# EDGAR Filing Document

**Accession Number:** 0000909994
**File Stem:** 0000930413-26-000050
**Filing Date:** 2026-1
**Character Count:** 757073
**Document Hash:** 33cacb79a2394cf544a7fb2eb1772f89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000050.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0000930413-26-000050

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OLD WESTBURY FUNDS INC
- **CENTRAL INDEX KEY:** 0000909994

**ORGANIZATION NAME:**
- **EIN:** 232874698
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07912
- **FILM NUMBER:** 26515205

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 3027914394

**MAIL ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### Old Westbury Fixed Income Fund (Series ID: S000001856)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004833 | Old Westbury Fixed Income Fund | OWFIX           |

### Old Westbury Small & Mid Cap Strategies Fund (Series ID: S000001857)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000004834 | Old Westbury Small & Mid Cap Strategies Fund | OWSMX           |

### Old Westbury Large Cap Strategies Fund (Series ID: S000001858)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000004835 | Old Westbury Large Cap Strategies Fund | OWLSX           |

### Old Westbury All Cap Core Fund (Series ID: S000001859)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004836 | Old Westbury All Cap Core Fund | OWACX           |

### Old Westbury Municipal Bond Fund (Series ID: S000001861)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000004838 | Old Westbury Municipal Bond Fund | OWMBX           |

### Old Westbury California Municipal Bond Fund (Series ID: S000063602)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000206042 | Old Westbury California Municipal Bond Fund | OWCAX           |

### Old Westbury New York Municipal Bond Fund (Series ID: S000063603)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000206043 | Old Westbury New York Municipal Bond Fund | OWNYX           |

### Old Westbury Credit Income Fund (Series ID: S000069572)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000221944 | Old Westbury Credit Income Fund | OWCIX           |

### Old Westbury Short-Term Bond Fund (Series ID: S000083937)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000248048 | Old Westbury Short-Term Bond Fund | OWSBX           |

### Old Westbury Total Equity Fund (Series ID: S000090405)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000257451 | Old Westbury Total Equity Fund | OWTEX           |

?xml version='1.0' encoding='ASCII'?

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 Americas

New York, NY 10020

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-607-2200</u>

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>October 31, 2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# Old Westbury All Cap Core Fund (OWACX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury All Cap Core Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury All Cap Core Fund | $101 | 0.95% |

---

## What drove Fund performance during the past 12 months?
* Global equities delivered strong returns during the 12-month period, supported by a resilient economic backdrop and heightened enthusiasm for advances in technology and artificial intelligence. 

* Both U.S. and international markets contributed. In the U.S., performance benefited from exposure to several large companies with strong fundamentals and earnings growth, such as NVIDIA, Broadcom, and Microsoft. International performance was broad-based across multiple sectors and regions.

**What contributed to performance?**

The All Cap Core Fund underperformed during the 12-month period, increasing 13.18% versus an increase of 22.26% for the Fund's secondary benchmark, 90% MSCI USA and 10% MSCI ACWI ex USA (Net). Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark.

Contributors included an underweight allocation to consumer staples and stock selection within communication services. The consumer staples sector lagged the benchmark, and within the sector, the Fund avoided many larger underperforming constituents while owning Walmart, which outperformed both peers and the benchmark.

Stock selection in communication services included Alphabet and Take-Two Interactive, both of which significantly outperformed the sector and the benchmark.

**What detracted from performance?**

The largest detractor was stock selection within the U.S. information technology sector. The Fund's holdings in Gartner, Motorola Solutions, and Manhattan Associates underperformed the sector and the benchmark. Additionally, not owning large outperformers such as Palantir, Advanced Micro Devices, and Oracle detracted from relative performance.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i2a48e071573469714a06fc45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury All Cap Core Fund** | **MSCI ACWI Investable Market Index (Net)** | **90% MSCI USA Index & 10% MSCI ACWI ex USA Index (Net)** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10073 | $10234 | $10393 |
| **2017** | $12270 | $12641 | $12842 |
| **2018** | $12957 | $12520 | $13562 |
| **2019** | $14984 | $14024 | $15468 |
| **2020** | $17579 | $14630 | $17031 |
| **2021** | $24569 | $20216 | $24177 |
| **2022** | $19325 | $16129 | $19990 |
| **2023** | $21387 | $17649 | $22055 |
| **2024** | $28946 | $23356 | $30207 |
| **2025** | $32760 | $28495 | $36930 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Old Westbury All Cap Core Fund | 13.18% | 13.26% | 12.60% |
| MSCI ACWI Investable Market Index (Net) | 22.00% | 14.26% | 11.04% |
| 90% MSCI USA Index & 10% MSCI ACWI ex USA Index (Net) | 22.26% | 16.74% | 13.96% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the MSCI ACWI Investable Market Index (Net) and a blended index (90% MSCI USA Index & 10% MSCI ACWI ex USA Index (Net)) over the past 10 fiscal years. Indexes are gross of withholding taxes unless otherwise noted as (Net) of withholding taxes. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower. Prior to December 30, 2016, the Fund was named the Old Westbury Large Cap Core Fund and operated under a different investment strategy. The performance information shown above before such date represents the Fund's prior investment strategies.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$3,510,846,400

* # of Portfolio Holdings102

* Portfolio Turnover Rate38%

* Total Advisory Fees Paid (Net of Waivers)$22,816,322

## What did the Fund invest in?

### Sector Weightings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| Information Technology | 30.8% |
| Communication Services | 10.9% |
| Health Care | 10.8% |
| Industrials | 9.8% |
| Financial Services | 7.5% |
| Consumer Discretionary | 7.4% |
| Banks | 4.4% |
| Consumer Staples | 3.9% |
| Other Sectors | 7.4% |
| Other Assets and Liabilities | 7.1% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.2% |
| Microsoft Corp. | 6.2% |
| Alphabet, Inc. | 5.1% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 4.2% |
| Broadcom, Inc. | 3.1% |
| Meta Platforms, Inc. | 3.0% |
| Visa, Inc. | 2.5% |
| JP Morgan Chase & Co. | 2.4% |
| SPDR S&P 500 ETF Trust | 2.2% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.95%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury All Cap Core Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 861014

# Old Westbury Large Cap Strategies Fund (OWLSX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury Large Cap Strategies Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury Large Cap Strategies Fund | $121 | 1.10% |

---

## What drove Fund performance during the past 12 months?
* The Large Cap Strategies Fund underperformed during the 12-month period, increasing 19.20% versus an increase of 23.76% for the Fund's secondary benchmark, the MSCI ACWI Large Cap Index (Net).

* Global growth stocks outperformed value for the 12-month period.

* Emerging markets outperformed both developed-international and U.S. markets. 

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark. Sands Capital Management, LLC's portfolio was the top absolute and relative contributor. The Fund benefited from its exposure to the pharmaceutical theme through an underweight position in Novo Nordisk A/S and an overweight position in Galderma, as well as from exposure to the technology hardware storage and peripherals theme via an overweight position in Samsung Electronics.

From a sector standpoint, the Fund's allocation to materials and utilities as well as stock selection in healthcare contributed positively to performance.

Regionally, strong stock selection in developed Europe was the primary driver of the Fund's relative gains, while allocation to Japan also added modestly to results.

**What detracted from performance?**

Despite overall gains for the 12-month period, several areas detracted from relative performance. Aikya Investment Management Limited's portfolio was the Fund's top absolute and relative detractor. The Fund's performance was negatively impacted by its exposure to the automobile manufacturing and electric utilities sectors. Underweight positions in benchmark names such as Tesla and TSMC detracted from relative returns, while an overweight position in NVIDIA also weighed on performance.

Within sectors, stock selection in consumer discretionary and industrials weighed on Fund results, along with an underweight allocation to technology.

On a regional basis, weak stock selection in the U.S., Japan, and emerging Asia Pacific offset some of the Fund's positive contributions.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i19e6a67cf4ab48b09365e34a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury Large Cap Strategies Fund** | **MSCI ACWI Investable Market Index (Net)** | **MSCI ACWI Large Cap Index (Net)** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10193 | $10234 | $10201 |
| **2017** | $11897 | $12641 | $12595 |
| **2018** | $11772 | $12520 | $12608 |
| **2019** | $13293 | $14024 | $14206 |
| **2020** | $14221 | $14630 | $15011 |
| **2021** | $19005 | $20216 | $20541 |
| **2022** | $14487 | $16129 | $16542 |
| **2023** | $15559 | $17649 | $18503 |
| **2024** | $20974 | $23356 | $24689 |
| **2025** | $25001 | $28495 | $30556 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Old Westbury Large Cap Strategies Fund | 19.20% | 11.95% | 9.60% |
| MSCI ACWI Investable Market Index (Net) | 22.00% | 14.26% | 11.04% |
| MSCI ACWI Large Cap Index (Net) | 23.76% | 15.27% | 11.82% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the MSCI ACWI Investable Market Index (Net) and the MSCI ACWI Large Cap Index (Net) over the past 10 fiscal years. Indexes are gross of withholding taxes unless otherwise noted as (Net) of withholding taxes. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$26,390,000,800

* # of Portfolio Holdings526

* Portfolio Turnover Rate48%

* Total Advisory Fees Paid (Net of Waivers)$200,417,828

## What did the Fund invest in?

### Sector Weightings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| Information Technology | 28.1% |
| Industrials | 10.7% |
| Consumer Discretionary | 10.3% |
| Banks | 9.0% |
| Communication Services | 8.9% |
| Health Care | 8.8% |
| Financial Services | 5.2% |
| Consumer Staples | 5.2% |
| Other Sectors | 11.0% |
| Other Assets and Liabilities | 2.8% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 5.0% |
| Alphabet, Inc. | 4.4% |
| Apple, Inc. | 4.0% |
| Amazon.com, Inc. | 3.3% |
| Broadcom, Inc. | 2.9% |
| JP Morgan Chase & Co. | 2.3% |
| Meta Platforms, Inc. | 1.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.3% |
| Chevron Corp. | 1.1% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 1.10%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury Large Cap Strategies Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 943344

# Old Westbury Small & Mid Cap Strategies Fund (OWSMX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury Small & Mid Cap Strategies Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury Small & Mid Cap Strategies Fund | $118 | 1.10% |

---

## What drove Fund performance during the past 12 months?
* The Small & Mid Cap Strategies Fund underperformed during the 12-month period, increasing 13.77% versus an increase of 16.71% for the MSCI ACWI SMID Cap Index (Net), the Fund's secondary benchmark.

* Global small-to-mid-cap growth stocks outperformed value for the 12-month period.

* Developed international markets outperformed both emerging and U.S. markets.

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark. Portfolios managed by Polunin Capital Partners Limited and Acadian Asset Management LLC were the top two absolute and relative contributors in the Fund. The Fund benefited from its exposure to the gold theme through overweight positions in Evolution Mining Limited and Perseus Mining Limited, as well as from exposure to the broadline retail sector via overweight positions in companies such as Alibaba Group and Dollarama. From a sector perspective, stock selection in materials and consumer discretionary contributed meaningfully to Fund performance, while an overweight allocation to industrials also added to returns. On a regional basis, strong stock selection in emerging Asia Pacific and developed Europe were key drivers of Fund outperformance, supported by additional gains from Asia Pacific ex-Japan stock selection.

**What detracted from performance?**

Despite overall gains for the period, a few areas detracted from relative performance. Portfolios managed by Bessemer Investment Management LLC and Champlain Investment Partners LLC were the top two absolute and relative detractors in the Fund. The Fund was negatively impacted by its exposure to the application software theme, with overweight positions in Alkami Technology, Manhattan Associates, Inc., and Vertex, Inc. detracting from performance.

Additionally, the underweight exposure to strong secondary benchmark names within the aerospace and defense sector further weighed on the Fund's relative returns. Within sectors, stock selection in technology and industrials as well as overweight allocation to healthcare negatively impacted results.

From a regional standpoint, weak stock selection in the U.S. and Israel detracted from Fund performance, partially offsetting strength in other regions.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i9d656c17ab03bf6d624ee22e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury Small & Mid Cap Strategies Fund** | **MSCI ACWI Investable Market Index (Net)** | **MSCI ACWI SMID Cap Index (Net)** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10513 | $10234 | $10317 |
| **2017** | $12368 | $12641 | $12759 |
| **2018** | $12045 | $12520 | $12287 |
| **2019** | $13182 | $14024 | $13545 |
| **2020** | $13961 | $14630 | $13628 |
| **2021** | $18446 | $20216 | $19365 |
| **2022** | $13391 | $16129 | $15056 |
| **2023** | $13320 | $17649 | $15399 |
| **2024** | $16818 | $23356 | $19867 |
| **2025** | $19134 | $28495 | $23186 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Old Westbury Small & Mid Cap Strategies Fund | 13.77% | 6.51% | 6.70% |
| MSCI ACWI Investable Market Index (Net) | 22.00% | 14.26% | 11.04% |
| MSCI ACWI SMID Cap Index (Net) | 16.71% | 11.21% | 8.77% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the MSCI ACWI Investable Market Index (Net) and the MSCI ACWI SMID Cap Index (Net) over the past 10 fiscal years. Indexes are gross of withholding taxes unless otherwise noted as (Net) of withholding taxes. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower. Prior to December 30, 2016, the Fund was named the Old Westbury Small & Mid Cap Fund and operated under a different investment strategy. The performance information shown above before such date represents the Fund's prior investment strategies.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$8,904,037,731

* # of Portfolio Holdings2,088

* Portfolio Turnover Rate61%

* Total Advisory Fees Paid (Net of Waivers)$70,888,934

## What did the Fund invest in?

### Country Weightings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| United States | 38.3% |
| Japan | 12.2% |
| China | 5.2% |
| United Kingdom | 4.9% |
| Australia | 2.9% |
| South Korea | 2.6% |
| France | 2.1% |
| Switzerland | 2.1% |
| Other Countries | 21.3% |
| Other Assets and Liabilities | 8.4% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| VanEck Junior Gold Miners ETF | 3.0% |
| State Street SPDR S&P Biotech ETF | 1.1% |
| Keysight Technologies, Inc. | 0.6% |
| Esab Corp. | 0.6% |
| Nasdaq, Inc. | 0.6% |
| STERIS Plc | 0.6% |
| Alibaba Group Holding Ltd. | 0.6% |
| Pure Storage, Inc. | 0.5% |
| Utilities Select Sector SPDR Fund | 0.5% |
| Clean Harbors, Inc. | 0.5% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

Old Westbury Funds, Inc.

#### Old Westbury Small & Mid Cap Strategies Fund (OWSMX)

#### Annual Shareholder Report

#### October 31, 2025

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective February 27, 2025, Artisan Partners Limited Partnership no longer serves as a sub-adviser to the Fund.

Effective December 2, 2025, Champlain Investment Partners, LLC no longer serves as a sub-adviser to the Fund.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 1.10%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury Small & Mid Cap Strategies Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 905637

# Old Westbury Total Equity Fund (OWTEX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury Total Equity Fund (the "Fund") for the period of February 28, 2025, the Fund's inception, to October 31, 2025 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury Total Equity Fund | $70<sup>Footnote Reference^</sup> | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |

---

## What drove Fund performance during the reporting period?
* The Total Equity Fund underperformed in the eight months since inception, increasing 12.80% versus an increase of 17.88% for the Fund's benchmark, the MSCI ACWI IMI Index (Net) in the same period.

* Technology and communication services were the market's strongest performing sectors in the eight-month period. 

* Global growth stocks outperformed value for the eight-month period.

* Aided by a weakening dollar, developed-international and emerging markets significantly outperformed U.S. markets.

**What contributed to performance?**

Performance of the Fund's benchmark is provided in the table below. The Fund delivered strong gains during the period. The Fund benefited from exposure to the overall technology, artificial intelligence, and semiconductor themes through U.S. positions in Microsoft, chip manufacturer NVIDIA, and semiconductor solutions business Broadcom. Stock selection in the healthcare and communication service sectors also contributed to the Fund's performance. From a regional perspective, strong stock selection in developed Europe benefited the Fund as well.

**What detracted from performance?**

Despite portfolio gains for the reporting period, a few areas detracted from performance during the period. Due to a rising market, cash positions across the Fund were a net drag. On a strategy basis, underperformance in Sands Capital Management, LLC's portfolio and Aikya Investment Management Limited's portfolio also detracted from relative returns.

Underweight positions to lower-quality and smaller-cap benchmark names hurt relative returns. Stock selection in the financials, information technology, and industrial sectors also detracted from performance.

On a regional basis, weak stock selection in the U.S. and Japan and an underweight position to emerging markets hurt performance.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i372df89d12f7e57db2498bad.jpg)

---

| | | |
|:---|:---|:---|
| | **Old Westbury Total Equity Fund** | **MSCI ACWI Investable Market Index (Net)** |
| **02/28/2025** | $10000 | $10000 |
| **03/31/2025** | $9580 | $9612 |
| **04/30/2025** | $9630 | $9702 |
| **05/31/2025** | $10150 | $10264 |
| **06/30/2025** | $10570 | $10729 |
| **07/31/2025** | $10690 | $10871 |
| **08/31/2025** | $10890 | $11167 |
| **09/30/2025** | $11140 | $11552 |
| **10/31/2025** | $11280 | $11788 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | |
|:---|:---|
| Fund | **Since Inception (February 28, 2025)** |
| Old Westbury Total Equity Fund | 12.80% |
| MSCI ACWI Investable Market Index (Net) | 17.88% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the MSCI ACWI Investable Market Index (Net) since the Fund's inception (February 28, 2025). Indexes are gross of withholding taxes unless otherwise noted as (Net) of withholding taxes. The index's performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$905,624,636

* # of Portfolio Holdings481

* Portfolio Turnover Rate25%

* Total Advisory Fees Paid (Net of Waivers)$2,785,962

## What did the Fund invest in?

### Sector Weightings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| Information Technology | 26.1% |
| Industrials | 11.9% |
| Consumer Discretionary | 9.5% |
| Health Care | 9.0% |
| Communication Services | 8.3% |
| Banks | 8.0% |
| Financial Services | 5.9% |
| Consumer Staples | 5.3% |
| Other Sectors | 10.3% |
| Other Assets and Liabilities | 5.7% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.6% |
| Microsoft Corp. | 4.4% |
| Alphabet, Inc. | 3.8% |
| Apple, Inc. | 3.5% |
| Amazon.com, Inc. | 3.0% |
| Broadcom, Inc. | 2.4% |
| JP Morgan Chase & Co. | 1.9% |
| Meta Platforms, Inc. | 1.8% |
| Visa, Inc. | 1.2% |
| NextEra Energy, Inc. | 1.0% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.98%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury Total Equity Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 728866

# Old Westbury Credit Income Fund (OWCIX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury Credit Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury Credit Income Fund | $88 | 0.85% |

---

## What drove Fund performance during the past 12 months?
* The Credit Income Fund outperformed during the 12-month period, increasing 7.27% versus an increase of 7.17% for the Fund's secondary benchmark, the ICE BofA 1-10 Year U.S. Corporate Index.

* The U.S. fixed income market generally enjoyed strong performance in the period, as inflation remained contained and the U.S. Federal Reserve (the "Fed") resumed interest rate cuts as it continued to recalibrate policy.

* The U.S. economy remained resilient, yet the labor market began to soften, prompting policy recalibration.

* Favorable policy and resilient company earnings supported fixed income spreads as default levels were low, consumer balance sheets were healthy, and market volatility was contained. 

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark. The Fund benefited from lower interest rates throughout the year. This policy environment helped reduce overall fixed income market volatility relative to prior years. Inflation remained contained but above the Fed's target. Core services inflation slowly declined, but tariff-related price increases muddied the picture. The U.S. labor market began to soften from strong levels while overall company earnings and household balance sheets remained resilient.

Despite tariff-related uncertainty, this economic backdrop increased confidence that the U.S. would be able to avoid a recession, which helped fixed income assets with decent, and even somewhat overvalued, spread levels to continue to generate excess returns.

**What detracted from performance?**

Even with the Fed resuming its adjustment of policy rates downward, the shape of the yield curve remained quite flat. A flat yield curve does not support roll yield — that is, the potential to earn extra returns as a bond approaches its maturity date and its yield declines, which typically occurs with normal or steeper yield curves. Given the Fund's barbell approach to portfolio construction, a flat yield curve reduced the benefits of roll yield and removed a key source of return from positioning in longer-dated Treasury securities. The investment team expects this aspect of the yield curve to continue to normalize as the Fed continues to recalibrate policy.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i2d41f48a12f382bbe4196e3b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury Credit Income Fund** | **ICE BofA U.S. Broad Market Index** | **ICE BofA 1-10 Year U.S. Corporate Index** |
| **10/01/2020** | $10000 | $10000 | $10000 |
| **2020** | $9990 | $9950 | $10006 |
| **2021** | $10580 | $9893 | $10107 |
| **2022** | $8697 | $8331 | $8837 |
| **2023** | $8606 | $8369 | $9205 |
| **2024** | $9761 | $9252 | $10222 |
| **2025** | $10470 | $9820 | $10955 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (October 1, 2020)** |
| Old Westbury Credit Income Fund | 7.27% | 0.94% | 0.91% |
| ICE BofA U.S. Broad Market Index | 6.13% | -0.26% | -0.36% |
| ICE BofA 1-10 Year U.S. Corporate Index | 7.17% | 1.84% | 1.81% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Broad Market Index and the ICE BofA 1-10 Year U.S. Corporate Index since the Fund's inception (October 1, 2020). The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$2,407,404,066

* # of Portfolio Holdings811

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid (Net of Waivers)$13,155,079

## What did the Fund invest in?

### Asset Allocations (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| U.S. Government Agencies and Securities | 30.8% |
| Non-Agency Mortgage-Backed Securities | 24.4% |
| Exchange-Traded Funds | 19.8% |
| Asset-Backed Securities | 14.3% |
| Corporate Bonds | 5.7% |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | 0.3% |
| Preferred Stocks | 0.2% |
| Other Assets and Liabilities | 4.5% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 24.7% |
| iShares JP Morgan USD Emerging Markets Bond ETF | 8.3% |
| U.S. Treasury Notes | 6.1% |
| iShares MBS ETF | 5.6% |
| Barclays Mortgage Loan Trust | 5.1% |
| State Street SPDR Bloomberg Convertible Securities ETF | 4.3% |
| Ajax Mortgage Loan Trust | 3.8% |
| Invesco Preferred ETF | 1.6% |
| Countrywide Alternative Loan Trust | 1.6% |
| Velocity Commercial Capital Loan Trust | 1.6% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.85%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury Credit Income Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 723092

# Old Westbury Fixed Income Fund (OWFIX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury Fixed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury Fixed Income Fund | $59 | 0.57% |

---

## What drove Fund performance during the past 12 months?
* The Fixed Income Fund underperformed during the 12-month period, increasing 5.65% versus an increase of 5.95% for the Fund's secondary benchmark, the ICE BofA 1-10 Year AAA-A US Corporate & Government Index.

* Yields on U.S. Treasury securities declined across all maturities except for the 20-year and 30-year maturities in response to moderating inflation and the U.S. Federal Reserve beginning to lower interest rates again.

* Credit spreads tightened throughout the year as a stronger-than-expected U.S. economy, combined with lower inflation, buoyed credit fundamentals. 

* Demand for fixed income assets was strong throughout the period as investors were attracted to the relatively high yields; strong demand was supportive of fixed-income securities' prices. 

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark. Relative to the Fund's secondary benchmark, the Fund had a longer duration during the period. Duration is a measure of a portfolio's price sensitivity to interest rate moves. As interest rates declined, the Fund's positioning in longer-duration securities contributed to its performance.

Asset allocation also contributed to performance, as credit spreads tightened for investment-grade corporate bonds and structured products. The Fund's slight overweight position in corporate bonds and its out-of-benchmark exposure to asset-backed securities and collateralized loan obligations contributed to performance.

**What detracted from performance?**

During the period, the move lower in interest rates was led by securities with maturities between 2 and 3 years. Relative to the Fund's secondary benchmark, the Fund was underweight shorter-dated securities and overweight securities with maturities beyond 10 years. That positioning detracted from performance.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i5e97e0092ef4735cbd2c5751.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury Fixed Income Fund** | **ICE BofA U.S. Broad Market Index** | **ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10208 | $10437 | $10269 |
| **2017** | $10198 | $10532 | $10289 |
| **2018** | $10048 | $10320 | $10193 |
| **2019** | $10893 | $11529 | $11021 |
| **2020** | $11463 | $12248 | $11622 |
| **2021** | $11323 | $12178 | $11491 |
| **2022** | $10146 | $10255 | $10408 |
| **2023** | $10265 | $10302 | $10605 |
| **2024** | $11093 | $11389 | $11412 |
| **2025** | $11719 | $12087 | $12092 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Old Westbury Fixed Income Fund | 5.65% | 0.44% | 1.60% |
| ICE BofA U.S. Broad Market Index | 6.13% | -0.26% | 1.91% |
| ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index | 5.95% | 0.80% | 1.92% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Broad Market Index and the ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index over the past 10 fiscal years. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$1,546,898,074

* # of Portfolio Holdings150

* Portfolio Turnover Rate84%

* Total Advisory Fees Paid (Net of Waivers)$4,180,480

## What did the Fund invest in?

### Asset Allocations (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| U.S. Government Agencies and Securities | 64.9% |
| Corporate Bonds | 28.4% |
| Asset-Backed Securities | 5.5% |
| Other Assets and Liabilities | 1.2% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| U.S. Treasury Notes | 62.4% |
| U.S. Treasury Inflation Indexed Notes | 2.5% |
| Bank of America Corp. | 0.7% |
| JP Morgan Chase & Co. | 0.7% |
| Brixmor Operating Partnership LP | 0.6% |
| Capital One Financial Corp. | 0.5% |
| Fiserv, Inc. | 0.4% |
| PayPal Holdings, Inc. | 0.4% |
| L3Harris Technologies, Inc. | 0.4% |
| Fifth Third Bancorp | 0.4% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury Fixed Income Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 861017

# Old Westbury Short-Term Bond Fund (OWSBX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury Short-Term Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury Short-Term Bond Fund | $38 | 0.37% |

---

## What drove Fund performance during the past 12 months?
* The Short-Term Bond Fund underperformed during the 12-month period, increasing 4.96% versus an increase of 4.97% for the Fund's secondary benchmark, the ICE BofA 1-3 Year AAA-A US Corporate & Government Index.

* Yields at the front of the yield curve declined, as the U.S. Federal Reserve (the "Fed") began lowering interest rates again. 

* Credit spreads tightened, and risk assets outperformed U.S. Treasuries as economic growth continued at a healthy pace.

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark.

Investment-grade corporate bonds, asset-backed securities, and collateralized loan obligations outperformed U.S. Treasuries during the year as economic data remained resilient and inflation continued to decline. This led credit spreads to tighten across the investment-grade market. The Fund's overweight to corporate bonds and asset-backed securities aided performance. In addition, the Fund's overweight to U.S. Treasuries and corporate bonds with 3- to 5-year maturities also contributed to performance due to interest rates declining.

**What detracted from performance?**

Despite portfolio gains for the 12-month period, an allocation to floating-rate notes instead of fixed rate notes with maturities beyond 3 years inhibited broader outperformance, as the credit curve flattened and longer-dated credit benefited from the underlying Treasury move following the Fed's rate cuts.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](icbdaea81061e290fd8a55dfe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury Short-Term Bond Fund** | **ICE BofA U.S. Broad Market Index** | **ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index** |
| **02/29/2024** | $10000 | $10000 | $10000 |
| **2024** | $10368 | $10365 | $10369 |
| **2025** | $10883 | $11001 | $10884 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (February 29, 2024)** |
| Old Westbury Short-Term Bond Fund | 4.96% | 5.19% |
| ICE BofA U.S. Broad Market Index | 6.13% | 5.89% |
| ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index | 4.97% | 5.22% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Broad Market Index and the ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index since the Fund's inception (February 29, 2024). The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$103,049,687

* # of Portfolio Holdings116

* Portfolio Turnover Rate28%

* Total Advisory Fees Paid (Net of Waivers)$0

## What did the Fund invest in?

### Asset Allocations (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| U.S. Government Agencies and Securities | 57.4% |
| Corporate Bonds | 34.6% |
| Asset-Backed Securities | 7.0% |
| Other Assets and Liabilities | 1.0% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| U.S. Treasury Notes | 56.0% |
| U.S. Treasury Bills | 1.4% |
| Bank of New York Mellon Corp. (The) | 1.1% |
| CarMax Auto Owner Trust | 1.0% |
| Microchip Technology, Inc. | 1.0% |
| PayPal Holdings, Inc. | 1.0% |
| Duke Energy Progress LLC | 1.0% |
| Advanced Micro Devices, Inc. | 1.0% |
| Metropolitan Life Global Funding I | 1.0% |
| Uber Technologies, Inc. | 1.0% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

Old Westbury Funds, Inc.

#### Old Westbury Short-Term Bond Fund (OWSBX)

#### Annual Shareholder Report

#### October 31, 2025

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.37%.

The Fund's ratio of expenses to average net assets (before expense waivers) decreased from 0.98% to 0.74%. The decrease is attributable to the increase in the Fund's net assets during the period.

The Fund added "Developing Market Countries Risk" disclosure to its Prospectus' Principal Risks as of February 15, 2025. The disclosure was added to better align the Fund's risk disclosure with the Fund's Principal Investment Strategies.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury Short-Term Bond Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 727714

# Old Westbury Municipal Bond Fund (OWMBX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury Municipal Bond Fund | $58 | 0.57% |

---

## What drove Fund performance during the past 12 months?
* The Municipal Bond Fund underperformed during the 12-month period, increasing 4.04% versus an increase of 4.61% for the Fund's secondary benchmark, the ICE BofA 1-12 Year AAA-AA Municipal Securities Index.

* Throughout the year, U.S. fixed income market performance was driven by the continuation of the U.S. Federal Reserve's (the "Fed") rate cutting cycle, heightened investor demand for bonds amid economic uncertainty, and market volatility influenced by fluctuating economic indicators.

* In the municipal bond market, supply and demand garnered much of investors' focus. Supply once again surprised significantly to the upside as changes to Tax Cuts and Jobs Act provisions proved to be less disruptive than feared and issuers looked to capitalize on investor interest, while demand surged as investors looked to capitalize upon particularly attractive tax-exempt yields.

* The above dynamics led to a continued longer-duration posture relative to the Fund's secondary benchmark, which contributed to performance.

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark. Throughout the year, the Fund maintained a longer-duration posture compared to its secondary benchmark, reflective of strong municipal fundamentals, a favorable supply/demand mix, attractive tax-adjusted yields, and a high-tax environment conducive to elevated demand for the asset class. Despite heightened volatility, the investment team's thesis remained unchanged, specifically the investment team believed that the Fed's hiking cycle over the past several years would ultimately lead to lower inflation and slower domestic growth, driving higher demand for municipals as a flight-to-quality trade ensued. Furthermore, the passage of the One Big Beautiful Bill Act proved to be less onerous for the asset class than feared, catalyzing a significant rally as the year unfolded. As a result, the longer-duration posture of the Fund contributed significantly to performance, as did roll-down (driven by a steeper curve in the longer-dated portion of the municipal curve).

**What detracted from performance?**

Despite portfolio gains for the 12-month period, certain challenges inhibited broader outperformance compared to the Fund's secondary benchmark. In particular, the credit rating profile of the Fund's portfolio holdings (overweights to AAA and A credits, funded by an underweight to AA credits) created a performance drag as AAA spreads in the belly of the yield curve compressed less than comparable-maturity AA and A spreads.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i176a7f265350e65c91c40e9a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury Municipal Bond Fund** | **ICE BofA U.S. Municipal Securities Index** | **ICE BofA 1-12 Year AAA-AA Municipal Securities Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10205 | $10444 | $10209 |
| **2017** | $10250 | $10664 | $10331 |
| **2018** | $10114 | $10593 | $10246 |
| **2019** | $10815 | $11615 | $10944 |
| **2020** | $11180 | $12021 | $11335 |
| **2021** | $11175 | $12394 | $11406 |
| **2022** | $10271 | $10845 | $10597 |
| **2023** | $10409 | $11121 | $10794 |
| **2024** | $11069 | $12270 | $11457 |
| **2025** | $11516 | $12749 | $11985 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Old Westbury Municipal Bond Fund | 4.04% | 0.59% | 1.42% |
| ICE BofA U.S. Municipal Securities Index | 3.90% | 1.18% | 2.46% |
| ICE BofA 1-12 Year AAA-AA Municipal Securities Index | 4.61% | 1.12% | 1.83% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Municipal Securities Index and the ICE BofA 1-12 Year AAA-AA Municipal Securities Index over the past 10 fiscal years. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$4,332,640,600

* # of Portfolio Holdings552

* Portfolio Turnover Rate52%

* Total Advisory Fees Paid (Net of Waivers)$12,234,974

## What did the Fund invest in?

### State Diversification (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| Texas | 25.9% |
| New York | 8.4% |
| New Jersey | 6.7% |
| Washington | 6.0% |
| Connecticut | 4.2% |
| Virginia | 3.8% |
| Massachusetts | 3.8% |
| California | 3.4% |
| Other States | 34.3% |
| Other Assets and Liabilities | 3.5% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| State of Washington School Improvements GO, Series A | 1.8% |
| Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A | 1.8% |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2 | 1.6% |
| State of Connecticut Public Improvements GO, Series C | 1.3% |
| State of Maryland School Improvements GO, Series A | 1.2% |
| Idaho State Building Authority School Improvements Revenue Bonds, Series A | 1.1% |
| Metro Recreational Facilities Improvements GO | 1.1% |
| Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE | 1.1% |
| Texas State University System University & College Improvements Revenue Bonds | 1.1% |
| Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A | 1.0% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

#### Old Westbury Municipal Bond Fund (OWMBX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%.

The Fund added "U.S. Government Obligations Risk" disclosure to its Prospectus' Principal Risks as of February 15, 2025. The disclosure was added to better align the Fund's risk disclosure with the Fund's Principal Investment Strategies.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury Municipal Bond Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 861016

# Old Westbury California Municipal Bond Fund (OWCAX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury California Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury California Municipal Bond Fund | $58 | 0.57% |

---

## What drove Fund performance during the past 12 months?
* The California Municipal Bond Fund underperformed during the 12-month period, increasing 4.16% versus an increase of 4.45% for the Fund's secondary benchmark, the ICE BofA 3-7 Year AAA-AA Municipal Securities Index.

* Throughout the year, U.S. fixed income market performance was driven by the continuation of the U.S. Federal Reserve's (the "Fed") rate cutting cycle, heightened investor demand for bonds amid economic uncertainty, and market volatility influenced by fluctuating economic indicators.

* In the municipal bond market, supply and demand garnered much of investors' focus. Supply once again surprised significantly to the upside as changes to Tax Cuts and Jobs Act provisions proved to be less disruptive than feared and issuers looked to capitalize on investor interest, while demand surged as investors looked to capitalize upon particularly attractive tax-exempt yields.

* California credits in particular experienced very strong demand throughout the period given the onerous tax burden in the state; new issues tended to price at much tighter spreads than the rest of the market and also tended to be highly oversubscribed.

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark. Throughout the year, the Fund maintained a longer-duration posture compared to its secondary benchmark, reflective of strong municipal fundamentals, a favorable supply/demand mix, attractive tax-adjusted yields, and a high-tax environment conducive to elevated demand for the asset class.Despite heightened volatility, the investment team's thesis remained unchanged, specifically the investment team believed that the Fed's hiking cycle over the past several years would ultimately lead to lower inflation and slower domestic growth, driving higher demand for municipals as a flight-to-quality trade ensued. Furthermore, the passage of the One Big Beautiful Bill Act proved to be less onerous for the asset class than feared, catalyzing a significant rally as the year unfolded. As a result, the longer-duration posture of the Fund contributed significantly to performance, as did roll-down (driven by a steeper curve in the shorter-dated and longer-dated portions of the municipal curve).

**What detracted from performance?**

Despite portfolio gains for the 12-month period, certain headwinds did inhibit broader outperformance. In particular, the credit rating profile of the Fund's portfolio holdings (overweights to AAA and A credits, funded by an underweight to AA credits) created a slight performance drag as AA spreads in the intermediate part of the yield curve compressed less than comparable-maturity AAA and A spreads for California municipals.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i8aadd7ae0c4a20e50fe0bdc7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury California Municipal Bond Fund** | **ICE BofA U.S. Municipal Securities Index** | **ICE BofA 3-7 Year AAA-AA Municipal Securities Index** |
| **12/04/2018** | $10000 | $10000 | $10000 |
| **2019** | $10478 | $10841 | $10550 |
| **2020** | $10823 | $11221 | $10957 |
| **2021** | $10818 | $11569 | $10993 |
| **2022** | $9984 | $10122 | $10149 |
| **2023** | $10168 | $10381 | $10312 |
| **2024** | $10800 | $11453 | $10966 |
| **2025** | $11249 | $11900 | $11454 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (December 4, 2018)** |
| Old Westbury California Municipal Bond Fund | 4.16% | 0.77% | 1.72% |
| ICE BofA U.S. Municipal Securities Index | 3.90% | 1.18% | 2.55% |
| ICE BofA 3-7 Year AAA-AA Municipal Securities Index | 4.45% | 0.89% | 1.98% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Municipal Securities Index and the ICE BofA 3-7 Year AAA-AA Municipal Securities Index since the Fund's inception (December 4, 2018). The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$388,756,778

* # of Portfolio Holdings109

* Portfolio Turnover Rate24%

* Total Advisory Fees Paid (Net of Waivers)$978,801

## What did the Fund invest in?

### State Diversification (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| California | 87.2% |
| Other Assets and Liabilities | 12.8% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| U.S. Treasury Notes | 7.2% |
| California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A | 4.9% |
| San Francisco City & County Airport Current Refunding Revenue Bonds, Series A | 4.8% |
| State of California Current Refunding GO | 4.6% |
| State of California Water Utility Improvements GO | 4.1% |
| California Educational Facilities Authority University & College Improvements Revenue Bonds, Series V-3 | 3.1% |
| County of Santa Clara GO, Series C | 2.8% |
| Los Angeles Department of Water & Power Water System Revenue Bonds, Series A | 2.6% |
| Santa Clara Valley Water District Refunding Revenue Bonds, Series A-2 | 2.6% |
| Los Rios Community College District Current Refunding GO | 2.5% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

#### Old Westbury California Municipal Bond Fund (OWCAX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury California Municipal Bond Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 861785

# Old Westbury New York Municipal Bond Fund (OWNYX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the Old Westbury New York Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Old Westbury New York Municipal Bond Fund | $58 | 0.57% |

---

## What drove Fund performance during the past 12 months?
* The New York Municipal Bond Fund underperformed during the 12-month period, increasing 3.75% versus an increase of 4.45% for the Fund's secondary benchmark, the ICE BofA 3-7 Year AAA-AA Municipal Securities Index.

* Throughout the year, U.S. fixed income market performance was driven by the continuation of the U.S. Federal Reserve's (the "Fed") interest rate cutting cycle, heightened investor demand for bonds amid economic uncertainty, and market volatility influenced by fluctuating economic indicators.

* In the municipal bond market, supply and demand garnered much of investors' focus. Supply once again surprised significantly to the upside as changes to Tax Cuts and Jobs Act provisions proved to be less disruptive than feared and issuers looked to capitalize on investor interest, while demand surged as investors looked to capitalize upon particularly attractive tax-exempt yields.

* New York credits experienced very strong demand throughout the period given the onerous tax burden in the state; in particular, smaller/more unique issuers tended to price at tighter spreads than more generic issuers, and despite the embedded premium, were generally well-oversubscribed given the inherent value of the tax exemption for residents of the state.

**What contributed to performance?**

Performance of the Fund's primary benchmark is provided in the table below. Here, we discuss the Fund's performance against its secondary benchmark. Throughout the year, the Fund maintained a longer-duration posture compared to its secondary benchmark, reflective of strong municipal fundamentals, a favorable supply/demand mix, attractive tax-adjusted yields, and a high-tax environment conducive to elevated demand for the asset class. Despite heightened volatility, the investment team's thesis remained unchanged, specifically the investment team believed that the Fed's hiking cycle over the past several years would ultimately lead to lower inflation and slower domestic growth, driving higher demand for municipals as a flight-to-quality trade ensued. Furthermore, the passage of the One Big Beautiful Bill Act proved to be less onerous for the asset class than feared, catalyzing a significant rally as the year unfolded. As a result, the longer-duration posture of the Fund contributed significantly to performance, as did roll-down (driven by a steeper curve in the shorter-dated and longer-dated portions of the municipal curve).

**What detracted from performance?**

Despite portfolio gains for the 12-month period, certain headwinds did inhibit broader outperformance compared to the Fund's secondary benchmark. In particular, the credit rating profile of the Fund's portfolio holdings (overweights to AAA and A credits, funded by an underweight to AA credits) created a slight performance drag as AA spreads in the intermediate part of the yield curve compressed less than comparable-maturity AAA spreads for New York municipals.

## How has the Fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2025
![Growth of 10K Chart](i66ff57b4bfe9108d3c8824c1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Old Westbury New York Municipal Bond Fund** | **ICE BofA U.S. Municipal Securities Index** | **ICE BofA 3-7 Year AAA-AA Municipal Securities Index** |
| **12/04/2018** | $10000 | $10000 | $10000 |
| **2019** | $10536 | $10841 | $10550 |
| **2020** | $10819 | $11221 | $10957 |
| **2021** | $10879 | $11569 | $10993 |
| **2022** | $10039 | $10122 | $10149 |
| **2023** | $10197 | $10381 | $10312 |
| **2024** | $10833 | $11453 | $10966 |
| **2025** | $11239 | $11900 | $11454 |

---

## Average Annual Total Returns as of 10/31/2025

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (December 4, 2018)** |
| Old Westbury New York Municipal Bond Fund | 3.75% | 0.77% | 1.71% |
| ICE BofA U.S. Municipal Securities Index | 3.90% | 1.18% | 2.55% |
| ICE BofA 3-7 Year AAA-AA Municipal Securities Index | 4.45% | 0.89% | 1.98% |

---

The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Municipal Securities Index and the ICE BofA 3-7 Year AAA-AA Municipal Securities Index since the Fund's inception (December 4, 2018). The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

## Fund Statistics as of 10/31/2025
* Total Net Assets$603,674,062

* # of Portfolio Holdings160

* Portfolio Turnover Rate19%

* Total Advisory Fees Paid (Net of Waivers)$1,632,103

## What did the Fund invest in?

### State Diversification (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| New York | 92.7% |
| Other Assets and Liabilities | 7.3% |

---

### Top Ten Holdings (as a % of Net Assets) as of 10/31/2025

---

| | |
|:---|:---|
| County of Westchester NY Recreation Facilities Improvements GO, Series A | 8.1% |
| New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A | 4.9% |
| Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE | 4.9% |
| New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds | 4.3% |
| New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A | 3.6% |
| U.S. Treasury Notes | 3.5% |
| Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A | 3.2% |
| New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B | 2.7% |
| Long Island Power Authority Green Bond Revenue Bonds, Series E | 2.6% |
| New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds | 2.5% |

---

#### Where can I find additional information about the Fund?
You can find the Fund's prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

## Householding
In order to reduce shareholder expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

#### Old Westbury New York Municipal Bond Fund (OWNYX)
Old Westbury Funds, Inc.

#### Annual Shareholder Report

#### October 31, 2025

## Material Fund Changes
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.

Effective October 15, 2025, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%.

NOT FDIC INSURED\|MAY LOSE VALUE\|NO BANK GUARANTEE

Old Westbury Funds, Inc.

#### Old Westbury New York Municipal Bond Fund
**Annual Shareholder Report**

October 31, 2025

OWF_A21-AR2025 861786

**Item 1. Reports to Stockholders (cont.).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit
under Item 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. These audit committee financial experts (Diane Durnin, Alexander Ellis III, Daphne Foster, and R. Keith Walton) are "independent" for purposes of this Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years were $827,595 in 2025 and $765,160 in 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item were $10,710 in 2025 and $10,500 in 2024. Fees for both 2025 and 2024 relate to the review of
financial statement data incorporated in the Funds' periodic N-1A filings.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning were $371,804 in 2025 and $315,785 in 2024. Fees for both 2025 and
2024 relate to the review of federal income and excise tax returns, review of capital gains distribution calculations and certain global
tax compliance services.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $58,340 in 2025 and $57,200 in
2024. Fees for both 2025 and 2024 relate to the review of holdings for the Funds' affiliated custodian under Rule 17f-2.

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

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

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $444,144 in
2025 and $386,985 in 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as
of the close of the reporting period is included as part of the financial statements filed under Item 7(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ------

---

| | |
|:---|:---|
| **Old Westbury Funds, Inc.** | **Old Westbury Funds, Inc.** |
| **Annual Financial Statements and Additional Information** | **Annual Financial Statements and Additional Information** |
| **Old Westbury All Cap Core Fund** | **OWACX** |
| **Old Westbury Large Cap Strategies Fund** | **OWLSX** |
| **Old Westbury Small & Mid Cap Strategies Fund** | **OWSMX** |
| **Old Westbury Total Equity Fund** | **OWTEX** |
| **Old Westbury Credit Income Fund** | **OWCIX** |
| **Old Westbury Fixed Income Fund** | **OWFIX** |
| **Old Westbury Short-Term Bond Fund** | **OWSBX** |
| **Old Westbury Municipal Bond Fund** | **OWMBX** |
| **Old Westbury California Municipal Bond Fund** | **OWCAX** |
| **Old Westbury New York Municipal Bond Fund** | **OWNYX** |

---

**October 31, 2025**

**BESSEMER INVESTMENT MANAGEMENT LLC**

**Investment Adviser**

**Old Westbury Funds, Inc.**

---

| | |
|:---|:---|
| [Portfolios of Investments:](#xx2xc114514a001xm4) |  |
| &nbsp;&nbsp;&nbsp;[All Cap Core Fund](#xx2xc114514a002xm4) | 2 |
| &nbsp;&nbsp;&nbsp;[Large Cap Strategies Fund](#xx2xc114514a003xm4) | 4 |
| &nbsp;&nbsp;&nbsp;[Small & Mid Cap Strategies Fund](#xx2xc114514a004xm4) | 11 |
| &nbsp;&nbsp;&nbsp;[Total Equity Fund](#xx2xc114514a005xm4) | 34 |
| &nbsp;&nbsp;&nbsp;[Credit Income Fund](#xx2xc114514a006xm4) | 40 |
| &nbsp;&nbsp;&nbsp;[Fixed Income Fund](#xx2xc114514a007xm4) | 67 |
| &nbsp;&nbsp;&nbsp;[Short-Term Bond Fund](#xx2xc114514a008xm4) | 72 |
| &nbsp;&nbsp;&nbsp;[Municipal Bond Fund](#xx2xc114514a009xm4) | 76 |
| &nbsp;&nbsp;&nbsp;[California Municipal Bond Fund](#xx2xc114514a010xm4) | 99 |
| &nbsp;&nbsp;&nbsp;[New York Municipal Bond Fund](#xx2xc114514a011xm4) | 104 |
| [Statements of Assets and Liabilities](#xx2xc114514a012xm4) | 112 |
| [Statements of Operations](#xx2xc114514a013xm4) | 115 |
| [Statements of Changes in Net Assets](#xx2xc114514a014xm4) | 118 |
| [Financial Highlights:](#xx2xc114514a015xm4) |  |
| &nbsp;&nbsp;&nbsp;[All Cap Core Fund](#xx2xc114514a016xm4) | 128 |
| &nbsp;&nbsp;&nbsp;[Large Cap Strategies Fund](#xx2xc114514a017xm4) | 129 |
| &nbsp;&nbsp;&nbsp;[Small & Mid Cap Strategies Fund](#xx2xc114514a018xm4) | 130 |
| &nbsp;&nbsp;&nbsp;[Total Equity Fund](#xx2xc114514a019xm4) | 131 |
| &nbsp;&nbsp;&nbsp;[Credit Income Fund](#xx2xc114514a020xm4) | 132 |
| &nbsp;&nbsp;&nbsp;[Fixed Income Fund](#xx2xc114514a021xm4) | 133 |
| &nbsp;&nbsp;&nbsp;[Short-Term Bond Fund](#xx2xc114514a022xm4) | 134 |
| &nbsp;&nbsp;&nbsp;[Municipal Bond Fund](#xx2xc114514a023xm4) | 135 |
| &nbsp;&nbsp;&nbsp;[California Municipal Bond Fund](#xx2xc114514a024xm4) | 136 |
| &nbsp;&nbsp;&nbsp;[New York Municipal Bond Fund](#xx2xc114514a025xm4) | 137 |
| [Notes to Financial Statements](#xx2xc114514a026xm4) | 138 |
| [Report of Independent Registered Public Accounting Firm](#xx2xc114514a027xm4) | 158 |
| [Additional Information (Unaudited)](#xx2xc114514a028xm4) | 159 |
| [Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)](#xx2xc114514a029xm4) | 160 |

---

Old Westbury Funds, Inc. <br> All Cap Core Fund <br> <u>Portfolio of Investments</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 92.9%** | **COMMON STOCKS — 92.9%** |  |
| **Banks — 4.4%** | **Banks — 4.4%** |  |
| 1314973 | Bank of America Corp. | $70285307 |
| 276695 | JP Morgan Chase & Co. | 86085348 |
|  |  | 156370655 |
| **Communication Services — 10.9%** | **Communication Services — 10.9%** |  |
| 632497 | Alphabet, Inc. - Class C | 178250305 |
| 111651 | Live Nation Entertainment, Inc.(a) | 16695174 |
| 165381 | Meta Platforms, Inc. - Class A | 107224771 |
| 28097 | Reddit, Inc. - Class A(a) | 5870868 |
| 66200 | Spotify Technology SA(a) | 43382184 |
| 118392 | Take-Two Interactive Software, Inc.(a) | 30352157 |
|  |  | 381775459 |
| **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** |  |
| 606060 | Amazon.com, Inc.(a) | 148011973 |
| 175183 | Dollarama, Inc. | 22771104 |
| 107455 | Hilton Worldwide Holdings, Inc. | 27611637 |
| 111941 | Light & Wonder, Inc.(a) | 8138111 |
| 5756 | MercadoLibre, Inc.(a) | 13395708 |
| 191436 | Moncler SpA | 11474253 |
| 212990 | O'Reilly Automotive, Inc.(a) | 20114776 |
| 99816 | Wyndham Hotels & Resorts, Inc. | 7329489 |
|  |  | 258847051 |
| **Consumer Staples — 3.9%** | **Consumer Staples — 3.9%** |  |
| 461287 | Alimentation Couche-Tard, Inc. | 23443398 |
| 217741 | BJ's Wholesale Club Holdings, Inc.(a) | 19217821 |
| 37675 | Costco Wholesale Corp. | 34338879 |
| 299383 | US Foods Holding Corp.(a) | 21741193 |
| 377242 | Walmart, Inc. | 38169345 |
|  |  | 136910636 |
| **Energy — 1.8%** | **Energy — 1.8%** |  |
| 300873 | Baker Hughes Co. | 14565262 |
| 292932 | ConocoPhillips | 26029938 |
| 189490 | Exxon Mobil Corp. | 21670076 |
|  |  | 62265276 |
| **Financial Services — 7.5%** | **Financial Services — 7.5%** |  |
| 1081 | Apollo Global Management, Inc. | 134379 |
| 899739 | Brookfield Corp. | 41432981 |
| 297803 | Intercontinental Exchange, Inc. | 43565601 |
| 255 | MSCI, Inc. | 150080 |
| 303414 | Nasdaq, Inc. | 25938863 |
| 7458 | Partners Group Holding AG | 9104367 |
| 73299 | S&P Global, Inc. | 35712006 |
| 170035 | Tradeweb Markets, Inc. - Class A | 17919988 |
| 257507 | Visa, Inc. - Class A | 87742935 |
|  |  | 261701200 |
| **Health Care — 10.8%** | **Health Care — 10.8%** |  |
| 221556 | AbbVie, Inc. | 48308070 |
| 378622 | Boston Scientific Corp.(a) | 38134808 |
| 121714 | Cencora, Inc. | 41116206 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Health Care (continued)** | **Health Care (continued)** |  |
| 97617 | Cooper Cos., Inc. (The)(a) | $6824405 |
| 121922 | Danaher Corp. | 26259560 |
| 35985 | IDEXX Laboratories, Inc.(a) | 22652917 |
| 64857 | Intuitive Surgical, Inc.(a) | 34651798 |
| 33745 | Labcorp Holdings, Inc. | 8569880 |
| 57824 | McKesson Corp. | 46914924 |
| 33357 | Medpace Holdings, Inc.(a) | 19510843 |
| 108421 | STERIS Plc | 25554830 |
| 104067 | Straumann Holding AG | 13060910 |
| 42771 | Thermo Fisher Scientific, Inc. | 24267838 |
| 71271 | UnitedHealth Group, Inc. | 24343323 |
|  |  | 380170312 |
| **Industrials — 9.8%** | **Industrials — 9.8%** |  |
| 532501 | API Group Corp.(a) | 19606687 |
| 348899 | Ashtead Group Plc | 23256609 |
| 118254 | Booz Allen Hamilton Holding Corp. | 10307019 |
| 74104 | BWX Technologies, Inc. | 15829355 |
| 45311 | Carlisle Cos., Inc. | 14728341 |
| 25165 | Caterpillar, Inc. | 14526748 |
| 114759 | Clean Harbors, Inc.(a) | 24157917 |
| 337172 | Copart, Inc.(a) | 14501768 |
| 303608 | Core & Main, Inc. - Class A(a) | 15842265 |
| 63 | Eaton Corp. Plc | 24038 |
| 62030 | Equifax, Inc. | 13094533 |
| 74275 | Esab Corp. | 8676805 |
| 11870 | GE Vernova, Inc. | 6945612 |
| 173079 | Howmet Aerospace, Inc. | 35645620 |
| 49465 | Northrop Grumman Corp. | 28860354 |
| 16285 | Quanta Services, Inc. | 7314082 |
| 107407 | Republic Services, Inc. | 22366434 |
| 23278 | Saia, Inc.(a) | 6808815 |
| 170909 | StandardAero, Inc.(a) | 4937561 |
| 481865 | TransUnion | 39117801 |
| 236898 | UL Solutions, Inc. - Class A | 18447247 |
|  |  | 344995611 |
| **Information Technology — 30.8%** | **Information Technology — 30.8%** |  |
| 656815 | Apple, Inc. | 177583072 |
| 198983 | Applied Materials, Inc. | 46382937 |
| 12169 | ASM International NV | 7882948 |
| 37509 | ASML Holding NV | 39693823 |
| 256012 | Bentley Systems, Inc. - Class B | 13013090 |
| 294540 | Broadcom, Inc. | 108870820 |
| 26288 | Cadence Design Systems, Inc.(a) | 8903483 |
| 1423937 | CCC Intelligent Solutions Holdings, Inc.(a) | 12416731 |
| 118851 | CDW Corp. | 18941284 |
| 106026 | Entegris, Inc. | 9708801 |
| 275736 | Fortinet, Inc.(a) | 23831862 |
| 116281 | Gartner, Inc.(a) | 28877224 |
| 147020 | Keysight Technologies, Inc.(a) | 26898779 |
| 69241 | Manhattan Associates, Inc.(a) | 12606709 |
| 422526 | Microsoft Corp. | 218788188 |

---

Old Westbury Funds, Inc. <br> All Cap Core Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| 70613 | Motorola Solutions, Inc. | $28719013 |
| 1255368 | NVIDIA Corp. | 254199466 |
| 90825 | Palo Alto Networks, Inc.(a) | 20003298 |
| 24490 | ServiceNow, Inc.(a) | 22513167 |
|  |  | 1079834695 |
| **Insurance — 0.5%** | **Insurance — 0.5%** |  |
| 295702 | Ryan Specialty Holdings, Inc. | 16204470 |
| **Materials — 2.4%** | **Materials — 2.4%** |  |
| 333024 | CRH Plc | 39663158 |
| 41066 | Heidelberg Materials AG | 9613683 |
| 108528 | Holcim AG | 9620861 |
| 77329 | Sherwin-Williams Co. (The) | 26673865 |
|  |  | 85571567 |
| **Utilities — 2.7%** | **Utilities — 2.7%** |  |
| 345389 | Ameren Corp. | 35236586 |
| 612998 | NextEra Energy, Inc. | 49898037 |
| 64208 | NRG Energy, Inc. | 11034787 |
|  |  | 96169410 |
| Total Common Stocks<br> (Cost $1,714,170,544) | Total Common Stocks<br> (Cost $1,714,170,544) | 3260816342 |
| **EXCHANGE-TRADED FUNDS**(b) **— 4.7%** | **EXCHANGE-TRADED FUNDS**(b) **— 4.7%** |  |
| 539891 | iShares MSCI EAFE ETF | 51014300 |
| 114097 | SPDR S&P 500 ETF Trust | 77821000 |
| 21610 | SPDR S&P MidCap 400 ETF Trust | 12814298 |
| 54048 | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 6854367 |
| 152044 | State Street SPDR S&P Regional Banking ETF | 9122640 |
| 101248 | Utilities Select Sector SPDR Fund | 9021197 |
| Total Exchange-Traded Funds<br> (Cost $164,555,900) | Total Exchange-Traded Funds<br> (Cost $164,555,900) | 166647802 |
| **INVESTMENT COMPANY — 2.1%** | **INVESTMENT COMPANY — 2.1%** |  |
| 71995994 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.90%(c) | 71995994 |
| Total Investment Company<br> (Cost $71,995,994) | Total Investment Company<br> (Cost $71,995,994) | 71995994 |
| **TOTAL INVESTMENTS — 99.7%**<br> (Cost $1,950,722,438) | **TOTAL INVESTMENTS — 99.7%**<br> (Cost $1,950,722,438) | $3499460138 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%** | 11386262 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $3510846400 |

---

(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 October 31, 2025.

The following abbreviations are used in the report:

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor's Depositary Receipt

**PORTFOLIO DIVERSIFICATION BY COUNTRY**

---

| | | |
|:---|:---|:---|
| **Country:** | Value | Value as a<br> percentage of<br> Net Assets |
| United States | $2952996317 | 84.1% |
| Canada | 87647483 | 2.5 |
| Netherlands | 47576771 | 1.4 |
| Sweden | 43382184 | 1.2 |
| Ireland | 39687196 | 1.1 |
| Switzerland | 31786138 | 0.9 |
| United Kingdom | 23256609 | 0.7 |
| Uruguay | 13395708 | 0.4 |
| Italy | 11474253 | 0.3 |
| Germany | 9613683 | 0.3 |
| Other<sup>\*</sup> | 250030058 | 7.1 |
|  | $3510846400 | 100.0% |

---

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

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Portfolio of Investments</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| COMMON STOCKS — 97.2% | COMMON STOCKS — 97.2% |  |
| Banks — 9.0% | Banks — 9.0% |  |
| 63126 | ANZ Group Holdings Ltd. | $1513767 |
| 2133227 | Banco Bilbao Vizcaya Argentaria SA | 42870296 |
| 12362423 | Banco Bradesco SA - Preference Shares | 41798246 |
| 225108743 | Banco de Chile | 39504787 |
| 861484 | Banco Santander SA | 8764126 |
| 97044949 | Bank Central Asia Tbk PT | 49747937 |
| 2989710 | Bank of America Corp. | 159799999 |
| 38795 | Bank of Montreal | 4819260 |
| 60759 | Bank of Nova Scotia (The) | 3985042 |
| 10525527 | Barclays Plc | 56277456 |
| 364551 | BNP Paribas SA | 28178593 |
| 164980 | CaixaBank SA | 1742284 |
| 103965 | Canadian Imperial Bank of Commerce | 8614147 |
| 105563 | Capitec Bank Holdings Ltd. | 23335405 |
| 1721656 | Citigroup, Inc. | 174283237 |
| 2046 | Citizens Financial Group, Inc. | 104080 |
| 1460278 | Commerzbank AG | 53037299 |
| 48885 | Credit Agricole SA | 881272 |
| 151070 | DBS Group Holdings Ltd. | 6259377 |
| 1219021 | DNB Bank ASA | 31085532 |
| 1666 | Fifth Third Bancorp | 69339 |
| 34 | First Citizens BancShares, Inc. - Class A | 62044 |
| 20104664 | HDFC Bank Ltd. | 223600938 |
| 4619028 | HSBC Holdings Plc | 64527294 |
| 7271395 | ING Groep NV | 182043431 |
| 737470 | Intesa Sanpaolo SpA | 4739850 |
| 90203 | Japan Post Bank Co. Ltd. | 1011425 |
| 1908918 | JP Morgan Chase & Co. | 593902568 |
| 11155 | KBC Group NV | 1340427 |
| 2586766 | Lloyds Banking Group Plc | 3027147 |
| 14363103 | Mitsubishi UFJ Financial Group, Inc. | 217156771 |
| 308537 | Mizuho Financial Group, Inc. | 10308591 |
| 14390 | National Bank of Canada | 1607724 |
| 4683313 | NatWest Group Plc | 35930415 |
| 174520 | Nordea Bank Abp | 2980192 |
| 181750 | Oversea-Chinese Banking Corp. Ltd. | 2377998 |
| 695 | PNC Financial Services Group, Inc. (The) | 126872 |
| 15819267 | Public Bank Bhd | 15940140 |
| 2583 | Regions Financial Corp. | 62509 |
| 45869 | Royal Bank of Canada | 6719692 |
| 2832286 | Skandinaviska Enskilda Banken AB - Class A | 54080333 |
| 48405 | Standard Chartered Plc | 991681 |
| 211850 | Sumitomo Mitsui Financial Group, Inc. | 5722741 |
| 80655 | Svenska Handelsbanken AB - Class A | 1058675 |
| 1048282 | Swedbank AB - Class A | 31889003 |
| 545168 | Toronto-Dominion Bank (The) | 44762430 |
| 1196458 | Truist Financial Corp. | 53397920 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Banks (continued) | Banks (continued) |  |
| 480686 | UniCredit SpA | $35476636 |
| 1810711 | United Overseas Bank Ltd. | 48230908 |
| 4160 | US Bancorp | 194189 |
| 4725 | Wells Fargo & Co. | 410933 |
| 142210 | Westpac Banking Corp. | 3604680 |
|  |  | 2383957638 |
| Communication Services — 8.9% | Communication Services — 8.9% |  |
| 396203 | Alphabet, Inc. - Class A | 111408321 |
| 3773313 | Alphabet, Inc. - Class C | 1063395070 |
| 8465 | AT&T, Inc. | 209509 |
| 234207 | CTS Eventim AG & Co. KGaA | 20948795 |
| 3723055 | Deutsche Telekom AG | 115395191 |
| 912946 | Info Edge India Ltd. | 14174786 |
| 522065 | KDDI Corp. | 8338609 |
| 8568972 | LY Corp. | 25188140 |
| 2265 | Match Group, Inc. | 73250 |
| 755069 | Meta Platforms, Inc. - Class A | 489548986 |
| 1279210 | NetEase, Inc. | 35723156 |
| 79376 | Netflix, Inc.(a) | 88810631 |
| 578 | News Corp. - Class A | 15317 |
| 161207 | Nintendo Co. Ltd. | 13645742 |
| 1002295 | NTT, Inc. | 1030196 |
| 2088287 | Orange SA | 33301731 |
| 1329404 | Quebecor, Inc. - Class B | 42406713 |
| 3350345 | Rightmove Plc | 29401006 |
| 559615 | Singapore Telecommunications Ltd. | 1827262 |
| 1862 | Sirius XM Holdings, Inc. | 40387 |
| 3978017 | SoftBank Corp. | 5645268 |
| 76949 | SoftBank Group Corp. | 13513884 |
| 100626 | Spotify Technology SA(a) | 65942230 |
| 40650 | Swisscom AG | 29777167 |
| 245625 | Telefonica SA | 1242046 |
| 397910 | Telstra Group Ltd. | 1270520 |
| 2979874 | TELUS Corp. | 43575784 |
| 1096 | T-Mobile US, Inc. | 230215 |
| 2390807 | Verizon Communications, Inc. | 95010670 |
| 1877470 | Vodafone Group Plc | 2272571 |
|  |  | 2353363153 |
| Consumer Discretionary — 10.3% | Consumer Discretionary — 10.3% |  |
| 8377366 | Alibaba Group Holding Ltd. | 177992951 |
| 33118 | Amadeus IT Group SA | 2531664 |
| 3593753 | Amazon.com, Inc.(a) | 877666358 |
| 17525 | Aristocrat Leisure Ltd. | 726410 |
| 34 | AutoZone, Inc.(a) | 124931 |
| 4935042 | B&M European Value Retail SA | 11647005 |
| 64321 | Bandai Namco Holdings, Inc. | 2004214 |
| 26304 | Booking Holdings, Inc. | 133564873 |
| 1472 | BorgWarner, Inc. | 63237 |
| 765664 | Bridgestone Corp. | 33605550 |
| 251704 | Canadian Tire Corp. Ltd. - Class A | 28866414 |
| 78795 | Carvana Co.(a) | 24153819 |
| 1615 | Chipotle Mexican Grill, Inc.(a) | 51179 |

---

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Consumer Discretionary (continued) | Consumer Discretionary (continued) |  |
| 87465 | Denso Corp. | $1226758 |
| 292687 | Dollarama, Inc. | 38044823 |
| 480324 | DoorDash, Inc. - Class A(a) | 122180016 |
| 363 | DR Horton, Inc. | 54116 |
| 1581 | eBay, Inc. | 128551 |
| 410 | Expedia Group, Inc. | 90200 |
| 31120 | Fast Retailing Co. Ltd. | 11441563 |
| 3410 | Ferrari NV | 1361931 |
| 261190 | Flutter Entertainment Plc(a) | 60750182 |
| 1635 | General Motors Co. | 112962 |
| 178898 | Genuine Parts Co. | 22775504 |
| 88420 | H & M Hennes & Mauritz AB - Class B | 1678074 |
| 9165012 | Hangzhou Robam Appliances Co. Ltd. - A Shares | 25152449 |
| 514 | Hermes International SCA | 1273201 |
| 499 | Hilton Worldwide Holdings, Inc. | 128223 |
| 323000 | Home Depot, Inc. (The) | 122607570 |
| 151140 | Honda Motor Co. Ltd. | 1529936 |
| 73338 | Industria de Diseno Textil SA | 4049133 |
| 16684 | Isuzu Motors Ltd. | 205153 |
| 739 | Lowe's Cos., Inc. | 175978 |
| 142279 | LVMH Moet Hennessy Louis Vuitton SE | 100383108 |
| 894977 | Mahindra & Mahindra Ltd. | 35157371 |
| 357723 | McDonald's Corp. | 106755275 |
| 2947528 | Meituan - B Shares(a)(b)(c) | 38690679 |
| 36160 | MercadoLibre, Inc.(a) | 84153722 |
| 677 | Mohawk Industries, Inc.(a) | 76934 |
| 1466307 | O'Reilly Automotive, Inc.(a) | 138478033 |
| 381963 | Panasonic Holdings Corp. | 4457598 |
| 232677 | Pandora A/S | 31157914 |
| 1474330 | Prosus NV | 101844231 |
| 459 | PulteGroup, Inc. | 55020 |
| 353 | Ralph Lauren Corp. | 112840 |
| 597 | Ross Stores, Inc. | 94875 |
| 322296 | Royal Caribbean Cruises Ltd. | 92444162 |
| 111457 | Sekisui House Ltd. | 2394615 |
| 2199357 | Sony Group Corp. | 61823467 |
| 1367695 | Subaru Corp. | 29135959 |
| 23453 | Sumitomo Electric Industries Ltd. | 859837 |
| 316597 | Suzuki Motor Corp. | 4741457 |
| 1314 | Tapestry, Inc. | 144303 |
| 2196 | Tesla, Inc.(a) | 1002606 |
| 1417231 | Titan Co. Ltd. | 59815981 |
| 1283 | TJX Cos., Inc. (The) | 179800 |
| 36140 | Toyota Motor Corp. | 735886 |
| 330904 | Tube Investments of India Ltd. | 11268545 |
| 1805789 | Wesfarmers Ltd. | 99248330 |
| 123 | Yum! Brands, Inc. | 17000 |
|  |  | 2713194476 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Consumer Staples — 5.2% | Consumer Staples — 5.2% |  |
| 301885 | Aeon Co. Ltd. | $4778719 |
| 160966 | Ajinomoto Co., Inc. | 4567545 |
| 46082 | Alimentation Couche-Tard, Inc. | 2341966 |
| 1194 | Altria Group, Inc. | 67318 |
| 12415 | Anheuser-Busch InBev SA | 757007 |
| 291983 | Asahi Group Holdings Ltd. | 3146997 |
| 3933648 | AVI Ltd. | 21894566 |
| 45680 | British American Tobacco Plc | 2342783 |
| 629036 | Clicks Group Ltd. | 13244314 |
| 923901 | Coca-Cola Co. (The) | 63656779 |
| 1251854 | Coca-Cola Europacific Partners Plc | 111202191 |
| 193628 | Costco Wholesale Corp. | 176482241 |
| 365340 | Danone SA | 32290650 |
| 59655 | Diageo Plc | 1371453 |
| 6312481 | Fomento Economico Mexicano SAB de CV - Units | 59470547 |
| 7401402 | Foshan Haitian Flavouring & Food Co. Ltd. - A Shares | 39596192 |
| 2654500 | Foshan Haitian Flavouring & Food Co. Ltd. - H Shares | 10931530 |
| 122470 | Hershey Co. (The) | 20774586 |
| 72470 | Imperial Brands Plc | 2879916 |
| 155329 | Japan Tobacco, Inc. | 5407437 |
| 1056809 | Jeronimo Martins SGPS SA | 27213044 |
| 65979 | Kao Corp. | 2791403 |
| 4764322 | Kenvue, Inc. | 68463307 |
| 858210 | Koninklijke Ahold Delhaize NV | 35127051 |
| 154107 | L'Oreal SA | 64418039 |
| 4606374 | Marico Ltd. | 37358480 |
| 1633 | Mondelez International, Inc. - Class A | 93832 |
| 674 | Monster Beverage Corp.(a) | 45043 |
| 18627922 | Natura Cosmeticos SA(a) | 31266115 |
| 2507370 | Orkla ASA | 25422109 |
| 198431 | PepsiCo, Inc. | 28988785 |
| 430239 | Philip Morris International, Inc. | 62096395 |
| 424640 | Procter & Gamble Co. (The) | 63853117 |
| 9198000 | Raia Drogasil SA | 34227820 |
| 509577 | Reckitt Benckiser Group Plc | 38934125 |
| 244055 | Tesco Plc | 1472906 |
| 2150179 | Unicharm Corp. | 13303456 |
| 17619500 | Unilever Indonesia Tbk PT | 2733512 |
| 1800367 | Unilever Plc | 108536372 |
| 26450873 | Uni-President Enterprises Corp. | 67716851 |
| 726354 | Walmart, Inc. | 73492498 |
| 39275 | Woolworths Group Ltd. | 730070 |
|  |  | 1365489067 |
| Energy — 2.4% | Energy — 2.4% |  |
| 41991 | Aker BP ASA | 1089857 |
| 469956 | BP Plc | 2730677 |
| 48436 | Canadian Natural Resources Ltd. | 1549551 |
| 304 | Cheniere Energy, Inc. | 64448 |
| 1848103 | Chevron Corp. | 291482805 |

