# EDGAR Filing Document

**Accession Number:** 0000909994
**File Stem:** 0000930413-25-002124
**Filing Date:** 2025-7
**Character Count:** 663582
**Document Hash:** a02b5d5a5e00b69296c80215cfcc6ae7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002124.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0000930413-25-002124

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07912
- **FILM NUMBER:** 251107447

**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 <u>811-07912</u>

<u>Old Westbury Funds, Inc.</u> <br> (Exact name of registrant as specified in charter)

<u>103 Bellevue Parkway Wilmington, DE 19809</u> <br> (Address of principal executive offices) (Zip code)

<u>Nicola R. Knight, Esq. Bessemer Investment Management LLC 1271 Ave. of the Americas New York, NY 10020</u> <br> (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>April 30, 2025</u>

**Item 1. Reports to Stockholders.**

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

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

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6. Investments.**

&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;(b) Not applicable.

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

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-annual shareholder report contains important information about the Old Westbury All Cap Core Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $46 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$3,081,553,026

* # of Portfolio Holdings95

* Portfolio Turnover Rate20%

## What did the Fund invest in?

### Sector Weightings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Information Technology | 26.9% |
| Financial Services | 12.4% |
| Health Care | 12.4% |
| Industrials | 10.9% |
| Communication Services | 9.2% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 5.5% |
| Banks | 4.0% |
| Other Sectors | 8.2% |
| Other Assets and Liabilities | 2.6% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Microsoft Corp. | 5.8% |
| Apple, Inc. | 4.6% |
| NVIDIA Corp. | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Alphabet, Inc. | 3.4% |
| Visa, Inc. | 3.0% |
| Meta Platforms, Inc. | 2.8% |
| JP Morgan Chase & Co. | 2.3% |
| UnitedHealth Group, Inc. | 1.8% |
| Costco Wholesale Corp. | 1.8% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 861014

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-annual shareholder report contains important information about the Old Westbury California Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$352,158,947

* # of Portfolio Holdings95

* Portfolio Turnover Rate10%

## What did the Fund invest in?

### State Diversification (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| California | 95.3% |
| Other Assets and Liabilities | 4.7% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| San Francisco City & County Airport Current Refunding Revenue Bonds | 9.3% |
| State of California Current Refunding GO | 7.9% |
| California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds | 5.3% |
| City of San Francisco Public Utilities Commission Water Revenue Bonds | 5.0% |
| State of California Water Utility Improvements GO | 4.5% |
| Los Angeles Community College District University & College Improvements GO | 4.2% |
| Los Angeles Department of Water & Power Water System Revenue Bonds | 3.5% |
| California Educational Facilities Authority University & College Improvements Revenue Bonds | 3.3% |
| University of California Current Refunding Revenue Bonds | 3.2% |
| County of Santa Clara GO | 3.0% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 861785

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-annual shareholder report contains important information about the Old Westbury Credit Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$2,295,422,529

* # of Portfolio Holdings757

* Portfolio Turnover Rate10%

## What did the Fund invest in?

### Asset Allocations (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| U.S. Government Agencies and Securities | 32.0% |
| Non-Agency Mortgage-Backed Securities | 22.5% |
| Exchange-Traded Funds | 19.2% |
| Asset-Backed Securities | 15.3% |
| Corporate Bonds | 5.4% |
| Preferred Stocks | 0.2% |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | 0.2% |
| Other Assets and Liabilities | 5.2% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 25.5% |
| iShares JP Morgan USD Emerging Markets Bond ETF | 8.1% |
| U.S. Treasury Notes | 6.5% |
| iShares MBS ETF | 5.7% |
| Ajax Mortgage Loan Trust | 4.1% |
| SPDR Bloomberg Convertible Securities ETF | 3.8% |
| Barclays Mortgage Loan Trust | 3.4% |
| Countrywide Alternative Loan Trust | 1.7% |
| Invesco Preferred ETF | 1.7% |
| Velocity Commercial Capital Loan Trust | 1.3% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 723092

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-annual shareholder report contains important information about the Old Westbury Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $29 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$1,482,517,254

* # of Portfolio Holdings156

* Portfolio Turnover Rate49%

## What did the Fund invest in?

### Asset Allocations (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| U.S. Government Agencies and Securities | 63.8% |
| Corporate Bonds | 27.0% |
| Asset-Backed Securities | 7.6% |
| Other Assets and Liabilities | 1.6% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| U.S. Treasury Notes | 57.3% |
| U.S. Treasury Bonds | 2.8% |
| U.S. Treasury Inflation Indexed Notes | 2.5% |
| JP Morgan Chase & Co. | 0.9% |
| U.S. Treasury Bills | 0.8% |
| Bank of America Corp. | 0.7% |
| Capital One Financial Corp. | 0.5% |
| CarMax Auto Owner Trust | 0.5% |
| Fiserv, Inc. | 0.5% |
| PayPal Holdings, Inc. | 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 861017

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-annual shareholder report contains important information about the Old Westbury Large Cap Strategies Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$23,031,555,037

* # of Portfolio Holdings609

* Portfolio Turnover Rate26%

## What did the Fund invest in?

### Sector Weightings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Information Technology | 23.0% |
| Industrials | 10.9% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.8% |
| Banks | 8.1% |
| Communication Services | 8.1% |
| Financial Services | 7.8% |
| Consumer Staples | 7.0% |
| Other Sectors | 12.8% |
| Other Assets and Liabilities | 2.7% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Microsoft Corp. | 4.3% |
| NVIDIA Corp. | 4.1% |
| Apple, Inc. | 3.6% |
| Alphabet, Inc. | 2.9% |
| Amazon.com, Inc. | 2.8% |
| JP Morgan Chase & Co. | 2.1% |
| Broadcom, Inc. | 1.9% |
| Meta Platforms, Inc. | 1.7% |
| Berkshire Hathaway, Inc. | 1.2% |
| Costco Wholesale Corp. | 1.2% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 943344

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-annual shareholder report contains important information about the Old Westbury Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$4,171,791,696

* # of Portfolio Holdings534

* Portfolio Turnover Rate23%

## What did the Fund invest in?

### State Diversification (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Texas | 19.1% |
| New York | 9.3% |
| California | 6.1% |
| Washington | 5.8% |
| New Jersey | 5.4% |
| Maryland | 4.4% |
| Massachusetts | 4.3% |
| Connecticut | 3.8% |
| Other States | 37.8% |
| Other Assets and Liabilities | 4.0% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| State of Washington School Improvements GO | 3.0% |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds | 2.2% |
| State of California Current Refunding GO | 1.8% |
| State of Maryland School Improvements GO | 1.5% |
| Board of Regents of the University of Texas System Refunding Revenue Bonds | 1.4% |
| City of New York Public Improvements GO | 1.4% |
| Texas State University System University & College Improvements Revenue Bonds | 1.3% |
| Cypress-Fairbanks Independent School District Current Refunding GO | 1.3% |
| New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds | 1.3% |
| Texas Tech University System University & College Improvements Revenue Bonds | 1.3% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 861016

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-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 April 30, 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.

## What were the Fund costs for the last six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$590,133,061

* # of Portfolio Holdings157

* Portfolio Turnover Rate9%

## What did the Fund invest in?

### State Diversification (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| New York | 92.3% |
| Other Assets and Liabilities | 7.7% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| County of Westchester Recreation Facilities Improvements GO | 8.1% |
| Utility Debt Securitization Authority Refunding Revenue Bonds | 5.7% |
| New York State Dormitory Authority University & College Improvements Revenue Bonds | 5.4% |
| New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds | 4.4% |
| New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds | 4.4% |
| New York City Transitional Finance Authority Public Improvements Revenue Bonds | 4.0% |
| Long Island Power Authority Current Refunding Revenue Bonds | 4.0% |
| New York Power Authority Electric Light & Power Improvements Revenue Bonds | 3.6% |
| Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds | 3.2% |
| City of New York Current Refunding GO | 3.1% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 861786

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-annual shareholder report contains important information about the Old Westbury Short-Term Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $19 | 0.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$93,730,389

* # of Portfolio Holdings119

* Portfolio Turnover Rate19%

## What did the Fund invest in?

### Asset Allocations (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| U.S. Government Agencies and Securities | 55.9% |
| Corporate Bonds | 34.2% |
| Asset-Backed Securities | 8.3% |
| Other Assets and Liabilities | 1.6% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| U.S. Treasury Notes | 53.4% |
| U.S. Treasury Bills | 2.5% |
| PayPal Holdings, Inc. | 1.1% |
| Duke Energy Progress LLC | 1.1% |
| Advanced Micro Devices, Inc. | 1.1% |
| Microchip Technology, Inc. | 1.1% |
| Kubota Credit Owner Trust | 1.1% |
| Uber Technologies, Inc. | 1.1% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 1.0% |
| Sumitomo Mitsui Financial Group, 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 727714

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-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 April 30, 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.

