01/35		14,195,374
	5,500,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/27		5,720,515
	10,000,000	State of Georgia Current Refunding GO, Series C, 5.00%, 01/01/31		11,297,657
				59,390,797
Hawaii — 3.1%
	7,775,000	City & County of Honolulu GO, Series E, 5.00%, 03/01/30		8,615,566
	10,000,000	City & County of Honolulu HI Refunding GO, Series A, 5.00%, 09/01/25		10,209,979
	10,000,000	City & County of Honolulu Transit Improvements GO, Series E, 5.00%, 03/01/29		10,896,056
	2,000,000	State of Hawaii Airports System Current Refunding Revenue Bonds, Series E, 1.71%, 07/01/26		1,858,335
	10,000,000	State of Hawaii Airports System Refunding Revenue Bonds, Series D, 5.00%, 07/01/33		11,069,320
	6,015,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/34		6,438,670
	10,350,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/31		11,092,529

Principal Amount			Value
Hawaii (continued)
$	6,235,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/32	$	6,680,126
	4,165,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/27		4,318,250
	7,330,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/28		7,683,395
	10,420,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/31		10,612,526
	3,000,000	State of Hawaii Public Facilities GO, Series GK, 4.93%, 10/01/28		3,004,354
	20,000,000	State of Hawaii Public Facilities GO, Series GK, 5.06%, 10/01/29		20,186,668
	5,000,000	State of Hawaii Public Facilities GO, Series GK, 5.13%, 10/01/30		5,062,695
	4,360,000	State of Hawaii Public Facilities GO, Series GK, 5.15%, 10/01/31		4,412,035
	2,000,000	State of Hawaii Public Facilities GO, Series GK, 5.20%, 10/01/32		2,025,696
				124,166,200
Idaho — 0.3%
	2,000,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/25		2,039,565
	1,750,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/34		2,046,802
	3,600,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/35		4,194,336

78

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
Idaho (continued)
$	1,500,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/37	$	1,713,438
	1,250,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/38		1,402,197
				11,396,338
Illinois — 0.2%
	3,000,000	Illinois State Toll Highway Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/41		3,310,739
	5,000,000	Metropolitan Water Reclamation District of Greater Chicago Advance Refunding GO, Series E, 2.53%, 12/01/32		4,038,641
				7,349,380
Iowa — 0.2%
	2,250,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/25		2,294,082
	2,075,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/26		2,152,920
	1,375,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/28		1,488,315
	3,185,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/31		3,606,719
				9,542,036
Maryland — 5.3%
	5,735,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/27		5,817,334
	9,205,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/26		9,477,318
	5,000,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/27		5,245,045
	4,540,000	County of Baltimore Refunding GO, 5.00%, 03/01/30		5,056,674
	9,825,000	County of Howard Advance Refunding GO, Series D, 5.00%, 02/15/27		10,316,795

Principal Amount			Value
Maryland (continued)
$	13,515,000	County of Montgomery Refunding GO, Series A, 5.00%, 08/01/24	$	13,556,204
	13,915,000	County of Montgomery Refunding GO, Series A, 5.00%, 08/01/36		15,665,411
	3,185,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 09/15/25		3,254,014
	15,000,000	County of Prince George’s School Improvements GO, Series A, 5.00%, 08/01/24		15,043,866
	10,000,000	County of Prince George’s School Improvements GO, Series A, 5.00%, 07/01/30		11,202,214
	15,000,000	County of Prince George’s School Improvements GO, Series A, 5.00%, 07/01/31		17,069,937
	8,000,000	State of Maryland Advance Refunding GO, Series B, 5.00%, 08/01/25		8,156,738
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 11/01/26		10,067,825
	6,070,000	State of Maryland Public Facilities GO, Series A, 5.00%, 08/01/34		6,896,940
	11,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/27		11,621,380
	20,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/28		21,554,796
	10,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/29		10,986,270
	4,855,000	State of Maryland School Improvements GO, Series A, 5.00%, 03/15/31		5,408,325
	10,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/31		11,365,931
	15,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/36		17,106,075
				214,869,092

79

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
Massachusetts — 6.3%
$	3,900,000	City of Boston Public Improvements GO, Series A, 5.00%, 11/01/31	$	4,517,145
	12,285,000	City of Boston Public Improvements GO, Series A, 5.00%, 11/01/35		14,537,370
	3,670,000	City of Cambridge School Improvements GO, 5.00%, 02/15/25		3,718,209
	2,270,000	City of Lowell School Improvements GO, (State Aid Withholding), 5.00%, 09/01/36		2,614,439
	1,800,000	City of Lowell School Improvements GO, (State Aid Withholding), 5.00%, 09/01/38		2,039,912
	13,025,000	Commonwealth of Massachusetts Advance Refunding GO, Series B,  5.00%, 07/01/31		13,505,776
	9,330,000	Commonwealth of Massachusetts Advance Refunding GO, Series C, 5.00%, 10/01/26		9,715,528
	10,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 10/01/29		11,041,650
	10,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A,  5.00%, 10/01/30		11,233,386
	10,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A,  5.00%, 10/01/31		11,391,857
	10,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 10/01/32		11,552,278
	2,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/32		2,031,209
	11,000,000	Commonwealth of Massachusetts Transit Improvements GO, Series A, 5.00%, 02/01/32		12,590,764
	7,700,000	Commonwealth of Massachusetts Transit Improvements GO, Series A, 5.00%, 02/01/30		8,553,456

Principal Amount			Value
Massachusetts (continued)
$	5,000,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/27	$	5,178,947
	9,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Subseries A-1, 5.00%, 07/01/43		9,892,004
	7,280,000	Massachusetts Clean Water Trust Advance Green Revenue Bonds, Series 2020, 5.00%, 02/01/36		7,356,518
	3,500,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/25		3,538,318
	2,000,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/26		2,058,401
	3,500,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/27		3,683,158
	2,500,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds,  5.00%, 02/01/28		2,688,520
	2,160,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/29		2,369,710
	2,000,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/30		2,236,278
	2,750,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/31		3,128,856
	2,500,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/32		2,889,684
	1,515,000	Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/33		1,777,182

80

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
Massachusetts (continued)
$	1,750,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/29	$	1,919,904
	2,000,000	Massachusetts Clean Water Trust Green Revenue Bonds,  5.00%, 02/01/30		2,236,278
	3,500,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/33		4,105,701
	1,000,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/41		1,101,697
	1,000,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/40		1,105,923
	2,000,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/41		2,203,393
	4,900,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/42		5,376,135
	4,000,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/43		4,368,824
	10,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/27		10,638,346
	10,000,000	Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series D, 5.00%, 07/01/47		10,634,572
	16,275,000	Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series T, 5.00%, 03/01/34		18,962,297
	7,500,000	Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B, 5.00%, 02/15/33		8,765,506
	7,500,000	Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B, 5.00%, 02/15/34		8,879,662

Principal Amount			Value
Massachusetts (continued)
$	525,000	Massachusetts Health & Educational Facilities Authority Current Refunding Revenue Bonds, Series I, 5.00%, 11/01/24	$	528,826
	980,000	Massachusetts Health & Educational Facilities Authority Current Refunding Revenue Bonds, Series J-1, 5.00%, 11/01/34		1,170,117
	2,000,000	Massachusetts Health & Educational Facilities Authority Current Refunding Revenue Bonds, Series J-2, 5.00%, 11/01/33		2,364,263
	5,000,000	Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33		5,490,296
				255,692,295
Michigan — 0.4%
	1,735,000	Michigan State University Current Refunding Revenue Bonds, Series C, 5.00%, 02/15/35		1,887,010
	2,500,000	Michigan State University Current Refunding Revenue Bonds, Series RE, 5.00%, 08/15/24		2,507,950
	3,000,000	State of Michigan Trunk Line Revenue Highway Improvements Revenue Bonds, 5.00%, 11/15/26		3,127,237
	6,270,000	State of Michigan Trunk Line Revenue Highway Improvements Revenue Bonds, 5.00%, 11/15/36		7,233,646
	3,000,000	University of Michigan University & College Improvements Revenue Bonds, Series A, 5.00%, 04/01/26		3,093,296
				17,849,139
Minnesota — 1.1%
	2,500,000	Osseo Independent School District No 279 School Improvements GO, Series A, (School District Credit Program), 5.00%, 02/01/25		2,527,206

81

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Minnesota (continued)
$	5,000,000	Osseo Independent School District No 279 School Improvements GO, Series A, (School District Credit Program), 5.00%, 02/01/26	$	5,145,237
	7,300,000	Rosemount-Apple Valley-Eagan Independent School District No 196 School Improvements GO, Series A, (School District Credit Program), 5.00%, 02/01/26		7,505,778
	7,500,000	State of Minnesota Highway Improvements GO, Series B, 5.00%, 08/01/25		7,650,632
	2,910,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/26		2,912,094
	10,000,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/25		10,216,116
	7,360,000	State of Minnesota School Improvements GO, Series A, Group 2, 5.00%, 08/01/38		8,284,825
				44,241,888
Missouri — 0.8%
	10,245,000	Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A, 5.00%, 05/01/33		11,720,566
	20,000,000	Missouri Highway & Transportation Commission Revenue Bonds, Series A, 5.00%, 05/01/24		20,000,000
				31,720,566
Nebraska — 0.2%
	2,345,000	Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, 5.00%, 12/01/27		2,491,522
	2,850,000	Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, 5.00%, 12/01/31		3,234,258

Principal Amount			Value
Nebraska (continued)
$	2,995,000	Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, 5.00%, 12/01/32	$	3,443,769
				9,169,549
Nevada — 1.0%
	18,515,000	State of Nevada Public Improvements GO, Series A, 5.00%, 05/01/24		18,515,000
	20,915,000	State of Nevada Public Improvements GO, Series A, 5.00%, 05/01/36		24,110,293
				42,625,293
New Jersey — 4.7%
	7,500,000	Middlesex County Improvement Authority University & College Improvements Revenue Bonds, 5.00%, 08/15/53		7,973,326
	1,650,000	New Jersey Economic Development Authority Revenue Bonds, Series A, 5.00%, 11/01/24		1,658,411
	1,815,000	New Jersey Educational Facilities Authority Advance Refunding Revenue Bonds, Series I, 5.00%, 07/01/34		1,915,309
	6,535,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/25		6,617,097
	5,000,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/26		5,158,219
	6,665,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/27		7,015,768
	4,000,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/28		4,294,722
	10,000,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/01/27		10,526,283

82

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	10,000,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/01/32	$	11,506,497
	10,000,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1, 5.00%, 03/01/30		11,148,907
	5,000,000	New Jersey Health Care Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 07/01/40		5,581,745
	10,000,000	New Jersey Infrastructure Bank Green Purpose Revenue Bonds, Series A-2, 5.00%, 09/01/47		10,822,685
	3,210,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/31		3,565,026
	7,250,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/32		8,108,040
	5,000,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/33		5,585,410
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/27		1,043,941
	9,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.28%, 01/01/27		8,144,545
	5,500,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.81%, 01/01/30		4,647,896
	4,250,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 01/01/32		4,517,851

Principal Amount			Value
New Jersey (continued)
$	3,755,000	New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/29	$	4,071,753
	3,400,000	New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/30		3,752,671
	2,775,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/27		2,896,936
	2,145,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/29		2,148,666
	2,500,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/29		2,609,246
	4,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/34		4,152,481
	3,750,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/42		4,090,542
	5,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/44		5,465,909
	12,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/46		12,921,212
	3,250,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/32		3,281,489
	3,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/33		3,028,068
	2,000,000	Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S, 1.66%, 05/01/28		1,758,494

83

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	20,000,000	State of New Jersey COVID-19 GO, Series A, 5.00%, 06/01/24	$	20,015,666
				190,024,811
New York — 13.7%
	8,360,000	City of New York Current Refunding GO, Series A-1, 5.00%, 08/01/30		9,251,290
	10,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/24		10,031,234
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/26		5,173,359
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/28		5,366,440
	5,000,000	City of New York Current Refunding GO, Series D, 5.00%, 08/01/25		5,097,346
	9,400,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24		9,429,360
	15,000,000	City of New York Current Refunding GO, Series F-2, 5.13%, 08/01/24		14,983,930
	5,000,000	City of New York Public Improvements GO, Series B-2, 5.37%, 10/01/25		5,002,749
	12,335,000	City of New York Public Improvements GO, Series B-2, 5.31%, 10/01/27		12,419,259
	10,000,000	City of New York Public Improvements GO, Series B-3, 5.00%, 09/01/26(c)		10,362,373
	8,890,000	City of New York Public Improvements GO, Subseries D-2, 3.66%, 12/01/26		8,572,424
	19,825,000	City of New York Public Improvements GO, Sub-Series E-2, 4.57%, 04/01/28		19,495,090
	9,450,000	City of New York Refunding GO, Series J, Sub-Series J11, 5.00%, 08/01/25(c)		9,633,984
	2,055,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.25%, 11/15/31		2,144,988

Principal Amount			Value
New York (continued)
$	10,000,000	Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 11/15/27	$	10,712,736
	3,545,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/24		3,548,892
	10,000,000	New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/30		11,215,256
	5,000,000	New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/31		5,700,244
	10,000,000	New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/32		11,560,583
	10,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series F-2, 4.90%, 02/01/32		9,767,480
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/31		9,413,734
	14,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds,Sub-Series D-2, 5.00%, 11/01/28		13,990,393
	15,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.05%, 11/01/29		14,993,255
	15,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.15%, 11/01/30		15,013,076

84

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
New York (continued)
$	10,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.25%, 11/01/31	$	10,035,933
	14,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.35%, 11/01/32		14,081,024
	8,560,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series F-1, 5.00%, 02/01/45		9,282,732
	1,000,000	New York City Transitional Finance Authority Public Improvements Revenue, Series B, 5.00%, 05/01/25		1,014,521
	1,785,000	New York City Transitional Finance Authority Public Improvements Revenue, Series B, 5.00%, 05/01/26		1,841,546
	2,000,000	New York City Transitional Finance Authority Public Improvements Revenue, Series B, 5.00%, 05/01/27		2,106,558
	7,000,000	New York City Transitional Finance Authority Public Improvements Revenue, Series B, 5.00%, 05/01/36		8,064,531
	2,500,000	New York City Transitional Finance Authority Public Improvements Revenue, Series B, 5.00%, 05/01/37		2,853,414
	2,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/31		2,032,588
	8,000,000	New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1, 5.00%, 03/15/36		9,127,864
	2,250,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 03/15/37		2,540,186
	10,000,000	New York State Dormitory Authority Public Facilities Revenue Bonds, Series B, 5.11%, 03/15/25		9,962,899