---

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Energy (continued) | Energy (continued) |  |
| 1878 | ConocoPhillips | $166879 |
| 98938 | Enbridge, Inc. | 4613415 |
| 79829 | ENEOS Holdings, Inc. | 503911 |
| 58700 | Eni SpA | 1078780 |
| 1171 | EOG Resources, Inc. | 123939 |
| 44050 | Equinor ASA | 1052408 |
| 683705 | Exxon Mobil Corp. | 78188504 |
| 3325000 | Idemitsu Kosan Co. Ltd. | 23118146 |
| 15785 | Imperial Oil Ltd. | 1396121 |
| 3983096 | Kinder Morgan, Inc. | 104317284 |
| 526 | Marathon Petroleum Corp. | 102523 |
| 540703 | OMV AG | 29579033 |
| 12755 | Pembina Pipeline Corp. | 482536 |
| 758 | Phillips 66 | 103194 |
| 323955 | Shell Plc | 12118381 |
| 57750 | Suncor Energy, Inc. | 2299624 |
| 657661 | TC Energy Corp. | 33001448 |
| 1363606 | Tenaris SA | 27167879 |
| 79209 | TotalEnergies SE | 4925649 |
| 388 | Valero Energy Corp. | 65789 |
| 1448 | Williams Cos, Inc. (The) | 83796 |
| 70616 | Woodside Energy Group Ltd. | 1145860 |
|  |  | 622552437 |
| Financial Services — 5.2% | Financial Services — 5.2% |  |
| 1401825 | 3i Group Plc | 81029410 |
| 35017 | Adyen NV(a)(b)(c) | 60083387 |
| 823 | American Express Co. | 296881 |
| 5564280 | Bajaj Finance Ltd. | 65363856 |
| 882 | Bank of New York Mellon Corp. (The) | 95194 |
| 319027 | Berkshire Hathaway, Inc. - Class B(a) | 152348154 |
| 438864 | Blackstone, Inc. | 64355017 |
| 357067 | Block, Inc.(a) | 27115668 |
| 541404 | CME Group, Inc. | 143737348 |
| 108465 | Deutsche Bank AG | 3866936 |
| 11224 | Deutsche Boerse AG | 2839747 |
| 576 | Goldman Sachs Group, Inc. (The) | 454677 |
| 466173 | IGM Financial, Inc. | 17931648 |
| 370424 | Intercontinental Exchange, Inc. | 54189327 |
| 3732 | Invesco Ltd. | 88448 |
| 249850 | Investor AB - Class B | 8246148 |
| 629607 | KKR & Co., Inc. | 74501396 |
| 300157 | Mastercard, Inc. - Class A | 165683663 |
| 865659 | Morgan Stanley | 141968076 |
| 784 | Northern Trust Corp. | 100877 |
| 223502 | ORIX Corp. | 5453037 |
| 2951738 | Poste Italiane SpA(b)(c) | 71074482 |
| 766 | Raymond James Financial, Inc. | 121541 |
| 2199357 | Sony Financial Group, Inc.(a) | 2217767 |
| 644 | State Street Corp. | 74485 |
| 1309 | Synchrony Financial | 97363 |
| 665066 | Visa, Inc. - Class A | 226614589 |
|  |  | 1369949122 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Health Care — 8.8% | Health Care — 8.8% |  |
| 641280 | Abbott Laboratories | $79275034 |
| 633789 | AbbVie, Inc. | 138191354 |
| 769000 | Agilent Technologies, Inc. | 112550840 |
| 731 | Amgen, Inc. | 218152 |
| 2960 | Argenx SE - ADR(a) | 2422760 |
| 1096412 | AstraZeneca Plc | 179612449 |
| 674 | Cardinal Health, Inc. | 128579 |
| 471818 | Cencora, Inc. | 159384839 |
| 115411 | Chugai Pharmaceutical Co. Ltd. | 5278906 |
| 438 | Cigna Group (The) | 107052 |
| 1908 | CVS Health Corp. | 149110 |
| 709488 | Danaher Corp. | 152809525 |
| 258402 | Dexcom, Inc.(a) | 15044164 |
| 2561716 | Dr Reddy's Laboratories Ltd. | 34559737 |
| 725 | Edwards Lifesciences Corp.(a) | 59776 |
| 91687 | Elevance Health, Inc. | 29083116 |
| 221160 | Eli Lilly & Co. | 190830118 |
| 395598 | Galderma Group AG | 72999444 |
| 1826 | Gilead Sciences, Inc. | 218736 |
| 167577 | GSK Plc | 3919698 |
| 5612029 | Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares | 23555459 |
| 237 | HCA Healthcare, Inc. | 108944 |
| 41869 | Hoya Corp. | 6815157 |
| 180697 | Intuitive Surgical, Inc.(a) | 96542793 |
| 282652 | iRhythm Technologies, Inc.(a) | 52940720 |
| 408943 | Johnson & Johnson | 77237064 |
| 184632 | Lonza Group AG | 127148872 |
| 202 | McKesson Corp. | 163891 |
| 1895091 | Medtronic Plc | 171884754 |
| 941375 | Merck & Co., Inc. | 80939422 |
| 140 | Mettler-Toledo International, Inc.(a) | 198281 |
| 1115825 | Novartis AG | 137642681 |
| 19082 | Ono Pharmaceutical Co. Ltd. | 232349 |
| 72246 | Otsuka Holdings Co. Ltd. | 3925689 |
| 103636 | Pro Medicus Ltd. | 17875140 |
| 160 | Regeneron Pharmaceuticals, Inc. | 104288 |
| 204943 | Roche Holding AG | 65933200 |
| 4605 | Roche Holding AG | 1555314 |
| 27051 | Sanofi SA | 2731397 |
| 170852 | Shionogi & Co. Ltd. | 2860283 |
| 100200 | Takeda Pharmaceutical Co. Ltd. | 2700218 |
| 89105 | Terumo Corp. | 1440563 |
| 459 | Thermo Fisher Scientific, Inc. | 260432 |
| 821685 | UnitedHealth Group, Inc. | 280654729 |
| 310 | Universal Health Services, Inc. - Class B | 67273 |
|  |  | 2332362302 |
| Industrials — 10.7% | Industrials — 10.7% |  |
| 657 | 3M Co. | 109390 |
| 655 | A.O. Smith Corp. | 43223 |
| 50110 | ABB Ltd. | 3714896 |

---

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Industrials (continued) | Industrials (continued) |  |
| 1231350 | Aena SME SA(b)(c) | $33424882 |
| 607420 | Airtac International Group | 18000703 |
| 704 | Allegion Plc | 116702 |
| 3773999 | Amada Co. Ltd. | 45133218 |
| 5901 | American Airlines Group, Inc.(a) | 77480 |
| 371231 | AMETEK, Inc. | 75029497 |
| 34840 | Ashtead Group Plc | 2322335 |
| 40090 | Assa Abloy AB - Class B | 1513674 |
| 33069 | Atlas Copco AB - Class A | 557459 |
| 129690 | Automatic Data Processing, Inc. | 33758307 |
| 115872 | Axon Enterprise, Inc.(a) | 84844955 |
| 96945 | BAE Systems Plc | 2382843 |
| 496481 | Boeing Co. (The)(a) | 99802611 |
| 634805 | Bouygues SA | 28631733 |
| 4558428 | Brambles Ltd. | 74146925 |
| 175 | Broadridge Financial Solutions, Inc. | 38570 |
| 307452 | Builders FirstSource, Inc.(a) | 35716699 |
| 107446 | Carlisle Cos., Inc. | 34925322 |
| 806 | Caterpillar, Inc. | 465272 |
| 1537639 | Central Japan Railway Co. | 37575423 |
| 18737499 | Centre Testing International Group Co. Ltd. - A Shares | 37508666 |
| 655 | CH Robinson Worldwide, Inc. | 100863 |
| 9550 | Cie de Saint-Gobain SA | 925316 |
| 330 | Cintas Corp. | 60479 |
| 3815 | CSX Corp. | 137416 |
| 116289 | Deere & Co. | 53682491 |
| 1438465 | Deutsche Post AG | 65990258 |
| 170509 | East Japan Railway Co. | 4155680 |
| 299260 | Eaton Corp. Plc | 114185646 |
| 74680 | Experian Plc | 3479859 |
| 230112 | FANUC Corp. | 7329958 |
| 1658 | Fastenal Co. | 68227 |
| 446 | FedEx Corp. | 113204 |
| 21750 | Ferrovial SE | 1333731 |
| 116349 | GE Vernova, Inc. | 68080454 |
| 403 | General Dynamics Corp. | 138995 |
| 963250 | Hitachi Construction Machinery Co. Ltd. | 31445790 |
| 664661 | Hitachi Ltd. | 22936002 |
| 102125 | HOCHTIEF AG | 29263795 |
| 152972 | Honeywell International, Inc. | 30797853 |
| 557735 | Howmet Aerospace, Inc. | 114865523 |
| 246 | Huntington Ingalls Industries, Inc. | 79217 |
| 247603 | ITOCHU Corp. | 14349117 |
| 2164247 | Komatsu Ltd. | 72548829 |
| 465291 | Kone Oyj - Class B | 31063519 |
| 475762 | L3Harris Technologies, Inc. | 137542794 |
| 21140 | Legrand SA | 3642870 |
| 441 | Leidos Holdings, Inc. | 83997 |
| 330 | Lockheed Martin Corp. | 162320 |
| 13456 | Makita Corp. | 408281 |
| 177248 | Mitsubishi Corp. | 4269318 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Industrials (continued) | Industrials (continued) |  |
| 315482 | Mitsubishi Electric Corp. | $8837426 |
| 206002 | Mitsubishi Heavy Industries Ltd. | 6219761 |
| 188298 | Mitsui & Co. Ltd. | 4645442 |
| 85950 | Northrop Grumman Corp. | 50147527 |
| 971 | PACCAR, Inc. | 95546 |
| 227 | Parker-Hannifin Corp. | 175432 |
| 780176 | Pentair Plc | 82971718 |
| 178844 | Quanta Services, Inc. | 80324206 |
| 1050446 | QXO, Inc.(a) | 18561381 |
| 265933 | Recruit Holdings Co. Ltd. | 13300964 |
| 620872 | RELX Plc | 27381020 |
| 700 | Republic Services, Inc. | 145768 |
| 42389 | Rheinmetall AG | 83134747 |
| 1078 | Rollins, Inc. | 62104 |
| 7895293 | Rolls-Royce Holdings Plc | 121041782 |
| 115653 | Sandvik AB | 3512107 |
| 986249 | Sanwa Holdings Corp. | 26942497 |
| 3500 | Schindler Holding AG | 1180801 |
| 87008 | Schindler Holding AG - Participation Certificates | 30921762 |
| 11397 | Schneider Electric SE | 3232955 |
| 87011 | Secom Co. Ltd. | 2943276 |
| 42100 | SG Holdings Co. Ltd. | 386962 |
| 252202 | SGS SA | 28399559 |
| 1065100 | Shenzhen Inovance Technology Co. Ltd. - A Shares | 11514312 |
| 487179 | Siemens AG | 137887835 |
| 4306165 | Singapore Airlines Ltd. | 21934445 |
| 169815 | Techtronic Industries Co. Ltd. | 1984313 |
| 907979 | Tetra Tech, Inc. | 29037168 |
| 3655 | Thales SA | 1040174 |
| 21040 | Thomson Reuters Corp. | 3222868 |
| 2315066 | Toyota Tsusho Corp. | 70859557 |
| 526 | Trane Technologies Plc | 235990 |
| 405696 | Union Pacific Corp. | 89403228 |
| 105314 | United Rentals, Inc. | 91747451 |
| 615455 | Valmet Oyj | 20012293 |
| 29455 | Vinci SA | 3934956 |
| 282180 | Voltronic Power Technology Corp. | 11106919 |
| 37160 | Volvo AB - Class A | 1022460 |
| 98785 | Volvo AB - Class B | 2724315 |
| 356503 | Waste Management, Inc. | 71218604 |
| 1899079 | WEG SA | 14850371 |
| 1234603 | West Japan Railway Co. | 25323341 |
| 685959 | Westinghouse Air Brake Technologies Corp. | 140237458 |
| 143695 | Wolters Kluwer NV | 17598192 |
| 84 | WW Grainger, Inc. | 82236 |
|  |  | 2824625816 |
| Information Technology — 28.1% | Information Technology — 28.1% |  |
| 950 | Accenture Plc - Class A | 237595 |
| 3726420 | Advantech Co. Ltd. | 38002429 |

---

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Information Technology (continued) | Information Technology (continued) |  |
| 80356 | Advantest Corp. | $12063046 |
| 3913624 | Apple, Inc. | 1058126521 |
| 1204 | Applied Materials, Inc. | 280652 |
| 56625 | AppLovin Corp. - Class A(a) | 36088811 |
| 1782 | Arista Networks, Inc.(a) | 281004 |
| 180160 | ASML Holding NV | 190653953 |
| 56095 | ASML Holding NV - New York | 59417507 |
| 347 | Autodesk, Inc.(a) | 104565 |
| 2051395 | Broadcom, Inc. | 758257134 |
| 255910 | Cadence Design Systems, Inc.(a) | 86674158 |
| 129435 | Canon, Inc. | 3723220 |
| 1800 | Capgemini SE | 276982 |
| 192334 | CGI, Inc. | 16738290 |
| 7388 | Check Point Software Technologies Ltd.(a) | 1445684 |
| 4919 | Cisco Systems, Inc. | 359628 |
| 249288 | Cloudflare, Inc. - Class A(a) | 63144650 |
| 1764 | Constellation Software, Inc. | 4642305 |
| 127935 | EPAM Systems, Inc.(a) | 20922490 |
| 270 | F5, Inc.(a) | 68324 |
| 64 | Fair Isaac Corp.(a) | 106210 |
| 683521 | Fortinet, Inc.(a) | 59076720 |
| 6497858 | Fujitsu Ltd. | 169962141 |
| 80391 | Hexagon AB - Class B | 986245 |
| 340161 | Infosys Ltd. | 5679999 |
| 383180 | International Business Machines Corp. | 117793364 |
| 408 | Intuit, Inc. | 272360 |
| 766 | Jabil, Inc. | 169202 |
| 158700 | Keyence Corp. | 59078704 |
| 126206 | KLA Corp. | 152550240 |
| 2351 | Lam Research Corp. | 370188 |
| 2540867 | Microsoft Corp. | 1315686341 |
| 263536 | Motorola Solutions, Inc. | 107182727 |
| 45885 | Murata Manufacturing Co. Ltd. | 1009940 |
| 25934 | NEC Corp. | 945411 |
| 629 | NetApp, Inc. | 74084 |
| 1140576 | Nomura Research Institute Ltd. | 44628339 |
| 8780867 | NVIDIA Corp. | 1778037759 |
| 350 | NXP Semiconductors NV | 73192 |
| 88614 | Obic Co. Ltd. | 2752548 |
| 300026 | Oracle Corp. | 78789828 |
| 690521 | QUALCOMM, Inc. | 124915249 |
| 1151631 | Samsara, Inc. - Class A(a) | 46261017 |
| 3365656 | Samsung Electronics Co. Ltd. | 253944917 |
| 65725 | SAP SE | 17003865 |
| 722 | Seagate Technology Holdings Plc | 184745 |
| 55619 | ServiceNow, Inc.(a) | 51129434 |
| 447157 | Shopify, Inc. - Class A(a) | 77742716 |
| 313945 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 94318496 |
| 4894643 | Taiwan Semiconductor Manufacturing Co. Ltd. | 238832976 |
| 664583 | Tata Consultancy Services Ltd. | 22893615 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Information Technology (continued) | Information Technology (continued) |  |
| 558405 | TE Connectivity Plc | $137931619 |
| 3604120 | Telefonaktiebolaget LM Ericsson - Class B | 36343748 |
| 443256 | Texas Instruments, Inc. | 71568114 |
| 151 | Tyler Technologies, Inc.(a) | 71915 |
| 421 | Zebra Technologies Corp. - Class A(a) | 113354 |
|  |  | 7419990270 |
| Insurance — 2.4% | Insurance — 2.4% |  |
| 1105 | Aflac, Inc. | 118445 |
| 436590 | Ageas SA | 28885716 |
| 5181566 | AIA Group Ltd. | 50311645 |
| 248507 | Allianz SE | 99738963 |
| 304740 | Arthur J Gallagher & Co. | 76029582 |
| 624 | Assurant, Inc. | 132113 |
| 88290 | AXA SA | 3829510 |
| 552 | Chubb Ltd. | 152871 |
| 608039 | Dai-ichi Life Holdings, Inc. | 4280853 |
| 21762 | Fairfax Financial Holdings Ltd. | 35331384 |
| 92035 | Generali | 3537906 |
| 399 | Globe Life, Inc. | 52472 |
| 753724 | Great-West Lifeco, Inc. | 31953534 |
| 4150 | Hannover Rueck SE | 1183437 |
| 566 | Hartford Insurance Group, Inc. (The) | 70286 |
| 3720 | Intact Financial Corp. | 693924 |
| 216562 | Japan Post Holdings Co. Ltd. | 2032684 |
| 673 | Loews Corp. | 67004 |
| 130350 | Manulife Financial Corp. | 4218450 |
| 7169775 | Mapfre SA | 31668572 |
| 1324240 | MetLife, Inc. | 105700837 |
| 144324 | MS&AD Insurance Group Holdings, Inc. | 2983689 |
| 8455 | Muenchener Rueckversicherungs- Gesellschaft AG | 5227570 |
| 695 | Principal Financial Group, Inc. | 58408 |
| 538570 | Prudential Financial, Inc. | 56011280 |
| 48065 | Sampo Oyj - Class A | 535628 |
| 152434 | Sompo Holdings, Inc. | 4656799 |
| 46295 | Sun Life Financial, Inc. | 2815890 |
| 17600 | Swiss Re AG | 3206163 |
| 250035 | Tokio Marine Holdings, Inc. | 9380977 |
| 276 | Travelers Cos, Inc. (The) | 74139 |
| 1962597 | Unipol Assicurazioni SpA | 42902385 |
| 976 | W R Berkley Corp. | 69628 |
| 54699 | Zurich Insurance Group AG | 37995329 |
|  |  | 645908073 |
| Materials — 1.8% | Materials — 1.8% |  |
| 19640 | Agnico Eagle Mines Ltd. | 3158812 |
| 34132 | Air Liquide SA | 6606351 |
| 38520 | Barrick Mining Corp. | 1264455 |
| 2176740 | BHP Group Ltd. | 61883271 |
| 928455 | CRH Plc | 110578990 |
| 47385 | CRH Plc | 5592511 |

---

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Materials (continued) | Materials (continued) |  |
| 660 | Ecolab, Inc. | $169224 |
| 1511034 | Fortescue Ltd. | 21048775 |
| 8735 | Franco-Nevada Corp. | 1631658 |
| 15 | Givaudan SA | 61472 |
| 666816 | Heidelberg Materials AG | 156103769 |
| 263441 | Holcim AG | 23353689 |
| 1756575 | International Paper Co. | 67874058 |
| 19934 | JFE Holdings, Inc. | 228754 |
| 770 | Linde Plc | 322091 |
| 16025 | Novonesis Novozymes B - Class B | 957698 |
| 37430 | Rio Tinto Plc | 2697564 |
| 63550 | Shin-Etsu Chemical Co. Ltd. | 1919572 |
| 38509 | Solstice Advanced Materials, Inc.(a) | 1735601 |
| 426 | Steel Dynamics, Inc. | 66797 |
|  |  | 467255112 |
| Real Estate — 1.3% | Real Estate — 1.3% |  |
| 175542 | American Tower Corp. REIT | 31418507 |
| 829 | BXP, Inc. REIT | 59016 |
| 1586 | Camden Property Trust REIT | 157775 |
| 15780105 | CapitaLand Integrated Commercial Trust REIT | 28732982 |
| 977498 | Daiwa House Industry Co. Ltd. | 33192181 |
| 661 | Digital Realty Trust, Inc. REIT | 112641 |
| 231 | Mid-America Apartment Communities, Inc. REIT | 29621 |
| 141786 | Mitsubishi Estate Co. Ltd. | 3002982 |
| 311939 | Mitsui Fudosan Co. Ltd. | 3241648 |
| 350 | Nippon Building Fund, Inc. REIT | 322951 |
| 1122396 | Prologis, Inc. REIT | 139278120 |
| 419681 | Simon Property Group, Inc. REIT | 73763133 |
| 3561781 | Sun Hung Kai Properties Ltd. | 43292973 |
|  |  | 356604530 |
| Utilities — 3.1% | Utilities — 3.1% |  |
| 2499 | Alliant Energy Corp. | 166983 |
| 1298965 | American Electric Power Co., Inc. | 156213531 |
| 443520 | CLP Holdings Ltd. | 3784208 |
| 816379 | Duke Energy Corp. | 101475910 |
| 92785 | Endesa SA | 3325033 |
| 399480 | Enel SpA | 4039161 |
| 2169277 | Iberdrola SA | 43919827 |
| 164705 | National Grid Plc | 2466652 |
| 41930 | Naturgy Energy Group SA | 1270129 |
| 3328803 | NextEra Energy, Inc. | 270964564 |
| 356 | Pinnacle West Capital Corp. | 31513 |
| 1401647 | Sempra | 128867425 |
| 1301 | Southern Co. (The) | 122346 |
| 14250 | Verbund AG | 1099671 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Utilities (continued)** | **Utilities (continued)** |  |
| 790428 | WEC Energy Group, Inc. | $88314520 |
|  |  | 806061473 |
| Total Common Stocks <br> (Cost $15,014,914,818) | Total Common Stocks <br> (Cost $15,014,914,818) | 25661313469 |
| **RIGHTS/WARRANTS — 0.0%** | **RIGHTS/WARRANTS — 0.0%** |  |
| **Information Technology — 0.0%** | **Information Technology — 0.0%** |  |
| 489 | Constellation Software, Inc. Warrants, Expire 03/31/40(a)(d)(e) | 0 |
| Total Rights/Warrants <br> (Cost $0) | Total Rights/Warrants <br> (Cost $0) | 0 |
| **EXCHANGE-TRADED FUNDS**(f) **— 1.5%** | **EXCHANGE-TRADED FUNDS**(f) **— 1.5%** |  |
| 691711 | Health Care Select Sector SPDR Fund | 99779312 |
| 785000 | iShares MSCI ACWI ETF | 111006850 |
| 4403413 | KraneShares CSI China Internet ETF | 175916349 |
| Total Exchange-Traded Funds <br> (Cost $359,657,817) | Total Exchange-Traded Funds <br> (Cost $359,657,817) | 386702511 |
| **INVESTMENT COMPANY — 0.7%** | **INVESTMENT COMPANY — 0.7%** |  |
| 196315096 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.90%(g) | 196315096 |
| Total Investment Company <br> (Cost $196,315,096) | Total Investment Company <br> (Cost $196,315,096) | 196315096 |
| **TOTAL INVESTMENTS — 99.4%** <br> (Cost $15,570,887,731) | **TOTAL INVESTMENTS — 99.4%** <br> (Cost $15,570,887,731) | $26244331076 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%** | 145669724 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $26390000800 |

---

(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 $0 which is 0.00% of net assets and the cost is $0.

(e) These securities have been determined to be illiquid in accordance with procedures adopted by the Fund's Board of Directors.

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

(f) A copy of the underlying funds' financial statements is available upon request.

(g) The rate shown represents the current yield as of October 31, 2025.

The following abbreviations are used in the report:

ACWI — All Country World Index

ADR — American Depositary Receipt

CSI — China Securities Index

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

**PORTFOLIO DIVERSIFICATION BY COUNTRY**

---

| | | |
|:---|:---|:---|
| **Country:** | Value | Value as a<br> percentage of<br> Net Assets |
| United States | $16657120218 | 63.1%&nbsp;&nbsp;&nbsp;&nbsp; |
| Japan | 1303282224 | 4.9 |
| United Kingdom | 991488850 | 3.8 |
| Germany | 791622207 | 3 |
| Netherlands | 650597435 | 2.5 |
| Switzerland | 564043220 | 2.1 |
| Ireland | 544243666 | 2.1 |
| India | 509873308 | 1.9 |
| Canada | 470432623 | 1.8 |
| Taiwan | 467978374 | 1.8 |
| France | 320504487 | 1.2 |
| Australia | 283193748 | 1.1 |
| Hong Kong | 277366090 | 1.1 |
| South Korea | 253944917 | 1 |
| China | 222672443 | 0.8 |
| Sweden | 209554471 | 0.8 |
| Spain | 174807992 | 0.7 |
| Italy | 164211131 | 0.6 |
| Brazil | 122142552 | 0.5 |
| Singapore | 109362972 | 0.4 |
| Uruguay | 84153722 | 0.3 |
| Mexico | 59470547 | 0.2 |
| Norway | 58649906 | 0.2 |
| South Africa | 58474285 | 0.2 |
| Finland | 54591632 | 0.2 |
| Indonesia | 52481449 | 0.2 |
| Chile | 39504787 | 0.1 |
| Denmark | 32115612 | 0.1 |
| Belgium | 30983150 | 0.1 |
| Austria | 30678704 | 0.1 |
| Portugal | 27213044 | 0.1 |
| Luxembourg | 27167879 | 0.1 |
| Malaysia | 15940140 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Country:** | Value | Value as a<br> percentage of<br> Net Assets | Value as a<br> percentage of<br> Net Assets |
| Israel | $1445684 | 0.0 | %\*&nbsp;&nbsp;&nbsp;&nbsp; |
| Other<sup>\*\*</sup> | 728687331 | 2.8 |  |
|  | $26390000800 | 100.0 | % |