## What were the Fund costs for the last six months?
(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 | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$8,162,046,221

* # of Portfolio Holdings2,163

* Portfolio Turnover Rate36%

## What did the Fund invest in?

### Country Weightings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| United States | 41.4% |
| Japan | 10.9% |
| China | 5.0% |
| United Kingdom | 4.9% |
| Australia | 2.6% |
| France | 2.3% |
| Italy | 2.0% |
| Other Countries | 21.1% |
| Other Assets and Liabilities | 9.8% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Utilities Select Sector SPDR Fund | 3.9% |
| VanEck Junior Gold Miners ETF | 2.2% |
| SPDR S&P Biotech ETF | 0.8% |
| BJ's Wholesale Club Holdings, Inc. | 0.8% |
| Dollarama, Inc. | 0.7% |
| MSA Safety, Inc. | 0.6% |
| US Foods Holding Corp. | 0.6% |
| Nasdaq, Inc. | 0.6% |
| STERIS Plc | 0.6% |
| Tradeweb Markets, Inc. | 0.6% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 905637

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

#### Semi-Annual Shareholder Report

#### April 30, 2025
This semi-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 April 30, 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.

## 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 | $16<sup>Footnote Reference^</sup> | 0.98%<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. |

---

## Fund Statistics as of 4/30/2025
* Total Net Assets$635,019,953

* # of Portfolio Holdings466

* Portfolio Turnover Rate2%

## What did the Fund invest in?

### Sector Weightings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Information Technology | 22.0% |
| Industrials | 12.3% |
| Consumer Discretionary | 9.7% |
| Health Care | 9.3% |
| Financial Services | 8.4% |
| Communication Services | 7.6% |
| Banks | 7.1% |
| Consumer Staples | 6.9% |
| Other Sectors | 12.0% |
| Other Assets and Liabilities | 4.7% |

---

### Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

---

| | |
|:---|:---|
| Microsoft Corp. | 4.0% |
| NVIDIA Corp. | 3.3% |
| Apple, Inc. | 3.3% |
| Amazon.com, Inc. | 2.6% |
| Alphabet, Inc. | 2.5% |
| JP Morgan Chase & Co. | 1.8% |
| Meta Platforms, Inc. | 1.8% |
| Visa, Inc. | 1.4% |
| Broadcom, Inc. | 1.3% |
| Costco Wholesale Corp. | 1.2% |

---

#### 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.

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

Old Westbury Funds, Inc.