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28(a)	$	5,062,415
	10,000,000	New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A, 5.00%, 03/15/32		10,825,380
	12,000,000	New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A, 5.00%, 03/15/29		12,781,600
	6,290,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A, 5.00%, 03/15/27		6,633,032
	10,000,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series C, 5.00%, 03/15/27		10,545,361
	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		5,155,370
	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/28		5,346,732
	4,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/29		4,350,386
	4,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/30		4,977,296
	14,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series F, 5.29%, 03/15/25		13,947,938
	5,000,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		5,007,061

85

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
New York (continued)
$	7,850,000	New York State Thruway Authority Current Refunding Revenue Bonds, Series P, 5.00%, 01/01/25	$	7,925,207
	10,000,000	New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/39		11,111,690
	2,105,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27(a)		2,168,359
	5,835,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series B, 5.00%, 03/15/25		5,912,238
	11,970,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 09/15/28		12,936,437
	10,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/30		11,100,418
	10,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/31		11,269,100
	10,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/32		11,422,677
	20,000,000	New York State Urban Development Corp. Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/36		23,185,052
	10,000,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 3.75%, 11/01/41(b)		10,000,000
	3,500,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, 5.00%, 05/15/27		3,691,348
	5,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/27		5,086,050
	10,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/28		10,354,742

Principal Amount			Value
New York (continued)
$	10,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/29	$	10,564,723
	6,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/30		7,031,570
	10,210,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/31		11,271,273
	10,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/32		11,222,202
				556,708,928
North Carolina — 2.6%
	5,000,000	City of Charlotte Current Refunding GO, Series B, 5.00%, 07/01/24		5,009,014
	11,680,000	City of Charlotte Current Refunding GO, Series B, 5.00%, 07/01/25		11,890,429
	3,295,000	City of Charlotte Current Refunding GO, Series B, 5.00%, 07/01/28		3,559,386
	2,375,000	City of Charlotte Current Refunding GO, Series B, 5.00%, 07/01/29		2,615,528
	3,750,000	City of Charlotte GO, Series A, 6.00%, 06/01/24		3,751,868
	3,000,000	City of Charlotte GO, Series A, 4.75%, 06/01/33		2,925,232
	5,000,000	City of Charlotte NC Water & Sewer System Refunding Revenue Bonds, Series A, 5.00%, 07/01/30		5,600,957
	5,000,000	City of Charlotte NC Water & Sewer System Refunding Revenue Bonds, Series A, 5.00%, 07/01/31		5,689,806
	4,060,000	City of Charlotte Public Facilities COP, 5.00%, 12/01/24		4,093,943
	10,000,000	City of Raleigh NC Combined Enterprise System Current Refunding Revenue Bonds, 5.00%, 09/01/32		11,588,912

86

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
North Carolina (continued)
$	2,600,000	County of Forsyth School Improvements GO, Series B, 5.00%, 06/01/30	$	2,913,235
	11,645,000	County of Mecklenburg GO, 5.00%, 09/01/26		12,117,447
	6,555,000	County of Union School Improvements GO, 5.00%, 09/01/24		6,583,460
	5,995,000	County of Union School Improvements GO, 5.00%, 09/01/25		6,124,562
	5,000,000	County of Wake Current Refunding GO, Series B, 5.00%, 05/01/31		5,675,801
	1,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		1,000,000
	2,000,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/25		2,030,419
	3,250,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/27		3,425,920
	7,600,000	State of North Carolina Highway Improvements Revenue Bonds, Series B, 5.00%, 05/01/28		8,174,853
				104,770,772
Ohio — 2.4%
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/26		1,007,755
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/27		1,525,706
	17,050,000	Ohio State University (The) University & College Improvements Revenue Bonds, Series B, 5.00%, 12/01/33		19,871,028
	5,125,000	Ohio State University (The) University & College Improvements Revenue Bonds, Series B, 5.00%, 12/01/35		5,935,464

Principal Amount			Value
Ohio (continued)
$	3,000,000	Ohio Water Development Authority Revenue Bonds, 5.00%, 06/01/26	$	3,105,902
	10,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bond, Series 2015-A, 5.00%, 12/01/24		10,079,581
	5,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series C, 5.00%, 12/01/33		5,829,042
	7,640,000	Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/47		8,305,595
	10,285,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, 5.00%, 06/01/28		11,006,355
	8,000,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/33		9,326,467
	3,575,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/01/26		3,701,200
	10,000,000	State of Ohio Advance Refunding GO, Series A, 5.00%, 12/15/24		10,087,103
	2,250,000	State of Ohio Highway Improvements Revenue Bonds, Series 2022-1, 5.00%, 12/15/24		2,268,633
	1,200,000	State of Ohio Highway Improvements Revenue Bonds, Series 2022-1, 5.00%, 12/15/25		1,230,573
	5,445,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28		5,529,600
				98,810,004
Oklahoma — 0.2%
	5,675,000	Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds, 3.68%, 07/01/29		5,349,642

87

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Oklahoma (continued)
$	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/28	$	3,173,485
				8,523,127
Oregon — 1.1%
	11,960,000	City of Portland OR Sewer System Revenue Sewer Improvements Revenue Bonds, Series A, 5.00%, 12/01/24		12,051,963
	9,535,000	Multnomah County School District No 1 Portland School Improvements GO, (School Board GTY), 5.00%, 06/15/30		10,643,873
	10,350,000	State of Oregon Facilities Improvements GO, Series A, 5.00%, 05/01/25		10,504,365
	10,110,000	State of Oregon Public Facilities GO, Series A, 5.00%, 05/01/42		11,137,866
				44,338,067
Pennsylvania — 1.3%
	6,700,000	Commonwealth of Pennsylvania Current Refunding GO, Series D, 5.00%, 09/01/25		6,838,649
	10,000,000	Commonwealth of Pennsylvania Current Refunding GO, Series D, 5.00%, 09/01/26		10,375,783
	7,000,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/26		7,233,588
	5,890,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/27		6,202,179
	6,275,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/28		6,725,175
	8,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/29		9,258,788

Principal Amount			Value
Pennsylvania (continued)
$	6,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/30	$	7,184,689
				53,818,851
South Carolina — 0.1%
	4,010,000	Darlington County School District School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/27		4,204,429
South Dakota — 0.3%
	1,500,000	South Dakota Health & Educational Facilities Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 07/01/30		1,660,666
	7,955,000	South Dakota Health & Educational Facilities Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 07/01/31		8,850,411
				10,511,077
Tennessee — 0.3%
	9,820,000	County of Rutherford School Improvements GO, 5.00%, 04/01/37		11,217,335
	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)		2,215,255
				13,432,590
Texas — 17.7%
	2,000,000	Alamo Community College District University & College Improvements GO, 5.00%, 02/15/26		2,056,917
	8,750,000	Austin Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/35		10,245,044
	5,000,000	Austin Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/37		5,730,965

88

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	10,000,000	Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/29	$	10,991,945
	8,035,000	Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/32		8,776,319
	14,700,000	Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/35		17,160,510
	14,775,000	Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/37		16,953,744
	8,620,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/31		9,772,281
	5,000,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/32		5,746,956
	10,500,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/34		11,986,250
	1,065,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/29		1,067,993
	2,000,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/25		2,029,813
	5,000,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/28		5,261,920
	3,890,000	City of Austin TX Water & Wastewater System Advance Refunding Revenue Bonds, 5.00%, 11/15/27		4,135,972
	2,185,000	City of Austin TX Water & Wastewater System Current Refunding Revenue Bonds, 5.00%, 11/15/30		2,446,976

Principal Amount			Value
Texas (continued)
$	5,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, 5.00%, 11/15/29	$	5,205,019
	5,000,000	City of El Paso TX Water & Sewer Revenue Water Utility Improvements Revenue Bonds, 5.00%, 03/01/30		5,509,300
	5,145,000	City of Fort Worth Water & Sewer System Improvements Refunding Revenue Bonds, 5.00%, 02/15/25		5,200,302
	5,720,000	Clear Creek Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/34		6,529,492
	8,340,000	Clear Creek Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/37		9,353,483
	9,500,000	Conroe Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/25		9,603,587
	2,000,000	Conroe Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/38		2,264,827
	6,725,000	Conroe Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/41		7,496,400
	7,500,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/29(a)		7,744,923
	18,695,000	County of Bexar GO, 5.00%, 06/15/49		19,975,387
	2,225,000	County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/27		2,349,624
	2,100,000	County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/28		2,260,609
	3,500,000	County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/29		3,830,618

89

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	6,800,000	County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/30	$	7,553,314
	10,000,000	Cypress-Fairbanks Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/30		11,011,126
	2,500,000	Dallas Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/25		2,529,203
	8,355,000	Dallas Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/35		9,597,510
	2,500,000	Dallas Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/38		2,795,935
	5,000,000	Deer Park Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/48		5,338,320
	7,715,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/26(a)		7,792,716
	2,500,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/29		2,568,529
	5,000,000	Denton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/34		5,786,328
	3,750,000	Denton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/35		4,324,350
	2,500,000	Denton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/36		2,859,533
	3,500,000	Denton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/48		3,760,486
	1,500,000	El Paso Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,506,312

Principal Amount			Value
Texas (continued)
$	4,545,000	Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24	$	4,559,958
	6,625,000	Fort Bend Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/24		6,646,803
	2,000,000	Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/25		2,040,152
	2,500,000	Fort Worth Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/25		2,527,260
	8,230,000	Georgetown Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24		8,255,432
	9,850,000	Gregory-Portland Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/37		10,929,266
	10,000,000	Houston Higher Education Finance Corp. University & College Improvements Revenue Bonds, 5.00%, 05/15/34		11,697,391
	2,500,000	Hurst-Euless-Bedford Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/26		2,592,979
	13,245,000	Hurst-Euless-Bedford Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/35		15,472,349
	11,050,000	Irving Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/34		12,638,040
	1,750,000	Judson Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/01/37		1,987,998
	12,635,000	Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/24		12,669,222
	10,970,000	Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/35		12,552,710

90

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	5,000,000	Leander Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/27	$	5,237,870
	5,000,000	Leander Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/28		5,339,517
	5,000,000	Lewisville Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/28		5,390,960
	10,000,000	Lone Star College System Advance Refunding GO, 5.00%, 02/15/29		10,260,113
	10,000,000	Lone Star College System University & College Improvements GO, Series A, 5.00%, 02/15/25		10,107,587
	4,250,000	Midland Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/30		4,689,208
	2,500,000	Midland Independent School District School Improvements GO, (PSF-GTD), 4.00%, 02/15/39		2,529,793
	16,280,000	Permanent University Fund - Texas A&M University System Refunding Revenue Bonds, 5.50%, 07/01/28		17,145,264
	10,000,000	Permanent University Fund - Texas A&M University System University & College Improvements Revenue Bonds, 5.00%, 07/01/34		11,376,526
	14,110,000	Permanent University Fund - Texas A&M University System University & College Improvements Revenue Bonds, 5.00%, 07/01/36		15,887,265
	2,000,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		2,110,222
	2,550,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		2,746,217

Principal Amount			Value
Texas (continued)
$	1,750,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/29	$	1,921,001
	2,000,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/30		2,231,953
	6,575,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/36		7,613,252
	3,500,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/37		4,007,976
	7,500,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/40		8,332,105
	10,000,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/41		11,060,781
	10,000,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/26		10,343,894
	6,000,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/27		6,326,963
	6,500,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/30		7,246,085
	4,425,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/31		5,004,771
	3,500,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/32		4,010,890

91

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	5,000,000	Pflugerville Independent School District School Improvements GO, Series B, (PSF-GTD), 5.00%, 02/15/35(c)	$	5,578,265
	2,385,000	Prosper Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/40		2,656,306
	2,435,000	Rankin Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/27		2,494,898
	1,250,000	Rankin Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/30		1,280,551
	1,250,000	Rankin Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/31		1,280,551
	1,000,000	San Antonio Water System Water Utility Improvements Revenue Bonds, Series A, 5.00%, 05/15/24		1,000,361
	2,000,000	San Antonio Water System Water Utility Improvements Revenue Bonds, Series A, 5.00%, 05/15/25		2,030,757
	2,500,000	San Antonio Water System Water Utility Improvements Revenue Bonds, Series A, 5.00%, 05/15/26		2,583,649
	2,500,000	Sherman Independent School District School Improvements GO, Series B, (PSF-GTD), 5.00%, 02/15/36		2,846,553
	9,000,000	Spring Branch Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/01/26		9,255,569
	5,750,000	Spring Branch Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/01/27		6,018,716
	9,450,000	Spring Branch Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/01/29		10,285,047
	7,180,000	Spring Independent School District Advance Refunding GO, Series A, 5.00%, 08/15/28		7,426,731

Principal Amount			Value
Texas (continued)
$	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 5.00%, 10/01/26	$	5,202,139
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 2.18%, 10/01/27		4,582,595
	5,000,000	State of Texas Refunding GO, Series B, 1.94%, 10/01/31		4,074,715
	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/25		3,270,143
	5,000,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/28		5,095,302
	6,500,000	State of Texas Transportation Commission Highway Improvements GO, 5.00%, 04/01/25		6,590,058
	1,000,000	State of Texas, Water Financial Assistance Refunding GO, Subseries B-2, 5.00%, 08/01/28		1,002,693
	3,000,000	Texas A&M University & College Improvements Revenue Bonds, 5.00%, 05/15/30		3,332,555
	17,185,000	Texas Tech University System University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/30		18,998,985
	15,585,000	Texas Tech University System University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/31		17,488,957
	16,690,000	Texas Tech University System University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/32		18,991,836
	5,000,000	Texas Tech University System University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/33		5,763,769
	10,000,000	Texas Transportation Commission State Highway Fund Current Refunding Revenue Bonds, 5.00%, 10/01/33		11,636,143