---

\* Represents less than 0.05% of net assets.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 91.6%** | **COMMON STOCKS — 91.6%** | **COMMON STOCKS — 91.6%** |
| **AUSTRALIA — 2.9%** | **AUSTRALIA — 2.9%** | **AUSTRALIA — 2.9%** |
| 708342 | 29Metals Ltd.(a) | $220147 |
| 496804 | Abacus Group REIT | 390071 |
| 569990 | Aeris Resources Ltd.(a) | 171554 |
| 4756 | AGL Energy Ltd. | 28816 |
| 357247 | AIC Mines Ltd.(a) | 112198 |
| 223219 | Alkane Resources Ltd.(a) | 146782 |
| 238714 | Ampol Ltd. | 4795050 |
| 40887 | Ansell Ltd. | 976729 |
| 46380 | ARB Corp. Ltd. | 1095506 |
| 650787 | Arena REIT | 1554206 |
| 235207 | Aspen Group Ltd. REIT | 812571 |
| 15400 | ASX Ltd. | 568803 |
| 165145 | Aura Energy Ltd.(a) | 23232 |
| 3324192 | Aurelia Metals Ltd.(a) | 532880 |
| 879937 | Aurizon Holdings Ltd. | 1974798 |
| 33596 | Austal Ltd.(a) | 149257 |
| 249703 | Australian Clinical Labs Ltd.(b) | 424790 |
| 29663 | Australian Ethical Investment Ltd. | 135665 |
| 23028 | Baby Bunting Group Ltd.(a)(b) | 41284 |
| 1872945 | Beach Energy Ltd. | 1519580 |
| 443423 | Bega Cheese Ltd. | 1540599 |
| 825496 | Bendigo & Adelaide Bank Ltd. | 6832544 |
| 68313 | Bhagwan Marine Ltd. | 26148 |
| 256790 | Brambles Ltd. | 4176920 |
| 769761 | Bravura Solutions Ltd. | 1450525 |
| 50900 | Breville Group Ltd. | 988792 |
| 114669 | BWP Property Group Ltd. | 288107 |
| 507277 | Capricorn Metals Ltd.(a) | 4265061 |
| 7987 | Cedar Woods Properties Ltd. | 47190 |
| 1027291 | Centuria Industrial REIT | 2379434 |
| 662193 | Challenger Ltd. | 4033770 |
| 435376 | Charter Hall Social Infrastructure REIT | 920119 |
| 52815 | Codan Ltd. | 1252686 |
| 47453 | Collins Foods Ltd. | 332219 |
| 74670 | Computershare Ltd. | 1786685 |
| 454083 | Coronado Global Resources, Inc.(b)(c) | 108444 |
| 414232 | Cromwell Property Group REIT | 126030 |
| 16497 | Cuscal Ltd. | 45011 |
| 1457502 | Downer EDI Ltd. | 7371665 |
| 5442032 | Dyno Nobel Ltd. | 11465523 |
| 35777 | Eagers Automotive Ltd. | 797307 |
| 63300 | EBOS Group Ltd. | 1046857 |
| 282947 | Emerald Resources NL(a) | 877527 |
| 325800 | Evolution Mining Ltd. | 2315036 |
| 171783 | Fenix Resources Ltd. | 59009 |
| 155133 | Genesis Minerals Ltd.(a) | 592781 |
| 10437 | GenusPlus Group Ltd.(b) | 47461 |
| 2668475 | GPT Group (The) REIT | 9358470 |
| 715088 | GrainCorp Ltd. - Class A | 4140756 |
| 226859 | Grange Resources Ltd.(a) | 40077 |
| 921118 | Harvey Norman Holdings Ltd. | 4357431 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **AUSTRALIA (continued)** | **AUSTRALIA (continued)** | **AUSTRALIA (continued)** |
| 114708 | Healius Ltd. | $66798 |
| 1033653 | Helia Group Ltd. | 3645360 |
| 680261 | HMC Capital Ltd. REIT | 1379794 |
| 86470 | HUB24 Ltd. | 6458867 |
| 276569 | Imdex Ltd. | 622499 |
| 317639 | Insurance Australia Group Ltd. | 1633553 |
| 181531 | JB Hi-Fi Ltd. | 12438195 |
| 159397 | Jumbo Interactive Ltd. | 1224405 |
| 1189546 | Karoon Energy Ltd. | 1249204 |
| 310259 | Kelsian Group Ltd. | 988622 |
| 3847 | Lindian Resources Ltd.(a) | 818 |
| 177165 | Lynas Rare Earths Ltd.(a) | 1767766 |
| 1033952 | Macmahon Holdings Ltd. | 317962 |
| 29545 | Mader Group Ltd. | 171469 |
| 187600 | Magellan Financial Group Ltd. | 1180823 |
| 1254550 | Medibank Pvt Ltd. | 4005758 |
| 3847577 | Metals X Ltd.(a) | 2127262 |
| 2021535 | Metro Mining Ltd.(a) | 96556 |
| 181114 | Mineral Resources Ltd.(a) | 5735540 |
| 99963 | Monadelphous Group Ltd. | 1520031 |
| 737603 | Mount Gibson Iron Ltd.(a) | 173741 |
| 668934 | Nanosonics Ltd.(a) | 2004590 |
| 57294 | Navigator Global Investments Ltd. | 93344 |
| 154121 | Netwealth Group Ltd. | 3108939 |
| 1170172 | New Hope Corp. Ltd. | 3177421 |
| 108100 | Nick Scali Ltd. | 1797952 |
| 80619 | NRW Holdings Ltd. | 255833 |
| 130238 | Nuix Ltd.(a) | 208776 |
| 30307 | Objective Corp. Ltd. | 365861 |
| 376159 | OFX Group Ltd.(a) | 151364 |
| 1088119 | Orica Ltd. | 15841027 |
| 65580 | Origin Energy Ltd. | 525635 |
| 19787 | Peet Ltd. | 24728 |
| 1299336 | Perenti Ltd. | 2303922 |
| 5510055 | Perseus Mining Ltd. | 17557465 |
| 1519 | Playside Studios Ltd.(a) | 239 |
| 9896 | Pro Medicus Ltd. | 1706862 |
| 140400 | Qantas Airways Ltd. | 937010 |
| 134180 | QBE Insurance Group Ltd. | 1741832 |
| 494252 | Ramelius Resources Ltd. | 1073652 |
| 7926 | REA Group Ltd. | 1105081 |
| 149445 | Region Group REIT | 238588 |
| 809884 | Regis Healthcare Ltd. | 3926612 |
| 878148 | Regis Resources Ltd. | 3700245 |
| 204444 | Renascor Resources Ltd.(a) | 11370 |
| 10279915 | Resolute Mining Ltd.(a) | 6423472 |
| 3651 | Ricegrowers Ltd. | 40945 |
| 52826 | Ridley Corp. Ltd. | 102310 |
| 68170 | Sandfire Resources Ltd.(a) | 724363 |
| 404901 | Seeing Machines Ltd.(a) | 18351 |
| 188430 | SEEK Ltd. | 3341152 |
| 681182 | Service Stream Ltd. | 1011733 |
| 18430 | SKS Technologies Group Ltd. | 45823 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **AUSTRALIA (continued)** | **AUSTRALIA (continued)** | **AUSTRALIA (continued)** | **AUSTRALIA (continued)** |
| 46944 | SmartGroup Corp. Ltd. | $| 251252 |
| 80636 | Solvar Ltd. |  | 82570 |
| 133085 | Southern Cross Electrical Engineering Ltd. |  | 214211 |
| 47291 | SRG Global Ltd. |  | 85092 |
| 832 | St. Barbara Ltd.(a) |  | 280 |
| 129912 | Suncorp Group Ltd. |  | 1667728 |
| 5146040 | Tabcorp Holdings Ltd. |  | 3585912 |
| 181946 | Technology One Ltd. |  | 4392844 |
| 231435 | Temple & Webster Group Ltd.(a) |  | 3605499 |
| 3111 | Universal Store Holdings Ltd. |  | 18035 |
| 6902351 | Vault Minerals Ltd.(a) |  | 3296832 |
| 1555882 | Ventia Services Group Pty Ltd. |  | 5833218 |
| 338383 | Virgin Australia Holdings Ltd.(a) |  | 732847 |
| 197015 | Viva Energy Group Ltd.(b)(c) |  | 236544 |
| 106444 | Vysarn Ltd.(a) |  | 44922 |
| 898846 | WEB Travel Group Ltd.(a) |  | 2458320 |
| 2240347 | West African Resources Ltd.(a)(d)(e) |  | 4456211 |
| 1845454 | Whitehaven Coal Ltd. |  | 8693860 |
| 223979 | Yancoal Australia Ltd. |  | 816280 |
| 2443448 | Zip Co. Ltd.(a) |  | 6187155 |
|  |  |  | 255775235 |
| **AUSTRIA — 1.0%** | **AUSTRIA — 1.0%** | **AUSTRIA — 1.0%** | **AUSTRIA — 1.0%** |
| 259893 | ams-OSRAM AG(a) |  | 3581502 |
| 164034 | ANDRITZ AG |  | 12403241 |
| 76506 | BAWAG Group AG(b)(c) |  | 9867861 |
| 2008 | DO & CO AG |  | 479106 |
| 171347 | Erste Group Bank AG |  | 17725905 |
| 353 | EVN AG |  | 10294 |
| 669 | Fabasoft AG |  | 11644 |
| 4182 | Mayr Melnhof Karton AG |  | 380810 |
| 200881 | OMV AG |  | 10989149 |
| 6738 | Palfinger AG |  | 252413 |
| 8563 | Porr AG |  | 271922 |
| 457502 | Raiffeisen Bank International AG |  | 17054165 |
| 26349 | UNIQA Insurance Group AG |  | 386929 |
| 16855 | Vienna Insurance Group AG Wiener Versicherung Gruppe |  | 864542 |
| 458278 | voestalpine AG |  | 16311870 |
|  |  |  | 90591353 |
| **BAHAMAS — 0.2%** | **BAHAMAS — 0.2%** | **BAHAMAS — 0.2%** | **BAHAMAS — 0.2%** |
| 936148 | OneSpaWorld Holdings Ltd. |  | 21784164 |
| **BELGIUM — 0.4%** | **BELGIUM — 0.4%** | **BELGIUM — 0.4%** | **BELGIUM — 0.4%** |
| 11032 | Ackermans & van Haaren NV |  | 2746664 |
| 18900 | Ageas SA |  | 1250464 |
| 2523 | Ascencio REIT |  | 146279 |
| 147683 | Barco NV |  | 2107408 |
| 195090 | Bekaert SA |  | 8151555 |
| 3608 | Cie d'Entreprises CFE |  | 37263 |
| 16850 | Deme Group NV |  | 2544302 |
| 25354 | EVS Broadcast Equipment SA |  | 1059380 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **BELGIUM (continued)** | **BELGIUM (continued)** | **BELGIUM (continued)** | **BELGIUM (continued)** |
| 9250 | Groupe Bruxelles Lambert NV | $| 812979 |
| 11900 | KBC Ancora |  | 935468 |
| 5481 | Materialise NV - ADR(a) |  | 35078 |
| 22194 | Retail Estates NV REIT |  | 1609102 |
| 726 | Sipef NV |  | 65272 |
| 5912 | Tessenderlo Group SA |  | 178539 |
| 477659 | Umicore SA |  | 9106488 |
| 1051 | Wereldhave Belgium Comm VA REIT |  | 64206 |
|  |  |  | 30850447 |
| **BERMUDA — 0.1%** | **BERMUDA — 0.1%** | **BERMUDA — 0.1%** | **BERMUDA — 0.1%** |
| 207318 | Essent Group Ltd. |  | 12557251 |
| 1645 | FLEX LNG Ltd. |  | 42721 |
|  |  |  | 12599972 |
| **BRAZIL — 0.3%** | **BRAZIL — 0.3%** | **BRAZIL — 0.3%** | **BRAZIL — 0.3%** |
| 2375484 | B3 SA - Brasil Bolsa Balcao |  | 5598776 |
| 829578 | Hapvida Participacoes e Investimentos SA(a)(b)(c) |  | 4835651 |
| 2364982 | MBRF Global Foods Co. SA - ADR |  | 7662543 |
| 584800 | StoneCo Ltd. - Class A(a) |  | 11117048 |
|  |  |  | 29214018 |
| **CANADA — 1.6%** | **CANADA — 1.6%** | **CANADA — 1.6%** | **CANADA — 1.6%** |
| 21166 | AGF Management Ltd. - Class B |  | 210973 |
| 9314 | Agnico Eagle Mines Ltd. |  | 1497965 |
| 61900 | Air Canada(a) |  | 813829 |
| 65640 | Allied Properties Real Estate Investment Trust REIT |  | 691711 |
| 68478 | Altius Minerals Corp. |  | 1853356 |
| 17800 | Altus Group Ltd. |  | 731265 |
| 35802 | ARC Resources Ltd. |  | 660367 |
| 43700 | Canada Goose Holdings, Inc.(a) |  | 608507 |
| 4220 | Canada Goose Holdings, Inc.(a) |  | 58785 |
| 22500 | Canadian Apartment Properties REIT |  | 618748 |
| 346240 | Canadian Solar, Inc.(a) |  | 7187942 |
| 11400 | Canadian Tire Corp. Ltd. - Class A |  | 1307397 |
| 42485 | CCL Industries, Inc. - Class B |  | 2369988 |
| 190307 | Centerra Gold, Inc. |  | 2229328 |
| 144861 | Choice Properties Real Estate Investment Trust REIT |  | 1532735 |
| 65100 | Crombie Real Estate Investment Trust REIT |  | 692983 |
| 91777 | Descartes Systems Group, Inc. (The)(a) |  | 8095649 |
| 11900 | Descartes Systems Group, Inc. (The)(a) |  | 1050981 |
| 333121 | Dollarama, Inc. |  | 43300623 |
| 108200 | DPM Metals, Inc. |  | 2314356 |
| 116300 | Dream Industrial Real Estate Investment Trust REIT |  | 1002508 |
| 10986 | DREAM Unlimited Corp. - Class A |  | 145613 |
| 25760 | Evertz Technologies Ltd. |  | 235459 |
| 15915 | Exco Technologies Ltd. |  | 74211 |
| 51400 | Finning International, Inc. |  | 2779716 |
| 73593 | FirstService Corp. |  | 11731460 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CANADA (continued)** | **CANADA (continued)** | **CANADA (continued)** |
| 3850 | FirstService Corp. | $612849 |
| 20500 | Fortuna Mining Corp.(a) | 169402 |
| 23760 | Gildan Activewear, Inc. | 1385569 |
| 4600 | Groupe Dynamite, Inc.(a) | 223383 |
| 3 | Hammond Power Solutions, Inc. | 458 |
| 267100 | Hudbay Minerals, Inc. | 4281065 |
| 7400 | iA Financial Corp, Inc. | 873512 |
| 21200 | IGM Financial, Inc. | 815472 |
| 126591 | Killam Apartment Real Estate Investment Trust REIT | 1564167 |
| 155200 | Kinross Gold Corp. | 3609585 |
| 246614 | Knight Therapeutics, Inc.(a) | 1026862 |
| 121360 | Labrador Iron Ore Royalty Corp. | 2504123 |
| 1015 | Lululemon Athletica, Inc.(a) | 173098 |
| 22000 | Lundin Gold, Inc. | 1495633 |
| 36800 | Maple Leaf Foods, Inc. | 707374 |
| 208653 | Martinrea International, Inc. | 1505521 |
| 1345 | Morguard Corp. | 111557 |
| 53166 | Morguard North American Residential Real Estate Investment Trust REIT | 659955 |
| 33702 | North West Co., Inc. (The) | 1093324 |
| 79600 | OceanaGold Corp. | 1780366 |
| 9900 | Onex Corp. | 861146 |
| 52200 | Open Text Corp. | 2002697 |
| 55100 | OR Royalties, Inc. | 1767851 |
| 81500 | Orla Mining Ltd.(a) | 840829 |
| 115590 | Pason Systems, Inc. | 984849 |
| 43300 | Power Corp. of Canada | 2028313 |
| 42149 | Quebecor, Inc. - Class B | 1344513 |
| 75126 | RioCan Real Estate Investment Trust REIT | 1005394 |
| 44200 | Russel Metals, Inc. | 1368024 |
| 85520 | Secure Waste Infrastructure Corp. | 1067666 |
| 36500 | SmartCentres Real Estate Investment Trust REIT | 692239 |
| 19649 | Stella-Jones, Inc. | 1115295 |
| 1900 | TECSYS, Inc. | 48091 |
| 25124 | TFI International, Inc. | 2257765 |
| 18265 | TMX Group Ltd. | 673665 |
| 14103 | Tourmaline Oil Corp. | 620309 |
| 68300 | TransAlta Corp. | 1207199 |
| 136766 | Transcontinental, Inc. - Class A | 1920019 |
| 18200 | True North Commercial Real Estate Investment Trust REIT | 117696 |
| 9369 | Wajax Corp. | 166131 |
| 15978 | Westshore Terminals Investment Corp. | 293688 |
| 216633 | Whitecap Resources, Inc. | 1612526 |
| 16600 | WSP Global, Inc. | 3173594 |
|  |  | 145559229 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CHINA — 5.2%** | **CHINA — 5.2%** | **CHINA — 5.2%** |
| 9993309 | Agricultural Bank of China Ltd. - H Shares | $7613411 |
| 196600 | Autohome, Inc. - ADR | 4954320 |
| 82263 | Baidu, Inc. - ADR(a) | 9943129 |
| 8852200 | Baiyin Nonferrous Group Co. Ltd. - A Shares | 6561235 |
| 3179057 | Baowu Magnesium Technology Co. Ltd. - A Shares | 6386140 |
| 10953190 | Beiqi Foton Motor Co. Ltd. - A Shares(a) | 4612776 |
| 8509044 | China Construction Bank Corp. - H Shares | 8431789 |
| 6863000 | China Railway Group Ltd. - H Shares | 3479833 |
| 7924544 | China Railway Tielong Container Logistics Co. Ltd. - A Shares | 7186332 |
| 5082046 | China Tower Corp. Ltd. - H Shares(b)(c) | 7344574 |
| 1062400 | CNGR Advanced Material Co. Ltd. - A Shares | 6866317 |
| 219225 | Daqo New Energy Corp. - ADR(a) | 7159889 |
| 5968600 | Dongfang Electric Corp. Ltd. - H Shares | 14586318 |
| 9901877 | Dongfeng Motor Group Co. Ltd. - H Shares(a) | 11978257 |
| 2073432 | Fujian Star-net Communication Co. Ltd. - A Shares | 7797637 |
| 633219 | Full Truck Alliance Co. Ltd. - ADR | 8231847 |
| 6932500 | Greentown China Holdings Ltd. | 7404849 |
| 4720700 | Guangxi Liugong Machinery Co. Ltd. - A Shares | 7713649 |
| 1971307 | Han's Laser Technology Industry Group Co. Ltd. - A Shares | 11395702 |
| 3921300 | Henan Mingtai Al Industrial Co. Ltd. - A Shares | 8295524 |
| 10851000 | Industrial & Commercial Bank of China Ltd. - H Shares | 8406486 |
| 4018651 | JA Solar Technology Co. Ltd. - A Shares(a) | 7942979 |
| 1037358 | JCET Group Co. Ltd. - A Shares | 5827821 |
| 4703600 | JD Logistics, Inc.(a)(b)(c) | 7663238 |
| 438440 | JD.com, Inc. - ADR | 14486058 |
| 3208165 | Jiangxi Copper Co. Ltd. - H Shares | 13401501 |
| 1283241 | Kuaishou Technology(b)(c) | 11947994 |
| 2076000 | Lens Technology Co. Ltd. - A Shares | 8576658 |
| 2181790 | Lizhong Sitong Light Alloys Group Co. Ltd. - A Shares | 7491519 |
| 4443127 | Longfor Group Holdings Ltd.(b)(c) | 5494907 |
| 4195305 | Ming Yang Smart Energy Group Ltd. - A Shares | 8916407 |
| 2593800 | MLS Co. Ltd. - A Shares | 3175071 |
| 2559734 | MLS Co. Ltd. - A Shares | 3133371 |
| 8168500 | ORG Technology Co. Ltd. - A Shares | 6903022 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **CHINA (continued)** | **CHINA (continued)** | **CHINA (continued)** | **CHINA (continued)** |
| 3838600 | Oriental Pearl Group Co. Ltd. - A Shares | $| 5226911 |
| 3890400 | Ping An Bank Co. Ltd. - A Shares |  | 6182173 |
| 1426894 | Ping An Insurance Group Co. of China Ltd. - H Shares |  | 10310737 |
| 7043600 | Postal Savings Bank of China Co. Ltd. - A Shares |  | 5685426 |
| 834111 | Raytron Technology Co. Ltd. - A Shares |  | 9724426 |
| 3601500 | Riyue Heavy Industry Co. Ltd. - A Shares |  | 7351032 |
| 12981400 | Rizhao Port Co. Ltd. - A Shares |  | 5794942 |
| 2652100 | Sany Heavy Industry Co. Ltd. - A Shares |  | 8242671 |
| 13548350 | Shandong Nanshan Aluminum Co. Ltd. - A Shares |  | 8767743 |
| 2459900 | Shanghai Mechanical and Electrical Industry Co. Ltd. - A Shares |  | 9358090 |
| 313369 | Shanghai United Imaging Healthcare Co. Ltd. - A Shares |  | 6155117 |
| 3780300 | Shenzhen Laibao Hi-tech Co. Ltd. - A Shares |  | 5922307 |
| 1551265 | Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares |  | 7621747 |
| 8068500 | Sinopec Engineering Group Co. Ltd. - H Shares |  | 7600674 |
| 1864000 | Sinopharm Group Co. Ltd. - H Shares |  | 4646477 |
| 2698240 | Tasly Pharmaceutical Group Co. Ltd. - A Shares |  | 5852070 |
| 8853628 | Tianjin Port Co. Ltd. - A Shares |  | 5978150 |
| 2164637 | Triangle Tyre Co. Ltd. - A Shares |  | 4494214 |
| 551141 | Weibo Corp. - ADR |  | 5996414 |
| 4087200 | Wuxi Taiji Industry Ltd. Co. - A Shares |  | 4974455 |
| 17293954 | Xinyi Solar Holdings Ltd. |  | 7967564 |
| 12978735 | Xinyu Iron & Steel Co. Ltd. - A Shares |  | 7652126 |
| 2065574 | Xuji Electric Co. Ltd. - A Shares |  | 7666598 |
| 359800 | Yangzijiang Shipbuilding Holdings Ltd. |  | 973030 |
| 4336000 | Yunnan Copper Co. Ltd. - A Shares |  | 10980605 |
| 10133757 | Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares |  | 9780926 |
| 372578 | ZTO Express Cayman, Inc. |  | 6837305 |
|  |  |  | 459054490 |
| **DENMARK — 0.7%** | **DENMARK — 0.7%** | **DENMARK — 0.7%** | **DENMARK — 0.7%** |
| 68548 | ALK-Abello A/S(a) |  | 2257795 |
| 267500 | Alm Brand A/S |  | 753085 |
| 8576 | Bang & Olufsen A/S(a) |  | 17525 |
| 28074 | Chemometec A/S |  | 3427490 |
| 20419 | D/S Norden A/S |  | 816262 |
| 65700 | Danske Bank A/S |  | 2933656 |
| 17500 | Demant A/S(a) |  | 581807 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **DENMARK (continued)** | **DENMARK (continued)** | **DENMARK (continued)** | **DENMARK (continued)** |
| 35480 | FLSmidth & Co. A/S | $| 2765479 |
| 143350 | GN Store Nord AS(a) |  | 2510138 |
| 3519 | H Lundbeck A/S |  | 25626 |
| 76151 | H Lundbeck A/S - Class A |  | 429594 |
| 16400 | Invisio AB |  | 522197 |
| 612683 | ISS A/S |  | 19310207 |
| 44122 | Jyske Bank A/S |  | 5175641 |
| 15500 | Netcompany Group A/S(a)(b)(c) |  | 774169 |
| 45515 | NKT A/S(a) |  | 5100192 |
| 7963 | Pandora A/S |  | 1066330 |
| 18064 | Per Aarsleff Holding A/S |  | 2052046 |
| 283630 | ROCKWOOL A/S - Class B |  | 9714151 |
| 32620 | Royal Unibrew A/S |  | 2465022 |
| 1419 | Schouw & Co. A/S |  | 130315 |
| 5002 | Sparekassen Sjaelland-Fyn A/S |  | 260563 |
| 24280 | Zealand Pharma A/S(a) |  | 1920979 |
|  |  |  | 65010269 |
| **FINLAND — 0.5%** | **FINLAND — 0.5%** | **FINLAND — 0.5%** | **FINLAND — 0.5%** |
| 309 | Aspo Oyj |  | 2230 |
| 23500 | Elisa Oyj |  | 1035817 |
| 1865 | GRK Infra Oyj(a) |  | 28999 |
| 97694 | Hiab Oyj - Class B |  | 5407388 |
| 3994 | Incap Oyj(a) |  | 43091 |
| 88718 | Kalmar Oyj - Class B |  | 3675253 |
| 33400 | Kemira Oyj |  | 735322 |
| 30400 | Kesko Oyj - Class B |  | 641242 |
| 172080 | Konecranes Oyj |  | 16978590 |
| 3535 | Marimekko Oyj |  | 52074 |
| 2494 | Olvi Oyj - Class A |  | 85091 |
| 56821 | Oriola Oyj - Class B |  | 77284 |
| 64697 | Orion Oyj - Class B |  | 4515395 |
| 91804 | Puuilo Oyj |  | 1502614 |
| 23327 | Raisio Oyj - Class V |  | 67623 |
| 10758 | Sanoma Oyj |  | 131442 |
| 4889 | Terveystalo Oyj(b)(c) |  | 52577 |
| 29800 | TietoEVRY Oyj |  | 639234 |
| 8365 | Vaisala Oyj - Class A |  | 413638 |
| 38900 | Valmet Oyj |  | 1264882 |
| 81061 | Wartsila Oyj Abp |  | 2650750 |
| 125075 | YIT Oyj(a) |  | 422700 |
|  |  |  | 40423236 |
| **FRANCE — 2.1%** | **FRANCE — 2.1%** | **FRANCE — 2.1%** | **FRANCE — 2.1%** |
| 23900 | Accor SA |  | 1216259 |
| 36718 | Alten SA |  | 3023979 |
| 14835 | Amundi SA(b)(c) |  | 1099502 |
| 3640 | ARGAN SA REIT |  | 283206 |
| 1322 | Aubay |  | 76190 |
| 105764 | BNP Paribas SA |  | 8175209 |
| 45000 | Bouygues SA |  | 2029644 |
| 60600 | Bureau Veritas SA |  | 1989345 |
| 99220 | Canal+ SA |  | 312438 |
| 125964 | Carmila SA REIT |  | 2296944 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **FRANCE (continued)** | **FRANCE (continued)** | **FRANCE (continued)** |
| 83800 | Carrefour SA | $1260526 |
| 14982 | Cie des Alpes | 343653 |
| 63270 | Coface SA | 1114342 |
| 13772 | Covivio SA REIT | 882611 |
| 2000 | Dassault Aviation SA | 642718 |
| 98013 | Eiffage SA | 12054399 |
| 162 | Electricite de Strasbourg SA | 32678 |
| 1081510 | Elior Group SA(a)(b)(c) | 3492980 |
| 13835 | Esso SA Francaise | 1554027 |
| 38866 | Euroapi SA(a) | 143715 |
| 18600 | FDJ UNITED | 541985 |
| 31498 | Fnac Darty SA | 1031095 |
| 511985 | Forvia SE(a) | 6556450 |
| 17481 | Gaztransport Et Technigaz SA | 3457650 |
| 10681 | Gecina SA REIT | 991688 |
| 1755 | GL Events SACA | 56034 |
| 1570037 | Havas NV | 2744415 |
| 1525 | ID Logistics Group SACA(a) | 692570 |
| 8206 | Ipsen SA | 1152063 |
| 91336 | IPSOS SA | 3499455 |
| 60500 | JCDecaux SE | 1101121 |
| 21661 | Kaufman & Broad SA | 729052 |
| 41199 | Klepierre SA REIT | 1573753 |
| 1109 | Lagardere SA | 24160 |
| 2681 | Lectra | 71076 |
| 5332 | LISI SA | 312213 |
| 891930 | Louis Hachette Group | 1532358 |
| 36102 | Manitou BF SA | 724898 |
| 132761 | Mercialys SA REIT | 1619025 |
| 15312 | Mersen SA | 386521 |
| 304052 | Metropole Television SA | 4191568 |
| 527 | Neurones | 23933 |
| 229134 | Opmobility | 3739816 |
| 817676 | Orange SA | 13039408 |
| 11640 | Publicis Groupe SA | 1164582 |
| 241444 | Rubis SCA | 8760897 |
| 14170 | SEB SA | 783660 |
| 62428 | SMCP SA(a)(b)(c) | 439661 |
| 97469 | Societe BIC SA | 5426391 |
| 230885 | Societe Generale SA | 14599870 |
| 1165 | Societe LDC SADIR | 123944 |
| 21652 | Sopra Steria Group | 3366723 |
| 117646 | SPIE SA | 5982878 |
| 323291 | Technip Energies NV | 13124429 |
| 56422 | Television Francaise 1 SA | 515726 |
| 533411 | Ubisoft Entertainment SA(a) | 4762521 |
| 769262 | Valeo SE | 10626978 |
| 2255 | Vetoquinol SA | 193902 |
| 121003 | Vicat SACA | 9065817 |
| 3737 | VIEL & Cie SA | 75811 |
| 86308 | Vinci SA | 11530070 |
| 1950 | Viridien(a) | 238253 |
| 209100 | Vivendi SE | 752462 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **FRANCE (continued)** | **FRANCE (continued)** | **FRANCE (continued)** | **FRANCE (continued)** |
| 20350 | Wendel SE | $| 1909353 |
|  |  |  | 185260600 |
| **GERMANY — 2.0%** | **GERMANY — 2.0%** | **GERMANY — 2.0%** | **GERMANY — 2.0%** |
| 4159 | AlzChem Group AG |  | 798659 |
| 8323 | Atoss Software SE |  | 1114765 |
| 70144 | Aumovio SE(a) |  | 3015739 |
| 13855 | Aurubis AG |  | 1803009 |
| 10111 | Bilfinger SE |  | 1089691 |
| 125168 | Brenntag SE |  | 6946836 |
| 531694 | CECONOMY AG(a) |  | 2718021 |
| 5865 | Cewe Stiftung & Co. KGAA |  | 671973 |
| 416371 | Commerzbank AG |  | 15122595 |
| 158987 | Continental AG |  | 11999627 |
| 11350 | CTS Eventim AG & Co. KGaA |  | 1015208 |
| 217914 | Deutsche Post AG |  | 9996907 |
| 2481 | Deutsche Rohstoff AG |  | 135837 |
| 403733 | Deutz AG |  | 3997467 |
| 9333 | Draegerwerk AG & Co. KGaA - Preference Shares |  | 785311 |
| 148647 | Duerr AG |  | 3461027 |
| 3224 | Einhell Germany AG - Preference Shares |  | 305467 |
| 11943 | Elmos Semiconductor SE |  | 1126067 |
| 155772 | EuroEyes International Eye Clinic Ltd. |  | 67156 |
| 11758 | Fielmann Group AG |  | 641728 |
| 126264 | flatexDEGIRO AG |  | 4785296 |
| 33216 | Freenet AG |  | 1032968 |
| 256727 | Fresenius SE & Co. KGaA |  | 14801737 |
| 16780 | Friedrich Vorwerk Group SE |  | 1800691 |
| 141089 | FUCHS SE - Preference Shares |  | 6306645 |
| 10400 | GEA Group AG |  | 743229 |
| 16100 | Heidelberg Materials AG |  | 3769062 |
| 219932 | Heidelberger Druckmaschinen AG(a) |  | 494841 |
| 105764 | Henkel AG & Co. KGaA - Preference Shares |  | 8565318 |
| 5426 | Hornbach Holding AG & Co. KGaA |  | 542246 |
| 286587 | HUGO BOSS AG |  | 12701362 |
| 41458 | Indus Holding AG |  | 1072808 |
| 232980 | Infineon Technologies AG |  | 9216444 |
| 80866 | IONOS Group SE(a) |  | 2866214 |
| 2786 | JOST Werke SE(b)(c) |  | 162170 |
| 20880 | Jungheinrich AG - Preference Shares |  | 745606 |
| 6370 | KION Group AG |  | 451556 |
| 16737 | Koenig & Bauer AG(a) |  | 256582 |
| 33261 | Krones AG |  | 4822957 |
| 450 | KSB SE & Co. KGaA - Preference Shares |  | 466823 |
| 15207 | KWS Saat SE & Co. KGaA |  | 1170894 |
| 583 | MBB SE |  | 127948 |
| 5250 | Nemetschek SE |  | 605141 |
| 217776 | Nordex SE(a) |  | 6421079 |
| 99 | Paul Hartmann AG |  | 26360 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **GERMANY (continued)** | **GERMANY (continued)** | **GERMANY (continued)** | **GERMANY (continued)** |
| 2406 | Pfisterer Holding SE(a) | $| 203558 |
| 25679 | ProCredit Holding AG |  | 229096 |
| 1075 | Rational AG |  | 787447 |
| 157038 | Schaeffler AG |  | 1271594 |
| 49227 | Scout24 SE(b)(c) |  | 5685498 |
| 1147 | Sixt SE |  | 100743 |
| 1220 | STO SE & Co. KGaA - Preference Shares |  | 167623 |
| 24600 | Stroeer SE & Co. KGaA |  | 1076079 |
| 286941 | TeamViewer SE(a)(b)(c) |  | 2106830 |
| 814 | Technotrans SE |  | 33402 |
| 511703 | thyssenkrupp AG |  | 5353156 |
| 32344 | Tkms AG& Co. KGaA(a) |  | 3047728 |
| 87500 | TUI AG(a) |  | 744525 |
| 75616 | United Internet AG |  | 2330626 |
| 28867 | Wacker Neuson SE |  | 628205 |
| 5146 | Washtec AG |  | 244973 |
| 124 | Zeal Network SE |  | 6946 |
|  |  |  | 174787096 |
| **HONG KONG — 1.3%** | **HONG KONG — 1.3%** | **HONG KONG — 1.3%** | **HONG KONG — 1.3%** |
| 281340 | Alibaba Group Holding Ltd. - ADR |  | 47948776 |
| 98000 | APT Satellite Holdings Ltd. |  | 26737 |
| 932103 | Bank of East Asia Ltd. (The) |  | 1607374 |
| 66035 | Build King Holdings Ltd. |  | 13002 |
| 32324000 | China Jinmao Holdings Group Ltd. |  | 5574143 |
| 2116500 | China Overseas Land & Investment Ltd. |  | 3549040 |
| 3742987 | China Taiping Insurance Holdings Co. Ltd. |  | 8516258 |
| 755452 | Chow Sang Sang Holdings International Ltd. |  | 1354273 |
| 1412162 | Chow Tai Fook Jewellery Group Ltd. |  | 2765970 |
| 138900 | CK Asset Holdings Ltd. |  | 687122 |
| 98800 | CK Hutchison Holdings Ltd. |  | 654806 |
| 381000 | Crystal International Group Ltd.(b)(c) |  | 333903 |
| 570787 | Dah Sing Banking Group Ltd. |  | 808007 |
| 176000 | Dah Sing Financial Holdings Ltd. |  | 814027 |
| 20900 | DFI Retail Group Holdings Ltd. |  | 73359 |
| 163000 | Great Eagle Holdings Ltd. |  | 305420 |
| 676000 | Hang Lung Group Ltd. |  | 1288398 |
| 483000 | Hang Lung Properties Ltd. |  | 537665 |
| 787300 | Hong Kong & China Gas Co. Ltd. |  | 732532 |
| 235000 | Hong Kong Technology Venture Co. Ltd. |  | 43247 |
| 2022700 | Hutchison Port Holdings Trust - U Shares- Units |  | 424767 |
| 704000 | Hutchison Telecommunications Hong Kong Holdings Ltd. |  | 98752 |
| 733567 | Hysan Development Co. Ltd. |  | 1519896 |
| 431247 | International Housewares Retail Co. Ltd. |  | 43843 |
| 427000 | Intron Technology Holdings Ltd. |  | 113749 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **HONG KONG (continued)** | **HONG KONG (continued)** | **HONG KONG (continued)** | **HONG KONG (continued)** |
| 205918 | Jacobson Pharma Corp. Ltd.(b) | $| 38425 |
| 981682 | Johnson Electric Holdings Ltd. |  | 4616232 |
| 3459676 | JS Global Lifestyle Co. Ltd.(a)(b)(c) |  | 792508 |
| 968277 | Kerry Properties Ltd. |  | 2437343 |
| 385531 | KLN Logistics Group Ltd. |  | 356231 |
| 10867 | Langham Hospitality Investments and Langham Hospitality Investments Ltd. |  | 713 |
| 122000 | LH GROUP Ltd.(a)(b) |  | 5888 |
| 1117374 | Luk Fook Holdings International Ltd. |  | 3577644 |
| 730196 | Man Wah Holdings Ltd. |  | 445416 |
| 526384 | Melco Resorts & Entertainment Ltd. - ADR(a) |  | 4316349 |
| 45000 | Modern Dental Group Ltd. |  | 30230 |
| 8898130 | Nine Dragons Paper Holdings Ltd.(a) |  | 6378259 |
| 3163402 | Pacific Basin Shipping Ltd. |  | 1046251 |
| 156000 | Paradise Entertainment Ltd. |  | 15458 |
| 788208 | PC Partner Group Ltd. |  | 630927 |
| 4778308 | PCCW Ltd. |  | 3412836 |
| 139496 | Prosperity REIT |  | 25133 |
| 1269477 | Shun Tak Holdings Ltd.(a) |  | 119260 |
| 1310326 | Singamas Container Holdings Ltd. |  | 109608 |
| 463399 | SITC International Holdings Co. Ltd. |  | 1706762 |
| 284500 | SmarTone Telecommunications Holdings Ltd. |  | 176839 |
| 200000 | SOCAM Development Ltd.(a) |  | 9780 |
| 323000 | Sun Hung Kai & Co. Ltd. |  | 160449 |
| 1098612 | Tai Hing Group Holdings Ltd.(b) |  | 158347 |
| 1397 | Tang Palace China Holdings Ltd. |  | 38 |
| 549000 | Texhong International Group Ltd. |  | 322170 |
| 1774000 | Truly International Holdings Ltd. |  | 260260 |
| 289000 | TS Lines Ltd. |  | 324684 |
| 2018000 | United Laboratories International Holdings Ltd. (The) |  | 3264410 |
| 88000 | VSTECS Holdings Ltd. |  | 109171 |
| 200700 | VTech Holdings Ltd. |  | 1638805 |
| 123676 | Wai Kee Holdings Ltd.(a) |  | 12574 |
| 150100 | Wharf Real Estate Investment Co. Ltd. |  | 426895 |
| 1139196 | Yue Yuen Industrial Holdings Ltd. |  | 2090577 |
|  |  |  | 118851538 |
| **INDIA — 0.2%** | **INDIA — 0.2%** | **INDIA — 0.2%** | **INDIA — 0.2%** |
| 4782665 | Bank of India |  | 7536215 |
| 222253 | Lupin Ltd. |  | 4915936 |
| 719909 | Sun TV Network Ltd. |  | 4556034 |
|  |  |  | 17008185 |
| **INDONESIA — 0.2%** | **INDONESIA — 0.2%** | **INDONESIA — 0.2%** | **INDONESIA — 0.2%** |
| 35325900 | Perusahaan Gas Negara Tbk PT |  | 3696155 |
| 10058889 | Semen Indonesia Persero Tbk PT |  | 1669425 |
| 42480157 | Telkom Indonesia Persero Tbk PT |  | 8199718 |
|  |  |  | 13565298 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **IRELAND — 0.3%** | **IRELAND — 0.3%** |  |
| 1047687 | AIB Group Plc | $9642817 |
| 55730 | Amarin Corp. Plc - ADR(a) | 907835 |
| 282753 | Cairn Homes Plc | 629984 |
| 114682 | Dole Plc | 1461049 |
| 57000 | Grafton Group Plc - Units | 712866 |
| 644606 | Greencore Group Plc | 2019663 |
| 3015 | Jazz Pharmaceuticals Plc(a) | 414984 |
| 210331 | Ryanair Holdings Plc - ADR | 13141481 |
|  |  | 28930679 |
| **ISRAEL — 1.3%** | **ISRAEL — 1.3%** |  |
| 32 | Afcon Holdings Ltd. | 2743 |
| 1817 | Analyst IMS Investment Management Services Ltd. | 75837 |
| 118960 | B Communications Ltd.(a) | 881672 |
| 124040 | Bank Hapoalim BM | 2523854 |
| 215598 | Bank Leumi Le-Israel BM | 4388779 |
| 2057748 | Bezeq The Israeli Telecommunication Corp. Ltd. | 4212812 |
| 50627 | Brainsway Ltd.(a) | 433952 |
| 17115 | Camtek Ltd.(a) | 2120433 |
| 131344 | Cellcom Israel Ltd.(a) | 1370094 |
| 28054 | Cognyte Software Ltd.(a) | 234251 |
| 5680 | Delek Group Ltd. | 1492842 |
| 465 | Delta Galil Ltd. | 25944 |
| 1010056 | El Al Israel Airlines(a) | 4200236 |
| 52530 | FIBI Holdings Ltd. | 4039963 |
| 455269 | First International Bank of Israel Ltd. (The) | 32834082 |
| 95017 | Fiverr International Ltd.(a) | 2151185 |
| 34940 | Formula Systems 1985 Ltd. | 5039758 |
| 58460 | Gilat Satellite Networks Ltd.(a) | 847085 |
| 89300 | Harel Insurance Investments & Financial Services Ltd. | 3124246 |
| 6350 | Hilan Ltd. | 500252 |
| 196400 | ICL Group Ltd. | 1289262 |
| 376215 | Inmode Ltd.(a) | 5556696 |
| 8038 | Israel Corp. Ltd. | 2853861 |
| 84200 | Israel Discount Bank Ltd. - Class A | 843434 |
| 639 | Isras Investment Co. Ltd. | 178887 |
| 6855 | Ituran Location and Control Ltd. | 263986 |
| 33106 | Max Stock Ltd. | 237745 |
| 23050 | Mizrahi Tefahot Bank Ltd. | 1501085 |
| 337 | Naphtha Israel Petroleum Corp. Ltd. | 2823 |
| 98345 | Nexxen International Ltd.(a) | 808396 |
| 12040 | Nova Ltd.(a) | 4169078 |
| 136248 | Oddity Tech Ltd. - Class A(a) | 6165222 |
| 3602 | One Software Technologies Ltd. | 96803 |
| 87431 | Partner Communications Co. Ltd. | 870164 |
| 26617 | Perion Network Ltd.(a) | 247538 |
| 57130 | Playtika Holding Corp. | 209667 |
| 304176 | Plus500 Ltd. | 12651210 |
| 7575 | RADCOM Ltd.(a) | 104156 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **ISRAEL (continued)** | **ISRAEL (continued)** |  |
| 64963 | Reit 1 Ltd. | $531515 |
| 105496 | Riskified Ltd. - Class A(a) | 498996 |
| 178015 | Sella Capital Real Estate Ltd. REIT | 633729 |
| 3060 | SimilarWeb Ltd.(a) | 26163 |
| 138801 | Tel Aviv Stock Exchange Ltd. | 3237391 |
| 36826 | Tower Semiconductor Ltd.(a) | 3043546 |
| 31300 | ZIM Integrated Shipping Services Ltd. | 481394 |
|  |  | 117002767 |
| **ITALY — 1.7%** | **ITALY — 1.7%** |  |
| 5865279 | A2A SpA | 17077311 |
| 101542 | Ascopiave SpA | 376876 |
| 15114 | Avio SpA(b) | 654164 |
| 39856 | Azimut Holding SpA | 1557375 |
| 5953 | Banca Generali SpA | 336225 |
| 299974 | Banca IFIS SpA | 7745137 |
| 86700 | Banca Monte dei Paschi di Siena SpA | 757905 |
| 166260 | BPER Banca SpA | 1984428 |
| 20642 | Buzzi SpA | 1240805 |
| 2552 | Carel Industries SpA(b)(c) | 66332 |
| 63211 | Cementir Holding NV | 1164305 |
| 266900 | CIR SpA-Compagnie Industriali(a) | 212581 |
| 149401 | Credito Emiliano SpA | 2362681 |
| 64777 | Danieli & C Officine Meccaniche SpA | 2481872 |
| 3504 | Danieli & C Officine Meccaniche SpA | 189424 |
| 22083 | Datalogic SpA | 116834 |
| 197054 | De' Longhi SpA | 7181986 |
| 7980 | DiaSorin SpA | 705498 |
| 15644 | El.En. SpA | 204664 |
| 259735 | Enav SpA(b)(c) | 1356806 |
| 593276 | Eni SpA | 10903138 |
| 31400 | ERG SpA | 809280 |
| 3563 | Fine Foods & Pharmaceuticals NTM | 38194 |
| 2120696 | Hera SpA | 9508795 |
| 142429 | Immobiliare Grande Distribuzione SIIQ SpA REIT | 577060 |
| 299831 | Intercos SpA | 4078082 |
| 40700 | Interpump Group SpA | 2097005 |
| 597057 | Iren SpA | 1760410 |
| 94300 | Italgas SpA | 988037 |
| 355121 | Iveco Group NV | 7548049 |
| 927 | LU-VE SpA | 38573 |
| 919372 | Maire SpA | 13924644 |
| 561052 | MFE-MediaForEurope NV - Class A | 1985358 |
| 5387 | MFE-MediaForEurope NV - Class B | 25110 |
| 364132 | Moncler SpA | 21825271 |
| 4471 | NewPrinces SpA(a) | 102658 |
| 5250 | Next Geosolutions Europe SpA(a) | 80181 |
| 13307 | Orsero SpA | 278544 |
| 510900 | Piaggio & C SpA | 1161878 |
| 173100 | Pirelli & C SpA(b)(c) | 1212306 |
| 121300 | Poste Italiane SpA(b)(c) | 2920765 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **ITALY (continued)** | **ITALY (continued)** |  |
| 15400 | Recordati Industria Chimica e Farmaceutica SpA | $914167 |
| 58426 | Rizzoli Corriere Della Sera Mediagroup SpA | 69365 |
| 717863 | Safilo Group SpA(a) | 1401691 |
| 19204 | SOL SpA | 1124483 |
| 410000 | Stevanato Group SpA | 10340200 |
| 51185 | Technogym SpA(b)(c) | 926275 |
| 2169200 | Telecom Italia SpA(a) | 1278168 |
| 670918 | TREVI - Finanziaria Industriale SpA(a) | 337947 |
| 267200 | Unipol Assicurazioni SpA | 5840994 |
| 572559 | Webuild SpA | 2308540 |
|  |  | 154178377 |
| **JAPAN — 12.2%** | **JAPAN — 12.2%** |  |
| 98400 | 77 Bank Ltd. (The) | 4223710 |
| 4500 | A&A Material Corp. | 37113 |
| 7700 | A&D HOLON Holdings Co. Ltd. | 101278 |
| 366834 | ABC-Mart, Inc. | 6292425 |
| 4400 | Abist Co. Ltd. | 88936 |
| 173 | Activia Properties, Inc. REIT | 158283 |
| 103240 | ADEKA Corp. | 2343349 |
| 24200 | Ad-sol Nissin Corp. | 230835 |
| 7900 | Advanced Media, Inc. | 55312 |
| 17200 | Adways, Inc. | 32590 |
| 157100 | AEON Financial Service Co. Ltd. | 1537258 |
| 1369 | AEON REIT Investment Corp. | 1158378 |
| 1000 | AI inside, Inc.(a) | 18902 |
| 36400 | Aida Engineering Ltd. | 218008 |
| 13300 | Ain Holdings, Inc. | 557597 |
| 6600 | Aiphone Co. Ltd. | 120728 |
| 19900 | Airtrip Corp.(a) | 112213 |
| 63800 | Aisan Industry Co. Ltd. | 867723 |
| 52900 | Aisin Corp. | 952379 |
| 48200 | Akatsuki, Inc. | 822568 |
| 359500 | Alfresa Holdings Corp. | 5077229 |
| 10300 | Alpha Systems, Inc. | 241610 |
| 307300 | Alps Alpine Co. Ltd. | 3880383 |
| 432900 | ALSOK Co. Ltd. | 2959316 |
| 316600 | Amada Co. Ltd. | 3786216 |
| 56200 | Amano Corp. | 1492978 |
| 74800 | Amvis Holdings, Inc. | 254333 |
| 32300 | ANA Holdings, Inc. | 605507 |
| 89900 | and ST HD Co. Ltd. | 1519626 |
| 34926 | Anest Iwata Corp. | 344251 |
| 851618 | Anritsu Corp. | 12635290 |
| 13500 | Anycolor, Inc. | 529103 |
| 2900 | AOI Electronics Co. Ltd. | 43544 |
| 58920 | ARE Holdings, Inc. | 937459 |
| 8300 | Artience Co. Ltd. | 169382 |
| 30200 | Artiza Networks, Inc. | 120910 |
| 87940 | As One Corp. | 1437135 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 22100 | Asahi Diamond Industrial Co. Ltd. | $120173 |
| 49900 | Asahi Group Holdings Ltd. | 537823 |
| 218300 | Asahi Intecc Co. Ltd. | 3466226 |
| 6188 | Asahi Net, Inc. | 28228 |
| 58120 | Asics Corp. | 1487036 |
| 55262 | ASKUL Corp. | 503458 |
| 76300 | Atrae, Inc. | 346571 |
| 15400 | Aucnet, Inc. | 201256 |
| 53996 | Avant Group Corp. | 555692 |
| 53300 | Avex, Inc. | 417795 |
| 23900 | Awa Bank Ltd. (The) | 564506 |
| 11200 | Axell Corp. | 100510 |
| 71200 | Axial Retailing, Inc. | 503126 |
| 435700 | Azbil Corp. | 4304414 |
| 38700 | Bandai Namco Holdings, Inc. | 1205875 |
| 35200 | Bando Chemical Industries Ltd. | 442655 |
| 10700 | Bank of Iwate Ltd. (The) | 281195 |
| 8400 | Bank of Nagoya Ltd. (The) | 214483 |
| 11300 | Bank of Saga Ltd. (The) | 235004 |
| 53600 | BayCurrent, Inc. | 2457232 |
| 363400 | BIPROGY, Inc. | 14704837 |
| 82100 | BML, Inc. | 1947151 |
| 298500 | Brother Industries Ltd. | 5093153 |
| 24200 | Buffalo, Inc. | 544897 |
| 293700 | Bunka Shutter Co. Ltd. | 3878266 |
| 7500 | Business Brain Showa-Ota, Inc. | 149893 |
| 4900 | Business Engineering Corp. | 200947 |
| 1300 | C Uyemura & Co. Ltd. | 105950 |
| 1700 | Canare Electric Co. Ltd. | 20683 |
| 8100 | Canon Marketing Japan, Inc. | 337697 |
| 27500 | Capcom Co. Ltd. | 719843 |
| 4300 | Career Design Center Co. Ltd. | 61189 |
| 334700 | Casio Computer Co. Ltd. | 2626823 |
| 69900 | Central Glass Co. Ltd. | 1460502 |
| 28452 | Central Security Patrols Co. Ltd. | 503278 |
| 27200 | Chiyoda Corp.(a) | 72187 |
| 28100 | Chugin Financial Group, Inc. | 392025 |
| 180700 | Citizen Watch Co. Ltd. | 1256962 |
| 392 | Cleanup Corp. | 1936 |
| 135600 | Coca-Cola Bottlers Japan Holdings, Inc. | 2167611 |
| 155500 | COLOPL, Inc. | 450023 |
| 542 | Comforia Residential REIT, Inc. | 1143015 |
| 204500 | Computer Engineering & Consulting Ltd. | 2870245 |
| 37700 | COMSYS Holdings Corp. | 952346 |
| 111400 | Cosmo Energy Holdings Co. Ltd. | 2543023 |
| 34680 | Cosmos Pharmaceutical Corp. | 1552510 |
| 201020 | Credit Saison Co. Ltd. | 4913648 |
| 49600 | Creek & River Co. Ltd. | 471829 |
| 74500 | Cresco Ltd. | 785559 |
| 19400 | CTS Co. Ltd. | 111911 |
| 12300 | Curves Holdings Co. Ltd. | 58024 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 791400 | CyberAgent, Inc. | $7892945 |
| 24200 | Cybozu, Inc. | 482869 |
| 43000 | Dai Nippon Printing Co. Ltd. | 719736 |
| 70900 | Daicel Corp. | 611191 |
| 87200 | Daido Steel Co. Ltd. | 826960 |
| 26100 | Daifuku Co. Ltd. | 834604 |
| 5900 | Dai-Ichi Cutter Kogyo KK | 49999 |
| 862876 | Dai-ichi Life Holdings, Inc. | 6075014 |
| 51100 | Daiken Medical Co. Ltd. | 147885 |
| 4400 | Daiseki Co. Ltd. | 92648 |
| 88620 | Daito Pharmaceutical Co. Ltd. | 715355 |
| 30250 | Daito Trust Construction Co. Ltd. | 564623 |
| 13900 | Daitron Co. Ltd. | 418055 |
| 8060 | Daiwa House REIT Investment Corp. | 6945481 |
| 375 | Daiwa Office Investment Corp. REIT | 917364 |
| 955400 | Daiwa Securities Group, Inc. | 7374267 |
| 13200 | Daiwabo Holdings Co. Ltd. | 247109 |
| 58200 | Denka Co. Ltd. | 845752 |
| 95300 | Dentsu Group, Inc. | 1882378 |
| 47520 | Dentsu Soken, Inc. | 2355803 |
| 5600 | Dexerials Corp. | 90772 |
| 117700 | Doshisha Co. Ltd. | 2214083 |
| 41300 | Doutor Nichires Holdings Co. Ltd. | 644249 |
| 32180 | Dowa Holdings Co. Ltd. | 1169347 |
| 91200 | DTS Corp. | 761036 |
| 48100 | Duskin Co. Ltd. | 1160130 |
| 24400 | Ehime Bank Ltd. (The) | 197911 |
| 133500 | Elecom Co. Ltd. | 1562741 |
| 48600 | Electric Power Development Co. Ltd. | 924160 |
| 118200 | en, Inc. | 1194195 |
| 2900 | Endo Lighting Corp. | 42528 |
| 120000 | ENEOS Holdings, Inc. | 757485 |
| 1800 | Enplas Corp. | 95075 |
| 4300 | eSOL Co. Ltd. | 15374 |
| 213080 | EXEO Group, Inc. | 3073628 |
| 7200 | FALCO HOLDINGS Co. Ltd. | 115959 |
| 12100 | Fast Fitness Japan, Inc. | 140621 |
| 12843 | Ferrotec Corp. | 422516 |
| 77180 | Financial Partners Group Co. Ltd. | 1071736 |
| 23400 | Food & Life Cos. Ltd. | 1141075 |
| 8300 | Forum Engineering, Inc. | 66299 |
| 6200 | Foster Electric Co. Ltd. | 107578 |
| 39400 | Freee KK(a) | 882032 |
| 2610 | Frontier Real Estate Investment Corp. REIT | 1532704 |
| 81900 | Fuji Corp. | 1592987 |
| 54900 | Fujimi, Inc. | 862099 |
| 3030 | Fujisash Co. Ltd. | 15650 |
| 37300 | Fujitec Co. Ltd. | 1371128 |
| 5500 | Fukuda Denshi Co. Ltd. | 249108 |
| 81253 | Fukui Computer Holdings, Inc. | 1626536 |
| 7000 | Fukuyama Transporting Co. Ltd. | 173740 |
| 133700 | FULLCAST Holdings Co. Ltd. | 1467915 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 19920 | Furukawa Electric Co. Ltd. | $1421842 |
| 14000 | Furuno Electric Co. Ltd. | 814873 |
| 23200 | Furyu Corp. | 157316 |
| 27400 | Fuso Chemical Co. Ltd. | 910311 |
| 4400 | Fuso Pharmaceutical Industries Ltd. | 60471 |
| 167160 | Future Corp. | 2360263 |
| 20420 | Fuyo General Lease Co. Ltd. | 534649 |
| 3200 | G-7 Holdings, Inc. | 26558 |
| 76500 | Gakken Holdings Co. Ltd. | 509801 |
| 11051 | Gecoss Corp. | 98312 |
| 1475 | Global One Real Estate Investment Corp. REIT | 1356223 |
| 204300 | Glory Ltd. | 4890420 |
| 4426 | GLP J-Reit | 4012148 |
| 3700 | GMO GlobalSign Holdings KK | 49842 |
| 4400 | GREE Holdings, Inc. | 11506 |
| 370980 | GungHo Online Entertainment, Inc. | 6278086 |
| 4500 | H.U. Group Holdings, Inc. | 109792 |
| 11600 | H2O Retailing Corp. | 157203 |
| 138500 | Hachijuni Bank Ltd. (The) | 1396144 |
| 165100 | Hakuhodo DY Holdings, Inc. | 1194514 |
| 100 | Hamakyorex Co. Ltd. | 993 |
| 231100 | Hamamatsu Photonics KK | 2595020 |
| 68780 | Hanwa Co. Ltd. | 2874202 |
| 29300 | Happinet Corp. | 1195880 |
| 84800 | Heiwa Corp. | 1102714 |
| 750 | Heiwa Real Estate REIT, Inc. | 751411 |
| 21500 | Hennge KK | 204662 |
| 35500 | Hirogin Holdings, Inc. | 331711 |
| 40100 | Hirose Electric Co. Ltd. | 5386218 |
| 103900 | Hisamitsu Pharmaceutical Co., Inc. | 2699472 |
| 23500 | Hitachi Construction Machinery Co. Ltd. | 767170 |
| 13811 | Hito Communications Holdings, Inc. | 89707 |
| 81500 | Hokuhoku Financial Group, Inc. | 1998498 |
| 61900 | Hokuriku Electric Power Co. | 344625 |
| 167740 | Horiba Ltd. | 15635488 |
| 22000 | Hoshizaki Corp. | 775161 |
| 14500 | Hosokawa Micron Corp. | 536305 |
| 1700 | Human Technologies, Inc. | 25515 |
| 46800 | Hyakujushi Bank Ltd. (The) | 1639868 |
| 26500 | Ibiden Co. Ltd. | 2513124 |
| 64200 | IBJ, Inc. | 335768 |
| 1800 | Ichiken Co. Ltd. | 45085 |
| 32300 | Ichikoh Industries Ltd. | 98508 |
| 210545 | Idemitsu Kosan Co. Ltd. | 1463883 |
| 115150 | IHI Corp. | 2402227 |
| 740283 | Inpex Corp. | 13647031 |
| 16500 | Intermestic, Inc. | 233619 |
| 259300 | Internet Initiative Japan, Inc. | 4680053 |
| 2800 | Iriso Electronics Co. Ltd. | 56323 |
| 17000 | ISB Corp. | 198118 |
| 85518 | Isuzu Motors Ltd. | 1051565 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 17300 | Itfor, Inc. | $171193 |
| 109200 | Ito En Ltd. | 2249048 |
| 120500 | Itoki Corp. | 1948517 |
| 84200 | Iwatani Corp. | 877732 |
| 702562 | Iyogin Holdings, Inc. | 10973115 |
| 38400 | Izumi Co. Ltd. | 716621 |
| 98900 | J Trust Co. Ltd. | 260550 |
| 371200 | JAC Recruitment Co. Ltd. | 2447208 |
| 43500 | JAFCO Group Co. Ltd. | 679979 |
| 580900 | Japan Airlines Co. Ltd. | 10471353 |
| 21600 | Japan Airport Terminal Co. Ltd. | 672206 |
| 477817 | Japan Aviation Electronics Industry Ltd. | 7152838 |
| 1386 | Japan Excellent, Inc. REIT | 1322955 |
| 608 | Japan Infrastructure Fund Investment Corp. - Units | 210676 |
| 181600 | Japan Lifeline Co. Ltd. | 1725147 |
| 1075 | Japan Logistics Fund, Inc. REIT | 696856 |
| 17300 | Japan Material Co. Ltd. | 217106 |
| 18000 | Japan Medical Dynamic Marketing, Inc. | 55713 |
| 1919 | Japan Metropolitan Fund Invest REIT | 1483050 |
| 43200 | Japan Post Insurance Co. Ltd. | 1119034 |
| 685 | Japan Real Estate Investment Corp. REIT | 564944 |
| 83400 | Japan System Techniques Co. Ltd. | 1158649 |
| 161664 | JBCC Holdings, Inc. | 1358477 |
| 139600 | Jeol Ltd. | 4712213 |
| 113580 | JFE Holdings, Inc. | 1303395 |
| 399800 | JGC Holdings Corp. | 4053517 |
| 11900 | JINS Holdings, Inc. | 600753 |
| 3200 | JK Holdings Co. Ltd. | 26184 |
| 7191 | JSB Co. Ltd. | 170081 |
| 95500 | JTEKT Corp. | 960205 |
| 28200 | Juroku Financial Group, Inc. | 1028382 |
| 79920 | Justsystems Corp. | 2585174 |
| 161300 | JVCKenwood Corp. | 1296282 |
| 807600 | JX Advanced Metals Corp. | 10763808 |
| 288900 | Kaga Electronics Co. Ltd. | 6701820 |
| 33780 | Kajima Corp. | 1090710 |
| 356600 | Kakaku.com, Inc. | 6360998 |
| 23800 | Kamakura Shinsho Ltd. | 89418 |
| 12600 | Kamei Corp. | 238575 |
| 146200 | Kamigumi Co. Ltd. | 4389510 |
| 3216 | Kanaden Corp. | 43719 |
| 100600 | Kanadevia Corp. | 747434 |
| 217900 | Kanamoto Co. Ltd. | 5083061 |
| 72800 | Kaneka Corp. | 2011436 |
| 22700 | Kanematsu Corp. | 460010 |
| 19300 | Katitas Co. Ltd. | 314215 |
| 42600 | Kawasaki Kisen Kaisha Ltd. | 611731 |
| 1646 | KDX Realty Investment Corp. REIT | 1819988 |
| 28400 | Keihan Holdings Co. Ltd. | 575150 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 11800 | Kenko Mayonnaise Co. Ltd. | $139355 |
| 62840 | Kewpie Corp. | 1741954 |
| 64000 | Kikkoman Corp. | 509143 |
| 18800 | Kimura Unity Co. Ltd. | 102594 |
| 35640 | Kinden Corp. | 1428745 |
| 57200 | Kissei Pharmaceutical Co. Ltd. | 1493933 |
| 2062 | Kitagawa Corp. | 21622 |
| 1800 | Kita-Nippon Bank Ltd. (The) | 44092 |
| 78950 | Kitz Corp. | 886785 |
| 45500 | KNT-CT Holdings Co. Ltd.(a) | 441094 |
| 10560 | Kobayashi Pharmaceutical Co. Ltd. | 351178 |
| 225660 | Kobe Steel Ltd. | 2659862 |
| 89460 | Koei Tecmo Holdings Co. Ltd. | 1207719 |
| 290700 | Koito Manufacturing Co. Ltd. | 4345127 |
| 78800 | Kokusai Electric Corp. | 2900225 |
| 26600 | Kokuyo Co. Ltd. | 152755 |
| 344819 | Komatsu Ltd. | 11558854 |
| 12300 | Komeri Co. Ltd. | 256200 |
| 100700 | Komori Corp. | 948126 |
| 11110 | Konami Group Corp. | 1855632 |
| 888800 | Konica Minolta, Inc. | 3058981 |
| 3700 | Konishi Co. Ltd. | 29675 |
| 40740 | K's Holdings Corp. | 404069 |
| 216900 | Kuraray Co. Ltd. | 2353937 |
| 20360 | Kurita Water Industries Ltd. | 773920 |
| 8200 | Kuriyama Holdings Corp. | 88380 |
| 95300 | Kyoto Financial Group, Inc. | 1931849 |
| 62260 | Kyowa Kirin Co. Ltd. | 962321 |
| 46000 | Kyushu Financial Group, Inc. | 263774 |
| 25400 | Kyushu Railway Co. | 643941 |
| 40400 | Life Corp. | 634142 |
| 203400 | LIFULL Co. Ltd. | 253409 |
| 28000 | Lintec Corp. | 713127 |
| 266200 | Lion Corp. | 2624690 |
| 10700 | LITALICO, Inc. | 85678 |
| 238000 | Lixil Corp. | 2640841 |
| 869 | Look Holdings, Inc. | 14909 |
| 50600 | M&A Capital Partners Co. Ltd. | 970236 |
| 56240 | Mabuchi Motor Co. Ltd. | 995175 |
| 293019 | Makita Corp. | 8890772 |
| 13700 | Mani, Inc. | 131124 |
| 13000 | Marui Group Co. Ltd. | 249354 |
| 6000 | Maruwn Corp. | 24839 |
| 210700 | Marvelous, Inc. | 773838 |
| 77500 | Max Co. Ltd. | 2811141 |
| 36200 | Maxell Ltd. | 525935 |
| 2969194 | Mazda Motor Corp. | 20653922 |
| 80000 | McDonald's Holdings Co. Japan Ltd. | 3130232 |
| 399900 | Mebuki Financial Group, Inc. | 2496034 |
| 10300 | Media Do Co. Ltd. | 121640 |
| 148000 | Medipal Holdings Corp. | 2410486 |
| 83400 | Meidensha Corp. | 3317384 |
| 347080 | MEITEC Group Holdings, Inc. | 7119070 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 66400 | Menicon Co. Ltd. | $517895 |
| 38080 | Milbon Co. Ltd. | 572275 |
| 151980 | Mirait one Corp. | 2950154 |
| 308500 | MISUMI Group, Inc. | 4828382 |
| 62906 | Mito Securities Co. Ltd. | 209401 |
| 121000 | Mitsubishi Chemical Group Corp. | 632912 |
| 42900 | Mitsubishi Estate Co. Ltd. | 908608 |
| 284700 | Mitsubishi Logistics Corp. | 2067220 |
| 24800 | Mitsubishi Research Institute, Inc. | 785309 |
| 78600 | Mitsui Chemicals, Inc. | 1860062 |
| 21200 | Mitsui E&S Holdings Co. Ltd. | 867479 |
| 1185 | Mitsui Fudosan Accommodations Fund, Inc. REIT | 998073 |
| 36960 | Mitsui Kinzoku Co. Ltd. | 3779700 |
| 134709 | Mitsui OSK Lines Ltd. | 4006043 |
| 164380 | Miura Co. Ltd. | 3190856 |
| 145400 | Mixi, Inc. | 2938946 |
| 272611 | Mizuno Corp. | 4928261 |
| 1272 | Mochida Pharmaceutical Co. Ltd. | 24332 |
| 35500 | MonotaRO Co. Ltd. | 495839 |
| 58600 | Morinaga & Co. Ltd. | 1009748 |
| 14300 | Moriroku Co. Ltd. | 217780 |
| 5400 | m-up Holdings, Inc. | 67697 |
| 5100 | Musashino Bank Ltd. (The) | 137337 |
| 93000 | Nabtesco Corp. | 2336617 |
| 100700 | Nagase & Co. Ltd. | 2202710 |
| 34560 | Nakanishi, Inc. | 458154 |
| 3400 | Nanyo Corp. | 29630 |
| 107795 | NEC Corp. | 3929611 |
| 3000 | NEOJAPAN, Inc. | 35527 |
| 271700 | NGK Insulators Ltd. | 4594447 |
| 97200 | NH Foods Ltd. | 3582480 |
| 56900 | NHK Spring Co. Ltd. | 1070359 |
| 12700 | Nifco, Inc. | 369191 |
| 20300 | Nihon Falcom Corp. | 195083 |
| 255800 | Nihon Kohden Corp. | 2959519 |
| 445100 | Nihon M&A Center Holdings, Inc. | 2098564 |
| 251500 | Nikon Corp. | 2940776 |
| 1890 | Nippon Building Fund, Inc. REIT | 1743936 |
| 7800 | Nippon Carbide Industries Co., Inc. | 107553 |
| 291600 | Nippon Express Holdings, Inc. | 6200592 |
| 716156 | Nippon Kayaku Co. Ltd. | 6550009 |
| 70200 | Nippon Light Metal Holdings Co. Ltd. | 1024917 |
| 14217 | Nippon Prologis REIT, Inc. | 8265805 |
| 490 | NIPPON REIT Investment Corp. | 309370 |
| 14400 | Nippon Seiki Co. Ltd. | 167164 |
| 132400 | Nippon Shinyaku Co. Ltd. | 2767247 |
| 6200 | Nippon Television Holdings, Inc. | 150585 |
| 31760 | Nippon Yusen KK | 1098647 |
| 115360 | Nipro Corp. | 1126203 |
| 19900 | Nishio Holdings Co. Ltd. | 566874 |
| 62900 | Nissan Chemical Corp. | 2129319 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 311200 | Nisshin Seifun Group, Inc. | $3516675 |
| 326000 | Nisshinbo Holdings, Inc. | 2578639 |
| 50530 | Nisso Holdings Co. Ltd. | 211156 |
| 5800 | Nitta Corp. | 152235 |
| 51600 | Nitto Denko Corp. | 1290419 |
| 129500 | Nitto Kogyo Corp. | 3104941 |
| 15628 | Nitto Seiko Co. Ltd. | 69870 |
| 52700 | Nittoc Construction Co. Ltd. | 418905 |
| 82620 | NOF Corp. | 1472696 |
| 174140 | Nomura Holdings, Inc. | 1245229 |
| 675 | Nomura Real Estate Master Fund, Inc. REIT | 720070 |
| 26100 | Nomura Research Institute Ltd. | 1021238 |
| 70400 | Noritz Corp. | 915004 |
| 100500 | NS Solutions Corp. | 2536792 |
| 32500 | NS Tool Co. Ltd. | 161540 |
| 272442 | NSD Co. Ltd. | 5826804 |
| 325600 | NSK Ltd. | 1646698 |
| 2061 | NSW, Inc. | 33233 |
| 726 | NTT UD REIT Investment Corp. | 642570 |
| 75400 | OBIC Business Consultants Co. Ltd. | 4321152 |
| 21300 | Obic Co. Ltd. | 661625 |
| 27100 | Ogaki Kyoritsu Bank Ltd. (The) | 648881 |
| 7100 | Oita Bank Ltd. (The) | 234501 |
| 150400 | Oji Holdings Corp. | 759661 |
| 40300 | Okabe Co. Ltd. | 239797 |
| 156700 | Okamura Corp. | 2295948 |
| 65900 | Oki Electric Industry Co. Ltd. | 789808 |
| 58300 | OKUMA Corp. | 1303248 |
| 46500 | Olympus Corp. | 573141 |
| 78900 | Omron Corp. | 2206599 |
| 518400 | Ono Pharmaceutical Co. Ltd. | 6312229 |
| 5300 | OpenWork, Inc.(a) | 34941 |
| 31100 | Optim Corp.(a) | 113010 |
| 14340 | Oracle Corp. Japan | 1324107 |
| 3600 | Oricon, Inc. | 19389 |
| 1598 | Orix JREIT, Inc. | 1081509 |
| 39700 | Osaki Electric Co. Ltd. | 322268 |
| 106640 | OSG Corp. | 1548290 |
| 340200 | PAL GROUP Holdings Co. Ltd. | 4375293 |
| 40600 | PALTAC Corp. | 1198162 |
| 210700 | Pan Pacific International Holdings Corp. | 1254821 |
| 6200 | PAPYLESS Co. Ltd. | 37616 |
| 10300 | Paris Miki Holdings, Inc. | 22724 |
| 2768700 | Persol Holdings Co. Ltd. | 4597433 |
| 43100 | Pilot Corp. | 1303264 |
| 59800 | Pole To Win Holdings, Inc. | 128439 |
| 2500 | Poppins Corp. | 23555 |
| 2900 | PR Times, Corp. | 55983 |
| 164728 | Prestige International, Inc. | 708680 |
| 40700 | Pronexus, Inc. | 288922 |
| 1400 | QB Net Holdings Co. Ltd. | 12328 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **&** Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 22200 | Raito Kogyo Co. Ltd. | $464571 |
| 5200 | Raksul, Inc. | 35699 |
| 302600 | Rakus Co. Ltd. | 2448525 |
| 202300 | Relo Group, Inc. | 2176455 |
| 482500 | Resorttrust, Inc. | 5688810 |
| 428300 | Ricoh Co. Ltd. | 3679639 |
| 95800 | Riken Technos Corp. | 869666 |
| 46500 | Riken Vitamin Co. Ltd. | 844248 |
| 493038 | Rinnai Corp. | 11194212 |
| 9800 | Rion Co. Ltd. | 159105 |
| 17800 | Riso Kyoiku Group Corp. | 22754 |
| 163200 | Rohm Co. Ltd. | 2623103 |
| 188600 | Rohto Pharmaceutical Co. Ltd. | 2923661 |
| 32200 | Round One Corp. | 231925 |
| 52600 | Ryohin Keikaku Co. Ltd. | 1081626 |
| 33400 | Sac's Bar Holdings, Inc. | 169915 |
| 100 | Saison Technology Co. Ltd. | 1207 |
| 6000 | Sakai Heavy Industries Ltd. | 80008 |
| 80846 | Sakata Seed Corp. | 2072167 |
| 16000 | San-A Co. Ltd. | 278450 |
| 84500 | Sangetsu Corp. | 1653154 |
| 16500 | Sanko Metal Industrial Co. Ltd. | 145503 |
| 462834 | Sankyo Co. Ltd. | 8038253 |
| 54340 | Sankyu, Inc. | 2774651 |
| 239500 | Sansan, Inc.(a) | 2833097 |
| 56500 | Sansha Electric Manufacturing Co. Ltd. | 331792 |
| 1843707 | Santen Pharmaceutical Co. Ltd. | 18053039 |
| 331140 | Sanwa Holdings Corp. | 9046132 |
| 113800 | Sato Corp. | 1617170 |
| 26400 | Sawai Group Holdings Co. Ltd. | 315118 |
| 116827 | SCREEN Holdings Co. Ltd. | 11132337 |
| 21000 | Scroll Corp. | 149484 |
| 18000 | Secom Co. Ltd. | 608877 |
| 61700 | Sega Sammy Holdings, Inc. | 1143037 |
| 27000 | Seibu Holdings, Inc. | 949757 |
| 125200 | Seikagaku Corp. | 533751 |
| 369400 | Seiko Epson Corp. | 4689709 |
| 39500 | Seiko Group Corp. | 1822367 |
| 28200 | Sekisui House Ltd. | 605867 |
| 4103 | Sekisui House Reit, Inc. | 2111271 |
| 32000 | Sekisui Kasei Co. Ltd.(a) | 73506 |
| 1000 | SEMITEC Corp. | 15392 |
| 19200 | SERAKU Co. Ltd. | 185384 |
| 26200 | Seria Co. Ltd. | 499145 |
| 7000 | Serverworks Co. Ltd.(a) | 83985 |
| 100040 | SG Holdings Co. Ltd. | 919516 |
| 89400 | Sharp Corp.(a) | 497440 |
| 33500 | Shibaura Machine Co. Ltd. | 932548 |
| 21300 | Shibaura Mechatronics Corp. | 2525151 |
| 326100 | SHIFT, Inc.(a) | 2255678 |
| 26200 | Shikoku Bank Ltd. (The) | 247362 |
| 77900 | Shikoku Electric Power Co., Inc. | 696556 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 89700 | Shimamura Co. Ltd. | $5788505 |
| 7600 | Shimizu Corp. | 102256 |
| 47300 | Shindengen Electric Manufacturing Co. Ltd. | 1077302 |
| 15500 | Shin-Etsu Polymer Co. Ltd. | 194416 |
| 28600 | Shinnihonseiyaku Co. Ltd. | 401042 |
| 41000 | Shionogi & Co. Ltd. | 686393 |
| 469037 | Ship Healthcare Holdings, Inc. | 7010750 |
| 543000 | Shizuoka Financial Group, Inc. | 7311174 |
| 11600 | SHO-BOND Holdings Co. Ltd. | 368526 |
| 73940 | Shoei Co. Ltd. | 786371 |
| 3400 | Sigma Koki Co. Ltd. | 33093 |
| 222500 | SKY Perfect JSAT Holdings, Inc. | 2188761 |
| 2900 | SMK Corp. | 42697 |
| 382920 | SMS Co. Ltd. | 3307161 |
| 598800 | Socionext, Inc. | 13564407 |
| 122900 | Sodick Co. Ltd. | 779140 |
| 12200 | Softcreate Holdings Corp. | 168857 |
| 103713 | Soliton Systems KK | 1155507 |
| 236500 | Square Enix Holdings Co. Ltd. | 4582370 |
| 109500 | Star Micronics Co. Ltd. | 1182324 |
| 124600 | Starts Corp., Inc. | 3868737 |
| 3509 | Step Co. Ltd. | 55261 |
| 483057 | Subaru Corp. | 10290547 |
| 143040 | Sugi Holdings Co. Ltd. | 3088944 |
| 53500 | Sumitomo Bakelite Co. Ltd. | 1785069 |
| 3204000 | Sumitomo Chemical Co. Ltd. | 9430500 |
| 21500 | Sumitomo Densetsu Co. Ltd. | 1354649 |
| 61400 | Sumitomo Electric Industries Ltd. | 2251054 |
| 155200 | Sumitomo Heavy Industries Ltd. | 4160218 |
| 350329 | Sumitomo Mitsui Trust Group, Inc. | 9618078 |
| 654000 | Sumitomo Pharma Co. Ltd.(a) | 7148550 |
| 17700 | Sumitomo Realty & Development Co. Ltd. | 755848 |
| 55600 | Sumitomo Warehouse Co. Ltd. (The) | 1172539 |
| 262900 | Sun Frontier Fudousan Co. Ltd. | 3894625 |
| 8900 | Sun\*, Inc.(a) | 25006 |
| 133700 | Sundrug Co. Ltd. | 3609058 |
| 425433 | Suzuken Co. Ltd. | 16163197 |
| 699700 | Systena Corp. | 2410880 |
| 73500 | Tadano Ltd. | 512225 |
| 24800 | Taiheiyo Cement Corp. | 674433 |
| 14300 | Takaoka Toko Co. Ltd. | 319201 |
| 21500 | Takara & Co. Ltd. | 567809 |
| 126560 | Takara Holdings, Inc. | 1288102 |
| 95700 | Takara Standard Co. Ltd. | 1547495 |
| 29100 | Takasago International Corp. | 284939 |
| 51740 | Takeuchi Manufacturing Co. Ltd. | 2138627 |
| 932000 | Tamron Co. Ltd. | 6634248 |
| 15400 | Tazmo Co. Ltd. | 238530 |
| 164200 | TDK Corp. | 2848009 |
| 105880 | TechMatrix Corp. | 1501186 |
| 131200 | Teijin Ltd. | 1148883 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 16900 | Temairazu, Inc. | $353111 |
| 20500 | THK Co. Ltd. | 547784 |
| 74048 | TIS, Inc. | 2553794 |
| 11500 | Toa Corp. | 94397 |
| 153600 | Tobu Railway Co. Ltd. | 2475281 |
| 12265 | Tochigi Bank Ltd. (The) | 43772 |
| 50200 | Toho Gas Co. Ltd. | 1498085 |
| 90500 | Toho Holdings Co. Ltd. | 2904503 |
| 289800 | Tohoku Electric Power Co., Inc. | 1985782 |
| 24000 | Tokai Corp. | 332957 |
| 430191 | Tokai Rika Co. Ltd. | 7754660 |
| 336659 | Tokuyama Corp. | 8377699 |
| 431537 | Tokyo Gas Co. Ltd. | 15126617 |
| 5800 | Tokyo Kiraboshi Financial Group, Inc. | 276244 |
| 880 | Tokyo Ohka Kogyo Co. Ltd. | 32280 |
| 83800 | Tokyo Seimitsu Co. Ltd. | 5796561 |
| 64446 | Tokyo Tatemono Co. Ltd. | 1203318 |
| 179860 | Tokyotokeiba Co. Ltd. | 6453999 |
| 53600 | Tokyu Corp. | 596831 |
| 257286 | Tokyu Fudosan Holdings Corp. | 2068505 |
| 1196 | Tokyu REIT, Inc. | 1535065 |
| 73900 | Toli Corp. | 299225 |
| 104085 | TOMONY Holdings, Inc. | 461294 |
| 25590 | Tomy Co. Ltd. | 527376 |
| 88100 | Tosei Corp. | 1875076 |
| 99655 | Toshiba TEC Corp. | 2017543 |
| 19300 | Tosho Co. Ltd. | 98811 |
| 198900 | TOTO Ltd. | 5063167 |
| 25800 | Towa Bank Ltd. (The) | 155527 |
| 126900 | Towa Pharmaceutical Co. Ltd. | 2333623 |
| 6600 | Toyo Denki Seizo KK | 88523 |
| 103220 | Toyo Seikan Group Holdings Ltd. | 2318113 |
| 8880 | Toyo Suisan Kaisha Ltd. | 645069 |
| 95340 | Toyo Tire Corp. | 2613792 |
| 9900 | Toyoda Gosei Co. Ltd. | 229786 |
| 27000 | Toyota Boshoku Corp. | 411544 |
| 114900 | Transcosmos, Inc. | 2721335 |
| 9283 | Trend Micro, Inc. | 474842 |
| 2900 | Trinity Industrial Corp. | 22148 |
| 21600 | TS Tech Co. Ltd. | 256632 |
| 356100 | Tsubakimoto Chain Co. | 4995706 |
| 95720 | Tsugami Corp. | 1700612 |
| 5700 | Tsukada Global Holdings, Inc. | 23302 |
| 1300 | Tsumura & Co. | 30157 |
| 51000 | Tsuruha Holdings, Inc. | 885906 |
| 1500 | TV Asahi Holdings Corp. | 30514 |
| 157600 | UACJ Corp. | 2040179 |
| 31600 | Ubicom Holdings, Inc. | 235396 |
| 9100 | Uchida Yoko Co. Ltd. | 614697 |
| 179500 | Ulvac, Inc. | 8181221 |
| 5400 | Univance Corp. | 26525 |
| 3200 | Ushio, Inc. | 53167 |
| 1094727 | USS Co. Ltd. | 12090230 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 11000 | Valor Holdings Co. Ltd. | $201570 |
| 68100 | ValueCommerce Co. Ltd. | 297835 |
| 84100 | Vector, Inc. | 633574 |
| 65800 | Visional, Inc.(a) | 4577094 |
| 56200 | Vital KSK Holdings, Inc. | 453655 |
| 467040 | Wacom Co. Ltd. | 2539611 |
| 3100 | Wadakohsan Corp. | 33130 |
| 27800 | WDB Holdings Co. Ltd. | 291331 |
| 30700 | West Japan Railway Co. | 629698 |
| 53920 | Workman Co. Ltd. | 2029304 |
| 91900 | Xebio Holdings Co. Ltd. | 650593 |
| 30400 | Yakult Honsha Co. Ltd. | 454392 |
| 135700 | YAMABIKO Corp. | 2274435 |
| 56500 | Yamaguchi Financial Group, Inc. | 648003 |
| 542400 | Yamaha Corp. | 3431223 |
| 19900 | Yamato Holdings Co. Ltd. | 290797 |
| 12000 | Yamato Kogyo Co. Ltd. | 757796 |
| 77900 | Yamazaki Baking Co. Ltd. | 1526559 |
| 151400 | Yaskawa Electric Corp. | 4170352 |
| 87500 | Yodoko Ltd. | 738677 |
| 30300 | Yokogawa Electric Corp. | 908941 |
| 72240 | Yokohama Financial Group, Inc. | 525476 |
| 27046 | Yokohama Rubber Co. Ltd. (The) | 969802 |
| 3000 | Yokowo Co. Ltd. | 38524 |
| 30900 | Yonex Co. Ltd. | 796009 |
| 20100 | Yushin Co. | 84125 |
| 75600 | Zacros Corp. | 517539 |
| 201880 | Zenkoku Hosho Co. Ltd. | 4151306 |
| 57400 | Zenrin Co. Ltd. | 383635 |
| 271460 | Zeon Corp. | 2789286 |
| 25400 | ZERIA Pharmaceutical Co. Ltd. | 329800 |
| 216500 | ZIGExN Co. Ltd. | 716469 |
| 109080 | ZOZO, Inc. | 943859 |
| 13100 | Zuken, Inc. | 405470 |
|  |  | 1081660930 |
| **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** |  |
| 13140 | Befesa SA(b)(c) | 434685 |
| 31200 | RTL Group SA | 1202952 |
| 64500 | Tenaris SA | 1285069 |
|  |  | 2922706 |
| **MALAYSIA — 0.0%** | **MALAYSIA — 0.0%** |  |
| 21673800 | Top Glove Corp. Bhd(a) | 3260385 |
| **MEXICO — 0.1%** | **MEXICO — 0.1%** |  |
| 250861 | Industrias Penoles SAB de CV(a) | 10598180 |
| **NETHERLANDS — 1.2%** | **NETHERLANDS — 1.2%** |  |
| 440118 | ABN AMRO Bank NV(b)(c) | 13144195 |
| 44257 | AMG Critical Materials NV | 1470190 |
| 22291 | ASM International NV | 14439871 |
| 141040 | ASR Nederland NV | 9412789 |
| 56007 | Corbion NV | 1140067 |
| 28784 | Eurocommercial Properties NV REIT | 859307 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **NETHERLANDS (continued)** | **NETHERLANDS (continued)** |  |
| 9010 | Euronext NV(b)(c) | $1287787 |
| 34361 | ForFarmers NV | 166148 |
| 302026 | Koninklijke Ahold Delhaize NV | 12362106 |
| 463732 | Koninklijke BAM Groep NV | 4305564 |
| 210823 | Koninklijke Heijmans NV | 14944816 |
| 213700 | Koninklijke KPN NV | 989719 |
| 29320 | Koninklijke Vopak NV | 1327495 |
| 147212 | NN Group NV | 10075831 |
| 26529 | NSI NV REIT | 625333 |
| 1712509 | Pharming Group NV(a) | 2240403 |
| 43183 | QIAGEN NV | 2028840 |
| 6135 | QIAGEN NV | 287425 |
| 27398 | Randstad NV | 1073415 |
| 56220 | Signify NV(b)(c) | 1346585 |
| 166287 | TomTom NV(a) | 1001479 |
| 80629 | Van Lanschot Kempen NV | 4711907 |
| 214984 | Wereldhave NV REIT | 4564500 |
|  |  | 103805772 |
| **NEW ZEALAND — 0.2%** | **NEW ZEALAND — 0.2%** |  |
| 2289114 | a2 Milk Co. Ltd. (The) | 14273722 |
| 164506 | Argosy Property Ltd. | 120968 |
| 15161 | Eroad Ltd.(a) | 16918 |
| 10427 | Freightways Group Ltd. | 87832 |
| 43863 | Genesis Energy Ltd. | 63003 |
| 80150 | Kiwi Property Group Ltd. | 49535 |
| 50513 | Mercury NZ Ltd. | 187311 |
| 29980 | Oceania Healthcare Ltd.(a) | 13553 |
| 41746 | Property for Industry Ltd. | 60678 |
| 39148 | SKY Network Television Ltd. | 80425 |
| 801689 | Spark New Zealand Ltd. | 1123978 |
| 39355 | Stride Property Group | 33106 |
| 10232 | Summerset Group Holdings Ltd. | 67921 |
| 70588 | TOWER Ltd. | 74729 |
|  |  | 16253679 |
| **NORWAY — 0.9%** | **NORWAY — 0.9%** |  |
| 240847 | ABG Sundal Collier Holding ASA | 167155 |
| 37623 | AF Gruppen ASA | 632916 |
| 550526 | Aker BP ASA | 14288648 |
| 1433201 | Aker Solutions ASA | 3947608 |
| 20826 | Atea ASA | 317450 |
| 3455 | Bonheur ASA | 75211 |
| 35354 | BW Offshore Ltd. | 129141 |
| 2516973 | DNO ASA | 3451465 |
| 43500 | Elmera Group ASA(b)(c) | 140001 |
| 168826 | Gjensidige Forsikring ASA | 4543472 |
| 38253 | Kitron ASA | 285125 |
| 22195 | Kongsberg Gruppen ASA | 567625 |
| 1028795 | Leroy Seafood Group ASA | 4840671 |
| 554293 | Mowi ASA | 12181121 |
| 587079 | MPC Container Ships ASA | 1026160 |
| 404645 | Norconsult Norge AS | 1871572 |
| 370056 | Nordic Semiconductor ASA(a) | 5370411 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **NORWAY (continued)** | **NORWAY (continued)** |  |
| 3128977 | Norwegian Air Shuttle ASA | $4860622 |
| 140945 | Odfjell Drilling Ltd. | 1134044 |
| 27157 | OKEA ASA(a) | 48956 |
| 191433 | Orkla ASA | 1940930 |
| 211514 | Petronor E&P ASA | 216332 |
| 120052 | Pexip Holding ASA | 738380 |
| 4366 | Protector Forsikring ASA | 196765 |
| 293758 | SATS ASA | 1052735 |
| 40264 | Sea1 Offshore, Inc. | 79699 |
| 23141 | Sentia AS(a) | 144728 |
| 20218 | Solstad Offshore ASA(a) | 86826 |
| 13386 | Sparebank 1 Oestlandet | 234649 |
| 76344 | SpareBank 1 SMN | 1403839 |
| 43300 | SpareBank 1 Sor-Norge ASA | 744661 |
| 92 | Sparebanken More | 908 |
| 19660 | Sparebanken Norge | 342571 |
| 274314 | Storebrand ASA | 4254484 |
| 25920 | TGS ASA | 224162 |
| 67324 | Veidekke ASA | 1042170 |
| 49440 | Vend Marketplaces ASA - Class B | 1703439 |
| 992074 | Wallenius Wilhelmsen ASA | 7761864 |
| 13592 | Wilh Wilhelmsen Holding ASA - Class A | 684347 |
|  |  | 82732863 |
| **POLAND — 0.4%** | **POLAND — 0.4%** |  |
| 1064885 | Allegro.eu SA(a)(b)(c) | 9948154 |
| 250143 | KGHM Polska Miedz SA(a) | 13130306 |
| 3276809 | Orange Polska SA | 7983950 |
|  |  | 31062410 |
| **PORTUGAL — 0.2%** | **PORTUGAL — 0.2%** |  |
| 1330015 | Banco Comercial Portugues SA - Class R | 1173084 |
| 37823 | CTT-Correios de Portugal SA | 329155 |
| 3621 | Ibersol SGPS SA | 42155 |
| 52367 | Jeronimo Martins SGPS SA | 1348461 |
| 679178 | Mota-Engil SGPS SA | 4697127 |
| 333785 | NOS SGPS SA | 1446612 |
| 218800 | REN - Redes Energeticas Nacionais SGPS SA | 823432 |
| 5970051 | Sonae SGPS SA | 9730270 |
|  |  | 19590296 |
| **PUERTO RICO — 0.0%** | **PUERTO RICO — 0.0%** |  |
| 2860 | Popular, Inc. | 318804 |
| **RUSSIA — 0.0%** | **RUSSIA — 0.0%** |  |
| 3531360 | Alrosa PJSC(d)(e) | 0 |
| 1189126065 | Federal Grid Co. - Rosseti PJSC(a)(d)(e) | 0 |
| 4480742 | Gazprom PJSC(a)(d)(e) | 0 |
| 1073095 | Gazprom PJSC - ADR(d)(e) | 0 |
| 112793 | Magnit PJSC(a)(d)(e) | 0 |
| 532967 | Mobile TeleSystems PJSC(a)(d)(e) | 0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **RUSSIA (continued)** | **RUSSIA (continued)** |  |
| 217810135 | ROSSETI PJSC(a)(d)(e) | $0 |
| 1641600 | Rostelecom PJSC(a)(d)(e) | 0 |
| 461432194 | RusHydro PJSC(a)(d)(e) | 0 |
| 13369855 | Surgutneftegas PAO(a)(d)(e) | 0 |
| 243969 | VK IPJSC(a)(d)(e) | 0 |
|  |  | 0 |
| **SINGAPORE — 0.8%** | **SINGAPORE — 0.8%** |  |
| 1731100 | AIMS APAC REIT | 1835370 |
| 732319 | ASMPT Ltd. | 7727916 |
| 37100 | Bukit Sembawang Estates Ltd. | 119429 |
| 332900 | CapitaLand Ascendas REIT | 721249 |
| 1047702 | CapitaLand Integrated Commercial Trust REIT | 1907694 |
| 331600 | Capitaland Investment Ltd. | 672575 |
| 789200 | Centurion Corp. Ltd. | 860990 |
| 14062 | China Yuchai International Ltd. | 521419 |
| 587116 | ComfortDelGro Corp. Ltd. | 658566 |
| 1273800 | First Resources Ltd. | 1918138 |
| 891800 | Frasers Centrepoint Trust REIT | 1603267 |
| 1271093 | Frasers Logistics & Commercial Trust REIT(b) | 932617 |
| 1174325 | Genting Singapore Ltd. | 658618 |
| 1293258 | Hafnia Ltd. | 8084418 |
| 43400 | Ho Bee Land Ltd. | 75023 |
| 164900 | Hong Leong Asia Ltd. | 305323 |
| 4996 | iFAST Corp. Ltd. | 37194 |
| 491545 | IGG, Inc. | 246704 |
| 231000 | InnoTek Ltd. | 124232 |
| 412400 | Keppel DC REIT | 757249 |
| 6145100 | Keppel Pacific Oak US REIT(a)(b) | 1413373 |
| 957000 | Keppel REIT | 772011 |
| 91600 | Kimly Ltd. | 27798 |
| 1059400 | Mapletree Logistics Trust REIT | 1090655 |
| 2670200 | Mapletree Pan Asia Commercial Trust REIT | 2954124 |
| 44300 | OUE Ltd. | 43565 |
| 893200 | OUE Real Estate Investment Trust REIT | 236750 |
| 274700 | Propnex Ltd.(b) | 472747 |
| 3508100 | Raffles Medical Group Ltd. | 2668269 |
| 304400 | RHT Health Trust(d)(e) | 4443 |
| 44276 | Samudera Shipping Line Ltd. | 32996 |
| 742000 | Sasseur Real Estate Investment Trust REIT(b) | 393347 |
| 24100 | SBS TRANSIT Ltd. | 59065 |
| 2240139 | Sheng Siong Group Ltd. | 3992872 |
| 485200 | SIA Engineering Co. Ltd. | 1315885 |
| 203100 | Singapore Airlines Ltd. | 1034537 |
| 214000 | Singapore Exchange Ltd. | 2783513 |
| 3494100 | Starhill Global REIT | 1556990 |
| 62000 | Stoneweg Europe Stapled Trust | 108626 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SINGAPORE (continued)** | **SINGAPORE (continued)** |  |
| 321900 | Suntec Real Estate Investment Trust REIT | $331397 |
| 2548720 | UOL Group Ltd. | 15567243 |
| 262600 | Wilmar International Ltd. | 631483 |
| 8347600 | Yangzijiang Financial Holding Ltd. | 6798138 |
|  |  | 74057818 |
| **SOUTH AFRICA — 1.0%** | **SOUTH AFRICA — 1.0%** |  |
| 544874 | African Rainbow Minerals Ltd. | 5421241 |
| 279576 | E Media Holdings Ltd. | 31606 |
| 1442651 | Impala Platinum Holdings Ltd. | 15510319 |
| 162442 | Investec Plc | 1222782 |
| 1050328 | MTN Group Ltd. | 10476321 |
| 666221 | Remgro Ltd. | 6615138 |
| 8743609 | Sibanye Stillwater Ltd.(a) | 23365041 |
| 730227 | SPAR Group Ltd. (The)(a) | 4599746 |
| 232848 | Valterra Platinum Ltd. | 14424153 |
| 1027169 | Vodacom Group Ltd. | 8296741 |
|  |  | 89963088 |
| **SOUTH KOREA — 2.6%** | **SOUTH KOREA — 2.6%** |  |
| 59060 | Green Cross Corp. | 5376439 |
| 423009 | GS Engineering & Construction Corp. | 5549070 |
| 181535 | Hankook Tire & Technology Co. Ltd. | 5905701 |
| 674206 | HD Hyundai Infracore Co. Ltd. | 7211721 |
| 69813 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 23226083 |
| 146412 | Hyundai Department Store Co. Ltd. | 8303274 |
| 60545 | Hyundai Glovis Co. Ltd. | 8023089 |
| 241966 | Kakao Corp. | 11055965 |
| 71727 | LG Electronics, Inc. | 4410097 |
| 51736 | NCSoft Corp. | 8006870 |
| 20191 | OCI Co. Ltd. | 837542 |
| 80590 | OCI Holdings Co. Ltd. | 6459644 |
| 29520 | POSCO Holdings, Inc. | 6433381 |
| 458328 | Samsung E&A Co. Ltd. | 8347859 |
| 314227 | Samsung Electronics Co. Ltd. | 23709003 |
| 1001567 | Samsung Heavy Industries Co. Ltd.(a) | 20772981 |
| 94093 | Samsung Life Insurance Co. Ltd. | 10190244 |
| 50299 | Samsung SDS Co. Ltd. | 6460584 |
| 198884 | Samsung Securities Co. Ltd. | 10790478 |
| 834883 | SK Networks Co. Ltd. | 2660375 |
| 238444 | SK Square Co. Ltd.(a) | 43513206 |
|  |  | 227243606 |
| **SPAIN — 1.8%** | **SPAIN — 1.8%** |  |
| 422857 | Acerinox SA | 5449201 |
| 18304 | ACS Actividades de Construccion y Servicios SA | 1502165 |
| 274064 | ATALAYA MINING COPPER SA | 2462659 |
| 3309819 | Banco de Sabadell SA | 12372249 |
| 1298803 | Banco Santander SA | 13213098 |
| 49500 | Bankinter SA | 745724 |
| 47688 | CIE Automotive SA | 1599556 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SPAIN (continued)** | **SPAIN (continued)** |  |
| 1232164 | Colonial SFL Socimi SA REIT | $7790092 |
| 32703 | Construcciones y Auxiliar de Ferrocarriles SA | 2065692 |
| 5075 | Distribuidora Internacional de Alimentacion SA(a) | 167301 |
| 387833 | Faes Farma SA | 1993779 |
| 45760 | Fluidra SA | 1324961 |
| 1979117 | Gestamp Automocion SA(b)(c) | 7660368 |
| 2931 | Grupo Empresarial San Jose SA | 23717 |
| 220009 | Indra Sistemas SA | 12162338 |
| 454381 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 602304 |
| 238629 | Logista Integral SA | 7954611 |
| 4778009 | Mapfre SA | 21104250 |
| 344052 | Melia Hotels International SA | 2847384 |
| 913496 | Merlin Properties Socimi SA REIT | 14225235 |
| 171 | Metrovacesa SA(b)(c) | 2296 |
| 24368 | Pharma Mar SA | 2058834 |
| 786841 | Repsol SA | 14397867 |
| 75161 | Tecnicas Reunidas SA(a) | 2687397 |
| 2131746 | Telefonica SA | 10779548 |
| 3452112 | Unicaja Banco SA(b)(c) | 9311040 |
| 14386 | Vidrala SA | 1369628 |
| 9450 | Viscofan SA | 587108 |
|  |  | 158460402 |
| **SWEDEN — 1.8%** | **SWEDEN — 1.8%** |  |
| 20800 | AcadeMedia AB(b)(c) | 229889 |
| 66164 | Alfa Laval AB | 3161860 |
| 29318 | Alimak Group AB(b)(c) | 433895 |
| 329549 | Alleima AB | 2854860 |
| 97616 | AQ Group AB | 2015974 |
| 449201 | Arjo AB - Class B | 1427949 |
| 46392 | Attendo AB(b)(c) | 394077 |
| 329838 | Avanza Bank Holding AB | 12755715 |
| 40290 | Axfood AB | 1098404 |
| 78967 | Bahnhof AB - Class B | 491245 |
| 20082 | Beijer Alma AB | 615127 |
| 3592 | Berner Industrier AB | 30248 |
| 399456 | Betsson AB - Class B | 6252373 |
| 21368 | BHG Group AB(a) | 64822 |
| 453928 | Billerud Aktiebolag | 4202307 |
| 114566 | BioGaia AB - Class B | 1211956 |
| 316177 | Boliden AB(a) | 14277512 |
| 34370 | Bonava AB - Class B(a) | 40085 |
| 245707 | Bravida Holding AB(b)(c) | 2084575 |
| 54051 | Byggmax Group AB | 275368 |
| 18426 | Camurus AB(a) | 1211235 |
| 24466 | Cellavision AB | 463554 |
| 3026 | Cheffelo AB | 27010 |
| 37579 | Clas Ohlson AB - Class B | 1372586 |
| 542978 | Cloetta AB - Class B | 2023254 |
| 101746 | Dynavox Group AB(a) | 1050634 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SWEDEN (continued)** | **SWEDEN (continued)** |  |
| 180 | Elanders AB - Class B | $1196 |
| 65878 | Electrolux Professional AB - Class B | 459054 |
| 65100 | Elekta AB - Class B | 331248 |
| 18368 | Enad Global 7 AB(a) | 32868 |
| 112927 | Fagerhult Group AB | 549167 |
| 21244 | Fasadgruppen Group AB | 66861 |
| 282045 | Getinge AB - Class B | 6629367 |
| 55066 | Hacksaw AB(a) | 439879 |
| 14400 | Hanza AB | 198866 |
| 88183 | Hexpol AB | 803372 |
| 2149 | HMS Networks AB(a) | 119662 |
| 49079 | Hoist Finance AB(b)(c) | 512733 |
| 6294 | Humana AB | 31999 |
| 906557 | Husqvarna AB - Class B | 4322732 |
| 373963 | Instalco AB(b) | 954171 |
| 32000 | Inwido AB | 484703 |
| 77 | Kopparbergs Bryggeri AB - Class B | 892 |
| 79020 | Lagercrantz Group AB - Class B | 1941346 |
| 6648 | Lime Technologies AB | 250168 |
| 238683 | Loomis AB | 9647564 |
| 9619 | Medcap AB(a) | 615600 |
| 15400 | MIPS AB(b) | 553413 |
| 11703 | Modern Times Group MTG AB - Class B(a) | 157678 |
| 278195 | Mycronic AB | 6563765 |
| 170483 | NCC AB - Class B | 3904855 |
| 79 | Nederman Holding AB | 1339 |
| 7170 | Nelly Group AB | 70943 |
| 60751 | Net Insight AB - Class B(a) | 24396 |
| 206726 | Nolato AB - Class B | 1366532 |
| 32605 | Nordnet AB | 943804 |
| 52643 | Norion Bank AB(a) | 392873 |
| 7469 | NOTE AB | 148590 |
| 14055 | Orexo AB(a) | 41128 |
| 110721 | Paradox Interactive AB | 1929991 |
| 1310569 | Peab AB - Class B | 10629125 |
| 11031 | Platzer Fastigheter Holding AB - Class B | 84878 |
| 52637 | Proact IT Group AB | 572897 |
| 254 | QleanAir AB(a) | 610 |
| 84032 | Ratos AB - Class B | 340896 |
| 26019 | Rvrc Holding AB | 178157 |
| 3678 | Scandi Standard AB | 38173 |
| 96630 | Scandic Hotels Group AB(b)(c) | 940846 |
| 153828 | Sectra AB - Class B | 4886744 |
| 44000 | Securitas AB - Class B | 649330 |
| 40218 | Sinch AB(a)(b)(c) | 146347 |
| 437923 | SKF AB - Class B | 11293507 |
| 1899916 | SSAB AB - Class A | 12067149 |
| 702421 | SSAB AB - Class B | 4369683 |
| 482064 | Stillfront Group AB(a) | 327287 |
| 133747 | Storytel AB | 1252965 |
| 60356 | Synsam AB | 383092 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small & Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SWEDEN (continued)** | **SWEDEN (continued)** |  |
| 43169 | Systemair AB | $354885 |
| 50200 | Tele2 AB - Class B | 794989 |
| 38799 | Trelleborg AB - Class B | 1623389 |
| 429115 | Truecaller AB - Class B | 1281891 |
| 1270750 | Volvo Car AB - Class B(a) | 4410055 |
| 52521 | Wihlborgs Fastigheter AB | 510270 |
|  |  | 161696434 |
| **SWITZERLAND — 2.1%** | **SWITZERLAND — 2.1%** |  |
| 9653 | AC Immune SA(a) | 32627 |
| 167647 | Accelleron Industries AG | 13707577 |
| 19358 | Allreal Holding AG | 4623309 |
| 406 | APG SGA SA | 106955 |
| 132687 | Ascom Holding AG | 590270 |
| 3527 | Autoneum Holding AG | 701236 |
| 228690 | Avolta AG | 11997877 |
| 27526 | Basilea Pharmaceutica Ag Allschwil(a) | 1590505 |
| 1000 | Belimo Holding AG | 1076111 |
| 3795 | BKW AG | 848363 |
| 21346 | Bucher Industries AG | 9456165 |
| 7052 | Burckhardt Compression Holding AG | 4872211 |
| 2864 | Burkhalter Holding AG | 508207 |
| 52 | Cham Swiss Properties AG | 1512 |
| 1128 | Cie Financiere Tradition SA | 426110 |
| 14668 | DKSH Holding AG | 1020700 |
| 36140 | dormakaba Holding AG | 3080713 |
| 54953 | EFG International AG | 1143104 |
| 700 | Emmi AG | 621932 |
| 813 | EMS-Chemie Holding AG | 556144 |
| 3100 | Flughafen Zurich AG | 913725 |
| 175 | Forbo Holding AG | 160702 |
| 6779 | Galenica AG(b)(c) | 729495 |
| 1545 | Garmin Ltd. | 330537 |
| 705 | Geberit AG | 514240 |
| 2500946 | Glencore Plc | 11973978 |
| 2 | Gurit Holding AG(a) | 26 |
| 8119 | Hiag Immobilien Holding AG | 1115827 |
| 52335 | Huber + Suhner AG | 9572802 |
| 7543 | Implenia AG | 597066 |
| 35435 | Inficon Holding AG | 4244715 |
| 1577500 | International Workplace Group Plc | 4691827 |
| 2297 | Intershop Holding AG | 449838 |
| 1164 | Investis Holding SA(b) | 190203 |
| 314 | Jungfraubahn Holding AG | 92278 |
| 10615 | Kardex Holding AG | 3983510 |
| 749 | LEM Holding SA(a) | 425806 |
| 21230 | Logitech International SA | 2550502 |
| 7341 | Medacta Group SA(b)(c) | 1357367 |
| 19 | Orell Fuessli AG | 2680 |
| 14184 | Partners Group Holding AG | 17315143 |
| 99 | Phoenix Mecano AG | 53883 |
| 99811 | PSP Swiss Property AG | 17252203 |
| 6607 | R&S Group Holding AG | 217155 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SWITZERLAND (continued)** | **SWITZERLAND (continued)** |  |
| 10977 | Sensirion Holding AG(a)(b)(c) | $787043 |
| 12075 | SFS Group AG | 1635508 |
| 16400 | SGS SA | 1846745 |
| 66800 | SIG Group AG | 744989 |
| 2640 | Sonova Holding AG | 717122 |
| 116347 | Sportradar Group AG - Class A(a) | 2979647 |
| 197904 | Straumann Holding AG | 24837905 |
| 5800 | Sulzer AG | 967207 |
| 1850 | Swiss Life Holding AG | 2005517 |
| 1847 | Swissquote Group Holding SA | 1170513 |
| 20152 | Tecan Group AG | 3673561 |
| 37062 | Temenos AG | 3493200 |
| 1037 | Vaudoise Assurances Holding SA | 796354 |
| 17208 | Zehnder Group AG | 1511781 |
| 16 | Zug Estates Holding AG - Class B | 42547 |
|  |  | 182906775 |
| **TAIWAN — 0.8%** | **TAIWAN — 0.8%** |  |
| 3468018 | Cheng Shin Rubber Industry Co. Ltd. | 3598770 |
| 10290432 | China Petrochemical Development Corp.(a) | 2513944 |
| 2672000 | Ennostar, Inc. | 2985693 |
| 3233990 | Foxconn Technology Co. Ltd. | 7521886 |
| 399523 | Globalwafers Co. Ltd. | 6602182 |
| 1875000 | Hon Hai Precision Industry Co. Ltd. | 15705816 |
| 3423119 | HTC Corp.(a) | 5623353 |
| 3024431 | International CSRC Investment Holdings Co.(a) | 1008439 |
| 1991000 | Pegatron Corp. | 4805706 |
| 425000 | Phison Electronics Corp. | 14723822 |
| 4401760 | Qisda Corp. | 4446005 |
|  |  | 69535616 |
| **TURKEY — 0.3%** | **TURKEY — 0.3%** |  |
| 13388640 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 4625884 |
| 14244673 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 6848987 |
| 2130822 | Tekfen Holding AS(a) | 4266306 |
| 5546808 | Turk Telekomunikasyon AS(a) | 6726761 |
| 3437944 | Turkcell Iletisim Hizmetleri AS | 8150545 |
|  |  | 30618483 |
| **UNITED KINGDOM — 4.9%** | **UNITED KINGDOM — 4.9%** |  |
| 96228 | 3i Group Plc | 5562248 |
| 38947 | 4imprint Group Plc | 1703784 |
| 538922 | Aberdeen Group Plc | 1437203 |
| 15328 | accesso Technology Group Plc(a) | 71283 |
| 164077 | AG Barr Plc | 1442016 |
| 1883396 | Airtel Africa Plc(b)(c) | 6843685 |
| 752870 | AJ Bell Plc | 5316119 |
| 43626 | Alfa Financial Software Holdings Plc(b)(c) | 130384 |
| 99448 | AO World Plc(a) | 139006 |