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

April 30, 2025

OWF_A21-SA2025 728866

------

**Old Westbury Funds, Inc.**

**Semi-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 |

---

**April 30, 2025**

**BESSEMER INVESTMENT MANAGEMENT LLC**

**Investment Adviser**

**Old Westbury Funds, Inc.**

---

| | |
|:---|:---|
| Portfolios of Investments: |  |
| &nbsp;&nbsp;&nbsp;[All Cap Core Fund](#xx1xc112996a001xm4) | 2 |
| &nbsp;&nbsp;&nbsp;[Large Cap Strategies Fund](#xx1xc112996a002xm4) | 4 |
| &nbsp;&nbsp;&nbsp;[Small & Mid Cap Strategies Fund](#xx1xc112996a003xm4) | 12 |
| &nbsp;&nbsp;&nbsp;[Total Equity Fund](#xx1xc112996a004xm4) | 36 |
| &nbsp;&nbsp;&nbsp;[Credit Income Fund](#xx1xc112996a005xm4) | 42 |
| &nbsp;&nbsp;&nbsp;[Fixed Income Fund](#xx1xc112996a006xm4) | 68 |
| &nbsp;&nbsp;&nbsp;[Short-Term Bond Fund](#xx1xc112996a007xm4) | 74 |
| &nbsp;&nbsp;&nbsp;[Municipal Bond Fund](#xx1xc112996a008xm4) | 78 |
| &nbsp;&nbsp;&nbsp;[California Municipal Bond Fund](#xx1xc112996a009xm4) | 100 |
| &nbsp;&nbsp;&nbsp;[New York Municipal Bond Fund](#xx1xc112996a010xm4) | 105 |
| [Statements of Assets and Liabilities](#xx1xc112996a011xm4) | 113 |
| [Statements of Operations](#xx1xc112996a012xm4) | 116 |
| [Statements of Changes in Net Assets](#xx1xc112996a013xm4) | 119 |
| Financial Highlights: |  |
| &nbsp;&nbsp;&nbsp;[All Cap Core Fund](#xx1xc112996a014xm4) | 129 |
| &nbsp;&nbsp;&nbsp;[Large Cap Strategies Fund](#xx1xc112996a015xm4) | 130 |
| &nbsp;&nbsp;&nbsp;[Small & Mid Cap Strategies Fund](#xx1xc112996a016xm4) | 131 |
| &nbsp;&nbsp;&nbsp;[Total Equity Fund](#xx1xc112996a017xm4) | 132 |
| &nbsp;&nbsp;&nbsp;[Credit Income Fund](#xx1xc112996a018xm4) | 133 |
| &nbsp;&nbsp;&nbsp;[Fixed Income Fund](#xx1xc112996a019xm4) | 134 |
| &nbsp;&nbsp;&nbsp;[Short-Term Bond Fund](#xx1xc112996a020xm4) | 135 |
| &nbsp;&nbsp;&nbsp;[Municipal Bond Fund](#xx1xc112996a021xm4) | 136 |
| &nbsp;&nbsp;&nbsp;[California Municipal Bond Fund](#xx1xc112996a022xm4) | 137 |
| &nbsp;&nbsp;&nbsp;[New York Municipal Bond Fund](#xx1xc112996a023xm4) | 138 |
| [Notes to Financial Statements](#xx1xc112996a024xm4) | 139 |
| [Additional Information (Unaudited)](#xx1xc112996a025xm4) | 157 |
| [Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited)](#xx1xc112996a026xm4) | 158 |
| [Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small & Mid Cap Strategies Fund (Unaudited)](#xx1xc112996a027xm4) | 160 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;All Cap Core Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |  |
| **Banks — 4.0%** | **Banks — 4.0%** |  |
| 1348300 | Bank of America Corp. | $53770204 |
| 283708 | JP Morgan Chase & Co. | 69400651 |
|  |  | 123170855 |
| **Communication Services — 9.2%** | **Communication Services — 9.2%** |  |
| 647492 | Alphabet, Inc. - Class C | 104174988 |
| 126428 | Live Nation Entertainment, Inc.(a) | 16745388 |
| 158181 | Meta Platforms, Inc. - Class A | 86841369 |
| 46459 | Spotify Technology SA(a) | 28524897 |
| 200662 | Take-Two Interactive Software, Inc.(a) | 46818458 |
|  |  | 283105100 |
| **Consumer Discretionary — 7.9%** | **Consumer Discretionary — 7.9%** |  |
| 597322 | Amazon.com, Inc.(a) | 110158123 |
| 232812 | Dollarama, Inc. | 28725752 |
| 110184 | Hilton Worldwide Holdings, Inc. | 24844288 |
| 124452 | Light & Wonder, Inc.(a) | 10625712 |
| 56 | LVMH Moet Hennessy Louis Vuitton SE | 31020 |
| 15140 | MercadoLibre, Inc.(a) | 35289069 |
| 14749 | O'Reilly Automotive, Inc.(a) | 20872785 |
| 141876 | Wyndham Hotels & Resorts, Inc. | 12102023 |
|  |  | 242648772 |
| **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** |  |
| 475112 | Alimentation Couche-Tard, Inc. | 24799840 |
| 217741 | BJ's Wholesale Club Holdings, Inc.(a) | 25597632 |
| 55465 | Costco Wholesale Corp. | 55159943 |
| 387605 | US Foods Holding Corp.(a) | 25450144 |
| 386809 | Walmart, Inc. | 37617175 |
|  |  | 168624734 |
| **Energy — 2.3%** | **Energy — 2.3%** |  |
| 475143 | ConocoPhillips | 42344744 |
| 885947 | Schlumberger NV | 29457738 |
|  |  | 71802482 |
| **Financial Services — 12.4%** | **Financial Services — 12.4%** |  |
| 160158 | Apollo Global Management, Inc. | 21858364 |
| 615035 | Brookfield Corp. | 33008928 |
| 73375 | Corpay, Inc.(a) | 23874024 |
| 130907 | Fiserv, Inc.(a) | 24161505 |
| 305355 | Intercontinental Exchange, Inc. | 51290479 |
| 76536 | MSCI, Inc. | 41720539 |
| 326790 | Nasdaq, Inc. | 24904666 |
| 5796 | Partners Group Holding AG | 7594335 |
| 76469 | S&P Global, Inc. | 38238323 |
| 170035 | Tradeweb Markets, Inc. - Class A | 23515841 |
| 264034 | Visa, Inc. - Class A | 91223747 |
|  |  | 381390751 |
| **Health Care — 12.4%** | **Health Care — 12.4%** |  |
| 227046 | AbbVie, Inc. | 44296675 |
| 747206 | Avantor, Inc.(a) | 9706206 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Health Care (continued)** | **Health Care (continued)** |  |
| 314916 | Boston Scientific Corp.(a) | $32395409 |
| 120208 | Cencora, Inc. | 35181275 |
| 188448 | Cooper Cos., Inc. (The)(a) | 15390548 |
| 152693 | Danaher Corp. | 30436296 |
| 38499 | IDEXX Laboratories, Inc.(a) | 16656592 |
| 50087 | Intuitive Surgical, Inc.(a) | 25834875 |
| 57966 | McKesson Corp. | 41317585 |
| 52817 | Medpace Holdings, Inc.(a) | 16288235 |
| 108421 | STERIS Plc | 24366536 |
| 59124 | Straumann Holding AG | 7209391 |
| 66734 | Thermo Fisher Scientific, Inc. | 28628886 |
| 135903 | UnitedHealth Group, Inc. | 55915930 |
|  |  | 383624439 |
| **Industrials — 10.9%** | **Industrials — 10.9%** |  |
| 304577 | API Group Corp.(a) | 11522148 |
| 492309 | Ashtead Group Plc | 26354492 |
| 178736 | Booz Allen Hamilton Holding Corp. | 21451895 |
| 56470 | Builders FirstSource, Inc.(a) | 6755506 |
| 107472 | BWX Technologies, Inc. | 11727345 |
| 58738 | Carlisle Cos., Inc. | 22289896 |
| 105143 | Clean Harbors, Inc.(a) | 22494293 |
| 451457 | Copart, Inc.(a) | 27552421 |
| 303608 | Core & Main, Inc. - Class A(a) | 15994069 |
| 64731 | Eaton Corp. Plc | 19054865 |
| 72857 | Equifax, Inc. | 18952291 |
| 300243 | Howmet Aerospace, Inc. | 41607675 |
| 85386 | Northrop Grumman Corp. | 41540289 |
| 35316 | Saia, Inc.(a) | 8617104 |
| 347318 | TransUnion | 28813501 |
| 199047 | UL Solutions, Inc. - Class A | 11383498 |
|  |  | 336111288 |
| **Information Technology — 26.9%** | **Information Technology — 26.9%** |  |
| 674107 | Apple, Inc. | 143247738 |
| 207107 | Applied Materials, Inc. | 31213096 |
| 12169 | ASM International NV | 5948049 |
| 45926 | ASML Holding NV | 30744792 |
| 199802 | Bentley Systems, Inc. - Class B | 8589488 |
| 180026 | Broadcom, Inc. | 34649604 |
| 1244209 | CCC Intelligent Solutions Holdings, Inc.(a) | 11521375 |
| 118851 | CDW Corp. | 19082717 |
| 10079 | Constellation Software, Inc. | 36323807 |
| 116833 | Entegris, Inc. | 9243827 |
| 414749 | Fortinet, Inc.(a) | 43034356 |
| 93850 | Gartner, Inc.(a) | 39518358 |
| 147020 | Keysight Technologies, Inc.(a) | 21376708 |
| 56954 | Manhattan Associates, Inc.(a) | 10103070 |
| 257939 | Marvell Technology, Inc. | 15055899 |
| 448974 | Microsoft Corp. | 177461463 |
| 111560 | Motorola Solutions, Inc. | 49129908 |
| 59152 | Nice Ltd. - ADR(a) | 9219135 |
| 1083484 | NVIDIA Corp. | 118013077 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;All Cap Core Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| 15865 | ServiceNow, Inc.(a) | $15151234 |
|  |  | 828627701 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| 295702 | Ryan Specialty Holdings, Inc. | 19371438 |
| **Materials — 1.8%** | **Materials — 1.8%** |  |
| 284101 | CRH Plc | 27108917 |
| 80543 | Sherwin-Williams Co. (The) | 28425236 |
|  |  | 55534153 |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** |  |
| 145008 | CBRE Group, Inc. - Class A(a) | 17717077 |
| 107234 | Prologis, Inc. REIT | 10959315 |
| 41997 | SBA Communications Corp. REIT | 10222070 |
|  |  | 38898462 |
| **Utilities — 2.2%** | **Utilities — 2.2%** |  |
| 354151 | Ameren Corp. | 35145945 |
| 492458 | NextEra Energy, Inc. | 32935591 |
|  |  | 68081536 |
| Total Common Stocks<br> (Cost $1,863,828,680) | Total Common Stocks<br> (Cost $1,863,828,680) | 3000991711 |
| **EXCHANGE-TRADED FUNDS(b) — 0.6%** | **EXCHANGE-TRADED FUNDS(b) — 0.6%** |  |
| 54048 | SPDR S&P Oil & Gas Exploration & Production ETF | 5983654 |
| 124841 | SPDR S&P Regional Banking ETF | 6757644 |
| 100668 | Utilities Select Sector SPDR Fund | 7942705 |
| Total Exchange-Traded Funds<br> (Cost $22,642,480) | Total Exchange-Traded Funds<br> (Cost $22,642,480) | 20684003 |
| **INVESTMENT COMPANY — 1.7%** | **INVESTMENT COMPANY — 1.7%** |  |
| 50956117 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(c) | 50956117 |
| Total Investment Company<br> (Cost $50,956,117) | Total Investment Company<br> (Cost $50,956,117) | 50956117 |
| **TOTAL INVESTMENTS — 99.7%**<br> (Cost $1,937,427,277) | **TOTAL INVESTMENTS — 99.7%**<br> (Cost $1,937,427,277) | $3072631831 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%** | 8921195 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $3081553026 |

---

(a) Non-income producing security.