92

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/24	$	5,812,233
	4,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A, 5.00%, 10/01/26		4,423,716
	2,250,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/28		2,425,014
	2,085,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/25		2,125,802
	5,500,000	University of Houston University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/38		6,059,497
	4,335,000	Wylie Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/36		4,969,685
				721,184,402
Utah — 0.8%
	2,950,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		3,017,324
	2,500,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/30		2,683,279
	10,000,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33		10,843,019
	6,000,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/34		6,620,782

Principal Amount			Value
Utah (continued)
$	10,000,000	County of Utah Health Care Facilities Revenue Bonds, 4.00%, 05/15/41	$	9,733,710
				32,898,114
Virginia — 3.7%
	3,330,000	Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding), 5.00%, 06/01/25		3,385,268
	7,430,000	Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding), 5.00%, 06/01/28		7,564,931
	5,000,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/27		5,272,918
	7,965,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/29		8,402,646
	7,555,000	County of Loudoun GO, Series A, (State Aid Withholding), 5.00%, 12/01/25		7,748,025
	6,880,000	Hampton Roads Sanitation District Refunding Revenue Bonds, Sub-Series B, 3.67%, 08/01/46(b)		6,880,000
	3,000,000	Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/35		3,422,395
	16,330,000	Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A, 5.00%, 07/01/26		16,861,573
	4,460,000	Loudoun County Sanitation Authority Advance Refunding Revenue Bonds, 5.00%, 01/01/29		4,496,306
	5,725,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/27		6,006,309
	5,000,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/28		5,351,528

93

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Virginia (continued)
$	6,540,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/29	$	7,138,884
	5,000,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/38		5,533,410
	5,375,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A, 5.00%, 05/15/28		5,722,200
	14,525,000	Virginia Commonwealth Transportation Board Current Refunding Revenue Bonds, 5.00%, 05/15/37		16,655,831
	14,865,000	Virginia Commonwealth Transportation Board Current Refunding Revenue Bonds, 5.00%, 05/15/39		16,779,383
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 05/15/27		5,169,405
	4,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Intercept Program), 5.00%, 08/01/24		4,462,460
	2,645,000	Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 08/01/25		2,694,871
	3,475,000	Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 08/01/29		3,830,843
	2,280,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/27		2,390,774
	3,325,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/28		3,561,187

Principal Amount			Value
Virginia (continued)
$	2,000,000	Virginia Resources Authority Advance Refunding Revenue, 5.00%, 11/01/26	$	2,085,697
				151,416,844
Washington — 6.7%
	4,535,000	City of Seattle WA Municipal Light & Power Revenue Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 03/01/30		5,017,608
	5,395,000	County of King Refunding GO, 5.00%, 07/01/26		5,446,238
	9,000,000	County of King School District No 411 Issaquah School Improvements GO, (School Board GTY), 5.00%, 12/01/32		9,510,194
	8,000,000	County of King WA Sewer Revenue Sewer Improvements Revenue Bonds, Series B, 5.00%, 07/01/29		8,589,626
	10,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		10,353,600
	1,500,000	King & Snohomish Counties School District No 417 Northshore School Improvements GO, (School Board GTY), 5.00%, 12/01/39		1,688,296
	2,000,000	King County School District No 403 Renton School Improvements GO, (School Board GTY), 5.00%, 12/01/24		2,015,608
	5,000,000	Port of Seattle Refunding GO, 5.00%, 06/01/24		5,004,340
	5,000,000	Snohomish County School District No 201 Refunding GO, (School Board GTY), 5.00%, 12/01/25		5,005,146
	6,000,000	Spokane County School District No 81 Spokane School Improvements GO, (School Board GTY), 5.00%, 12/01/36		6,787,061
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 5.00%, 07/01/24		10,018,691

94

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
Washington (continued)
$	10,000,000	State of Washington Current Refunding GO, Series R-2022D, Group 1, 5.00%, 07/01/24	$	10,018,691
	11,000,000	State of Washington Current Refunding GO, Series R-2023A, 5.00%, 08/01/36		12,608,177
	20,000,000	State of Washington Current Refunding GO, Series R-2023A, 5.00%, 08/01/37		22,693,328
	11,000,000	State of Washington Current Refunding GO, Series R-2023A, 5.00%, 08/01/38		12,383,843
	11,400,000	State of Washington Current Refunding GO, Series R-2023B, 5.00%, 07/01/24		11,421,308
	6,650,000	State of Washington Highway Improvements GO, Series D, 5.00%, 02/01/43		6,920,922
	15,635,000	State of Washington Refunding GO, Series R-2015, 5.00%, 07/01/25		15,667,721
	24,710,000	State of Washington School Improvements GO, Series 2024-A, 5.00%, 08/01/42		27,279,613
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/39		16,728,647
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/40		16,624,607
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/42		16,492,029
	8,975,000	State of Washington School Improvements GO, Series C, 5.00%, 02/01/44		9,575,025
	22,645,000	State of Washington School Improvements GO, Series C, Group 1, 5.00%, 02/01/35		26,390,220
				274,240,539

Principal Amount			Value
Wisconsin — 2.4%
$	4,700,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, 5.00%, 06/01/29(a)	$	4,703,159
	5,780,000	State of Wisconsin Crossover Refunding GO, Series 2, 5.00%, 11/01/27		6,088,938
	11,000,000	State of Wisconsin Current Refunding GO, Series 1, 5.00%, 05/01/25		11,167,303
	2,000,000	State of Wisconsin Current Refunding GO, Series 4, 5.00%, 05/01/30		2,226,133
	10,000,000	State of Wisconsin Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/29(a)		10,530,241
	13,780,000	State of Wisconsin GO, Series A, 5.00%, 05/01/38		15,331,162
	13,310,000	State of Wisconsin Public Facilities GO, Series A, 5.00%, 05/01/25		13,512,437
	14,975,000	State of Wisconsin Public Facilities GO, Series A, 5.00%, 05/01/44		16,377,854
	8,000,000	State of Wisconsin University & College Improvements GO, Series A, 5.00%, 05/01/32		8,985,964
	7,250,000	Wisconsin Health & Educational Facilities Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/54(b)		7,408,244
				96,331,435
Total Municipal Bonds (Cost $3,920,141,135)				3,875,999,602
CORPORATE BONDS — 1.4%
United States — 1.4%
	1,675,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		1,467,936
	5,000,000	Baylor Scott & White Holdings, Series 2021, 0.83%, 11/15/25		4,623,158
	8,000,000	Brown University, Series A, 1.91%, 09/01/30		6,604,407
	5,000,000	Leland Stanford Junior University, 1.29%, 06/01/27		4,456,121

95

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024
	(Unaudited)

Principal Amount			Value
United States (continued)
$	20,000,000	SSM Health Care Corp., 4.89%, 06/01/28	$	19,611,017
	20,000,000	Yale University, Series 2020, 0.87%, 04/15/25		19,159,204
Total Corporate Bonds (Cost $59,320,790)				55,921,843
U.S. GOVERNMENT SECURITIES — 1.5%
U.S. Treasury Notes — 1.5%
	18,000,000	4.25%, 10/15/25		17,767,969
	15,000,000	4.63%, 02/28/26		14,881,055
	15,000,000	4.25%, 03/15/27		14,742,187
	15,000,000	4.00%, 02/15/34		14,198,437
Total U.S. Government Securities (Cost $62,058,649)				61,589,648
Shares
INVESTMENT COMPANY — 2.6%
	104,252,682	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(d)		104,252,682
Total Investment Company (Cost $104,252,682)				104,252,682
TOTAL INVESTMENTS — 100.8% (Cost $4,145,773,256)			$	4,097,763,775
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(31,407,456)
NET ASSETS — 100.0%			$	4,066,356,319

(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)	Floating rate security. Rate shown is the rate in effect as of April 30, 2024.
(c)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	The rate shown represents the current yield as of April 30, 2024.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligation

GTY — Guaranty

PSF-GTD — Permanent School Fund Guarantee

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
Alabama		0.4	%
Arizona		1.7
California		6.3
Colorado		0.9
Connecticut		2.4
Delaware		2.0
District of Columbia		2.2
Florida		1.0
Georgia		1.5
Hawaii		3.1
Idaho		0.3
Illinois		0.2
Iowa		0.2
Maryland		5.3
Massachusetts		6.3
Michigan		0.4
Minnesota		1.1
Missouri		0.8
Nebraska		0.2
Nevada		1.0
New Jersey		4.7
New York		13.7
North Carolina		2.6
Ohio		2.4
Oklahoma		0.2
Oregon		1.1
Pennsylvania		1.3
South Carolina		0.1
South Dakota		0.3
Tennessee		0.3
Texas		17.7
Utah		0.8
Virginia		3.7
Washington		6.7
Wisconsin		2.4
Other*		4.7
		100.0	%

* 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.

96

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments	April 30, 2024 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 91.7%
California — 91.7%
$	10,000,000	California Educational Facilities Authority University & College Improvements Revenue Bonds, Series V-3, 5.00%, 06/01/33	$	11,947,041
	5,000,000	California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 08/15/33		5,893,470
	2,000,000	California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 11/01/49		2,163,134
	680,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/26		704,034
	1,130,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/27		1,197,440
	4,715,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/28		5,111,440
	1,020,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/29		1,129,814
	1,000,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/32		1,171,314
	8,200,000	California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/33		9,756,934
	2,000,000	California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 5.00%, 10/01/35		2,341,126

Principal Amount			Value
California (continued)
$	2,000,000	California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 4.00%, 10/01/38	$	2,133,503
	1,950,000	California Public Finance Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 08/01/28		2,119,643
	1,500,000	California Public Finance Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 08/01/33		1,767,083
	3,575,000	California Public Finance Authority Health Care Facilities Revenue Bonds, Series A, 4.00%, 07/15/42		3,638,300
	3,825,000	California State Public Works Board Public Facilities Revenue Bonds, Series B, 5.11%, 04/01/25		3,814,952
	2,750,000	California State Public Works Board Public Facilities Revenue Bonds, Series B, 4.99%, 04/01/31		2,727,370
	5,000,000	California State University Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/47		5,083,075
	1,000,000	California State University, University & College Improvements Revenue Bonds, Series A, 5.00%, 11/01/34		1,186,176
	1,520,000	California State University, University & College Improvements Revenue Bonds, Series A, 5.00%, 11/01/36		1,775,531
	5,000,000	Carlsbad Unified School District School Improvements GO, Series B, 6.00%, 05/01/34		5,000,000
	1,260,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/26		1,311,737
	1,100,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/27		1,170,744

97

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
California (continued)
$	2,375,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/28	$	2,583,501
	4,000,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/30		4,549,493
	1,750,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/34		2,047,350
	2,000,000	City of Los Angeles CA Solid Waste Resources Revenue Bonds, Series A, 5.00%, 02/01/31		2,285,139
	3,000,000	City of Los Angeles CA Solid Waste Resources Revenue Bonds, Series A, 5.00%, 02/01/32		3,484,110
	2,590,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/32		2,756,565
	5,000,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/40		5,421,637
	5,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/24		5,004,750
	3,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/25		3,058,865
	1,000,000	City of San Francisco CA Public Utilities Commission Water Revenue Cash Flow Management Revenue Bonds, Sub-Series C, 5.00%, 11/01/29		1,116,767
	2,910,000	City of San Francisco CA Public Utilities Commission Water Revenue Cash Flow Management Revenue Bonds, Sub-Series C, 5.00%, 11/01/30		3,308,859

Principal Amount			Value
California (continued)
$	3,000,000	City of San Francisco CA Public Utilities Commission Water Revenue Cash Flow Management Revenue Bonds, Sub-Series C, 5.00%, 11/01/31	$	3,470,423
	4,000,000	City of San Francisco CA Public Utilities Commission Water Revenue Cash Flow Management Revenue Bonds, Sub-Series C, 5.00%, 11/01/32		4,702,752
	3,515,000	City of San Francisco CA Public Utilities Commission Water Revenue Refunding Revenue Bonds, Sub-Series S, 5.00%, 11/01/31		4,066,179
	1,400,000	City of San Francisco Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds, 5.00%, 11/01/28		1,426,963
	2,500,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/24		2,508,824
	3,250,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/25		3,323,013
	2,000,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/26		2,087,832
	1,600,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/27		1,708,229
	1,955,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/28		2,133,960
	1,005,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/29		1,120,350
	1,700,000	East Bay Municipal Utility District Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/31		1,963,840
	1,500,000	East Bay Municipal Utility District Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/43		1,674,624

98

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
California (continued)
$	1,450,000	Fremont Union High School District School Improvements GO, Series 2018, 5.00%, 08/01/25	$	1,480,072
	1,000,000	Fremont Union High School District School Improvements GO, Series 2022, 5.00%, 08/01/25		1,020,739
	1,100,000	Los Angeles Community College District Refunding GO, Series A, 5.00%, 08/01/29(a)		1,103,886
	5,000,000	Los Angeles Community College District University & College Improvements GO, Series A-1, 5.00%, 08/01/24		5,015,284
	5,000,000	Los Angeles Community College District University & College Improvements GO, Series A-1, 5.00%, 08/01/27		5,335,009
	5,000,000	Los Angeles Department of Water & Power Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		5,206,153
	5,000,000	Los Angeles Department of Water & Power Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 07/01/27		5,322,375
	2,000,000	Los Angeles Department of Water & Power Water System Revenue Water Utility Improvements Revenue Bonds, Series D, 5.00%, 07/01/47		2,175,222
	1,000,000	Miracosta Community College District University & College Improvements GO, Series 2016-C, 5.00%, 08/01/35		1,168,649
	3,000,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A, 5.00%, 02/01/34		3,009,137
	1,145,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L, 5.00%, 05/15/24		1,145,439

Principal Amount			Value
California (continued)
$	1,100,000	Rio Hondo Community College District Current Refunding GO, Series B, 5.00%, 08/01/24	$	1,103,499
	1,000,000	Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J, 5.00%, 08/15/27		1,067,029
	1,000,000	Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J, 5.00%, 08/15/30		1,134,738
	2,000,000	Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H, 5.00%, 08/15/36		2,243,343
	1,000,000	Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, 5.00%, 11/15/38		1,155,987
	1,400,000	Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, 5.00%, 11/15/39		1,611,173
	1,000,000	Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, 5.00%, 11/15/40		1,137,880
	1,000,000	San Diego County Regional Transportation Commission Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/28		1,084,081
	10,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/28		10,516,957
	2,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/31		2,180,058