---

Old Westbury Funds, Inc. <br> Small &Mid Cap Strategies Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025</u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 328000 | Ashmore Group Plc | $809649 |
| 276084 | Associated British Foods Plc | 8323771 |
| 93800 | Auto Trader Group Plc(b)(c) | 961648 |
| 260823 | Autolus Therapeutics Plc - ADR(a) | 404276 |
| 341966 | B&M European Value Retail SA | 807061 |
| 26047 | Babcock International Group Plc | 415064 |
| 2305327 | Balfour Beatty Plc | 20351574 |
| 2502819 | Barclays Plc | 13381970 |
| 55100 | Beazley Plc | 673541 |
| 212327 | Bicycle Therapeutics Plc - ADR(a) | 1713479 |
| 225867 | Big Yellow Group Plc REIT | 3299543 |
| 70617 | Bloomsbury Publishing Plc | 463848 |
| 1926671 | Breedon Group Plc | 8722059 |
| 314000 | BT Group Plc | 766222 |
| 406274 | Central Asia Metals Plc | 848618 |
| 579708 | Centrica Plc | 1365481 |
| 27650 | CNH Industrial NV | 290048 |
| 22649 | Computacenter Plc | 852749 |
| 1629 | Costain Group Plc | 3283 |
| 78707 | Cranswick Plc | 5102661 |
| 1530578 | Currys Plc | 2825062 |
| 50590 | Custodian Property Income REIT Plc | 53434 |
| 265616 | dotdigital group Plc | 237279 |
| 94945 | Dr Martens Plc | 113379 |
| 739257 | Drax Group Plc | 7006933 |
| 294902 | Dunelm Group Plc | 4331275 |
| 1649992 | easyJet Plc | 10501995 |
| 1978 | Eco Animal Health Group Plc(a) | 2157 |
| 177107 | Endava Plc - ADR(a) | 1641782 |
| 91993 | Endeavour Mining Plc | 3714966 |
| 52900 | Energean Plc | 669929 |
| 872922 | EnQuest Plc | 139216 |
| 30516 | Everplay Group Plc | 158351 |
| 293386 | FDM Group Holdings Plc | 463276 |
| 2516060 | Firstgroup Plc | 6941231 |
| 180022 | Foresight Group Holdings Ltd. | 1078417 |
| 281576 | Forterra Plc(b)(c) | 673230 |
| 96627 | Foxtons Group Plc | 69816 |
| 27 | Frasers Group Plc(a) | 259 |
| 14290 | Frontier Developments Plc(a) | 97806 |
| 14623 | Fuller Smith & Turner Plc - Class A | 118335 |
| 91702 | Future Plc | 739077 |
| 21075 | Galliford Try Holdings Plc | 143691 |
| 64250 | Games Workshop Group Plc | 13445752 |
| 1726 | Gaming Realms Plc(a) | 934 |
| 42737 | Gamma Communications Plc | 557506 |
| 6621 | Genus Plc | 213971 |
| 50792 | Global Ship Lease, Inc. - Class A | 1601472 |
| 422857 | GSK Plc | 9890806 |
| 321336 | Halfords Group Plc | 631520 |
| 19000 | Halma Plc | 885092 |
| 22413 | Hargreaves Services Plc | 193152 |
| 23300 | Hikma Pharmaceuticals Plc | 562903 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 96042 | Hill & Smith Plc | $2718972 |
| 106680 | Howden Joinery Group Plc | 1210157 |
| 469744 | Hunting Plc | 2107406 |
| 17220 | ICG Plc | 436829 |
| 541634 | IG Group Holdings Plc | 7926607 |
| 245083 | IHS Holding Ltd.(a) | 1678819 |
| 50471 | IMI Plc | 1583334 |
| 33367 | Immunocore Holdings Plc - ADR(a) | 1104114 |
| 201653 | Impax Asset Management Group Plc | 504921 |
| 545836 | Inchcape Plc | 5478375 |
| 66629 | Indivior Plc(a) | 1956894 |
| 403242 | IntegraFin Holdings Plc(b) | 1920304 |
| 13670 | InterContinental Hotels Group Plc | 1650725 |
| 2835677 | International Consolidated Airlines Group SA | 15571339 |
| 26530 | International Personal Finance Plc | 71273 |
| 9900 | Intertek Group Plc | 658735 |
| 5770255 | ITV Plc | 5279737 |
| 6073837 | JD Sports Fashion Plc | 7435018 |
| 582666 | JET2 Plc | 10172808 |
| 395054 | Johnson Matthey Plc | 11064706 |
| 807808 | Johnson Service Group Plc | 1439011 |
| 865025 | Jupiter Fund Management Plc | 1729575 |
| 392087 | Kainos Group Plc | 4852098 |
| 427962 | Keller Group Plc | 8927953 |
| 1180691 | Kier Group Plc | 3358075 |
| 3129939 | Kingfisher Plc | 12697241 |
| 79665 | Lion Finance Group Plc | 8377706 |
| 149493 | Liontrust Asset Management Plc | 609788 |
| 9840956 | Lloyds Banking Group Plc | 11516319 |
| 2352749 | Man Group Plc | 6496875 |
| 702266 | Marston's Plc(a) | 422997 |
| 72175 | Mears Group Plc | 336598 |
| 3711849 | Mitie Group Plc | 8036070 |
| 877214 | MONY Group Plc | 2237953 |
| 59481 | Moonpig Group Plc | 167611 |
| 232000 | Morgan Advanced Materials Plc | 621748 |
| 181074 | Morgan Sindall Group Plc | 11061276 |
| 30389 | MP Evans Group Plc | 538947 |
| 1646229 | NatWest Group Plc | 12629882 |
| 265404 | Next 15 Group Plc | 1443457 |
| 10136 | Next Plc | 1904140 |
| 78 | Nichols Plc | 1061 |
| 221961 | Ninety One Plc | 675323 |
| 25148 | Nomad Foods Ltd. | 284172 |
| 13213 | Odfjell Technology Ltd. | 75918 |
| 1621183 | OSB Group Plc | 11479342 |
| 59769 | Oxford Metrics Plc | 34862 |
| 627544 | Paragon Banking Group Plc | 6834314 |
| 110796 | Pearson Plc | 1542859 |
| 3260 | Pentair Plc | 346701 |
| 374385 | Pets at Home Group Plc | 1053499 |
| 73152 | Pharos Energy Plc | 19797 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small & Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 1418727 | Picton Property Income Ltd. REIT | $1455613 |
| 270508 | Polar Capital Holdings Plc | 2039803 |
| 511173 | Primary Health Properties Plc REIT | 628886 |
| 586499 | QinetiQ Group Plc | 3693699 |
| 926440 | Quilter Plc(b)(c) | 2212623 |
| 216832 | Rank Group Plc | 337835 |
| 65085 | Reach Plc | 50532 |
| 55870 | Renishaw Plc | 2594563 |
| 874357 | Rightmove Plc | 7672934 |
| 197400 | Rotork Plc | 887408 |
| 80556 | RS GROUP Plc | 588924 |
| 696556 | RWS Holdings Plc | 709176 |
| 524 | S&U Plc | 12253 |
| 308649 | S4 Capital Plc | 95489 |
| 420437 | Safestore Holdings Plc REIT | 3949146 |
| 82220 | Savills Plc | 1088765 |
| 198628 | Serco Group Plc | 662260 |
| 25190 | Smiths Group Plc | 833259 |
| 74224 | Smiths News Plc | 59480 |
| 270106 | Softcat Plc | 5670315 |
| 437519 | Speedy Hire Plc | 158349 |
| 15829 | Stolt-Nielsen Ltd. | 531319 |
| 95413 | Synthomer Plc(a) | 67310 |
| 301848 | Target Healthcare REIT Plc | 373935 |
| 7126 | Tatton Asset Management Plc | 69649 |
| 10665 | TechnipFMC Plc | 440998 |
| 34014 | Telecom Plus Plc | 793591 |
| 2461810 | Tesco Plc | 14857363 |
| 1087914 | TP ICAP Group Plc | 3751631 |
| 216250 | Trainline Plc(a)(b)(c) | 714764 |
| 91608 | Travis Perkins Plc | 756973 |
| 1619166 | Trustpilot Group Plc(a)(b)(c) | 4369060 |
| 765892 | Vesuvius Plc | 3779108 |
| 728396 | Vistry Group Plc(a) | 6164310 |
| 96453 | Watches of Switzerland Group Plc(a)(c) | 497465 |
| 165577 | Watkin Jones Plc(a) | 62101 |
| 458673 | Wickes Group Plc | 1334668 |
| 340306 | XPS Pensions Group Plc(b) | 1508827 |
| 9351 | Zotefoams Plc | 56263 |
|  |  | 439721165 |
| **UNITED STATES — 38.3%** | **UNITED STATES — 38.3%** |  |
| 275000 | AAON, Inc. | 27057250 |
| 213543 | Academy Sports & Outdoors, Inc. | 10226574 |
| 2880 | AECOM | 386928 |
| 2645 | Aflac, Inc. | 283518 |
| 900000 | Alkami Technology, Inc.(a) | 18261000 |
| 4920 | Alliant Energy Corp. | 328754 |
| 1450 | Allstate Corp. (The) | 277704 |
| 26505 | American Airlines Group, Inc.(a) | 348011 |
| 840 | Ameriprise Financial, Inc. | 380327 |
| 203001 | Ameris Bancorp | 14538932 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 255000 | AMERISAFE, Inc. | $10220400 |
| 1012780 | API Group Corp.(a) | 37290560 |
| 1465 | Appfolio, Inc. - Class A(a) | 372740 |
| 61674 | Applied Industrial Technologies, Inc. | 15855769 |
| 1755 | AppLovin Corp. - Class A(a) | 1118514 |
| 2585 | Arrow Electronics, Inc.(a) | 288357 |
| 135000 | Artivion, Inc.(a) | 6124950 |
| 1470 | Assurant, Inc. | 311228 |
| 640000 | AtriCure, Inc.(a) | 22112000 |
| 1535 | AvalonBay Communities, Inc. REIT | 266967 |
| 1635 | Avery Dennison Corp. | 285945 |
| 350732 | Axogen, Inc.(a) | 7793265 |
| 10165 | Axon Enterprise, Inc.(a) | 7443118 |
| 72271 | Badger Meter, Inc. | 13041302 |
| 7500 | Baker Hughes Co. | 363075 |
| 700000 | Baldwin Insurance Group, Inc. (The)(a) | 15470000 |
| 100000 | BancFirst Corp. | 10886000 |
| 5470 | Bank of New York Mellon Corp. (The) | 590377 |
| 65802 | Barrett Business Services, Inc. | 2663007 |
| 630000 | Bath & Body Works, Inc. | 15422400 |
| 100677 | Bel Fuse, Inc. - Class B | 15503251 |
| 375000 | BellRing Brands, Inc.(a) | 11298750 |
| 486858 | Bentley Systems, Inc. - Class B | 24746992 |
| 4030 | Best Buy Co., Inc. | 331024 |
| 5780 | Bio-Techne Corp. | 361655 |
| 413865 | BJ's Wholesale Club Holdings, Inc.(a) | 36527725 |
| 83169 | Bloom Energy Corp. - Class A(a) | 10991615 |
| 189575 | Booz Allen Hamilton Holding Corp. | 16523357 |
| 230000 | Brady Corp. - Class A | 17459300 |
| 870000 | Braze, Inc. - Class A(a) | 24934200 |
| 101571 | Bright Horizons Family Solutions, Inc.(a) | 11094600 |
| 6195 | Brighthouse Financial, Inc.(a) | 353549 |
| 882235 | BrightView Holdings, Inc.(a) | 10869135 |
| 35000 | Brinker International, Inc.(a) | 3803100 |
| 12843 | Brookfield Renewable Corp. | 556007 |
| 280000 | Bruker Corp. | 10903200 |
| 140911 | BWX Technologies, Inc. | 30099999 |
| 725 | CACI International, Inc. - Class A(a) | 407631 |
| 235955 | Cactus, Inc. - Class A | 10422132 |
| 361638 | Cadence Bank | 13648218 |
| 8190 | Campbell's Co. (The) | 246765 |
| 403251 | Cargurus, Inc.(a) | 14162175 |
| 87024 | Carlisle Cos., Inc. | 28287151 |
| 210000 | Cava Group, Inc.(a) | 11283300 |
| 28023 | Cavco Industries, Inc.(a) | 14846585 |
| 2600238 | CCC Intelligent Solutions Holdings, Inc.(a) | 22674075 |
| 228328 | CDW Corp. | 36388633 |
| 285000 | Celsius Holdings, Inc.(a) | 17165550 |
| 232411 | Central Garden & Pet Co. - Class A(a) | 6463350 |
| 3330 | CH Robinson Worldwide, Inc. | 512787 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small & Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 1980 | Charles River Laboratories International, Inc.(a) | $356539 |
| 2600 | Cheniere Energy, Inc. | 551200 |
| 715 | Cincinnati Financial Corp. | 110532 |
| 10200 | Civitas Resources, Inc. | 294066 |
| 219554 | Clean Harbors, Inc.(a) | 46218313 |
| 9240 | Cognex Corp. | 382444 |
| 3715 | Cognizant Technology Solutions Corp. - Class A | 270749 |
| 14854 | Comfort Systems USA, Inc. | 14342725 |
| 4725 | Commerce Bancshares, Inc. | 248677 |
| 110000 | CommVault Systems, Inc.(a) | 15314200 |
| 1315000 | Confluent, Inc. - Class A(a) | 30731550 |
| 127508 | Construction Partners, Inc. - Class A(a) | 14580540 |
| 185676 | Cooper Cos., Inc. (The)(a) | 12980609 |
| 578790 | Core & Main, Inc. - Class A(a) | 30201262 |
| 94512 | Crane Co. | 17957280 |
| 218024 | Crane NXT Co. | 13790018 |
| 61184 | Credo Technology Group Holding Ltd.(a) | 11479342 |
| 3060 | Crown Castle, Inc. REIT | 276073 |
| 3125 | Crown Holdings, Inc. | 303688 |
| 110000 | CSW Industrials, Inc. | 27546200 |
| 202535 | Cullen/Frost Bankers, Inc. | 24940160 |
| 15903 | Curtiss-Wright Corp. | 9473894 |
| 430253 | Cushman & Wakefield Plc(a) | 6754972 |
| 539108 | CVB Financial Corp. | 9903414 |
| 2235 | DaVita, Inc.(a) | 266010 |
| 2870 | Deckers Outdoor Corp.(a) | 233905 |
| 5350 | Devon Energy Corp. | 173821 |
| 1595 | Digital Realty Trust, Inc. REIT | 271804 |
| 179570 | Diodes, Inc.(a) | 9581855 |
| 27000 | Diversified Energy Co. Plc(b) | 340511 |
| 2450 | Dollar General Corp. | 241717 |
| 2900 | Dollar Tree, Inc.(a) | 287448 |
| 665 | Domino's Pizza, Inc. | 264976 |
| 106364 | Dorman Products, Inc.(a) | 14266603 |
| 3050 | DoubleVerify Holdings, Inc.(a) | 34709 |
| 11740 | Dropbox, Inc. - Class A(a) | 340460 |
| 525 | Duolingo, Inc.(a) | 142086 |
| 126047 | D-Wave Quantum, Inc.(a) | 4671302 |
| 1395 | Eagle Materials, Inc. | 296186 |
| 3440 | East West Bancorp, Inc. | 349504 |
| 4800 | eBay, Inc. | 390288 |
| 55371 | EchoStar Corp. - Class A(a) | 4145627 |
| 602734 | Element Solutions, Inc. | 16105052 |
| 245000 | elf Beauty, Inc.(a) | 29924300 |
| 3085 | Encompass Health Corp. | 351227 |
| 665000 | Enerpac Tool Group Corp. | 27291600 |
| 114479 | Ensign Group, Inc. (The) | 20617668 |
| 221259 | Entegris, Inc. | 20260687 |
| 3430 | Entergy Corp. | 329589 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 118010 | Equifax, Inc. | $24911911 |
| 5200 | Equitable Holdings, Inc. | 256880 |
| 3915 | Equity Residential REIT | 232708 |
| 426309 | Esab Corp. | 49801417 |
| 75000 | ESCO Technologies, Inc. | 16460250 |
| 1135 | Essex Property Trust, Inc. REIT | 285759 |
| 2730 | Euronet Worldwide, Inc.(a) | 207098 |
| 343261 | ExlService Holdings, Inc.(a) | 13421505 |
| 2045 | Expedia Group, Inc. | 449900 |
| 2805 | Expeditors International of Washington, Inc. | 341929 |
| 1980 | Extra Space Storage, Inc. REIT | 264409 |
| 1415 | F5, Inc.(a) | 358066 |
| 8360 | Fastenal Co. | 344014 |
| 89660 | Federal Signal Corp. | 10582570 |
| 900000 | First Financial Bankshares, Inc. | 27801000 |
| 620000 | First Watch Restaurant Group, Inc.(a) | 10223800 |
| 131407 | FirstCash Holdings, Inc. | 20828009 |
| 212283 | Fluor Corp.(a) | 10353042 |
| 284585 | FormFactor, Inc.(a) | 15637946 |
| 6935 | Fox Corp. - Class A | 448348 |
| 350180 | Freshpet, Inc.(a) | 17232358 |
| 700 | Gartner, Inc.(a) | 173838 |
| 10870 | Gen Digital, Inc. | 286533 |
| 2240 | Generac Holdings, Inc.(a) | 376365 |
| 5090 | General Mills, Inc. | 237245 |
| 415000 | German American Bancorp, Inc. | 15994100 |
| 585000 | Gitlab, Inc. - Class A(a) | 28518750 |
| 115000 | Glaukos Corp.(a) | 10128050 |
| 499905 | Globus Medical, Inc. - Class A(a) | 30189263 |
| 1690 | GoDaddy, Inc. - Class A(a) | 224990 |
| 93853 | Griffon Corp. | 6946061 |
| 46093 | Guidewire Software, Inc.(a) | 10769169 |
| 228555 | Hamilton Lane, Inc. - Class A | 26046128 |
| 226641 | Hancock Whitney Corp. | 12943468 |
| 1710 | Hartford Insurance Group, Inc. (The) | 212348 |
| 5010 | Hasbro, Inc. | 382313 |
| 19895 | Healthcare Realty Trust, Inc. REIT | 352539 |
| 170296 | HealthEquity, Inc.(a) | 16106596 |
| 134286 | Helios Technologies, Inc. | 7434073 |
| 1810 | Hershey Co. (The) | 307030 |
| 1125 | Hilton Worldwide Holdings, Inc. | 289080 |
| 78237 | Hims & Hers Health, Inc.(a) | 3556654 |
| 725 | Hubbell, Inc. | 340750 |
| 68439 | IDEXX Laboratories, Inc.(a) | 43083035 |
| 4375 | Incyte Corp.(a) | 408975 |
| 100000 | Inspire Medical Systems, Inc.(a) | 7208000 |
| 49279 | Installed Building Products, Inc. | 12232526 |
| 1554 | Insulet Corp.(a) | 486418 |
| 9040 | Interactive Brokers Group, Inc. - Class A | 636054 |
| 56225 | InterDigital, Inc. | 20351201 |
| 9630 | Invitation Homes, Inc. REIT | 271085 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small & Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 98356 | IonQ, Inc.(a) | $6135447 |
| 70000 | iRhythm Technologies, Inc.(a) | 13111000 |
| 2530 | Iron Mountain, Inc. REIT | 260463 |
| 64075 | J & J Snack Foods Corp. | 5423949 |
| 2600 | Jabil, Inc. | 574314 |
| 625 | JB Hunt Transport Services, Inc. | 105538 |
| 309049 | JBT Marel Corp. | 38971079 |
| 2865 | JM Smucker Co. (The) | 296671 |
| 1355 | Jones Lang LaSalle, Inc.(a) | 413397 |
| 85000 | Kadant, Inc. | 23516100 |
| 280237 | Keysight Technologies, Inc.(a) | 51272162 |
| 22940 | Kinder Morgan, Inc. | 600799 |
| 16367 | Kinsale Capital Group, Inc. | 6538125 |
| 69159 | Kratos Defense & Security Solutions, Inc.(a) | 6265805 |
| 64181 | Labcorp Holdings, Inc. | 16299407 |
| 6010 | Lattice Semiconductor Corp.(a) | 438490 |
| 2235 | Leidos Holdings, Inc. | 425700 |
| 210762 | Light & Wonder, Inc.(a) | 15322397 |
| 83692 | Limbach Holdings, Inc.(a) | 7907220 |
| 1445 | Lincoln Electric Holdings, Inc. | 338780 |
| 8910 | Lincoln National Corp. | 374220 |
| 212233 | Live Nation Entertainment, Inc.(a) | 31735200 |
| 3555 | Loews Corp. | 353936 |
| 825000 | Lucky Strike Entertainment Corp. | 6913500 |
| 1700 | M&T Bank Corp. | 312579 |
| 443455 | Magnolia Oil & Gas Corp. - Class A | 9959999 |
| 133143 | Manhattan Associates, Inc.(a) | 24241346 |
| 90000 | Marzetti Company (The) | 14111100 |
| 4930 | Masco Corp. | 319267 |
| 2565 | MasTec, Inc.(a) | 523670 |
| 198958 | Matador Resources Co. | 7850883 |
| 9440 | Match Group, Inc. | 305290 |
| 4340 | McCormick & Co, Inc. | 278454 |
| 64378 | Medpace Holdings, Inc.(a) | 37655336 |
| 134131 | Mercury Systems, Inc.(a) | 10383081 |
| 111932 | Merit Medical Systems, Inc.(a) | 9798527 |
| 3805 | MetLife, Inc. | 303715 |
| 245 | Mettler-Toledo International, Inc.(a) | 346991 |
| 103677 | MKS, Inc. | 14899422 |
| 185000 | Modine Manufacturing Co.(a) | 28343850 |
| 249225 | MSA Safety, Inc. | 39135802 |
| 204984 | Mueller Industries, Inc. | 21701656 |
| 331595 | Murphy Oil Corp. | 9384138 |
| 30143 | Murphy USA, Inc. | 10797223 |
| 576997 | Nasdaq, Inc. | 49327474 |
| 2715 | NetApp, Inc. | 319773 |
| 2310 | Neurocrine Biosciences, Inc.(a) | 330815 |
| 10110 | News Corp. - Class A | 267915 |
| 59716 | NEXTracker, Inc. - Class A(a) | 6044454 |
| 8660 | NiSource, Inc. | 364673 |
| 3680 | Northern Trust Corp. | 473506 |
| 303631 | Novanta, Inc.(a) | 38564173 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 104125 | NRG Energy, Inc. | $17894922 |
| 415000 | Nutanix, Inc. - Class A(a) | 29564600 |
| 39 | NVR, Inc.(a) | 281222 |
| 44887 | Oklo, Inc.(a) | 5959647 |
| 2915 | Okta, Inc.(a) | 266810 |
| 1765 | Old Dominion Freight Line, Inc. | 247841 |
| 667179 | Old National Bancorp | 13630467 |
| 3975 | Omnicom Group, Inc. | 298204 |
| 7650 | ON Semiconductor Corp.(a) | 383112 |
| 850000 | Onestream, Inc.(a) | 16056500 |
| 92953 | Onto Innovation, Inc.(a) | 12544937 |
| 625 | Owens Corning | 79569 |
| 4845 | Palantir Technologies, Inc. - Class A(a) | 971277 |
| 202030 | Palomar Holdings, Inc.(a) | 23033440 |
| 2185 | Paychex, Inc. | 255711 |
| 1690 | Paycom Software, Inc. | 316182 |
| 1765 | Paylocity Holding Corp.(a) | 249342 |
| 80000 | Penumbra, Inc.(a) | 18189600 |
| 316830 | Perimeter Solutions, Inc.(a) | 7448673 |
| 1115063 | Phreesia, Inc.(a) | 25245026 |
| 3250 | Pinnacle West Capital Corp. | 287690 |
| 115000 | PJT Partners, Inc. - Class A | 18527650 |
| 241836 | Planet Fitness, Inc. - Class A(a) | 21932107 |
| 960 | Pool Corp. | 256378 |
| 135714 | Prestige Consumer Healthcare, Inc.(a) | 8224268 |
| 4325 | Principal Financial Group, Inc. | 363473 |
| 585000 | PROCEPT BioRobotics Corp.(a) | 19907550 |
| 2965 | Prudential Financial, Inc. | 308360 |
| 825 | Public Storage REIT | 229812 |
| 475745 | Pure Storage, Inc. - Class A(a) | 46956031 |
| 169331 | Q2 Holdings, Inc.(a) | 10457883 |
| 855 | Quanta Services, Inc. | 384006 |
| 1815 | Quest Diagnostics, Inc. | 319349 |
| 217615 | RadNet, Inc.(a) | 16536564 |
| 1025 | Ralph Lauren Corp. | 327651 |
| 45284 | Rambus, Inc.(a) | 4657007 |
| 245000 | RB Global, Inc. | 24308900 |
| 84610 | RBC Bearings, Inc.(a) | 36257923 |
| 53430 | Reddit, Inc. - Class A(a) | 11164198 |
| 1605 | Reinsurance Group of America, Inc. | 292848 |
| 980 | Reliance, Inc. | 276781 |
| 215000 | Repligen Corp.(a) | 32047900 |
| 1220 | ResMed, Inc. | 301194 |
| 3100 | Revvity, Inc. | 290129 |
| 124318 | Rigetti Computing, Inc.(a) | 5503558 |
| 143448 | Riot Platforms, Inc.(a) | 2837401 |
| 255000 | RLI Corp. | 15034800 |
| 6380 | Robert Half, Inc. | 167092 |
| 5720 | Rollins, Inc. | 329529 |
| 1125 | Royal Caribbean Cruises Ltd. | 322684 |
| 2025 | Royal Gold, Inc. | 353950 |
| 563404 | Ryan Specialty Holdings, Inc. | 30874539 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small & Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 119849 | Ryman Hospitality Properties, Inc. REIT | $10416077 |
| 72682 | Saia, Inc.(a) | 21259485 |
| 1220 | SBA Communications Corp. REIT | 233606 |
| 9865 | Sealed Air Corp. | 330576 |
| 120000 | Sensient Technologies Corp. | 11314800 |
| 1690000 | SentinelOne, Inc. - Class A(a) | 30166500 |
| 430000 | ServisFirst Bancshares, Inc. | 30216100 |
| 90000 | Shake Shack, Inc. - Class A(a) | 8685900 |
| 600000 | SI-BONE, Inc.(a) | 8898000 |
| 1665 | Simon Property Group, Inc. REIT | 292640 |
| 455000 | Simply Good Foods Co. (The)(a) | 8904350 |
| 253820 | Simpson Manufacturing Co., Inc. | 44799230 |
| 440000 | Skyward Specialty Insurance Group, Inc.(a) | 20059600 |
| 5395 | Skyworks Solutions, Inc. | 419299 |
| 13185 | SLM Corp. | 354017 |
| 118190 | Solaris Energy Infrastructure, Inc. | 6291254 |
| 148336 | SoundHound AI, Inc. - Class A(a) | 2613680 |
| 139193 | SOUTHSTATE BANK Corp. | 12339459 |
| 50000 | Sprouts Farmers Market, Inc.(a) | 3948000 |
| 115000 | SPS Commerce, Inc.(a) | 9457600 |
| 135000 | SPX Technologies, Inc.(a) | 30225150 |
| 367689 | STAG Industrial, Inc. REIT | 14071458 |
| 325045 | StandardAero, Inc.(a) | 9390550 |
| 139000 | Standex International Corp. | 32418970 |
| 4255 | Stanley Black & Decker, Inc. | 288149 |
| 3340 | State Street Corp. | 386304 |
| 206972 | STERIS Plc | 48783300 |
| 215000 | Stock Yards Bancorp, Inc. | 13979300 |
| 180000 | StoneX Group, Inc.(a) | 16545600 |
| 4250 | Tapestry, Inc. | 466735 |
| 2290 | Teleflex, Inc. | 285036 |
| 300000 | Tenable Holdings, Inc.(a) | 8706000 |
| 12615 | Teradata Corp.(a) | 263023 |
| 273251 | Terreno Realty Corp. REIT | 15610830 |
| 7940 | Tetra Tech, Inc. | 253921 |
| 162246 | Texas Capital Bancshares, Inc.(a) | 13602705 |
| 72463 | Texas Roadhouse, Inc. | 11853498 |
| 292587 | Titan Machinery, Inc.(a) | 4798427 |
| 2395 | TKO Group Holdings, Inc. | 451218 |
| 1075 | Toll Brothers, Inc. | 145071 |
| 6340 | Tractor Supply Co. | 343057 |
| 323173 | Tradeweb Markets, Inc. - Class A | 34059202 |
| 150000 | Transcat, Inc.(a) | 10897500 |
| 4955 | Trimble, Inc.(a) | 395161 |
| 2300 | Twilio, Inc. - Class A(a) | 310224 |
| 700 | Ubiquiti, Inc. | 551026 |
| 6585 | UDR, Inc. REIT | 221849 |
| 50321 | UFP Technologies, Inc.(a) | 9693837 |
| 450563 | UL Solutions, Inc. - Class A | 35085341 |
| 3943 | United Airlines Holdings, Inc.(a) | 370800 |
| 990 | United Therapeutics Corp.(a) | 440976 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 1530 | Universal Health Services, Inc. - Class B | $332025 |
| 569456 | US Foods Holding Corp.(a) | 41353895 |
| 970000 | Utz Brands, Inc. | 10214100 |
| 480000 | Valvoline, Inc.(a) | 15844800 |
| 465000 | Veracyte, Inc.(a) | 16777200 |
| 420000 | Vericel Corp.(a) | 14725200 |
| 1530 | VeriSign, Inc. | 366894 |
| 1065 | Verisk Analytics, Inc. | 232979 |
| 578780 | Verra Mobility Corp.(a) | 13433484 |
| 600000 | Vertex, Inc. - Class A(a) | 13740000 |
| 32995 | Viatris, Inc. | 341828 |
| 415729 | Vontier Corp. | 16005566 |
| 4885 | W R Berkley Corp. | 348496 |
| 815 | Waters Corp.(a) | 284924 |
| 60000 | Watts Water Technologies, Inc. - Class A | 16356000 |
| 2050 | WEX, Inc.(a) | 299054 |
| 3010 | Whirlpool Corp. | 215606 |
| 10185 | Williams Cos, Inc. (The) | 589406 |
| 119322 | Wingstop, Inc. | 25848725 |
| 16027 | Winmark Corp. | 6461606 |
| 385000 | WSFS Financial Corp. | 20054650 |
| 280 | WW Grainger, Inc. | 274120 |
| 484859 | Wyndham Hotels & Resorts, Inc. | 35603196 |
| 2910 | Yum! Brands, Inc. | 402191 |
| 1015 | Zebra Technologies Corp. - Class A(a) | 273289 |
|  |  | 3409166444 |
| Total Common Stocks <br> (Cost $6,691,211,492) | Total Common Stocks <br> (Cost $6,691,211,492) | 8156022809 |
| **RIGHTS/WARRANTS — 0.0%** | **RIGHTS/WARRANTS — 0.0%** |  |
| **AUSTRALIA — 0.0%** | **AUSTRALIA — 0.0%** |  |
| 1934 | Eagers Automotive Ltd., Rights, Expire 10/28/25(a)(d)(e) | 0 |
| **MALAYSIA — 0.0%** | **MALAYSIA — 0.0%** |  |
| 1083690 | Top Glove Corp. Bhd, Warrants, Expire 12/31/30(a)(e) | 40108 |
| **NORWAY — 0.0%** | **NORWAY — 0.0%** |  |
| 24060 | Vend Marketplaces ASA, Rights, Expire 11/13/25(a)(e) | 0 |
| **SPAIN — 0.0%** | **SPAIN — 0.0%** |  |
| 14386 | Vidrala SA, Rights, Expire 11/13/25(a)(e) | 67984 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small & Mid Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES — 0.0%** | **UNITED STATES — 0.0%** |  |
| 146063 | Aduro Biotech CVR, Rights, Expire 12/31/49(a)(d)(e) | $0 |
| Total Rights/Warrants <br> (Cost $0) | Total Rights/Warrants <br> (Cost $0) | 108092 |
| **EXCHANGE-TRADED FUNDS**(f**) — 5.9%** | **EXCHANGE-TRADED FUNDS**(f**) — 5.9%** |  |
| 710151 | iShares MSCI Emerging Markets ETF | 39271350 |
| 169115 | iShares Russell 2000 ETF | 41641186 |
| 843067 | State Street SPDR S&P Biotech ETF | 95022082 |
| 102937 | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 13054470 |
| 459323 | State Street SPDR S&P Regional Banking ETF | 27559380 |
| 520997 | Utilities Select Sector SPDR Fund | 46420833 |
| 2846650 | VanEck Junior Gold Miners ETF | 266645706 |
| Total Exchange-Traded Funds <br> (Cost $331,195,822) | Total Exchange-Traded Funds <br> (Cost $331,195,822) | 529615007 |
| **INVESTMENT COMPANY — 0.3%** | **INVESTMENT COMPANY — 0.3%** |  |
| 29800209 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.90%(g) | 29800209 |
| Total Investment Company <br> (Cost $29,800,209) | Total Investment Company <br> (Cost $29,800,209) | 29800209 |
| Principal <br> Amount |  |  |
| **CASH SWEEP — 2.2%** | **CASH SWEEP — 2.2%** |  |
| $192576311 | Citibank - U.S. Dollars on Deposit in Custody Account, 0.60%(g) | 192576311 |
| Total Cash Sweep <br> (Cost $192,576,311) | Total Cash Sweep <br> (Cost $192,576,311) | 192576311 |
| **TOTAL INVESTMENTS — 100.0%** <br> (Cost $7,244,783,834) | **TOTAL INVESTMENTS — 100.0%** <br> (Cost $7,244,783,834) | $8908122428 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)%** | (4084697) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $8904037731 |

---

(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 except as indicated in (e).

(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 $4,460,654 which is 0.05% of net assets and the cost is $57,923,145.

(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 October 31, 2025.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CVR — Contingent Value Right

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | **October 31, 2025**<br>|

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 94.3%** | **COMMON STOCKS — 94.3%** |  |
| **Banks — 8.0%** | **Banks — 8.0%** |  |
| 26788 | ABN AMRO Bank NV(a)(b) | $800028 |
| 63954 | AIB Group Plc | 588627 |
| 10725 | Ameris Bancorp | 768125 |
| 41169 | Banco Bilbao Vizcaya Argentaria SA | 827351 |
| 512318 | Banco Bradesco SA - Preference Shares | 1732184 |
| 7453014 | Banco de Chile | 1307945 |
| 201451 | Banco de Sabadell SA | 753033 |
| 79051 | Banco Santander SA | 804209 |
| 3526581 | Bank Central Asia Tbk PT | 1807823 |
| 148154 | Bank of America Corp. | 7918831 |
| 372390 | Barclays Plc | 1991080 |
| 13454 | BNP Paribas SA | 1039950 |
| 19116 | Cadence Bank | 721438 |
| 4000 | Capitec Bank Holdings Ltd. | 884227 |
| 32327 | Citigroup, Inc. | 3272462 |
| 52801 | Commerzbank AG | 1917732 |
| 28493 | CVB Financial Corp. | 523416 |
| 25649 | DNB Bank ASA | 654060 |
| 8272 | Erste Group Bank AG | 855741 |
| 11976 | Hancock Whitney Corp. | 683949 |
| 484489 | HDFC Bank Ltd. | 5388411 |
| 81259 | HSBC Holdings Plc | 1135179 |
| 138670 | ING Groep NV | 3471681 |
| 33971 | Iyogin Holdings, Inc. | 530583 |
| 54695 | JP Morgan Chase & Co. | 17016708 |
| 598969 | Lloyds Banking Group Plc | 700940 |
| 242245 | Mitsubishi UFJ Financial Group, Inc. | 3662519 |
| 199627 | NatWest Group Plc | 1531540 |
| 35112 | Old National Bancorp | 717338 |
| 63009 | Skandinaviska Enskilda Banken AB - Class A | 1203109 |
| 14053 | Societe Generale SA | 888633 |
| 7325 | SOUTHSTATE BANK Corp. | 649361 |
| 18497 | Sumitomo Mitsui Trust Group, Inc. | 507824 |
| 22459 | Swedbank AB - Class A | 683209 |
| 8574 | Texas Capital Bancshares, Inc.(c) | 718844 |
| 10831 | Toronto-Dominion Bank (The) | 889307 |
| 19950 | Truist Financial Corp. | 890369 |
| 9362 | UniCredit SpA | 690955 |
| 39963 | United Overseas Bank Ltd. | 1064472 |
|  |  | 72193193 |
| **Communication Services — 8.3%** | **Communication Services — 8.3%** |  |
| 7852 | Alphabet, Inc. - Class A | 2207904 |
| 114426 | Alphabet, Inc. - Class C | 32247535 |
| 21306 | Cargurus, Inc.(c) | 748267 |
| 4728 | CTS Eventim AG & Co. KGaA | 422899 |
| 71265 | Deutsche Telekom AG | 2208841 |
| 2925 | EchoStar Corp. - Class A(c) | 218995 |
| 351206 | ITV Plc | 321351 |
| 11467 | Live Nation Entertainment, Inc.(c) | 1714660 |
| 186161 | LY Corp. | 547213 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Communication Services (continued)** | **Communication Services (continued)** |  |
| 25705 | Meta Platforms, Inc. - Class A | $16665837 |
| 18506 | Metropole Television SA | 255118 |
| 51199 | NetEase, Inc. | 1429781 |
| 1581 | Netflix, Inc.(c) | 1768918 |
| 95697 | Orange SA | 1526072 |
| 30429 | Quebecor, Inc. - Class B | 970656 |
| 2881 | Reddit, Inc. - Class A(c) | 601985 |
| 76717 | Rightmove Plc | 673231 |
| 6986 | Spotify Technology SA(c) | 4578065 |
| 883 | Swisscom AG | 646820 |
| 8778 | Take-Two Interactive Software, Inc.(c) | 2250416 |
| 129748 | Telefonica SA | 656093 |
| 68207 | TELUS Corp. | 997416 |
| 40795 | Verizon Communications, Inc. | 1621193 |
|  |  | 75279266 |
| **Consumer Discretionary — 9.5%** | **Consumer Discretionary — 9.5%** |  |
| 11286 | Academy Sports & Outdoors, Inc. | 540487 |
| 157521 | Alibaba Group Holding Ltd. | 3346831 |
| 110167 | Amazon.com, Inc.(c) | 26904985 |
| 4269 | Aumovio SE(c) | 183541 |
| 13919 | Avolta AG | 730239 |
| 112860 | B&M European Value Retail SA | 266357 |
| 498 | Booking Holdings, Inc. | 2528715 |
| 15227 | Bridgestone Corp. | 668324 |
| 5370 | Bright Horizons Family Solutions, Inc. (c) | 586565 |
| 5804 | Canadian Tire Corp. Ltd. - Class A | 665626 |
| 1576 | Carvana Co.(c) | 483107 |
| 1481 | Cavco Industries, Inc.(c) | 784634 |
| 3007664 | China Meidong Auto Holdings Ltd. | 685095 |
| 8539 | Continental AG | 644485 |
| 23592 | Dollarama, Inc. | 3066598 |
| 9524 | DoorDash, Inc. - Class A(c) | 2422620 |
| 5618 | Dorman Products, Inc.(c) | 753542 |
| 5400 | Flutter Entertainment Plc(c) | 1255986 |
| 2611 | Genuine Parts Co. | 332406 |
| 119335 | Gestamp Automocion SA(a)(b) | 461898 |
| 7967 | Hilton Worldwide Holdings, Inc. | 2047200 |
| 5430 | Home Depot, Inc. (The) | 2061174 |
| 12608 | HUGO BOSS AG | 558779 |
| 29022 | Inchcape Plc | 291284 |
| 2607 | Installed Building Products, Inc. | 647136 |
| 342211 | JD Sports Fashion Plc | 418902 |
| 176892 | Kingfisher Plc | 717599 |
| 15415 | Light & Wonder, Inc.(c) | 1120670 |
| 2653 | LVMH Moet Hennessy Louis Vuitton SE | 1871790 |
| 37071 | Mahindra & Mahindra Ltd. | 1456260 |
| 7144 | MakeMyTrip Ltd.(c) | 571520 |
| 65660 | Mazda Motor Corp. | 456736 |
| 5972 | McDonald's Corp. | 1782224 |
| 114765 | Meituan - B Shares(a)(b)(c) | 1506461 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025**<br>|

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |  |
| 1343 | MercadoLibre, Inc.(c) | $3125510 |
| 19634 | Moncler SpA | 1176819 |
| 1593 | Murphy USA, Inc. | 570613 |
| 15612 | On Holding AG - Class A(c) | 579986 |
| 23321 | OneSpaWorld Holdings Ltd. | 542680 |
| 43339 | O'Reilly Automotive, Inc.(c) | 4092935 |
| 4875 | Pandora A/S | 652814 |
| 8780 | Planet Fitness, Inc. - Class A(c) | 796258 |
| 27140 | Prosus NV | 1874785 |
| 13129 | Rinnai Corp. | 298088 |
| 6051 | Royal Caribbean Cruises Ltd. | 1735608 |
| 24226 | Sony Group Corp. | 680988 |
| 57052 | Subaru Corp. | 1215377 |
| 3831 | Texas Roadhouse, Inc. | 626675 |
| 26183 | Tokai Rika Co. Ltd. | 471977 |
| 8639 | Tokyotokeiba Co. Ltd. | 309997 |
| 10061 | Trip.com Group Ltd. | 703702 |
| 44333 | Vistry Group Plc(c) | 375184 |
| 37798 | Wesfarmers Ltd. | 2077423 |
| 1543 | Wingstop, Inc. | 334260 |
| 850 | Winmark Corp. | 342695 |
| 10238 | Wyndham Hotels & Resorts, Inc. | 751776 |
|  |  | 86155926 |
| **Consumer Staples — 5.3%** | **Consumer Staples — 5.3%** |  |
| 34201 | Alimentation Couche-Tard, Inc. | 1738153 |
| 16804 | Associated British Foods Plc | 506631 |
| 159202 | AVI Ltd. | 886113 |
| 64403 | Bid Corp. Ltd. | 1593183 |
| 22342 | BJ's Wholesale Club Holdings, Inc.(c) | 1971905 |
| 40027 | Clicks Group Ltd. | 842766 |
| 14898 | Coca-Cola Co. (The) | 1026472 |
| 23311 | Coca-Cola Europacific Partners Plc | 2070716 |
| 6255 | Costco Wholesale Corp. | 5701120 |
| 7444 | Danone SA | 657939 |
| 232725 | Fomento Economico Mexicano SAB de CV - Units | 2192527 |
| 428549 | Foshan Haitian Flavouring & Food Co. Ltd. - H Shares | 1764813 |
| 6438 | Henkel AG & Co. KGaA - Preference Shares | 521383 |
| 2019 | Hershey Co. (The) | 342483 |
| 18249 | Intercos SpA | 248210 |
| 73470 | Jeronimo Martins SGPS SA | 1891867 |
| 79467 | Kenvue, Inc. | 1141941 |
| 36340 | Koninklijke Ahold Delhaize NV | 1487418 |
| 62617 | Leroy Seafood Group ASA | 294625 |
| 3276 | L'Oreal SA | 1369396 |
| 30200 | Mowi ASA | 663674 |
| 57396 | Orkla ASA | 581935 |
| 3084 | PepsiCo, Inc. | 450542 |
| 7011 | Philip Morris International, Inc. | 1011898 |
| 6839 | Procter & Gamble Co. (The) | 1028380 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Consumer Staples (continued)** | **Consumer Staples (continued)** |  |
| 427744 | Raia Drogasil SA | $1591731 |
| 10851 | Reckitt Benckiser Group Plc | 829068 |
| 296473 | Sonae SGPS SA | 483206 |
| 149837 | Tesco Plc | 904287 |
| 178518 | Unicharm Corp. | 1104516 |
| 56779 | Unilever Plc | 3422961 |
| 1382191 | Uni-President China Holdings Ltd. | 1495933 |
| 30706 | US Foods Holding Corp.(c) | 2229870 |
| 39818 | Walmart, Inc. | 4028785 |
|  |  | 48076447 |
| **Energy — 2.4%** | **Energy — 2.4%** |  |
| 23502 | Aker BP ASA | 609983 |
| 22304 | Baker Hughes Co. | 1079737 |
| 12466 | Cactus, Inc. - Class A | 550623 |
| 33832 | Chevron Corp. | 5335983 |
| 22492 | ConocoPhillips | 1998639 |
| 36109 | Eni SpA | 663606 |
| 25571 | Exxon Mobil Corp. | 2924300 |
| 76111 | Idemitsu Kosan Co. Ltd. | 529187 |
| 39395 | Inpex Corp. | 726242 |
| 67448 | Kinder Morgan, Inc. | 1766463 |
| 23338 | Magnolia Oil & Gas Corp. - Class A | 524171 |
| 10470 | Matador Resources Co. | 413146 |
| 17451 | Murphy Oil Corp. | 493863 |
| 23788 | OMV AG | 1301317 |
| 48028 | Repsol SA | 878832 |
| 6243 | Solaris Energy Infrastructure, Inc. | 332315 |
| 13793 | TC Energy Corp. | 692133 |
| 31292 | Tenaris SA | 623448 |
|  |  | 21443988 |
| **Financial Services — 5.9%** | **Financial Services — 5.9%** |  |
| 28438 | 3i Group Plc | 1643796 |
| 711 | Adyen NV(a)(b)(c) | 1219959 |
| 15379 | Apollo Global Management, Inc. | 1911763 |
| 12563 | Banca IFIS SpA | 324369 |
| 5964 | Berkshire Hathaway, Inc. - Class B(c) | 2848049 |
| 7372 | Blackstone, Inc. | 1081030 |
| 15729 | Block, Inc.(c) | 1194460 |
| 66710 | Brookfield Corp. | 3071995 |
| 10167 | CME Group, Inc. | 2699237 |
| 58210 | Daiwa Securities Group, Inc. | 449295 |
| 10958 | Essent Group Ltd. | 663726 |
| 6943 | FirstCash Holdings, Inc. | 1100465 |
| 4945 | Hamilton Lane, Inc. - Class A | 563532 |
| 10669 | IGM Financial, Inc. | 410390 |
| 29524 | Intercontinental Exchange, Inc. | 4319066 |
| 11827 | KKR & Co., Inc. | 1399489 |
| 5638 | Mastercard, Inc. - Class A | 3112120 |
| 14546 | Morgan Stanley | 2385544 |
| 3621 | MSCI, Inc. | 2131140 |
| 31145 | Nasdaq, Inc. | 2662586 |
| 42413 | OSB Group Plc | 300320 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025**<br>|

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| 750 | Partners Group Holding AG | $915564 |
| 67632 | Poste Italiane SpA(a)(b) | 1628501 |
| 5435 | S&P Global, Inc. | 2647986 |
| 24226 | Sony Financial Group, Inc.(c) | 24429 |
| 17448 | Tradeweb Markets, Inc. - Class A | 1838845 |
| 31368 | Visa, Inc. - Class A | 10688332 |
|  |  | 53235988 |
| **Health Care — 9.0%** | **Health Care — 9.0%** |  |
| 10662 | Abbott Laboratories | 1318036 |
| 28761 | AbbVie, Inc. | 6271048 |
| 12948 | Agilent Technologies, Inc. | 1895069 |
| 20102 | AstraZeneca Plc | 3293077 |
| 18529 | Axogen, Inc.(c) | 411714 |
| 31725 | Boston Scientific Corp.(c) | 3195342 |
| 17907 | Cencora, Inc. | 6049164 |
| 10012 | Cooper Cos., Inc. (The)(c) | 699939 |
| 22390 | Danaher Corp. | 4822358 |
| 7279 | Dexcom, Inc.(c) | 423783 |
| 116017 | Dr Reddy's Laboratories Ltd. | 1565168 |
| 1495 | Elevance Health, Inc. | 474214 |
| 3755 | Eli Lilly & Co. | 3240039 |
| 6047 | Ensign Group, Inc. (The) | 1089065 |
| 15626 | Fresenius SE & Co. KGaA | 900926 |
| 7976 | Galderma Group AG | 1471806 |
| 25737 | GSK Plc | 602000 |
| 8999 | HealthEquity, Inc.(c) | 851125 |
| 4133 | Hims & Hers Health, Inc.(c) | 187886 |
| 3711 | IDEXX Laboratories, Inc.(c) | 2336112 |
| 8260 | Intuitive Surgical, Inc.(c) | 4413153 |
| 5693 | iRhythm Technologies, Inc.(c) | 1066299 |
| 6702 | Johnson & Johnson | 1265807 |
| 3454 | Labcorp Holdings, Inc. | 877178 |
| 3472 | Lonza Group AG | 2391031 |
| 4297 | McKesson Corp. | 3486328 |
| 3422 | Medpace Holdings, Inc.(c) | 2001562 |
| 33312 | Medtronic Plc | 3021398 |
| 15817 | Merck & Co., Inc. | 1359946 |
| 5912 | Merit Medical Systems, Inc.(c) | 517537 |
| 20748 | Novartis AG | 2559371 |
| 13216 | Phreesia, Inc.(c) | 299210 |
| 7173 | Prestige Consumer Healthcare, Inc.(c) | 434684 |
| 2078 | Pro Medicus Ltd. | 358414 |
| 11501 | RadNet, Inc.(c) | 873961 |
| 4336 | Roche Holding AG | 1394956 |
| 35281 | Santen Pharmaceutical Co. Ltd. | 345461 |
| 28238 | Ship Healthcare Holdings, Inc. | 422077 |
| 11152 | STERIS Plc | 2628526 |
| 10678 | Straumann Holding AG | 1340140 |
| 10761 | Suzuken Co. Ltd. | 408836 |
| 3173 | Thermo Fisher Scientific, Inc. | 1800329 |
| 2541 | UFP Technologies, Inc.(c) | 489498 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Health Care (continued)** | **Health Care (continued)** |  |
| 20011 | UnitedHealth Group, Inc. | $6834957 |
|  |  | 81688530 |
| **Industrials — 11.9%** | **Industrials — 11.9%** |  |
| 24731 | Aena SME SA(a)(b) | 671321 |
| 86387 | Amada Co. Ltd. | 1033101 |
| 5885 | AMETEK, Inc. | 1189417 |
| 9984 | ANDRITZ AG | 754929 |
| 54613 | API Group Corp.(c) | 2010851 |
| 3263 | Applied Industrial Technologies, Inc. | 838885 |
| 25867 | Ashtead Group Plc | 1724220 |
| 2097 | Automatic Data Processing, Inc. | 545849 |
| 2917 | Axon Enterprise, Inc.(c) | 2135915 |
| 62732 | Balfour Beatty Plc | 553802 |
| 3488 | Barrett Business Services, Inc. | 141159 |
| 4394 | Bloom Energy Corp. - Class A(c) | 580711 |
| 9337 | Boeing Co. (The)(c) | 1876924 |
| 14292 | Booz Allen Hamilton Holding Corp. | 1245691 |
| 14646 | Bouygues SA | 660581 |
| 104345 | Brambles Ltd. | 1697265 |
| 7618 | Brenntag SE | 422800 |
| 46643 | BrightView Holdings, Inc.(c) | 574642 |
| 6070 | Builders FirstSource, Inc.(c) | 705152 |
| 7601 | BWX Technologies, Inc. | 1623650 |
| 6778 | Carlisle Cos., Inc. | 2203189 |
| 1865 | Caterpillar, Inc. | 1076590 |
| 32236 | Central Japan Railway Co. | 787754 |
| 11764 | Clean Harbors, Inc.(c) | 2476440 |
| 749 | Comfort Systems USA, Inc. | 723219 |
| 6736 | Construction Partners, Inc. - Class A(c) | 770262 |
| 32380 | Copart, Inc.(c) | 1392664 |
| 31185 | Core & Main, Inc. - Class A(c) | 1627233 |
| 5000 | Crane Co. | 950000 |
| 840 | Curtiss-Wright Corp. | 500413 |
| 1933 | Deere & Co. | 892331 |
| 44050 | Deutsche Post AG | 2020814 |
| 73537 | easyJet Plc | 468054 |
| 4937 | Eaton Corp. Plc | 1883762 |
| 5126 | Eiffage SA | 630435 |
| 6343 | Equifax, Inc. | 1339007 |
| 7595 | Esab Corp. | 887248 |
| 18065 | ExlService Holdings, Inc.(c) | 706342 |
| 4736 | Federal Signal Corp. | 558990 |
| 11219 | Fluor Corp.(c) | 547151 |
| 3059 | GE Vernova, Inc. | 1789943 |
| 4957 | Griffon Corp. | 366868 |
| 7098 | Helios Technologies, Inc. | 392945 |
| 21955 | Hitachi Construction Machinery Co. Ltd. | 716732 |
| 2337 | HOCHTIEF AG | 669665 |
| 2467 | Honeywell International, Inc. | 496681 |
| 21974 | Howmet Aerospace, Inc. | 4525545 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025**<br>|

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 172593 | International Consolidated Airlines Group SA | $947747 |
| 15492 | ISS A/S | 488268 |
| 35200 | Japan Airlines Co. Ltd. | 634518 |
| 4968 | JBT Marel Corp. | 626465 |
| 17071 | Keller Group Plc | 356128 |
| 59506 | Komatsu Ltd. | 1994731 |
| 10599 | Kone Oyj - Class B | 707605 |
| 3654 | Kratos Defense & Security Solutions, Inc.(c) | 331052 |
| 8939 | L3Harris Technologies, Inc. | 2584265 |
| 4233 | Limbach Holdings, Inc.(c) | 399934 |
| 17045 | Makita Corp. | 517179 |
| 7089 | Mercury Systems, Inc.(c) | 548759 |
| 9717 | Morgan Sindall Group Plc | 593583 |
| 2338 | MSA Safety, Inc. | 367136 |
| 10836 | Mueller Industries, Inc. | 1147207 |
| 3154 | NEXTracker, Inc. - Class A(c) | 319248 |
| 5080 | Northrop Grumman Corp. | 2963926 |
| 39971 | Peab AB - Class B | 324177 |
| 12681 | Pentair Plc | 1348624 |
| 4570 | Quanta Services, Inc. | 2052524 |
| 18051 | QXO, Inc.(c) | 318961 |
| 2092 | RBC Bearings, Inc.(c) | 896485 |
| 11926 | RELX Plc | 525947 |
| 7952 | Republic Services, Inc. | 1655924 |
| 797 | Rheinmetall AG | 1563103 |
| 15790 | ROCKWOOL A/S - Class B | 540798 |
| 148471 | Rolls-Royce Holdings Plc | 2276191 |
| 12802 | Ryanair Holdings Plc - ADR | 799869 |
| 6338 | Saia, Inc.(c) | 1853865 |
| 22576 | Sanwa Holdings Corp. | 616735 |
| 1867 | Schindler Holding AG - Participation Certificates | 663513 |
| 165600 | SF Holding Co. Ltd. - H Shares | 768483 |
| 5804 | SGS SA | 653568 |
| 8297 | Siemens AG | 2348327 |
| 4427 | Simpson Manufacturing Co., Inc. | 781365 |
| 99343 | Singapore Airlines Ltd. | 506027 |
| 26654 | SKF AB - Class B | 687375 |
| 4069 | Societe BIC SA | 226533 |
| 17520 | StandardAero, Inc.(c) | 506153 |
| 18214 | Tetra Tech, Inc. | 582484 |
| 14810 | Titan Machinery, Inc.(c) | 242884 |
| 48008 | Toyota Tsusho Corp. | 1469429 |
| 35709 | TransUnion | 2898857 |
| 24296 | UL Solutions, Inc. - Class A | 1891930 |
| 6736 | Union Pacific Corp. | 1484412 |
| 1727 | United Rentals, Inc. | 1504528 |
| 14086 | Valmet Oyj | 458024 |
| 30592 | Verra Mobility Corp.(c) | 710040 |
| 46615 | Vesuvius Plc | 230010 |
| 5253 | Vinci SA | 701759 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 5877 | Waste Management, Inc. | $1174048 |
| 131960 | WEG SA | 1031898 |
| 28259 | West Japan Railway Co. | 579629 |
| 12900 | Westinghouse Air Brake Technologies Corp. | 2637276 |
| 3149 | Wolters Kluwer NV | 385655 |
|  |  | 107812303 |
| **Information Technology — 26.1%** | **Information Technology — 26.1%** |  |
| 2235 | Alten SA | 184068 |
| 34216 | Anritsu Corp. | 507656 |
| 118538 | Apple, Inc. | 32049119 |
| 14753 | Applied Materials, Inc. | 3438924 |
| 1135 | AppLovin Corp. - Class A(c) | 723370 |
| 1244 | ASM International NV | 805850 |
| 7012 | ASML Holding NV | 7420435 |
| 3818 | Badger Meter, Inc. | 688958 |
| 5324 | Bel Fuse, Inc. - Class B | 819843 |
| 26251 | Bentley Systems, Inc. - Class B | 1334338 |
| 58066 | Broadcom, Inc. | 21462936 |
| 6761 | Cadence Design Systems, Inc.(c) | 2289883 |
| 159499 | CCC Intelligent Solutions Holdings, Inc.(c) | 1390831 |
| 12217 | CDW Corp. | 1947023 |
| 4421 | CGI, Inc. | 384747 |
| 4931 | Cloudflare, Inc. - Class A(c) | 1249022 |
| 11522 | Crane NXT Co. | 728767 |
| 3234 | Credo Technology Group Holding Ltd.(c) | 606763 |
| 41520 | Delta Electronics, Inc. | 1343886 |
| 4849 | Descartes Systems Group, Inc. (The)(c) | 427730 |
| 9490 | Diodes, Inc.(c) | 506386 |
| 6659 | D-Wave Quantum, Inc.(c) | 246783 |
| 11921 | Entegris, Inc. | 1091606 |
| 7937 | EPAM Systems, Inc.(c) | 1298017 |
| 15038 | FormFactor, Inc.(c) | 826338 |
| 31897 | Fortinet, Inc.(c) | 2756858 |
| 120365 | Fujitsu Ltd. | 3148344 |
| 8621 | Gartner, Inc.(c) | 2140939 |
| 2338 | Guidewire Software, Inc.(c) | 546250 |
| 5271 | Horiba Ltd. | 491324 |
| 13391 | Indra Sistemas SA | 740269 |
| 14180 | Infineon Technologies AG | 560946 |
| 89153 | Infosys Ltd. | 1488674 |
| 2970 | InterDigital, Inc. | 1075021 |
| 7180 | International Business Machines Corp. | 2207204 |
| 5197 | IonQ, Inc.(c) | 324189 |
| 17805 | Japan Aviation Electronics Industry Ltd. | 266538 |
| 15307 | Kaga Electronics Co. Ltd. | 355087 |
| 3284 | Keyence Corp. | 1222523 |
| 15099 | Keysight Technologies, Inc.(c) | 2762513 |
| 2148 | KLA Corp. | 2596374 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | **October 31, 2025**<br>|

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| 7086 | Manhattan Associates, Inc.(c) | $1290148 |
| 76585 | Microsoft Corp. | 39656479 |
| 5479 | MKS, Inc. | 787387 |
| 9712 | Motorola Solutions, Inc. | 3949968 |
| 23363 | Nomura Research Institute Ltd. | 914145 |
| 5475 | Novanta, Inc.(c) | 695380 |
| 251918 | NVIDIA Corp. | 51010876 |
| 4912 | Onto Innovation, Inc.(c) | 662924 |
| 5642 | Oracle Corp. | 1481646 |
| 6643 | Palo Alto Networks, Inc.(c) | 1463054 |
| 8947 | Q2 Holdings, Inc.(c) | 552567 |
| 12955 | QUALCOMM, Inc. | 2343560 |
| 2392 | Rambus, Inc.(c) | 245993 |
| 6568 | Rigetti Computing, Inc.(c) | 290765 |
| 7579 | Riot Platforms, Inc.(c) | 149913 |
| 22823 | Samsara, Inc. - Class A(c) | 916800 |
| 63294 | Samsung Electronics Co. Ltd. | 4775648 |
| 6646 | SCREEN Holdings Co. Ltd. | 633291 |
| 4830 | ServiceNow, Inc.(c) | 4440122 |
| 8942 | Shopify, Inc. - Class A(c) | 1554656 |
| 1318 | Sopra Steria Group | 204939 |
| 7837 | SoundHound AI, Inc. - Class A(c) | 138088 |
| 138024 | Taiwan Semiconductor Manufacturing Co. Ltd. | 6734849 |
| 9434 | TE Connectivity Plc | 2330292 |
| 81083 | Telefonaktiebolaget LM Ericsson - Class B | 817637 |
| 7432 | Texas Instruments, Inc. | 1199971 |
| 21879 | Vontier Corp. | 842341 |
|  |  | 236539771 |
| **Insurance — 1.9%** | **Insurance — 1.9%** |  |
| 9968 | Ageas SA | 659504 |
| 209246 | AIA Group Ltd. | 2031724 |
| 5103 | Allianz SE | 2048103 |
| 5730 | Arthur J Gallagher & Co. | 1429578 |
| 7877 | ASR Nederland NV | 525698 |
| 52518 | Dai-ichi Life Holdings, Inc. | 369749 |
| 480 | Fairfax Financial Holdings Ltd. | 779297 |
| 16514 | Great-West Lifeco, Inc. | 700098 |
| 867 | Kinsale Capital Group, Inc. | 346340 |
| 331499 | Mapfre SA | 1464216 |
| 22339 | MetLife, Inc. | 1783099 |
| 8405 | NN Group NV | 575275 |
| 3805 | Palomar Holdings, Inc.(c) | 433808 |
| 8952 | Prudential Financial, Inc. | 931008 |
| 30356 | Ryan Specialty Holdings, Inc. | 1663509 |
| 44925 | Unipol Assicurazioni SpA | 982061 |
| 1080 | Zurich Insurance Group AG | 750196 |
|  |  | 17473263 |
| **Materials — 2.4%** | **Materials — 2.4%** |  |
| 25737 | Acerinox SA | 331663 |
| 9543 | Bekaert SA | 398741 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Materials (continued)** | **Materials (continued)** |  |
| 44919 | BHP Group Ltd. | $1277017 |
| 27628 | Billerud Aktiebolag | 255770 |
| 19130 | Boliden AB(c) | 863848 |
| 58701 | Breedon Group Plc | 265740 |
| 39976 | CRH Plc | 4761142 |
| 31857 | Element Solutions, Inc. | 851219 |
| 32301 | Fortescue Ltd. | 449955 |
| 16705 | Heidelberg Materials AG | 3910694 |
| 13093 | Holcim AG | 1160677 |
| 29539 | International Paper Co. | 1141387 |
| 45164 | Kansai Paint Co. Ltd. | 725039 |
| 26259 | Kuraray Co. Ltd. | 284979 |
| 39395 | Nippon Kayaku Co. Ltd. | 360309 |
| 16753 | Perimeter Solutions, Inc.(c) | 393863 |
| 5733 | Sherwin-Williams Co. (The) | 1977541 |
| 617 | Solstice Advanced Materials, Inc.(c) | 27797 |
| 102298 | SSAB AB - Class A | 649737 |
| 18445 | Tokuyama Corp. | 459001 |
| 6465 | Vicat SACA | 484372 |
| 20291 | voestalpine AG | 722234 |
|  |  | 21752725 |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** |  |
| 2913 | American Tower Corp. REIT | 521369 |
| 361378 | CapitaLand Integrated Commercial Trust REIT | 658010 |
| 22726 | Cushman & Wakefield Plc(c) | 356798 |
| 20410 | Daiwa House Industry Co. Ltd. | 693047 |
| 3888 | FirstService Corp. | 619786 |
| 18951 | Prologis, Inc. REIT | 2351630 |
| 6331 | Ryman Hospitality Properties, Inc. REIT | 550227 |
| 7140 | Simon Property Group, Inc. REIT | 1254926 |
| 19436 | STAG Industrial, Inc. REIT | 743816 |
| 73688 | Sun Hung Kai Properties Ltd. | 895668 |
| 14444 | Terreno Realty Corp. REIT | 825186 |
|  |  | 9470463 |
| **Utilities — 2.6%** | **Utilities — 2.6%** |  |
| 25608 | Ameren Corp. | 2612528 |
| 24428 | American Electric Power Co., Inc. | 2937711 |
| 13584 | Duke Energy Corp. | 1688491 |
| 39620 | Iberdrola SA | 802159 |
| 104915 | NextEra Energy, Inc. | 8540081 |
| 6572 | NRG Energy, Inc. | 1129464 |
| 2371 | Oklo, Inc.(c) | 314798 |
| 8532 | Rubis SCA | 309587 |
| 26353 | Sempra | 2422895 |
| 26265 | Tokyo Gas Co. Ltd. | 920664 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **October 31, 2025**<br>|

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Utilities (continued)** | **Utilities (continued)** |  |
| 13073 | WEC Energy Group, Inc. | $1460646 |
|  |  | 23139024 |
| Total Common Stocks<br> (Cost $735,883,835) | Total Common Stocks<br> (Cost $735,883,835) | 854260887 |
| **EXCHANGE-TRADED FUNDS**(d) **— 2.1%** | **EXCHANGE-TRADED FUNDS**(d) **— 2.1%** |  |
| 12999 | Health Care Select Sector SPDR Fund | 1875106 |
| 40026 | iShares MSCI EAFE ETF | 3782057 |
| 8937 | iShares Russell 2000 ETF | 2200557 |
| 82810 | KraneShares CSI China Internet ETF | 3308259 |
| 44542 | State Street SPDR S&P Biotech ETF | 5020329 |
| 5546 | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 703344 |
| 24590 | State Street SPDR S&P Regional Banking ETF | 1475400 |
| 10353 | Utilities Select Sector SPDR Fund | 922452 |
| Total Exchange-Traded Funds<br> (Cost $17,058,180) | Total Exchange-Traded Funds<br> (Cost $17,058,180) | 19287504 |
| **INVESTMENT COMPANY — 2.7%** | **INVESTMENT COMPANY — 2.7%** |  |
| 24264357 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.90%(e) | 24264357 |
| Total Investment Company<br> (Cost $24,264,357) | Total Investment Company<br> (Cost $24,264,357) | 24264357 |
| **TOTAL INVESTMENTS — 99.1%**<br> (Cost $777,206,372) | **TOTAL INVESTMENTS — 99.1%**<br> (Cost $777,206,372) | $897812748 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%** | 7811888 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $905624636 |

---

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security
 may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined
 to be liquid in accordance with procedures adopted by the Fund's Board of Directors.

(b) 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) Non-income producing security.

(d) A copy of the underlying funds' financial statements is available upon request.

(e) The rate shown represents the current yield as of October 31, 2025.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CSI — China Securities Index

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

**PORTFOLIO DIVERSIFICATION BY COUNTRY**

---

| | | |
|:---|:---|:---|
| **Country:** | Value | Value as a<br> percentage of<br> Net Assets |
| United States | $592066558 | 65.3% |
| Japan | 33061173 | 3.7 |
| United Kingdom | 31285549 | 3.5 |
| Germany | 20903038 | 2.3 |
| Netherlands | 18566784 | 2.1 |
| Canada | 16968588 | 1.9 |
| Switzerland | 15257867 | 1.7 |
| Ireland | 13385090 | 1.5 |
| France | 11011172 | 1.2 |
| India | 10470033 | 1.2 |
| Sweden | 10062927 | 1.1 |
| Spain | 8391044 | 0.9 |
| Taiwan | 8078735 | 0.9 |
| China | 7650566 | 0.8 |
| Hong Kong | 6274223 | 0.7 |
| Australia | 5860074 | 0.6 |
| Italy | 5714521 | 0.6 |
| South Korea | 4775648 | 0.5 |
| Brazil | 4355813 | 0.5 |
| South Africa | 4206289 | 0.5 |
| Austria | 3634221 | 0.4 |
| Uruguay | 3125510 | 0.3 |
| Singapore | 2932211 | 0.3 |
| Norway | 2804277 | 0.3 |
| Portugal | 2375073 | 0.3 |
| Mexico | 2192527 | 0.2 |
| Indonesia | 1807823 | 0.2 |
| Denmark | 1681880 | 0.2 |
| Chile | 1307945 | 0.1 |
| Finland | 1165629 | 0.1 |
| Belgium | 1058245 | 0.1 |
| Bermuda | 663726 | 0.1 |
| Luxembourg | 623448 | 0.1 |
| Bahamas | 542680 | 0.1 |
| Other<sup>\*</sup> | 51363749 | 5.7 |
|  | $905624636 | 100.0% |