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

(c) The rate shown represents the current yield as of April 30, 2025.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

**PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Country:** | Market Value | Market Value as<br> a percentage of<br> Net Assets |
| United States | $2708163339 | 87.9 %&nbsp;&nbsp;&nbsp;&nbsp; |
| Canada | 122858327 | 4.0 |
| Netherlands | 36692841 | 1.2 |
| Uruguay | 35289069 | 1.1 |
| Sweden | 28524897 | 0.9 |
| United Kingdom | 26354492 | 0.9 |
| Ireland | 19054865 | 0.6 |
| Switzerland | 14803726 | 0.5 |
| Israel | 9219135 | 0.3 |
| France | 31020 | 0.0 \* |
| Other<sup>\*\*</sup> | 80561315 | 2.6 |
|  | $3081553026 | 100.0% |

---

\* Represents less than 0.05% of net assets.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** |  |
| **Banks — 8.1%** | **Banks — 8.1%** |  |
| 92591 | ANZ Group Holdings Ltd. | $1770549 |
| 442632 | Banco Bilbao Vizcaya Argentaria SA | 6074700 |
| 15319723 | Banco Bradesco SA - Preference Shares | 37036307 |
| 263341896 | Banco de Chile | 38657630 |
| 1174024 | Banco Santander SA | 8266137 |
| 77323649 | Bank Central Asia Tbk PT | 41112259 |
| 3065120 | Bank of America Corp. | 122236986 |
| 316754 | Bank of Montreal | 30349656 |
| 89119 | Bank of Nova Scotia (The) | 4459182 |
| 10947522 | Barclays Plc | 43611018 |
| 75918 | BNP Paribas SA | 6432493 |
| 242000 | CaixaBank SA | 1854738 |
| 152500 | Canadian Imperial Bank of Commerce | 9618363 |
| 145578 | Capitec Bank Holdings Ltd. | 27020190 |
| 2644 | Citigroup, Inc. | 180797 |
| 2046 | Citizens Financial Group, Inc. | 75477 |
| 3307418 | Commerzbank AG | 87539246 |
| 96919 | Commonwealth Bank of Australia | 10330513 |
| 71700 | Credit Agricole SA | 1344847 |
| 221600 | DBS Group Holdings Ltd. | 7199610 |
| 1232736 | DNB Bank ASA | 30816078 |
| 348803 | Erste Group Bank AG | 23621511 |
| 1666 | Fifth Third Bancorp | 59876 |
| 34 | First Citizens BancShares, Inc. - Class A | 60491 |
| 8667182 | HDFC Bank Ltd. | 196865984 |
| 5115813 | HSBC Holdings Plc | 57027890 |
| 9643775 | ING Groep NV | 187275513 |
| 1081800 | Intesa Sanpaolo SpA | 5774960 |
| 90203 | Japan Post Bank Co. Ltd. | 927463 |
| 1964798 | JP Morgan Chase & Co. | 480628887 |
| 16350 | KBC Group NV | 1507613 |
| 3794576 | Lloyds Banking Group Plc | 3728089 |
| 16635609 | Mitsubishi UFJ Financial Group, Inc. | 209594182 |
| 325462 | Mizuho Financial Group, Inc. | 8137407 |
| 21100 | National Bank of Canada | 1853176 |
| 4838193 | NatWest Group Plc | 31120647 |
| 256000 | Nordea Bank Abp | 3545331 |
| 266600 | Oversea-Chinese Banking Corp. Ltd. | 3299379 |
| 695 | PNC Financial Services Group, Inc. (The) | 111680 |
| 19731067 | Public Bank Bhd | 20454285 |
| 2583 | Regions Financial Corp. | 52719 |
| 67279 | Royal Bank of Canada | 8075334 |
| 116800 | Skandinaviska Enskilda Banken AB - Class A | 1853345 |
| 71000 | Standard Chartered Plc | 1022631 |
| 517945 | Sumitomo Mitsui Financial Group, Inc. | 12356724 |
| 118300 | Svenska Handelsbanken AB - Class A | 1548526 |
| 1077307 | Swedbank AB - Class A | 26893732 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Banks (continued)** | **Banks (continued)** |  |
| 105520 | Toronto-Dominion Bank (The) | $6742534 |
| 1226153 | Truist Financial Corp. | 47010706 |
| 105000 | UniCredit SpA | 6108990 |
| 95100 | United Overseas Bank Ltd. | 2525746 |
| 4160 | US Bancorp | 167814 |
| 4725 | Wells Fargo & Co. | 335522 |
| 208600 | Westpac Banking Corp. | 4377507 |
|  |  | 1870652970 |
| **Communication Services — 8.1%** | **Communication Services — 8.1%** |  |
| 396203 | Alphabet, Inc. - Class A | 62917036 |
| 3768459 | Alphabet, Inc. - Class C | 606307369 |
| 8465 | AT&T, Inc. | 234480 |
| 266 | Charter Communications, Inc. - Class A(a) | 104235 |
| 1504239 | Comcast Corp. - Class A | 51444974 |
| 184495 | CTS Eventim AG & Co. KGaA | 21860256 |
| 5904101 | Deutsche Telekom AG | 212060700 |
| 652 | Electronic Arts, Inc. | 94599 |
| 591240 | KDDI Corp. | 10478915 |
| 898880 | LY Corp. | 3399584 |
| 2265 | Match Group, Inc. | 67180 |
| 719044 | Meta Platforms, Inc. - Class A | 394755156 |
| 2416510 | NetEase, Inc. | 51946148 |
| 107814 | Netflix, Inc.(a) | 122015260 |
| 2566 | News Corp. - Class A | 69590 |
| 188382 | Nintendo Co. Ltd. | 15639475 |
| 5578143 | Nippon Telegraph & Telephone Corp. | 5830706 |
| 2126507 | Orange SA | 30851469 |
| 1477473 | Quebecor, Inc. - Class B | 40532445 |
| 3350345 | Rightmove Plc | 33088543 |
| 820900 | Singapore Telecommunications Ltd. | 2375025 |
| 1862 | Sirius XM Holdings, Inc. | 39884 |
| 4249017 | SoftBank Corp. | 6429806 |
| 110949 | SoftBank Group Corp. | 5610653 |
| 100626 | Spotify Technology SA(a) | 61782351 |
| 41695 | Swisscom AG | 27805701 |
| 360300 | Telefonica SA | 1850948 |
| 583700 | Telstra Group Ltd. | 1684615 |
| 1096 | T-Mobile US, Inc. | 270657 |
| 2285868 | Verizon Communications, Inc. | 100715344 |
| 2754100 | Vodafone Group Plc | 2706453 |
|  |  | 1874969557 |
| **Consumer Discretionary — 10.8%** | **Consumer Discretionary — 10.8%** |  |
| 116429 | Airbnb, Inc. - Class A(a) | 14195024 |
| 4763359 | Alibaba Group Holding Ltd. | 71117099 |
| 48573 | Amadeus IT Group SA | 3823326 |
| 3503125 | Amazon.com, Inc.(a) | 646046313 |
| 25700 | Aristocrat Leisure Ltd. | 1097623 |
| 34 | AutoZone, Inc.(a) | 127928 |
| 4935042 | B&M European Value Retail SA | 22194760 |
| 64321 | Bandai Namco Holdings, Inc. | 2235319 |
| 32813 | Booking Holdings, Inc. | 167322675 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |  |
| 1472 | BorgWarner, Inc. | $41775 |
| 142632 | Bridgestone Corp. | 5964183 |
| 251704 | Canadian Tire Corp. Ltd. - Class A | 27547584 |
| 1615 | Chipotle Mexican Grill, Inc.(a) | 81590 |
| 36000 | Cie Financiere Richemont SA - Class A | 6361388 |
| 53619 | Compass Group Plc | 1807755 |
| 320281 | Denso Corp. | 4135448 |
| 344914 | Dollarama, Inc. | 42557574 |
| 114 | Domino's Pizza, Inc. | 55902 |
| 373185 | DoorDash, Inc. - Class A(a) | 71983655 |
| 363 | DR Horton, Inc. | 45861 |
| 1581 | eBay, Inc. | 107761 |
| 1261 | Etsy, Inc.(a) | 54828 |