99

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
California (continued)
$	2,500,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/32	$	2,724,164
	2,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H, 5.00%, 05/01/29		2,129,566
	5,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series C, 5.00%, 05/01/46		5,088,521
	1,000,000	San Jose Evergreen Community College District University & College Improvements GO, Series C, 5.00%, 09/01/36		1,161,359
	1,650,000	San Jose Evergreen Community College District University & College Improvements GO, Series C, 5.00%, 09/01/38		1,879,424
	1,000,000	San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/36		1,161,002
	1,000,000	San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/37		1,150,639
	1,075,000	San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/42		1,201,634
	1,000,000	San Mateo Union High School District Refunding GO, 5.00%, 09/01/27(a)		1,004,655
	1,000,000	San Ramon Valley Unified School District School Improvements GO, 5.00%, 08/01/24		1,003,181
	2,000,000	Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/42		2,218,726

Principal Amount			Value
California (continued)
$	2,000,000	Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/43	$	2,208,565
	1,150,000	State Center Community College District University & College Improvements GO, Series C, 5.00%, 08/01/24		1,153,716
	5,000,000	State Center Community College District University & College Improvements GO, Series C, 5.00%, 08/01/47		5,433,789
	3,600,000	State of California Current Refunding GO, 5.00%, 08/01/27		3,807,010
	2,000,000	State of California Current Refunding GO, 5.00%, 11/01/27		2,125,638
	5,000,000	State of California Current Refunding GO, 5.00%, 10/01/36		5,707,187
	2,000,000	State of California Current Refunding GO, 5.00%, 08/01/24		2,006,399
	2,645,000	State of California Current Refunding GO, 5.00%, 10/01/27		2,806,406
	5,770,000	State of California Current Refunding GO, (AGM), 5.25%, 08/01/32		6,646,402
	3,000,000	State of California Current Refunding GO, Group C, 5.00%, 08/01/27		3,037,750
	5,000,000	State of California Current Refunding GO, Series B, 5.00%, 10/01/24		5,029,080
	10,140,000	State of California Multi Utility Improvements GO, 5.00%, 10/01/25		10,368,743
	5,000,000	State of California Refunding GO, 5.00%, 10/01/26		5,024,087
	5,000,000	State of California Water Utility Improvements GO, 6.00%, 03/01/33		5,284,339
	10,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/28		10,703,125
	1,000,000	University of California Advance Refunding Revenue Bonds, Series AY, 5.00%, 05/15/24		1,000,430

100

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
California (continued)
$	3,840,000	University of California Current Refunding Revenue Bonds, Series BN, 5.00%, 05/15/24	$	3,840,307
	6,160,000	University of California Current Refunding Revenue Bonds, Series BN, 5.00%, 05/15/24		6,162,341
	10,000,000	University of California Current Refunding Revenue Bonds, Series BN, 5.00%, 05/15/34		11,697,175
	2,500,000	University of California Current Refunding Revenue Bonds, Series BV, 5.00%, 05/15/24		2,501,074
	5,000,000	University of California Current Refunding Revenue Bonds, Series BV, 5.00%, 05/15/35		5,900,910
	3,000,000	University of California University & College Improvements Revenue Bonds, Series BK, 5.00%, 05/15/32		3,474,139
	Total Municipal Bonds (Cost $321,897,107)			320,806,079
CORPORATE BONDS — 0.5%
United States — 0.5%
	2,000,000	Stanford Health Care, Series 2020, 3.31%, 08/15/30		1,787,859
Total Corporate Bonds (Cost $2,000,000)				1,787,859
U.S.   GOVERNMENT SECURITIES — 5.8%
U.S. Treasury Notes — 5.8%
	6,000,000	4.38%, 10/31/24		5,970,586
	5,000,000	4.25%, 10/15/25		4,935,547
	5,000,000	4.13%, 10/31/27		4,883,789
	5,000,000	3.50%, 02/15/33		4,571,289
Total U.S. Government Securities (Cost $20,830,526)				20,361,211

Shares			Value
INVESTMENT COMPANY — 0.8%
	2,904,416	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(b)	$	2,904,416
Total Investment Company (Cost $2,904,416)				2,904,416
TOTAL INVESTMENTS — 98.8% (Cost $347,632,049)			$	345,859,565
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%				4,296,473
NET ASSETS — 100.0%			$	350,156,038

(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)	The rate shown represents the current yield as of April 30, 2024.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

GO — General Obligation

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
California		91.7%
Other*		8.3
		100.0%

* 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.

101

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments	April 30, 2024 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 87.0%
New York — 87.0%
$	1,515,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/27	$	1,529,517
	2,500,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/28		2,683,220
	1,250,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/25		1,274,337
	7,670,000	City of New York Current Refunding GO, Series F-2, 5.13%, 08/01/24		7,661,783
	5,500,000	City of New York Current Refunding GO, Sub-Series F-1, 5.00%, 08/01/30		6,086,375
	1,000,000	City of New York Public Improvements GO, Series C, 5.00%, 03/01/37		1,134,048
	5,000,000	City of New York Public Improvements GO, Sub-Series E-2, 4.57%, 04/01/28		4,916,795
	2,860,000	County of Westchester NY Public Improvements GO, Series A, 5.00%, 10/15/29		3,178,864
	2,000,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 12/15/30		2,268,472
	2,000,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/31		2,153,975
	2,300,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/32		2,471,639
	2,300,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/33		2,470,692
	7,500,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/34		8,033,505
	7,500,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/35		7,978,017

Principal Amount			Value
New York (continued)
$	7,500,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/36	$	7,900,714
	1,000,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/24		1,000,000
	1,000,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/25		1,014,620
	1,000,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/26		1,032,657
	1,025,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/29		1,118,913
	1,500,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/31		1,689,618
	1,750,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/27		1,840,676
	2,220,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/28		2,380,170
	1,860,000	Long Island Power Authority Current Refunding Revenue Bonds, Series F, 5.00%, 09/01/28		2,012,620
	6,000,000	Long Island Power Authority Current Refunding Revenue Bonds, Series F, 5.00%, 09/01/29		6,618,822
	2,500,000	Long Island Power Authority Current Refunding Revenue Bonds, Series F, 5.00%, 09/01/33		2,930,638

102

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,200,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, 5.00%, 09/01/35	$	1,291,841
	6,000,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 4.00%, 09/01/34		6,217,763
	1,915,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/27		2,030,335
	1,600,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/28		1,731,286
	1,500,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/29		1,654,706
	1,700,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/30		1,909,494
	1,400,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/31		1,597,146
	1,850,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/32		2,141,051
	2,300,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/33		2,696,187
	1,675,000	Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/34		1,949,698
	2,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/26		2,089,568
	1,500,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Sub-Series A1, 5.00%, 11/15/48(a)		1,506,219
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/35		2,852,912
	2,000,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1, 5.00%, 11/15/33		2,024,718

Principal Amount			Value
New York (continued)
$	1,000,000	Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 11/15/25	$	1,026,861
	7,155,000	Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 11/15/28		7,833,238
	9,500,000	Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 11/15/29		10,617,388
	4,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/31		4,586,528
	6,280,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 1.46%, 11/15/29		5,207,640
	6,000,000	New York City Housing Development Corp. Local Multifamily Housing Revenue Bonds, Series A, (Housing Finance Agency), 3.63%, 11/01/63(a)		5,964,857
	4,000,000	New York City Housing Development Corp. Local Multifamily Housing, Sustainable Development Revenue Bonds, Series K, (Housing Finance Agency), 0.90%, 11/01/60(a)		3,737,406
	1,000,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2, 5.00%, 06/15/28		1,042,921
	1,100,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2, 5.00%, 06/15/29		1,170,377
	5,000,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-3, 5.00%, 06/15/47		5,352,311

103

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
New York (continued)
$	2,750,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series CC, 5.00%, 06/15/25	$	2,797,467
	5,000,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub-Series EE, 5.00%, 06/15/34		5,735,923
	2,000,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2, 5.00%, 06/15/26		2,016,426
	2,000,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2, 5.00%, 06/15/27		2,047,771
	6,400,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series DD-1, 5.00%, 06/15/30		7,164,314
	5,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series HH, 5.00%, 06/15/28		5,078,599
	2,300,000	New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/31		2,622,112
	2,230,000	New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/32		2,578,010
	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(b)		1,227,457
	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		1,073,632

Principal Amount			Value
New York (continued)
$	1,960,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding), 5.00%, 07/15/30	$	2,096,015
	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		2,037,387
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/29		5,505,964
	9,245,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, Series D, 5.00%, 11/01/27		9,835,231
	2,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 08/01/24		2,005,849
	7,750,000	New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series B-1, 5.00%, 08/01/25		7,900,886
	2,500,000	New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series F-1, 5.00%, 02/01/40		2,737,003
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Current Refunding Revenue Bonds, Series E-1, 5.00%, 11/01/36		3,417,577
	2,000,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C, 5.00%, 05/01/36		2,304,152
	5,000	New York State Dormitory Authority Pre-refunded Refunding Revenue Bonds, Series E, 5.00%, 02/15/30(b)		5,055

104

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
New York (continued)
$	3,505,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/30	$	3,690,213
	635,000	New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/24		636,092
	475,000	New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/25		483,201
	3,610,000	New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/26		3,734,283
	5,170,000	New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/27		5,471,175
	2,765,000	New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/28		2,975,673
	2,240,000	New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/29		2,453,394
	1,770,000	New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/36		2,015,275
	2,575,000	New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1, 5.00%, 03/15/28		2,759,397
	2,000,000	New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1, 5.00%, 03/15/37		2,259,584
	3,500,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/35		3,936,600
	1,575,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2, 5.00%, 07/01/30		1,776,685

Principal Amount			Value
New York (continued)
$	2,500,000	New York State Dormitory Authority Public Facilities Revenue Bonds, Series B, 5.11%, 03/15/25	$	2,490,725
	10,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/29		10,165,618
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/35		3,419,957
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/36		3,385,244
	2,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/37		2,234,191
	6,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/29(b)		6,621,173
	2,500,000	New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A, 5.00%, 02/15/28		2,575,910
	6,655,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 10/01/32		7,792,351
	1,250,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 10/01/33		1,483,969
	3,750,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.50%, 07/01/54		4,211,633
	2,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/25		2,535,243

105

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
New York (continued)
$	2,525,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/25	$	2,570,331
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		1,815,073
	3,755,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/28		4,054,461
	2,000,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		2,203,820
	5,000,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/28		5,007,061
	3,445,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B, 5.00%, 06/15/30		3,795,681
	5,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		5,006,278
	540,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/24		542,603
	4,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/25		4,070,810
	2,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/26		2,071,779
	955,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/26		994,110
	1,750,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/27		1,850,311

Principal Amount			Value
New York (continued)
$	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/34	$	1,098,314
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/36		1,090,078
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/36		1,143,121
	6,250,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/41		6,897,000
	4,240,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/15/27		4,483,039
	3,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C, 5.00%, 09/15/48		3,226,547
	550,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E, 5.00%, 06/15/24		550,691
	5,000,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series F, (State of New York Mortgage Agency), 3.85%, 05/01/62(a)		4,995,136
	1,500,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency), 1.10%, 11/01/61(a)		1,344,839
	1,000,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency), 1.00%, 11/01/61(a)		909,332
	4,000,000	New York State Thruway Authority Current Refunding Revenue Bonds, Series P, 5.00%, 01/01/34		4,676,657

106

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,150,000	New York State Thruway Authority Current Refunding Revenue Bonds, Series P, 5.00%, 01/01/38	$	1,297,762
	5,875,000	New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/31		6,632,287
	5,500,000	New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/39		6,111,429
	5,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/25		5,062
	1,500,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/29		1,565,456
	5,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/31		5,634,550
	5,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/32		5,711,338
	3,500,000	New York State Urban Development Corp. Transit Improvements Revenue Bonds, 5.00%, 03/15/33		4,044,971
	4,620,000	New York State Urban Development Corp. Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/36		5,355,747
	2,085,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/26		2,116,115
	2,500,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 237, 5.00%, 01/15/47		2,671,863
	1,100,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 84, 5.00%, 09/01/34		1,103,792

Principal Amount			Value
New York (continued)
$	5,150,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/30(b)	$	5,181,612
	8,195,000	State of New York Current Refunding GO, Series B, 2.55%, 02/15/29		7,382,541
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/33		1,031,338
	1,915,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/34		1,974,627
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/35		1,031,981
	2,750,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/28		2,988,659
	1,500,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/34		1,734,678
	2,000,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 4.00%, 11/15/35		2,131,254
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, 5.00%, 05/15/27		3,164,013
	1,275,000	Triborough Bridge & Tunnel Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A, 5.00%, 05/15/34		1,479,273
	1,000,000	Triborough Bridge & Tunnel Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A, 5.00%, 05/15/38		1,127,403
	1,275,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1, 5.00%, 06/15/29		1,347,002

107

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

Principal Amount			Value
New York (continued)
$	850,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1, 5.00%, 06/15/32	$	953,887
	835,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1, 5.00%, 06/15/33		952,307
	1,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series A, 5.00%, 06/15/26		1,502,019
	2,655,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/26		2,658,573
	2,975,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/27		3,026,199
	5,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/28		5,177,371
	5,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/29		5,282,361
	5,045,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/30		5,457,580
	3,630,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/31		4,007,319
	4,760,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/32		5,341,768
	2,250,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/33		2,566,096

Principal Amount			Value
New York (continued)
$	1,700,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/34	$	1,968,828
Total Municipal Bonds (Cost $494,550,489)				487,023,687
CORPORATE BONDS — 1.6%
United States — 1.6%
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,381,899
	4,500,000	Cornell University, 4.84%, 06/15/34		4,368,978
Total Corporate Bonds (Cost $9,500,000)				8,750,877
U.S. GOVERNMENT SECURITIES — 7.9%
U.S. Treasury Notes — 7.9%
	10,000,000	4.25%, 10/15/25		9,871,094
	6,000,000	4.25%, 03/15/27		5,896,875
	5,400,000	4.13%, 10/31/27		5,274,492
	5,000,000	4.25%, 02/28/29		4,896,094
	5,000,000	4.25%, 02/28/31		4,866,406
	5,000,000	1.88%, 02/15/32		4,085,156
	5,000,000	3.50%, 02/15/33		4,571,289
	5,000,000	4.00%, 02/15/34		4,732,813
Total U.S. Government Securities (Cost $44,865,242)				44,194,219
Shares
INVESTMENT COMPANY — 2.5%
	13,962,810	Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 5.21%(c)		13,962,810
Total Investment Company (Cost $13,962,810)				13,962,810
TOTAL INVESTMENTS — 99.0% (Cost $562,878,541)			$	553,931,593
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%				5,476,569
NET ASSETS — 100.0%			$	559,408,162

(a) Floating rate security. Rate shown is the rate in effect as of April 30, 2024.