---

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

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** |  |
| **UNITED STATES — 0.2%** | **UNITED STATES — 0.2%** |  |
| 27600 | MetLife, Inc., Series F, 4.75% | $571872 |
| 38900 | Morgan Stanley, Series K, 5.85% | 948771 |
| 31500 | Public Storage, Series O, 3.90% | 512505 |
| 28500 | US Bancorp, Series L, 3.75% | 447735 |
| 122100 | Wells Fargo & Co., Series Z, 4.75% | 2428569 |
| Total Preferred Stocks<br> (Cost $6,547,571) | Total Preferred Stocks<br> (Cost $6,547,571) | 4909452 |
| **EXCHANGE-TRADED FUNDS**(a) **— 19.8%** | **EXCHANGE-TRADED FUNDS**(a) **— 19.8%** |  |
| **UNITED STATES — 19.8%** | **UNITED STATES — 19.8%** |  |
| 3482215 | Invesco Preferred ETF | 39836540 |
| 2061297 | iShares JP Morgan USD Emerging Markets Bond ETF | 199265581 |
| 1400000 | iShares MBS ETF | 133770000 |
| 1115770 | State Street SPDR Bloomberg Convertible Securities ETF | 103945133 |
| Total Exchange-Traded Funds<br> (Cost $462,233,071) | Total Exchange-Traded Funds<br> (Cost $462,233,071) | 476817254 |
| Principal<br> Amount |  |  |
| **CORPORATE BONDS — 5.7%** | **CORPORATE BONDS — 5.7%** |  |
| **AUSTRALIA — 0.0%** | **AUSTRALIA — 0.0%** |  |
| $425000 | Mineral Resources Ltd.,<br> 9.25%, 10/01/28(b) | 445615 |
| 175000 | Mineral Resources Ltd.,<br> 7.00%, 04/01/31(b) | 181170 |
|  |  | 626785 |
| **CANADA — 0.2%** | **CANADA — 0.2%** |  |
| 325000 | 1261229 BC Ltd.,<br> 10.00%, 04/15/32(b) | 339726 |
| 450000 | Bausch + Lomb Corp.,<br> 8.38%, 10/01/28(b) | 470250 |
| 700000 | Brookfield Residential Properties, Inc./Brookfield Residential US LLC,<br> 6.25%, 09/15/27(b) | 700039 |
| 450000 | Capstone Copper Corp.,<br> 6.75%, 03/31/33(b) | 465640 |
| 900000 | ERO Copper Corp.,<br> 6.50%, 02/15/30(b) | 895500 |
| 200000 | First Quantum Minerals Ltd.,<br> 7.25%, 02/15/34(b) | 207702 |
| 375000 | Garda World Security Corp.,<br> 8.25%, 08/01/32(b) | 381579 |
| 400000 | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC,<br> 9.00%, 02/15/29(b) | 413256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **CANADA (continued)** | **CANADA (continued)** | **CANADA (continued)** |  |
| $| 275000 | Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,<br> 8.00%, 08/01/30(b) | $271292 |
|  |  |  | 4144984 |
| **CAYMAN ISLANDS — 0.0%** | **CAYMAN ISLANDS — 0.0%** | **CAYMAN ISLANDS — 0.0%** |  |
|  | 450000 | Azorra Finance Ltd.,<br> 7.75%, 04/15/30(b) | 474422 |
|  | 200000 | Azorra Finance Ltd.,<br> 7.25%, 01/15/31(b) | 209193 |
|  |  |  | 683615 |
| **FRANCE — 0.0%** | **FRANCE — 0.0%** | **FRANCE — 0.0%** |  |
|  | 250000 | Iliad Holding SAS,<br> 7.00%, 04/15/32(b) | 255843 |
| **IRELAND — 0.1%** | **IRELAND — 0.1%** | **IRELAND — 0.1%** |  |
|  | 450000 | Adient Global Holdings Ltd.,<br> 8.25%, 04/15/31(b) | 470079 |
|  | 250000 | Adient Global Holdings Ltd.,<br> 7.50%, 02/15/33(b) | 258423 |
|  | 700000 | Cimpress Plc,<br> 7.38%, 09/15/32(b) | 711436 |
|  | 950000 | Perrigo Finance Unlimited Co., Series USD,<br> 6.13%, 09/30/32 | 958019 |
|  | 550000 | Phoenix Aviation Capital Ltd., <br> 9.25%, 07/15/30(b) | 579399 |
|  |  |  | 2977356 |
| **JAPAN — 0.1%** | **JAPAN — 0.1%** | **JAPAN — 0.1%** |  |
|  | 425000 | Kioxia Holdings Corp.,<br> 6.25%, 07/24/30(b) | 438805 |
|  | 400000 | Nissan Motor Co. Ltd.,<br> 4.81%, 09/17/30(b) | 375166 |
|  | 400000 | Nissan Motor Co. Ltd.,<br> 8.13%, 07/17/35(b) | 425421 |
|  | 700000 | Rakuten Group, Inc.,<br> 9.75%, 04/15/29(b) | 785141 |
|  |  |  | 2024533 |
| **JERSEY CHANNEL ISLANDS — 0.0%** | **JERSEY CHANNEL ISLANDS — 0.0%** | **JERSEY CHANNEL ISLANDS — 0.0%** |  |
|  | 425000 | Toucan FinCo Ltd.,<br> 9.50%, 05/15/30(b) | 398473 |
| **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** |  |
|  | 525000 | Connect Finco SARL/Connect US Finco LLC, <br>9.00%, 09/15/29(b) | 555930 |
| **MALTA — 0.1%** | **MALTA — 0.1%** | **MALTA — 0.1%** |  |
|  | 550000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc.,<br> 7.88%, 05/01/27(b) | 558122 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **MALTA (continued)** | **MALTA (continued)** | **MALTA (continued)** |  |
| $| 475000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc.,<br> 9.50%, 06/01/28(b) | $494004 |
|  |  |  | 1052126 |
| **NETHERLANDS — 0.0%** | **NETHERLANDS — 0.0%** | **NETHERLANDS — 0.0%** |  |
|  | 250000 | Axalta Coating Systems Dutch Holding B BV,<br> 7.25%, 02/15/31(b) | 262115 |
| **SINGAPORE — 0.1%** | **SINGAPORE — 0.1%** | **SINGAPORE — 0.1%** |  |
|  | 631125 | Seagate Data Storage Technology Pte Ltd.,<br> 9.63%, 12/01/32(b) | 719412 |
| **UNITED KINGDOM — 0.1%** | **UNITED KINGDOM — 0.1%** | **UNITED KINGDOM — 0.1%** |  |
|  | 325000 | California Buyer Ltd./Atlantica Sustainable Infrastructure Plc,<br> 6.38%, 02/15/32(b) | 328368 |
|  | 300000 | INEOS Finance Plc,<br> 7.50%, 04/15/29(b) | 279343 |
|  | 675000 | Jaguar Land Rover Automotive Plc,<br> 5.50%, 07/15/29(b) | 674444 |
|  | 1050000 | Virgin Media Finance Plc,<br> 5.00%, 07/15/30(b) | 937203 |
|  | 650000 | Vmed O2 UK Financing I Plc,<br> 6.75%, 01/15/33(b) | 651597 |
|  |  |  | 2870955 |
| **UNITED STATES — 5.0%** | **UNITED STATES — 5.0%** | **UNITED STATES — 5.0%** |  |
|  | 900000 | Acrisure LLC/Acrisure Finance, Inc.,<br> 6.00%, 08/01/29(b) | 891012 |
|  | 650000 | AdaptHealth LLC,<br> 6.13%, 08/01/28(b) | 649768 |
|  | 350000 | Advance Auto Parts, Inc.,<br> 7.00%, 08/01/30(b) | 353144 |
|  | 650000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,<br> 5.88%, 02/15/28(b) | 650806 |
|  | 400000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,<br> 5.75%, 03/31/34(b) | 401762 |
|  | 325000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer,<br> 7.00%, 01/15/31(b) | 336618 |
|  | 925000 | Allied Universal Holdco LLC,<br> 7.88%, 02/15/31(b) | 963125 |
|  | 325000 | Alpha Generation LLC,<br> 6.75%, 10/15/32(b) | 333966 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $350000 | Alpha Generation LLC,<br> 6.25%, 01/15/34(b) | $354067 |
| 381965 | Ambac Assurance Corp.,<br> 5.10%(b)(c) | 477456 |
| 550000 | American Airlines, Inc.,<br>8.50%, 05/15/29(b) | 573805 |
| 175000 | American Axle & Manufacturing, Inc.,<br>6.38%, 10/15/32(b) | 175520 |
| 375000 | American Axle & Manufacturing, Inc.,<br>7.75%, 10/15/33(b) | 375528 |
| 200000 | Amsted Industries, Inc.,<br>6.38%, 03/15/33(b) | 206987 |
| 700000 | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 3 LLC,<br>7.88%, 11/01/29(b) | 721000 |
| 550000 | Apollo Commercial Real Estate Finance, Inc. REIT,<br> 4.63%, 06/15/29(b) | 529375 |
| 275000 | Arbor Realty SR, Inc. REIT,<br>7.88%, 07/15/30(b) | 279832 |
| 300000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp.,<br> 6.63%, 10/15/32(b) | 305939 |
| 325000 | Ashton Woods USA LLC/Ashton Woods Finance Co.,<br> 6.88%, 08/01/33(b) | 325285 |
| 630000 | Bank of New York Mellon Corp.<br> (The), Series F,<br> (3 mo. Term SOFR + 3.393%),<br> 4.63%(c)(d) | 626343 |
| 475000 | Beacon Mobility Corp.,<br> 7.25%, 08/01/30(b) | 494574 |
| 450000 | Blackstone Mortgage Trust, Inc. REIT,<br> 7.75%, 12/01/29(b) | 474222 |
| 200000 | Block, Inc.,<br> 6.00%, 08/15/33(b) | 204499 |
| 425000 | Blue Racer Midstream LLC/Blue Racer Finance Corp.,<br> 7.00%, 07/15/29(b) | 440900 |
| 325000 | Blue Racer Midstream LLC/Blue Racer Finance Corp.,<br> 7.25%, 07/15/32(b) | 341279 |
| 275000 | BlueLinx Holdings, Inc.,<br> 6.00%, 11/15/29(b) | 269876 |
| 575000 | Boost Newco Borrower LLC,<br> 7.50%, 01/15/31(b) | 610863 |
| 925000 | Boyd Gaming Corp.,<br> 4.75%, 06/15/31(b) | 890673 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $850000 | Bread Financial Holdings, Inc., <br>9.75%, 03/15/29(b) | $907285 |
| 550000 | Bread Financial Holdings, Inc.,<br> 6.75%, 05/15/31(b) | 553763 |
| 750000 | Brink's Co. (The),<br> 6.75%, 06/15/32(b) | 778833 |
| 325000 | Buckeye Partners LP,<br> 4.50%, 03/01/28(b) | 321735 |
| 275000 | Buckeye Partners LP,<br> 6.75%, 02/01/30(b) | 287012 |
| 575000 | Builders FirstSource, Inc.,<br> 4.25%, 02/01/32(b) | 544033 |
| 700000 | Burford Capital Global Finance LLC,<br> 6.25%, 04/15/28(b) | 695261 |
| 975000 | Burford Capital Global Finance LLC,<br> 9.25%, 07/01/31(b) | 1009113 |
| 500000 | Caesars Entertainment, Inc.,<br> 4.63%, 10/15/29(b) | 470396 |
| 650000 | Caesars Entertainment, Inc.,<br> 6.50%, 02/15/32(b) | 655413 |
| 650000 | Carnival Corp.,<br> 6.13%, 02/15/33(b) | 670260 |
| 450000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br> 5.38%, 06/01/29(b) | 444116 |
| 1250000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br> 4.50%, 08/15/30(b) | 1171768 |
| 500000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br> 4.25%, 02/01/31(b) | 452559 |
| 800000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br> 4.50%, 06/01/33(b) | 693597 |
| 675000 | Century Communities, Inc.,<br> 6.63%, 09/15/33(b) | 672999 |
| 325000 | Champ Acquisition Corp.,<br> 8.38%, 12/01/31(b) | 346148 |
| 1670000 | Charles Schwab Corp. (The), Series H, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%),<br> 4.00%(c)(d) | 1566164 |
| 400000 | Chart Industries, Inc.,<br> 7.50%, 01/01/30(b) | 417160 |
| 750000 | CHS/Community Health Systems, Inc.,<br> 6.00%, 01/15/29(b) | 742500 |
| 650000 | Churchill Downs, Inc.,<br> 5.50%, 04/01/27(b) | 649766 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $325000 | Civitas Resources, Inc.,<br>5.00%, 10/15/26(b) | $323389 |
| 325000 | Civitas Resources, Inc.,<br>8.63%, 11/01/30(b) | 335999 |
| 125000 | Clarios Global LP/Clarios US Finance Co.,<br>6.75%, 02/15/30(b) | 129585 |
| 425000 | Clear Channel Outdoor Holdings, Inc.,<br>7.88%, 04/01/30(b) | 445556 |
| 350000 | Clear Channel Outdoor Holdings, Inc.,<br>7.13%, 02/15/31(b) | 360940 |
| 300000 | Clear Channel Outdoor Holdings, Inc.,<br>7.50%, 03/15/33(b) | 313699 |
| 650000 | Cleveland-Cliffs, Inc.,<br>6.88%, 11/01/29(b) | 667488 |
| 875000 | Cloud Software Group, Inc.,<br>6.50%, 03/31/29(b) | 881604 |
| 400000 | Cloud Software Group, Inc.,<br>8.25%, 06/30/32(b) | 420326 |
| 675000 | Cogent Communications Group LLC/Cogent Finance, Inc.,<br>7.00%, 06/15/27(b) | 673480 |
| 275000 | Compass Minerals International, Inc.,<br>8.00%, 07/01/30(b) | 286199 |
| 400000 | CoreWeave, Inc.,<br>9.25%, 06/01/30(b) | 403890 |
| 450000 | CoreWeave, Inc.,<br>9.00%, 02/01/31(b) | 451316 |
| 350000 | Crescent Energy Finance LLC,<br>7.63%, 04/01/32(b) | 339340 |
| 250000 | CrossCountry Intermediate HoldCo LLC,<br>6.50%, 10/01/30(b) | 252306 |
| 800000 | Cushman & Wakefield US Borrower LLC,<br>8.88%, 09/01/31(b) | 856976 |
| 575000 | DaVita, Inc.,<br>6.88%, 09/01/32(b) | 595660 |
| 250000 | Dcli Bidco LLC,<br>7.75%, 11/15/29(b) | 254106 |
| 375000 | Directv Financing LLC,<br>8.88%, 02/01/30(b) | 372780 |
| 544000 | Directv Financing LLC/Directv Financing Co-Obligor, Inc.,<br>5.88%, 08/15/27(b) | 544026 |
| 475000 | DISH DBS Corp.,<br>5.13%, 06/01/29 | 410056 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $850000 | DISH Network Corp.,<br> 11.75%, 11/15/27(b) | $894866 |
| 825000 | EchoStar Corp.,<br> 10.75%, 11/30/29 | 908221 |
| 518563 | EchoStar Corp., PIK,<br> 6.75%, 11/30/30 | 535110 |
| 432000 | Edgewell Personal Care Co.,<br> 4.13%, 04/01/29(b) | 410296 |
| 725000 | Embecta Corp.,<br> 5.00%, 02/15/30(b) | 687893 |
| 500000 | Endo Finance Holdings, Inc.,<br> 8.50%, 04/15/31(b) | 529961 |
| 450000 | Energizer Holdings, Inc.,<br> 4.75%, 06/15/28(b) | 442710 |
| 350000 | Energizer Holdings, Inc.,<br> 4.38%, 03/31/29(b) | 335937 |
| 425000 | EW Scripps Co. (The),<br> 9.88%, 08/15/30(b) | 403043 |
| 1000000 | Ford Motor Credit Co. LLC,<br> 5.30%, 09/06/29 | 1002330 |
| 675000 | Ford Motor Credit Co. LLC,<br> 6.53%, 03/19/32 | 704674 |
| 825000 | Fortress Intermediate 3, Inc.,<br> 7.50%, 06/01/31(b) | 860260 |
| 175000 | Freedom Mortgage Holdings LLC,<br> 8.38%, 04/01/32(b) | 182457 |
| 750000 | Frontier Communications Holdings LLC,<br> 8.63%, 03/15/31(b) | 791763 |
| 300000 | FTAI Aviation Investors LLC,<br> 7.00%, 05/01/31(b) | 314386 |
| 700000 | FTAI Aviation Investors LLC,<br> 7.00%, 06/15/32(b) | 733158 |
| 675000 | GCI LLC,<br> 4.75%, 10/15/28(b) | 658714 |
| 125000 | Gen Digital, Inc.,<br> 6.25%, 04/01/33(b) | 128680 |
| 722000 | Global Infrastructure Solutions, Inc.,<br> 5.63%, 06/01/29(b) | 721727 |
| 700000 | Goodyear Tire & Rubber Co. (The),<br> 5.25%, 07/15/31 | 638094 |
| 400000 | Gray Media, Inc.,<br> 10.50%, 07/15/29(b) | 431052 |
| 750000 | Gray Media, Inc.,<br> 5.38%, 11/15/31(b) | 520670 |
| 175000 | Gray Media, Inc.,<br> 9.63%, 07/15/32(b) | 175862 |
| 275000 | Gulfport Energy Operating Corp.,<br> 6.75%, 09/01/29(b) | 280779 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $450000 | Hanesbrands, Inc.,<br>9.00%, 02/15/31(b) | $474456 |
| 600000 | Harvest Midstream I LP, <br> 7.50%, 09/01/28(b) | 606573 |
| 175000 | Hawaiian Electric Co., Inc.,<br>6.00%, 10/01/33(b) | 176927 |
| 150000 | Herc Holdings, Inc.,<br>7.00%, 06/15/30(b) | 157002 |
| 475000 | Hilcorp Energy I LP/Hilcorp Finance Co.,<br>6.00%, 02/01/31(b) | 449740 |
| 600000 | HUB International Ltd.,<br>7.25%, 06/15/30(b) | 626399 |
| 575000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp.,<br>4.38%, 02/01/29 | 494547 |
| 600000 | Insight Enterprises, Inc.,<br>6.63%, 05/15/32(b) | 614077 |
| 850000 | Iron Mountain, Inc. REIT,<br>5.25%, 07/15/30(b) | 846038 |
| 550000 | JB Poindexter & Co., Inc.,<br>8.75%, 12/15/31(b) | 575554 |
| 475000 | Kaiser Aluminum Corp.,<br>5.88%, 03/01/34(b) | 473263 |
| 425000 | KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.,<br>9.00%, 02/15/29(b) | 444979 |
| 675000 | Kennedy-Wilson, Inc.,<br>4.75%, 02/01/30 | 623416 |
| 400000 | Kennedy-Wilson, Inc.,<br>5.00%, 03/01/31 | 369233 |
| 300000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,<br>7.00%, 07/15/31(b) | 315101 |
| 925000 | LCM Investments Holdings II LLC,<br>4.88%, 05/01/29(b) | 900474 |
| 300000 | LCM Investments Holdings II LLC,<br>8.25%, 08/01/31(b) | 315641 |
| 525000 | Level 3 Financing, Inc.,<br>6.88%, 06/30/33(b) | 537751 |
| 525000 | Level 3 Financing, Inc.,<br>7.00%, 03/31/34(b) | 539387 |
| 275000 | LGI Homes, Inc.,<br>7.00%, 11/15/32(b) | 263901 |
| 375000 | LifePoint Health, Inc.,<br>5.38%, 01/15/29(b) | 362872 |
| 275000 | LifePoint Health, Inc.,<br>9.88%, 08/15/30(b) | 296894 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $375000 | LifePoint Health, Inc.,<br>8.38%, 02/15/32(b) | $404921 |
| 550000 | Lightning Power LLC,<br>7.25%, 08/15/32(b) | 582592 |
| 400000 | Lumen Technologies, Inc.,<br>10.00%, 10/15/32(b) | 404000 |
| 925000 | Magnera Corp.,<br>7.25%, 11/15/31(b) | 798696 |
| 325000 | Masterbrand, Inc.,<br>7.00%, 07/15/32(b) | 337121 |
| 300000 | Mativ Holdings, Inc.,<br>8.00%, 10/01/29(b) | 290711 |
| 850000 | Mauser Packaging Solutions Holding Co.,<br>9.25%, 04/15/27(b) | 839299 |
| 75000 | Mauser Packaging Solutions Holding Co.,<br>7.88%, 04/15/27(b) | 75197 |
| 300000 | Maxim Crane Works Holdings Capital LLC,<br>11.50%, 09/01/28(b) | 317256 |
| 700000 | McGraw-Hill Education, Inc.,<br>5.75%, 08/01/28(b) | 698591 |
| 425000 | Michaels Cos., Inc. (The),<br>5.25%, 05/01/28(b) | 396857 |
| 525000 | Midcontinent Communications,<br>8.00%, 08/15/32(b) | 534760 |
| 775000 | NCL Corp. Ltd.,<br>6.75%, 02/01/32(b) | 796360 |
| 550000 | Neptune Bidco US, Inc.,<br>9.29%, 04/15/29(b) | 543125 |
| 925000 | New Enterprise Stone & Lime Co., Inc.,<br>5.25%, 07/15/28(b) | 920946 |
| 400000 | Newell Brands, Inc.,<br>8.50%, 06/01/28(b) | 410367 |
| 750000 | Nissan Motor Acceptance Co. LLC,<br>2.75%, 03/09/28(b) | 703882 |
| 400000 | Northern Oil & Gas, Inc.,<br>7.88%, 10/15/33(b) | 389601 |
| 150000 | Novelis Corp.,<br>6.88%, 01/30/30(b) | 155706 |
| 750000 | Novelis Corp.,<br>3.88%, 08/15/31(b) | 687240 |
| 575000 | NRG Energy, Inc.,<br>6.00%, 01/15/36(b) | 584897 |
| 475000 | Olin Corp.,<br>6.63%, 04/01/33(b) | 470381 |
| 400000 | Olympus Water US Holding Corp.,<br>7.25%, 02/15/33(b) | 398148 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $325000 | OneMain Finance Corp.,<br>5.38%, 11/15/29 | $322426 |
| 350000 | OneMain Finance Corp.,<br>6.13%, 05/15/30 | 354116 |
| 975000 | OneSky Flight LLC,<br>8.88%, 12/15/29(b) | 1034640 |
| 500000 | Open Text Holdings, Inc.,<br>4.13%, 12/01/31(b) | 465498 |
| 925000 | Organon & Co./Organon Foreign Debt Co-Issuer BV,<br>5.13%, 04/30/31(b) | 709047 |
| 325000 | Owens-Brockway Glass Container, Inc.,<br>7.25%, 05/15/31(b) | 318502 |
| 200000 | Pagaya US Holdings Co. LLC,<br>8.88%, 08/01/30(b) | 181068 |
| 700000 | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer REIT,<br>5.88%, 10/01/28(b) | 699375 |
| 200000 | Park River Holdings, Inc.,<br>8.00%, 03/15/31(b) | 205889 |
| 400000 | Patrick Industries, Inc.,<br>6.38%, 11/01/32(b) | 407839 |
| 275000 | PennyMac Financial Services, Inc.,<br>7.88%, 12/15/29(b) | 292229 |
| 700000 | PennyMac Financial Services, Inc.,<br>6.88%, 02/15/33(b) | 724106 |
| 725000 | Phinia, Inc.,<br>6.63%, 10/15/32(b) | 745768 |
| 675000 | Post Holdings, Inc.,<br>4.63%, 04/15/30(b) | 654441 |
| 1000000 | PRA Group, Inc.,<br>5.00%, 10/01/29(b) | 909740 |
| 475000 | Prestige Brands, Inc.,<br>3.75%, 04/01/31(b) | 440670 |
| 575000 | Prime Healthcare Services, Inc.,<br>9.38%, 09/01/29(b) | 604923 |
| 450000 | Qnity Electronics, Inc.,<br>5.75%, 08/15/32(b) | 457935 |
| 250000 | Qnity Electronics, Inc.,<br>6.25%, 08/15/33(b) | 256740 |
| 150000 | Quikrete Holdings, Inc.,<br>6.38%, 03/01/32(b) | 155582 |
| 275000 | Quikrete Holdings, Inc.,<br>6.75%, 03/01/33(b) | 286153 |
| 554000 | Raising Cane's Restaurants LLC,<br>9.38%, 05/01/29(b) | 579972 |
| 525000 | Range Resources Corp.,<br>8.25%, 01/15/29 | 535577 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $700000 | Resorts World Las Vegas LLC/RWLV Capital, Inc.,<br>4.63%, 04/16/29(b) | $631917 |
| 375000 | RHP Hotel Properties LP/RHP Finance Corp. REIT,<br>6.50%, 04/01/32(b) | 385771 |
| 125000 | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.,<br>6.25%, 10/15/30(b) | 126019 |
| 575000 | Rocket Cos., Inc.,<br>6.38%, 08/01/33(b) | 598995 |
| 950000 | Rocket Software, Inc.,<br>9.00%, 11/28/28(b) | 978954 |
| 1050000 | Rocket Software, Inc.,<br>6.50%, 02/15/29(b) | 1020052 |
| 175000 | Rockies Express Pipeline LLC,<br>6.75%, 03/15/33(b) | 183162 |
| 650000 | Rockies Express Pipeline LLC,<br>6.88%, 04/15/40(b) | 670181 |
| 407000 | Royal Caribbean Cruises Ltd.,<br>6.00%, 02/01/33(b) | 417871 |
| 300000 | Sabre GLBL, Inc.,<br>10.75%, 11/15/29(b) | 285000 |
| 250000 | Sabre GLBL, Inc.,<br>11.13%, 07/15/30(b) | 236250 |
| 415000 | SCIH Salt Holdings, Inc.,<br>4.88%, 05/01/28(b) | 410465 |
| 275000 | Sealed Air Corp.,<br>7.25%, 02/15/31(b) | 288674 |
| 775000 | Service Properties Trust REIT,<br>5.50%, 12/15/27 | 754864 |
| 800000 | Service Properties Trust REIT,<br>4.95%, 10/01/29 | 691299 |
| 625000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,<br>6.75%, 08/15/32(b) | 645521 |
| 350000 | Sinclair Television Group, Inc.,<br>4.38%, 12/31/32(b) | 255500 |
| 625000 | Sinclair Television Group, Inc.,<br>8.13%, 02/15/33(b) | 636931 |
| 675000 | Sirius XM Radio LLC,<br>4.00%, 07/15/28(b) | 656047 |
| 125000 | Snap, Inc.,<br>6.88%, 03/01/33(b) | 127831 |
| 175000 | Snap, Inc.,<br>6.88%, 03/15/34(b) | 178132 |
| 425000 | Spirit AeroSystems, Inc.,<br>9.38%, 11/30/29(b) | 446324 |
| 650000 | SS&C Technologies, Inc.,<br>5.50%, 09/30/27(b) | 650365 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $800000 | Standard Building Solutions, Inc.,<br>6.50%, 08/15/32(b) | $822401 |
| 800000 | Starwood Property Trust, Inc. REIT,<br>3.63%, 07/15/26(b) | 793653 |
| 350000 | Sunoco LP, <br> 5.63%, 03/15/31(b) | 350226 |
| 375000 | Sunoco LP,<br>5.88%, 03/15/34(b) | 374938 |
| 450000 | Talen Energy Supply LLC,<br>6.50%, 02/01/36(b) | 466066 |
| 675000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,<br>6.00%, 12/31/30(b) | 669845 |
| 1000000 | TEGNA, Inc.,<br>5.00%, 09/15/29 | 992519 |
| 300000 | Tenneco, Inc.,<br>8.00%, 11/17/28(b) | 299182 |
| 225000 | Terex Corp.,<br>6.25%, 10/15/32(b) | 228194 |
| 200000 | TopBuild Corp.,<br>5.63%, 01/31/34(b) | 200811 |
| 700000 | TransDigm, Inc.,<br>7.13%, 12/01/31(b) | 730286 |
| 400000 | TransDigm, Inc.,<br>6.00%, 01/15/33(b) | 406353 |
| 725000 | TransDigm, Inc.,<br>6.38%, 05/31/33(b) | 739016 |
| 925000 | TriNet Group, Inc.,<br>7.13%, 08/15/31(b) | 959732 |
| 1650000 | Truist Financial Corp., Series N, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%),<br>6.67%(c)(d) | 1656833 |
| 925000 | United Wholesale Mortgage LLC,<br>5.50%, 04/15/29(b) | 910981 |
| 600000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT,<br>6.50%, 02/15/29(b) | 561556 |
| 750000 | Univision Communications, Inc.,<br>8.00%, 08/15/28(b) | 772083 |
| 200000 | Univision Communications, Inc.,<br>9.38%, 08/01/32(b) | 211115 |
| 625000 | US Acute Care Solutions LLC,<br>9.75%, 05/15/29(b) | 636444 |
| 950000 | Venture Global LNG, Inc.,<br>8.13%, 06/01/28(b) | 978619 |
| 675000 | Venture Global LNG, Inc.,<br>9.50%, 02/01/29(b) | 726478 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $675000 | Venture Global Plaquemines LNG LLC,<br>6.75%, 01/15/36(b) | $714900 |
| 125000 | Veritiv Operating Co.,<br>10.50%, 11/30/30(b) | 130085 |
| 325000 | VF Corp.,<br>2.95%, 04/23/30 | 285724 |
| 350000 | Viavi Solutions, Inc.,<br>3.75%, 10/01/29(b) | 329990 |
| 600000 | Victra Holdings LLC/Victra Finance Corp.,<br>8.75%, 09/15/29(b) | 636620 |
| 325000 | Vistra Operations Co. LLC,<br>6.88%, 04/15/32(b) | 341361 |
| 425000 | VOC Escrow Ltd.,<br>5.00%, 02/15/28(b) | 423821 |
| 275000 | Warnermedia Holdings, Inc.,<br>4.05%, 03/15/29 | 267036 |
| 700000 | Warnermedia Holdings, Inc.,<br>5.05%, 03/15/42 | 561911 |
| 125000 | Waste Pro USA, Inc.,<br>7.00%, 02/01/33(b) | 129928 |
| 450000 | WESCO Distribution, Inc.,<br>6.38%, 03/15/33(b) | 470083 |
| 350000 | Whirlpool Corp.,<br>6.13%, 06/15/30 | 346562 |
| 450000 | Whirlpool Corp.,<br>6.50%, 06/15/33 | 439036 |
| 325000 | Williams Scotsman, Inc.,<br>6.63%, 06/15/29(b) | 334611 |
| 375000 | Williams Scotsman, Inc.,<br>6.63%, 04/15/30(b) | 387791 |
| 500000 | Windstream Services LLC,<br>7.50%, 10/15/33(b) | 499095 |
| 625000 | Windstream Services LLC/Windstream Escrow Finance Corp.,<br>8.25%, 10/01/31(b) | 638216 |
| 700000 | WR Grace Holdings LLC,<br>5.63%, 08/15/29(b) | 640528 |
| 255000 | WULF Compute LLC,<br>7.75%, 10/15/30(b) | 264913 |
| 450000 | XHR LP REIT,<br>6.63%, 05/15/30(b) | 459324 |
| 200000 | XPLR Infrastructure Operating Partners LP,<br>7.25%, 01/15/29(b) | 205733 |
| 100000 | XPLR Infrastructure Operating Partners LP,<br>8.38%, 01/15/31(b) | 104628 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $| 450315 | Zayo Group Holdings, Inc., PIK,<br>9.25%, 03/09/30(b) | $428178 |
|  | 700000 | ZF North America Capital, Inc.,<br>7.13%, 04/14/30(b) | 681431 |
|  | 500000 | ZF North America Capital, Inc.,<br>7.50%, 03/24/31(b) | 480795 |
|  |  |  | 119432340 |
| Total Corporate Bonds<br> (Cost $133,875,302) | Total Corporate Bonds<br> (Cost $133,875,302) | Total Corporate Bonds<br> (Cost $133,875,302) | 136004467 |
| **ASSET-BACKED SECURITIES — 14.3%** | **ASSET-BACKED SECURITIES — 14.3%** | **ASSET-BACKED SECURITIES — 14.3%** |  |
| **CAYMAN ISLANDS — 0.5%** | **CAYMAN ISLANDS — 0.5%** | **CAYMAN ISLANDS — 0.5%** |  |
| **Collateralized Loan Obligations — 0.5%** | **Collateralized Loan Obligations — 0.5%** | **Collateralized Loan Obligations — 0.5%** |  |
|  | 17550000 | CBAM Ltd., Series 2019-10A, Class SUB,<br>6.65%, 04/20/32(b)(d)(e) | 3165493 |
|  | 9915625 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB,<br>6.24%, 01/20/31(b)(d)(e) | 1244149 |
|  | 12131250 | Madison Park Funding XLII Ltd., Series 13A, Class SUB,<br>2.25%, 11/21/47(b)(d)(e) | 3107541 |
|  | 5000000 | Romark CLO II Ltd., Series 2018-2A, Class SUB,<br>6.66%, 07/25/31(b)(d)(e) | 547797 |
|  | 5000000 | Romark CLO Ltd., Series 2017-1A, Class SUB,<br>7.17%, 10/23/30(b)(d)(e) | 722800 |
|  | 7500000 | Romark WM-R Ltd., Series 2018-1A, Class F,<br>(3 mo. Term SOFR + 8.362%),<br>12.25%, 04/20/31(b)(d)(e) | 3828439 |
|  |  |  | 12616219 |
| **UNITED STATES — 13.8%** | **UNITED STATES — 13.8%** | **UNITED STATES — 13.8%** |  |
| **Other Asset-Backed Securities — 13.8%** | **Other Asset-Backed Securities — 13.8%** | **Other Asset-Backed Securities — 13.8%** |  |
|  | 114341 | Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1,<br> (1 mo. Term SOFR + 1.164%),<br>5.16%, 01/25/34(d) | 115787 |
|  | 5758524 | Ajax Mortgage Loan Trust, Series 2023-B, Class A, STEP,<br>4.25%, 10/25/62(b) | 5693201 |
|  | 873700 | Ajax Mortgage Loan Trust, Series 2023-B, Class B, STEP,<br>4.25%, 10/25/62(b) | 853409 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $1949821 | Ajax Mortgage Loan Trust, Series 2023-B, Class C,<br>3.21%, 10/25/62(b)(f) | $1348447 |
| 105453 | Ajax Mortgage Loan Trust, Series 2023-B, Class SA,<br>1.13%, 10/25/62(b)(f) | 102038 |
| 5000000 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7, <br> (1 mo. Term SOFR + 2.094%),<br>6.09%, 05/25/35(d) | 4376314 |
| 1800000 | AMSR Trust, Series 2023-SFR2, Class F1,<br>3.95%, 06/17/40(b) | 1698658 |
| 2230000 | AMSR Trust, Series 2023-SFR2, Class F2,<br>3.95%, 06/17/40(b) | 2079713 |
| 6126407 | Argent Mortgage Loan Trust, Series 2005-W1, Class A2,<br>(1 mo. Term SOFR + 0.594%),<br> 4.59%, 05/25/35(d) | 5124213 |
| 4736330 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1,<br> (1 mo. Term SOFR + 0.804%),<br>4.80%, 01/25/36(d) | 5182492 |
| 6035547 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006- HE1, Class M2,<br>(1 mo. Term SOFR + 0.744%),<br>3.49%, 01/25/36(d) | 5586538 |
| 5740000 | BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1,<br>7.07%, 02/10/22(d) | 457053 |
| 5000000 | BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1,<br>7.18%, 12/10/25(d) | 403868 |
| 5898001 | Barclays Mortgage Trust, Series 2021- NPL1, Class A, STEP,<br>5.00%, 11/25/51(b) | 5896015 |
| 1212650 | Barclays Mortgage Trust, Series 2021- NPL1, Class B, STEP,<br>7.63%, 11/25/51(b) | 1213452 |
| 2431419 | Barclays Mortgage Trust, Series 2021- NPL1, Class C,<br>0.00%, 11/25/51(b)(f) | 3318886 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $4317179 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1,<br>(1 mo. Term SOFR + 1.114%),<br>5.10%, 05/28/39(b)(d) | $3567311 |
| 511018 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2,<br>(1 mo. Term SOFR + 1.414%),<br>5.40%, 05/28/39(b)(d) | 238490 |
| 411710 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1,<br>(1 mo. Term SOFR + 1.114%),<br>5.10%, 12/28/40(b)(d) | 418918 |
| 864685 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A,<br>(1 mo. Term SOFR + 1.044%),<br>5.03%, 12/28/40(b)(d) | 846146 |
| 908185 | Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4,<br>(1 mo. Term SOFR + 1.914%),<br>4.74%, 05/25/35(d) | 913323 |
| 2323317 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1,<br>Class 1M4, (1 mo. Term SOFR + 1.134%),<br>4.90%, 12/25/35(d) | 2292296 |
| 2300205 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A,<br>(1 mo. Term SOFR + 0.394%),<br>4.39%, 12/25/36(d) | 2369150 |
| 581740 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class M1,<br>(1 mo. Term SOFR + 0.549%),<br>4.54%, 11/25/36(d) | 594100 |
| 4650000 | Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3,<br>(1 mo. Term SOFR + 2.364%),<br>6.36%, 04/25/36(d) | 5001184 |
| 4884740 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4,<br>(1 mo. Term SOFR + 0.534%),<br>4.53%, 12/26/36(d) | 4336902 |
| 7830346 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1,<br>(1 mo. Term SOFR + 0.614%),<br>4.61%, 02/25/37(d) | 6562092 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $4038230 | Cascade MH Asset Trust, Series 2019- MH1, Class A,<br>4.00%, 11/25/44(b)(d) | $3881595 |
| 3400000 | CFMT LLC, Series 2023-HB11, Class M2,<br>4.00%, 02/25/37(b)(d) | 3346487 |
| 1600000 | CFMT LLC, Series 2024-HB13,<br>Class M2, 3.00%, 05/25/34(b)(d) | 1537596 |
| 2500000 | CFMT LLC, Series 2024-HB13,<br>Class M3, 3.00%, 05/25/34(b)(d) | 2374045 |
| 2000000 | CFMT LLC, Series 2024-HB13, Class M4,<br>3.00%, 05/25/34(b)(d) | 1892671 |
| 6000000 | CIT Mortgage Loan Trust, Series 2007-1, Class 1M2,<br>(1 mo. Term SOFR + 1.864%),<br> 5.86%, 10/25/37(b)(d) | 6011467 |
| 3766500 | CIT Mortgage Loan Trust, Series 2007-1, Class 2M2,<br>(1 mo. Term SOFR + 1.864%),<br> 5.86%, 10/25/37(b)(d) | 3714087 |
| 2636741 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B,<br>(1 mo. Term SOFR + 0.314%),<br>4.31%, 05/25/37(d) | 1796418 |
| 70852 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C,<br>(1 mo. Term SOFR + 0.384%),<br>4.38%, 05/25/37(d) | 48299 |
| 3078865 | Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B,<br>(1 mo. Term SOFR + 0.284%),<br>4.28%, 07/25/45(d) | 2173819 |
| 621436 | Conseco Finance Corp., Series 1998-2, Class M1,<br>6.94%, 12/01/28(d) | 626229 |
| 2005589 | Conseco Finance Corp., Series 1999-5, Class A5,<br>7.86%, 03/01/30(d) | 539352 |
| 2262622 | Conseco Finance Corp., Series 1999-5, Class A6,<br>7.50%, 03/01/30(d) | 582250 |
| 11183347 | Conseco Finance Securitizations Corp., Series 2000-1, Class A5,<br>8.06%, 09/01/29(d) | 1407254 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $2601831 | Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1,<br>(1 mo. Term SOFR + 0.614%),<br>4.94%, 05/25/37(b)(d) | $2407635 |
| 715591 | Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4,<br>6.30%, 12/25/35(d) | 696419 |
| 1223099 | Countrywide Asset-Backed Certificates Trust, Series 2006-13, Class 1AF4,<br>3.94%, 01/25/37(d) | 1208564 |
| 9402439 | Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1,<br>(1 mo. Term SOFR + 0.564%),<br>4.56%, 03/25/37(d) | 9829200 |
| 6433777 | Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1,<br>(1 mo. Term SOFR + 0.459%),<br>4.45%, 05/25/47(d) | 6388753 |
| 6164381 | Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1,<br>(1 mo. Term SOFR + 0.489%),<br>4.48%, 06/25/37(d) | 5970749 |
| 807868 | Countrywide Asset-Backed Certificates Trust, Series 2007-BC2, Class M1,<br>(1 mo. Term SOFR + 0.624%),<br>4.62%, 06/25/37(d) | 413840 |
| 238665 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A,<br> (1 mo. Term SOFR + 0.294%),<br>4.33%, 05/15/36(d) | 237260 |
| 289906 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B,<br> (1 mo. Term SOFR + 0.354%),<br>4.39%, 02/15/30(b)(d) | 281353 |
| 2889301 | Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT,<br>0.42%, 02/01/47(b)(f) | 2490414 |
| 1727171 | Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB6, Class A4,<br>(1 mo. Term SOFR + 0.454%),<br>4.45%, 07/25/37(b)(d) | 1155768 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $1131773 | Cross Mortgage Trust, Series 2025- CES1, Class A1A, STEP,<br>5.30%, 11/01/60(b) | $1131755 |
| 4551811 | First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1,<br>(1 mo. Term SOFR + 0.654%),<br>4.24%, 03/25/36(d) | 4398435 |
| 1005042 | First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1,<br>(1 mo. Term SOFR + 1.914%),<br>6.05%, 10/25/33(d) | 998545 |
| 9145230 | First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1,<br>(1 mo. Term SOFR + 0.489%),<br>4.48%, 07/25/36(d) | 8023400 |
| 4473799 | First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2,<br>(1 mo. Term SOFR + 0.714%),<br>4.71%, 01/25/36(d) | 4107221 |
| 3156695 | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C,<br>(1 mo. Term SOFR + 0.414%),<br>4.41%, 03/25/37(d) | 1507110 |
| 2710000 | FirstKey Homes Trust, Series 2020-SFR2, Class F1,<br>3.02%, 10/19/37(b) | 2703306 |
| 4000000 | FirstKey Homes Trust, Series 2022-SFR1, Class E1,<br>5.00%, 05/19/39(b) | 3958170 |
| 4000000 | FirstKey Homes Trust, Series 2022-SFR1, Class E2,<br>5.00%, 05/19/39(b) | 3941590 |
| 2553000 | FirstKey Homes Trust, Series 2022-SFR2, Class E1,<br>4.50%, 07/17/39(b) | 2501282 |
| 1367010 | Fremont Home Loan Trust, Series 2005-D, Class M1,<br>(1 mo. Term SOFR + 0.729%),<br> 4.72%, 11/25/35(d) | 1269535 |
| 1500000 | FRTKL, Series 2021-SFR1, Class F,<br>3.17%, 09/17/38(b) | 1457070 |
| 228014 | GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3,<br>(1 mo. Term SOFR + 0.614%),<br> 4.61%, 02/25/36(d) | 221445 |
| 4480390 | Greenpoint Manufactured Housing, Series 2000-3, Class IA,<br>8.37%, 06/20/31(d) | 1402286 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $2463906 | GSAA Home Equity Trust, Series 2005-14, Class 1A2,<br>(1 mo. Term SOFR + 0.814%),<br>4.81%, 12/25/35(d) | $1108079 |
| 7699449 | GSAA Home Equity Trust, Series 2006-5, Class 1A1,<br>(1 mo. Term SOFR + 0.474%),<br> 4.47%, 03/25/36(d) | 2190207 |
| 14377247 | GSAA Home Equity Trust, Series 2007-9, Class A3A,<br>7.00%, 10/25/37 | 5444767 |
| 322266 | GSAA Trust, Series 2006-7, Class AF2,<br>5.99%, 03/25/46(d) | 113586 |
| 3566000 | GSAMP Trust, Series 2007-HS1, Class M5,<br>(1 mo. Term SOFR + 3.489%),<br>7.48%, 02/25/47(d) | 3570408 |
| 2884623 | Home Equity Asset Trust, Series 2007-1, Class 2A3,<br>(1 mo. Term SOFR + 0.414%),<br> 4.41%, 05/25/37(d) | 2480582 |
| 2878487 | Home Partners of America Trust, Series 2021-2, Class F,<br>3.80%, 12/17/26(b) | 2806606 |
| 3595746 | Home Partners of America Trust, Series 2021-3, Class F,<br>4.24%, 01/17/41(b) | 3323002 |
| 4228773 | HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP,<br>6.23%, 12/25/36 | 1303414 |
| 91909 | Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP,<br>6.53%, 09/25/37(b) | 92182 |
| 100877 | JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP,<br>6.63%, 07/25/36 | 26277 |
| 199098 | JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3,<br>(1 mo. Term SOFR + 0.294%),<br>4.29%, 07/25/36(d) | 92584 |
| 450988 | Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1,<br>6.63%, 04/15/40(d) | 453938 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $203801 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1,<br> (1 mo. Term SOFR + 0.204%),<br> 4.20%, 06/25/37(b)(d) | $136695 |
| 1129869 | Lehman XS Trust, Series 2007-20N, Class A1,<br> (1 mo. Term SOFR + 2.414%),<br> 6.41%, 12/25/37(d) | 1140465 |
| 3727360 | Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A,<br> (1 mo. Term SOFR + 0.474%),<br> 4.47%, 03/25/46(d) | 3273175 |
| 4709233 | Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3,<br> (1 mo. Term SOFR + 0.434%),<br> 4.43%, 10/25/36(d) | 1462612 |
| 1041539 | Mastr Asset Backed Securities Trust, Series 2007-NCW, Class A1,<br> (1 mo. Term SOFR + 0.414%),<br> 4.41%, 05/25/37(b)(d) | 936160 |
| 3623411 | MASTR Second Lien Trust, Series 2006-1, Class A,<br> (1 mo. Term SOFR + 0.434%),<br> 4.43%, 03/25/36(d) | 196009 |
| 1796478 | MERIT Securities Corp., Series 13,<br> Class M2, STEP,<br> 7.88%, 12/28/33 | 1766061 |
| 6826443 | Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D,<br> (1 mo. Term SOFR + 0.614%),<br> 4.61%, 10/25/37(d) | 1015814 |
| 857439 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4,<br> (1 mo. Term SOFR + 0.594%),<br> 4.59%, 06/25/36(d) | 431612 |
| 5522008 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1,<br> (1 mo. Term SOFR + 0.244%),<br> 4.24%, 11/25/36(d) | 2432763 |
| 876225 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1,<br> (1 mo. Term SOFR + 3.914%),<br> 7.91%, 02/25/47(b)(d) | 840588 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $3575668 | Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1,<br> (1 mo. Term SOFR + 0.654%),<br> 4.65%, 02/25/36(d) | $3534702 |
| 3856148 | Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP,<br> 6.51%, 10/25/36 | 827724 |
| 163264 | Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1,<br> (1 mo. Term SOFR + 0.414%),<br> 4.41%, 03/25/36(d) | 166295 |
| 5733185 | New Century Home Equity Loan Trust, Series 2005-C, Class M2,<br> (1 mo. Term SOFR + 0.789%),<br> 4.78%, 12/25/35(d) | 5098487 |
| 6500000 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F,<br> 4.44%, 02/17/39(b) | 6365352 |
| 5000000 | New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1,<br> 4.00%, 09/04/39(b) | 4810144 |
| 5000000 | New Residential Mortgage Loan Trust, Series 2022-SFR2, Class F,<br> 4.00%, 09/04/39(b) | 4725480 |
| 327955 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1,<br> (1 mo. Term SOFR + 0.514%),<br> 4.51%, 10/25/36(b)(d) | 662295 |
| 638757 | Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2,<br> 7.48%, 08/15/27 | 471605 |
| 9752270 | Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4,<br> 7.40%, 07/15/30(d) | 1234411 |
| 8572117 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2,<br> 5.92%, 06/15/31(d) | 478770 |
| 5947218 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3,<br> 6.61%, 06/15/31(d) | 370879 |
| 6795981 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4,<br> 7.41%, 06/15/31(d) | 474782 |
| 444911 | Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3,<br> 5.90%, 09/15/22(d) | 157171 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $3000000 | Pagaya AI Technology in Housing Trust, Series 2023-1, Class F,<br> 3.60%, 10/25/40(b) | $2533326 |
| 2955985 | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP,<br> 3.41%, 07/25/35 | 2539611 |
| 2506656 | Progress Residential Trust, Series 2021- SFR10, Class F,<br> 4.61%, 12/17/40(b) | 2466164 |
| 2500000 | Progress Residential Trust, Series 2021- SFR11, Class F,<br> 4.42%, 01/17/39(b) | 2426290 |
| 3500000 | Progress Residential Trust, Series 2021- SFR8, Class F,<br> 3.18%, 10/17/38(b) | 3428725 |
| 2400000 | Progress Residential Trust, Series 2021- SFR9, Class F,<br> 4.05%, 11/17/40(b) | 2322227 |
| 4000000 | Progress Residential Trust, Series 2022- SFR1, Class F,<br> 4.88%, 02/17/41(b) | 3892851 |
| 3000000 | Progress Residential Trust, Series 2022- SFR1, Class G,<br> 5.52%, 02/17/41(b) | 2938741 |
| 1548000 | Progress Residential Trust, Series 2022- SFR3, Class E2,<br> 5.60%, 04/17/39(b) | 1544178 |
| 4751000 | Progress Residential Trust, Series 2022- SFR4, Class E1,<br> 6.12%, 05/17/41(b) | 4777529 |
| 925000 | Progress Residential Trust, Series 2023- SFR1, Class E1,<br> 6.15%, 03/17/40(b) | 924928 |
| 1144319 | RAAC Trust, Series 2006-SP3, Class M3,<br> (1 mo. Term SOFR + 1.464%),<br> 5.46%, 08/25/36(d) | 1189146 |
| 3825000 | Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4,<br> (1 mo. Term SOFR + 0.984%),<br> 4.98%, 11/25/35(d) | 3414722 |
| 1282101 | Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2,<br> (1 mo. Term SOFR + 0.404%),<br> 4.54%, 06/25/36(d) | 1274541 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $3500000 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M4,<br> 4.70%, 11/25/31(b)(d) | $3330381 |
| 3476351 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M6,<br> 6.00%, 11/25/31(b)(d) | 3150223 |
| 4214348 | Saxon Asset Securities Trust, Series 2006-2, Class M3,<br> (1 mo. Term SOFR + 0.594%),<br> 4.59%, 09/25/36(d) | 3487572 |
| 8526130 | Saxon Asset Securities Trust, Series 2007-1, Class M1,<br> (1 mo. Term SOFR + 0.404%),<br> 4.40%, 01/25/47(d) | 8885371 |
| 5474492 | Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B,<br> (1 mo. Term SOFR + 0.654%),<br> 4.65%, 02/25/37(d) | 2329649 |
| 11889029 | Soundview Home Loan Trust, Series 2006-OPT5, Class M1,<br> (1 mo. Term SOFR + 0.489%),<br> 4.48%, 07/25/36(d) | 10411914 |
| 4539480 | Structured Asset Investment Loan Trust, Series 2005-9, Class M2,<br> (1 mo. Term SOFR + 0.789%),<br> 4.78%, 11/25/35(d) | 4239678 |
| 4396227 | Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3,<br> (1 mo. Term SOFR + 0.864%),<br> 4.86%, 07/25/35(d) | 3265046 |
| 2514826 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1,<br> (1 mo. Term SOFR + 0.774%),<br> 4.77%, 02/25/37(d) | 4753625 |
| 1500000 | Tricon Residential Trust, Series 2021- SFR1, Class F,<br> 3.69%, 07/17/38(b) | 1480411 |
| 968000 | Tricon Residential Trust, Series 2021- SFR1, Class G,<br> 4.13%, 07/17/38(b) | 954726 |
| 1600000 | Tricon Residential Trust, Series 2022- SFR1, Class E2,<br> 5.74%, 04/17/39(b) | 1590288 |
| 4000000 | Tricon Residential Trust, Series 2022- SFR2, Class E,<br> 7.51%, 07/17/40(b) | 4050755 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |  |
| $| 2457081 | VOLT CVI LLC, Series 2021-NP12, Class A1, STEP,<br> 5.73%, 12/26/51(b) | $| 2458530 |
|  | 3796484 | Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE1, Class 2A3,<br> (1 mo. Term SOFR + 0.414%),<br> 4.41%, 01/25/37(d) |  | 1723102 |
|  | 1492916 | Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE1, Class 2A4,<br> (1 mo. Term SOFR + 0.574%),<br> 4.57%, 01/25/37(d) |  | 677285 |
|  | 4848843 | Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE2, Class 2A3,<br> (1 mo. Term SOFR + 0.614%),<br> 4.61%, 04/25/37(d) |  | 1758168 |
|  | 7641203 | Yale Mortgage Loan Trust, Series 2007- 1, Class A,<br> (1 mo. Term SOFR + 0.514%),<br> 4.51%, 06/25/37(b)(d) |  | 2378939 |
|  |  |  |  | 331836995 |
| Total Asset-Backed Securities<br> (Cost $431,687,078) | Total Asset-Backed Securities<br> (Cost $431,687,078) | Total Asset-Backed Securities<br> (Cost $431,687,078) |  | 344453214 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.4%** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.3%** |
|  | 1579000 | ACRA Trust, Series 2024-NQM1, Class B1,<br> 8.12%, 10/25/64(b)(d) |  | 1613776 |
|  | 2500000 | ACRA Trust, Series 2024-NQM1, Class M1B,<br> 7.19%, 10/25/64(b)(d) |  | 2534890 |
|  | 180131 | Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1,<br> 4.72%, 07/25/35(d) |  | 167696 |
|  | 1373736 | Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1,<br> 5.47%, 03/25/37(d) |  | 898503 |
|  | 1179 | Ajax Mortgage Loan Trust, Series 2017-D, Class B,<br> 2.17%, 12/25/57(b)(d) |  | 410 |
|  | 1303390 | Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP,<br> 6.72%, 01/25/61(b) |  | 1290395 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $3023611 | Ajax Mortgage Loan Trust, Series 2021-C, Class C,<br> 1.33%, 01/25/61(b)(f) | $3630750 |
| 4908384 | Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP,<br> 5.00%, 03/25/60(b) | 4905858 |
| 2107866 | Ajax Mortgage Loan Trust, Series 2021-D, Class B,<br> 7.00%, 03/25/60(b)(d) | 2093087 |
| 2912407 | Ajax Mortgage Loan Trust, Series 2021-D, Class C,<br> 0.00%, 03/25/60(b)(d) | 3561122 |
| 3041340 | Ajax Mortgage Loan Trust, Series 2021-E, Class B2,<br> 3.70%, 12/25/60(b)(d) | 1905620 |
| 4000000 | Ajax Mortgage Loan Trust, Series 2021-E, Class M1,<br> 2.94%, 12/25/60(b)(d) | 2915421 |
| 6318090 | Ajax Mortgage Loan Trust, Series 2021-F, Class A, STEP,<br> 4.88%, 06/25/61(b) | 6313517 |
| 2150815 | Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP,<br> 6.75%, 06/25/61(b) | 2138663 |
| 3148920 | Ajax Mortgage Loan Trust, Series 2021-F, Class C,<br> 0.35%, 06/25/61(b)(f) | 3085301 |
| 4892779 | Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP,<br> 3.50%, 10/25/61(b) | 4766423 |
| 532000 | Ajax Mortgage Loan Trust, Series 2022-A, Class A2,<br> 3.00%, 10/25/61(b)(d) | 493521 |
| 914036 | Ajax Mortgage Loan Trust, Series 2022-A, Class A3,<br> 3.00%, 10/25/61(b)(d) | 845199 |
| 2128000 | Ajax Mortgage Loan Trust, Series 2022-A, Class B,<br> 3.00%, 10/25/61(b) | 1682925 |
| 1002489 | Ajax Mortgage Loan Trust, Series 2022-A, Class C,<br> 3.00%, 10/25/61(b) | 1227105 |
| 999392 | Ajax Mortgage Loan Trust, Series 2022-A, Class M1,<br> 3.00%, 10/25/61(b) | 919679 |
| 3453061 | Ajax Mortgage Loan Trust, Series 2022-A, Class M2,<br> 3.00%, 10/25/61(b) | 2828107 |
| 88700 | Ajax Mortgage Loan Trust, Series 2022-A, Class M3,<br> 3.00%, 10/25/61(b) | 72415 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $6972828 | Ajax Mortgage Loan Trust, Series 2022-B, Class A1, STEP,<br> 3.50%, 03/27/62(b) | $6773387 |
| 403400 | Ajax Mortgage Loan Trust, Series 2022-B, Class A2,<br> 3.00%, 03/27/62(b)(d) | 373533 |
| 345800 | Ajax Mortgage Loan Trust, Series 2022-B, Class A3,<br> 3.00%, 03/27/62(b)(d) | 319145 |
| 1921100 | Ajax Mortgage Loan Trust, Series 2022-B, Class B,<br> 3.00%, 03/27/62(b) | 1539426 |
| 1935334 | Ajax Mortgage Loan Trust, Series 2022-B, Class C,<br> 3.00%, 03/27/62(b) | 1523712 |
| 259300 | Ajax Mortgage Loan Trust, Series 2022-B, Class M1,<br> 3.00%, 03/27/62(b) | 238135 |
| 1287100 | Ajax Mortgage Loan Trust, Series 2022-B, Class M2,<br> 3.00%, 03/27/62(b) | 1136478 |
| 7946876 | Ajax Mortgage Loan Trust, Series 2023-A, Class A1,<br> STEP, 3.50%, 07/25/62(b) | 7587271 |
| 481800 | Ajax Mortgage Loan Trust, Series 2023-A, Class A2,<br> 3.00%, 07/25/62(b)(d) | 439671 |
| 273000 | Ajax Mortgage Loan Trust, Series 2023-A, Class A3,<br> 2.50%, 07/25/62(b)(d) | 241939 |
| 1605800 | Ajax Mortgage Loan Trust, Series 2023-A, Class B,<br> 2.50%, 07/25/62(b)(d) | 1229856 |
| 1299323 | Ajax Mortgage Loan Trust, Series 2023-A, Class C,<br> 2.50%, 07/25/62(b)(d) | 1125511 |
| 827000 | Ajax Mortgage Loan Trust, Series 2023-A, Class M1,<br> 2.50%, 07/25/62(b)(d) | 724172 |
| 10487558 | Ajax Mortgage Loan Trust, Series 2023-C, Class A1,<br> STEP, 3.50%, 05/25/63(b) | 10163912 |
| 782700 | Ajax Mortgage Loan Trust, Series 2023-C, Class A2,<br> 3.00%, 05/25/63(b)(d) | 712419 |
| 417400 | Ajax Mortgage Loan Trust, Series 2023-C, Class A3,<br> 2.50%, 05/25/63(b)(d) | 368763 |
| 3711922 | Ajax Mortgage Loan Trust, Series 2023-C, Class C,<br> 2.50%, 05/25/63(b)(d) | 2734626 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $365300 | Ajax Mortgage Loan Trust, Series 2023-C, Class M1,<br> 2.50%, 05/25/63(b)(d) | $320644 |
| 2264500 | Ajax Mortgage Loan Trust, Series 2023-C, Class M2,<br> 2.50%, 05/25/63(b)(d) | 1863300 |
| 1003694 | American Home Mortgage Assets Trust, Series 2006-2, Class 1A1,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%),<br> 5.07%, 09/25/46(d) | 938758 |
| 704476 | American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP,<br> 6.75%, 06/25/37 | 637253 |
| 3324000 | Angel Oak Mortgage Trust, Series 2020-R1, Class B2,<br> 4.61%, 04/25/53(b)(d) | 2979601 |
| 13770211 | APS Resecuritization Trust, Series 2016-1, Class 1MZ,<br> 2.99%, 07/31/57(b)(d) | 5212067 |
| 3442434 | Banc of America Alternative Loan Trust, Series 2006-7, Class A4, STEP,<br> 6.50%, 10/25/36 | 902459 |
| 830363 | Banc of America Alternative Loan Trust, Series 2006-9, Class A2,<br> (1 mo. Term SOFR + 0.514%),<br> 4.51%, 01/25/37(d) | 679969 |
| 65513 | Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1,<br> 4.45%, 09/20/35(d) | 58589 |
| 236413 | Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2,<br> 4.76%, 02/20/36(d) | 212938 |
| 159772 | Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1,<br> 5.55%, 06/20/36(d) | 143505 |
| 884671 | Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP,<br> 6.59%, 01/25/37 | 832869 |
| 4281799 | Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2,<br> 2.26%, 03/27/36(b)(d) | 3676743 |
| 213417 | Banc of America Mortgage Trust, Series 2005-I, Class 2A5,<br> 4.49%, 10/25/35(d) | 200487 |
| 2267638 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A2, STEP,<br> 7.36%, 10/25/63(b) | 2296247 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1369240 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A3, STEP,<br> 7.69%, 10/25/63(b) | $1387388 |
| 963000 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B1,<br> 7.96%, 10/25/63(b)(d) | 974951 |
| 810100 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B2,<br> 7.96%, 10/25/63(b)(d) | 814831 |
| 2213074 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B3,<br> 7.96%, 10/25/63(b)(d) | 2151794 |
| 1605000 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class M1,<br> 7.96%, 10/25/63(b)(d) | 1633922 |
| 307 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class SA,<br> 0.06%, 10/25/63(b)(d) | 300 |
| 23467873 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class XS,<br> 0.82%, 10/25/63(b)(d) | 308593 |
| 1948385 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, STEP,<br> 5.90%, 01/25/64(b) | 1959764 |
| 1327977 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A2, STEP,<br> 6.11%, 01/25/64(b) | 1334378 |
| 1014239 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A3, STEP,<br> 6.31%, 01/25/64(b) | 1019517 |
| 724200 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B1,<br> 8.09%, 01/25/64(b)(d) | 736372 |
| 663800 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B2,<br> 8.65%, 01/25/64(b)(d) | 673654 |
| 1424300 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B3,<br> 8.65%, 01/25/64(b)(d) | 1396881 |
| 1243200 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class M1,<br> 6.80%, 01/25/64(b)(d) | 1254150 |
| 3100 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class SA,<br> 0.98%, 01/25/64(b)(d) | 2091 |
| 16192892 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class XS,<br> 2.45%, 01/25/64(b)(d) | 566547 |
| 11888431 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A1, STEP,<br> 6.04%, 06/25/64(b) | 11981007 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $937385 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A2, STEP,<br> 6.30%, 06/25/64(b) | $944873 |
| 1635617 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A3, STEP,<br> 6.50%, 06/25/64(b) | 1649185 |
| 1028100 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B1,<br> 7.50%, 06/25/64(b)(d) | 1044456 |
| 941400 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B2,<br> 8.02%, 06/25/64(b)(d) | 944989 |
| 2576400 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B3,<br> 8.02%, 06/25/64(b)(d) | 2485375 |
| 1498700 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class M1,<br> 6.41%, 06/25/64(b)(d) | 1510696 |
| 2110 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class SA,<br> 0.09%, 06/25/64(b)(d) | 2039 |
| 20506034 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class XS,<br> 9.11%, 06/25/64(b)(d) | 557016 |
| 1625062 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A2, STEP,<br> 5.10%, 12/26/64(b) | 1617808 |
| 1820383 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A3, STEP,<br> 5.25%, 12/26/64(b) | 1814751 |
| 817900 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B1,<br> 6.96%, 12/26/64(b)(d) | 820546 |
| 623800 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B2,<br> 7.56%, 12/26/64(b)(d) | 622567 |
| 1427800 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B3,<br> 7.56%, 12/26/64(b)(d) | 1368767 |
| 1344600 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class M1,<br> 6.31%, 12/26/64(b)(d) | 1357260 |
| 2737 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class SA,<br> 0.26%, 12/26/64(b)(d) | 2468 |
| 24935778 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class XS,<br> 8.08%, 12/26/64(b)(d) | 1015741 |
| 5398407 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A1, STEP,<br> 5.66%, 01/25/65(b) | 5434538 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1443020 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A2, STEP,<br> 5.87%, 01/25/65(b) | $1454438 |
| 1374305 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A3, STEP,<br> 5.97%, 01/25/65(b) | 1385128 |
| 871700 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B1,<br> 6.94%, 01/25/65(b)(d) | 876193 |
| 757900 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B2,<br> 7.80%, 01/25/65(b)(d) | 759908 |
| 1680300 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B3,<br> 7.80%, 01/25/65(b)(d) | 1625574 |
| 1402300 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class M1,<br> 6.49%, 01/25/65(b)(d) | 1422745 |
| 2885 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class SA,<br> 0.14%, 01/25/65(b)(d) | 2732 |
| 23345368 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class XS,<br> 8.27%, 01/25/65(b)(d) | 885551 |
| 14397796 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class A1, STEP,<br> 5.76%, 05/25/65(b) | 14586762 |
| 1140107 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class A2, STEP,<br> 5.94%, 05/25/65(b) | 1155029 |
| 2239922 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class A3, STEP,<br> 6.04%, 05/25/65(b) | 2269211 |
| 720300 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class B1,<br> 7.68%, 05/25/65(b)(d) | 739443 |
| 286000 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class B2,<br> 7.68%, 05/25/65(b)(d) | 285081 |
| 53000 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class B3,<br> 7.68%, 05/25/65(b)(d) | 47636 |
| 1461700 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class M1,<br> 6.71%, 05/25/65(b)(d) | 1501079 |
| 306 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class SA,<br> 0.02%, 05/25/65(b)(d) | 303 |
| 20298826 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class XS2,<br> 9.15%, 05/25/65(b)(d) | 544652 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $19636929 | Barclays Mortgage Loan Trust, Series 2025-NQM4, Class PT2,<br> 0.00%, 07/25/65(b)(d) | $20177271 |
| 19763406 | Barclays Mortgage Loan Trust, Series 2025-NQM5, Class PT2,<br> 0.00%, 10/25/55(b)(d) | 20127284 |
| 5039754 | Barclays Mortgage Trust, Series 2022- RPL1, Class A, STEP,<br> 4.25%, 02/25/28(b) | 4985892 |
| 1187900 | Barclays Mortgage Trust, Series 2022- RPL1, Class B, STEP,<br> 4.25%, 02/25/28(b) | 1168706 |
| 1993547 | Barclays Mortgage Trust, Series 2022- RPL1, Class C,<br> 3.74%, 02/25/28(b)(f) | 627987 |
| 9994 | Barclays Mortgage Trust, Series 2022- RPL1, Class SA,<br> 4.94%, 02/25/28(b)(f) | 9195 |
| 1395570 | BCAP LLC Trust, Series 2012-RR3, Class 1A5,<br> 9.80%, 12/26/37(b)(d) | 1041894 |
| 464539 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1,<br> 4.47%, 02/25/36(d) | 428164 |
| 169761 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1,<br> 4.21%, 05/25/47(d) | 152565 |
| 697937 | Bear Stearns ALT-A Trust, Series 2006- 2, Class 11A1,<br> (1 mo. Term SOFR + 0.554%),<br> 4.55%, 04/25/36(d) | 633763 |
| 2047806 | Bear Stearns ALT-A Trust, Series 2006- 6, Class 1A1,<br> (1 mo. Term SOFR + 0.434%),<br> 4.43%, 11/25/36(d) | 1799122 |
| 2906592 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 03/25/36(d) | 315343 |
| 2906592 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 03/25/36(d) | 315343 |
| 384700 | Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1,<br> (1 mo. Term SOFR + 0.394%),<br> 4.39%, 08/25/36(d) | 382865 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $2627000 | BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1,<br> 2.29%, 03/25/60(b)(d) | $2516831 |
| 1500000 | BRAVO Residential Funding Trust, Series 2024-NQM7, Class B1,<br> 7.33%, 10/27/64(b)(d) | 1524762 |
| 1500000 | BRAVO Residential Funding Trust, Series 2024-NQM7, Class B2,<br> 7.77%, 10/27/64(b)(d) | 1509159 |
| 786795 | CFMT LLC, Series 2024-HB14, Class M2,<br> 3.00%, 06/25/34(b)(d) | 755239 |
| 1530387 | CFMT LLC, Series 2024-HB14, Class M3,<br> 3.00%, 06/25/34(b)(d) | 1458266 |
| 1846254 | Chase Mortgage Finance Corp., Series 2016-SH1, Class M4,<br> 3.75%, 04/25/45(b)(d) | 1678930 |
| 5255134 | Chase Mortgage Finance Trust, Series 2007-S2, Class 1A9,<br> 6.00%, 03/25/37 | 2772278 |
| 3545279 | Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1,<br> 6.00%, 12/25/37 | 1403519 |
| 10923027 | ChaseFlex Trust, Series 2007-1, Class 2A7,<br> 6.00%, 02/25/37 | 3634014 |
| 984281 | CHNGE Mortgage Trust, Series 2022- 1, Class A1,<br> 3.01%, 01/25/67(b)(d) | 950318 |
| 1439010 | Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1,<br> 6.25%, 12/25/37 | 1373148 |
| 1666816 | Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1,<br> 6.50%, 06/25/38 | 1437016 |
| 4931 | Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A2,<br> (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.400%),<br> 6.56%, 10/25/35(d) | 1883 |
| 42135 | Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A,<br> 4.73%, 06/25/36(d) | 40642 |
| 2607519 | Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1,<br> 5.75%, 04/25/47(b) | 1225277 |
| 66610 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1,<br> 5.72%, 05/25/35(d) | 63824 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $4650000 | COLT Mortgage Loan Trust, Series 2021-2, Class B1,<br> 3.18%, 08/25/66(b)(d) | $3443429 |
| 2354000 | COLT Mortgage Loan Trust, Series 2022-1, Class B1,<br> 4.15%, 12/27/66(b)(d) | 2119325 |
| 1500000 | COLT Mortgage Loan Trust, Series 2024-INV4, Class B1,<br> 7.21%, 05/25/69(b)(d) | 1518414 |
| 261393 | Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1,<br> 6.00%, 02/25/35 | 185255 |
| 402672 | Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1,<br> (1 mo. Term SOFR + 0.714%),<br> 4.71%, 08/25/35(d) | 376857 |
| 4201763 | Countrywide Alternative Loan Trust, Series 2005-42CB, Class A1,<br> (1 mo. Term SOFR + 0.794%),<br> 4.79%, 10/25/35(d) | 2348504 |
| 3197424 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6,<br> (1 mo. Term SOFR + 0.614%),<br> 4.61%, 11/25/35(d) | 1634837 |
| 4440385 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7,<br> (1 mo. Term SOFR + 5.386%),<br> 1.39%, 11/25/35(d) | 487961 |
| 1357492 | Countrywide Alternative Loan Trust, Series 2005-55CW, Class 2A3,<br> (1 mo. Term SOFR + 0.464%),<br> 4.62%, 11/25/35(d) | 975908 |
| 65941 | Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1,<br> 4.87%, 12/25/35(d) | 65851 |
| 43291 | Countrywide Alternative Loan Trust, Series 2005-69, Class A1,<br> (12 mo. Federal Reserve Cumulative Average USD + 1.000%),<br> 5.11%, 12/25/35(d) | 39596 |
| 1695172 | Countrywide Alternative Loan Trust, Series 2005-79CB, Class A1,<br> (1 mo. Term SOFR + 0.664%),<br> 4.66%, 01/25/36(d) | 804499 |
| 614446 | Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3,<br> (1 mo. Term SOFR + 0.564%),<br> 4.56%, 05/25/35(d) | 543930 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $491029 | Countrywide Alternative Loan Trust, Series 2005-J14, Class A3,<br> 5.50%, 12/25/35 | $292251 |
| 2376274 | Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 05/25/36(d) | 887900 |
| 1531057 | Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1,<br> 6.50%, 06/25/36 | 704241 |
| 2805445 | Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9,<br> 6.00%, 07/25/36 | 1093586 |
| 891672 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 08/25/36(d) | 345721 |
| 891672 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14,<br> (1 mo. Term SOFR + 7.036%),<br> 3.04%, 08/25/36(d) | 167941 |
| 919189 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15,<br> 5.75%, 08/25/36 | 447681 |
| 6693793 | Countrywide Alternative Loan Trust, Series 2006-25CB, Class A1,<br> 6.00%, 10/25/36 | 3400753 |
| 993457 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4,<br> (1 mo. Term SOFR + 0.514%),<br> 4.51%, 03/25/36(d) | 313726 |
| 1765942 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5,<br> (1 mo. Term SOFR + 6.986%),<br> 2.99%, 03/25/36(d) | 326896 |
| 2790542 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6,<br> 5.50%, 03/25/36 | 1148480 |
| 1027309 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10,<br> 6.00%, 01/25/37 | 520320 |
| 743748 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4,<br> 5.75%, 01/25/37 | 362366 |
| 1032167 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2,<br> 6.00%, 02/25/37 | 557688 |
| 2360132 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5,<br> 6.00%, 02/25/37 | 1275199 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $4498959 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, <br> (1 mo. Term SOFR + 0.454%), <br> 4.45%, 02/25/37(d) | $1767420 |
| 2249479 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, <br> (1 mo. Term SOFR + 6.486%), <br> 2.49%, 02/25/37(d) | 377753 |
| 91068 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, <br> 5.50%, 05/25/36 | 74938 |
| 258370 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, <br> (1 mo. Term SOFR + 0.514%), <br> 4.51%, 05/25/36(d) | 198879 |
| 2200332 | Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, <br> 6.50%, 05/25/36 | 891096 |
| 1372795 | Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, <br> (1 mo. Term SOFR + 1.500%), <br> 2.72%, 11/20/46(d) | 1223586 |
| 2931553 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, <br> (12 mo. Federal Reserve Cumulative Average USD + 1.730%), <br> 5.84%, 11/25/46(d) | 2476062 |
| 570132 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, <br> (1 mo. Term SOFR + 0.494%), <br> 4.49%, 11/25/46(d) | 517402 |
| 2023202 | Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, <br> (1 mo. Term SOFR + 0.304%), <br> 4.34%, 03/20/47(d) | 1773830 |
| 351443 | Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, <br> (1 mo. Term SOFR + 0.534%), <br> 4.53%, 05/25/36(d) | 334621 |
| 1495788 | Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, <br> (1 mo. Term SOFR + 0.474%), <br> 4.47%, 04/25/46(d) | 1418843 |
| 1705811 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, <br> 5.75%, 06/25/37 | 720399 |
| 1718168 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, <br> 6.00%, 06/25/37 | 755096 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $863548 | Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34,<br> 6.00%, 08/25/37 | $401614 |
| 3991426 | Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16,<br> 6.50%, 09/25/37 | 1407700 |
| 3454233 | Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3,<br> 6.50%, 11/25/37 | 1518811 |
| 777374 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8,<br> 6.00%, 05/25/37 | 357028 |
| 81284 | Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP,<br> 4.27%, 11/25/36 | 130868 |
| 3781914 | Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.840%),<br> 4.95%, 03/25/47(d) | 3314250 |
| 107131 | Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2,<br> (1 mo. Term SOFR + 0.474%),<br> 4.47%, 04/25/47(d) | 47646 |
| 758849 | Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A,<br> (1 mo. Term SOFR + 0.594%),<br> 4.59%, 08/25/47(d) | 702817 |
| 844548 | Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1,<br> 6.25%, 05/25/36 | 425183 |
| 1333625 | Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3,<br> 6.00%, 08/25/37 | 613167 |
| 705060 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- 31, Class 2A3,<br> 4.48%, 01/25/36(d) | 639647 |
| 3754546 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J2, Class 3A9,<br> (1 mo. Term SOFR + 1.514%),<br> 5.51%, 08/25/35(d) | 2375897 |
| 99556 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J3, Class 2A4,<br> 4.50%, 09/25/35 | 87847 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $9718097 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA4, Class A1, <br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%),<br> 5.07%, 04/25/46(d) | $2679484 |
| 1520419 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA5, Class 3A1,<br> (1 mo. Term SOFR + 0.514%),<br> 4.51%, 04/25/46(d) | 1490196 |
| 1238850 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 21, Class 1A1,<br> 6.25%, 02/25/38 | 536651 |
| 6446649 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 4, Class 1A71,<br> 6.00%, 05/25/37 | 2640785 |
| 2297066 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 8, Class 1A12,<br> 5.88%, 01/25/38 | 932005 |
| 1094315 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- HYB1, Class 3A1,<br> 4.21%, 03/25/37(d) | 937483 |
| 5295007 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-12, Class 2A1,<br> 6.50%, 01/25/36 | 2684124 |
| 935238 | Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1,<br> 6.00%, 11/25/36 | 823940 |
| 2367092 | Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A,<br> 5.84%, 04/25/37(d) | 579205 |
| 7023996 | Credit Suisse Mortgage Capital Certificates Trust, Series 2009- 12R, Class 3A1,<br> 6.50%, 10/27/37(b) | 2527636 |
| 1459087 | Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3,<br> 6.24%, 04/27/37(b)(d)(e) | 1312861 |

---

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $4368882 | Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4,<br> (1 mo. Term SOFR + 0.264%),<br> 3.58%, 10/27/36(b)(d) | $2984961 |
| 2400000 | Credit Suisse Mortgage Capital Certificates Trust, Series 2020- SPT1, Class B2,<br> 3.39%, 04/25/65(b)(d) | 2065953 |
| 888243 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021- JR1, Class PT2,<br> 3.15%, 07/26/60(b)(d) | 333777 |
| 3289850 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021- NQM2, Class B1,<br> 3.44%, 02/25/66(b)(d) | 2636417 |
| 5035882 | Cross Mortgage Trust, Series 2025-H8, Class A1A, STEP,<br> 5.00%, 11/01/70(b) | 5038917 |
| 6037428 | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1,<br> (1 mo. Term SOFR + 1.464%),<br> 5.46%, 11/25/35(d) | 1218370 |
| 1626000 | Deephaven Residential Mortgage Trust, Series 2021-1, Class B1,<br> 3.10%, 05/25/65(b)(d) | 1480747 |
| 3314000 | Deephaven Residential Mortgage Trust, Series 2022-1, Class B1,<br> 4.27%, 01/25/67(b)(d) | 2853756 |
| 2915149 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1, Class CWA1,<br> 6.00%, 06/25/35(b)(d) | 1446733 |
| 2797000 | Ellington Financial Mortgage Trust, Series 2021-1, Class B1,<br> 3.14%, 02/25/66(b)(d) | 2112845 |
| 4210031 | Ellington Financial Mortgage Trust, Series 2025-NQM5, Class A1,<br> 5.03%, 11/25/70(b)(d) | 4199998 |
| 2572525 | Gaea Mortgage Loan Trust, Series 2025-A, Class A,<br> 6.75%, 02/25/30(b)(d) | 2507534 |
| 2000000 | GCAT Trust, Series 2020-NQM2, Class B1,<br> 4.85%, 04/25/65(b)(d) | 1897100 |
| 3437000 | GCAT Trust, Series 2021-NQM7, Class B1,<br> 4.50%, 08/25/66(b)(d) | 3033025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $379305 | GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1,<br> 3.78%, 11/19/35(d) | $271113 |
| 3645933 | GS Mortgage-Backed Securities Trust, Series 2025-NQM5, Class A1, STEP,<br> 5.01%, 07/25/65(b) | 3638714 |
| 2405412 | GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF,<br> (1 mo. Term SOFR + 0.514%),<br> 4.51%, 06/25/34(b)(d) | 2168820 |
| 2279966 | GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 01/25/35(b)(d) | 2007157 |
| 3123750 | GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 09/25/35(b)(d) | 2689928 |
| 863801 | GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 01/25/36(b)(d) | 699281 |
| 3605593 | GSMSC Resecuritization Trust, Series 2015-5R, Class 1D,<br> (1 mo. Term SOFR + 0.254%),<br> 3.45%, 04/26/37(b)(d) | 2098349 |
| 131375 | GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1,<br> 6.46%, 01/25/35(d) | 129582 |
| 2473248 | GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2,<br> 6.50%, 08/25/36 | 650102 |
| 22242 | GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1,<br> 4.50%, 01/25/36(d) | 26925 |
| 429205 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1,<br> 6.00%, 07/25/37 | 270389 |
| 7207526 | GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1,<br> 2.79%, 06/25/47(d) | 4142024 |
| 1191678 | HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2,<br> (1 mo. Term SOFR + 0.614%),<br> 4.40%, 07/19/37(d) | 1172789 |
| 109659 | HomeBanc Mortgage Trust, Series 2006-1, Class 2A1,<br> 4.55%, 04/25/37(d) | 103378 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $720825 | IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A4, <br> 6.00%, 07/25/37 | $501663 |
| 12567454 | IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP,<br> 0.41%, 07/25/47(d) | 11177 |
| 1159962 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2,<br> (1 mo. Term SOFR + 0.654%),<br> 4.65%, 06/25/37(d) | 1438517 |
| 2238614 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2,<br> (1 mo. Term SOFR + 0.594%),<br>4.59%, 08/25/37(d) | 2082446 |
| 571674 | JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, <br> 2.78%, 10/25/37(d) | 371703 |
| 6157066 | JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10,<br> 6.25%, 08/25/37 | 1631848 |
| 5410 | JP Morgan Mortgage Trust, Series 2017-5, Class A1B, <br> 4.96%, 10/26/48(b)(d) | 5459 |
| 1102168 | JP Morgan Mortgage Trust, Series 2019-9, Class B6,<br> 3.59%, 05/25/50(b)(d) | 621248 |
| 67109568 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X,<br> 0.50%, 12/25/51(b)(d) | 1881397 |
| 4891603 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X,<br> 0.50%, 12/25/51(b)(d) | 137135 |
| 88049553 | JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1,<br> 0.19%, 12/25/51(b)(d) | 937640 |
| 1203109 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B4,<br> 3.19%, 12/25/51(b)(d) | 1002042 |
| 421114 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B5,<br> 3.19%, 12/25/51(b)(d) | 338474 |
| 1443420 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B6,<br> 3.07%, 12/25/51(b)(d) | 752664 |
| 27655430 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X,<br> 0.50%, 02/25/52(b)(d) | 785602 |
| 15664993 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X,<br> 0.50%, 02/25/52(b)(d) | 285104 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $7872776 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X,<br> 0.50%, 02/25/52(b)(d) | $334228 |
| 3011415 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X,<br> 0.50%, 02/25/52(b)(d) | 85545 |
| 54204693 | JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1,<br> 0.27%, 02/25/52(b)(d) | 830817 |
| 3561883 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B1,<br> 3.27%, 02/25/52(b)(d) | 3076547 |
| 835922 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B2,<br> 3.27%, 02/25/52(b)(d) | 714516 |
| 1162955 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B3,<br> 3.27%, 02/25/52(b)(d) | 984014 |
| 617900 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B4,<br> 3.27%, 02/25/52(b)(d) | 518411 |
| 254359 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B5,<br> 3.27%, 02/25/52(b)(d) | 211356 |
| 832565 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B6,<br> 3.07%, 02/25/52(b)(d) | 425560 |
| 3508838 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class B,<br> 7.98%, 02/25/59(b)(f) | 744459 |
| 4146853 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class M,<br> 4.25%, 02/25/59(b)(d) | 3703910 |
| 19019204 | MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class IM1,<br> (1 mo. Term SOFR + 0.684%),<br> 4.68%, 01/25/47(d) | 571 |
| 4163747 | MASTR Asset Securitization Trust, Series 2007-1, Class 1A4,<br> 6.50%, 11/25/37 | 690532 |
| 2054105 | MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3,<br> 7.50%, 05/25/35(b) | 1416583 |
| 911618 | MASTR Resecuritization Trust, Series 2008-3, Class A1,<br> 5.20%, 08/25/37(b)(d) | 277768 |
| 5453902 | MCM Trust, Series 2021-VFN1,<br> 2.50%, 09/25/31(b)(e)(g) | 5234239 |
| 4672739 | MCM Trust, Series 2021-VFN1, Class CERT,<br> 3.00%, 09/25/31(b)(e)(g) | 3424301 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $1265924 | Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2,<br> (1 mo. Term SOFR + 0.534%),<br> 4.53%, 04/25/37(d) | $1018204 |
| 479292 | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1,<br> 5.84%, 05/25/36(d) | 308890 |
| 321934 | Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1,<br> 6.25%, 10/25/36 | 113968 |
| 1662548 | Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP,<br> 3.15%, 05/26/37(b) | 2097286 |
| 2061655 | Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B,<br> (1 mo. Term SOFR + 0.274%),<br> 4.59%, 12/26/46(b)(d) | 1923159 |
| 485862 | MortgageIT Trust, Series 2004-1, Class B1,<br> (1 mo. Term SOFR + 1.914%),<br> 5.91%, 11/25/34(d) | 458537 |
| 1389000 | New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2,<br> 4.52%, 01/26/60(b)(d) | 1195572 |
| 3582414 | NYMT Trust, Series 2024-RR1, Class A, STEP, <br> 7.38%, 05/25/64(b) | 3561759 |
| 1663520 | Prime Mortgage Trust, Series 2006- DR1, Class 2A1, <br> 5.50%, 05/25/35(b) | 1542481 |
| 929930 | Prime Mortgage Trust, Series 2006- DR1, Class 2A2,<br> 6.00%, 05/25/35(b) | 796755 |
| 246915 | Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1,<br> (1 mo. Term SOFR + 0.534%), <br> 4.53%, 07/25/36(b)(d) | 233632 |
| 4747982 | Residential Accredit Loans, Inc., Series 2005-QA10, Class A21, <br> 4.75%, 09/25/35(d) | 1742720 |
| 1143707 | Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4,<br> 5.48%, 12/25/35(d) | 1000250 |
| 447245 | Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1,<br> (1 mo. Term SOFR + 0.494%),<br> 4.49%, 05/25/46(d) | 415618 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $352683 | Residential Accredit Loans, Inc., Series 2006-QS15, Class A1,<br> 6.50%, 10/25/36 | $309796 |
| 2295965 | Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5,<br> (1 mo. Term SOFR + 0.664%),<br> 4.66%, 01/25/37(d) | 1709923 |
| 642804 | Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5,<br> (1 mo. Term SOFR + 0.364%),<br> 4.36%, 07/25/36(d) | 102493 |
| 1490534 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA3, Class 1A,<br> 4.21%, 08/25/35(d) | 584711 |
| 1692843 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1,<br> 5.23%, 09/25/35(d) | 948093 |
| 5066683 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1,<br> 5.55%, 08/25/36(d) | 3537405 |
| 70637 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1,<br> 6.08%, 09/25/36(d) | 37076 |
| 2150000 | Residential Mortgage Loan Trust, Series 2020-1, Class B2,<br> 4.67%, 01/26/60(b)(d) | 2016791 |
| 3750000 | Residential Mortgage Loan Trust, Series 2020-2, Class B2,<br> 5.40%, 05/25/60(b)(d) | 3670453 |
| 2814000 | Residential Mortgage Loan Trust, Series 2021-1R, Class B1, <br>3.42%, 01/25/65(b)(d) | 2527471 |
| 5000000 | Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, STEP,<br> 7.50%, 02/25/30(b) | 5024855 |
| 3000000 | Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1, STEP,<br> 7.76%, 04/25/30(b) | 3027820 |
| 100000 | SG Residential Mortgage Trust, Series 2019-3, Class B1,<br> 4.08%, 09/25/59(b)(d) | 95273 |
| 175000 | SG Residential Mortgage Trust, Series 2020-2, Class B1,<br> 4.25%, 05/25/65(b)(d) | 163075 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $257000 | SG Residential Mortgage Trust, Series 2020-2, Class M1,<br> 3.19%, 05/25/65(b)(d) | $234998 |
| 2425000 | Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, <br>4.68%, 01/28/50(b)(d) | 2311536 |
| 811319 | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1,<br> 4.77%, 05/25/35(d) | 677664 |
| 1484278 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A,<br> 4.06%, 04/25/36(d) | 760931 |
| 220452 | Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 4A1,<br> (1 mo. Term SOFR + 0.474%),<br> 4.47%, 06/25/36(d) | 218678 |
| 2854637 | Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1,<br> (1 mo. Term SOFR + 0.554%),<br> 4.55%, 05/25/46(d) | 982111 |
| 913673 | Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B,<br> (1 mo. Term SOFR + 0.474%),<br> 4.47%, 09/25/47(d) | 851464 |
| 1771999 | Structured Asset Securities Corp., Series 2005-RF3, Class 1A,<br> (1 mo. Term SOFR + 0.464%),<br> 4.46%, 06/25/35(b)(d) | 1523953 |
| 13253978 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2,<br> 6.00%, 10/25/36(b) | 7240779 |
| 248919 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3,<br> 6.22%, 04/25/37(d) | 115582 |
| 126187 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1,<br> 6.82%, 04/25/37(d) | 47729 |
| 3750000 | TRK Trust, Series 2021-INV1, Class B1,<br> 3.29%, 07/25/56(b)(d) | 3121305 |
| 4000000 | TRK Trust, Series 2022-INV1, Class B1,<br> 3.99%, 02/25/57(b)(d) | 3179342 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $2437918 | TVC Holdings Plc, Series 2021-1, Class A,<br> 2.38%, 02/01/51(b)(e)(g) | $2247297 |
| 1322747 | TVC Holdings Plc, Series 2021-1, Class CERT,<br> 0.52%, 02/01/51(b)(e)(f)(g) | 1133028 |
| 3162000 | Verus Securitization Trust, Series 2021- 1, Class B1,<br> 2.98%, 01/25/66(b)(d) | 2548191 |
| 5000000 | Verus Securitization Trust, Series 2022- 1, Class B1,<br> 4.01%, 01/25/67(b)(d) | 4036391 |
| 1500000 | Verus Securitization Trust, Series 2023- 2, Class B1,<br> 7.44%, 03/25/68(b)(d) | 1505793 |
| 2680000 | Verus Securitization Trust, Series 2023- INV1, Class M1,<br> 7.47%, 02/25/68(b)(d) | 2681449 |
| 1000000 | Verus Securitization Trust, Series 2024- 2, Class B2,<br> 8.68%, 02/25/69(b)(d) | 1014289 |
| 2000000 | Visio Trust, Series 2022-1, Class B1,<br> 5.95%, 08/25/57(b)(d) | 1990957 |
| 2000000 | Vista Point Securitization Trust, Series 2020-2, Class B1,<br> 4.90%, 04/25/65(b)(d) | 1962057 |
| 3300000 | Vista Point Securitization Trust, Series 2020-2, Class B2,<br> 5.16%, 04/25/65(b)(d) | 3214771 |
| 24166066 | Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7,<br> 8.87%, 02/25/38(b)(d) | 5248700 |
| 985291 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 1CB,<br> 6.50%, 11/25/35 | 704696 |
| 547226 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 2A6,<br> 5.50%, 11/25/35 | 513225 |
| 1020383 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A1,<br> 5.75%, 01/25/36 | 876301 |
| 2074595 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A7,<br> 5.75%, 01/25/36 | 1780854 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $1304595 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-9, Class 5A3,<br> (1 mo. Term SOFR + 1.464%),<br> 5.46%, 11/25/35(d) | $1036626 |
| 3099304 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-1, Class 4CB,<br> 6.50%, 02/25/36 | 2516126 |
| 1827738 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-2, Class 2CB,<br> 6.50%, 03/25/36 | 1259060 |
| 3570736 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-5, Class 3A3, STEP,<br> 6.72%, 07/25/36 | 748243 |
| 1025566 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-AR6, Class 2A,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%),<br> 5.07%, 08/25/46(d) | 597993 |
| 3184130 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-5, Class A6,<br> 6.00%, 06/25/37 | 2956376 |
| 576187 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-HY7, Class 2A2,<br> 3.90%, 07/25/37(d) | 516675 |
| 5202955 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-OA4, Class 2A,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.798%),<br> 4.91%, 05/25/47(d) | 4488539 |
| 1821244 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-OA5, Class 2A,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.798%),<br> 4.91%, 06/25/47(d) | 1540781 |
| 396558 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1,<br> (1 mo. Term SOFR + 0.434%),<br> 4.43%, 03/25/37(d) | 332108 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value | Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $| 3313067 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2,<br> (1 mo. Term SOFR + 6.566%),<br> 2.57%, 03/25/37(d) | $| 369173 |
|  | 702066 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8,<br> (1 mo. Term SOFR + 0.654%),<br> 4.65%, 03/25/37(d) |  | 571211 |
|  | 631243 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9,<br> (1 mo. Term SOFR + 0.604%),<br> 4.60%, 03/25/37(d) |  | 513694 |
|  | 789420 | Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2,<br> 5.27%, 03/25/38(d) |  | 676220 |
|  | 1507129 | Western Alliance Bank, Series 2021- CL2, Class M1,<br> (SOFR 30A + 3.150%),<br> 7.33%, 07/25/59(b)(d) |  | 1570946 |
|  | 2120669 | Western Alliance Bank, Series 2021- CL2, Class M2,<br> (SOFR 30A + 3.700%),<br> 7.88%, 07/25/59(b)(d) |  | 2214009 |
|  |  |  |  | 535736910 |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1% |
|  | 519085 | Bayview Commercial Asset Trust, Series 2005-4A, Class M2,<br> (1 mo. Term SOFR + 0.819%),<br> 4.81%, 01/25/36(b)(d) |  | 489554 |
|  | 442826 | Bayview Commercial Asset Trust, Series 2005-4A, Class M3,<br> (1 mo. Term SOFR + 0.864%),<br> 4.86%, 01/25/36(b)(d) |  | 416920 |
|  | 611709 | Bayview Commercial Asset Trust, Series 2006-2A, Class B1,<br> (1 mo. Term SOFR + 1.419%),<br> 5.41%, 07/25/36(b)(d) |  | 585733 |
|  | 4976332 | Bayview Commercial Asset Trust, Series 2007-5A, Class A4,<br> (1 mo. Term SOFR + 2.364%),<br> 6.36%, 10/25/37(b)(d) |  | 2740526 |
|  | 5232687 | Bayview Commercial Asset Trust, Series 2007-6A, Class A4A,<br> (1 mo. Term SOFR + 2.364%),<br> 6.36%, 12/25/37(b)(d) |  | 4677127 |
|  | 629201 | CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP,<br> 6.26%, 07/25/39(b) |  | 578774 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| $2916380 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2,<br> (1 mo. Term SOFR + 0.714%),<br> 4.71%, 06/25/37(b)(d) | $2523628 |
| 3600000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2,<br> (1 mo. Term SOFR + 2.114%),<br> 6.11%, 10/25/37(b)(d) | 3127990 |
| 324287 | Velocity Commercial Capital Loan Trust, Series 2018-1, Class M6,<br> 7.26%, 04/25/48(b) | 288345 |
| 1044577 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4,<br> 5.32%, 10/26/48(b)(d) | 924808 |
| 391185 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5,<br> 6.36%, 10/26/48(b)(d) | 340784 |
| 755129 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M6,<br> 7.05%, 10/26/48(b)(d) | 631418 |
| 865270 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2,<br> 4.01%, 03/25/49(b)(d) | 809580 |
| 985969 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3,<br> 4.12%, 03/25/49(b)(d) | 911857 |
| 1188738 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4,<br> 4.61%, 03/25/49(b)(d) | 1089505 |
| 856424 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5,<br> 5.70%, 03/25/49(b)(d) | 774615 |
| 199899 | Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5,<br> 4.93%, 07/25/49(b)(d) | 164643 |
| 666506 | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M5,<br> 4.29%, 02/25/50(b)(d) | 520968 |
| 1478065 | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6,<br> 5.69%, 02/25/50(b)(d) | 1168616 |
| 1625034 | Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5,<br> 3.97%, 05/25/51(b)(d) | 1240380 |
| 1134055 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5,<br> 4.01%, 08/25/51(b)(d) | 854614 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) |
| $924181 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6,<br> 4.92%, 08/25/51(b)(d) | $664085 |
| 1744365 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7,<br> 6.54%, 08/25/51(b)(d) | 1219391 |
| 3606491 | Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5,<br> 4.33%, 10/25/51(b)(d) | 2977082 |
| 2188891 | Velocity Commercial Capital Loan Trust, Series 2021-3, Class M7,<br> 6.54%, 10/25/51(b)(d) | 1524412 |
| 1704162 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5,<br> 5.68%, 12/26/51(b)(d) | 1362849 |
| 2750188 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6,<br> 6.95%, 12/26/51(b)(d) | 2101289 |
| 3675904 | Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4,<br> 5.20%, 02/25/52(b)(d) | 3151315 |
| 3012254 | Velocity Commercial Capital Loan Trust, Series 2023-2, Class M2,<br> 8.00%, 05/25/53(b)(d) | 3023160 |
| 2750748 | Velocity Commercial Capital Loan Trust, Series 2023-4, Class M2,<br> 9.08%, 11/25/53(b)(d) | 2798446 |
| 634282 | Velocity Commercial Capital Loan Trust, Series 2023-4, Class M4,<br> 10.74%, 11/25/53(b)(d) | 608050 |
| 2491863 | Velocity Commercial Capital Loan Trust, Series 2025-MC1, Class A1, STEP,<br> 8.16%, 05/25/55(b) | 2478448 |
| 3220719 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class A,<br> 5.46%, 10/25/55(b)(d)(g) | 3220578 |
| 270428 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M1, 6.04%,<br> 10/25/55(b)(d)(g) | 270343 |
| 302097 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M2,<br> 6.56%, 10/25/55(b)(d)(g) | 302016 |
| 528670 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M3,<br> 6.85%, 10/25/55(b)(d)(g) | 528505 |
| 314283 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M4,<br> 9.45%, 10/25/55(b)(d)(g) | 314245 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value | Value |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| $| 114492 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M5,<br> 10.21%, 10/25/55(b)(d)(g) | $| 104778 |
|  |  |  |  | 51509377 |
| Total Non-Agency Mortgage-Backed Securities <br> (Cost $663,308,735) | Total Non-Agency Mortgage-Backed Securities <br> (Cost $663,308,735) | Total Non-Agency Mortgage-Backed Securities <br> (Cost $663,308,735) |  | 587246287 |
| U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.3% | U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.3% | U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.3% | U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.3% | U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.3% |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3% | COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3% | COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3% | COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3% | COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3% |
|  | 10424034 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B,<br> 10.91%, 07/25/56(b)(f) |  | 1672802 |
|  | 14841851 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO,<br> 1.47%, 07/25/56(b)(d) |  | 1705648 |
|  | 4603430 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX,<br> 1.78%, 11/25/57(d) |  | 1865218 |
|  | 2570429 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX,<br> 2.16%, 08/25/57(b)(d) |  | 777525 |
|  | 29416 | Freddie Mac STACR Securitized Participation Interests Trust, Series 2018-SPI2, Class M2,<br> 3.85%, 05/25/48(b)(d) |  | 28580 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities <br> (Cost $6,890,980) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities <br> (Cost $6,890,980) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities <br> (Cost $6,890,980) |  | 6049773 |
| U.S. GOVERNMENT SECURITIES — 30.8% | U.S. GOVERNMENT SECURITIES — 30.8% | U.S. GOVERNMENT SECURITIES — 30.8% |  |  |
| U.S. Treasury Bonds — 24.7% | U.S. Treasury Bonds — 24.7% | U.S. Treasury Bonds — 24.7% |  |  |
|  | 41315000 | 3.63%, 08/15/43 |  | 36331378 |
|  | 42400000 | 3.63%, 02/15/44 |  | 37123188 |
|  | 48055000 | 3.38%, 05/15/44 |  | 40491969 |
|  | 47350000 | 3.13%, 08/15/44 |  | 38296162 |
|  | 47550000 | 3.00%, 02/15/47 |  | 36706371 |
|  | 52750000 | 2.75%, 08/15/47 |  | 38657920 |
|  | 66000000 | 3.00%, 08/15/48 |  | 50144531 |
|  | 46350000 | 3.38%, 11/15/48 |  | 37599627 |
|  | 47000000 | 3.00%, 02/15/49 |  | 35552930 |
|  | 47300000 | 2.88%, 05/15/49 |  | 34857883 |
|  | 81560000 | 1.25%, 05/15/50 |  | 40525125 |
|  | 103400000 | 1.63%, 11/15/50 |  | 56215672 |
|  | 82250000 | 2.38%, 05/15/51 |  | 53513906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **U.S. Treasury Bonds (continued)** | **U.S. Treasury Bonds (continued)** | **U.S. Treasury Bonds (continued)** |  |
| $| 78500000 | 3.00%, 08/15/52 | $58019472 |
|  |  |  | 594036134 |
| **U.S. Treasury Notes — 6.1%** | **U.S. Treasury Notes — 6.1%** | **U.S. Treasury Notes — 6.1%** |  |
|  | 74000000 | 4.50%, 11/15/25 | 74010297 |
|  | 74000000 | 4.13%, 01/31/27 | 74372890 |
|  |  |  | 148383187 |
| Total U.S. Government Securities <br> (Cost $1,019,745,761) | Total U.S. Government Securities <br> (Cost $1,019,745,761) | Total U.S. Government Securities <br> (Cost $1,019,745,761) | 742419321 |
| **CASH SWEEP — 4.3%** | **CASH SWEEP — 4.3%** | **CASH SWEEP — 4.3%** |  |
| **UNITED STATES — 4.3%** | **UNITED STATES — 4.3%** | **UNITED STATES — 4.3%** |  |
|  | 103836786 | Citibank - U.S. Dollars on Deposit in Custody Account, 0.60%(h) | 103836786 |
| Total Cash Sweep <br> (Cost $103,836,786) | Total Cash Sweep <br> (Cost $103,836,786) | Total Cash Sweep <br> (Cost $103,836,786) | 103836786 |
| **TOTAL INVESTMENTS — 99.8%** <br> (Cost $2,828,125,284) | **TOTAL INVESTMENTS — 99.8%** <br> (Cost $2,828,125,284) | **TOTAL INVESTMENTS — 99.8%** <br> (Cost $2,828,125,284) | $2401736554 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** | 5667512 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2407404066 |

---

(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 $737,172,501,
 which is 30.62% 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) Perpetual security with no stated maturity date.