| 410 | Expedia Group, Inc. | 64341 |
| 35925 | Fast Retailing Co. Ltd. | 11817345 |
| 5000 | Ferrari NV | 2288903 |
| 261190 | Flutter Entertainment Plc(a) | 62944178 |
| 1635 | General Motors Co. | 73967 |
| 406361 | Genuine Parts Co. | 47767736 |
| 129700 | H & M Hennes & Mauritz AB - Class B | 1879428 |
| 8781901 | Hangzhou Robam Appliances Co. Ltd. - A Shares | 23642502 |
| 18058 | Hermes International SCA | 49662732 |
| 499 | Hilton Worldwide Holdings, Inc. | 112515 |
| 331082 | Home Depot, Inc. (The) | 119351750 |
| 751339 | Honda Motor Co. Ltd. | 7644681 |
| 2069199 | Industria de Diseno Textil SA | 111271100 |
| 48184 | Isuzu Motors Ltd. | 648000 |
| 352 | Lennar Corp. - Class A | 38231 |
| 466194 | Lowe's Cos., Inc. | 104222331 |
| 325 | Lululemon Athletica, Inc.(a) | 88000 |
| 24414 | LVMH Moet Hennessy Louis Vuitton SE | 13523628 |
| 1039035 | Mahindra & Mahindra Ltd. | 35999667 |
| 419 | Marriott International, Inc. - Class A | 99965 |
| 302767 | McDonald's Corp. | 96779472 |
| 2663928 | Meituan - B Shares(a)(b)(c) | 44107822 |
| 45801 | MercadoLibre, Inc.(a) | 106755261 |
| 677 | Mohawk Industries, Inc.(a) | 71999 |
| 461120 | NIKE, Inc. - Class B | 26007168 |
| 12 | NVR, Inc.(a) | 85509 |
| 100927 | O'Reilly Automotive, Inc.(a) | 142831890 |
| 99975 | Oriental Land Co. Ltd. | 2117420 |
| 673203 | Panasonic Holdings Corp. | 7718925 |
| 244577 | Pandora A/S | 36408466 |
| 158 | Pool Corp. | 46316 |
| 45600 | Prosus NV | 2137938 |
| 459 | PulteGroup, Inc. | 47084 |
| 353 | Ralph Lauren Corp. | 79407 |
| 597 | Ross Stores, Inc. | 82983 |
| 499 | Royal Caribbean Cruises Ltd. | 107240 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |  |
| 134142 | Sekisui House Ltd. | $3083952 |
| 2370962 | Sony Group Corp. | 62552610 |
| 1363 | Starbucks Corp. | 109108 |
| 1367695 | Subaru Corp. | 24766111 |
| 1923353 | Sumitomo Electric Industries Ltd. | 30914841 |
| 378912 | Suzuki Motor Corp. | 4540756 |
| 1314 | Tapestry, Inc. | 92834 |
| 2196 | Tesla, Inc.(a) | 619623 |
| 1490231 | Titan Co. Ltd. | 59537705 |
| 1283 | TJX Cos., Inc. (The) | 165096 |
| 937140 | Toyota Motor Corp. | 17898830 |
| 1878989 | Wesfarmers Ltd. | 94130277 |
| 546 | Yum! Brands, Inc. | 82140 |
| 1206636 | Zalando SE(a)(b)(c) | 44061847 |
|  |  | 2489987001 |
| **Consumer Staples — 7.0%** | **Consumer Staples — 7.0%** |  |
| 113355 | Aeon Co. Ltd. | 3352040 |
| 191821 | Ajinomoto Co., Inc. | 3923524 |
| 67592 | Alimentation Couche-Tard, Inc. | 3528159 |
| 1194 | Altria Group, Inc. | 70625 |
| 45200 | Anheuser-Busch InBev SA | 2979086 |
| 345008 | Asahi Group Holdings Ltd. | 4768803 |
| 5406920 | AVI Ltd. | 26301503 |
| 998368 | BJ's Wholesale Club Holdings, Inc.(a) | 117368142 |
| 67000 | British American Tobacco Plc | 2918409 |
| 568453 | Clicks Group Ltd. | 12108336 |
| 946076 | Coca-Cola Co. (The) | 68637814 |
| 18000 | Coca-Cola Europacific Partners Plc | 1633320 |
| 1319 | Colgate-Palmolive Co. | 121599 |
| 2374 | Conagra Brands, Inc. | 58662 |
| 277227 | Costco Wholesale Corp. | 275702251 |
| 382775 | Danone SA | 32936417 |
| 174300 | Diageo Plc | 4894413 |
| 5656681 | Fomento Economico Mexicano SAB de CV - Units | 59475845 |
| 9770587 | Foshan Haitian Flavouring & Food Co. Ltd. - A Shares | 56365309 |
| 2544 | General Mills, Inc. | 144347 |
| 125473 | Hershey Co. (The) | 20977831 |
| 106300 | Imperial Brands Plc | 4361811 |
| 173514 | Japan Tobacco, Inc. | 5345627 |
| 746901 | Jeronimo Martins SGPS SA | 18076769 |
| 80980 | Kao Corp. | 3467688 |
| 1491902 | Kenvue, Inc. | 35208887 |
| 1255 | Kimberly-Clark Corp. | 165384 |
| 89075 | Kirin Holdings Co. Ltd. | 1347409 |
| 892690 | Koninklijke Ahold Delhaize NV | 36653016 |
| 464 | Lamb Weston Holdings, Inc. | 24504 |
| 2197600 | Lion Corp. | 26935922 |
| 25292 | L'Oreal SA | 11175661 |
| 5264465 | Marico Ltd. | 44260320 |
| 1163 | Molson Coors Beverage Co. - Class B | 66907 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Consumer Staples (continued)** | **Consumer Staples (continued)** |  |
| 1633 | Mondelez International, Inc. - Class A | $111256 |
| 674 | Monster Beverage Corp.(a) | 40521 |
| 16834222 | Natura & Co. Holding SA(a) | 28268880 |
| 120369 | Nestle SA | 12811762 |
| 3795916 | Orkla ASA | 42333796 |
| 203022 | PepsiCo, Inc. | 27525723 |
| 825768 | Philip Morris International, Inc. | 141503604 |
| 434810 | Procter & Gamble Co. (The) | 70687062 |
| 6456300 | Raia Drogasil SA | 22502597 |
| 52200 | Reckitt Benckiser Group Plc | 3369329 |
| 336375 | Target Corp. | 32527462 |
| 358000 | Tesco Plc | 1771743 |
| 2628 | The Campbell's Company | 95817 |
| 2516820 | Unicharm Corp. | 23369032 |
| 1810459 | Unilever Plc | 115271726 |
| 28405923 | Uni-President Enterprises Corp. | 68264066 |
| 1269801 | Walmart, Inc. | 123488147 |
| 97326 | Woolworths Group Ltd. | 1964296 |
|  |  | 1601263159 |
| **Energy — 2.8%** | **Energy — 2.8%** |  |
| 67295 | Aker BP ASA | 1444656 |
| 954976 | BP Plc | 4409499 |
| 71046 | Canadian Natural Resources Ltd. | 2038720 |
| 304 | Cheniere Energy, Inc. | 70258 |
| 1878121 | Chevron Corp. | 255537143 |
| 1878 | ConocoPhillips | 167367 |
| 1970 | Coterra Energy, Inc. | 48383 |
| 1666 | Devon Energy Corp. | 50663 |
| 145128 | Enbridge, Inc. | 6786887 |
| 79829 | ENEOS Holdings, Inc. | 384315 |
| 86100 | Eni SpA | 1233084 |
| 1171 | EOG Resources, Inc. | 129196 |
| 64600 | Equinor ASA | 1462262 |
| 700870 | Exxon Mobil Corp. | 74032898 |
| 3325000 | Idemitsu Kosan Co. Ltd. | 20605079 |
| 23150 | Imperial Oil Ltd. | 1561525 |
| 4083499 | Kinder Morgan, Inc. | 107396024 |
| 526 | Marathon Petroleum Corp. | 72278 |
| 540703 | OMV AG | 27956305 |
| 18700 | Pembina Pipeline Corp. | 714848 |
| 758 | Phillips 66 | 78878 |
| 1584915 | Shell Plc | 51147971 |
| 84700 | Suncor Energy, Inc. | 2991472 |
| 80866 | TC Energy Corp. | 4085534 |
| 1363606 | Tenaris SA | 22738053 |
| 800082 | TotalEnergies SE | 45568814 |
| 388 | Valero Energy Corp. | 45043 |
| 1448 | Williams Cos, Inc. (The) | 84809 |
| 145635 | Woodside Energy Group Ltd. | 1898372 |
|  |  | 634740336 |
| **Financial Services — 7.8%** | **Financial Services — 7.8%** |  |