108

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2024 (Unaudited)

(b)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c)	The rate shown represents the current yield as of April 30, 2024.

The following abbreviation is used in the report:

GO — General Obligation

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
New York		87.0	%
Other*		13.0
		100.0	%

* 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.

109

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	April 30, 2024 (Unaudited)

	ALL CAP CORE FUND		LARGE CAP STRATEGIES FUND		SMALL & MID CAP STRATEGIES FUND		CREDIT INCOME FUND
ASSETS:
Investments, at fair value - unaffiliated	$	3,234,730,726	$	22,716,706,559	$	8,149,257,237	$	2,388,444,703
Foreign currency, at value (Cost $0, $2,790,107, $4,865,999, and $0, respectively)		—		2,786,650		4,850,880		—
Cash		3		829,793		1		—
Due from broker for collateral		—		3,820,000		—		5,390,000
Dividends and interest receivable		1,021,709		35,762,342		22,618,606		15,212,033
Receivable for Fund shares sold		478,852		2,017,976		1,747,325		3,129,741
Receivable for investments sold		10,517,861		287,181,324		81,539,718		1,775,335
Unrealized appreciation on swap agreements		—		—		—		839,868
Prepaid expenses		10,016		32,275		16,075		9,006
Total Assets		3,246,759,167		23,049,136,919		8,260,029,842		2,414,800,686
LIABILITIES:
Payable for Fund shares redeemed		3,147,625		227,610,912		71,832,587		16,880,121
Payable for investments purchased		22,601,844		139,146,691		38,798,200		1,211,473
Unrealized depreciation on swap agreements		—		—		—		7,659,990
Unrealized depreciation on forward foreign currency exchange contracts		—		4,723,133		—		—
Deferred foreign capital gains tax liability (Note 8)		—		9,311,449		2,107,727		—
Accrued expenses and other payables:
Investment advisory		1,884,529		15,438,200		5,575,645		1,154,180
Administration and accounting - unaffiliated		66,921		407,528		223,569		94,803
Administration and accounting - affiliated		84,088		573,169		205,908		59,357
Shareholder servicing fee		560,590		3,821,128		1,372,723		395,713
Custody - unaffiliated		—		34,485		130,556		5,218
Custody - affiliated		35,668		298,127		14,819		—
Directors		19,287		132,231		49,803		14,125
Legal and audit		68,301		496,134		203,774		231,949
Other		58,957		429,388		190,589		61,241
Total Liabilities		28,527,810		402,422,575		120,705,900		27,768,170
NET ASSETS	$	3,218,231,357	$	22,646,714,344	$	8,139,323,942	$	2,387,032,516
NET ASSETS consist of:
Capital paid-in	$	1,774,918,133	$	14,679,271,326	$	7,297,144,234	$	3,090,680,889
Total distributable earnings/(accumulated loss)		1,443,313,224		7,967,443,018		842,179,708		(703,648,373	)
NET ASSETS	$	3,218,231,357	$	22,646,714,344	$	8,139,323,942	$	2,387,032,516
Net Asset Value, maximum offering price and redemption price per share	$	24.35	$	18.41	$	15.38	$	7.77
Number of shares authorized		2,500,000,000		3,000,000,000		3,500,000,000		3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		132,161,610		1,230,340,014		529,067,952		307,054,804
INVESTMENTS, AT COST	$	2,067,315,957	$	15,324,014,081	$	7,275,124,421	$	2,922,741,077

See Notes to Financial Statements.

110

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2024 (Unaudited)

	FIXED INCOME FUND			SHORT-TERM BOND FUND			MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND			NEW YORK MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value - unaffiliated	$	1,422,175,696		$	15,591,668		$	4,097,763,775		$	345,859,565		$	553,931,593
Cash		—			1			1			—			—
Dividends and interest receivable		12,933,605			116,406			49,207,072			4,469,874			6,580,949
Receivable from Advisor		—			8,678			—			—			—
Receivable for Fund shares sold		954,564			—			2,982,625			22,000			32,000
Prepaid expenses		7,899			—			10,897			6,659			6,907
Total Assets		1,436,071,764			15,716,753			4,149,964,370			350,358,098			560,551,449
LIABILITIES:
Payable for Fund shares redeemed		110,923,674			—			4,495,169			—			842,792
Payable for investments purchased		—			200,206			77,057,015			—			—
Accrued expenses and other payables:
Investment advisory		336,757			—			964,534			78,302			127,423
Administration and accounting - unaffiliated		43,076			6,193			113,521			16,260			22,966
Administration and accounting - affiliated		35,423			321			99,666			8,698			13,873
Shareholder servicing fee		236,154			2,137			664,441			57,988			92,487
Custody - affiliated		17,713			160			49,832			4,349			6,937
Directors		8,599			71			24,054			2,069			3,427
Legal and audit		39,219			1,807			82,598			15,784			13,793
Other		29,662			9,139			57,221			18,610			19,589
Total Liabilities		111,670,277			220,034			83,608,051			202,060			1,143,287
NET ASSETS	$	1,324,401,487		$	15,496,719		$	4,066,356,319		$	350,156,038		$	559,408,162
NET ASSETS consist of:
Capital paid-in	$	1,520,118,501		$	15,502,259		$	4,295,080,658		$	367,475,580		$	588,304,411
Total accumulated loss		(195,717,014	)		(5,540	)		(228,724,339	)		(17,319,542	)		(28,896,249	)
NET ASSETS	$	1,324,401,487		$	15,496,719		$	4,066,356,319		$	350,156,038		$	559,408,162
Net Asset Value, maximum offering price and redemption price per share	$	9.87		$	10.00		$	11.41		$	9.66		$	9.76
Number of shares authorized		2,000,000,000			3,000,000,000			2,000,000,000			2,000,000,000			2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		134,204,826			1,548,965			356,479,517			36,258,638			57,327,575
INVESTMENTS, AT COST	$	1,467,949,988		$	15,684,597		$	4,145,773,256		$	347,632,049		$	562,878,541

See Notes to Financial Statements.

111

Old Westbury Funds, Inc.
Statements of Operations
	For the Period Ended April 30, 2024 (Unaudited)

	ALL CAP CORE FUND			LARGE CAP STRATEGIES FUND			SMALL & MID CAP STRATEGIES FUND			CREDIT INCOME FUND
INVESTMENT INCOME:
Interest	$	1,979,760		$	10,646,878		$	1,945,201		$	66,660,683
Dividends - unaffiliated		14,394,047			193,196,180			69,647,682			8,671,370
Foreign tax withheld		(227,797	)		(7,648,258	)		(5,687,820	)		—
Total investment income		16,146,010			196,194,800			65,905,063			75,332,053
EXPENSES:
Investment advisory fees		10,988,545			90,003,897			34,389,423			6,761,360
Shareholder servicing fees		3,266,337			22,267,880			8,091,629			2,323,058
Administration and accounting fees - unaffiliated		226,302			1,422,326			564,298			194,252
Administration and accounting fees - affiliated		489,950			3,340,182			1,213,744			348,459
Custodian fees - unaffiliated		—			78,860			872,008			31,738
Custodian fees - affiliated		285,759			2,439,353			125,456			—
Directors fees and expenses		30,868			211,859			77,889			22,339
Insurance premiums		11,226			35,792			18,040			10,275
Legal and audit fees		57,040			339,111			130,580			83,875
Printing and postage fees		11,478			49,608			22,942			9,834
Registration fees		16,494			18,251			28,609			18,670
Transfer agent fees		147,615			971,982			368,821			111,471
Miscellaneous expenses		12,399			88,484			141,845			80,829
Total expenses		15,544,013			121,267,585			46,045,284			9,996,160
Expenses waived by Advisor		(28,914	)		—			(1,541,325	)		(123,163	)
Net expenses		15,515,099			121,267,585			44,503,959			9,872,997
NET INVESTMENT INCOME		630,911			74,927,215			21,401,104			65,459,056
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, REDEMPTIONS IN-KIND, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:
Net realized gain/(loss) on:
Investments		231,513,941			785,395,248			92,143,047			(7,661,933	)
Futures contracts		—			—			—			2,061,119
Swap agreements		—			—			—			(9,161,694	)
Forward foreign currency exchange contracts		—			(5,367,652	)		—			—
Redemptions in-kind		57,604,732			—			—			—
Foreign currency transactions		(23,687	)		(4,312,014	)		(633,113	)		—
Foreign capital gains tax		—			(12,525,706	)		(2,292,351	)		—
Net change in unrealized appreciation/(depreciation) on:
Investments		304,902,706			3,201,012,251			1,080,389,102			78,578,303
Swap agreements		—			—			—			14,467,216
Forward foreign currency exchange contracts		—			2,333,957			—			—
Foreign currency transactions		5,352			(264,618	)		(300,622	)		—
Deferred foreign capital gains taxed on unrealized appreciation/(depreciation)		—			8,696,643			(821,388	)		—
Net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, forward foreign currency exchange contracts, redemptions in-kind, foreign currency transactions, and foreign capital gains taxes		594,003,044			3,974,968,109			1,168,484,675			78,283,011
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	594,633,955		$	4,049,895,324		$	1,189,885,779		$	143,742,067

See Notes to Financial Statements.

112

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2024 (Unaudited)

	FIXED INCOME FUND			SHORT-TERM BOND FUND(a)			MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND			NEW YORK MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest	$	29,783,490		$	94,003		$	59,104,682		$	5,260,882		$	8,114,654
Dividends - unaffiliated		—			—			2,768			—			—
Total investment income		29,783,490			94,003			59,107,450			5,260,882			8,114,654
EXPENSES:
Investment advisory fees		2,876,577			5,720			7,319,917			787,613			1,250,828
Shareholder servicing fees		1,430,643			3,575			3,969,695			350,050			563,256
Administration and accounting fees - unaffiliated		113,544			6,095			287,120			37,039			52,165
Administration and accounting fees - affiliated		214,596			536			595,454			52,507			84,488
Custodian fees - affiliated		107,298			268			297,727			26,254			42,244
Directors fees and expenses		14,153			71			38,897			3,432			5,545
Insurance premiums		8,930			1,996			12,395			7,472			7,779
Legal and audit fees		32,761			1,810			66,443			10,449			14,187
Printing and postage fees		7,997			23			13,333			5,697			6,166
Registration fees		15,364			6,834			35,048			11,045			11,190
Transfer agent fees		71,945			2,274			185,617			21,867			31,716
Miscellaneous expenses		15,768			257			41,635			9,798			14,290
Total expenses		4,909,576			29,459			12,863,281			1,323,223			2,083,854
Expenses waived by Advisor		(832,242	)		(22,845	)		(1,549,651	)		(325,580	)		(478,575	)
Net expenses		4,077,334			6,614			11,313,630			997,643			1,605,279
NET INVESTMENT INCOME		25,706,156			87,389			47,793,820			4,263,239			6,509,375
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized loss on:
Investments		(14,608,246	)		—			(13,441,911	)		(498,947	)		(1,783,466	)
Net change in unrealized appreciation/(depreciation) on:
Investments		36,685,234			(92,929	)		136,093,390			11,203,318			19,623,299
Net realized and change in unrealized gain/(loss) on investments		22,076,988			(92,929	)		122,651,479			10,704,371			17,839,833
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	47,783,144		$	(5,540	)	$	170,445,299		$	14,967,610		$	24,349,208

(a) For the period from February 29, 2024 (commencement of operations) to April 30, 2024.

See Notes to Financial Statements.

113

Old Westbury Funds, Inc.

Statements of Changes in Net Assets

		ALL CAP CORE FUND
		FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023
FROM OPERATIONS:
Net investment income	$	630,911		$	6,541,415
Net realized gain/(loss) on investments, futures contracts, swap agreements, forward foreign currency exchange contracts, foreign currency transactions and foreign capital gains tax		231,490,254			259,575,751
Net realized gain on redemptions in-kind		57,604,732			—
Net change in unrealized appreciation/(depreciation) on investments, swap agreements, forward foreign currency exchange contracts, foreign currency transactions, net of foreign deferred taxes		304,908,058			34,497,245
Net increase/(decrease) in net assets resulting from operations		594,633,955			300,614,411
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(251,769,397	)		(68,874,399	)
Total distributions to shareholders		(251,769,397	)		(68,874,399	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		145,626,950			213,290,390
Reinvestment of distributions		155,213,606			41,256,915
Value of capital stock redeemed		(313,224,788	)		(400,951,671	)
Net increase/(decrease) in net assets resulting from capital stock transactions		(12,384,232	)		(146,404,366	)
Net increase/(decrease) in net assets		330,480,326			85,335,646
NET ASSETS:
Beginning of period		2,887,751,031			2,802,415,385
End of period	$	3,218,231,357		$	2,887,751,031
CAPITAL SHARE TRANSACTIONS:
Shares sold		6,097,854			10,032,062
Shares issued as reinvestment of distributions		6,804,580			2,056,676
Shares redeemed in-kind		(934,146	)		—
Shares redeemed		(11,907,787	)		(18,409,686	)
Net increase/(decrease) in shares outstanding		60,501			(6,320,948	)

See Notes to Financial Statements.