(d) Floating or variable rate security. For securities where the coupon is described as "SOFR + spread" and a
 single fixed rate is shown, the rate presented reflects the initial fixed rate in effect as of October 31, 2025. On the contractual
 reset date, these securities convert from the initial fixed rate to a floating rate based on the applicable SOFR reference
 rate plus the stated spread. For securities based on a published reference rate and spread, the reference rate and spread
 are indicated in the description above. The Reference Rate is defined below. Interest Rate shown reflects the rate in effect
 as of October 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined
 by the issuer or agent based on current market conditions. These securities do not indicate a reference rate and spread in
 their description above.

(e) These securities have been determined to be illiquid in accordance with procedures adopted by the Fund's Board of
 Directors.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

(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 $16,779,330 which is 0.70% of net assets and the cost is $17,944,623.

(h) The rate shown represents the current yield as of October 31, 2025.

**Total Return Swap Agreements outstanding at October 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Payment/<br> Expiration Date | Notional <br> Amount <br> (000) | Value | Upfront <br> Premium <br> Paid <br> (Received) | Unrealized <br> Appreciation |
| **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 2,171.29 and paying a (SOFR RATE + 0.750%) at expiration date | Barclays Bank Plc | 11/19/2025 | $100000 | $2957497 | $– | $2957497 |
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,182.05 and paying a (SOFR RATE + 0.750%) at expiration date | Barclays Bank Plc | 12/11/2025 | 75000 | 1899362 |  | 1899362 |
| **Total Return Swap Agreements** |  |  |  |  |  | $4856859 |

---

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

ETF — Exchange-Traded Fund

PIK — Payment In Kind

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

SOFR 30A — Secured Overnight Financing Rate 30 Day Average USD

SPDR — Standard & Poor's Depositary Receipt

STEP — Step Coupon Bond

USD — U.S. Dollar

Old Westbury Funds, Inc. <br> Fixed Income Fund <br> <u>Portfolio of Investments</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **CORPORATE BONDS — 28.4%** | **CORPORATE BONDS — 28.4%** | **CORPORATE BONDS — 28.4%** |
| **Banks — 6.9%** | **Banks — 6.9%** | **Banks — 6.9%** |
| $5000000 | Banco Santander SA,<br> 4.55%, 11/06/30 | $5003954 |
| 5032000 | Bank of America Corp.,<br> (SOFR RATE + 0.960%),<br> 1.73%, 07/22/27(a) | 4943058 |
| 5000000 | Bank of America Corp.,<br> (SOFR RATE + 1.650%),<br> 5.47%, 01/23/35(a) | 5223175 |
| 2479000 | Bank of New York Mellon Corp. (The) MTN,<br> (SOFR RATE + 1.418%),<br> 4.29%, 06/13/33(a) | 2449305 |
| 4600000 | Barclays Plc,<br> (SOFR RATE + 1.880%),<br> 6.50%, 09/13/27(a) | 4684610 |
| 2000000 | BNP Paribas SA,<br> (SOFR RATE + 1.450%),<br> 4.79%, 05/09/29(a)(b) | 2017624 |
| 5000000 | Citigroup, Inc.,<br> (SOFR RATE + 1.364%),<br> 5.17%, 02/13/30(a) | 5131867 |
| 5980000 | Fifth Third Bancorp,<br> (SOFR RATE + 2.340%),<br> 6.34%, 07/27/29(a) | 6287129 |
| 5000000 | Goldman Sachs Group, Inc. (The),<br> (SOFR RATE + 1.135%),<br> 4.69%, 10/23/30(a) | 5063133 |
| 5000000 | Huntington Bancshares, Inc.,<br> (SOFR RATE + 1.276%),<br> 5.27%, 01/15/31(a) | 5147245 |
| 5000000 | ING Groep NV,<br> (SOFR Index + 1.230%),<br> 5.07%, 03/25/31(a) | 5119318 |
| 5940000 | JP Morgan Chase & Co.,<br> (SOFR RATE + 1.260%),<br> 2.96%, 01/25/33(a) | 5442662 |
| 4600000 | JP Morgan Chase & Co.,<br> (SOFR RATE + 2.080%),<br> 4.91%, 07/25/33(a) | 4690392 |
| 4600000 | Mitsubishi UFJ Financial Group, Inc.,<br> (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.750%),<br> 1.54%, 07/20/27(a) | 4512879 |
| 6000000 | Morgan Stanley,<br> (SOFR RATE + 1.730%),<br> 5.47%, 01/18/35(a) | 6240387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| $| 5100000 | Morgan Stanley Private Bank NA,<br> (SOFR RATE + 1.080%),<br> 4.73%, 07/18/31(a) | $| 5180069 |
|  | 5000000 | PNC Financial Services Group, Inc. (The),<br> (SOFR RATE + 1.072%),<br> 5.22%, 01/29/31(a) |  | 5169873 |
|  | 4989000 | Sumitomo Mitsui Financial Group, Inc.,<br> 2.63%, 07/14/26 |  | 4940144 |
|  | 5520000 | Toronto-Dominion Bank (The) GMTN,<br> 5.53%, 07/17/26 |  | 5576696 |
|  | 5431000 | Truist Financial Corp. MTN,<br> (SOFR RATE + 2.050%),<br> 6.05%, 06/08/27(a) |  | 5486566 |
|  | 3000000 | UBS AG,<br> (SOFR RATE + 0.720%),<br> 4.86%, 01/10/28(a) |  | 3023737 |
|  | 5000000 | UBS Group AG,<br> (SOFR RATE + 3.730%),<br> 4.19%, 04/01/31(a)(b) |  | 4944072 |
|  |  |  |  | 106277895 |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
|  | 5736000 | General Motors Financial Co., Inc.,<br> 2.70%, 06/10/31 |  | 5163848 |
|  | 5000000 | Hyundai Capital America,<br> 4.90%, 06/23/28(b) |  | 5070185 |
|  | 3229000 | Southwest Airlines Co.,<br> 5.13%, 06/15/27 |  | 3263242 |
|  | 3997000 | Toyota Motor Credit Corp. GMTN,<br> 5.25%, 09/11/28 |  | 4137692 |
|  | 4750000 | Verisk Analytics, Inc.,<br> 4.50%, 08/15/30 |  | 4771515 |
|  |  |  |  | 22406482 |
| **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** |
|  | 5000000 | Diageo Capital Plc,<br> 5.63%, 10/05/33 |  | 5321475 |
|  | 5000000 | Mars, Inc.,<br> 4.80%, 03/01/30(b) |  | 5107652 |
|  |  |  |  | 10429127 |
| **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** |
|  | 3174000 | BP Capital Markets America, Inc.,<br> 4.81%, 02/13/33 |  | 3214871 |
|  | 5000000 | Cheniere Corpus Christi Holdings LLC,<br> 3.70%, 11/15/29 |  | 4867641 |
|  | 5122000 | Energy Transfer LP,<br> 4.95%, 06/15/28 |  | 5200378 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| $| 5100000 | MPLX LP,<br> 4.80%, 02/15/31 | $| 5143097 |
|  | 4823000 | Pioneer Natural Resources Co.,<br> 2.15%, 01/15/31 |  | 4358788 |
|  | 1637000 | Sabine Pass Liquefaction LLC,<br> 5.88%, 06/30/26 |  | 1640771 |
|  | 4600000 | Williams Cos., Inc. (The),<br> 3.75%, 06/15/27 |  | 4572488 |
|  |  |  |  | 28998034 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
|  | 2852000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust,<br> 6.10%, 01/15/27 |  | 2909883 |
|  | 2950000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust,<br> 4.63%, 09/10/29 |  | 2974812 |
|  | 4600000 | Air Lease Corp.,<br> 5.85%, 12/15/27 |  | 4728035 |
|  | 5000000 | American International Group, Inc.,<br> 4.85%, 05/07/30 |  | 5114811 |
|  | 4600000 | Athene Global Funding,<br> 1.73%, 10/02/26(b) |  | 4498577 |
|  | 5000000 | Blackstone Reg Finance Co. LLC,<br> 4.30%, 11/03/30 |  | 4983736 |
|  | 4440000 | Capital One Financial Corp.,<br> (SOFR RATE + 2.600%),<br> 5.25%, 07/26/30(a) |  | 4562143 |
|  | 3000000 | Capital One Financial Corp.,<br> (SOFR RATE + 1.560%),<br> 5.46%, 07/26/30(a) |  | 3106650 |
|  | 2291000 | Charles Schwab Corp. (The),<br> 2.45%, 03/03/27 |  | 2245000 |
|  | 2976000 | Charles Schwab Corp. (The),<br> 2.00%, 03/20/28 |  | 2847983 |
|  | 5000000 | Marsh & McLennan Cos., Inc.,<br> 4.65%, 03/15/30 |  | 5082710 |
|  | 5000000 | Metropolitan Life Global Funding I,<br> 5.40%, 09/12/28(b) |  | 5180366 |
|  | 6941000 | PayPal Holdings, Inc.,<br> 2.85%, 10/01/29 |  | 6618576 |
|  | 5000000 | Wynnton Funding Trust,<br> 5.25%, 08/15/35(b) |  | 5042847 |
|  |  |  |  | 59896129 |
| **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** | **Health Care — 2.8%** |
|  | 4600000 | AbbVie, Inc.,<br> 3.20%, 11/21/29 |  | 4443405 |
|  | 5000000 | CVS Health Corp.,<br> 5.00%, 09/15/32 |  | 5079331 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
| $| 1750000 | Eli Lilly & Co.,<br> 4.75%, 02/12/30 | $| 1797349 |
|  | 4600000 | Haleon US Capital LLC,<br> 3.38%, 03/24/27 |  | 4559173 |
|  | 3038000 | HCA, Inc.,<br> 5.38%, 09/01/26 |  | 3048270 |
|  | 5490000 | Laboratory Corp. of America Holdings,<br> 4.55%, 04/01/32 |  | 5465094 |
|  | 4955000 | McKesson Corp.,<br> 4.65%, 05/30/30 |  | 5035129 |
|  | 5000000 | Merck & Co., Inc.,<br> 4.15%, 09/15/30 |  | 5012294 |
|  | 5000000 | Stryker Corp.,<br> 5.20%, 02/10/35 |  | 5153028 |
|  | 3272000 | Zimmer Biomet Holdings, Inc.,<br> 5.35%, 12/01/28 |  | 3382189 |
|  |  |  |  | 42975262 |
| **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** |
|  | 5255000 | Amphenol Corp.,<br> 4.40%, 02/15/33 |  | 5196389 |
|  | 5520000 | BAE Systems Plc,<br> 5.13%, 03/26/29(b) |  | 5685033 |
|  | 5000000 | General Dynamics Corp.,<br> 4.95%, 08/15/35 |  | 5106302 |
|  | 1365000 | John Deere Capital Corp. MTN,<br> 4.95%, 07/14/28 |  | 1401567 |
|  | 6216000 | L3Harris Technologies, Inc.,<br> 5.25%, 06/01/31 |  | 6469210 |
|  | 4927000 | Northrop Grumman Corp.,<br> 4.90%, 06/01/34 |  | 5000779 |
|  | 3000000 | Ryder System, Inc.,<br> 5.00%, 03/15/30 |  | 3068845 |
|  | 3000000 | Uber Technologies, Inc.,<br> 4.15%, 01/15/31 |  | 2970533 |
|  | 4600000 | Waste Connections, Inc.,<br> 5.00%, 03/01/34 |  | 4697570 |
|  |  |  |  | 39596228 |
| **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** |
|  | 5000000 | Broadcom, Inc.,<br> 5.05%, 07/12/29 |  | 5148567 |
|  | 4585000 | Fiserv, Inc.,<br> 3.50%, 07/01/29 |  | 4412153 |
|  | 2176000 | Fiserv, Inc.,<br> 5.35%, 03/15/31 |  | 2230892 |
|  | 5421000 | KLA Corp.,<br> 4.70%, 02/01/34 |  | 5463999 |
|  | 5000000 | Leidos, Inc.,<br> 5.40%, 03/15/32 |  | 5186703 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| $| 5500000 | Paychex, Inc.,<br> 5.35%, 04/15/32 | $| 5703813 |
|  | 5000000 | Roper Technologies, Inc.,<br> 4.45%, 09/15/30 |  | 5017816 |
|  | 6116000 | Texas Instruments, Inc.,<br> 1.75%, 05/04/30 |  | 5525670 |
|  |  |  |  | 38689613 |
| **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** |
|  | 5520000 | BHP Billiton Finance USA Ltd.,<br> 5.10%, 09/08/28 |  | 5680028 |
|  | 4965000 | CRH SMW Finance DAC,<br> 5.13%, 01/09/30 |  | 5109170 |
|  | 4499000 | Glencore Funding LLC,<br> 5.34%, 04/04/27(b) |  | 4566751 |
|  | 2000000 | Vulcan Materials Co.,<br> 4.95%, 12/01/29 |  | 2050586 |
|  |  |  |  | 17406535 |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
|  | 5000000 | American Tower Corp. REIT,<br> 5.00%, 01/31/30 |  | 5121615 |
|  | 5000000 | Brixmor Operating Partnership LP REIT,<br> 3.90%, 03/15/27 |  | 4977759 |
|  | 3680000 | Brixmor Operating Partnership LP REIT,<br> 5.75%, 02/15/35 |  | 3858447 |
|  | 6070000 | Public Storage Operating Co. REIT,<br> 1.85%, 05/01/28 |  | 5762609 |
|  |  |  |  | 19720430 |
| **Telecommunication Services — 0.6%** | **Telecommunication Services — 0.6%** | **Telecommunication Services — 0.6%** | **Telecommunication Services — 0.6%** | **Telecommunication Services — 0.6%** |
|  | 5000000 | AT&T, Inc.,<br> 5.38%, 08/15/35 |  | 5125953 |
|  | 5000000 | T-Mobile USA, Inc.,<br> 4.95%, 11/15/35 |  | 4965210 |
|  |  |  |  | 10091163 |
| **Utilities — 2.7%** | **Utilities — 2.7%** | **Utilities — 2.7%** | **Utilities — 2.7%** | **Utilities — 2.7%** |
|  | 4600000 | DTE Energy Co.,<br> 4.95%, 07/01/27 |  | 4655611 |
|  | 5000000 | Duke Energy Carolinas LLC,<br> 5.25%, 03/15/35 |  | 5181605 |
|  | 1555000 | Duke Energy Corp.,<br> 2.65%, 09/01/26 |  | 1536266 |
|  | 5235000 | Georgia Power Co.,<br> 4.55%, 03/15/30 |  | 5326110 |
|  | 4600000 | National Rural Utilities Cooperative Finance Corp. MTN,<br> 5.05%, 09/15/28 |  | 4716737 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| $| 4750000 | NextEra Energy Capital Holdings, Inc.,<br> 5.05%, 03/15/30 | $| 4894116 |
|  | 4723000 | Public Service Enterprise Group, Inc.,<br> 5.88%, 10/15/28 |  | 4944379 |
|  | 2803609 | SCE Recovery Funding LLC, Series A-1,<br> 0.86%, 11/15/31 |  | 2541316 |
|  | 4820000 | Southern California Gas Co.,<br> 5.45%, 06/15/35 |  | 5012466 |
|  | 3520000 | Xcel Energy, Inc.,<br> 4.75%, 03/21/28 |  | 3565744 |
|  |  |  |  | 42374350 |
| Total Corporate Bonds<br> (Cost $432,832,658) | Total Corporate Bonds<br> (Cost $432,832,658) | Total Corporate Bonds<br> (Cost $432,832,658) |  | 438861248 |
| **ASSET-BACKED SECURITIES — 5.5%** | **ASSET-BACKED SECURITIES — 5.5%** | **ASSET-BACKED SECURITIES — 5.5%** | **ASSET-BACKED SECURITIES — 5.5%** | **ASSET-BACKED SECURITIES — 5.5%** |
| **CAYMAN ISLANDS — 1.5%** | **CAYMAN ISLANDS — 1.5%** | **CAYMAN ISLANDS — 1.5%** | **CAYMAN ISLANDS — 1.5%** | **CAYMAN ISLANDS — 1.5%** |
| **Collateralized Loan Obligations — 1.5%** | **Collateralized Loan Obligations — 1.5%** | **Collateralized Loan Obligations — 1.5%** | **Collateralized Loan Obligations — 1.5%** | **Collateralized Loan Obligations — 1.5%** |
|  | 3500000 | AGL CLO 10 Ltd., Series 2021-10A, Class B,<br> (3 mo. Term SOFR + 1.762%),<br> 5.67%, 04/15/34(a)(b) |  | 3498242 |
|  | 4500000 | Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR2, <br> (3 mo. Term SOFR + 1.550%),<br> 5.45%, 10/15/38(a)(b) |  | 4496076 |
|  | 2000000 | Flatiron CLO 19 Ltd., Series 2019-1A, Class BR2,<br> (3 mo. Term SOFR + 1.500%),<br> 5.69%, 11/16/34(a)(b) |  | 1992160 |
|  | 4500000 | Palmer Square CLO Ltd., Series 2022- 1A, Class BR,<br> (3 mo. Term SOFR + 1.600%),<br> 5.56%, 10/20/38(a)(b) |  | 4507516 |
|  | 4250000 | Regatta XXI Funding Ltd., Series<br> 2021-3A, Class BR,<br> (3 mo. Term SOFR + 1.750%),<br> 5.65%, 10/15/37(a)(b) |  | 4262341 |
|  | 5000000 | RRX 7 Ltd., Series 2022-7A, Class A2,<br> (3 mo. Term SOFR + 2.000%),<br> 5.90%, 07/15/35(a)(b) |  | 5018262 |
|  |  |  |  | 23774597 |
| **JERSEY CHANNEL ISLANDS — 0.4%** | **JERSEY CHANNEL ISLANDS — 0.4%** | **JERSEY CHANNEL ISLANDS — 0.4%** | **JERSEY CHANNEL ISLANDS — 0.4%** | **JERSEY CHANNEL ISLANDS — 0.4%** |
| **Collateralized Loan Obligations — 0.4%** | **Collateralized Loan Obligations — 0.4%** | **Collateralized Loan Obligations — 0.4%** | **Collateralized Loan Obligations — 0.4%** | **Collateralized Loan Obligations — 0.4%** |
|  | 2750000 | Golub Capital Partners CLO Ltd.,<br> Series 2024-74A, Class A,<br> (3 mo. Term SOFR + 1.500%),<br> 5.36%, 07/25/37(a)(b) |  | 2760260 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **JERSEY CHANNEL ISLANDS (continued)** | **JERSEY CHANNEL ISLANDS (continued)** | **JERSEY CHANNEL ISLANDS (continued)** | **JERSEY CHANNEL ISLANDS (continued)** | **JERSEY CHANNEL ISLANDS (continued)** |
| **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** |
| $| 4000000 | OCP Aegis CLO Ltd., Series 2023- 29A, Class BR,<br> (3 mo. Term SOFR + 1.550%),<br> 5.43%, 01/20/36(a)(b) | $| 3995153 |
|  |  |  |  | 6755413 |
| **UNITED STATES — 3.6%** | **UNITED STATES — 3.6%** | **UNITED STATES — 3.6%** | **UNITED STATES — 3.6%** | **UNITED STATES — 3.6%** |
| **Other Asset-Backed Securities — 3.6%** | **Other Asset-Backed Securities — 3.6%** | **Other Asset-Backed Securities — 3.6%** | **Other Asset-Backed Securities — 3.6%** | **Other Asset-Backed Securities — 3.6%** |
|  | 1424862 | Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2,<br> 5.19%, 07/21/31(b) |  | 1440350 |
|  | 3000000 | Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class A,<br> 6.12%, 04/20/27(b) |  | 3013421 |
|  | 2928856 | Bank of America Auto Trust, Series 2023-2A, Class A3,<br> 5.74%, 06/15/28(b) |  | 2957678 |
|  | 2250000 | BMW Vehicle Owner Trust, Series 2025-A, Class A4,<br> 4.66%, 12/27/32 |  | 2288517 |
|  | 969498 | BofA Auto Trust, Series 2024-1A, Class A3,<br> 5.35%, 11/15/28(b) |  | 976282 |
|  | 30994 | CarMax Auto Owner Trust, Series 2022-2, Class A3,<br> 3.49%, 02/16/27 |  | 30983 |
|  | 1404393 | CarMax Auto Owner Trust, Series 2022-4, Class A3,<br> 5.34%, 08/16/27 |  | 1408645 |
|  | 1905701 | CarMax Auto Owner Trust, Series 2023-4, Class A3,<br> 6.00%, 07/17/28 |  | 1928785 |
|  | 2000000 | CarMax Auto Owner Trust, Series 2024-4, Class A3,<br> 4.60%, 10/15/29 |  | 2016898 |
|  | 1176965 | CNH Equipment Trust, Series 2021- C, Class A4,<br> 1.16%, 10/16/28 |  | 1169930 |
|  | 1500000 | CNH Equipment Trust, Series 2024- B, Class A3,<br> 5.19%, 09/17/29 |  | 1520816 |
|  | 1621038 | Daimler Trucks Retail Trust, Series 2023-1, Class A3,<br> 5.90%, 03/15/27 |  | 1629745 |
|  | 879213 | Enterprise Fleet Financing LLC, Series 2024-1, Class A2,<br> 5.23%, 03/20/30(b) |  | 885534 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| $458151 | Enterprise Fleet Financing LLC, Series 2024-2, Class A2,<br> 5.74%, 12/20/26(b) | $460179 |
| 1266326 | Honda Auto Receivables Owner Trust, Series 2023-2, Class A3,<br> 4.93%, 11/15/27 | 1271686 |
| 3000000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3,<br> 4.57%, 09/21/29 | 3029447 |
| 1000000 | HPEFS Equipment Trust, Series 2024- 2A, Class A3,<br> 5.36%, 10/20/31(b) | 1005969 |
| 2600000 | John Deere Owner Trust, Series 2024- B, Class A3,<br> 5.20%, 03/15/29 | 2637774 |
| 2663067 | Kubota Credit Owner Trust, Series 2023-2A, Class A3,<br> 5.28%, 01/18/28(b) | 2683117 |
| 503054 | Kubota Credit Owner Trust, Series 2024-2A, Class A2,<br> 5.45%, 04/15/27(b) | 505128 |
| 3750000 | M&T Equipment Notes, Series 2024- 1A, Class A3,<br> 4.76%, 08/18/31(b) | 3791944 |
| 884194 | Navient Private Education Refi Loan Trust, Series 2021-BA, Class A,<br> 0.94%, 07/15/69(b) | 808503 |
| 1466114 | Navient Private Education Refi Loan Trust, Series 2021-CA, Class A,<br> 1.06%, 10/15/69(b) | 1340302 |
| 3700000 | PFS Financing Corp., Series 2024-B, Class A,<br> 4.95%, 02/15/29(b) | 3732673 |
| 1250000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3,<br> 4.74%, 01/16/29 | 1254043 |
| 800000 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3,<br> 5.33%, 11/20/29(b) | 808125 |
| 25581 | Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX,<br> 3.34%, 08/25/47(b) | 25556 |
| 370842 | Sofi Professional Loan Program Trust, Series 2021-A, Class AFX,<br> 1.03%, 08/17/43(b) | 326773 |
| 1500000 | T-Mobile US Trust, Series 2025-1A, Class A,<br> 4.74%, 11/20/29(b) | 1518121 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| 3000000 | Verizon Master Trust, Series 2025-1, Class A,<br> 4.71%, 01/21/31 | $3044592 |
| 2070756 | Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, Class A1,<br> 4.87%, 06/21/39(b) | 2087709 |
| 3500000 | Wheels Fleet Lease Funding 1 LLC, Series 2025-1A, Class A1,<br> 4.57%, 01/18/40(b) | 3524046 |
|  |  | 55123271 |
| Total Asset-Backed Securities<br> (Cost $85,406,866) | Total Asset-Backed Securities<br> (Cost $85,406,866) | 85653281 |
| **U.S. GOVERNMENT SECURITIES — 64.9%** | **U.S. GOVERNMENT SECURITIES — 64.9%** | **U.S. GOVERNMENT SECURITIES — 64.9%** |
| **U.S. Treasury Inflation Indexed Notes — 2.5%** | **U.S. Treasury Inflation Indexed Notes — 2.5%** | **U.S. Treasury Inflation Indexed Notes — 2.5%** |
| 38138331 | 1.25%, 04/15/28(c) | 38137103 |
| **U.S. Treasury Notes — 62.4%** | **U.S. Treasury Notes — 62.4%** | **U.S. Treasury Notes — 62.4%** |
| 11600000 | 3.50%, 10/31/27 | 11578250 |
| 45157000 | 3.88%, 03/15/28 | 45453343 |
| 46715000 | 3.63%, 08/15/28 | 46747846 |
| 131559000 | 3.63%, 08/31/29 | 131399690 |
| 170110000 | 4.00%, 03/31/30 | 172262955 |
| 160544000 | 4.13%, 08/31/30 | 163422504 |
| 89531000 | 4.38%, 01/31/32 | 92195946 |
| 86730000 | 3.75%, 10/31/32 | 85998216 |
| 118419000 | 3.88%, 08/15/34 | 117049780 |
| 29666000 | 4.25%, 05/15/35 | 30064637 |
| 68171000 | 4.25%, 08/15/35 | 69023137 |
|  |  | 965196304 |
| Total U.S. Government Securities<br> (Cost $989,292,671) | Total U.S. Government Securities<br> (Cost $989,292,671) | 1003333407 |
| Shares |  |  |
| **INVESTMENT COMPANY — 1.5%** | **INVESTMENT COMPANY — 1.5%** | **INVESTMENT COMPANY — 1.5%** |
| 23372314 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, <br> 3.90%(d) | 23372314 |
| Total Investment Company<br> (Cost $23,372,314) | Total Investment Company<br> (Cost $23,372,314) | 23372314 |
| **TOTAL INVESTMENTS — 100.3%**<br> (Cost $1,530,904,509) | **TOTAL INVESTMENTS — 100.3%**<br> (Cost $1,530,904,509) | $1551220250 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%** | (4322176) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $1546898074 |

---

(a) Floating or variable rate security. For securities where the coupon is described as "SOFR + spread" and a single fixed rate is shown, the rate presented reflects the initial fixed rate in effect as of October 31, 2025. On the contractual reset date, these securities convert from the initial fixed rate to a floating rate based on the applicable SOFR reference rate plus the stated spread. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. The Reference Rate is defined below. Interest Rate shown reflects the rate in effect as of October 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(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 October 31, 2025.

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

Old Westbury Funds, Inc. <br> Short-Term Bond Fund <br> <u>Portfolio of Investments</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **CORPORATE BONDS — 34.6%** | **CORPORATE BONDS — 34.6%** |  |
| **Banks — 10.8%** | **Banks — 10.8%** |  |
| $247000 | Bank of America Corp.,<br> (SOFR RATE + 1.630%), <br> 5.20%, 04/25/29(a) | $252969 |
| 102000 | Bank of Montreal, Series H, MTN, <br> 4.70%, 09/14/27 | 103212 |
| 137000 | Bank of New York Mellon Corp. (The), <br> (SOFR RATE + 1.026%), <br> 4.95%, 04/26/27(a) | 137575 |
| 1000000 | Bank of New York Mellon Corp. (The),<br> (SOFR RATE + 0.680%),<br> 4.44%, 06/09/28(a) | 1006433 |
| 500000 | Barclays Plc,<br> (SOFR RATE + 0.960%),<br> 5.09%, 02/25/29(a) | 508518 |
| 500000 | BNP Paribas SA,<br> (SOFR RATE + 1.450%),<br> 4.79%, 05/09/29(a)(b) | 504406 |
| 400000 | Citibank NA,<br> 4.93%, 08/06/26 | 402416 |
| 672000 | Citigroup, Inc.,<br> (3 mo. Term SOFR + 1.652%),<br> 3.67%, 07/24/28(a) | 666278 |
| 500000 | Fifth Third Bancorp,<br> (SOFR RATE + 2.340%),<br> 6.34%, 07/27/29(a) | 525680 |
| 640000 | Goldman Sachs Bank USA,<br> (SOFR RATE + 0.750%),<br> 5.41%, 05/21/27(a) | 644073 |
| 999000 | JP Morgan Chase & Co.,<br> (SOFR RATE + 1.015%),<br> 2.07%, 06/01/29(a) | 949709 |
| 657000 | Morgan Stanley,<br> (SOFR RATE + 1.295%),<br> 5.05%, 01/28/27(a) | 657963 |
| 500000 | Morgan Stanley Private Bank NA,<br> (SOFR RATE + 1.080%),<br> 4.73%, 07/18/31(a) | 507850 |
| 800000 | PNC Bank NA,<br> (SOFR RATE + 0.504%),<br> 4.78%, 01/15/27(a) | 800720 |
| 500000 | Royal Bank of Canada GMTN,<br> (SOFR Index + 0.810%),<br> 4.72%, 03/27/28(a) | 504583 |
| 952000 | Sumitomo Mitsui Financial Group, Inc.,<br> 2.63%, 07/14/26 | 942677 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |  |
| $| 87000 | Toronto-Dominion Bank (The) GMTN,<br> 5.53%, 07/17/26 | $87894 |
|  | 850000 | UBS AG,<br> (SOFR RATE + 0.720%),<br> 4.86%, 01/10/28(a) | 856726 |
|  | 650000 | US Bank NA,<br> (SOFR RATE + 0.690%),<br> 4.51%, 10/22/27(a) | 652164 |
|  | 420000 | Wells Fargo & Co. GMTN,<br> (SOFR RATE + 1.070%),<br> 5.71%, 04/22/28(a) | 429199 |
|  |  |  | 11141045 |
| **Consumer Discretionary — 2.5%** | **Consumer Discretionary — 2.5%** | **Consumer Discretionary — 2.5%** |  |
|  | 92000 | American Honda Finance Corp. GMTN,<br> (SOFR RATE + 0.770%),<br> 4.93%, 03/12/27(a) | 92169 |
|  | 87000 | Clorox Co. (The),<br> 3.90%, 05/15/28 | 86678 |
|  | 877000 | General Motors Financial Co., Inc.,<br> 5.40%, 05/08/27 | 891051 |
|  | 500000 | Hyundai Capital America,<br> 4.90%, 06/23/28(b) | 507018 |
|  | 400000 | Marriott International, Inc.,<br> 5.55%, 10/15/28 | 415740 |
|  | 218000 | Southwest Airlines Co.,<br> 5.13%, 06/15/27 | 220312 |
|  | 400000 | Toyota Motor Credit Corp. GMTN,<br> 4.55%, 08/07/26 | 401650 |
|  |  |  | 2614618 |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |  |
|  | 250000 | Mars, Inc.,<br> 4.45%, 03/01/27(b) | 251615 |
| **Energy — 1.6%** | **Energy — 1.6%** | **Energy — 1.6%** |  |
|  | 114000 | BP Capital Markets America, Inc.,<br> 3.94%, 09/21/28 | 113794 |
|  | 113000 | Enbridge, Inc.,<br> 6.00%, 11/15/28 | 118802 |
|  | 627000 | Energy Transfer LP,<br> 4.95%, 06/15/28 | 636595 |
|  | 575000 | Pioneer Natural Resources Co.,<br> 1.90%, 08/15/30 | 517887 |
|  | 237000 | Williams Cos., Inc. (The),<br> 5.40%, 03/02/26 | 237888 |
|  |  |  | 1624966 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Short-Term Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **Financial Services — 5.9%** | **Financial Services — 5.9%** |  |
| $950000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust,<br> 6.10%, 01/15/27 | $969281 |
| 247000 | Air Lease Corp.,<br> 5.85%, 12/15/27 | 253875 |
| 152000 | American Express Co.,<br> (SOFR RATE + 1.000%),<br> 5.10%, 02/16/28(a) | 153890 |
| 500000 | Arthur J Gallagher & Co.,<br> 4.60%, 12/15/27 | 504664 |
| 641000 | Capital One Financial Corp.,<br> (SOFR RATE + 2.080%),<br> 5.47%, 02/01/29(a) | 656587 |
| 151000 | Corebridge Financial, Inc.,<br> 3.65%, 04/05/27 | 149721 |
| 500000 | Corebridge Global Funding,<br> 4.90%, 01/07/28(b) | 507527 |
| 500000 | Lincoln Financial Global Funding,<br> 4.63%, 05/28/28(b) | 504518 |
| 1000000 | Metropolitan Life Global Funding I,<br> 4.15%, 08/25/28(b) | 1002573 |
| 400000 | New York Life Global Funding MTN,<br> 3.90%, 10/01/27(b) | 400031 |
| 1000000 | PayPal Holdings, Inc.,<br> 4.45%, 03/06/28 | 1009887 |
|  |  | 6112554 |
| **Health Care — 1.7%** | **Health Care — 1.7%** |  |
| 87000 | Cigna Group (The),<br> 4.50%, 02/25/26 | 86987 |
| 259000 | CVS Health Corp.,<br> 1.30%, 08/21/27 | 246086 |
| 667000 | HCA, Inc.,<br> 5.38%, 09/01/26 | 669255 |
| 545000 | Merck & Co., Inc.,<br> 4.15%, 09/15/30 | 546340 |
| 87000 | Pfizer Investment Enterprises Pte Ltd.,<br> 4.45%, 05/19/28 | 87910 |
| 92000 | Zimmer Biomet Holdings, Inc.,<br> 3.05%, 01/15/26 | 91756 |
|  |  | 1728334 |
| **Industrials — 3.5%** | **Industrials — 3.5%** |  |
| 1000000 | Amphenol Corp.,<br> 3.90%, 11/15/28 | 995406 |
| 400000 | Caterpillar Financial Services Corp.,<br> 4.40%, 10/15/27 | 404233 |
| 627000 | L3Harris Technologies, Inc.,<br> 5.40%, 01/15/27 | 636245 |
| 87000 | Ryder System, Inc. MTN,<br> 5.30%, 03/15/27 | 88208 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |
| $| 1000000 | Uber Technologies, Inc.,<br> 4.50%, 08/15/29(b) | $997571 |
|  | 500000 | Union Pacific Corp.,<br> 3.95%, 09/10/28 | 499423 |
|  |  |  | 3621086 |
| **Information Technology — 4.1%** | **Information Technology — 4.1%** | **Information Technology — 4.1%** |  |
|  | 1000000 | Advanced Micro Devices, Inc.,<br> 4.21%, 09/24/26 | 1002659 |
|  | 900000 | Broadcom, Inc.,<br> 5.05%, 07/12/27 | 914909 |
|  | 102000 | Fiserv, Inc.,<br> 5.15%, 03/15/27 | 102838 |
|  | 1000000 | Microchip Technology, Inc.,<br> 4.90%, 03/15/28 | 1012399 |
|  | 750000 | Oracle Corp.,<br> 1.65%, 03/25/26 | 742680 |
|  | 500000 | Roper Technologies, Inc.,<br> 4.25%, 09/15/28 | 501485 |
|  |  |  | 4276970 |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |  |
|  | 170000 | Glencore Funding LLC,<br> 5.34%, 04/04/27(b) | 172560 |
|  | 200000 | Owens Corning,<br> 5.50%, 06/15/27 | 204045 |
|  |  |  | 376605 |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |  |
|  | 800000 | Brixmor Operating Partnership LP REIT,<br> 3.90%, 03/15/27 | 796441 |
| **Telecommunication Services — 0.2%** | **Telecommunication Services — 0.2%** | **Telecommunication Services — 0.2%** |  |
|  | 174000 | T-Mobile USA, Inc.,<br> 3.75%, 04/15/27 | 173021 |
| **Utilities — 2.9%** | **Utilities — 2.9%** | **Utilities — 2.9%** |  |
|  | 900000 | DTE Energy Co.,<br> 4.95%, 07/01/27 | 910881 |
|  | 1000000 | Duke Energy Progress LLC,<br> 4.35%, 03/06/27 | 1005569 |
|  | 117000 | National Rural Utilities Cooperative Finance Corp. MTN,<br> 5.05%, 09/15/28 | 119969 |
|  | 87000 | NextEra Energy Capital Holdings, Inc.,<br> 4.95%, 01/29/26 | 87137 |
|  | 500000 | NextEra Energy Capital Holdings, Inc.,<br> 4.69%, 09/01/27 | 505399 |
|  | 217000 | Public Service Enterprise Group, Inc.,<br> 5.88%, 10/15/28 | 227172 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Short-Term Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **Utilities (continued)** | **Utilities (continued)** |  |
| 97000 | Southern Co. (The),<br> 4.85%, 06/15/28 | $98734 |
|  |  | 2954861 |
| Total Corporate Bonds<br> (Cost $35,325,546) | Total Corporate Bonds<br> (Cost $35,325,546) | 35672116 |
| **ASSET-BACKED SECURITIES — 7.0%** | **ASSET-BACKED SECURITIES — 7.0%** |  |
| **BERMUDA — 0.2%** | **BERMUDA — 0.2%** |  |
| **Collateralized Loan Obligations — 0.2%** | **Collateralized Loan Obligations — 0.2%** |  |
| 250000 | Rad CLO 25 Ltd., Series 2024-25A, Class A1,<br> (3 mo. Term SOFR + 1.460%),<br> 5.34%, 07/20/37(a)(b) | 250845 |
| **CAYMAN ISLANDS — 0.9%** | **CAYMAN ISLANDS — 0.9%** |  |
| **Collateralized Loan Obligations — 0.9%** | **Collateralized Loan Obligations — 0.9%** |  |
| 500000 | Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class AR2, <br> (3 mo. Term SOFR + 1.240%),<br> 5.14%, 10/15/38(a)(b) | 500444 |
| 400000 | Palmer Square CLO Ltd., Series 2024-3A, Class A, <br> (3 mo. Term SOFR + 1.350%),<br> 5.23%, 07/20/37(a)(b) | 400904 |
|  |  | 901348 |
| **JERSEY CHANNEL ISLANDS — 0.2%** | **JERSEY CHANNEL ISLANDS — 0.2%** |  |
| **Collateralized Loan Obligations — 0.2%** | **Collateralized Loan Obligations — 0.2%** |  |
| 250000 | Golub Capital Partners CLO Ltd., Series 2024-74A, Class A, <br> (3 mo. Term SOFR + 1.500%),<br> 5.36%, 07/25/37(a)(b) | 250933 |
| **UNITED STATES — 5.7%** | **UNITED STATES — 5.7%** |  |
| **Other Asset-Backed Securities — 5.7%** | **Other Asset-Backed Securities — 5.7%** |  |
| 500000 | BMW Vehicle Owner Trust, Series 2025-A, Class A4,<br> 4.66%, 12/27/32 | 508559 |
| 71111 | CarMax Auto Owner Trust, Series 2023-1, Class A3,<br> 4.75%, 10/15/27 | 71244 |
| 500000 | CarMax Auto Owner Trust, Series 2024-4, Class A3,<br> 4.60%, 10/15/29 | 504224 |
| 500000 | CarMax Auto Owner Trust, Series 2025-1, Class A3,<br> 4.84%, 01/15/30 | 506093 |
| 60457 | CNH Equipment Trust, Series 2024-B, Class A2A,<br> 5.42%, 10/15/27 | 60581 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $| 114538 | Enterprise Fleet Financing LLC, Series 2024-2, Class A2,<br> 5.74%, 12/20/26(b) | $115045 |
|  | 500000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3,<br> 4.57%, 09/21/29 | 504908 |
|  | 48485 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3,<br> 5.39%, 06/15/27 | 48643 |
|  | 448478 | Hyundai Auto Receivables Trust, Series 2023-C, Class A3,<br> 5.54%, 10/16/28 | 452836 |
|  | 300000 | John Deere Owner Trust, Series 2024-B, Class A3,<br> 5.20%, 03/15/29 | 304359 |
|  | 665767 | Kubota Credit Owner Trust, Series 2023-2A, Class A3,<br> 5.28%, 01/18/28(b) | 670779 |
|  | 125763 | Kubota Credit Owner Trust, Series 2024-2A, Class A2,<br> 5.45%, 04/15/27(b) | 126282 |
|  | 258111 | M&T Equipment Notes, Series 2024-1A, Class A2,<br> 4.99%, 08/18/31(b) | 258875 |
|  | 200000 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3,<br> 5.33%, 11/20/29(b) | 202031 |
|  | 500000 | T-Mobile US Trust, Series 2025-1A, Class A,<br> 4.74%, 11/20/29(b) | 506041 |
|  | 500000 | Verizon Master Trust, Series 2025-1, Class A,<br> 4.71%, 01/21/31 | 507432 |
|  | 500000 | Wheels Fleet Lease Funding 1 LLC, Series 2025-1A, Class A1,<br> 4.57%, 01/18/40(b) | 503435 |
|  |  |  | 5851367 |
| Total Asset-Backed Securities<br> (Cost $7,199,299) | Total Asset-Backed Securities<br> (Cost $7,199,299) | Total Asset-Backed Securities<br> (Cost $7,199,299) | 7254493 |
| **U.S. GOVERNMENT SECURITIES — 57.4%** | **U.S. GOVERNMENT SECURITIES — 57.4%** | **U.S. GOVERNMENT SECURITIES — 57.4%** |  |
| **U.S. Treasury Bills — 1.4%** | **U.S. Treasury Bills — 1.4%** | **U.S. Treasury Bills — 1.4%** |  |
|  | 1500000 | 3.57%, 10/01/26(c) | 1450413 |
| **U.S. Treasury Notes — 56.0%** | **U.S. Treasury Notes — 56.0%** | **U.S. Treasury Notes — 56.0%** |  |
|  | 480000 | 4.25%, 01/31/26 | 480378 |
|  | 2769000 | 3.63%, 05/15/26 | 2766215 |
|  | 3569000 | 4.38%, 08/15/26 | 3585329 |
|  | 3366000 | 4.63%, 11/15/26 | 3395749 |
|  | 3048000 | 4.00%, 01/15/27 | 3058715 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Short-Term Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | October 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** |  |
| $| 2965000 | 4.13%, 02/28/27 | $2981910 |
|  | 2212000 | 4.50%, 05/15/27 | 2239823 |
|  | 2974000 | 4.38%, 07/15/27 | 3010362 |
|  | 3760000 | 4.13%, 09/30/27 | 3795397 |
|  | 2813000 | 3.88%, 11/30/27 | 2828493 |
|  | 2725000 | 4.25%, 01/15/28 | 2761830 |
|  | 2888000 | 4.00%, 02/29/28 | 2913721 |
|  | 2825000 | 3.75%, 04/15/28 | 2834711 |
|  | 2683000 | 4.00%, 06/30/28 | 2710459 |
|  | 3998000 | 4.38%, 08/31/28 | 4079522 |
|  | 3197000 | 4.00%, 01/31/29 | 3233341 |
|  | 3096000 | 4.00%, 07/31/29 | 3133249 |
|  | 2460000 | 4.13%, 11/30/29 | 2502089 |
|  | 2750000 | 4.25%, 01/31/30 | 2811123 |
|  | 2500000 | 3.88%, 07/31/30 | 2518652 |
|  |  |  | 57641068 |
| Total U.S. Government Securities<br> (Cost $58,636,041) | Total U.S. Government Securities<br> (Cost $58,636,041) | Total U.S. Government Securities<br> (Cost $58,636,041) | 59091481 |
| Shares | Shares |  |  |
| **INVESTMENT COMPANY — 1.0%** | **INVESTMENT COMPANY — 1.0%** | **INVESTMENT COMPANY — 1.0%** |  |
|  | 1063874 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.90%(d) | 1063874 |
| Total Investment Company<br> (Cost $1,063,874) | Total Investment Company<br> (Cost $1,063,874) | Total Investment Company<br> (Cost $1,063,874) | 1063874 |
| **TOTAL INVESTMENTS — 100.0%**<br> (Cost $102,224,760) | **TOTAL INVESTMENTS — 100.0%**<br> (Cost $102,224,760) | **TOTAL INVESTMENTS — 100.0%**<br> (Cost $102,224,760) | $103081964 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)%** | (32277) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $103049687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating or variable rate security. For securities where the coupon
 is described as "SOFR + spread" and a single fixed rate is shown, the rate presented reflects the initial fixed
 rate in effect as of October 31, 2025. On the contractual reset date, these securities convert from the initial fixed rate
 to a floating rate based on the applicable SOFR reference rate plus the stated spread. For securities based on a published
 reference rate and spread, the reference rate and spread are indicated in the description above. The Reference Rate is defined
 below. Interest Rate shown reflects the rate in effect as of October 31, 2025. Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. These
 securities do not indicate a reference rate and spread in their description above.