| 894269 | 3i Group Plc | 50697040 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| 48437 | Adyen NV(a)(b)(c) | $78381396 |
| 823 | American Express Co. | 219255 |
| 189 | Ameriprise Financial, Inc. | 89023 |
| 585028 | Bajaj Finance Ltd. | 59694249 |
| 882 | Bank of New York Mellon Corp. (The) | 70922 |
| 521479 | Berkshire Hathaway, Inc. - Class B(a) | 278078677 |
| 457422 | Blackstone, Inc. | 60247052 |
| 615006 | Block, Inc.(a) | 35959401 |
| 609 | Capital One Financial Corp. | 109778 |
| 559261 | CME Group, Inc. | 154960038 |
| 159100 | Deutsche Bank AG | 4171656 |
| 16459 | Deutsche Boerse AG | 5301343 |
| 774423 | Fiserv, Inc.(a) | 142935253 |
| 576 | Goldman Sachs Group, Inc. (The) | 315389 |
| 408111 | Groupe Bruxelles Lambert NV | 33666748 |
| 814889 | IGM Financial, Inc. | 25896045 |
| 3732 | Invesco Ltd. | 51987 |
| 3078591 | Investor AB - Class B | 91213925 |
| 650324 | KKR & Co., Inc. | 74312523 |
| 966227 | London Stock Exchange Group Plc | 150452680 |
| 379548 | Mastercard, Inc. - Class A | 208015077 |
| 887312 | Morgan Stanley | 102413551 |
| 784 | Northern Trust Corp. | 73680 |
| 258957 | ORIX Corp. | 5194685 |
| 766 | Raymond James Financial, Inc. | 104973 |
| 644 | State Street Corp. | 56736 |
| 1309 | Synchrony Financial | 68003 |
| 675081 | Visa, Inc. - Class A | 233240485 |
|  |  | 1795991570 |
| **Health Care — 8.8%** | **Health Care — 8.8%** |  |
| 782993 | Abbott Laboratories | 102376335 |
| 649557 | AbbVie, Inc. | 126728571 |
| 589907 | Agilent Technologies, Inc. | 63473993 |
| 731 | Amgen, Inc. | 212662 |
| 1388884 | AstraZeneca Plc | 198980857 |
| 1414 | Bio-Techne Corp. | 71195 |
| 2387 | Bristol-Myers Squibb Co. | 119827 |
| 674 | Cardinal Health, Inc. | 95229 |
| 590649 | Cencora, Inc. | 172865243 |
| 310 | Charles River Laboratories International, Inc.(a) | 36772 |
| 793759 | Chugai Pharmaceutical Co. Ltd. | 45728104 |
| 438 | Cigna Group (The) | 148937 |
| 1908 | CVS Health Corp. | 127283 |
| 185667 | Daiichi Sankyo Co. Ltd. | 4749479 |
| 629550 | Danaher Corp. | 125488201 |
| 459 | DaVita, Inc.(a) | 64971 |
| 619616 | Dexcom, Inc.(a) | 44228190 |
| 2314983 | Dr Reddy's Laboratories Ltd. | 32495784 |
| 725 | Edwards Lifesciences Corp.(a) | 54730 |
| 91819 | Elevance Health, Inc. | 38617235 |
| 191617 | Eli Lilly & Co. | 172254102 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Health Care (continued)** | **Health Care (continued)** |  |
| 1826 | Gilead Sciences, Inc. | $194542 |
| 365775 | GSK Plc | 7236013 |
| 4734829 | Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares | 18927929 |
| 237 | HCA Healthcare, Inc. | 81784 |
| 41869 | Hoya Corp. | 4926566 |
| 283132 | Intuitive Surgical, Inc.(a) | 146039486 |
| 370583 | iRhythm Technologies, Inc.(a) | 39611617 |
| 418920 | Johnson & Johnson | 65481385 |
| 138161 | Lonza Group AG | 99269959 |
| 202 | McKesson Corp. | 143983 |
| 685917 | Medtronic Plc | 58138325 |
| 955500 | Merck & Co., Inc. | 81408600 |
| 140 | Mettler-Toledo International, Inc.(a) | 149880 |
| 603048 | Novartis AG | 68782033 |
| 306414 | Olympus Corp. | 4014942 |
| 47282 | Ono Pharmaceutical Co. Ltd. | 544260 |
| 79581 | Otsuka Holdings Co. Ltd. | 3879636 |
| 428433 | Recordati Industria Chimica e Farmaceutica SpA | 25281120 |
| 160 | Regeneron Pharmaceuticals, Inc. | 95802 |
| 158661 | Repligen Corp.(a) | 21893631 |
| 254415 | Roche Holding AG | 83190275 |
| 9950 | Roche Holding AG | 3461374 |
| 77859 | Sanofi SA | 8517138 |
| 201337 | Shionogi & Co. Ltd. | 3382565 |
| 403 | Stryker Corp. | 150690 |
| 100200 | Takeda Pharmaceutical Co. Ltd. | 3030912 |
| 428 | Teleflex, Inc. | 58657 |
| 383157 | Terumo Corp. | 7333907 |
| 459 | Thermo Fisher Scientific, Inc. | 196911 |
| 365939 | UnitedHealth Group, Inc. | 150561942 |
| 310 | Universal Health Services, Inc. - Class B | 54892 |
| 371 | Waters Corp.(a) | 129008 |
| 686 | Zoetis, Inc. | 107290 |
|  |  | 2035194754 |
| **Industrials — 10.9%** | **Industrials — 10.9%** |  |
| 657 | 3M Co. | 91264 |
| 655 | A.O. Smith Corp. | 44448 |
| 73500 | ABB Ltd. | 3881590 |
| 126973 | Aena SME SA(b)(c) | 31897642 |
| 313010 | Airtac International Group | 8597206 |
| 704 | Allegion Plc | 97997 |
| 4106500 | Amada Co. Ltd. | 41118497 |
| 5901 | American Airlines Group, Inc.(a) | 58715 |
| 372337 | AMETEK, Inc. | 63140908 |
| 51100 | Ashtead Group Plc | 2735507 |
| 58800 | Assa Abloy AB - Class B | 1784814 |
| 328059 | Atlas Copco AB - Class A | 5077926 |
| 289800 | Atlas Copco AB - Class B | 4024082 |
| 133292 | Automatic Data Processing, Inc. | 40067575 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 142003 | Axon Enterprise, Inc.(a) | $87090440 |
| 142200 | BAE Systems Plc | 3296571 |
| 379 | Booz Allen Hamilton Holding Corp. | 45488 |
| 634805 | Bouygues SA | 27903058 |
| 175 | Broadridge Financial Solutions, Inc. | 42420 |
| 129842 | Builders FirstSource, Inc.(a) | 15532998 |
| 42800 | Canadian National Railway Co. | 4144950 |
| 806 | Caterpillar, Inc. | 249272 |
| 197206 | Central Japan Railway Co. | 4149975 |
| 12077399 | Centre Testing International Group Co. Ltd. - A Shares | 18551074 |
| 655 | CH Robinson Worldwide, Inc. | 58439 |
| 960162 | Cie de Saint-Gobain SA | 104386909 |
| 330 | Cintas Corp. | 69854 |
| 3815 | CSX Corp. | 107087 |
| 2894 | Daikin Industries Ltd. | 329694 |
| 160418 | Deere & Co. | 74363368 |
| 125539 | Deutsche Post AG | 5364031 |
| 199469 | East Japan Railway Co. | 4323864 |
| 306600 | Eaton Corp. Plc | 90253842 |
| 620939 | Experian Plc | 30892359 |
| 1136248 | FANUC Corp. | 28837591 |
| 829 | Fastenal Co. | 67124 |
| 446 | FedEx Corp. | 93807 |
| 31900 | Ferrovial SE | 1556161 |
| 5563 | Fuji Electric Co. Ltd. | 247369 |
| 108200 | GE Vernova, Inc. | 40122724 |
| 403 | General Dynamics Corp. | 109664 |
| 963250 | Hitachi Construction Machinery Co. Ltd. | 28786609 |
| 695971 | Hitachi Ltd. | 17201282 |
| 143256 | HOCHTIEF AG | 27103343 |
| 377071 | Honeywell International, Inc. | 79373446 |
| 827466 | Howmet Aerospace, Inc. | 114670238 |
| 246 | Huntington Ingalls Industries, Inc. | 56664 |
| 127256 | Illinois Tool Works, Inc. | 30529987 |