114

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

LARGE CAP STRATEGIES FUND						SMALL & MID CAP STRATEGIES FUND						CREDIT INCOME FUND
FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023			FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023			FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023
$	74,927,215		$	113,103,921		$	21,401,104		$	39,968,089		$	65,459,056		$	122,762,073
	763,189,876			343,194,752			89,217,583			70,667,920			(14,762,508	)		(120,828,620	)
	—			—			—			—			—			—
	3,211,778,233			988,262,883			1,079,267,092			(166,122,137	)		93,045,519			(28,664,093	)
	4,049,895,324			1,444,561,556			1,189,885,779			(55,486,128	)		143,742,067			(26,730,640	)
	(122,213,975	)		(119,244,027	)		(52,892,671	)		(38,864,269	)		(67,325,729	)		(119,000,546	)
	(122,213,975	)		(119,244,027	)		(52,892,671	)		(38,864,269	)		(67,325,729	)		(119,000,546	)
	630,503,692			1,380,958,837			548,005,887			1,084,533,794			411,879,031			719,687,403
	32,618,866			37,575,695			14,308,235			12,301,908			23,821,737			44,540,574
	(1,629,005,825	)		(2,442,065,362	)		(912,694,860	)		(1,003,757,182	)		(363,529,332	)		(702,065,146	)
	(965,883,267	)		(1,023,530,830	)		(350,380,738	)		93,078,520			72,171,436			62,162,831
	2,961,798,082			301,786,699			786,612,370			(1,271,877	)		148,587,774			(83,568,355	)
	19,684,916,262			19,383,129,563			7,352,711,572			7,353,983,449			2,238,444,742			2,322,013,097
$	22,646,714,344		$	19,684,916,262		$	8,139,323,942		$	7,352,711,572		$	2,387,032,516		$	2,238,444,742
	35,688,907			89,816,326			35,876,545			75,136,078			51,439,246			88,222,439
	1,898,035			2,554,432			944,438			882,490			2,986,998			5,524,317
	—			—			—			—			—			—
	(91,594,714	)		(158,213,821	)		(60,940,807	)		(70,460,452	)		(45,878,890	)		(86,563,629	)
	(54,007,772	)		(65,843,063	)		(24,119,824	)		5,558,116			8,547,354			7,183,127

See Notes to Financial Statements.

115

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	FIXED INCOME FUND
	FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023
FROM OPERATIONS:
Net investment income	$	25,706,156		$	37,633,716
Net realized (loss) on investments		(14,608,246	)		(73,630,029	)
Net change in unrealized appreciation/(depreciation) on investments		36,685,234			52,696,022
Net increase/(decrease) in net assets resulting from operations		47,783,144			16,699,709
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(26,169,996	)		(39,098,317	)
Total distributions to shareholders		(26,169,996	)		(39,098,317	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		134,363,907			242,013,264
Reinvestment of distributions		14,697,871			22,809,811
Value of capital stock redeemed		(233,092,899	)		(249,142,474	)
Net increase/(decrease) in net assets resulting from capital stock transactions		(84,031,121	)		15,680,601
Net increase/(decrease) in net assets		(62,417,973	)		(6,718,007	)
NET ASSETS:
Beginning of period		1,386,819,460			1,393,537,467
End of period	$	1,324,401,487		$	1,386,819,460
CAPITAL SHARE TRANSACTIONS:
Shares sold		13,371,550			24,054,143
Shares issued as reinvestment of distributions		1,461,082			2,270,545
Shares redeemed		(23,338,443	)		(24,691,147	)
Net increase/(decrease) in shares outstanding		(8,505,811	)		1,633,541

(a) For the period from February 29, 2024 (commencement of operations) to April 30, 2024.

See Notes to Financial Statements.

116

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

SHORT-TERM BOND FUND			MUNICIPAL BOND FUND						CALIFORNIA MUNICIPAL BOND FUND
FOR THE PERIOD ENDED APRIL 30, 2024(a) (Unaudited)			FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023			FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023
$	87,389		$	47,793,820		$	75,209,802		$	4,263,239		$	7,588,745
	—			(13,441,911	)		(67,241,188	)		(498,947	)		(7,420,337	)
	(92,929	)		136,093,390			42,199,578			11,203,318			4,358,989
	(5,540	)		170,445,299			50,168,192			14,967,610			4,527,397
	—			(47,024,275	)		(73,169,436	)		(4,428,273	)		(7,179,822	)
	—			(47,024,275	)		(73,169,436	)		(4,428,273	)		(7,179,822	)
	15,512,359			489,311,765			689,395,635			30,622,727			97,257,293
	—			9,801,839			17,007,585			1,435,038			2,645,310
	(10,100	)		(351,588,278	)		(702,350,840	)		(32,689,555	)		(71,889,062	)
	15,502,259			147,525,326			4,052,380			(631,790	)		28,013,541
	15,496,719			270,946,350			(18,948,864	)		9,907,547			25,361,116
	—			3,795,409,969			3,814,358,833			340,248,491			314,887,375
$	15,496,719		$	4,066,356,319		$	3,795,409,969		$	350,156,038		$	340,248,491
	1,549,973			42,416,095			60,085,000			3,136,009			10,020,109
	—			846,873			1,488,506			146,343			274,015
	(1,008	)		(30,547,932	)		(61,505,530	)		(3,370,476	)		(7,465,536	)
	1,548,965			12,715,036			67,976			(88,124	)		2,828,588

See Notes to Financial Statements.

117

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	NEW YORK MUNICIPAL BOND FUND
	FOR THE PERIOD ENDED APRIL 30, 2024 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2023
FROM OPERATIONS:
Net investment income	$	6,509,375		$	10,757,055
Net realized (loss) on investments		(1,783,466	)		(8,651,877	)
Net change in unrealized appreciation/(depreciation) on investments		19,623,299			5,703,911
Net increase in net assets resulting from operations		24,349,208			7,809,089
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(6,413,272	)		(10,482,292	)
Total distributions to shareholders		(6,413,272	)		(10,482,292	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		47,190,226			122,123,822
Reinvestment of distributions		1,653,389			3,077,173
Value of capital stock redeemed		(56,326,821	)		(119,639,555	)
Net increase/(decrease) in net assets resulting from capital stock transactions		(7,483,206	)		5,561,440
Net increase in net assets		10,452,730			2,888,237
NET ASSETS:
Beginning of period		548,955,432			546,067,195
End of period	$	559,408,162		$	548,955,432
CAPITAL SHARE TRANSACTIONS:
Shares sold		4,770,998			12,471,957
Shares issued as reinvestment of distributions		167,025			315,134
Shares redeemed		(5,710,090	)		(12,261,781	)
Net increase/(decrease) in shares outstanding		(772,067	)		525,310

See Notes to Financial Statements.

118

Old Westbury Funds, Inc.

All Cap Core Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period.	$	21.86		$	20.25		$	27.31		$	20.18		$	18.84		$	17.08
Investment operations:
Net investment income/(loss)(a)		0.00	(b)		0.05			0.03			(0.02	)		0.02			0.09
Net realized and unrealized gain/(loss)		4.43			2.06			(5.55	)		7.85			3.02			2.44
Total from investment operations		4.43			2.11			(5.52	)		7.83			3.04			2.53
Distributions:
Net investment income		(0.05	)		(0.04	)		—			(0.01	)		(0.08	)		(0.08	)
Net realized gains		(1.89	)		(0.46	)		(1.54	)		(0.69	)		(1.62	)		(0.69	)
Total distributions		(1.94	)		(0.50	)		(1.54	)		(0.70	)		(1.70	)		(0.77	)
Net asset value, end of period	$	24.35		$	21.86		$	20.25		$	27.31		$	20.18		$	18.84
Total return		20.9	%(c)		10.7	%		(21.3	)%		39.8	%		17.3	%		15.7	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	3,218,231		$	2,887,751		$	2,802,415		$	3,648,683		$	2,283,906		$	1,766,287
Ratio of expenses to average net assets before expense waivers		0.95	%(d)		0.96	%(e)		0.96	%(e)		0.96	%(e)		0.97	%(e)		0.98	%(e)
Ratio of expenses to average net assets after expense waivers		0.95	%(d)		0.96	%		0.96	%		0.96	%		0.97	%		0.98	%
Ratio of net investment income/(loss) to average net assets		0.04	%(d)		0.22	%		0.12	%		(0.10	)%		0.10	%		0.51	%
Portfolio turnover rate		20	%(c)		54	%		54	%		30	%		43	%		31	%

(a)	Calculated based on the average shares method for the period.
(b)	Amount is less than $0.005 per share.
(c)	Not Annualized.
(d)	Annualized.
(e)	There were no voluntary fee reductions during the year.

See Notes to Financial Statements.

119

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period	$	15.33		$	14.36		$	20.11		$	15.26		$	14.99		$	13.87
Investment operations:
Net investment income(a)		0.06			0.09			0.05			0.01			0.07			0.13
Net realized and unrealized gain/(loss)		3.12			0.97			(4.56	)		5.08			0.94			1.58
Total from investment operations		3.18			1.06			(4.51	)		5.09			1.01			1.71
Distributions:
Net investment income		(0.10	)		(0.09	)		(0.00	)(b)		(0.05	)		(0.12	)		(0.14	)
Net realized gains		—			—			(1.24	)		(0.19	)		(0.62	)		(0.45	)
Total distributions		(0.10	)		(0.09	)		(1.24	)		(0.24	)		(0.74	)		(0.59	)
Net asset value, end of period	$	18.41		$	15.33		$	14.36		$	20.11		$	15.26		$	14.99
Total return		20.8	%(c)		7.4	%		(23.8	)%		33.6	%		7.0	%		12.9	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	22,646,714		$	19,684,916		$	19,383,130		$	25,742,487		$	17,609,533		$	17,001,879
Ratio of expenses to average net assets before expense waivers(d)(e)		1.09	%(f)		1.10	%		1.09	%		1.09	%		1.10	%		1.10	%
Ratio of expenses to average net assets after expense waivers		1.09	%(f)		1.10	%		1.09	%		1.09	%		1.10	%		1.10	%
Ratio of net investment income to average net assets		0.67	%(f)		0.55	%		0.29	%		0.05	%		0.48	%		0.93	%
Portfolio turnover rate		26	%(c)		23	%		52	%		43	%		76	%		73	%

(a)	Calculated based on the average shares method for the period.
(b)	Amount is greater than $(0.005) per share.
(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)	There were no voluntary fee reductions during the period.
(f)	Annualized.

See Notes to Financial Statements.

120

Old Westbury Funds, Inc.

SMALL & MID CAP STRATEGIES FUND

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.29		$	13.43		$	19.92		$	15.57		$	15.39		$	15.85
Investment operations:
Net investment income/(loss)(a)		0.04			0.07			0.08			(0.02	)		0.03			0.09
Net realized and unrealized gain/(loss)		2.15			(0.14	)		(5.22	)		4.97			0.88			1.10
Total from investment operations		2.19			(0.07	)		(5.14	)		4.95			0.91			1.19
Distributions:
Net investment income		(0.10	)		(0.07	)		(0.02	)		(0.03	)		(0.09	)		(0.09	)
Net realized gains		—			—			(1.33	)		(0.57	)		(0.64	)		(1.56	)
Total distributions		(0.10	)		(0.07	)		(1.35	)		(0.60	)		(0.73	)		(1.65	)
Net asset value, end of period	$	15.38		$	13.29		$	13.43		$	19.92		$	15.57		$	15.39
Total return		16.5	%(b)		(0.5	)%		(27.4	)%		32.1	%		5.9	%		9.4	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	8,139,324		$	7,352,712		$	7,353,983		$	9,746,839		$	6,765,243		$	6,278,441
Ratio of expenses to average net assets before expense waivers(c)		1.14	%(d)		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%
Ratio of expenses to average net assets after expense waivers		1.10	%(d)		1.10	%		1.10	%		1.10	%		1.11	%		1.11	%
Ratio of net investment income/(loss) to average net assets		0.53	%(d)		0.51	%		0.50	%		(0.10	)%		0.17	%		0.58	%
Portfolio turnover rate		24	%(b)		41	%		81	%		46	%		65	%		52	%

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

See Notes to Financial Statements.

121

Old Westbury Funds, Inc.

Credit Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,									PERIOD FROM OCTOBER 1, 2020(a) TO OCTOBER 31, 2020
				2023			2022			2021
Net asset value, beginning of period	$	7.50		$	7.97		$	10.15		$	9.99		$	10.00
Investment operations:
Net investment income(b)		0.22			0.43			0.40			0.43			0.05
Net realized and unrealized gain/(loss)		0.28			(0.48	)		(2.17	)		0.15			(0.06	)
Total from investment operations		0.50			(0.05	)		(1.77	)		0.58			(0.01	)
Distributions:
Net investment income		(0.23	)		(0.42	)		(0.41	)		(0.42	)		—
Total distributions		(0.23	)		(0.42	)		(0.41	)		(0.42	)		—
Net asset value, end of period	$	7.77		$	7.50		$	7.97		$	10.15		$	9.99
Total return		6.7	%(c)		(1.0	)%		(17.8	)%		5.9	%		(0.1	)%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	2,387,033		$	2,238,445		$	2,322,013		$	2,950,576		$	1,939,199
Ratio of expenses to average net assets before expense waivers(d)		0.86	%(e)		0.87	%		0.86	%		0.87	%		0.94	%(e)
Ratio of expenses to average net assets after expense waivers		0.85	%(e)		0.85	%		0.85	%		0.85	%		0.85	%(e)
Ratio of net investment income to average net assets		5.64	%(e)		5.34	%		4.36	%		4.23	%		5.33	%(e)
Portfolio turnover rate		12	%(c)		45	%		22	%		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.

122

Old Westbury Funds, Inc.