&nbsp;&nbsp;&nbsp;&nbsp;(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 October 31, 2025.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 96.5%** | **MUNICIPAL BONDS — 96.5%** | **MUNICIPAL BONDS — 96.5%** |
| **Arizona — 2.0%** | **Arizona — 2.0%** | **Arizona — 2.0%** |
| $3000000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/28 | $3187333 |
| 3000000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/29 | 3256575 |
| 3190000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/30 | 3531583 |
| 5000000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/32 | 5708150 |
| 7815000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/33 | 9045191 |
| 5150000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/34 | 6016978 |
| 5000000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/35 | 5865243 |
| 5000000 | City of Phoenix Civic Improvement Corp. Current Refunding Revenue Bonds,<br> 5.00%, 07/01/29 | 5357184 |
| 2005000 | City of Phoenix School Improvements GO, Series B,<br> 4.41%, 07/01/28 | 2032275 |
| 2925000 | City of Scottsdale Recreation Facilities Improvements GO,<br> 5.00%, 07/01/37 | 3392171 |
| 3950000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 01/01/33 | 4044077 |
| 7180000 | Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/36 | 8473500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| $| 7100000 | Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/37 | $| 8303333 |
|  | 6810000 | Salt River Project Agricultural Improvement & Power District Revenue Bonds, Series A,<br> 5.00%, 01/01/43 |  | 7294417 |
|  | 8500000 | Scottsdale Municipal Property Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 07/01/38 |  | 9766583 |
|  |  |  |  | 85274593 |
| **California — 3.4%** | **California — 3.4%** | **California — 3.4%** | **California — 3.4%** | **California — 3.4%** |
|  | 4000000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series B,<br> 5.00%, 08/15/33 |  | 4774817 |
|  | 4735000 | City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds,<br> 5.00%, 05/15/32 |  | 5279549 |
|  | 2250000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds,<br> 5.00%, 05/15/27 |  | 2315316 |
|  | 2810000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,<br> 5.00%, 05/15/27 |  | 2922040 |
|  | 2000000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,<br> 5.00%, 05/15/30 |  | 2252553 |
|  | 10000000 | County of Santa Clara GO, Series C,<br> 4.30%, 08/01/27 |  | 10098417 |
|  | 10000000 | County of Santa Clara GO, Series C,<br> 4.33%, 08/01/29 |  | 10185758 |
|  | 5000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,<br> 5.00%, 07/01/27 |  | 5188331 |
|  | 4200000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 05/01/34 |  | 4774888 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| California (continued) | California (continued) | California (continued) | California (continued) | California (continued) |
| $| 11000000 | San Francisco City & County Public Utilities Commission Wastewater Revenue Bonds, Series A,<br> 4.66%, 10/01/27 | $| 11155790 |
|  | 14000000 | State of California Current Refunding GO,<br> 5.00%, 12/01/25 |  | 14025214 |
|  | 2520000 | State of California Current Refunding GO,<br> 5.00%, 03/01/26 |  | 2539664 |
|  | 7500000 | State of California Current Refunding GO,<br> 5.00%, 03/01/27 |  | 7749622 |
|  | 7500000 | State of California Current Refunding GO,<br> 5.00%, 03/01/28 |  | 7934285 |
|  | 10000000 | State of California Current Refunding GO,<br> 5.00%, 10/01/37 |  | 11114317 |
|  | 16195000 | State of California Current Refunding GO, (AGM),<br> 5.25%, 08/01/32 |  | 18761070 |
|  | 15000000 | State of California Water Utility Improvements GO,<br> 5.00%, 09/01/26 |  | 15305478 |
|  | 10000000 | University of California University & College Improvements Revenue Bonds, Series BK,<br> 5.00%, 05/15/32 |  | 11650372 |
|  |  |  |  | 148027481 |
| Colorado — 3.0% | Colorado — 3.0% | Colorado — 3.0% | Colorado — 3.0% | Colorado — 3.0% |
|  | 20000000 | Boulder Larimer & Weld Counties St. Vrain Valley School District School Improvements GO, Series 1J, (State Aid Withholding),<br> 5.00%, 12/15/26 |  | 20534692 |
|  | 27720000 | City & County of Denver Co. Airport System & Marina Improvements Refunding Revenue Bonds, Series A,<br> 5.00%, 12/01/28 |  | 29343885 |
|  | 11590000 | City & County of Denver Co. Airport System Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/27 |  | 12068433 |
|  | 6175000 | City & County of Denver Co. Airport System Revenue Bonds, Series A,<br> 5.00%, 11/15/36 |  | 6751824 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| Colorado (continued) | Colorado (continued) | Colorado (continued) |
| $10000000 | City & County of Denver Co. Airport System Revenue Bonds, Series A,<br> 5.00%, 12/01/32 | $10536571 |
| 2225000 | City & County of Denver Co. Airport System Revenue Bonds, Series C,<br> 5.00%, 11/15/27 | 2329879 |
| 3500000 | Colorado Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 05/15/37 | 3849351 |
| 1000000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1,<br> 4.33%, 05/01/29 | 1013248 |
| 1295000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1,<br> 4.51%, 05/01/30 | 1319134 |
| 2245000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1,<br> 4.63%, 05/01/31 | 2289346 |
| 2935000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, <br> 4.83%, 05/01/32 | 3004158 |
| 2950000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, <br> 4.93%, 05/01/33 | 3010989 |
| 2425000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1,<br> 5.15%, 11/01/36 | 2450652 |
| 2000000 | Denver City & County School District No 1 Current Refunding GO, Series B, (State Aid Withholding),<br> 5.00%, 12/01/26 | 2050490 |
| 11330000 | University of Colorado Current Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/26 | 11480987 |
| 7250000 | University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 11/15/29 | 7900479 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| $| 10000000 | University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series B,<br> 5.00%, 11/15/31 | $| 11310650 |
|  |  |  |  | 131244768 |
| **Connecticut — 4.2%** | **Connecticut — 4.2%** | **Connecticut — 4.2%** | **Connecticut — 4.2%** | **Connecticut — 4.2%** |
|  | 12500000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series 2,<br> 5.00%, 07/01/64 |  | 14222126 |
|  | 5000000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1,<br> 5.00%, 07/01/40 |  | 5253226 |
|  | 11000000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S,<br> 5.00%, 07/01/27 |  | 11437855 |
|  | 5260000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series U,<br> 5.00%, 07/01/33(a) |  | 6143458 |
|  | 5860000 | Metropolitan District Refunding Notes GO, Series C, (AGM),<br> 5.00%, 11/01/25 |  | 5860000 |
|  | 4715000 | State of Connecticut GO, Series A, <br> 5.38%, 05/01/27 |  | 4825370 |
|  | 6295000 | State of Connecticut GO, Series D,<br> 5.00%, 07/15/26 |  | 6396023 |
|  | 9345000 | State of Connecticut Public Improvements GO, Series A,<br> 5.00%, 01/15/26 |  | 9386040 |
|  | 6000000 | State of Connecticut Public Improvements GO, Series A,<br> 3.85%, 09/15/27 |  | 6012223 |
|  | 5000000 | State of Connecticut Public Improvements GO, Series A,<br> 4.79%, 03/15/31 |  | 5185826 |
|  | 10000000 | State of Connecticut Public Improvements GO, Series C,<br> 5.00%, 08/15/28 |  | 10651520 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |
| $| 10000000 | State of Connecticut Public Improvements GO, Series C,<br> 5.00%, 08/15/29 | $| 10870111 |
|  | 8000000 | State of Connecticut Public Improvements GO, Series C,<br> 5.00%, 08/15/30 |  | 8871712 |
|  | 10000000 | State of Connecticut Public Improvements GO, Series C,<br> 5.00%, 08/15/31 |  | 11294537 |
|  | 10000000 | State of Connecticut Public Improvements GO, Series C,<br> 5.00%, 08/15/32 |  | 11472125 |
|  | 6775000 | State of Connecticut Special Tax Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/30 |  | 7495436 |
|  | 10000000 | State of Connecticut Special Tax Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 01/01/35 |  | 10437531 |
|  | 20000000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1,<br> 5.00%, 07/01/27 |  | 20786474 |
|  | 6500000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1,<br> 5.00%, 07/01/28 |  | 6899679 |
|  | 5865000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1,<br> 5.00%, 07/01/29 |  | 6358903 |
|  |  |  |  | 179860175 |
| **Delaware — 1.1%** | **Delaware — 1.1%** | **Delaware — 1.1%** | **Delaware — 1.1%** | **Delaware — 1.1%** |
|  | 10000000 | Delaware State Health Facilities Authority Current Refunding Revenue Bonds,<br> 5.00%, 10/01/45 |  | 10254186 |
|  | 6780000 | Delaware Transportation Authority Public Improvements Revenue Bonds,<br> 5.00%, 07/01/27 |  | 7053369 |
|  | 7895000 | State of Delaware Current Refunding GO,<br> 5.00%, 02/01/31 |  | 8889993 |
|  | 7705000 | State of Delaware Current Refunding GO, Series A,<br> 5.00%, 10/01/27 |  | 8064772 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** |
| $| 3620000 | State of Delaware Current Refunding GO, Series B,<br> 5.00%, 07/01/26 | $| 3676418 |
|  | 9005000 | State of Delaware Public Improvements GO, Series A,<br> 5.00%, 05/01/26 |  | 9110502 |
|  |  |  |  | 47049240 |
| **District of Columbia — 3.0%** | **District of Columbia — 3.0%** | **District of Columbia — 3.0%** | **District of Columbia — 3.0%** | **District of Columbia — 3.0%** |
|  | 5045000 | District of Columbia Cash Flow Management GO, Series B,<br> 5.00%, 08/01/29 |  | 5483602 |
|  | 3660000 | District of Columbia Current Refunding Revenue Bonds, Series C,<br> 5.00%, 12/01/26 |  | 3751018 |
|  | 3500000 | District of Columbia Income Tax Public Improvements Revenue Bonds, Series B,<br> 5.00%, 10/01/27 |  | 3657746 |
|  | 4280000 | District of Columbia Income Tax Revenue Bonds, Series A,<br> 5.00%, 05/01/43 |  | 4576773 |
|  | 12675000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/36 |  | 14152648 |
|  | 10000000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/47 |  | 10447225 |
|  | 7185000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B,<br> 3.81%, 07/01/30 |  | 7130824 |
|  | 6000000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B,<br> 3.86%, 07/01/31 |  | 5928365 |
|  | 7440000 | District of Columbia Public Improvements GO, Series A,<br> 5.00%, 08/01/26 |  | 7564810 |
|  | 4150000 | District of Columbia Public Improvements GO, Series A,<br> 5.00%, 08/01/28 |  | 4414538 |
|  | 5000000 | District of Columbia Public Improvements GO, Series A,<br> 5.00%, 08/01/29 |  | 5434690 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| $2000000 | District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 10/01/26 | $2041334 |
| 2565000 | District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 10/01/34 | 3012824 |
| 10295000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/29 | 11064889 |
| 5000000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/30 | 5461276 |
| 5000000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/31 | 5529130 |
| 5000000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/33 | 5643974 |
| 2850000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,<br> 5.00%, 10/01/26 | 2899955 |
| 3000000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,<br> 5.00%, 10/01/27 | 3103033 |
| 3500000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,<br> 5.00%, 10/01/28 | 3706950 |
| 2500000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,<br> 5.00%, 10/01/30 | 2730638 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| $| 10000000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,<br> 5.00%, 10/01/31 | $| 11058260 |
|  |  |  |  | 128794502 |
| **Florida — 1.0%** | **Florida — 1.0%** | **Florida — 1.0%** | **Florida — 1.0%** | **Florida — 1.0%** |
|  | 8800000 | State of Florida Current Refunding GO, Series A,<br> 5.00%, 06/01/26 |  | 8916815 |
|  | 10000000 | State of Florida Current Refunding GO, Series A,<br> 5.00%, 06/01/28 |  | 10627366 |
|  | 4170000 | State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/29 |  | 4517063 |
|  | 15000000 | State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/35 |  | 17743983 |
|  |  |  |  | 41805227 |
| **Georgia — 1.7%** | **Georgia — 1.7%** | **Georgia — 1.7%** | **Georgia — 1.7%** | **Georgia — 1.7%** |
|  | 18480000 | Brookhaven Development Authority Revenue Bonds, Series A, <br> 4.00%, 07/01/44 |  | 17684604 |
|  | 9280000 | City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D,<br> 5.00%, 07/01/34 |  | 10294321 |
|  | 12890000 | City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D,<br> 5.00%, 07/01/35 |  | 14207319 |
|  | 5500000 | City of Atlanta Department of Aviation Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/27 |  | 5676222 |
|  | 3250000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1,<br> 5.00%, 07/01/30 |  | 3542886 |
|  | 4350000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1,<br> 5.00%, 07/01/31 |  | 4817179 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| $| 3460000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1,<br> 5.00%, 07/01/32 | $| 3882904 |
|  | 4000000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1,<br> 5.00%, 07/01/33 |  | 4520624 |
|  | 7350000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1,<br> 5.00%, 07/01/34 |  | 8357665 |
|  |  |  |  | 72983724 |
| **Hawaii — 1.6%** | **Hawaii — 1.6%** | **Hawaii — 1.6%** | **Hawaii — 1.6%** | **Hawaii — 1.6%** |
|  | 3000000 | City & County of Honolulu Current Refunding GO, Series G,<br> 5.00%, 07/01/29 |  | 3260630 |
|  | 3190000 | City & County of Honolulu Current Refunding GO, Series G,<br> 5.00%, 07/01/30 |  | 3540028 |
|  | 6015000 | State of Hawaii Airports System Revenue Bonds, Series A,<br> 5.00%, 07/01/34 |  | 6475704 |
|  | 10350000 | State of Hawaii Airports System Revenue Bonds, Series A,<br> 5.00%, 07/01/31 |  | 11278200 |
|  | 3325000 | State of Hawaii Department of Budget & Finance Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 |  | 3437554 |
|  | 3000000 | State of Hawaii Department of Budget & Finance Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/29 |  | 3240091 |
|  | 3000000 | State of Hawaii Public Facilities GO, Series GK, <br> 4.93%, 10/01/28 |  | 3091108 |
|  | 20000000 | State of Hawaii Public Facilities GO, Series GK, <br> 5.06%, 10/01/29 |  | 20849508 |
|  | 5000000 | State of Hawaii Public Facilities GO, Series GK,<br> 5.13%, 10/01/30 |  | 5257694 |
|  | 4360000 | State of Hawaii Public Facilities GO, Series GK,<br> 5.15%, 10/01/31 |  | 4604706 |
|  | 2000000 | State of Hawaii Public Facilities GO, Series GK, <br> 5.20%, 10/01/32 |  | 2119410 |
|  |  |  |  | 67154633 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Idaho — 1.2%** | **Idaho — 1.2%** | **Idaho — 1.2%** |
| $5000000 | Idaho Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 03/01/33 | $5722022 |
| 10000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/26 | 10134476 |
| 8445000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/27 | 8761192 |
| 5000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/28 | 5311106 |
| 5000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/29 | 5431743 |
| 5500000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/31 | 6211760 |
| 5000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/33 | 5810342 |
| 5500000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/34 | 6447752 |
|  |  | 53830393 |
| **Illinois — 0.4%** | **Illinois — 0.4%** | **Illinois — 0.4%** |
| 2500000 | Illinois Finance Authority Revenue Bonds, Series A,<br> 5.00%, 01/01/33 | 2882737 |
| 9130000 | Illinois Finance Authority Revenue Bonds, Series A,<br> 5.00%, 07/01/39 | 10315572 |
| 5000000 | Metropolitan Water Reclamation District of Greater Chicago Advance Refunding GO, Series E,<br> 2.53%, 12/01/32 | 4470620 |
|  |  | 17668929 |
| **Iowa — 0.5%** | **Iowa — 0.5%** | **Iowa — 0.5%** |
| 3185000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A,<br> 5.00%, 08/01/31 | 3618525 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |
| $| 16125000 | Iowa Finance Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 08/01/34 | $| 18958553 |
|  |  |  |  | 22577078 |
| **Kansas — 1.2%** | **Kansas — 1.2%** | **Kansas — 1.2%** | **Kansas — 1.2%** | **Kansas — 1.2%** |
|  | 6595000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds,<br> 5.00%, 05/01/38 |  | 7456646 |
|  | 10510000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,<br> 5.00%, 05/01/30 |  | 11637668 |
|  | 13325000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,<br> 5.00%, 05/01/32 |  | 15265981 |
|  | 12000000 | State of Kansas Department of Transportation Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 09/01/26 |  | 12230467 |
|  | 2000000 | State of Kansas Department of Transportation Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 09/01/27 |  | 2087642 |
|  | 4410000 | State of Kansas Department of Transportation Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 09/01/28 |  | 4707035 |
|  |  |  |  | 53385439 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
|  | 2000000 | Maine Turnpike Authority Current Refunding Revenue Bonds,<br> 5.00%, 07/01/30 |  | 2213787 |
|  | 1000000 | Maine Turnpike Authority Current Refunding Revenue Bonds,<br> 5.00%, 07/01/32 |  | 1144650 |
|  | 1000000 | Maine Turnpike Authority Current Refunding Revenue Bonds,<br> 5.00%, 07/01/34 |  | 1165501 |
|  |  |  |  | 4523938 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Maryland — 2.5%** | **Maryland — 2.5%** | **Maryland — 2.5%** |
| $9775000 | County of Baltimore Current Refunding GO,<br> 5.00%, 02/01/26 | $9826896 |
| 5685000 | County of Baltimore Current Refunding GO,<br> 5.00%, 02/01/29 | 6133698 |
| 13915000 | County of Montgomery Refunding GO, Series A,<br> 5.00%, 08/01/36 | 15363866 |
| 4200000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A,<br> 5.00%, 06/01/30 | 4639314 |
| 4310000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A,<br> 5.00%, 06/01/31 | 4850551 |
| 4630000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A,<br> 5.00%, 06/01/32 | 5277997 |
| 4860000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A,<br> 5.00%, 06/01/33 | 5596460 |
| 5005000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A,<br> 5.00%, 06/01/34 | 5816759 |
| 20000000 | State of Maryland School Improvements GO, Series A,<br> 5.00%, 06/01/28 | 21249062 |
| 15000000 | State of Maryland School Improvements GO, Series A,<br> 5.00%, 06/01/36 | 16785762 |
| 12875000 | State of Maryland School Improvements GO, Series A,<br> 5.00%, 06/01/38 | 14676910 |
|  |  | 110217275 |
| **Massachusetts — 3.8%** | **Massachusetts — 3.8%** | **Massachusetts — 3.8%** |
| 10000000 | Commonwealth of Massachusetts Advance Refunding GO, Series B,<br> 5.00%, 07/01/31 | 10160201 |
| 10000000 | Commonwealth of Massachusetts Current Refunding GO, Series A,<br> 5.00%, 10/01/31 | 11377679 |
| 10000000 | Commonwealth of Massachusetts Public Improvements GO, Series A,<br> 5.00%, 05/01/53 | 10423467 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| $10000000 | Commonwealth of Massachusetts Transit Improvements GO, Series A,<br> 5.00%, 02/01/32 | $11441124 |
| 2775000 | Massachusetts Bay Transportation Authority Sales Tax Transit Improvements Revenue Bonds, Series B,<br> 5.00%, 07/01/31 | 3151587 |
| 7500000 | Massachusetts Bay Transportation Authority Sales Tax Transit Improvements Revenue Bonds, Series B,<br> 5.00%, 07/01/33 | 8781293 |
| 2000000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/26 | 2011533 |
| 3500000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/27 | 3606323 |
| 2500000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/28 | 2643833 |
| 2160000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/29 | 2339760 |
| 2000000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/30 | 2215334 |
| 4900000 | Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,<br> 5.00%, 02/01/42 | 5252107 |
| 10000000 | Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 10/15/27 | 10484604 |
| 17830000 | Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series T,<br> 5.00%, 03/01/34 | 20782573 |
| 15000000 | Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B,<br> 5.00%, 02/15/34 | 17651316 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| $| 8575000 | Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, Series A-1,<br> 5.00%, 05/15/55 | $| 9776975 |
|  | 5000000 | Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/33 |  | 5531999 |
|  | 5440000 | Massachusetts School Building Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 02/15/27 |  | 5603650 |
|  | 7300000 | Massachusetts School Building Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 02/15/31 |  | 8188423 |
|  | 3000000 | Massachusetts School Building Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 02/15/34 |  | 3512717 |
|  | 2500000 | Massachusetts School Building Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 02/15/36 |  | 2923041 |
|  | 2500000 | Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,<br> 5.00%, 08/01/27 |  | 2606068 |
|  | 2160000 | Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,<br> 5.00%, 08/01/29 |  | 2363320 |
|  |  |  |  | 162828927 |
| **Michigan — 0.2%** | **Michigan — 0.2%** | **Michigan — 0.2%** | **Michigan — 0.2%** | **Michigan — 0.2%** |
|  | 6900000 | Michigan State Building Authority Refunding Revenue Bonds, Series I,<br> 5.00%, 04/15/31 |  | 7762223 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
|  | 4545000 | County of Hennepin Public Improvements GO, Series A,<br> 5.00%, 12/01/27 |  | 4774525 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| $| 5000000 | Osseo Independent School District No 279 School Improvements GO, Series A, (School District Credit Program),<br> 5.00%, 02/01/26 | $| 5027534 |
|  | 7300000 | Rosemount-Apple Valley-Eagan Independent School District No 196 School Improvements GO, Series A, (School District Credit Program),<br> 5.00%, 02/01/26 |  | 7339478 |
|  | 7360000 | State of Minnesota School Improvements GO, Series A, Group 2,<br> 5.00%, 08/01/38 |  | 8211723 |
|  |  |  |  | 25353260 |
| **Missouri — 0.5%** | **Missouri — 0.5%** | **Missouri — 0.5%** | **Missouri — 0.5%** | **Missouri — 0.5%** |
|  | 4360000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 11/15/29 |  | 4680803 |
|  | 4000000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 04/01/30 |  | 4383646 |
|  | 2500000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 11/15/32 |  | 2794171 |
|  | 10245000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 05/01/33 |  | 11700525 |
|  |  |  |  | 23559145 |
| **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** |
|  | 2345000 | Metropolitan Utilities District of Omaha Water System Revenue Bonds,<br> 5.00%, 12/01/27 |  | 2460454 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |
|  | 20000000 | New Hampshire Health and Education Facilities Authority Act University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/32 |  | 22844492 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New Jersey — 6.7%** | **New Jersey — 6.7%** | **New Jersey — 6.7%** |
| $1000000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),<br> 5.00%, 01/15/27 | $1028243 |
| 1000000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),<br> 5.00%, 01/15/28 | 1052582 |
| 1000000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),<br> 5.00%, 01/15/29 | 1076539 |
| 1815000 | New Jersey Educational Facilities Authority Advance Refunding Revenue Bonds, Series I,<br> 5.00%, 07/01/34 | 1880580 |
| 11450000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/26 | 11626858 |
| 12210000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/28 | 12991911 |
| 7735000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/34 | 9121861 |
| 7585000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/35 | 9002878 |
| 5000000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 03/01/26 | 5037349 |
| 6665000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 03/01/27 | 6873462 |
| 4000000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 03/01/28 | 4226772 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| $10000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/01/27 | $10312771 |
| 15000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/64 | 16674637 |
| 10000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,<br> 5.00%, 03/01/30 | 11032641 |
| 18800000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,<br> 5.00%, 03/01/36 | 21763010 |
| 10000000 | New Jersey Health Care Facilities Financing Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/34 | 11582599 |
| 10000000 | New Jersey Infrastructure Bank Green Purpose Revenue Bonds, Series A-2,<br> 5.00%, 09/01/47 | 10592638 |
| 9000000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 06/15/33 | 10353572 |
| 13695000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series AA, <br> 4.00%, 06/15/40 | 13799042 |
| 5000000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series BB,<br> 4.61%, 06/15/26 | 5017721 |
| 3210000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,<br> 5.00%, 06/15/31 | 3593664 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| $7250000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,<br> 5.00%, 06/15/32 | $8170752 |
| 5000000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,<br> 5.00%, 06/15/33 | 5616154 |
| 12000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 01/01/34 | 13946464 |
| 5410000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 1.48%, 01/01/28 | 5151467 |
| 9000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 1.28%, 01/01/27 | 8741633 |
| 1000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/27 | 1026895 |
| 5500000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 1.81%, 01/01/30 | 5058277 |
| 4250000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series E,<br> 5.00%, 01/01/32 | 4455005 |
| 6000000 | New Jersey Turnpike Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 01/01/26 | 6020829 |
| 10000000 | New Jersey Turnpike Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 01/01/31 | 11149111 |
| 3755000 | New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 01/01/29 | 4024730 |
| 3400000 | New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 01/01/30 | 3720598 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| $| 5500000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 01/01/43 | $| 5999083 |
|  | 2500000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 01/01/29 |  | 2565113 |
|  | 4000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 01/01/34 |  | 4095820 |
|  | 3750000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,<br> 5.00%, 01/01/42 |  | 4038430 |
|  | 5000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,<br> 5.00%, 01/01/44 |  | 5358323 |
|  | 12000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,<br> 5.00%, 01/01/46 |  | 12672984 |
|  | 2000000 | Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S,<br> 1.66%, 05/01/28 |  | 1900482 |
|  |  |  |  | 292353480 |
| **New York — 8.4%** | **New York — 8.4%** | **New York — 8.4%** | **New York — 8.4%** | **New York — 8.4%** |
|  | 8360000 | City of New York Current Refunding GO, Series A-1,<br> 5.00%, 08/01/30 |  | 9238351 |
|  | 15000000 | City of New York Current Refunding GO, Series B-2,<br> 4.06%, 08/01/26 |  | 15024552 |
|  | 12335000 | City of New York Public Improvements GO, Series B-2, <br> 5.31%, 10/01/27 |  | 12677004 |
|  | 10000000 | City of New York Public Improvements GO, Series B-3,<br> 5.00%, 09/01/26(a) |  | 10195367 |
|  | 8890000 | City of New York Public Improvements GO, Subseries D-2, <br> 3.66%, 12/01/26 |  | 8874478 |
|  | 19825000 | City of New York Public Improvements GO, Sub-Series E-2,<br> 4.57%, 04/01/28 |  | 20170173 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| $2105000 | Empire State Development Corp. Pre-refunded Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/26(b) | $2122991 |
| 10000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/30 | 11016233 |
| 10000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/31 | 11231197 |
| 20000000 | Empire State Development Corp. Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/36 | 22861816 |
| 2055000 | Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A, <br> 5.25%, 11/15/31 | 2108771 |
| 10000000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/27 | 10531586 |
| 15000000 | New York City Transitional Finance Authority Advance Refunding Revenue Bonds, Series 2,<br> 5.00%, 11/01/25 | 15000000 |
| 10000000 | New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),<br> 5.00%, 07/15/32 | 11516604 |
| 15000000 | New York City Transitional Finance Authority Current Refunding Revenue Bonds, Series 1,<br> 5.00%, 11/01/29 | 16377050 |
| 9000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,<br> 5.00%, 02/01/31 | 9239884 |
| 10000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-2,<br> 4.90%, 02/01/32 | 10363843 |
| 14000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.00%, 11/01/28 | 14442232 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| $15000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2, <br> 5.05%, 11/01/29 | $15584220 |
| 15000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.15%, 11/01/30 | 15718715 |
| 10000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.25%, 11/01/31 | 10557604 |
| 14000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2, <br> 5.35%, 11/01/32 | 14842097 |
| 3000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series 1,<br> 5.00%, 05/01/42 | 3268306 |
| 1785000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,<br> 5.00%, 05/01/26 | 1805032 |
| 2000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,<br> 5.00%, 05/01/27 | 2070814 |
| 8560000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series F-1,<br> 5.00%, 02/01/45 | 9058415 |
| 9335000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series I, <br> 5.27%, 05/01/34 | 9845612 |
| 10000000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/36 | 11620570 |
| 10000000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/39 | 11005280 |
| 6000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/28 | 6089016 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** |
| $| 10000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/29 | $| 10751747 |
|  | 6500000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/30 |  | 7029400 |
|  | 10210000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/31 |  | 11298172 |
|  | 10000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/32 |  | 11133815 |
|  |  |  |  | 364670947 |
| **North Carolina — 2.3%** | **North Carolina — 2.3%** | **North Carolina — 2.3%** | **North Carolina — 2.3%** | **North Carolina — 2.3%** |
|  | 3295000 | City of Charlotte Current Refunding GO, Series B,<br> 5.00%, 07/01/28 |  | 3508374 |
|  | 3000000 | City of Charlotte GO, Series A, <br> 4.75%, 06/01/33 |  | 3105163 |
|  | 1235000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds,<br> 5.00%, 07/01/27 |  | 1283462 |
|  | 10250000 | County of Cabarrus Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/01/32 |  | 11795408 |
|  | 10200000 | County of Guilford School Improvements GO,<br> 5.00%, 03/01/30 |  | 11278471 |
|  | 15000000 | County of Guilford School Improvements GO,<br> 5.00%, 03/01/35 |  | 17838059 |
|  | 11285000 | County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 02/01/27 |  | 11622898 |
|  | 11195000 | County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 02/01/29 |  | 12060790 |
|  | 11645000 | County of Mecklenburg GO,<br> 5.00%, 09/01/26 |  | 11873951 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| $| 6000000 | North Carolina Medical Care Commission Current Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/32 | $| 6818027 |
|  | 6000000 | North Carolina Medical Care Commission Current Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/37 |  | 6834581 |
|  |  |  |  | 98019184 |
| **Ohio — 3.2%** | **Ohio — 3.2%** | **Ohio — 3.2%** | **Ohio — 3.2%** | **Ohio — 3.2%** |
|  | 2000000 | City of Columbus Public Improvements GO, Series A,<br> 5.00%, 08/15/26 |  | 2036488 |
|  | 7640000 | Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/47 |  | 8174106 |
|  | 2500000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/30 |  | 2772790 |
|  | 2500000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/30 |  | 2800688 |
|  | 3000000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/31 |  | 3392737 |
|  | 6825000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/32 |  | 7850823 |
|  | 5360000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/32 |  | 6208019 |
|  | 3475000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/33 |  | 4050390 |
|  | 3700000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/33 |  | 4312646 |
|  | 5940000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/33 |  | 6963670 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| $5930000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/34 | $6985098 |
| 6820000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/34 | 8066341 |
| 4720000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/35 | 5571244 |
| 5000000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/36 | 5875106 |
| 10000000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/41 | 11185015 |
| 5615000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/30 | 6253292 |
| 4000000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/32 | 4605582 |
| 3500000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/33 | 4076740 |
| 2500000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/34 | 2938202 |
| 1200000 | State of Ohio Highway Improvements Revenue Bonds, Series 2022-1,<br> 5.00%, 12/15/25 | 1203057 |
| 8080000 | State of Ohio School Improvements GO, Series A,<br> 5.00%, 06/15/32 | 9278701 |
| 11025000 | State of Ohio University & College Improvements GO, Series A,<br> 5.00%, 05/01/33 | 12796812 |
| 10805000 | State of Ohio University & College Improvements GO, Series A,<br> 5.00%, 05/01/34 | 12673207 |
|  |  | 140070754 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |
| $8420000 | City of Oklahoma Public Improvements GO,<br> 5.00%, 03/01/29 | $9098529 |
| 8420000 | City of Oklahoma Public Improvements GO,<br> 5.00%, 03/01/30 | 9291304 |
| 8420000 | City of Oklahoma Public Improvements GO,<br> 5.00%, 03/01/34 | 9686636 |
| 5675000 | Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds, <br> 3.68%, 07/01/29 | 5659502 |
| 2750000 | Oklahoma Water Resources Board Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 04/01/31 | 3087129 |
| 2335000 | Oklahoma Water Resources Board Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 04/01/34 | 2721543 |
|  |  | 39544643 |
| **Oregon — 1.4%** | **Oregon — 1.4%** | **Oregon — 1.4%** |
| 2500000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/26 | 2527932 |
| 2500000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/27 | 2587771 |
| 2000000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/28 | 2117956 |
| 3350000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/30 | 3703726 |
| 2300000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/31 | 2591178 |
| 15000000 | Metro Recreational Facilities Improvements GO,<br> 5.00%, 06/01/26 | 15197384 |
| 15000000 | Metro Recreational Facilities Improvements GO,<br> 5.00%, 06/01/27 | 15561619 |
| 15000000 | Metro Recreational Facilities Improvements GO,<br> 5.00%, 06/01/28 | 15944916 |
|  |  | 60232482 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Pennsylvania — 2.6%** | **Pennsylvania — 2.6%** | **Pennsylvania — 2.6%** |
| $11500000 | Commonwealth of Pennsylvania Current Refunding GO,<br> 4.00%, 02/15/34 | $12409729 |
| 10000000 | Commonwealth of Pennsylvania Current Refunding GO, Series D,<br> 5.00%, 09/01/26 | 10188747 |
| 5000000 | Pennsylvania Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/35 | 5873659 |
| 7325000 | Pennsylvania State University University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 09/01/30 | 8139323 |
| 9105000 | Pennsylvania State University University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 09/01/31 | 10294924 |
| 2880000 | Pennsylvania State University University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 09/01/32 | 3303406 |
| 12020000 | Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 07/01/45 | 12822392 |
| 15000000 | Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,<br> 4.00%, 07/01/49 | 13963278 |
| 7000000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/26 | 7100260 |
| 5890000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/27 | 6112732 |
| 6275000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/28 | 6650038 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| $| 8500000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/29 | $| 9183341 |
|  | 6500000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/30 |  | 7159643 |
|  |  |  |  | 113201472 |
| **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** |
|  | 3695000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/32 |  | 4237614 |
|  | 3830000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/33 |  | 4447390 |
|  | 4290000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/35 |  | 4991982 |
|  | 2000000 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,<br> 5.00%, 11/01/33 |  | 2281536 |
|  | 6475000 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,<br> 5.00%, 11/01/34 |  | 7392980 |
|  |  |  |  | 23351502 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
|  | 7955000 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series A,<br> 5.00%, 07/01/31 |  | 8788006 |
| **Texas — 25.9%** | **Texas — 25.9%** | **Texas — 25.9%** | **Texas — 25.9%** | **Texas — 25.9%** |
|  | 7250000 | Allen Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/26 |  | 7295164 |
|  | 10000000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/29 |  | 10879908 |
|  | 14700000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/35 |  | 17099072 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $14775000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/37 | $16885337 |
| 7000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/26 | 7126281 |
| 13000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/27 | 13529486 |
| 17250000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/28 | 18386330 |
| 7470000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,<br> 5.00%, 08/15/31 | 8443877 |
| 10000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,<br> 5.00%, 08/15/33 | 11612541 |
| 1820000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,<br> 5.00%, 08/15/38 | 2063846 |
| 2000000 | City of Austin Airport System Revenue Bonds,<br> 5.00%, 11/15/25 | 2001234 |
| 5000000 | City of Austin Airport System Revenue Bonds,<br> 5.00%, 11/15/28 | 5288763 |
| 360000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,<br> 5.00%, 11/15/27 | 375642 |
| 3530000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,<br> 5.00%, 11/15/27 | 3696465 |
| 5000000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,<br> 5.00%, 11/15/29 | 5117038 |
| 2185000 | City of Austin Water & Wastewater System Current Refunding Revenue Bonds,<br> 5.00%, 11/15/30 | 2430737 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $5000000 | City of El Paso Water & Sewer Refunding Revenue Bonds,<br> 5.00%, 03/01/46 | $5254209 |
| 17095000 | Comal Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/35 | 19747441 |
| 2000000 | Conroe Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/27 | 2057859 |
| 3690000 | Conroe Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/28 | 3884003 |
| 2000000 | Conroe Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/30 | 2197413 |
| 13000000 | Conroe Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/41 | 14351691 |
| 7500000 | County of Bexar Pre-refunded Advance Refunding GO,<br> 5.00%, 06/15/26(b) | 7600057 |
| 6400000 | County of Collin Public Facilities GO,<br> 5.00%, 02/15/26 | 6440418 |
| 6730000 | County of Collin Public Facilities GO,<br> 5.00%, 02/15/27 | 6927282 |
| 5145000 | County of Harris Refunding GO, Series A,<br> 5.00%, 09/15/29 | 5596809 |
| 5000000 | County of Harris Refunding GO, Series A,<br> 5.00%, 09/15/30 | 5546798 |
| 7000000 | County of Harris Refunding GO, Series A,<br> 5.00%, 09/15/31 | 7897898 |
| 6085000 | County of Harris Refunding GO, Series A,<br> 5.00%, 09/15/33 | 7033116 |
| 2225000 | County of Harris Toll Road Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/27 | 2315663 |
| 2100000 | County of Harris Toll Road Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/28 | 2236411 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $2500000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/26 | $2543163 |
| 2250000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/27 | 2341682 |
| 6350000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/28 | 6762481 |
| 3250000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/29 | 3533153 |
| 2500000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/30 | 2770390 |
| 5000000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/31 | 5633809 |
| 6695000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/32 | 7646165 |
| 3000000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/33 | 3464849 |
| 10000000 | County of Travis Public Improvements GO,<br> 5.00%, 03/01/27 | 10312903 |
| 14970000 | County of Travis Public Improvements GO,<br> 5.00%, 03/01/30 | 16415874 |
| 9150000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/30 | 10060973 |
| 9500000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/31 | 10640691 |
| 14020000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/32 | 15932364 |
| 5000000 | Cypress-Fairbanks Independent School District School Improvements GO, Series B, (PSF-GTD), <br> 4.00%, 02/15/44 | 4865962 |
| 5000000 | Denton Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/34 | 5713303 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $16460000 | Denton Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/48 | $17266698 |
| 5250000 | Forney Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/29 | 5701472 |
| 4750000 | Forney Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/30 | 5250220 |
| 3750000 | Forney Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/31 | 4218928 |
| 4500000 | Forney Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/32 | 5130338 |
| 5000000 | Fort Bend Independent School District School Improvements GO, Series A, (PSF-GTD),<br> 5.00%, 08/15/26 | 5088674 |
| 5000000 | Frisco Independent School District Current Refunding GO, Series A, (PSF-GTD),<br> 5.00%, 02/15/30 | 5482884 |
| 5500000 | Frisco Independent School District Current Refunding GO, Series A, (PSF-GTD),<br> 5.00%, 02/15/31 | 6151744 |
| 5000000 | Frisco Independent School District Current Refunding GO, Series A, (PSF-GTD),<br> 5.00%, 02/15/32 | 5678912 |
| 1620000 | Grapevine-Colleyville Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/27 | 1687452 |
| 10880000 | Grapevine-Colleyville Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/29 | 11815622 |
| 6510000 | Grapevine-Colleyville Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/30 | 7211003 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $4400000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/27 | $4530108 |
| 5750000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/28 | 6056236 |
| 10365000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/29 | 11128772 |
| 3100000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/30 | 3396752 |
| 9850000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/37 | 10884903 |
| 2500000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/39 | 2802972 |
| 9000000 | Harris County Flood Control District Refunding GO,<br> 5.00%, 09/15/29 | 9797259 |
| 6000000 | Harris County Flood Control District Refunding GO,<br> 5.00%, 09/15/30 | 6659057 |
| 5000000 | Houston Independent School District Current Refunding GO, Series B, (PSF-GTD),<br> 5.00%, 02/15/26 | 5032291 |
| 2500000 | Houston Independent School District Current Refunding GO, Series B, (PSF-GTD),<br> 5.00%, 02/15/27 | 2577131 |
| 2500000 | Hurst-Euless-Bedford Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/26 | 2546099 |
| 6205000 | Katy Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/26 | 6244896 |
| 5000000 | Katy Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/46 | 5309583 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $5000000 | Klein Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/01/30 | $5534272 |
| 11000000 | Klein Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/01/32 | 12577878 |
| 10000000 | Klein Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/01/33 | 11567429 |
| 7560000 | Klein Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/01/34 | 8823809 |
| 5000000 | Klein Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/01/35 | 5865580 |
| 5000000 | Leander Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/27 | 5147210 |
| 5000000 | Leander Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/28 | 5250378 |
| 5000000 | Lewisville Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/28 | 5349841 |
| 10000000 | Lone Star College System Advance Refunding GO,<br> 5.00%, 02/15/29 | 10057642 |
| 2500000 | Mesquite Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/28 | 2661007 |
| 2750000 | Mesquite Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/29 | 2989591 |
| 2500000 | Mesquite Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/30 | 2768016 |
| 4000000 | Mesquite Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/31 | 4504760 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $2500000 | Mesquite Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/33 | $2885483 |
| 2500000 | Mesquite Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/34 | 2906101 |
| 5140000 | North East Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/01/30 | 5696500 |
| 6085000 | North East Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/01/31 | 6865586 |
| 5245000 | North East Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/01/32 | 6011304 |
| 2900000 | North East Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/01/33 | 3365529 |
| 5500000 | North East Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/01/34 | 6442680 |
| 4925000 | North Texas Municipal Water District Refunding Revenue Bonds,<br> 5.00%, 06/01/29 | 5325669 |
| 5170000 | North Texas Municipal Water District Refunding Revenue Bonds,<br> 5.00%, 06/01/30 | 5692452 |
| 5985000 | North Texas Municipal Water District Refunding Revenue Bonds,<br> 5.00%, 06/01/33 | 6879585 |
| 6285000 | North Texas Municipal Water District Refunding Revenue Bonds,<br> 5.00%, 06/01/34 | 7279493 |
| 4600000 | North Texas Municipal Water District Refunding Revenue Bonds,<br> 5.00%, 06/01/35 | 5355538 |
| 5000000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds,<br> 5.00%, 09/01/31 | 5626640 |
| 5000000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds,<br> 5.00%, 09/01/32 | 5710575 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $10000000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds,<br> 5.00%, 09/01/33 | $11532230 |
| 5000000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds,<br> 5.00%, 09/01/34 | 5801455 |
| 9500000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds,<br> 5.00%, 09/01/37 | 10807610 |
| 13420000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 13949728 |
| 3605000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/30 | 3994366 |
| 6000000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/32 | 6873424 |
| 10285000 | Permanent University Fund - Texas A&M University System Refunding Revenue Bonds, <br> 5.50%, 07/01/28 | 10791311 |
| 14110000 | Permanent University Fund - Texas A&M University System University & College Improvements Revenue Bonds,<br> 5.00%, 07/01/36 | 15794648 |
| 2000000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 2077287 |
| 2550000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/28 | 2710587 |
| 7500000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/40 | 8276185 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $10000000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/41 | $10951289 |
| 1875000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/26 | 1903342 |
| 6355000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/30 | 7038437 |
| 7275000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/32 | 8329241 |
| 10000000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/26 | 10154461 |
| 6000000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/27 | 6241820 |
| 6500000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/30 | 7199031 |
| 4425000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/31 | 4988552 |
| 4000000 | Plano Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/29 | 4293446 |
| 1250000 | Rankin Independent School District Pre-refunded School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/26(b) | 1257606 |
| 2435000 | Rankin Independent School District Pre-refunded School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/26(b) | 2449817 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $1250000 | Rankin Independent School District Pre-refunded School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/26(b) | $1257606 |
| 20020000 | Richardson Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/26 | 20145860 |
| 4000000 | Rockwall Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/29 | 4294750 |
| 4155000 | Rockwall Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/30 | 4545686 |
| 6000000 | Rockwall Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/37 | 6926198 |
| 3500000 | San Angelo Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/35 | 4088850 |
| 9515000 | San Angelo Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/37 | 10902617 |
| 5575000 | San Angelo Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/38 | 6334299 |
| 3600000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/26 | 3663000 |
| 2500000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/28 | 2662394 |
| 4600000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/31 | 5188369 |
| 2685000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/32 | 3075416 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $3250000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/33 | $3768385 |
| 2500000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/34 | 2925127 |
| 3200000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/35 | 3763350 |
| 2500000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 05/15/26 | 2530316 |
| 5000000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series C,<br> 5.00%, 05/15/29 | 5407071 |
| 2145000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series C,<br> 5.00%, 05/15/30 | 2367520 |
| 9000000 | Spring Branch Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/01/26 | 9049228 |
| 9450000 | Spring Branch Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/01/29 | 10159427 |
| 12935000 | Spring Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/31 | 14574663 |
| 5000000 | Spring Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/33 | 5778536 |
| 3250000 | Spring Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/34 | 3783411 |
| 3000000 | Spring Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/35 | 3503106 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $3500000 | Spring Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/36 | $4065255 |
| 5000000 | State of Texas Public Finance Authority Advance Refunding GO, <br> 2.18%, 10/01/27 | 4856355 |
| 5000000 | State of Texas Refunding GO, Series B,<br> 1.94%, 10/01/31 | 4468439 |
| 18500000 | Tarrant Regional Water District Water Supply System Revenue Bonds,<br> 5.00%, 03/01/31 | 20669867 |
| 15160000 | Tarrant Regional Water District Water Supply System Revenue Bonds,<br> 5.00%, 03/01/34 | 17525084 |
| 7730000 | Tarrant Regional Water District Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/01/30 | 8569687 |
| 3000000 | Texas A&M University & College Improvements Revenue Bonds,<br> 5.00%, 05/15/30 | 3315683 |
| 2000000 | Texas A&M University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 05/15/33 | 2317431 |
| 10170000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/28 | 10715455 |
| 4000000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/29 | 4301289 |
| 4100000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/30 | 4493178 |
| 1605000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/31 | 1786241 |
| 7500000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/33 | 8581281 |
| 7500000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/34 | 8674473 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $| 6700000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/37 | $| 7568665 |
|  | 17185000 | Texas Tech University System University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/30 |  | 18788477 |
|  | 15000000 | Texas Tech University System University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/32 |  | 16974563 |
|  | 4090000 | Texas Transportation Commission Current Refunding GO,<br> 5.00%, 04/01/33 |  | 4715934 |
|  | 6000000 | Texas Transportation Finance Corp. Refunding Revenue Bonds, Series A,<br> 5.00%, 10/01/40 |  | 6763177 |
|  | 5000000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/40 |  | 5604900 |
|  | 2500000 | Tomball Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/29 |  | 2686668 |
|  |  |  |  | 1122300265 |
| **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |
|  | 2950000 | City of Salt Lake City Airport Revenue Bonds, Series A,<br> 5.00%, 07/01/26 |  | 2985838 |
|  | 2500000 | City of Salt Lake City Airport Revenue Bonds, Series A,<br> 5.00%, 07/01/30 |  | 2713938 |
|  | 10000000 | City of Salt Lake City Airport Revenue Bonds, Series A,<br> 5.00%, 07/01/33 |  | 10957833 |
|  | 3710000 | Davis School District School Improvements GO, (School Board GTY),<br> 5.00%, 06/01/31 |  | 4188053 |
|  |  |  |  | 20845662 |
| **Virginia — 3.8%** | **Virginia — 3.8%** | **Virginia — 3.8%** | **Virginia — 3.8%** | **Virginia — 3.8%** |
|  | 6790000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding),<br> 5.00%, 09/01/31 |  | 7723070 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| $5135000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding),<br> 5.00%, 09/01/32 | $5933664 |
| 16395000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding),<br> 5.00%, 09/01/33 | 19194733 |
| 6200000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding),<br> 5.00%, 09/01/34 | 7330842 |
| 3500000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding),<br> 5.00%, 09/01/35 | 4106626 |
| 16640000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding),<br> 4.00%, 10/01/31 | 17969579 |
| 14745000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding),<br> 4.00%, 10/01/33 | 16044117 |
| 7555000 | County of Loudoun GO, Series A, (State Aid Withholding),<br> 5.00%, 12/01/25 | 7567977 |
| 10045000 | County of Loudoun Public Facilities GO, Series A,<br> 5.00%, 12/01/34 | 11918022 |
| 9265000 | County of Loudoun Public Facilities GO, Series A,<br> 5.00%, 12/01/39 | 10494075 |
| 17900000 | Fairfax County Industrial Development Authority Health Care Facilities Revenue Bonds,<br> 5.00%, 05/15/32 | 20327938 |
| 3000000 | Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/35 | 3391185 |
| 16330000 | Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 16570253 |
| 2755000 | Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 02/01/26 | 2770172 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| $| 2750000 | Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 02/01/27 | $| 2830288 |
|  | 8500000 | Virginia Resources Authority Clean Water Revolving Fund Current Refunding Revenue Bonds,<br> 5.00%, 10/01/26 |  | 8684567 |
|  |  |  |  | 162857108 |
| **Washington — 6.0%** | **Washington — 6.0%** | **Washington — 6.0%** | **Washington — 6.0%** | **Washington — 6.0%** |
|  | 2000000 | County of King Public Improvements GO, Series A,<br> 5.00%, 12/01/34 |  | 2362496 |
|  | 5630000 | County of King Public Improvements GO, Series A,<br> 5.00%, 12/01/36 |  | 6576918 |
|  | 9000000 | County of King School District No 411 Issaquah School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/32 |  | 9400691 |
|  | 8000000 | County of King WA Sewer Revenue Bonds, Series B,<br> 5.00%, 07/01/29 |  | 8499270 |
|  | 10000000 | Energy Northwest Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 |  | 10149036 |
|  | 6250000 | King & Snohomish Counties School District No 417 Northshore School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/26 |  | 6405764 |
|  | 5100000 | Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/25 |  | 5108375 |
|  | 2270000 | Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/29 |  | 2488481 |
|  | 7135000 | State of Washington Current Refunding GO, Series R,<br> 5.00%, 07/01/26 |  | 7244783 |
|  | 20000000 | State of Washington Current Refunding GO, Series R-2023A,<br> 5.00%, 08/01/37 |  | 22545502 |
|  | 5620000 | State of Washington GO, Series T, <br> 4.74%, 08/01/26 |  | 5661870 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| $| 15000000 | State of Washington Public Improvements GO, Series T, <br> 4.12%, 08/01/26 | $| 15044190 |
|  | 24710000 | State of Washington School Improvements GO, Series 2024-A,<br> 5.00%, 08/01/42 |  | 26737401 |
|  | 15000000 | State of Washington School Improvements GO, Series A,<br> 5.00%, 08/01/29 |  | 16355093 |
|  | 15000000 | State of Washington School Improvements GO, Series A,<br> 5.00%, 08/01/30 |  | 16694972 |
|  | 8250000 | State of Washington School Improvements GO, Series A,<br> 5.00%, 08/01/31 |  | 9341271 |
|  | 15000000 | State of Washington School Improvements GO, Series A,<br> 5.00%, 08/01/32 |  | 17231512 |
|  | 15000000 | State of Washington School Improvements GO, Series A,<br> 5.00%, 08/01/33 |  | 17453473 |
|  | 15000000 | State of Washington School Improvements GO, Series A-2,<br> 5.00%, 08/01/39 |  | 16475528 |
|  | 20000000 | State of Washington School Improvements GO, Series C,<br> 5.00%, 02/01/35 |  | 23259016 |
|  | 15000000 | State of Washington School Improvements GO, Series C,<br> 5.00%, 02/01/46 |  | 16068115 |
|  |  |  |  | 261103757 |
| **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |
|  | 5780000 | State of Wisconsin Crossover Refunding GO, Series 2,<br> 5.00%, 11/01/27 |  | 5985950 |
|  | 2000000 | State of Wisconsin Current Refunding GO, Series 2024-2,<br> 5.00%, 05/01/26 |  | 2022938 |
|  | 13780000 | State of Wisconsin GO, Series A,<br> 5.00%, 05/01/38 |  | 15300868 |
|  | 10000000 | State of Wisconsin Pre-refunded Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/27(b) |  | 10344825 |
|  | 8000000 | State of Wisconsin University & College Improvements GO, Series A,<br> 5.00%, 05/01/32 |  | 9021743 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| 9410000 | State of Wisconsin Water Utility Improvements GO, Series A,<br> 5.00%, 05/01/26 | $9517923 |
| 10000000 | State of Wisconsin Water Utility Improvements GO, Series A,<br> 5.00%, 05/01/36 | 11587732 |
|  |  | 63781979 |
| Total Municipal Bonds<br> (Cost $4,127,887,163) | Total Municipal Bonds<br> (Cost $4,127,887,163) | 4180327137 |
| **CORPORATE BONDS — 1.4%** | **CORPORATE BONDS — 1.4%** | **CORPORATE BONDS — 1.4%** |
| **United States — 1.4%** | **United States — 1.4%** | **United States — 1.4%** |
| 8000000 | Brown University, Series A,<br> 1.91%, 09/01/30 | 7239910 |
| 5000000 | J Paul Getty Trust (The), <br> 4.91%, 04/01/35 | 5133844 |
| 5000000 | Leland Stanford Junior University (The), <br> 1.29%, 06/01/27 | 4808428 |
| 6400000 | Leland Stanford Junior University (The), <br> 4.68%, 03/01/35 | 6485590 |
| 9275000 | Northwestern University, <br> 4.94%, 12/01/35 | 9544645 |
| 3000000 | President and Fellows of Harvard College, <br> 4.89%, 03/15/30 | 3099685 |
| 20000000 | SSM Health Care Corp.,<br> 4.89%, 06/01/28 | 20266246 |
| 1800000 | Trustees of Princeton University (The), <br> 4.65%, 07/01/30 | 1845782 |
| Total Corporate Bonds<br> (Cost $58,497,262) | Total Corporate Bonds<br> (Cost $58,497,262) | 58424130 |
| Shares |  |  |
| **INVESTMENT COMPANY — 0.9%** | **INVESTMENT COMPANY — 0.9%** | **INVESTMENT COMPANY — 0.9%** |
| 40094284 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.90%(c) | 40094284 |
| Total Investment Company<br> (Cost $40,094,284) | Total Investment Company<br> (Cost $40,094,284) | 40094284 |
| **TOTAL INVESTMENTS — 98.8%**<br> (Cost $4,226,478,709) | **TOTAL INVESTMENTS — 98.8%**<br> (Cost $4,226,478,709) | $4278845551 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%** | 53795049 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $4332640600 |

---

(a) These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory
 redemption at the stated maturity date.

(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 October 31, 2025.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

GO — General Obligation

GTY — Guaranty

PSF-GTD — Permanent School Fund Guarantee

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 87.2%** | **MUNICIPAL BONDS — 87.2%** |  |
| **California — 87.2%** | **California — 87.2%** |  |
| $10000000 | California Educational Facilities Authority University & College Improvements Revenue Bonds, Series V-3,<br> 5.00%, 06/01/33 | $12008455 |
| 1600000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 02/01/26 | 1609500 |
| 5000000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, <br> 5.00%, 08/15/33 | 5968521 |
| 2000000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 11/01/49 | 2116052 |
| 2515000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series B,<br> 5.00%, 08/15/33 | 3002166 |
| 3000000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series B,<br> 5.00%, 08/15/35 | 3660055 |
| 680000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/26 | 686737 |
| 1130000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/27 | 1170226 |
| 4715000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/28 | 5036204 |
| 1020000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/29 | 1118357 |
| 1000000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/32 | 1170739 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $8200000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/33 | $9759157 |
| 2000000 | California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds,<br> 5.00%, 10/01/35 | 2322037 |
| 1950000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 08/01/28 | 2092700 |
| 1500000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 08/01/33 | 1781375 |
| 3575000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,<br> 4.00%, 07/15/42 | 3610450 |
| 2500000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C,<br> 5.00%, 11/01/32 | 2898696 |
| 2500000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C,<br> 5.00%, 11/01/35 | 2986340 |
| 2750000 | California State Public Works Board Public Facilities Revenue Bonds, Series B,<br> 4.99%, 04/01/31 | 2845321 |
| 4935000 | California State University Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/01/47 | 4935000 |
| 65000 | California State University Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/01/47 | 64593 |
| 325000 | City & County of San Francisco Current Refunding COP, Series R1,<br> 5.00%, 04/01/26 | 328233 |
| 4550000 | City & County of San Francisco Current Refunding COP, Series R1,<br> 5.00%, 04/01/40 | 5098754 |

---

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1260000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/26 | $1279055 |
| 1100000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/27 | 1149374 |
| 2375000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/28 | 2549306 |
| 3000000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/30 | 3384734 |
| 2590000 | City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A,<br> 5.00%, 05/15/32 | 2761712 |
| 2000000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds,<br> 5.00%, 05/15/40 | 2131455 |
| 1220000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,<br> 5.00%, 05/15/28 | 1306539 |
| 1500000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series F,<br> 5.00%, 05/15/34 | 1722599 |
| 1500000 | City of Los Angeles Solid Waste Resources Revenue Bonds, Series A,<br> 5.00%, 02/01/32 | 1747664 |
| 2500000 | City of San Francisco Public Utilities Commission Water Current Refunding Revenue Bonds, Sub- Series F,<br> 5.00%, 11/01/30 | 2846913 |
| 3350000 | City of San Francisco Public Utilities Commission Water Current Refunding Revenue Bonds, Sub- Series F,<br> 5.00%, 11/01/32 | 3961014 |
| 3515000 | City of San Francisco Public Utilities Commission Water Refunding Revenue Bonds, Sub-Series S,<br> 5.00%, 11/01/31 | 4089150 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $7500000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Series A,<br> 5.00%, 11/01/25 | $7500000 |
| 1000000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/29 | 1112866 |
| 2910000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/30 | 3313807 |
| 3000000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/31 | 3490028 |
| 1000000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/32 | 1182392 |
| 2000000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/26 | 2036456 |
| 1600000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/27 | 1674041 |
| 1955000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/28 | 2106630 |
| 1005000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/29 | 1111352 |
| 5220000 | County of Santa Clara GO, Series C,<br> 4.30%, 08/01/27 | 5271374 |
| 5220000 | County of Santa Clara GO, Series C,<br> 4.33%, 08/01/29 | 5316966 |
| 1475000 | East Bay Municipal Utility District Wastewater System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 06/01/35 | 1808072 |
| 1700000 | East Bay Municipal Utility District Water System Revenue Bonds, Series A,<br> 5.00%, 06/01/31 | 1965981 |
| 1500000 | East Bay Municipal Utility District Water System Revenue Bonds, Series A,<br> 5.00%, 06/01/43 | 1654647 |

---

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $5000000 | Los Angeles Community College District University & College Improvements GO, Series A-1,<br> 5.00%, 08/01/27 | $5241913 |
| 3000000 | Los Angeles Community College District University & College Improvements GO, Series B,<br> 4.78%, 08/01/27 | 3052601 |
| 2500000 | Los Angeles Department of Water & Power Water System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/36 | 2850748 |
| 5000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 5071977 |
| 5000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 5188331 |
| 2000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series D,<br> 5.00%, 07/01/47 | 2081598 |
| 3405000 | Los Rios Community College District Current Refunding GO,<br> 5.00%, 08/01/27 | 3561375 |
| 5880000 | Los Rios Community College District Current Refunding GO,<br> 5.00%, 08/01/28 | 6314688 |
| 3000000 | Metropolitan Water District of Southern California Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/36 | 3636090 |
| 1000000 | Miracosta Community College District University & College Improvements GO, Series 2016-C,<br> 5.00%, 08/01/35 | 1158910 |
| 1000000 | Mt San Antonio Community College District University & College Improvements GO, Series D,<br> 5.00%, 08/01/35 | 1199231 |
| 5000000 | Orange County Local Transportation Authority Sales Tax Current Refunding Revenue Bonds,<br> 5.00%, 02/15/41 | 5684250 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1000000 | Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J,<br> 5.00%, 08/15/30 | $1130219 |
| 2000000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H,<br> 5.00%, 08/15/36 | 2210117 |
| 1000000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,<br> 5.00%, 11/15/38 | 1155616 |
| 1400000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,<br> 5.00%, 11/15/39 | 1604646 |
| 1000000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,<br> 5.00%, 11/15/40 | 1134049 |
| 1350000 | San Bernardino Community College District University & College Improvements GO, Series F,<br> 5.00%, 08/01/41 | 1530381 |
| 2500000 | San Diego Community College District University & College Improvements GO, Series A-1,<br> 5.00%, 08/01/41 | 2838707 |
| 2600000 | San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series B,<br> 5.00%, 07/01/31 | 2892141 |
| 2500000 | San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series B,<br> 5.00%, 07/01/32 | 2813610 |
| 1000000 | San Diego County Regional Transportation Commission Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/28 | 1070076 |
| 3500000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 05/01/34 | 3979073 |

---

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $5000000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series C,<br> 5.00%, 05/01/46 | $5023160 |
| 10000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/28 | 10489333 |
| 3000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/29 | 3205719 |
| 2000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/31 | 2203968 |
| 2500000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/32 | 2750764 |
| 2000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series H,<br> 5.00%, 05/01/29 | 2139207 |
| 5700000 | San Francisco City & County Public Utilities Commission Wastewater Advance Refunding Revenue Bonds, Series B,<br> 4.81%, 10/01/32 | 5882644 |
| 1000000 | San Jose Evergreen Community College District University & College Improvements GO, Series C,<br> 5.00%, 09/01/36 | 1151904 |
| 1650000 | San Jose Evergreen Community College District University & College Improvements GO, Series C,<br> 5.00%, 09/01/38 | 1869471 |
| 1000000 | San Jose Financing Authority Refunding Revenue Bonds, Series B,<br> 5.00%, 11/01/36 | 1153987 |
| 1000000 | San Jose Financing Authority Refunding Revenue Bonds, Series B,<br> 5.00%, 11/01/37 | 1144054 |
| 1075000 | San Jose Financing Authority Refunding Revenue Bonds, Series B,<br> 5.00%, 11/01/42 | 1174905 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $2000000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/42 | $2178333 |
| 2000000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/43 | 2163384 |
| 1200000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series B,<br> 3.79%, 06/01/27 | 1199679 |
| 1000000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series B,<br> 3.74%, 06/01/28 | 998138 |
| 10000000 | Santa Clara Valley Water District Refunding Revenue Bonds, Series A-2,<br> 5.00%, 06/01/26 | 10127229 |
| 5000000 | State Center Community College District University & College Improvements GO, Series C,<br> 5.00%, 08/01/47 | 5325148 |
| 90000 | State of California Current Refunding GO,<br> 5.00%, 08/01/27 | 90173 |
| 10000000 | State of California Current Refunding GO,<br> 5.00%, 11/01/30 | 11239026 |
| 3180000 | State of California Current Refunding GO,<br> 5.00%, 03/01/38 | 3700372 |
| 2645000 | State of California Current Refunding GO,<br> 5.00%, 10/01/27 | 2773566 |
| 5770000 | State of California Current Refunding GO, (AGM),<br> 5.25%, 08/01/32 | 6684247 |
| 6500000 | State of California Public Improvements GO,<br> 5.00%, 08/01/33 | 7625270 |
| 25000 | State of California Refunding GO,<br> 5.00%, 10/01/26 | 25047 |
| 4000000 | State of California School Improvements GO,<br> 5.00%, 10/01/30 | 4392414 |
| 5000000 | State of California Water Utility Improvements GO,<br> 6.00%, 03/01/33 | 5523113 |

---

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** | **California (continued)** |  |
| $| 10000000 | State of California Water Utility Improvements GO,<br> 5.00%, 04/01/28 | $10599952 |
|  | 5000000 | University of California Current Refunding Revenue Bonds, Series BN,<br> 5.00%, 05/15/34 | 5885513 |
|  | 5000000 | University of California Current Refunding Revenue Bonds, Series BV,<br> 5.00%, 05/15/35 | 5932583 |
|  | 2000000 | University of California University & College Improvements Revenue Bonds, Series BK,<br> 5.00%, 05/15/32 | 2330074 |
| Total Municipal Bonds<br> (Cost $333,655,503) | Total Municipal Bonds<br> (Cost $333,655,503) | Total Municipal Bonds<br> (Cost $333,655,503) | 339126519 |
| **CORPORATE BONDS — 1.8%** | **CORPORATE BONDS — 1.8%** | **CORPORATE BONDS — 1.8%** |  |
| **United States — 1.8%** | **United States — 1.8%** | **United States — 1.8%** |  |
|  | 5000000 | J Paul Getty Trust (The),<br> 4.91%, 04/01/35 | 5133844 |
|  | 2000000 | Stanford Health Care, Series 2020,<br> 3.31%, 08/15/30 | 1928397 |
| Total Corporate Bonds<br> (Cost $7,000,000) | Total Corporate Bonds<br> (Cost $7,000,000) | Total Corporate Bonds<br> (Cost $7,000,000) | 7062241 |
| **U.S. GOVERNMENT SECURITIES — 7.2%** | **U.S. GOVERNMENT SECURITIES — 7.2%** | **U.S. GOVERNMENT SECURITIES — 7.2%** |  |
| **U.S. Treasury Notes — 7.2%** | **U.S. Treasury Notes — 7.2%** | **U.S. Treasury Notes — 7.2%** |  |
|  | 10000000 | 3.88%, 03/31/27 | 10029297 |
|  | 10000000 | 4.00%, 03/31/30 | 10126563 |
|  | 7500000 | 4.63%, 02/15/35 | 7823437 |
| Total U.S. Government Securities<br> (Cost $27,833,095) | Total U.S. Government Securities<br> (Cost $27,833,095) | Total U.S. Government Securities<br> (Cost $27,833,095) | 27979297 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **INVESTMENT COMPANY — 4.2%** | **INVESTMENT COMPANY — 4.2%** |  |
| 16184377 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, <br> 3.90%(a) | $16184377 |
| Total Investment Company<br> (Cost $16,184,377) | Total Investment Company<br> (Cost $16,184,377) | 16184377 |
| **TOTAL INVESTMENTS — 100.4%**<br> (Cost $384,672,975) | **TOTAL INVESTMENTS — 100.4%**<br> (Cost $384,672,975) | $390352434 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%** | (1595656) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $388756778 |

---

(a) The rate shown represents the current yield as of October 31, 2025.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligation

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 92.7%** | **MUNICIPAL BONDS — 92.7%** |  |
| **New York — 92.7%** | **New York — 92.7%** |  |
| $2500000 | City of New York Current Refunding GO, Series B-1,<br> 5.00%, 08/01/28 | $2657515 |
| 10000000 | City of New York Current Refunding GO, Series B-2,<br> 4.06%, 08/01/26 | 10016368 |
| 2500000 | City of New York Current Refunding GO, Series F,<br> 5.00%, 08/01/28 | 2657514 |
| 7500000 | City of New York Current Refunding GO, Series F,<br> 5.00%, 08/01/31 | 8424612 |
| 3000000 | City of New York Current Refunding GO, Sub-Series F-1,<br> 5.00%, 08/01/30 | 3315198 |
| 6345000 | City of New York Public Improvements GO, Series A-1,<br> 4.00%, 08/01/41 | 6298056 |
| 2445000 | City of New York Public Improvements GO, Series C,<br> 5.00%, 08/01/28 | 2599049 |
| 7500000 | City of New York Public Improvements GO, Series D,<br> 5.00%, 10/01/34 | 8734109 |
| 5000000 | City of New York Public Improvements GO, Sub-Series E-2,<br> 4.57%, 04/01/28 | 5087055 |
| 2860000 | County of Westchester NY Public Improvements GO, Series A,<br> 5.00%, 10/15/29 | 3153561 |
| 2000000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 5.00%, 12/15/30 | 2262547 |
| 2000000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/31 | 2167158 |
| 2300000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/32 | 2486170 |
| 2300000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/33 | 2476051 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $7500000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/34 | $8016836 |
| 7500000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/35 | 7938785 |
| 9565000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 02/15/36 | 10306046 |
| 7500000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/36 | 7874420 |
| 5380000 | County of Westchester NY Recreation Facilities Improvements GO, Series A,<br> 4.00%, 02/15/39 | 5604401 |
| 1500000 | Empire State Development Corp. Pre-refunded Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/27(a) | 1550304 |
| 5000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/31 | 5615599 |
| 5000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/32 | 5706468 |
| 4500000 | Empire State Development Corp. Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/36 | 5143909 |
| 1000000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/26 | 1011296 |
| 1025000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/29 | 1108076 |
| 1500000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/31 | 1685394 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | <br> Value |
| **New York (continued)** | **New York (continued)** |  |
| $1750000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding),<br> 5.00%, 05/01/27 | $1812354 |
| 2220000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding),<br> 5.00%, 05/01/28 | 2348998 |
| 1050000 | Long Island Power Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 09/01/32 | 1214237 |
| 10960000 | Long Island Power Authority Current Refunding Revenue Bonds, Series A,<br> 4.00%, 09/01/38 | 11229899 |
| 1860000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F,<br> 5.00%, 09/01/28 | 1988119 |
| 6000000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F,<br> 5.00%, 09/01/29 | 6559140 |
| 2500000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F,<br> 5.00%, 09/01/33 | 2927499 |
| 1200000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds,<br> 5.00%, 09/01/35 | 1269921 |
| 6000000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 4.00%, 09/01/34 | 6102698 |
| 1915000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/27 | 2000142 |
| 1600000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/28 | 1710210 |
| 1500000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/29 | 1639785 |
| 1700000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/30 | 1897919 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1400000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/31 | $1592630 |
| 1850000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/32 | 2139370 |
| 2300000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/33 | 2693299 |
| 1500000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/34 | 1734770 |
| 2000000 | Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/26 | 2049142 |
| 2500000 | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/35 | 2806390 |
| 1000000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/25 | 1000762 |
| 7155000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/28 | 7723797 |
| 9500000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/29 | 10502987 |
| 4000000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/31 | 4573092 |
| 6280000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B,<br> 1.46%, 11/15/29 | 5750597 |
| 6000000 | New York City Housing Development Corp. Local Multifamily Housing Revenue Bonds, Series A, (Housing Finance Agency),<br> 3.63%, 11/01/63 | 6049410 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $4000000 | New York City Housing Development Corp. Local Multifamily Housing, Sustainable Development Revenue Bonds, Series K, (Housing Finance Agency), <br> 0.90%, 11/01/60 | $3981346 |
| 1000000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2,<br> 5.00%, 06/15/28 | 1022838 |
| 1100000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2,<br> 5.00%, 06/15/29 | 1152554 |
| 5000000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-3,<br> 5.00%, 06/15/47 | 5237189 |
| 1020000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series DD,<br> 5.00%, 06/15/33 | 1192351 |
| 1005000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub-Series EE,<br> 5.00%, 06/15/31 | 1139523 |
| 2000000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2,<br> 5.00%, 06/15/27 | 2005210 |
| 6400000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series DD-1,<br> 5.00%, 06/15/30 | 7115146 |
| 1960000 | New York City Transitional Finance Authority Building Aid , Sub-Series S-3, (State Aid Withholding),<br> 5.00%, 07/15/30 | 2080214 |
| 2300000 | New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),<br> 5.00%, 07/15/31 | 2608012 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $2000000 | New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),<br> 5.00%, 07/15/32 | $2303321 |
| 5600000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series 2,<br> 4.68%, 11/01/26 | 5644031 |
| 2000000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 05/01/27 | 2070814 |
| 1500000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 05/01/28 | 1587907 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 05/01/33 | 5755085 |
| 2500000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 05/01/35 | 2919987 |
| 2060000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series F-1,<br> 5.00%, 02/01/38 | 2283143 |
| 2000000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series F-1,<br> 5.00%, 02/01/40 | 2156373 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/29 | 5459017 |
| 5565000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/31 | 6186526 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $13600000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/27 | $14239958 |
| 6000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, Series 1,<br> 5.00%, 11/01/27 | 6282334 |
| 3000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, Series E-1,<br> 5.00%, 11/01/36 | 3362673 |
| 2000000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series C,<br> 5.00%, 05/01/36 | 2264736 |
| 1500000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series C-S,<br> 5.00%, 05/01/31 | 1683760 |
| 6000000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series E,<br> 5.00%, 11/01/37 | 6793694 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series F-1,<br> 5.00%, 02/01/37 | 5646159 |
| 3130000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series I,<br> 4.72%, 05/01/30 | 3217499 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series I,<br> 5.03%, 05/01/32 | 5213249 |
| 1655000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/30 | 1875787 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $6000000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/31 | $6924919 |
| 2575000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/32 | 3014629 |
| 2500000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/33 | 2956923 |
| 2425000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/34 | 2890491 |
| 2500000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/35 | 2948658 |
| 1350000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 4.00%, 11/15/49 | 1240714 |
| 3505000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/30 | 3642540 |
| 3610000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/26 | 3664114 |
| 5170000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/27 | 5372446 |
| 2765000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/28 | 2939274 |
| 2240000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/29 | 2434194 |
| 1770000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/36 | 1999082 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $2575000 | New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1,<br> 5.00%, 03/15/28 | $2720521 |
| 2000000 | New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1,<br> 5.00%, 03/15/37 | 2241851 |
| 3500000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/35 | 3860316 |
| 1575000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2,<br> 5.00%, 07/01/30 | 1758480 |
| 2190000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/26 | 2224566 |
| 2600000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/30 | 2882268 |
| 4805000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/32 | 5498779 |
| 2500000 | New York State Dormitory Authority Pre-refunded School Improvements Income Tax Revenue Bonds, Series A,<br> 5.00%, 08/15/26(a) | 2546131 |
| 3000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 08/01/35 | 3485195 |
| 3000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 08/01/36 | 3451768 |
| 2000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 08/01/37 | 2276956 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1005000 | New York State Dormitory Authority Refunding Revenue Bonds, Series B, (American Municipal Bond Assurance Corp.),<br> 5.50%, 03/15/30 | $1128665 |
| 5000000 | New York State Dormitory Authority School Improvements Revenue Bonds, Group 1, Series A,<br> 5.00%, 03/15/26 | 5041603 |
| 2175000 | New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A,<br> 5.00%, 03/15/32 | 2329903 |
| 1000000 | New York State Dormitory Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/37 | 1144823 |
| 1575000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/31 | 1804101 |
| 6655000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/32 | 7748548 |
| 1250000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/33 | 1473343 |
| 11125000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/36 | 12914576 |
| 3750000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.50%, 07/01/54 | 4101037 |
| 1750000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 1775885 |
| 3500000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,<br> 5.00%, 06/15/28 | 3732516 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $2000000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,<br> 5.00%, 06/15/29 | $2183623 |
| 2000000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B,<br> 5.00%, 06/15/30 | 2184224 |
| 2000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/26 | 2030123 |
| 955000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/15/26 | 975499 |
| 1750000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/27 | 1820027 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/34 | 1086579 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/36 | 1076172 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/15/36 | 1130519 |
| 6250000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/15/41 | 6803245 |
| 4000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B,<br> 5.00%, 06/15/27 | 4160063 |
| 1500000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C,<br> 5.00%, 06/15/26 | 1522592 |
| 1700000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C,<br> 5.00%, 06/15/29 | 1856079 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C,<br> 5.00%, 06/15/30 | $1116375 |
| 3000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C,<br> 5.00%, 09/15/48 | 3175293 |
| 5000000 | New York State Housing Finance Agency State MF Housing Revenue Bonds, Series F, (State of New York Mortgage Agency),<br> 3.85%, 05/01/62 | 5001683 |
| 1455000 | New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency),<br> 1.10%, 11/01/61 | 1395686 |
| 1150000 | New York State Thruway Authority Current Refunding Revenue Bonds, Series P,<br> 5.00%, 01/01/38 | 1307506 |
| 5500000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/31 | 6177158 |
| 5000000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/39 | 5502640 |
| 2500000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 237,<br> 5.00%, 01/15/47 | 2623425 |
| 8195000 | State of New York Current Refunding GO, Series B,<br> 2.55%, 02/15/29 | 7871292 |
| 1000000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/33 | 1034067 |
| 1915000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/34 | 1973499 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1000000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/35 | $1025613 |
| 2750000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/28 | 2954383 |
| 1500000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/34 | 1723677 |
| 2000000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,<br> 4.00%, 11/15/35 | 2134746 |
| 3000000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds,<br> 5.00%, 05/15/27 | 3112291 |
| 4740000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B-2,<br> 5.00%, 05/15/31 | 5317438 |
| 1275000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,<br> 5.00%, 05/15/34 | 1471385 |
| 1000000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,<br> 5.00%, 05/15/38 | 1119190 |
| 1275000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1,<br> 5.00%, 06/15/29 | 1322416 |
| 5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/28 | 5074180 |
| 5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/29 | 5375874 |
| 5045000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/30 | 5455896 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |  |
| $| 3630000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/31 | $4016882 |
|  | 4760000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/32 | 5299696 |
|  | 2250000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/33 | 2544076 |
|  | 1700000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/34 | 1953152 |
| Total Municipal Bonds<br> (Cost $557,060,132) | Total Municipal Bonds<br> (Cost $557,060,132) | Total Municipal Bonds<br> (Cost $557,060,132) | 559772179 |
| **CORPORATE BONDS — 1.5%** | **CORPORATE BONDS — 1.5%** | **CORPORATE BONDS — 1.5%** |  |
| **United States — 1.5%** | **United States — 1.5%** | **United States — 1.5%** |  |
|  | 5000000 | Andrew W Mellon Foundation (The), Series 2020,<br> 0.95%, 08/01/27 | 4757450 |
|  | 4500000 | Cornell University,<br> 4.84%, 06/15/34 | 4592971 |
| Total Corporate Bonds<br> (Cost $9,500,000) | Total Corporate Bonds<br> (Cost $9,500,000) | Total Corporate Bonds<br> (Cost $9,500,000) | 9350421 |
| **U.S. GOVERNMENT SECURITIES — 3.5%** | **U.S. GOVERNMENT SECURITIES — 3.5%** | **U.S. GOVERNMENT SECURITIES — 3.5%** |  |
| **U.S. Treasury Notes — 3.5%** | **U.S. Treasury Notes — 3.5%** | **U.S. Treasury Notes — 3.5%** |  |
|  | 5800000 | 3.50%, 09/30/26 | 5786587 |
|  | 7500000 | 3.88%, 03/31/27 | 7521973 |
|  | 7500000 | 4.00%, 03/31/30 | 7594922 |
| Total U.S. Government Securities<br> (Cost $20,840,536) | Total U.S. Government Securities<br> (Cost $20,840,536) | Total U.S. Government Securities<br> (Cost $20,840,536) | 20903482 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>October 31, 2025 </u>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **INVESTMENT COMPANY — 1.0%** | **INVESTMENT COMPANY — 1.0%** |  |
| 6040752 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class,<br> 3.90%(b) | $6040752 |
| Total Investment Company<br> (Cost $6,040,752) | Total Investment Company<br> (Cost $6,040,752) | 6040752 |
| **TOTAL INVESTMENTS — 98.7%**<br> (Cost $593,441,420) | **TOTAL INVESTMENTS — 98.7%**<br> (Cost $593,441,420) | $596066834 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3%** | 7607228 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $603674062 |

---

(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 October 31, 2025.

The following abbreviation is used in the report:

GO — General Obligation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities |  |
|  | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ALL CAP CORE<br> FUND** | **LARGE CAP<br> STRATEGIES<br> FUND** | **SMALL & MID<br> CAP<br> STRATEGIES<br> FUND** | **TOTAL EQUITY<br> FUND** |
| **ASSETS:** |  |  |  |  |
| Investments, at fair value - unaffiliated | $3499460138 | $26244331076 | $8908122428 | $897812748 |
| Foreign currency, at value (Cost $0, $555,754, $3,470,573, and $3,187, respectively) |  | 556156 | 3463739 | 3190 |
| Cash | 3 | 9 | 3 | 5 |
| Dividends and interest receivable | 930756 | 30559118 | 21178497 | 865500 |
| Receivable for Fund shares sold | 391934 | 2776447 | 1048298 | 4588295 |
| Receivable for investments sold | 33616600 | 167855695 | 13081614 | 5704396 |
| Prepaid expenses | 17225 | 64328 | 28728 |  |
| Total Assets | 3534416656 | 26446142829 | 8946923307 | 908974134 |
| **LIABILITIES:** |  |  |  |  |
| Payable for Fund shares redeemed | 367391 | 5145555 | 538718 | 363730 |
| Payable for investments purchased | 19944537 | 2425979 | 32555927 | 2062274 |
| Deferred foreign capital gains tax liability |  | 21478720 | 264180 | 85510 |
| Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 1978030 | 17949166 | 6190043 | 479356 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 361438 | 2371586 | 987659 | 100000 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 88463 | 667122 | 228969 | 22441 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 589755 | 4447480 | 1526462 | 149610 |
| &nbsp;&nbsp;&nbsp;Custody - unaffiliated |  |  | 106751 |  |
| &nbsp;&nbsp;&nbsp;Custody - affiliated | 54760 | 545599 | 40831 | 244 |
| &nbsp;&nbsp;&nbsp;Directors | 17733 | 133137 | 46868 | 13896 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 70495 | 329024 | 129990 | 22079 |
| &nbsp;&nbsp;&nbsp;Other | 97654 | 648661 | 269178 | 50358 |
| Total Liabilities | 23570256 | 56142029 | 42885576 | 3349498 |
| **NET ASSETS** | $3510846400 | $26390000800 | $8904037731 | $905624636 |
| **NET ASSETS consist of:** |  |  |  |  |
| Capital paid-in | $1710341655 | $13005777177 | $6661958531 | $783098265 |
| Total distributable earnings | 1800504745 | 13384223623 | 2242079200 | 122526371 |
| **NET ASSETS** | $3510846400 | $26390000800 | $8904037731 | $905624636 |
| Net Asset Value, maximum offering price and redemption price per share | $27.89 | $23.15 | $18.25 | $11.28 |
| Number of shares authorized | 2500000000 | 3000000000 | 3500000000 | 3000000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 125880343 | 1140099008 | 487820537 | 80294846 |
| **INVESTMENTS, AT COST** | $1950722438 | $15570887731 | $7244783834 | $777206372 |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities **-** (Continued) |  |
|  | **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CREDIT<br> INCOME<br> FUND** | **FIXED<br> INCOME<br> FUND** | **SHORT-TERM<br> BOND<br> FUND** | **MUNICIPAL<br> BOND<br> FUND** |
| **ASSETS:** |  |  |  |  |
| Investments, at fair value - unaffiliated | $2401736554 | $1551220250 | $103081964 | $4278845551 |
| Cash |  | 1 | 100 | 1 |
| Dividends and interest receivable | 15447999 | 11185749 | 1037748 | 55502477 |
| Receivable from Advisor |  |  | 2496 |  |
| Receivable for Fund shares sold | 4725503 | 1070386 | 114 | 1036117 |
| Receivable for investments sold |  | 85850416 |  |  |
| Unrealized appreciation on swap agreements | 4856859 |  |  |  |
| Prepaid expenses | 14863 | 13141 | 2674 | 18913 |
| Total Assets | 2426781778 | 1649339943 | 104125096 | 4335403059 |
| **LIABILITIES:** |  |  |  |  |
| Due to broker for collateral | 5230000 |  |  |  |
| Payable for Fund shares redeemed | 67289 | 217275 |  | 149509 |
| Payable for investments purchased | 11878552 | 101269770 | 998920 |  |
| Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 1162010 | 371173 |  | 1075554 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 313032 | 159918 | 34678 | 427731 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 60980 | 39165 | 2611 | 110239 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 406534 | 261100 | 17410 | 734928 |
| &nbsp;&nbsp;&nbsp;Custody - unaffiliated | 5670 |  |  |  |
| &nbsp;&nbsp;&nbsp;Custody - affiliated |  | 19584 | 1306 | 55119 |
| &nbsp;&nbsp;&nbsp;Directors | 12431 | 8056 | 520 | 22660 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 167032 | 48445 | 4557 | 67149 |
| &nbsp;&nbsp;&nbsp;Other | 74182 | 47383 | 15407 | 119570 |
| Total Liabilities | 19377712 | 102441869 | 1075409 | 2762459 |
| **NET ASSETS** | $2407404066 | $1546898074 | $103049687 | $4332640600 |
| **NET ASSETS consist of:** |  |  |  |  |
| Capital paid-in | $3000318506 | $1684996304 | $101952467 | $4488767786 |
| Total distributable earnings/(accumulated loss) | (592914440) | (138098230) | 1097220 | (156127186) |
| **NET ASSETS** | $2407404066 | $1546898074 | $103049687 | $4332640600 |
| Net Asset Value, maximum offering price and redemption price per share | $8.13 | $10.28 | $10.24 | $11.61 |
| Number of shares authorized | 3500000000 | 2000000000 | 3000000000 | 2000000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 296212982 | 150477751 | 10065917 | 373323968 |
| **INVESTMENTS, AT COST** | $2828125284 | $1530904509 | $102224760 | $4226478709 |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities **-** (Continued) |  |
|  | **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **CALIFORNIA<br> MUNICIPAL<br> BOND<br> FUND** | **NEW YORK<br> MUNICIPAL<br> BOND<br> FUND** |
| **ASSETS:** |  |  |
| Investments, at fair value - unaffiliated | $390352434 | $596066834 |
| Cash | 1 | 1 |
| Dividends and interest receivable | 5000230 | 8033460 |
| Receivable for Fund shares sold | 95000 | 22880 |
| Prepaid expenses | 10823 | 11273 |
| Total Assets | 395458488 | 604134448 |
| **LIABILITIES:** |  |  |
| Payable for Fund shares redeemed | 565000 | 70000 |
| Payable for investments purchased | 5876825 |  |
| Accrued expenses and other payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 80946 | 135549 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 61235 | 82171 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 9912 | 15447 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 66078 | 102978 |
| &nbsp;&nbsp;&nbsp;Custody - affiliated | 4956 | 7723 |
| &nbsp;&nbsp;&nbsp;Directors | 1923 | 3257 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 15675 | 18351 |
| &nbsp;&nbsp;&nbsp;Other | 19160 | 24910 |
| Total Liabilities | 6701710 | 460386 |
| **NET ASSETS** | $388756778 | $603674062 |
| **NET ASSETS consist of:** |  |  |
| Capital paid-in | $399832689 | $621584386 |
| Total accumulated loss | (11075911) | (17910324) |
| **NET ASSETS** | $388756778 | $603674062 |
| Net Asset Value, maximum offering price and redemption price per share | $9.83 | $9.94 |
| Number of shares authorized | 2000000000 | 2000000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 39556762 | 60715562 |
| **INVESTMENTS, AT COST** | $384672975 | $593441420 |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Statements of Operations |  |
|  | **For the Year Ended October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ALL CAP CORE<br> FUND** | **LARGE CAP<br> STRATEGIES<br> FUND** | **SMALL & MID<br> CAP<br> STRATEGIES<br> FUND** | **TOTAL EQUITY<br> FUND(a)** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest | $3208360 | $17633966 | $1985019 | $512714 |
| Dividends - unaffiliated | 26460415 | 427555847 | 185743384 | 6807995 |
| Foreign tax withheld | (298788) | (25200079) | (15429717) | (525181) |
| &nbsp;&nbsp;&nbsp;Total investment income | 29369987 | 419989734 | 172298686 | 6795528 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 22984759 | 200417828 | 74476548 | 3283024 |
| Shareholder servicing fees | 6841464 | 49635707 | 17523894 | 839273 |
| Administration and accounting fees - unaffiliated | 561122 | 3659750 | 1380718 | 90000 |
| Administration and accounting fees - affiliated | 1026220 | 7445356 | 2628584 | 125891 |
| Custodian fees - unaffiliated |  |  | 1825866 |  |
| Custodian fees - affiliated | 608513 | 7030204 | 414670 | 96714 |
| Directors fees and expenses | 76098 | 552972 | 196782 | 18734 |
| Insurance premiums | 18884 | 64858 | 30507 | 11926 |
| Legal and audit fees | 137509 | 888970 | 319037 | 33815 |
| Printing and postage fees | 25728 | 124357 | 54448 | 10227 |
| Registration fees | 26929 | 34585 | 34867 | 23059 |
| Transfer agent fees | 334074 | 2287146 | 824712 | 54062 |
| Miscellaneous expenses | 24093 | 153273 | 258396 | 22774 |
| &nbsp;&nbsp;&nbsp;Total expenses | 32665393 | 272295006 | 99969029 | 4609499 |
| Expenses waived by Advisor | (168437) |  | (3587614) | (497062) |
| &nbsp;&nbsp;&nbsp;Net expenses | 32496956 | 272295006 | 96381415 | 4112437 |
| NET INVESTMENT INCOME/(LOSS) | (3126969) | 147694728 | 75917271 | 2683091 |
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 277270373 | 2850455000 | 620542580 | (385718) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | (3444700) | 238 | (345) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (158352) | (8073785) | (1345652) | (279578) |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax |  | (2499812) | (967208) | (4021) |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 137537534 | 1379813686 | 400374854 | 120606376 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | 5526152 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 20220 | 666334 | 376007 | (7924) |
| &nbsp;&nbsp;&nbsp;Deferred foreign capital gains taxed on unrealized appreciation/(depreciation) |  | (9458282) | 1499175 | (85510) |
| Net realized and change in unrealized gain/(loss) on investments, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains taxes | 414669775 | 4212984593 | 1020479994 | 119843280 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $411542806 | $4360679321 | $1096397265 | $122526371 |

---

(a) For the period from February 28, 2025 (commencement of operations) to October 31, 2025.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Statements of Operations - (Continued) |  |
|  | **For the Year Ended October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CREDIT<br> INCOME<br> FUND** | **FIXED<br> INCOME<br> FUND** | **SHORT-TERM<br> BOND<br> FUND** | **MUNICIPAL<br> BOND<br> FUND** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest | $130447402 | $64003799 | $3845712 | $135820410 |
| Dividends - unaffiliated | 21042036 | 2710 | 437 | 31075 |
| &nbsp;&nbsp;&nbsp;Total investment income | 151489438 | 64006509 | 3846149 | 135851485 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 13447266 | 5872540 | 277762 | 15468848 |
| Shareholder servicing fees | 4617188 | 2927165 | 173602 | 8410770 |
| Administration and accounting fees - unaffiliated | 390075 | 226008 | 36405 | 612926 |
| Administration and accounting fees - affiliated | 692578 | 439075 | 26040 | 1261616 |
| Custodian fees - unaffiliated | 62408 |  |  |  |
| Custodian fees - affiliated |  | 219537 | 13020 | 630808 |
| Directors fees and expenses | 51039 | 32775 | 2041 | 93803 |
| Insurance premiums | 16667 | 14270 | 11242 | 20317 |
| Legal and audit fees | 198572 | 71007 | 16901 | 153042 |
| Printing and postage fees | 20078 | 19769 | 10364 | 28346 |
| Registration fees | 33897 | 32618 | 30348 | 46632 |
| Transfer agent fees | 226216 | 147179 | 20336 | 399791 |
| Miscellaneous expenses | 159252 | 32538 | 26155 | 77671 |
| &nbsp;&nbsp;&nbsp;Total expenses | 19915236 | 10034481 | 644216 | 27204570 |
| Expenses waived by Advisor | (292187) | (1692060) | (323053) | (3233874) |
| &nbsp;&nbsp;&nbsp;Net expenses | 19623049 | 8342421 | 321163 | 23970696 |
| NET INVESTMENT INCOME | 131866389 | 55664088 | 3524986 | 111880789 |
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND SWAP AGREEMENTS: |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 263284 | (9096258) | (89687) | (13918424) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1689872) |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | (714828) |  |  |  |
| Net change in unrealized appreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 27259605 | 34520292 | 853244 | 68955746 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 6144194 |  |  |  |
| Net realized and change in unrealized gain/(loss) on investments, futures contracts and swap agreements | 31262383 | 25424034 | 763557 | 55037322 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $163128772 | $81088122 | $4288543 | $166918111 |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Statements of Operations - (Continued) |  |
|  | **For the Year Ended October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **CALIFORNIA<br> MUNICIPAL<br> BOND<br> FUND** | **NEW YORK<br> MUNICIPAL<br> BOND<br> FUND** |
| **INVESTMENT INCOME:** |  |  |
| Interest | $11930755 | $17464883 |
| Dividends - unaffiliated |  | 6439 |
| &nbsp;&nbsp;&nbsp;Total investment income | 11930755 | 17471322 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 1664719 | 2617097 |
| Shareholder servicing fees | 739875 | 1183548 |
| Administration and accounting fees - unaffiliated | 78768 | 106849 |
| Administration and accounting fees - affiliated | 110981 | 177532 |
| Custodian fees - affiliated | 55491 | 88766 |
| Directors fees and expenses | 8190 | 13329 |
| Insurance premiums | 11989 | 12460 |
| Legal and audit fees | 20959 | 27875 |
| Printing and postage fees | 11650 | 12530 |
| Registration fees | 22846 | 21954 |
| Transfer agent fees | 46115 | 66729 |
| Miscellaneous expenses | 22979 | 29438 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2794562 | 4358107 |
| Expenses waived by Advisor | (685918) | (984994) |
| &nbsp;&nbsp;&nbsp;Net expenses | 2108644 | 3373113 |
| NET INVESTMENT INCOME | 9822111 | 14098209 |
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS: |  |  |
| Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (960942) | (897097) |
| Net change in unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 5988757 | 8751130 |
| Net realized and change in unrealized gain/(loss) on investments | 5027815 | 7854033 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $14849926 | $21952242 |

---

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **ALL CAP CORE FUND** | **ALL CAP CORE FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment loss | $(3126969) | $(725962) |
| Net realized gain on investments and foreign currency transactions | 277112021 | 372931811 |
| Net realized gain on redemptions in-kind |  | 57604732 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | 137557754 | 548696010 |
| Net increase in net assets resulting from operations | 411542806 | 978506591 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (343469046) | (251769397) |
| Total distributions to shareholders | (343469046) | (251769397) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 199840779 | 211302539 |
| Reinvestment of distributions | 206697000 | 155213606 |
| Value of capital stock redeemed | (495781749) | (448987760) |
| Net decrease in net assets resulting from capital stock transactions | (89243970) | (82471615) |
| Net increase/(decrease) in net assets | (21170210) | 644265579 |
| **NET ASSETS:** |  |  |
| Beginning of year | 3532016610 | 2887751031 |
| End of year | $3510846400 | $3532016610 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 7725194 | 8580992 |
| Shares issued as reinvestment of distributions | 8192509 | 6804580 |
| Shares redeemed in-kind |  | (934146) |
| Shares redeemed | (19574938) | (17014957) |
| Net decrease in shares outstanding | (3657235) | (2563531) |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **LARGE CAP STRATEGIES FUND** | **LARGE CAP STRATEGIES FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $147694728 | $133068671 |
| Net realized gain on investments, forward foreign currency exchange contracts, foreign currency transactions and foreign capital gains tax | 2836436703 | 1423995001 |
| Net change in unrealized appreciation/(depreciation) on investments, forward foreign currency exchange contracts, foreign currency transactions, net of foreign deferred taxes | 1376547890 | 5108914830 |
| Net increase in net assets resulting from operations | 4360679321 | 6665978502 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (1364718966) | (122213975) |
| Total distributions to shareholders | (1364718966) | (122213975) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 832714877 | 1078093056 |
| Reinvestment of distributions | 714228783 | 32618866 |
| Value of capital stock redeemed | (2792966150) | (2699329776) |
| Net decrease in net assets resulting from capital stock transactions | (1246022490) | (1588617854) |
| Net increase in net assets | 1749937865 | 4955146673 |
| **NET ASSETS:** |  |  |
| Beginning of year | 24640062935 | 19684916262 |
| End of year | $26390000800 | $24640062935 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 40583086 | 58151648 |
| Shares issued as reinvestment of distributions | 36145181 | 1898035 |
| Shares redeemed | (135886197) | (145140531) |
| Net decrease in shares outstanding | (59157930) | (85090848) |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **SMALL & MID CAP STRATEGIES FUND** | **SMALL & MID CAP STRATEGIES FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $75917271 | $53737072 |
| Net realized gain on investments, forward foreign currency exchange contracts, foreign currency transactions and foreign capital gains tax | 618229958 | 348634899 |
| Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 402250036 | 1468657425 |
| Net increase in net assets resulting from operations | 1096397265 | 1871029396 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (330387670) | (52892671) |
| Total distributions to shareholders | (330387670) | (52892671) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 519687266 | 954799857 |
| Reinvestment of distributions | 154595814 | 14308234 |
| Value of capital stock redeemed | (1377778347) | (1298432985) |
| Net decrease in net assets resulting from capital stock transactions | (703495267) | (329324894) |
| Net increase in net assets | 62514328 | 1488811831 |
| **NET ASSETS:** |  |  |
| Beginning of year | 8841523403 | 7352711572 |
| End of year | $8904037731 | $8841523403 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 31159369 | 60801939 |
| Shares issued as reinvestment of distributions | 9668281 | 944438 |
| Shares redeemed | (83495295) | (84445971) |
| Net decrease in shares outstanding | (42667645) | (22699594) |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | |
|:---|:---|
|  | **TOTAL EQUITY<br> FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> OCTOBER 31,<br> 2025(a)** |
| **FROM OPERATIONS:** |  |
| Net investment income | $2683091 |
| Net realized (loss) on investments, forward foreign currency exchange contracts, foreign currency transactions and foreign capital gains tax | (669662) |
| Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 120512942 |
| Net increase in net assets resulting from operations | 122526371 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |
| Net investment income and net realized gains |  |
| Total distributions to shareholders |  |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |
| Proceeds from sale of capital stock | 835191039 |
| Reinvestment of distributions |  |
| Value of capital stock redeemed | (52092774) |
| Net increase in net assets resulting from capital stock transactions | 783098265 |
| Net increase in net assets | 905624636 |
| **NET ASSETS:** |  |
| Beginning of period |  |
| End of period | $905624636 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Shares sold | 85149224 |
| Shares issued as reinvestment of distributions |  |
| Shares redeemed | (4854378) |
| Net increase in shares outstanding | 80294846 |

---

(a) For the period from February 28, 2025 (commencement of operations)
 to October 31, 2025.