| 240186 | IMCD NV | 31940098 |
| 297188 | ITOCHU Corp. | 15199068 |
| 1119092 | Komatsu Ltd. | 32363660 |
| 10497 | Kone Oyj - Class B | 650098 |
| 577766 | L3Harris Technologies, Inc. | 127120075 |
| 31000 | Legrand SA | 3406895 |
| 441 | Leidos Holdings, Inc. | 64906 |
| 505179 | LG Corp. | 23657000 |
| 330 | Lockheed Martin Corp. | 157658 |
| 13456 | Makita Corp. | 393508 |
| 177248 | Mitsubishi Corp. | 3365334 |
| 370992 | Mitsubishi Electric Corp. | 7176991 |
| 346002 | Mitsubishi Heavy Industries Ltd. | 6820685 |
| 188298 | Mitsui & Co. Ltd. | 3807597 |
| 192 | Nordson Corp. | 36397 |
| 88050 | Northrop Grumman Corp. | 42836325 |
| 655 | Old Dominion Freight Line, Inc. | 100398 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| Industrials (continued) | Industrials (continued) |  |
| 971 | PACCAR, Inc. | $87594 |
| 227 | Parker-Hannifin Corp. | 137349 |
| 435 | Paychex, Inc. | 63997 |
| 783438 | Pentair Plc | 71081330 |
| 244348 | Quanta Services, Inc. | 71518216 |
| 725292 | Recruit Holdings Co. Ltd. | 40192267 |
| 669797 | RELX Plc | 36554272 |
| 700 | Republic Services, Inc. | 175525 |
| 42367 | Rheinmetall AG | 72153232 |
| 1078 | Rollins, Inc. | 61586 |
| 12111446 | Rolls-Royce Holdings Plc | 122597808 |
| 181123 | Sandvik AB | 3739181 |
| 1165800 | Sanwa Holdings Corp. | 38264692 |
| 5125 | Schindler Holding AG | 1817038 |
| 89438 | Schindler Holding AG - Participation Certificates | 32711501 |
| 16712 | Schneider Electric SE | 3904688 |
| 105656 | Secom Co. Ltd. | 3885016 |
| 1447835 | SF Holding Co. Ltd. - A Shares | 8667096 |
| 58482 | SG Holdings Co. Ltd. | 615795 |
| 252202 | SGS SA | 24630356 |
| 231949 | Siemens AG | 53408882 |
| 648996 | Siemens Energy AG(a) | 50091901 |
| 4306165 | Singapore Airlines Ltd. | 22098875 |
| 6013 | SMC Corp. | 1946053 |
| 4705700 | Sohgo Security Services Co. Ltd. | 37192266 |
| 165000 | Techtronic Industries Co. Ltd. | 1660558 |
| 504867 | Tetra Tech, Inc. | 15746802 |
| 5350 | Thales SA | 1498655 |
| 30850 | Thomson Reuters Corp. | 5740571 |
| 277726 | Toyota Tsusho Corp. | 5519172 |
| 526 | Trane Technologies Plc | 201621 |
| 318156 | Union Pacific Corp. | 68613523 |
| 1078 | United Parcel Service, Inc. - Class B | 102733 |
| 108020 | United Rentals, Inc. | 68209229 |
| 841525 | Valmet Oyj | 25695186 |
| 426 | Verisk Analytics, Inc. | 126279 |
| 43200 | Vinci SA | 6068186 |
| 54500 | Volvo AB - Class A | 1486568 |
| 144900 | Volvo AB - Class B | 3938892 |
| 365840 | Waste Management, Inc. | 85372422 |
| 1275979 | WEG SA | 10124373 |
| 708572 | Westinghouse Air Brake Technologies Corp. | 130901591 |
| 164680 | Wolters Kluwer NV | 29075738 |
| 84 | WW Grainger, Inc. | 86042 |
|  |  | 2499391223 |
| Information Technology — 23.0% | Information Technology — 23.0% |  |
| 950 | Accenture Plc - Class A | 284192 |
| 691 | Adobe, Inc.(a) | 259111 |
| 3133930 | Advantech Co. Ltd. | 32831584 |
| 80356 | Advantest Corp. | 3361770 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| 830 | Analog Devices, Inc. | $161784 |
| 3881947 | Apple, Inc. | 824913737 |
| 1204 | Applied Materials, Inc. | 181455 |
| 1782 | Arista Networks, Inc.(a) | 146605 |
| 84450 | ASML Holding NV | 56534375 |
| 41874 | ASML Holding NV - New York | 27975182 |
| 165734 | Atlassian Corp. - Class A(a) | 37838730 |
| 347 | Autodesk, Inc.(a) | 95165 |
| 2212541 | Broadcom, Inc. | 425847766 |
| 205448 | Cadence Design Systems, Inc.(a) | 61170088 |
| 188305 | Canon, Inc. | 5811046 |
| 35601 | Capgemini SE | 5683783 |
| 264 | CDW Corp. | 42388 |
| 236034 | CGI, Inc. | 25027891 |
| 503146 | Check Point Software Technologies Ltd.(a) | 110470736 |
| 4919 | Cisco Systems, Inc. | 283974 |
| 308313 | Cloudflare, Inc. - Class A(a) | 37238044 |
| 2599 | Constellation Software, Inc. | 9366561 |
| 99677 | Crowdstrike Holdings, Inc. - Class A(a) | 42748475 |
| 58794 | EPAM Systems, Inc.(a) | 9225367 |
| 270 | F5, Inc.(a) | 71480 |
| 64 | Fair Isaac Corp.(a) | 127340 |
| 1071025 | Fortinet, Inc.(a) | 111129554 |
| 434394 | Fujitsu Ltd. | 9650264 |
| 156 | Gartner, Inc.(a) | 65688 |
| 63117 | Hexagon AB - Class B | 614290 |
| 437819 | International Business Machines Corp. | 105873391 |
| 408 | Intuit, Inc. | 256008 |
| 766 | Jabil, Inc. | 112265 |
| 185391 | Keyence Corp. | 77510426 |
| 129405 | KLA Corp. | 90931599 |
| 2351 | Lam Research Corp. | 168496 |
| 263196 | Logitech International SA | 20000293 |
| 2517809 | Microsoft Corp. | 995189185 |
| 299435 | Motorola Solutions, Inc. | 131868180 |
| 132222 | Murata Manufacturing Co. Ltd. | 1883708 |
| 25934 | NEC Corp. | 631307 |
| 206045 | Nemetschek SE | 27380241 |
| 629 | NetApp, Inc. | 56453 |
| 690700 | Nokia Oyj | 3452928 |
| 134237 | Nomura Research Institute Ltd. | 5083214 |
| 52092 | NTT Data Group Corp. | 1034568 |
| 8593343 | NVIDIA Corp. | 935986920 |
| 350 | NXP Semiconductors NV | 64508 |
| 100144 | Obic Co. Ltd. | 3506191 |
| 927940 | Oracle Corp. | 130579717 |
| 553 | Qorvo, Inc.(a) | 39633 |
| 430531 | QUALCOMM, Inc. | 63916632 |
| 167909 | Reply SpA | 29976703 |
| 129 | Roper Technologies, Inc. | 72250 |
| 1350 | Salesforce, Inc. | 362758 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| 857404 | Samsara, Inc. - Class A(a) | $34004643 |
| 3032775 | Samsung Electronics Co. Ltd. | 118331415 |
| 455704 | SAP SE | 133333813 |
| 722 | Seagate Technology Holdings Plc | 65724 |
| 184758 | ServiceNow, Inc.(a) | 176445738 |
| 16237 | Shimadzu Corp. | 415625 |
| 497937 | Shopify, Inc. - Class A(a) | 47304015 |
| 629 | Skyworks Solutions, Inc. | 40432 |
| 242403 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 40406156 |
| 4470151 | Taiwan Semiconductor Manufacturing Co. Ltd. | 126659735 |
| 787361 | Tata Consultancy Services Ltd. | 32140004 |
| 297161 | TE Connectivity Plc | 43498427 |
| 216600 | Telefonaktiebolaget LM Ericsson - Class B | 1829703 |
| 454789 | Texas Instruments, Inc. | 72788979 |
| 53208 | Tokyo Electron Ltd. | 7922586 |
| 151 | Tyler Technologies, Inc.(a) | 82038 |
| 421 | Zebra Technologies Corp. - Class A(a) | 105385 |
|  |  | 5300470417 |
| **Insurance — 3.3%** | **Insurance — 3.3%** |  |