Fixed Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.72		$	9.88		$	11.25		$	11.82		$	11.43		$	10.75
Investment operations:
Net investment income(a)		0.18			0.27			0.14			0.11			0.16			0.21
Net realized and unrealized gain/(loss)		0.15			(0.15	)		(1.30	)		(0.25	)		0.43			0.69
Total from investment operations		0.33			0.12			(1.16	)		(0.14	)		0.59			0.90
Distributions:
Net investment income		(0.18	)		(0.28	)		(0.19	)		(0.19	)		(0.20	)		(0.22	)
Net realized gains		—			—			(0.02	)		(0.24	)		—			—
Total distributions		(0.18	)		(0.28	)		(0.21	)		(0.43	)		(0.20	)		(0.22	)
Net asset value, end of period	$	9.87		$	9.72		$	9.88		$	11.25		$	11.82		$	11.43
Total return		3.4	%(b)		1.2	%		(10.4	)%		(1.2	)%		5.2	%		8.4	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	1,324,401		$	1,386,819		$	1,393,537		$	1,568,691		$	1,669,086		$	1,492,818
Ratio of expenses to average net assets before expense waivers		0.69	%(c)		0.69	%		0.69	%		0.68	%		0.68	%		0.70	%
Ratio of expenses to average net assets after expense waivers		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		3.59	%(c)		2.69	%		1.33	%		0.97	%		1.39	%		1.93	%
Portfolio turnover rate		28	%(b)		92	%		56	%		58	%		87	%		34	%

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

See Notes to Financial Statements.

123

Old Westbury Funds, Inc.

Short-Term Bond Fund

Financial Highlights

For a Share Outstanding Throughout the Period.

	PERIOD FROM FEBRUARY 29, 2024(a) TO APRIL 30, 2024 (Unaudited)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income(b)		0.08
Net realized and unrealized loss		(0.08	)
Total from investment operations		0.00
Net asset value, end of period	$	10.00
Total return		0.0	%(c)(d)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	15,497
Ratio of expenses to average net assets before expense waivers		1.65	%(e)
Ratio of expenses to average net assets after expense waivers		0.37	%(e)
Ratio of net investment income to average net assets		4.89	%(e)
Portfolio turnover rate		—	%(c)

(a)	Commencement of Investment Operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	Amount is less than 0.005%.
(e)	Annualized.

See Notes to Financial Statements.

124

Old Westbury Funds, Inc.

Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period	$	11.04		$	11.10		$	12.33		$	12.52		$	12.26		$	11.63
Investment operations:
Net investment income(a)		0.14			0.22			0.11			0.12			0.15			0.18
Net realized and unrealized gain/(loss)		0.37			(0.07	)		(1.09	)		(0.12	)		0.26			0.62
Total from investment operations		0.51			0.15			(0.98	)		0.00			0.41			0.80
Distributions:
Net investment income		(0.14	)		(0.21	)		(0.11	)		(0.12	)		(0.15	)		(0.17	)
Net realized gains		—			—			(0.14	)		(0.07	)		—			—
Total distributions		(0.14	)		(0.21	)		(0.25	)		(0.19	)		(0.15	)		(0.17	)
Net asset value, end of period	$	11.41		$	11.04		$	11.10		$	12.33		$	12.52		$	12.26
Total return		4.6	%(b)		1.3	%		(8.1	)%		(0.1	)%		3.4	%		6.9	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	4,066,356		$	3,795,410		$	3,814,359		$	4,234,247		$	4,201,639		$	3,658,844
Ratio of expenses to average net assets before expense waivers		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.65	%		0.66	%
Ratio of expenses to average net assets after expense waivers		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		2.41	%(c)		1.93	%		0.97	%		0.93	%		1.21	%		1.46	%
Portfolio turnover rate		13	%(b)		52	%		55	%		58	%		40	%		26	%

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

See Notes to Financial Statements.

125

Old Westbury Funds, Inc.

California Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,												PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
				2023			2022			2021			2020
Net asset value, beginning of period	$	9.36		$	9.39		$	10.38		$	10.57		$	10.37		$	10.00
Investment operations:
Net investment income(b)		0.12			0.22			0.12			0.11			0.12			0.12
Net realized and unrealized gain/(loss)		0.30			(0.04	)		(0.91	)		(0.11	)		0.22			0.36
Total from investment operations		0.42			0.18			(0.79	)		0.00			0.34			0.48
Distributions:
Net investment income		(0.12	)		(0.21	)		(0.11	)		(0.11	)		(0.12	)		(0.11	)
Net realized gains		—			—			(0.09	)		(0.08	)		(0.02	)		—
Total distributions		(0.12	)		(0.21	)		(0.20	)		(0.19	)		(0.14	)		(0.11	)
Net asset value, end of period	$	9.66		$	9.36		$	9.39		$	10.38		$	10.57		$	10.37
Total return		4.5	%(c)		1.9	%		(7.7	)%		(0.1	)%		3.3	%		4.8	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	350,158		$	340,248		$	314,887		$	346,155		$	400,367		$	339,560
Ratio of expenses to average net assets before expense waivers		0.76	%(d)		0.76	%		0.77	%		0.76	%		0.76	%		0.78	%(d)
Ratio of expenses to average net assets after expense waivers		0.57	%(d)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%(d)
Ratio of net investment income to average net assets		2.44	%(d)		2.28	%		1.17	%		1.03	%		1.13	%		1.32	%(d)
Portfolio turnover rate		10	%(c)		75	%		60	%		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.

126

Old Westbury Funds, Inc.

New York Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)			YEAR ENDED OCTOBER 31,												PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
				2023			2022			2021			2020
Net asset value, beginning of period	$	9.45		$	9.48		$	10.43		$	10.55		$	10.42		$	10.00
Investment operations:
Net investment income(b)		0.11			0.19			0.11			0.11			0.12			0.13
Net realized and unrealized gain/(loss)		0.31			(0.04	)		(0.91	)		(0.05	)		0.16			0.40
Total from investment operations		0.42			0.15			(0.80	)		0.06			0.28			0.53
Distributions:
Net investment income		(0.11	)		(0.18	)		(0.11	)		(0.11	)		(0.12	)		(0.11	)
Net realized gains		—			—			(0.04	)		(0.07	)		(0.03	)		—
Total distributions		(0.11	)		(0.18	)		(0.15	)		(0.18	)		(0.15	)		(0.11	)
Net asset value, end of period	$	9.76		$	9.45		$	9.48		$	10.43		$	10.55		$	10.42
Total return		4.5	%(c)		1.6	%		(7.7	)%		0.6	%		2.7	%		5.4	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	559,408		$	548,955		$	546,067		$	626,544		$	582,500		$	498,852
Ratio of expenses to average net assets before expense waivers		0.74	%(d)		0.74	%		0.74	%		0.74	%		0.75	%		0.77	%(d)
Ratio of expenses to average net assets after expense waivers		0.57	%(d)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%(d)
Ratio of net investment income to average net assets		2.31	%(d)		1.93	%		1.14	%		1.01	%		1.13	%		1.42	%(d)
Portfolio turnover rate		17	%(c)		48	%		45	%		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.

127

Old Westbury Funds, Inc.
Notes to Financial Statements
	April 30, 2024 (Unaudited)

1. Organization:

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of April 30, 2024, the Corporation consisted of nine separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

Fund Name	Investment Objective
Old Westbury All Cap Core Fund (“All Cap Core Fund”)	Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”)	Long-term capital appreciation.
Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid 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 Short-Term Bond Fund (“Short-Term Bond Fund”)*	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).

* Short-Term Bond Fund commenced operations on February 29, 2024.

The Corporation has authorized a total of 23.5 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 (“ASC”) 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.

128

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

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

Readily marketable equity securities traded in the over-the-counter market (“OTC”), including listed securities whose primary market is believed by 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 pursuant to policies and procedures established by the Board. The Board has designated BIM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to BIM the responsibility for making fair value determinations with respect to the Funds’ portfolio holdings. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. 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 Pricing Committee (as defined below), 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 infor-

129

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

mation, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 28 days during the period ended April 30, 2024. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of April 30, 2024, foreign securities were fair valued as the change in the S&P 500 Index exceeded the Funds’ predetermined Level.

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. BIM, as the valuation designee, is responsible for (i) periodically assessing any material risks associated with the determination of the fair value of a fund’s investments; (ii) establishing and applying fair value methodologies; (iii) testing the appropriateness of fair value methodologies; and (iv) overseeing and evaluating third-party pricing services. BIM has established a pricing committee (the “Pricing Committee”) to fulfill certain functions under the valuation policies and procedures. Investments for which a market quotation is not readily available 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 the portfolio manager and any other relevant matters. When the fair valuation of investments uses 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 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 by the Funds’ Board.

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

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

For the period ended April 30, 2024, 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

130

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

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, forward foreign currency exchange contracts, redemptions in-kind, foreign currency transactions, and foreign capital gains taxes in the Statements of Operations.

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

E. Securities Sold. The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker 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. The Funds had no short sales outstanding at April 30, 2024.

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 Secured Overnight Financing Rate, 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.

131

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

In connection with floating rate loan interests, the Funds may also enter into unfunded loan commitments (“commitments”). In connection with these commitments, the Funds earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked- to-market daily, and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations. As of April 30, 2024, the Funds had no unfunded floating rate loan interests.

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.

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, Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund and Small & Mid 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 in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness, or general market conditions, overall economic trends or events, governmental actions or intervention, armed conflicts, terrorist activities, political developments, actions taken by the Federal Reserve or other central banks, market disruptions caused by trade disputes or other events or circumstances, natural disasters, rapid inflation, supply chain disruptions, international sanctions, a pandemic or other public health crisis, currency and interest rate and price fluctuations, investor sentiment and other factors that may or may not be related to the issuer of the security or other asset. 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.

B. Concentration Risk.

California Municipal Bond Fund and New York Municipal Bond Fund invest a substantial amount of their assets in municipal obligations of 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.

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	April 30, 2024 (Unaudited)

C. LIBOR Discontinuance Risk.

Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate. Historically, these floating rates have been largely based on the London Interbank Offered Rate (“LIBOR”). LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published, but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. A Fund may continue to invest in instruments that continue to reference LIBOR or otherwise use LIBOR reference rates due to favorable liquidity or pricing, however, new LIBOR assets may no longer be available.

Regulators and market participants have been working together to identify or develop successor reference rates and necessary adjustments to associated spreads (i.e., the amounts above the relevant reference rates paid by borrowers in the market) (if any). Replacement rates that have been identified include the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with US Treasury securities, and the Sterling Overnight Index Average Rate (“SONIA”), which is intended to replace GBP LIBOR and measures the overnight interest rate paid by banks for unsecured transactions in the sterling market, although other replacement rates could be adopted by market participants. At this time, it is not possible to predict the effect of the establishment of SOFR, SONIA or any other replacement rates.

The potential effect of the transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The unavailability and replacement of LIBOR may affect the value, liquidity or return on certain Fund investments. Management continues to evaluate the impact of the market transition to alternative reference rates, such as SOFR or SONIA, evolves.

D. Shareholder Concentration Risk.

As of April 30, 2024, 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	98.99%
Large Cap Strategies Fund	1	98.34%
Small & Mid Cap Strategies Fund	1	98.73%
Credit Income Fund	1	99.51%
Fixed Income Fund	1	99.60%
Short-Term Bond Fund	1	100.00%
Municipal Bond Fund	1	99.34%
California Municipal Bond Fund	1	100.00%
New York Municipal Bond Fund	1	100.00%

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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	April 30, 2024 (Unaudited)

The summary of inputs used to value the Funds’ investments as of April 30, 2024 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	$	3,010,881,247(b)	$	129,004,607(b)	$	—	$	3,139,885,854
Exchange-Traded Funds		35,223,866		—		—		35,223,866
Investment Company		59,621,006		—		—		59,621,006
Total	$	3,105,726,119	$	129,004,607	$	—	$	3,234,730,726
Large Cap Strategies Fund
Equity Securities	$	16,998,639,104(b)	$	4,983,348,673(b)	$	—	$	21,981,987,777
Rights/Warrants		—		—		0(b)		—
Exchange-Traded Funds		244,760,321		—		—		244,760,321
U.S. Government Securities		—		49,956,012		—		49,956,012
Investment Company		440,002,449		—		—		440,002,449
Other financial instruments - Liabilities Forward foreign currency exchange contracts		—		(4,723,133)(b)		—		(4,723,133)
Total	$	17,683,401,874	$	5,028,581,552	$	0	$	22,711,983,426
Small & Mid Cap Strategies Fund
Equity Securities
Australia	$	—	$	179,970,266	$	—	$	179,970,266
Austria		—		18,870,907		—		18,870,907
Belgium		—		15,771,529		—		15,771,529
Brazil		52,396,971		—		—		52,396,971
Canada		244,358,566		2,610,646		—		246,969,212
Chile		5,104,853		—		—		5,104,853
China		18,080,009		288,371,697		—		306,451,706
Denmark		—		110,890,899		—		110,890,899
Finland		—		50,784,147		—		50,784,147
France		2,040,881		105,335,872		—		107,376,753
Germany		926,521		91,815,509		—		92,742,030
Greece		—		26,784,694		—		26,784,694
Hong Kong		—		52,005,231		—		52,005,231
Iceland		—		3,800,969		—		3,800,969
India		12,177,621		45,462,428		—		57,640,049
Indonesia		—		6,075,376		—		6,075,376
Ireland		10,139,740		4,068,147		—		14,207,887
Israel		127,530,964		66,059,456		—		193,590,420
Italy		11,775,334		141,619,278		—		153,394,612
Japan		—		789,348,253		—		789,348,253
Jersey Channel Islands		3,704,583		679,383		—		4,383,966
Malaysia		—		3,991,767		—		3,991,767
Mexico		7,889,541		—		—		7,889,541
Netherlands		—		75,031,510		—		75,031,510
New Zealand		—		10,669,672		—		10,669,672
Norway		—		48,841,468		—		48,841,468
Peru		14,532,000		—		—		14,532,000
Poland		—		26,152,894		—		26,152,894
Portugal		—		19,020,722		—		19,020,722
Russia		—		—		0		0
Singapore		—		44,484,647		4,237		44,488,884
South Africa		14,671,694		34,739,687		—		49,411,381
South Korea		3,067,791		108,790,220		—		111,858,011