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **CREDIT INCOME FUND** | **CREDIT INCOME FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $131866389 | $136879023 |
| Net realized (loss) on investments, futures contracts and swap agreements | (2141416) | (22888560) |
| Net change in unrealized appreciation/(depreciation) on investments and swap agreements | 33403799 | 179226338 |
| Net increase in net assets resulting from operations | 163128772 | 293216801 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (132596478) | (136598824) |
| Total distributions to shareholders | (132596478) | (136598824) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 449908898 | 586100662 |
| Reinvestment of distributions | 36072921 | 44814084 |
| Value of capital stock redeemed | (489045029) | (646042483) |
| Net decrease in net assets resulting from capital stock transactions | (3063210) | (15127737) |
| Net increase in net assets | 27469084 | 141490240 |
| **NET ASSETS:** |  |  |
| Beginning of year | 2379934982 | 2238444742 |
| End of year | $2407404066 | $2379934982 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 56714656 | 73047995 |
| Shares issued as reinvestment of distributions | 4558081 | 5590623 |
| Shares redeemed | (61508910) | (80696913) |
| Net decrease in shares outstanding | (236173) | (2058295) |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **FIXED INCOME FUND** | **FIXED INCOME FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $55664088 | $52810098 |
| Net realized (loss) on investments | (9096258) | (12863723) |
| Net change in unrealized appreciation/(depreciation) on investments | 34520292 | 68254975 |
| Net increase in net assets resulting from operations | 81088122 | 108201350 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (55871260) | (54186280) |
| Total distributions to shareholders | (55871260) | (54186280) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 242931652 | 219867269 |
| Reinvestment of distributions | 29081284 | 29529938 |
| Value of capital stock redeemed | (139816077) | (300747384) |
| Net increase/(decrease) in net assets resulting from capital stock transactions | 132196859 | (51350177) |
| Net increase in net assets | 157413721 | 2664893 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1389484353 | 1386819460 |
| End of year | $1546898074 | $1389484353 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 23971647 | 21785902 |
| Shares issued as reinvestment of distributions | 2876192 | 2918415 |
| Shares redeemed | (13794880) | (29990162) |
| Net increase/(decrease) in shares outstanding | 13052959 | (5285845) |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE PERIOD<br> ENDED<br> OCTOBER 31,<br> 2024(a)** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $3524986 | $718596 |
| Net realized gain/(loss) on investments | (89687) | 1884 |
| Net change in unrealized appreciation/(depreciation) on investments | 853244 | 3960 |
| Net increase in net assets resulting from operations | 4288543 | 724440 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (3360769) | (554994) |
| Total distributions to shareholders | (3360769) | (554994) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 66938437 | 63667402 |
| Reinvestment of distributions | 691081 | 129606 |
| Value of capital stock redeemed | (25579293) | (3894766) |
| Net increase in net assets resulting from capital stock transactions | 42050225 | 59902242 |
| Net increase in net assets | 42977999 | 60071688 |
| **NET ASSETS:** |  |  |
| Beginning of period | 60071688 |  |
| End of period | $103049687 | $60071688 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 6584596 | 6297201 |
| Shares issued as reinvestment of distributions | 68141 | 12836 |
| Shares redeemed | (2513912) | (382945) |
| Net increase in shares outstanding | 4138825 | 5927092 |

---

(a) For the period from February 29, 2024 (commencement of operations)
 to October 31, 2024.

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **MUNICIPAL BOND FUND** | **MUNICIPAL BOND FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $111880789 | $100965438 |
| Net realized (loss) on investments | (13918424) | (28741511) |
| Net change in unrealized appreciation/(depreciation) on investments | 68955746 | 167513967 |
| Net increase in net assets resulting from operations | 166918111 | 239737894 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (111843273) | (98794555) |
| Total distributions to shareholders | (111843273) | (98794555) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 738215525 | 762858325 |
| Reinvestment of distributions | 23459611 | 20767580 |
| Value of capital stock redeemed | (630431231) | (573657356) |
| Net increase in net assets resulting from capital stock transactions | 131243905 | 209968549 |
| Net increase in net assets | 186318743 | 350911888 |
| **NET ASSETS:** |  |  |
| Beginning of year | 4146321857 | 3795409969 |
| End of year | $4332640600 | $4146321857 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 64542031 | 66183133 |
| Shares issued as reinvestment of distributions | 2054888 | 1799014 |
| Shares redeemed | (55181021) | (49838558) |
| Net increase in shares outstanding | 11415898 | 18143589 |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **CALIFORNIA MUNICIPAL BOND FUND** | **CALIFORNIA MUNICIPAL BOND FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $9822111 | $9137338 |
| Net realized (loss) on investments | (960942) | (917011) |
| Net change in unrealized appreciation/(depreciation) on investments | 5988757 | 12666504 |
| Net increase in net assets resulting from operations | 14849926 | 20886831 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (9763597) | (9190192) |
| Total distributions to shareholders | (9763597) | (9190192) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 84847569 | 63752147 |
| Reinvestment of distributions | 2772811 | 2972465 |
| Value of capital stock redeemed | (72278930) | (50340743) |
| Net increase in net assets resulting from capital stock transactions | 15341450 | 16383869 |
| Net increase in net assets | 20427779 | 28080508 |
| **NET ASSETS:** |  |  |
| Beginning of year | 368328999 | 340248491 |
| End of year | $388756778 | $368328999 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 8769506 | 6546565 |
| Shares issued as reinvestment of distributions | 287327 | 304429 |
| Shares redeemed | (7509271) | (5188556) |
| Net increase in shares outstanding | 1547562 | 1662438 |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets **- (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **NEW YORK MUNICIPAL BOND FUND** | **NEW YORK MUNICIPAL BOND FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2025** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $14098209 | $13417480 |
| Net realized (loss) on investments | (897097) | (1613026) |
| Net change in unrealized appreciation/(depreciation) on investments | 8751130 | 22444531 |
| Net increase in net assets resulting from operations | 21952242 | 34248985 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (14018226) | (13261140) |
| Total distributions to shareholders | (14018226) | (13261140) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 129116361 | 90280293 |
| Reinvestment of distributions | 3589395 | 3487839 |
| Value of capital stock redeemed | (117115591) | (83561528) |
| Net increase in net assets resulting from capital stock transactions | 15590165 | 10206604 |
| Net increase in net assets | 23524181 | 31194449 |
| **NET ASSETS:** |  |  |
| Beginning of year | 580149881 | 548955432 |
| End of year | $603674062 | $580149881 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 13170380 | 9147248 |
| Shares issued as reinvestment of distributions | 366684 | 353062 |
| Shares redeemed | (11950817) | (8470637) |
| Net increase in shares outstanding | 1586247 | 1029673 |

---

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> All Cap Core Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $27.27 | $21.86 | $20.25 | $27.31 | $20.18 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | (0.02) | (0.01) | 0.05 | 0.03 | (0.02) |
| Net realized and unrealized gain/(loss) | 3.33 | 7.36 | 2.06 | (5.55) | 7.85 |
| Total from investment operations | 3.31 | 7.35 | 2.11 | (5.52) | 7.83 |
| **Distributions:** |  |  |  |  |  |
| Net investment income |  | (0.05) | (0.04) |  | (0.01) |
| Net realized gains | (2.69) | (1.89) | (0.46) | (1.54) | (0.69) |
| Total distributions | (2.69) | (1.94) | (0.50) | (1.54) | (0.70) |
| Net asset value, end of year | $27.89 | $27.27 | $21.86 | $20.25 | $27.31 |
| Total return | 13.2% | 35.3% | 10.7% | (21.3)% | 39.8% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $3510846 | $3532017 | $2887751 | $2802415 | $3648683 |
| Ratio of expenses to average net assets before expense waivers | 0.95% | 0.95% | 0.96 %(b) | 0.96 %(b) | 0.96 %(b) |
| Ratio of expenses to average net assets after expense waivers | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
| Ratio of net investment income/(loss) to average net assets | (0.09)% | (0.02)% | 0.22% | 0.12% | (0.10)% |
| Portfolio turnover rate | 38% | 41% | 54% | 54% | 30% |

---

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

(b) There were no voluntary fee reductions during the year.

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Large Cap Strategies Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $20.55 | $15.33 | $14.36 | $20.11 | $15.26 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.12 | 0.11 | 0.09 | 0.05 | 0.01 |
| Net realized and unrealized gain/(loss) | 3.63 | 5.21 | 0.97 | (4.56) | 5.08 |
| Total from investment operations | 3.75 | 5.32 | 1.06 | (4.51) | 5.09 |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.09) | (0.10) | (0.09) | (0.00)(b) | (0.05) |
| Net realized gains | (1.06) |  |  | (1.24) | (0.19) |
| Total distributions | (1.15) | (0.10) | (0.09) | (1.24) | (0.24) |
| Net asset value, end of year | $23.15 | $20.55 | $15.33 | $14.36 | $20.11 |
| Total return | 19.2% | 34.8% | 7.4% | (23.8)% | 33.6% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $26390001 | $24640063 | $19684916 | $19383130 | $25742487 |
| Ratio of expenses to average net assets before expense waivers<sup>(c)(d)</sup> | 1.10% | 1.09% | 1.10% | 1.09% | 1.09% |
| Ratio of expenses to average net assets after expense waivers | 1.10% | 1.09% | 1.10% | 1.09% | 1.09% |
| Ratio of net investment income to average net assets | 0.60% | 0.57% | 0.55% | 0.29% | 0.05% |
| Portfolio turnover rate | 48% | 37% | 23% | 52% | 43% |

---

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

(b) Amount is greater than $(0.005) per share.

(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) There were no voluntary fee reductions during the year.

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $16.67 | $13.29 | $13.43 | $19.92 | $15.57 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | 0.15 | 0.10 | 0.07 | 0.08 | (0.02) |
| Net realized and unrealized gain/(loss) | 2.06 | 3.38 | (0.14) | (5.22) | 4.97 |
| Total from investment operations | 2.21 | 3.48 | (0.07) | (5.14) | 4.95 |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.15) | (0.10) | (0.07) | (0.02) | (0.03) |
| Net realized gains | (0.48) |  |  | (1.33) | (0.57) |
| Total distributions | (0.63) | (0.10) | (0.07) | (1.35) | (0.60) |
| Net asset value, end of year | $18.25 | $16.67 | $13.29 | $13.43 | $19.92 |
| Total return | 13.8% | 26.3% | (0.5)% | (27.4)% | 32.1% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $8904038 | $8841523 | $7352712 | $7353983 | $9746839 |
| Ratio of expenses to average net assets before expense waivers<sup>(b)</sup> | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| Ratio of expenses to average net assets after expense waivers | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of net investment income/(loss) to average net assets | 0.87% | 0.64% | 0.51% | 0.50% | (0.10)% |
| Portfolio turnover rate | 61% | 62% | 41% | 81% | 46% |

---

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

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

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

**For a Share Outstanding Throughout the Period.**

---

| | |
|:---|:---|
|  | **PERIOD<br> FROM<br> FEBRUARY<br> 28, 2025(a)<br> TO<br> OCTOBER<br> 31, 2025** |
| Net asset value, beginning of period | $10.00 |
| **Investment operations:** |  |
| Net investment income<sup>(b)</sup> | 0.04 |
| Net realized and unrealized gains | 1.24 |
| Total from investment operations | 1.28 |
| Net asset value, end of period | $11.28 |
| Total return | 12.8 %(c) |
| **Annualized ratios/supplemental data:** |  |
| Net assets at end of period (000's) | $905625 |
| Ratio of expenses to average net assets before expense waivers | 1.10 %(d) |
| Ratio of expenses to average net assets after expense waivers | 0.98 %(d) |
| Ratio of net investment income to average net assets | 0.63 %(d) |
| Portfolio turnover rate | 25 %(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.

Old Westbury Funds, Inc. <br> Credit Income Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.03 | $7.50 | $7.97 | $10.15 | $9.99 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.45 | 0.46 | 0.43 | 0.40 | 0.43 |
| Net realized and unrealized gain/(loss) | 0.11 | 0.53 | (0.48) | (2.17) | 0.15 |
| Total from investment operations | 0.56 | 0.99 | (0.05) | (1.77) | 0.58 |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.46) | (0.46) | (0.42) | (0.41) | (0.42) |
| Total distributions | (0.46) | (0.46) | (0.42) | (0.41) | (0.42) |
| Net asset value, end of year | $8.13 | $8.03 | $7.50 | $7.97 | $10.15 |
| Total return | 7.3% | 13.4% | (1.0)% | (17.8)% | 5.9% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $2407404 | $2379935 | $2238445 | $2322013 | $2950576 |
| Ratio of expenses to average net assets before expense waivers<sup>(b)</sup> | 0.86% | 0.85% | 0.87% | 0.86% | 0.87% |
| Ratio of expenses to average net assets after expense waivers | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Ratio of net investment income to average net assets | 5.71% | 5.69% | 5.34% | 4.36% | 4.23% |
| Portfolio turnover rate | 14% | 20% | 45% | 22% | 24% |

---

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

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

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Fixed Income Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $10.11 | $9.72 | $9.88 | $11.25 | $11.82 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.39 | 0.38 | 0.27 | 0.14 | 0.11 |
| Net realized and unrealized gain/(loss) | 0.17 | 0.40 | (0.15) | (1.30) | (0.25) |
| Total from investment operations | 0.56 | 0.78 | 0.12 | (1.16) | (0.14) |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.39) | (0.39) | (0.28) | (0.19) | (0.19) |
| Net realized gains |  |  |  | (0.02) | (0.24) |
| Total distributions | (0.39) | (0.39) | (0.28) | (0.21) | (0.43) |
| Net asset value, end of year | $10.28 | $10.11 | $9.72 | $9.88 | $11.25 |
| Total return | 5.7% | 8.1% | 1.2% | (10.4)% | (1.2)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $1546898 | $1389484 | $1368819 | $1393537 | $1568691 |
| Ratio of expenses to average net assets before expense waivers | 0.69% | 0.69% | 0.69% | 0.69% | 0.68% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 3.80% | 3.74% | 2.69% | 1.33% | 0.97% |
| Portfolio turnover rate | 84% | 102% | 92% | 56% | 58% |

---

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

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Short-Term Bond Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Period.**

---

| | | |
|:---|:---|:---|
|  | **YEAR<br> ENDED<br> OCTOBER<br> 31, 2025** | **PERIOD<br> FROM<br> FEBRUARY<br> 29, 2024(a)<br> TO<br> OCTOBER<br> 31, 2024** |
| Net asset value, beginning of period | $10.14 | $10.00 |
| **Investment operations:** |  |  |
| Net investment income<sup>(b)</sup> | 0.41 | 0.30 |
| Net realized and unrealized gains | 0.08 | 0.07 |
| Total from investment operations | 0.49 | 0.37 |
| **Distributions:** |  |  |
| Net investment income | (0.39) | (0.23) |
| Net realized gains | (0.00)(c) |  |
| Total distributions | (0.39) | (0.23) |
| Net asset value, end of period | $10.24 | $10.14 |
| Total return | 5.0% | 3.7 %(d) |
| **Annualized ratios/supplemental data:** |  |  |
| Net assets at end of period (000's) | $103050 | $60072 |
| Ratio of expenses to average net assets before expense waivers | 0.74% | 0.98 %(e) |
| Ratio of expenses to average net assets after expense waivers | 0.37% | 0.37 %(e) |
| Ratio of net investment income to average net assets | 4.06% | 4.51 %(e) |
| Portfolio turnover rate | 28% | 13 %(d) |

---

(a) Commencement of Investment Operations.

(b) Calculated based on the average shares method for the period.

(c) Amount is greater than $(0.005) per share.

(d) Not Annualized.

(e) Annualized.

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Municipal Bond Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $11.46 | $11.04 | $11.10 | $12.33 | $12.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.30 | 0.29 | 0.22 | 0.11 | 0.12 |
| Net realized and unrealized gain/(loss) | 0.15 | 0.41 | (0.07) | (1.09) | (0.12) |
| Total from investment operations | 0.45 | 0.70 | 0.15 | (0.98) | 0.00 |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.30) | (0.28) | (0.21) | (0.11) | (0.12) |
| Net realized gains |  |  |  | (0.14) | (0.07) |
| Total distributions | (0.30) | (0.28) | (0.21) | (0.25) | (0.19) |
| Net asset value, end of year | $11.61 | $11.46 | $11.04 | $11.10 | $12.33 |
| Total return | 4.0% | 6.3% | 1.3% | (8.1)% | (0.1)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $4332641 | $4146322 | $3795410 | $3814359 | $4234247 |
| Ratio of expenses to average net assets before expense waivers | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.66% | 2.48% | 1.93% | 0.97% | 0.93% |
| Portfolio turnover rate | 52% | 39% | 52% | 55% | 58% |

---

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

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $9.69 | $9.36 | $9.39 | $10.38 | $10.57 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.26 | 0.25 | 0.22 | 0.12 | 0.11 |
| Net realized and unrealized gain/(loss) | 0.14 | 0.33 | (0.04) | (0.91) | (0.11) |
| Total from investment operations | 0.40 | 0.58 | 0.18 | (0.79) | 0.00 |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.26) | (0.25) | (0.21) | (0.11) | (0.11) |
| Net realized gains |  |  |  | (0.09) | (0.08) |
| Total distributions | (0.26) | (0.25) | (0.21) | (0.20) | (0.19) |
| Net asset value, end of year | $9.83 | $9.69 | $9.36 | $9.39 | $10.38 |
| Total return | 4.2% | 6.2% | 1.9% | (7.7)% | (0.1)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $388757 | $368329 | $340248 | $314887 | $346155 |
| Ratio of expenses to average net assets before expense waivers | 0.76% | 0.76% | 0.76% | 0.77% | 0.76% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.66% | 2.56% | 2.28% | 1.17% | 1.03% |
| Portfolio turnover rate | 24% | 35% | 75% | 60% | 25% |

---

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

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Financial Highlights</u>

**For a Share Outstanding Throughout Each Year.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $9.81 | $9.45 | $9.48 | $10.43 | $10.55 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.23 | 0.23 | 0.19 | 0.11 | 0.11 |
| Net realized and unrealized gain/(loss) | 0.13 | 0.36 | (0.04) | (0.91) | (0.05) |
| Total from investment operations | 0.36 | 0.59 | 0.15 | (0.80) | 0.06 |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.23) | (0.23) | (0.18) | (0.11) | (0.11) |
| Net realized gains |  |  |  | (0.04) | (0.07) |
| Total distributions | (0.23) | (0.23) | (0.18) | (0.15) | (0.18) |
| Net asset value, end of year | $9.94 | $9.81 | $9.45 | $9.48 | $10.43 |
| Total return | 3.7% | 6.2% | 1.6% | (7.7)% | 0.6% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $603674 | $580150 | $548955 | $546067 | $626544 |
| Ratio of expenses to average net assets before expense waivers | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.38% | 2.35% | 1.93% | 1.14% | 1.01% |
| Portfolio turnover rate | 19% | 32% | 48% | 45% | 23% |

---

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

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements |  |
|  | **October 31, 2025**<br>|

---

**1.** **Organization:** 

Old Westbury Funds, Inc. (the "Corporation") was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Corporation's Board of Directors (the "Board") are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of October 31, 2025, the Corporation consisted of ten 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 Total Equity Fund ("Total Equity Fund")\* | Long-term capital appreciation. |
| Old Westbury Credit Income Fund ("Credit Income Fund") | Income. Capital appreciation is a secondary objective. |
| 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. Capital appreciation is a secondary objective. |
| 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). |

---

\* Total Equity Fund commenced operations on February 28, 2025.

As of October 31, 2025, the Corporation has authorized a total of 26.5 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.

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

segments impact overall performance. The Corporation adopted the new standard for the year ended October 31, 2025 and did not have a material impact on the financial statements. The officers of each Fund, as listed in the Funds' Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Fund's managers. The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023- 09, Income Taxes (Topic 740) - Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide enhanced disclosures primarily related to the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

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 the "Adviser"), 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 fair valued pursuant to policies and procedures approved 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 a 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 or instruments 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 or instruments; (4) securities or instruments that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security or instrument 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 assets, including real assets and 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security's or other investment's fair value.

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

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing service vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, 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 53 days and the Total Equity Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 35 days during the year ended October 31, 2025. As a result, on days when the index change exceeded predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level was not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1.

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 material valuation risks, including material conflicts of interest, and managing identified valuation risks; (ii) establishing and applying fair value methodologies, taking into account each of the Funds' valuation risks; (iii) testing the appropriateness and accuracy of fair value methodologies selected, including identifying testing methods and minimum frequency for their use; and (iv) overseeing 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.

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 specific identified cost method. 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/

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.

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

For the year ended October 31, 2025, there were no in-kind payments received by the Funds with respect to PIK securities.

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

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, forward foreign currency exchange contracts, 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 October 31, 2025.

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, Fixed Income Fund and Short-Term Bond 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

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.

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 October 31, 2025, 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, Small & Mid Cap Strategies Fund and Total Equity 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:** 

Investing in the Funds involves certain risks, including, but not limited to, those described below. Please refer to the Funds' prospectus and statement of additional information for more information on risks associated with investing in the Funds.

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, and income generated by, 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 and heightened 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 actual or threatened economic sanctions, tariffs or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

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.

C. **Shareholder Concentration Risk.**

As of October 31, 2025, 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 | 98.64% |
| Large Cap Strategies Fund | 1 | 97.83% |
| Small & Mid Cap Strategies Fund | 1 | 98.42% |
| Total Equity Fund | 1 | 99.94% |
| Credit Income Fund | 1 | 99.40% |
| Fixed Income Fund | 1 | 99.44% |
| Short-Term Bond Fund | 1 | 99.17% |
| Municipal Bond Fund | 1 | 99.37% |
| California Municipal Bond Fund | 1 | 99.99% |
| New York Municipal Bond Fund | 1 | 99.54% |

---

A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively representing a large percentage of the Fund, purchase or redeem large amounts of shares of the Fund. Such large redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income and/or capital gains to shareholders if sales of the Fund's investments resulted in gains and may cause the Fund to make taxable distributions to its non-redeeming shareholders earlier than the Fund otherwise would have, and may also increase transaction costs. A large shareholder transaction, particularly a redemption of shares, could result from various circumstances, including changing market and economic conditions and asset allocation or other decisions by the Adviser or its affiliates with respect to client accounts that could result in a Fund needing to sell securities when it otherwise would not have done so, accelerating the realization of taxable income and/or capital gains and increasing transaction costs.

**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:

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

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

• &nbsp;&nbsp;&nbsp;&nbsp; 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

The summary of inputs used to value the Funds' investments as of October 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs(a)** | **Total** |
| **All Cap Core Fund** |  |  |  |  |
| Common Stocks | $3,260,816,342(b) | $— | $— | $3260816342 |
| Exchange-Traded Funds | 166647802 |  |  | 166647802 |
| Investment Company | 71995994 |  |  | 71995994 |
| **Total** | $3499460138 | $— | $— | $3499460138 |
| **Large Cap Strategies Fund** |  |  |  |  |
| Common Stocks | $25,523,986,391(b) | $137,327,078(b) | $— | $25661313469 |
| Rights/Warrants |  |  | 0(b) | 0 |
| Exchange-Traded Funds | 386702511 |  |  | 386702511 |
| Investment Company | 196315096 |  |  | 196315096 |
| **Total** | $26107003998 | $137327078 | $0 | $26244331076 |
| **Small & Mid Cap Strategies Fund** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $251319024 | $— | $4456211 | $255775235 |
| &nbsp;&nbsp;&nbsp;Austria | 90591353 |  |  | 90591353 |
| &nbsp;&nbsp;&nbsp;Bahamas | 21784164 |  |  | 21784164 |
| &nbsp;&nbsp;&nbsp;Belgium | 30850447 |  |  | 30850447 |
| &nbsp;&nbsp;&nbsp;Bermuda | 12599972 |  |  | 12599972 |
| &nbsp;&nbsp;&nbsp;Brazil | 29214018 |  |  | 29214018 |
| &nbsp;&nbsp;&nbsp;Canada | 145559229 |  |  | 145559229 |
| &nbsp;&nbsp;&nbsp;China | 206641527 | 252412963 |  | 459054490 |
| &nbsp;&nbsp;&nbsp;Denmark | 65010269 |  |  | 65010269 |
| &nbsp;&nbsp;&nbsp;Finland | 40423236 |  |  | 40423236 |
| &nbsp;&nbsp;&nbsp;France | 185260600 |  |  | 185260600 |
| &nbsp;&nbsp;&nbsp;Germany | 174787096 |  |  | 174787096 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 118851538 |  |  | 118851538 |
| &nbsp;&nbsp;&nbsp;India | 17008185 |  |  | 17008185 |
| &nbsp;&nbsp;&nbsp;Indonesia | 13565298 |  |  | 13565298 |
| &nbsp;&nbsp;&nbsp;Ireland | 28930679 |  |  | 28930679 |
| &nbsp;&nbsp;&nbsp;Israel | 117002767 |  |  | 117002767 |
| &nbsp;&nbsp;&nbsp;Italy | 154178377 |  |  | 154178377 |
| &nbsp;&nbsp;&nbsp;Japan | 1081660930 |  |  | 1081660930 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 2922706 |  |  | 2922706 |
| &nbsp;&nbsp;&nbsp;Malaysia | 3260385 |  |  | 3260385 |
| &nbsp;&nbsp;&nbsp;Mexico | 10598180 |  |  | 10598180 |
| &nbsp;&nbsp;&nbsp;Netherlands | 103805772 |  |  | 103805772 |
| &nbsp;&nbsp;&nbsp;New Zealand | 16253679 |  |  | 16253679 |
| &nbsp;&nbsp;&nbsp;Norway | 82732863 |  |  | 82732863 |
| &nbsp;&nbsp;&nbsp;Poland | 31062410 |  |  | 31062410 |
| &nbsp;&nbsp;&nbsp;Portugal | 19590296 |  |  | 19590296 |
| &nbsp;&nbsp;&nbsp;Puerto Rico | 318804 |  |  | 318804 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Singapore | 74053375 |  | 4443 | 74057818 |
| &nbsp;&nbsp;&nbsp;South Africa | 89963088 |  |  | 89963088 |
| &nbsp;&nbsp;&nbsp;South Korea | 227243606 |  |  | 227243606 |
| &nbsp;&nbsp;&nbsp;Spain | 158460402 |  |  | 158460402 |
| &nbsp;&nbsp;&nbsp;Sweden | 161696434 |  |  | 161696434 |
| &nbsp;&nbsp;&nbsp;Switzerland | 182906775 |  |  | 182906775 |
| &nbsp;&nbsp;&nbsp;Taiwan | 69535616 |  |  | 69535616 |
| &nbsp;&nbsp;&nbsp;Turkey | 30618483 |  |  | 30618483 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs(a)** | **Total** |
| &nbsp;&nbsp;&nbsp;United Kingdom | $439721165 | $— | $— | $439721165 |
| &nbsp;&nbsp;&nbsp;United States | 3409166444 |  |  | 3409166444 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks | $7899149192 | $252412963 | $4460654 | $8156022809 |
| Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Malaysia | 40108 |  |  | 40108 |
| &nbsp;&nbsp;&nbsp;Norway |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Spain | 67984 |  |  | 67984 |
| &nbsp;&nbsp;&nbsp;United States |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Total Rights/Warrants | $108092 | $— | $0 | $108092 |
| Exchange-Traded Funds | 529615007 |  |  | 529615007 |
| Investment Company | 29800209 |  |  | 29800209 |
| Cash Sweep | 192576311 |  |  | 192576311 |
| **Total** | $8651248811 | $252412963 | $4460654 | $8908122428 |
| **Total Equity Fund** |  |  |  |  |
| Common Stocks | $854260887 | $— | $— | $854260887 |
| Exchange-Traded Funds | 19287504 |  |  | 19287504 |
| Investment Company | 24264357 |  |  | 24264357 |
| **Total** | $897812748 | $— | $— | $897812748 |
| **Credit Income Fund** |  |  |  |  |
| Preferred Stocks | $4,909,452(b) | $— | $— | $4909452 |
| Exchange-Traded Funds | 476817254 |  |  | 476817254 |
| Corporate Bonds |  | 136,004,467(b) |  | 136004467 |
| Asset-Backed Securities |  | 344,453,214(b) |  | 344453214 |
| Non-Agency Mortgage-Backed Securities |  | 570,466,957(b) | 16,779,330(b) | 587246287 |
| U.S. Government Sponsored Agency Mortgage- Backed Securities |  | 6,049,773(b) |  | 6049773 |
| U.S. Government Securities |  | 742419321 |  | 742419321 |
| Cash Sweep | 103836786 |  |  | 103836786 |
| Other financial instruments - Assets Interest Rate Risk |  | 4,856,859(b) |  | 4856859 |
| **Total** | $585563492 | $1804250591 | $16779330 | $2406593413 |
| **Fixed Income Fund** |  |  |  |  |
| Corporate Bonds | $— | $438,861,248(b) | $— | $438861248 |
| Asset-Backed Securities |  | 85,653,281(b) |  | 85653281 |
| U.S. Government Securities |  | 1003333407 |  | 1003333407 |
| Investment Company | 23372314 |  |  | 23372314 |
| **Total** | $23372314 | $1527847936 | $— | $1551220250 |
| **Short-Term Bond Fund** |  |  |  |  |
| Corporate Bonds | $— | $35,672,116(b) | $— | $35672116 |
| Asset-Backed Securities |  | 7,254,493(b) |  | 7254493 |
| U.S. Government Securities |  | 59091481 |  | 59091481 |
| Investment Company | 1063874 |  |  | 1063874 |
| **Total** | $1063874 | $102018090 | $— | $103081964 |
| **Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $4,180,327,137(b) | $— | $4180327137 |
| Corporate Bonds |  | 58,424,130(b) |  | 58424130 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **October 31, 2025**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs(a)** | **Total** |
| Investment Company | $40094284 | $— | $— | $40094284 |
| **Total** | $40094284 | $4238751267 | $— | $4278845551 |
| **California Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $339,126,519(b) | $— | $339126519 |
| Corporate Bonds |  | 7,062,241(b) |  | 7062241 |
| U.S. Government Securities |  | 27979297 |  | 27979297 |
| Investment Company | 16184377 |  |  | 16184377 |
| **Total** | $16184377 | $374168057 | $— | $390352434 |
| **New York Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $559,772,179(b) | $— | $559772179 |
| Corporate Bonds |  | 9,350,421(b) |  | 9350421 |
| U.S. Government Securities |  | 20903482 |  | 20903482 |
| Investment Company | 6040752 |  |  | 6040752 |
| **Total** | $6040752 | $590026082 | $— | $596066834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 of 0.00%, 0.05%, and 0.70%, respectively, as of October 31, 2025. For the Small & Mid Cap Strategies Fund there
 were transfers into Level 3 in the amount of $3,254,986, transfers out of Level 3 in the amount of $1,905,165, a purchase
 of $1,026,670 and a sale of $3,076,948. For the Credit Income Fund there was a purchase of $8,083,000 and a sale of $1,060,543.
 The Funds' instrument types classified as Level 3 investments are valued using either a 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 Derivative Instruments.

The Fund did not have material transfers into or out of Level 3 during the year ended October 31, 2025, with the exception of what is mentioned in footnote (a) above. 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 use of derivatives exposes a Fund to risks in addition to and greater than those associated with investing directly in the instruments underlying those derivatives, including risks relating to leverage, market conditions and market risk, imperfect correlation (imperfect correlations with underlying instruments or the Fund's other portfolio holdings), high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. There is no guarantee that the use of derivatives will achieve their intended result.

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 over-the-counter 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 over-the-counter derivative financial instruments' payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | October 31, 2025 |

---

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, the Funds bear the risk of loss from counterparty non-performance.

The Funds' maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the year ended October 31, 2025.

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 due to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.

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

As of October 31, 2025, the Funds had transactions subject to enforceable master netting arrangements ("MNA"). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements or another similar arrangement in the Statements of Assets and Liabilities. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

**Credit Income Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross<br> Amounts of<br> Assets<br> Presented<br> in the<br> Statement<br> of Assets and<br> Liabilities | Derivatives<br> Available<br> for Offset (a) | Non-cash<br> Collateral<br> Received (b) | Cash<br> Collateral<br> Received (b) | Net<br> Amount of<br> Derivative<br> Assets (c) |
| Barclays Bank Plc | $4856859 | $— | $— | $(4856859) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 October 31, 2025 | Fair Values of Derivative Instruments as of October 31, 2025 | Fair Values of Derivative Instruments as of October 31, 2025 | Fair Values of Derivative Instruments as of October 31, 2025 |
|  | Derivative Assets | Derivative Assets | Derivative Liabilities | Derivative Liabilities |
| Credit Income Fund | Statements of Assets<br> and Liabilities<br> Location | Value | Statements of Assets<br> and Liabilities<br> Location | Value |
| Interest Rate Risk | Unrealized appreciation on swap agreements | $4856859 | Unrealized depreciation on swap agreements | $— |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | October 31, 2025 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2025 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u> | <u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2025 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u> | <u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2025 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u> | <u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2025 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u> | <u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2025 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u> | <u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2025 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u> |
| Large Cap Strategies Fund | Purchased<br> Options<br> and<br> Structured<br> Options<br> (Investments) | Written<br> Options<br> and<br> Structured<br> Options | Futures<br> Contracts | Swap<br> Agreements | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward Foreign Currency Exchange Risk | $— | $— | $— | $— | $(3444700) | $(3444700) |
| Credit Income Fund | Purchased<br> Options<br> and<br> Structured<br> Options<br> (Investments) | Written<br> Options<br> and<br> Structured<br> Options | Futures<br> Contracts | Swap<br> Agreements | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Interest Rate Risk | $— | $— | $(1689872) | $(714828) | $— | $(2404700) |
|  | <u>Net Change in Unrealized Appreciation/(Depreciation) <br> on Derivatives Recognized in Income</u> | <u>Net Change in Unrealized Appreciation/(Depreciation) <br> on Derivatives Recognized in Income</u> | <u>Net Change in Unrealized Appreciation/(Depreciation) <br> on Derivatives Recognized in Income</u> | <u>Net Change in Unrealized Appreciation/(Depreciation) <br> on Derivatives Recognized in Income</u> | <u>Net Change in Unrealized Appreciation/(Depreciation) <br> on Derivatives Recognized in Income</u> | <u>Net Change in Unrealized Appreciation/(Depreciation) <br> on Derivatives Recognized in Income</u> |
| Large Cap Strategies Fund | Purchased<br> Options<br> and<br> Structured<br> Options<br> (Investments) | Written<br> Options<br> and<br> Structured<br> Options | Futures<br> Contracts | Swap<br> Agreements | Foreign Currency<br> Exchange<br> Contracts | Total |
| Forward Foreign Currency Exchange Risk | $— | $— | $— | $— | $5526152 | $5526152 |
| Credit Income Fund | Purchased<br> Options<br> and<br> Structured<br> Options<br> (Investments) | Written<br> Options<br> and<br> Structured<br> Options | Futures<br> Contracts | Swap<br> Agreements | Foreign Currency<br> Exchange<br> Contracts | Total |
| Interest Rate Risk | $— | $— | $— | $6144194 | $— | $6144194 |

---

For the year ended October 31, 2025, the quarterly average volume of derivative activities was as follows:

---

| | | |
|:---|:---|:---|
|  | **Large Cap Strategies<br> Fund** | **Credit Income Fund** |
| Futures Long Position (Notional Amounts in U.S. Dollars) | $— | $5101512 |
| Forward Foreign Currency Contracts Sold (U.S. Dollar Amounts) | 70152382 |  |
| Total Return Swaps (Notional Amounts in U.S. Dollars) |  | 156250000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | October 31, 2025 |

---

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 pursue their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade and exchanges are viewed as presenting lower credit risk than bilateral counterparties.

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

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

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

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

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

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

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | October 31, 2025 |

---

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 the counterparty will be the Options Clearing Corporation (for options on equity securities) or a derivatives clearing organization (for options on futures), which are viewed as presenting lower credit risk than bilateral counterparties. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund's maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

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

**6.** **Investment Advisory Fee, Administration Fee and Other Transactions:** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **First $500 million of**<br> **average net assets** | **Next $500 million**<br> **to $1 billion of**<br> **average net assets** | **Average net assets**<br> **exceeding $1 billion** | **Blended**<br> **Advisory Rate** |
| All Cap Core Fund | 0.75% | 0.70% | 0.65% | 0.67% |
| Total Equity Fund | 0.80% | 0.75% | 0.70% | 0.78% |
| 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% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | October 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First $1.25 billion of**<br> **average net assets** | **Next $1.25 billion**<br> **to $2.5 billion of**<br> **average net assets** | **Average net assets**<br> **exceeding $2.5**<br> **billion** | **Blended**<br> **Advisory Rate** |
| Large Cap Strategies Fund | 0.90% | 0.85% | 0.80% | 0.81% |

---

BIM has retained Acadian Asset Management, LLC ("Acadian"), 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, Champlain, and Polunin are paid for their services directly by BIM. Artisan Partners Limited Partnership ("Artisan") previously served as a sub-adviser to the Small & Mid Cap Strategies Fund and was terminated effective February 27, 2025. Artisan was paid for its 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.

BIM has retained Aikya, Polunin and Sands as sub-advisers to each manage a segment of the Total Equity Fund by providing a model portfolio to BIM on an ongoing basis. Aikya, Polunin and Sands are paid for their services directly by BIM.

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

B. **Administration, Fund Accounting, Transfer Agent and Underwriting Fees.** The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the "Administrative Agreement") with Bessemer, pursuant to which Bessemer and Bessemer Trust Company ("BTCO"), an affiliate of BIM, provide certain non- advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. The Bank of New York Mellon ("BNY") 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.

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, Total Equity 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 depositry 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, Large Cap Strategies Fund and Total Equity 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, Large Cap Strategies Fund and Total Equity Fund. The Credit Income Fund has retained Citibank, N.A. ("Citibank") to serve as its custodian and Small & Mid Cap Strategies Fund have retained Citibank to serve as their co-custodian. Citibank is responsible for maintaining the custody of these Funds' securities and cash and assets of the Small & Mid Cap Strategies Fund and Credit Income 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, 2028 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 &

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| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | October 31, 2025 |

---

Mid Cap Strategies Fund at 1.10%, the Total Equity Fund at 0.98%, 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 year ended October 31, 2025, BIM waived $168,437 for the All Cap Core Fund, $3,587,614 for the Small & Mid Cap Strategies Fund, $497,062 for the Total Equity Fund, $292,187 for the Credit Income Fund, $1,692,060 for the Fixed Income Fund, $323,053 for the Short-Term Bond Fund, $3,233,874 for the Municipal Bond Fund, $685,918 for the California Municipal Bond Fund, and $984,994 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 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.** Cross trades for the year ended October 31, 2025 were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BIM serves as investment advisor. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. For the year ended October 31, 2025, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Net Realized<br> Gain** |
| All Cap Core Fund | $— | $152109365 | $27115454 |
| Large Cap Strategies Fund |  | 25955184 | 8202934 |
| Small & Mid Cap Strategies Fund |  | 4893778 | 288177 |
| Total Equity Fund | 182958327 |  |  |

---

**7.** **Securities Transactions:** 

Investment transactions for the year ended October 31, 2025, excluding short-term debt investments and U.S. Government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| All Cap Core Fund | $1270381105 | $1684956765 |
| Large Cap Strategies Fund | 11635247603 | 14094298173 |
| Small & Mid Cap Strategies Fund | 5215687437 | 6187869470 |
| Total Equity Fund | 922932113 | 169604824 |
| Credit Income Fund | 284167904 | 299044418 |
| Fixed Income Fund | 284202739 | 221180910 |
| Short-Term Bond Fund | 22623766 | 3524604 |
| Municipal Bond Fund | 2275277849 | 2026691324 |
| California Municipal Bond Fund | 79102139 | 68302417 |
| New York Municipal Bond Fund | 103261681 | 74307915 |

---

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Credit Income Fund | $74139002 | $3990685 |
| Fixed Income Fund | 1066847022 | 984465985 |
| Short-Term Bond Fund | 48655326 | 18783873 |
| Municipal Bond Fund | 19715625 | 67914336 |
| California Municipal Bond Fund | 35235449 | 12455039 |
| New York Municipal Bond Fund | 24943652 | 35428516 |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | October 31, 2025 |

---

**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 year ended October 31, 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. During the year ended October 31, 2025, there was no such activity.

**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.

As of October 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of <br> Investments <br> Federal <br> Income Tax <br> Purposes** | **Gross <br> Unrealized <br> Appreciation <br> on Investments** | **Gross <br> Unrealized<br> Depreciation<br> on Investments** | **Net <br> Unrealized <br> Appreciation <br> (Depreciation) <br> on Investments** |
| All Cap Core Fund | $1954379354 | $1579017047 | $(33936263) | $1545080784 |
| Large Cap Strategies Fund | 15714361957 | 11007556831 | (477587712) | 10529969119 |
| Small & Mid Cap Strategies Fund | 7360985077 | 2061026285 | (513888934) | 1547137351 |
| Total Equity Fund | 780138064 | 140516898 | (22842214) | 117674684 |
| Credit Income Fund | 2827790273 | 69950408 | (496004127) | (426053719) |
| Fixed Income Fund | 1533745859 | 22513679 | (5039288) | 17474391 |
| Short-Term Bond Fund | 102327961 | 862350 | (108347) | 754003 |
| Municipal Bond Fund | 4226755523 | 63657366 | (11567338) | 52090028 |
| California Municipal Bond Fund | 384672975 | 6238143 | (558684) | 5679459 |
| New York Municipal Bond Fund | 593441420 | 6652762 | (4027348) | 2625414 |

---

Permanent differences as of October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable** <br> **Earnings** <br> **/(Accumulated Loss)** | **Increase/** <br> **(Decrease)** <br> **Paid-in-Capital** |
| All Cap Core Fund | $(17424652) | $17424652 |
| Large Cap Strategies Fund | (147583701) | 147583701 |
| Small & Mid Cap Strategies Fund | (39915567) | 39915567 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - (Continued) |  |
|  | October 31, 2025 |

---

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, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **All Cap Core<br> Fund** | **Large Cap<br> Strategies Fund** | **Small & Mid Cap<br> Strategies Fund** | **Credit Income<br> Fund** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income |  | $— | $102172045 | $78886206 | $132596478 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains |  | 343469046 | 1262546921 | 251501464 |  |
| Total Taxable Distributions |  | 343469046 | 1364718966 | 330387670 | 132596478 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  |  |  |  |  |
| Total Distributions Paid |  | $343469046 | $1364718966 | $330387670 | $132596478 |
|  | **Fixed Income<br> Fund** | **Short-Term Bond<br> Fund** | **Municipal Bond<br> Fund** | **California<br> Municipal Bond<br> Fund** | **New York<br> Municipal Bond<br> Fund** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $55871260 | $3360769 | $22326187 | $2527232 | $2497487 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains |  |  |  |  |  |
| Total Taxable Distributions | 55871260 | 3360769 | 22326187 | 2527232 | 2497487 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  |  | 89517086 | 7236365 | 11520739 |
| Total Distributions Paid | $55871260 | $3360769 | $111843273 | $9763597 | $14018226 |
| The tax character of distributions from the Funds during the year ended October 31, 2024 was as follows: | The tax character of distributions from the Funds during the year ended October 31, 2024 was as follows: | The tax character of distributions from the Funds during the year ended October 31, 2024 was as follows: | The tax character of distributions from the Funds during the year ended October 31, 2024 was as follows: | The tax character of distributions from the Funds during the year ended October 31, 2024 was as follows: | The tax character of distributions from the Funds during the year ended October 31, 2024 was as follows: |
|  |  | **All Cap Core<br> Fund** | **Large Cap<br> Strategies Fund** | **Small & Mid Cap<br> Strategies Fund** | **Credit Income<br> Fund** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income |  | $6016433 | $122213975 | $52892671 | $136598824 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains |  | 245752964 |  |  |  |
| Total Taxable Distributions |  | 251769397 | 122213975 | 52892671 | 136598824 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  |  |  |  |  |
| Total Distributions Paid |  | $251769397 | $122213975 | $52892671 | $136598824 |
|  | **Fixed Income<br> Fund** | **Short-Term Bond<br> Fund** | **Municipal Bond<br> Fund** | **California<br> Municipal Bond<br> Fund** | **New York<br> Municipal Bond<br> Fund** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $54186280 | $554994 | $22074297 | $2342791 | $3337459 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains |  |  |  |  |  |
| Total Taxable Distributions | 54186280 | 554994 | 22074297 | 2342791 | 3337459 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  |  | 76720258 | 6847401 | 9923681 |
| Total Distributions Paid | $54186280 | $554994 | $98794555 | $9190192 | $13261140 |

---

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, 2025, 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, 2025. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

As of October 31, 2025, the components of distributable earnings/(accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - (Continued) |  |
|  | October 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **All Cap Core<br>Fund** | **Large Cap<br>Strategies Fund** | **Small & Mid Cap<br>Strategies Fund** | **Total Equity Fund** | **Credit Income <br>Fund** |
| Undistributed Tax Exempt Income | $— | $— | $— | $— | $— |
| Undistributed ordinary income |  | 175757389 | 151222865 | 4941477 | 9503351 |
| Undistributed long-term capital gains | 258722789 | 2699963409 | 543818625 | 3643 |  |
| Accumulated Earnings | 258722789 | 2875720798 | 695041490 | 4945120 | 9503351 |
| Deferred Qualified Late-Year Losses | (3318134) |  |  |  |  |
| Capital Loss Carryforwards |  |  |  |  | (181220930) |
| Unrealized Appreciation/(Depreciation) | 1545100090 | 10508502825 | 1547037710 | 117581251 | (421196861) |
| Total Accumulated Earnings/(Deficits) | $1800504745 | $13384223623 | $2242079200 | $122526371 | $(592914440) |
|  | **Fixed Income<br>Fund** | **Short-Term Bond<br> Fund** | **Municipal Bond <br>Fund** | **California<br>Municipal Bond<br> Fund** | **New York<br>Municipal Bond<br>Fund** |
| Undistributed Tax Exempt Income | $— | $— | $9441648 | $877458 | $1286298 |
| Undistributed ordinary income | 5000206 | 346917 |  |  | 1 |
| Accumulated Earnings | 5000206 | 346917 | 9441648 | 877458 | 1286299 |
| Capital Loss Carryforwards | (160572827) | (3700) | (217658862) | (17632828) | (21822037) |
| Unrealized Appreciation/(Depreciation) | 17474391 | 754003 | 52090028 | 5679459 | 2625414 |
| Total Accumulated Earnings/(Deficits) | $(138098230) | $1097220 | $(156127186) | $(11075911) | $(17910324) |

---

\* 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.

As of October 31, 2025, the capital loss carryforwards of the below Funds are 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<br> Capital Loss<br> Carryforward** | **Long-Term <br> Capital Loss<br> Carryforward** |
| Credit Income Fund | $82603157 | $98617773 |
| Fixed Income Fund | 26080601 | 134492226 |
| Short-Term Bond Fund | 3700 |  |
| Municipal Bond Fund | 77836006 | 139822856 |
| California Municipal Bond Fund | 6558818 | 11074010 |
| New York Municipal Bond Fund | 6261040 | 15560997 |

---

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 All Cap Core Fund had a late year loss deferrals of $3,318,134 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 October 31, 2025, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - (Continued) |  |
|  | October 31, 2025 |

---

**11.** **Subsequent Events:** 

Effective December 2, 2025, Champlain Investment Partners, LLC no longer serves as sub-adviser to the Small & Mid Cap Strategies Fund. No other subsequent events requiring recognition or disclosure in the financial statements were identified.

**12.** **Additional Tax Information (Unaudited)** 

**Qualified Dividend Income (Unaudited)**

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2025, as Qualified Dividend Income ("QDI") as defined in the Code as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 0.00% |
| Large Cap Strategies Fund | 100.00% |
| Small & Mid Cap Strategies Fund | 95.23% |
| Total Equity Fund | 100.00% |
| Credit Income Fund | 0.20% |

---

**Qualified Interest Income (Unaudited)**

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2025, as Qualified Interest Income as defined in the Code as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 0.00% |
| Large Cap Strategies Fund | 4.17% |
| Small & Mid Cap Strategies Fund | 1.38% |
| Total Equity Fund | 3.85% |
| Credit Income Fund | 82.49% |
| Fixed Income Fund | 87.50% |
| Short-Term Bond Fund | 93.52% |
| Municipal Bond Fund | 19.08% |
| California Municipal Bond Fund | 24.28% |
| New York Municipal Bond Fund | 16.52% |

---

**Qualified Short Term Gain (Unaudited)**

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2025, as Qualified Short-Term Gain as defined in the Code as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 0.00% |
| Large Cap Strategies Fund | 0.00% |
| Small & Mid Cap Strategies Fund | 100.00% |
| Total Equity Fund | 100.00% |
| Credit Income Fund | 0.00% |
| Fixed Income Fund | 0.00% |
| Short-Term Bond Fund | 0.00% |
| Municipal Bond Fund | 0.00% |
| California Municipal Bond Fund | 0.00% |
| New York Municipal Bond Fund | 0.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - (Continued) |  |
|  | October 31, 2025 |

---

**Dividends Received Deduction (Unaudited)**

For the fiscal year ended October 31, 2025, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:

---

| | |
|:---|:---|
| All Cap Core Fund | 0.00% |
| Large Cap Strategies Fund | 100.00% |
| Small & Mid Cap Strategies Fund | 15.32% |
| Total Equity Fund | 51.80% |
| Credit Income Fund | 0.20% |

---

**Long Term Capital Gain Dividends (Unaudited)**

The Fund designates Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2025 as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | $343469046 |
| Large Cap Strategies Fund | 1262546921 |
| Small & Mid Cap Strategies Fund | 251501464 |

---

**U.S. Government Income (Unaudited)**

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2025 which were derived from U.S. Treasury securities were as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 0.00% |
| Large Cap Strategies Fund | 0.98% |
| Small & Mid Cap Strategies Fund | 0.07% |
| Total Equity Fund | 0.00% |
| Credit Income Fund | 15.82% |
| Fixed Income Fund | 58.05% |
| Short-Term Bond Fund | 52.91% |
| Municipal Bond Fund | 0.65% |
| California Municipal Bond Fund | 3.54% |
| New York Municipal Bond Fund | 4.03% |

---

**Tax Exempt Distributions (Unaudited)**

The distributions designated as tax exempt dividends paid for the fiscal year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
| Municipal Bond Fund | $89517086 |
| California Municipal Bond Fund | 7236365 |
| New York Municipal Bond Fund | 11520739 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** |  |
|  | October 31, 2025 |

---

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

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Old Westbury Funds, Inc. (the "Corporation") (comprising All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, Total Equity Fund, Credit Income Fund, Fixed Income Fund, Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund (collectively referred to as the "Funds")), including the portfolios of investments, as of October 31, 2025, and the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the Corporation at October 31, 2025, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Funds comprising<br> the Corporation** | **Statement of<br> operations** | **Statement of changes<br> in net assets** | **Financial<br> highlights** |
| All Cap Core Fund <br> Large Cap Strategies Fund <br> Small & Mid Cap Strategies Fund <br> Credit Income Fund <br> Fixed Income Fund <br> Municipal Bond Fund <br> California Municipal Bond Fund <br> New York Municipal Bond Fund | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025 | For each of the five years in the period ended October 31, 2025 |
| Short-Term Bond Fund | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from February 29, 2024 (commencement of operations) through October 31, 2024 | For the year ended October 31, 2025 and the period from February 29, 2024 (commencement of operations) through October 31, 2024 |
| Total Equity Fund | For the period from February 28, 2025 (commencement of operations) through October 31, 2025 | For the period from February 28, 2025 (commencement of operations) through October 31, 2025 | For the period from February 28, 2025 (commencement of operations) through October 31, 2025 |

---

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodians, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](x2_c114514x159x1m4.jpg)

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

New York, NY

December 23, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Additional Information (Unaudited)** |  |
|  | October 31, 2025 |

---

**Information on Proxy Voting:**

The Funds' voting record is available (i) without charge, upon request, by calling (800) 607-2200, (ii) free of charge on our website (https://www.oldwestburyfunds.com), and (iii) 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 (i) without charge, upon request, by calling (800) 607-2200, (ii) free of charge on our website (https://www.oldwestburyfunds.com), and (iii) on the SEC's website at http://www.sec.gov.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) | &nbsp;&nbsp;&nbsp;Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) |
|  | October 31, 2025 |

---

At a meeting held on July 22, 2025, the Board of Directors (the "Board" or the "Directors") of Old Westbury Funds, Inc. (the "Corporation"), including the Directors who are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) of any party to the agreements defined below ("Independent Directors"), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the "Agreements"): (1) an investment advisory agreement between Bessemer Investment Management LLC ("BIM" or the "Adviser") and the Corporation on behalf of Old Westbury All Cap Core Fund ("All Cap Core Fund"), Old Westbury Large Cap Strategies Fund ("Large Cap Strategies Fund"), Old Westbury Small & Mid Cap Strategies Fund ("Small & Mid Cap Strategies Fund"), Old Westbury Total Equity Fund ("Total Equity Fund"), Old Westbury Credit Income Fund ("Credit Income Fund"), Old Westbury Fixed Income Fund ("Fixed Income Fund"), Old Westbury Municipal Bond Fund ("Municipal Bond Fund"), Old Westbury California Municipal Bond Fund ("California Bond Fund"), Old Westbury New York Municipal Bond Fund ("New York Bond Fund"), and Old Westbury Short-Term Bond Fund ("Short-Term Bond Fund") (each, a "Fund" and, collectively, the "Funds"), (2) a sub-advisory agreement among BIM, Acadian Asset Management LLC ("Acadian") and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Aikya Investment Management Limited ("Aikya") and the Corporation, on behalf of the Old Westbury Large Cap Strategies Fund, and a sub-advisory agreement among BIM, Aikya and the Corporation on behalf of the Old Westbury Total Equity Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. ("BlackRock") and the Corporation on behalf of the Credit Income Fund, (5) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC ("Champlain") and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (6) a sub-advisory agreement among BIM, Polunin Capital Partners ("Polunin") and the Corporation on behalf of the Old Westbury Small & Mid Cap Strategies Fund, and sub-advisory agreement among BIM, Polunin and the Corporation on behalf of the Old Westbury Total Equity Fund, (7) a sub-advisory agreement, and an amendment to the sub-advisory agreement, among BIM, Muzinich & Co, Inc. ("Muzinich"), and the Corporation on behalf of the Credit Income Fund, and (8) a sub-advisory agreement among BIM, Sands Capital Management, LLC ("Sands") and the Corporation on behalf of the Large Cap Strategies Fund, and a sub-advisory agreement among BIM, Sands and the Corporation on behalf of the Old Westbury Total Equity Fund (Acadian, Aikya, BlackRock, Champlain, Muzinich, Polunin, and Sands together, the "Sub-Advisers"). In connection with both the meeting of the Board held on July 22, 2025 and the meeting of the Board held on April 15, 2025, the Board requested and received information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as information pertaining to the fee rates charged and services provided by affiliated service providers.

The Directors determined that they had received adequate information to make a reasonable determination with respect to the approval of the Agreements and the amendment to the sub-advisory agreement among BIM, Muzinich and the Corporation on behalf of the Credit Income Fund. The following is a summary of the materials and factors that figured prominently in the Board's considerations and the conclusions they reached in approving the continuance of the Agreements and the amendment to the sub-advisory agreement among BIM, Muzinich and the Corporation on behalf of the Credit Income Fund.

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

The Board considered the scope and quality of services provided by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the investment, operational, compliance, legal and other personnel who are responsible for providing services to the Funds. The Board also considered that the Adviser and Sub-Advisers pay the costs of all investment and management facilities necessary for the efficient conduct of their respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers for the Funds, including in overseeing the service of, and in monitoring the performance of, each Sub-Adviser, as well as determining the appropriate allocation of assets to Sub-Advisers. With respect to the Total Equity Fund, the Board considered that the Adviser provides day-to-day portfolio management for a portion of the Fund and implements the investment recommendations of the Fund's Sub-Advisers pursuant to model portfolios provided by the Sub-Advisers and constructs a portfolio for the Fund that represents the aggregation of the Adviser's portions of the Fund's portfolio and the model portfolios provided by the Sub-Advisers, with the weighting of each Sub-Adviser's model portfolio in the total portfolio determined by the Adviser. The Board also considered the Adviser's role in making recommendations to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting searches for and due diligence of prospective new sub-advisers. In this regard, the Board noted the information that it had received regarding the Adviser's on-going due diligence with respect to each Sub-Adviser, including the Adviser's review of, among other things, each Sub-Adviser's investment process, compliance program and performance. The Board also took into account various reports it received throughout the year regarding the activities and operation of various oversight and operations groups within the Adviser and its affiliates, such as External Manager Solutions, Internal Audit, Cybersecurity and Business Continuity, and Investment Risk Management.

The Board considered the scope and quality of services provided to the Total Equity Fund by the Fund's Sub-Advisers. The Board considered that each Sub-Adviser manages its allocated portion of the Total Equity Fund's portfolio by providing a model portfolio to the Adviser on an ongoing basis and each Sub-Adviser uses its research and securities selection processes in constructing its model portfolio.

In addition, the Board considered that the Adviser manages the overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds, both in connection with the Board's annual review of the Investment Advisory Agreement and Sub-Advisory Agreements and at each Board meeting. The Board also noted that it received in-person reports from each Sub-Adviser on a rotating schedule. The Board evaluated these factors based on its direct experience with the Adviser, and in consultation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc**. |  |
| &nbsp;&nbsp;&nbsp;Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued) | &nbsp;&nbsp;&nbsp;Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued) |
|  | **October 31, 2025** |

---

with Counsel to the Corporation and Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser's effectiveness in ensuring that the Funds are in compliance with their respective investment policies and restrictions and the requirements of the 1940 Act and related securities regulations.

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

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

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

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

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement.

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

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

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

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

The Board considered information relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to the All Cap Core Fund, the Fixed Income Fund, the California Bond Fund, the New York Bond Fund, the Municipal Bond Fund, the Credit Income Fund and the Total Equity Fund, and at $1.25 billion and $2.5 billion for the Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser's profitability analysis.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc**. |  |
| &nbsp;&nbsp;&nbsp;Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued) | &nbsp;&nbsp;&nbsp;Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued) |
|  | **October 31, 2025** |

---

The Board also noted other ways in which economies of scale may be shared, including through potential lower fees charged by third-party service providers based on the combined size of the Funds and through advisory fee waivers.

Based on this information, the Board concluded that economies of scale are appropriately shared for the benefit of each Fund's shareholders through the Fund's advisory fee and expense structure and other methods to share benefits from economies of scale.

*(5) Ancillary benefits and other factors.*

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

*Amendment to Sub-Advisory Agreement with Muzinich.*

The Board considered the factors described above, among others, as it deemed relevant to the approval of the proposed amendment to the sub-advisory agreement with Muzinich with respect to the Credit Income Fund, including the services to be provided and fees to be paid under the agreement, as amended, as well as the estimated profitability analysis of the Adviser with respect to the Fund in light of the proposed sub-advisory fee reduction.

*Conclusion.*

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

---

| | |
|:---|:---|
| Investment Adviser:<br> Bessemer Investment Management LLC<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> (212) 708-9100<br>Distributor:<br> Foreside Funds Distributors LLC<br> 3 Canal Plaza, Suite 100<br> Portland, ME 04101<br>Custodians:<br> Bessemer Trust Company<br> 100 Woodbridge Center Drive<br> Woodbridge, NJ 07095<br>Citibank, N.A.<br> 388 Greenwich Street<br> New York, NY 10013 | Administrator:<br> The Bank of New York Mellon<br> 103 Bellevue Parkway<br> Wilmington, DE 19809<br>Transfer Agent:<br> BNY Mellon Investment Servicing (US) Inc.<br> 103 Bellevue Parkway<br> Wilmington, DE 19809<br>Independent Registered Public Accounting Firm:<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 |

---

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

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

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

------

**October 31, 2025**

**Cusip 680414307** 

**Cusip 680414109** 

**Cusip 680414604** 

**Cusip 680414836** 

**Cusip 680414851** 

**Cusip 680414406** 

**Cusip 680414844** 

**Cusip 680414505** 

**Cusip 680414877** 

**Cusip 680414869** 

**(OWF_A21-AR2025)** 

**(10/25)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a) of this form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

A Special Meeting of Shareholders of Old Westbury Funds, Inc. (the "Corporation") was held on March 28, 2025 and adjourned to April 11, 2025 (the "Meeting") for shareholders of record as of the close of business on February 20, 2025. The following proposal was submitted for a vote of the Funds' shareholders at the Meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve a proposal to elect six Directors, Alexander Ellis III, Patricia L. Francy, Daphne H. Foster, R. Keith Walton, Patrick
Darcy, and Michael Marquez, to the Board of Directors of the Corporation, each to hold office for an indefinite term.

With respect to the proposal, the following votes were received:

---

| | |
|:---|:---|
| Shares outstanding as of the record date of the Meeting: | 2813499461.292 |
| Shares represented at the Meeting in person or by proxy: | 2775505212.81 |
| Shares voted in favor: |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Alexander Ellis III | 2775419165.983 |
| &nbsp;&nbsp;&nbsp;Patricia L. Francy | 2775419165.983 |
| &nbsp;&nbsp;&nbsp;Daphne H. Foster | 2775419165.983 |
| &nbsp;&nbsp;&nbsp;R. Keith Walton | 2775492432.81 |
| &nbsp;&nbsp;&nbsp;Patrick Darcy | 2774072316.581 |
| &nbsp;&nbsp;&nbsp;Michael Marquez | 2775419165.983 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares voted against: | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares withheld: |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Alexander Ellis III | 86046.827 |
| &nbsp;&nbsp;&nbsp;Patricia L. Francy | 86046.827 |
| &nbsp;&nbsp;&nbsp;Daphne H. Foster | 86046.827 |
| &nbsp;&nbsp;&nbsp;R. Keith Walton | 12780.0 |
| &nbsp;&nbsp;&nbsp;Patrick Darcy | 1432896.229 |
| &nbsp;&nbsp;&nbsp;Michael Marquez | 86046.827 |

---

Based on the votes received, the proposal was approved by shareholders of the Corporation and each of Alexander Ellis III, Patricia L. Francy, Daphne H. Foster, R. Keith Walton, Patrick Darcy, and Michael Marquez were elected to the Board of Directors of the Corporation.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7(a) of this form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7(a) of this form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Disclosure not required for open-end management investment companies.

**Item 15. 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 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Disclosure not required for open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of ethics that is the subject of disclosure required by Item 2 is attached hereto.](c114514_ex99-codeofethics.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](c114514_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](c114514_ex99-906cert.htm)

**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<br> (Principal Executive Officer) |

---

Date <u>January 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u> 

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<br> (Principal Executive Officer) |

---

Date <u>January 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u> 

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Matthew A. Rizzi |
|  | Matthew A. Rizzi, Treasurer<br> (Principal Financial Officer) |

---

Date <u>January 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE OF ETHICS**

**OLD WESTBURY FUNDS, INC.**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> PRINCIPAL FINANCIAL OFFICERS**

**<u>COVERED OFFICERS/PURPOSE OF THE CODE</u>**

This special code of ethics (the "Code") of Funds applies to the Funds' Covered Officers each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and
documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate
person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.<sup>1</sup>

**<u>COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND</u> <u>APPARENT CONFLICTS OF INTEREST</u>**

**<u>OVERVIEW</u>**

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds.

<sup>1</sup> Item 2 of Form N-CSR requires a registered investment management company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so. The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

Each Covered Officer is an employee of the Funds' Administrator ("Service Provider"). The Funds' and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Each Covered Officer recognizes that, as an officer of the Funds, he has a duty to act in the best interests of the Funds and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Service Provider are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Funds, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Funds to take action, or fail to take action, for the individual
personal benefit of the Covered Officer rather than for the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated
for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in personal, business or professional relationships or dealings
that would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests
of the Funds and its shareholders.

There are some conflict of interest situations that may be discussed with the Funds' Chief Legal Officer, if material. Examples of these include:<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any person or company with which the Funds has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place,
and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Funds'
service providers, other than its investment adviser, subadviser, principal underwriter, administrator or any affiliated person
thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
Officer's employment, such as compensation or equity ownership.

**<u>D</u>** **<u>ISCLOSURE & COMPLIANCE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable
to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
about the Funds to others, whether within or outside the Funds, including to the Funds' Directors and auditors, and to governmental
regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility,
consult with other officers and employees of the Funds and the Funds' adviser or subadviser with the goal of promoting full,
fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC
and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate
supervision over and assist relevant Funds service providers in developing financial information and other disclosure that complies
with relevant law and presents information in a clear, comprehensible and complete manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer is responsible for the accuracy of the records and reports that he or she
is responsible for maintaining. The Covered Officer must not create false or misleading documents or accounting, financial or electronic
records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed
with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information,
he or she shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary
or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No disbursement of the Funds' assets shall be made without adequate supporting documentation
or for any purpose other than as described in the Funds' documents or contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Funds will maintain and preserve for a period of not less than six (6) years from the date
such action is taken, the first two (2) years in an easily accessible place, a copy of the

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**<u>R</u>** **<u>EPORTING AND ACCOUNTABILITY</u>**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm
in writing (form attached) to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of the Code
(form attached);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any employee or Covered Officer or their affiliated persons for reports of
potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code.
Failure to do so is itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any change in his affiliations from the prior year.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>3</sup> sought by the Principal Executive Officer will be considered by the Audit Committee (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds' Chief Legal Officer will take all appropriate action to investigate any potential
violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Funds' Chief Legal Officer believes that no violation has
occurred, the Funds' Chief Legal Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Funds' Chief Legal Officer believes is a violation will be reported to
the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that a violation has occurred, it will inform and make a recommendation
to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable
policies and procedures; notification to appropriate personnel of the Service Provider or its board; or a recommendation to dismiss
the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by
SEC rules.

**<u>O</u>** **<u>THER POLICIES AND PROCEDURES</u>**

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's, subadvisers', principal underwriter's and service providers' codes of ethics under Rule 17j-1 of the 1940 Act and the investment adviser's policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**<u>A</u>** **<u>MENDMENTS</u>**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent Directors.

**<u>C</u>** **<u>ONFIDENTIALITY</u>**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise permitted by law or this Code, such matters shall not be disclosed to anyone other than the Committee, the Board and its counsel, the investment adviser and the respective Service Providers.

**<u>I</u>** **<u>NTERNAL USE</u>**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

**SCHEDULE A**

**C** **ODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**<br> **P** **RINCIPAL FINANCIAL OFFICERS**

**<u>P</u>** **<u>OSITIONS COVERED BY THIS CODE OF ETHICS</u>**

Principal Executive Officer and President

Principal Financial Officer and Treasurer

**SCHEDULE B**

**I** **NITIAL ACKNOWLEDGEMENT**

**C** **ODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> PRINCIPAL FINANCIAL OFFICERS**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to Chief Legal Officer, as defined in the Code.

I also understand that, consistent with applicable law, the Company has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

Covered Officer Name and Title

*(please print)*

 

Signature

Date

Please <u>return this completed form to within one week from the date of your receipt of a request to complete and return it. Thank you!</u>

**SCHEDULE C**

**A** **NNUAL ACKNOWLEDGEMENT**

**C** **ODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> PRINCIPAL FINANCIAL OFFICERS**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me.

I also understand that, consistent with applicable law, the Company has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

Covered Officer Name and Title

*(please print)*

 

 

Signature

Date

Please <u>return this completed form to within one week from the date of your receipt of a request to complete and return it. Thank you!</u>

## Ex-99.Cert

**Exhibit 99.(a)(3)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a))** 

I, David W. Rossmiller, certify that:

1. I have reviewed this report on Form N-CSR of Old Westbury Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;January 7, 2026 | /s/ David W. Rossmiller |
|  |  | David W. Rossmiller, President and Chief Executive Officer<br> (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a))** 

I, Matthew A. Rizzi, certify that:

1. I have reviewed this report on Form N-CSR of Old Westbury Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;January 7, 2026 | /s/ Matthew A. Rizzi |
|  |  | Matthew A. Rizzi, Treasurer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.(b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b))**

Each of the undersigned hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of Old Westbury Funds, Inc. (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of Old Westbury Funds, Inc..

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;January 7, 2026 | /s/ David W. Rossmiller |
|  |  | David W. Rossmiller, President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;January 7, 2026 | /s/ Matthew A. Rizzi |
|  |  | Matthew A. Rizzi, Treasurer |
|  |  | (Principal Financial Officer) |

---