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	April 30, 2024 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Spain	$	—	$	59,301,732	$	—	$	59,301,732
Sweden		—		127,074,695		—		127,074,695
Switzerland		2,593,276		145,122,652		—		147,715,928
Taiwan		—		74,790,018		—		74,790,018
Thailand		13,563,669		6,809,106		—		20,372,775
Turkey		—		25,953,172		—		25,953,172
United Kingdom		1,767,702		472,383,181		0		474,150,883
United States		3,384,674,713		5,377,806		—		3,390,052,519
Uruguay		11,955,865		—		—		11,955,865
Total Equity Securities	$	3,942,952,294	$	3,288,859,636	$	4,237	$	7,231,816,167
Rights/Warrants
Australia		—		143		—		143
United States		—		—		0		0
Total Rights/Warrants	$	—	$	143	$	0	$	143
Exchange-Traded Funds		699,443,381		—		—		699,443,381
Investment Company		35,374,805		—		—		35,374,805
Cash Sweep		182,622,741		—		—		182,622,741
Total	$	4,860,393,221	$	3,288,859,779	$	4,237	$	8,149,257,237
Credit Income Fund
Preferred Stocks	$	4,980,898(b)	$	—	$	—	$	4,980,898
Exchange-Traded Funds		411,588,999		—		—		411,588,999
Corporate Bonds		—		167,280,916(b)		—		167,280,916
Asset-Backed Securities		—		406,496,157(b)		2,218,622(b)		408,714,779
Non-Agency Mortgage-Backed Securities		—		519,071,023(b)		11,499,934(b)		530,570,957
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		1,559,054(b)		—		1,559,054
U.S. Government Securities		—		766,238,253		—		766,238,253
Cash Sweep		97,510,847		—		—		97,510,847
Other financial instruments - Assets Interest Rate Risk		—		839,868(b)		—		839,868
Other financial instruments - Liabilities Interest Rate Risk		—		(7,659,990)(b)		—		(7,659,990)
Total	$	514,080,744	$	1,853,825,281	$	13,718,556	$	2,381,624,581
Fixed Income Fund
Corporate Bonds	$	—	$	345,715,609(b)	$	—	$	345,715,609
Asset-Backed Securities		—		100,299,290(b)		—		100,299,290
Non-Agency Mortgage-Backed Securities		—		389,537(b)		—		389,537
U.S. Government Agencies		—		4,971,524		—		4,971,524
U.S. Government Securities		—		845,887,640		—		845,887,640
Investment Company		124,912,096		—		—		124,912,096
Total	$	124,912,096	$	1,297,263,600	$	—	$	1,422,175,696
Short-Term Bond Fund
Corporate Bonds	$	—	$	5,429,132(b)	$	—	$	5,429,132
Asset-Backed Securities		—		647,470(b)		—		647,470
U.S. Government Securities		—		9,163,050		—		9,163,050
Investment Company		352,016		—		—		352,016
Total	$	352,016	$	15,239,652	$	—	$	15,591,668

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	April 30, 2024 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Municipal Bond Fund
Municipal Bonds	$	—	$	3,875,999,602(b)	$	—	$	3,875,999,602
Corporate Bonds		—		55,921,843(b)		—		55,921,843
U.S. Government Securities		—		61,589,648		—		61,589,648
Investment Company		104,252,682		—		—		104,252,682
Total	$	104,252,682	$	3,993,511,093	$	—	$	4,097,763,775
California Municipal Bond Fund
Municipal Bonds	$	—	$	320,806,079(b)	$	—	$	320,806,079
Corporate Bonds		—		1,787,859(b)		—		1,787,859
U.S. Government Securities		—		20,361,211		—		20,361,211
Investment Company		2,904,416		—		—		2,904,416
Total	$	2,904,416	$	342,955,149	$	—	$	345,859,565
New York Municipal Bond Fund
Municipal Bonds	$	—	$	487,023,687(b)	$	—	$	487,023,687
Corporate Bonds		—		8,750,877(b)		—		8,750,877
U.S. Government Securities		—		44,194,219		—		44,194,219
Investment Company		13,962,810		—		—		13,962,810
Total	$	13,962,810	$	539,968,783	$	—	$	553,931,593

(a)

The Large Cap Strategies Fund, the Small & Mid Cap Strategies Fund, and the Credit Income Fund held certain investments categorized as Level 3 that had a fair value less than 1% of NAV with a percentage of NAV as 0.00%, 0.00%, and 0.57%, respectively, for the period ended April 30, 2024. 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.

The Fund did not have material transfers into or out of Level 3 during the six months ended April 30, 2024. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

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 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.

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The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the six months ended April 30, 2024.

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

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

As of April 30, 2024, 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:

Large Cap Strategies 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	$	4,723,133	$	—		$	—	$	(3,820,000	)	$	903,133
Credit Income Fund
Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset (a)			Non-cash Collateral Received (b)		Cash Collateral Received (b)			Net Amount of Derivative Assets (c)
Barclays Bank Plc	$	839,868	$	(839,868	)	$	—	$	—		$	—

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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	$	7,659,990	$	(839,868	)	$	—	$	(5,390,000	)	$	1,430,122

(a)	The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to a MNA or another similar arrangement.
(b)	Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes.
(c)	Net amount represents the net amount receivable from/payable to counterparty in the event of default.

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

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

	Fair Values of Derivative Instruments as of April 30, 2024
	Derivative Assets			Derivative Liabilities
Large Cap Strategies Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Forward Foreign Currency Exchange Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	—	Unrealized depreciation on forward foreign currency exchange contracts	$	4,723,133
	Fair Values of Derivative Instruments as of April 30, 2024
	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	$	839,868	Unrealized depreciation on swap agreements	$	7,659,990

	The Effect of Derivative Instruments on the Statements of Operations For the Period Ended April 30, 2024 Net Realized Gain/(Loss) from Derivatives Recognized in Income
Large Cap Strategies Fund	Purchased Options and Structured Options (Investments)		Written Options and Structured Options		Futures Contracts		Swap Agreements		Foreign Currency Exchange Contracts			Total
Forward Foreign Currency Exchange Risk	$	—	$	—	$	—	$	—	$	(5,367,652	)	$	(5,367,652	)

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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	$	—	$	—	$	2,061,119	$	(9,161,694	)	$	—	$	(7,100,575	)
			Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
Large Cap Strategies Fund	Purchased Options and Structured Options (Investments)		Written Options and Structured Options		Futures Contracts		Swap Agreements			Foreign Currency Exchange Contracts		Total
Forward Foreign Currency Exchange Risk	$	—	$	—	$	—	$	—		$	2,333,957	$	2,333,957
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	$	—	$	—	$	—	$	14,467,216		$	—	$	14,467,216

For the period ended April 30, 2024, the quarterly average volume of derivative activities were as follows:

	Large Cap Strategies Fund		Credit Income Fund
Forward Foreign Currency Contracts Sold (U.S. Dollar Amounts)	$	96,162,727	$	—
Total Return Swaps (Notional Amounts in U.S. Dollars)		—		165,000,000

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

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to a futures commission merchant an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade and exchanges are viewed as presenting lower credit risk than bilateral counterparties.

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund, California Municipal Bond and New York Municipal Bond) may enter into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency ex-

139

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Notes to Financial Statements - (Continued)	April 30, 2024 (Unaudited)

change 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 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

140

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Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

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%	0.67%
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%
Short-Term Bond Fund	0.32%

	First $1.25 billion of average net assets	Next $1.25 billion to $2.5 billion of average net assets	Average net assets exceeding $2.5  billion	Blended Advisory Rate
Large Cap Strategies Fund	0.90%	0.85%	0.80%	0.81%

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

BIM has retained Aikya Investment Management Limited (“Aikya”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to each manage a segment of the Large Cap Strategies Fund. Aikya and Sands are paid for their services directly by BIM. Baillie Gifford previously served as sub-adviser to the Large Cap Strategies Fund and was terminated effective February 6, 2024, and Aikya was added as sub-adviser to the Large Cap Strategies Fund, effective February 6, 2024.

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.

141

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

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.

D. Custody Fees. The All Cap Core Fund, Large Cap Strategies Fund, Fixed Income Fund, Short-Term Bond 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. The Small & Mid Cap Strategies Fund has retained BTCO to serve as its co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash. BTCO serves as custodian for the Small & Mid Cap Strategies Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.065% of the average daily net assets of the non-U.S. investments for All Cap Core Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund, Short-Term Bond 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 has retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash and assets of the Small & Mid Cap Strategies Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

E. Fee Waivers. BIM has contractually committed through October 31, 2026 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 All Cap Core Fund at 0.95%, 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 Short-Term Bond Fund at 0.37%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57% and the New York Municipal Bond Fund at 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the period ended April 30, 2024, BIM waived $28,914 for the All Cap Core Fund, $1,541,325 for the Small & Mid Cap Strategies Fund, $123,163 for the Credit Income Fund, $832,242 for the Fixed Income Fund, $22,845 for the Short-Term Bond Fund, $1,549,651 for the Municipal Bond Fund, $325,580 for the California Municipal Bond Fund, and $478,575 for the New York Municipal Bond Fund. The contractual advisory fee waivers may be changed or terminated at any time with the approval of the Board. BIM, however, does not have the ability to recapture fees currently being waived at a later date.

F. Board of Directors’ Fees. Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $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 period ended April 30, 2024, there were no such transactions.

142

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Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

7. Securities Transactions:

Investment transactions for the period ended April 30, 2024, excluding short-term debt investments and U.S. Government securities, were as follows:

	Purchases		Sales
All Cap Core Fund	$	633,346,267	$	736,360,263
Large Cap Strategies Fund		5,560,827,211		6,713,678,005
Small & Mid Cap Strategies Fund		1,883,021,034		2,088,133,488
Credit Income Fund		261,139,912		183,744,101
Fixed Income Fund		132,529,779		160,930,827
Short-Term Bond Fund		6,031,625		—
Municipal Bond Fund		674,617,751		351,615,300
California Municipal Bond Fund		49,047,555		25,206,599
New York Municipal Bond Fund		70,307,635		77,153,060

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the period ended April 30, 2024 were as follows:

	Purchases		Sales
Credit Income Fund	$	452	$	167,032,661
Fixed Income Fund		252,913,018		312,338,474
Short-Term Bond Fund		4,500,798		—
Municipal Bond Fund		43,940,625		125,165,586
California Municipal Bond Fund		—		8,753,066
New York Municipal Bond Fund		24,565,117		29,530,945

8. Redemptions in-kind:

When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions in-kind). Gains and losses realized on redemptions in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended April 30, 2024, the All Cap Core Fund realized a net gain of $57,604,732 on $125,090,580 of redemptions in-kind, including cash of $2,390,404, with affiliates of BIM.

9. Federal Income Taxes:

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

143

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

As of April 30, 2024, 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	$	2,076,476,033	$	1,177,743,208	$	(19,488,515	)	$	1,158,254,693
Large Cap Strategies Fund		15,410,014,635		7,710,141,542		(403,449,618	)		7,306,691,924
Small & Mid Cap Strategies Fund		7,354,087,527		1,398,648,806		(603,479,096	)		795,169,710
Credit Income Fund		2,932,290,314		14,196,395		(558,042,006	)		(543,845,611	)
Fixed Income Fund		1,469,746,636		1,116,164		(48,687,104	)		(47,570,940	)
Short-Term Bond Fund		15,684,597		885		(93,814	)		(92,929	)
Municipal Bond Fund		4,146,635,704		22,051,592		(70,923,521	)		(48,871,929	)
California Municipal Bond Fund		347,660,555		1,725,502		(3,524,845	)		(1,799,343	)
New York Municipal Bond Fund		562,878,541		2,394,953		(11,341,901	)		(8,946,948	)

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, 2023 was as follows:

	All Cap Core Fund		Large Cap Strategies Fund		Small & Mid Cap Strategies Fund		Credit Income Fund
Distributions paid from:
Ordinary income	$	5,321,700	$	119,244,027	$	38,864,269	$	119,000,546
Net Long Term Capital Gains		63,552,699		—		—		—
Total Taxable Distributions		68,874,399		119,244,027		38,864,269		119,000,546
Tax Exempt Distributions		—		—		—		—
Total Distributions Paid	$	68,874,399	$	119,244,027	$	38,864,269	$	119,000,546
	Fixed Income Fund		Municipal Bond Fund		California Municipal Bond Fund		New York Municipal Bond Fund
Distributions paid from:
Ordinary income	$	39,098,317	$	15,941,024	$	1,947,214	$	2,565,990
Net Long Term Capital Gains		—		—		—		—
Total Taxable Distributions		39,098,317		15,941,024		1,947,214		2,565,990
Tax Exempt Distributions		—		57,228,412		5,232,608		7,916,302
Total Distributions Paid	$	39,098,317	$	73,169,436	$	7,179,822	$	10,482,292

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, 2023, 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, 2023. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

144

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2024 (Unaudited)

As of October 31, 2023, the capital loss carryforwards of the below Funds is 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.

	Short-Term Capital Loss Carryforward		Long-Term Capital Loss Carryforward
Large Cap Strategies Fund	$	145,689,796	$	–
Small & Mid Cap Strategies Fund		46,289,005		–
Credit Income Fund		65,467,451		86,352,356
Fixed Income Fund		29,073,223		104,214,004
Municipal Bond Fund		69,036,174		105,377,119
California Municipal Bond Fund		5,876,389		9,810,499
New York Municipal Bond Fund		5,663,090		13,648,824

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.

10. Commitments:

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

As of April 30, 2024, 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.

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.

145

Old Westbury Funds, Inc.
Additional Information (Unaudited)
	April 30, 2024

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.

146

Investment Adviser:

Bessemer Investment Management LLC
1271 Avenue of the Americas
New York, NY 10020
(212) 708-9100

Distributor:

Foreside Funds Distributors LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

Custodians:

Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095

Citibank, N.A.
388 Greenwich Street
New York, NY 10013

Administrator:

The Bank of New York Mellon
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.

April 30, 2024

Cusip 680414307

Cusip 680414109

Cusip 680414604

Cusip 680414851

Cusip 680414406

Cusip 680414844

Cusip 680414505

Cusip 680414877

Cusip 680414869

(OWF_A21-SAR2024)

(4/24)

Item 1. Reports to Stockholders (cont.).

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(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 July 5, 2024

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 July 5, 2024

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

Date July 5, 2024

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