| 1105 | Aflac, Inc. | 120091 |
| 436590 | Ageas SA | 27381279 |
| 6758966 | AIA Group Ltd. | 50644367 |
| 258562 | Allianz SE | 106935215 |
| 405 | Aon Plc - Class A | 143690 |
| 314805 | Arthur J Gallagher & Co. | 100954815 |
| 624 | Assurant, Inc. | 120270 |
| 129500 | AXA SA | 6124819 |
| 552 | Chubb Ltd. | 157916 |
| 684299 | Dai-ichi Life Holdings, Inc. | 4940945 |
| 22282 | Fairfax Financial Holdings Ltd. | 34787138 |
| 135000 | Generali | 4933943 |
| 399 | Globe Life, Inc. | 49213 |
| 47400 | Great-West Lifeco, Inc. | 1843257 |
| 6075 | Hannover Rueck SE | 1950073 |
| 566 | Hartford Insurance Group, Inc. (The) | 69431 |
| 5450 | Intact Financial Corp. | 1210378 |
| 216562 | Japan Post Holdings Co. Ltd. | 2105040 |
| 673 | Loews Corp. | 58437 |
| 1065873 | Manulife Financial Corp. | 32665845 |
| 9216479 | Mapfre SA | 32810648 |
| 589 | Marsh & McLennan Cos, Inc. | 132802 |
| 1357491 | MetLife, Inc. | 102314097 |
| 144324 | MS&AD Insurance Group Holdings, Inc. | 3280458 |
| 11200 | Muenchener Rueckversicherungs- Gesellschaft AG | 7667625 |
| 2951738 | Poste Italiane SpA(b)(c) | 59912009 |
| 695 | Principal Financial Group, Inc. | 51534 |
| 551897 | Prudential Financial, Inc. | 56685341 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Insurance (continued)** | **Insurance (continued)** |  |
| 70500 | Sampo Oyj - Class A | $706312 |
| 170954 | Sompo Holdings, Inc. | 5602353 |
| 67900 | Sun Life Financial, Inc. | 4046123 |
| 1716584 | Suncorp Group Ltd. | 22322609 |
| 21100 | Swiss Re AG | 3787541 |
| 263125 | Tokio Marine Holdings, Inc. | 10546675 |
| 276 | Travelers Cos, Inc. (The) | 72900 |
| 1962597 | Unipol Assicurazioni SpA | 35202526 |
| 976 | W R Berkley Corp. | 69969 |
| 57229 | Zurich Insurance Group AG | 40590860 |
|  |  | 762998544 |
| **Materials — 2.7%** | **Materials — 2.7%** |  |
| 28800 | Agnico Eagle Mines Ltd. | 3384930 |
| 50067 | Air Liquide SA | 10287677 |
| 56500 | Barrick Gold Corp. | 1077459 |
| 2488636 | BHP Group Ltd. | 59313284 |
| 629 | Celanese Corp. | 27997 |
| 2203922 | Corteva, Inc. | 136621125 |
| 943567 | CRH Plc | 90035163 |
| 361169 | CRH Plc | 34257062 |
| 562 | Eastman Chemical Co. | 43274 |
| 660 | Ecolab, Inc. | 165944 |
| 1662184 | Fortescue Ltd. | 17166512 |
| 12800 | Franco-Nevada Corp. | 2199658 |
| 674 | Givaudan SA | 3251619 |
| 268528 | Heidelberg Materials AG | 53682347 |
| 282536 | Holcim AG | 31572828 |
| 1790915 | International Paper Co. | 81808997 |
| 48334 | JFE Holdings, Inc. | 562899 |
| 770 | Linde Plc | 348987 |
| 553 | LyondellBasell Industries NV - Class A. | 32190 |
| 1656500 | Nitto Denko Corp. | 29115991 |
| 23500 | Novonesis Novozymes B - Class B | 1526498 |
| 357 | Nucor Corp. | 42615 |
| 172 | Reliance, Inc. | 49576 |
| 36500 | Rio Tinto Ltd. | 2730828 |
| 99540 | Rio Tinto Plc | 5931530 |
| 382195 | Shin-Etsu Chemical Co. Ltd. | 11630765 |
| 195254 | Sika AG | 48795459 |
| 426 | Steel Dynamics, Inc. | 55256 |
|  |  | 625718470 |
| **Real Estate — 1.5%** | **Real Estate — 1.5%** |  |
| 719396 | American Tower Corp. REIT | 162159052 |
| 829 | BXP, Inc. REIT | 52832 |
| 1586 | Camden Property Trust REIT | 180487 |
| 15780105 | CapitaLand Integrated Commercial Trust REIT | 25969334 |
| 606 | CoStar Group, Inc.(a) | 44947 |
| 1511 | Crown Castle, Inc. REIT | 159803 |
| 60496 | Daiwa House Industry Co. Ltd. | 2188922 |
| 661 | Digital Realty Trust, Inc. REIT | 106117 |
| 60 | Equinix, Inc. REIT | 51645 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Real Estate (continued)** | **Real Estate (continued)** |  |
| 2498 | Host Hotels & Resorts, Inc. REIT | $35272 |
| 1025 | Mid-America Apartment Communities, Inc. REIT | 163641 |
| 141786 | Mitsubishi Estate Co. Ltd. | 2490610 |
| 311939 | Mitsui Fudosan Co. Ltd. | 3091517 |
| 601 | Nippon Building Fund, Inc. REIT | 557854 |
| 355 | SBA Communications Corp. REIT | 86407 |
| 676910 | Simon Property Group, Inc. REIT | 106532096 |
| 3789072 | Sun Hung Kai Properties Ltd. | 35944704 |
| 1568 | UDR, Inc. REIT | 65668 |
| 1650 | Weyerhaeuser Co. REIT | 42752 |
|  |  | 339923660 |
| **Utilities — 2.5%** | **Utilities — 2.5%** |  |
| 10854891 | A2A SpA | 27606904 |
| 2499 | Alliant Energy Corp. | 152539 |
| 1090189 | American Electric Power Co., Inc. | 118111076 |
| 650600 | CLP Holdings Ltd. | 5547433 |
| 836596 | Duke Energy Corp. | 102081444 |
| 107800 | Endesa SA | 3237512 |
| 586000 | Enel SpA | 5080017 |
| 79200 | Engie SA | 1636931 |
| 2337367 | Iberdrola SA | 42133051 |
| 241600 | National Grid Plc | 3487279 |
| 61500 | Naturgy Energy Group SA | 1832211 |
| 2823911 | NextEra Energy, Inc. | 188863168 |
| 1581 | Pinnacle West Capital Corp. | 150480 |
| 2178 | Public Service Enterprise Group, Inc. | 174088 |
| 1301 | Southern Co. (The) | 119549 |
| 20900 | Verbund AG | 1606185 |
| 618369 | WEC Energy Group, Inc. | 67723773 |
|  |  | 569543640 |
| Total Common Stocks<br> (Cost $14,864,691,705) | Total Common Stocks<br> (Cost $14,864,691,705) | 22400845301 |
| **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) | 0 |
| Total Rights/Warrants<br> (Cost $0) | Total Rights/Warrants<br> (Cost $0) | 0 |
| **EXCHANGE-TRADED FUNDS(e) — 0.6%** | **EXCHANGE-TRADED FUNDS(e) — 0.6%** |  |
| 4025003 | KraneShares CSI China Internet ETF | 129202596 |
| Total Exchange-Traded Funds<br> (Cost $133,978,406) | Total Exchange-Traded Funds<br> (Cost $133,978,406) | 129202596 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **U.S. GOVERNMENT SECURITIES — 0.7%** | **U.S. GOVERNMENT SECURITIES — 0.7%** |  |
| **U.S. Treasury Bills — 0.7%** | **U.S. Treasury Bills — 0.7%** |  |
| $80000000 | 4.24%, 05/06/25(f) | $79953289 |
| 80000000 | 4.22%, 05/27/25(f) | 79755785 |
| Total U.S. Government Securities<br> (Cost $159,710,139) | Total U.S. Government Securities<br> (Cost $159,710,139) | 159709074 |
| Shares |  |  |
| **INVESTMENT COMPANY — 0.8%** | **INVESTMENT COMPANY — 0.8%** |  |
| 193347336 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(g) | 193347336 |
| Total Investment Company<br> (Cost $193,347,336) | Total Investment Company<br> (Cost $193,347,336) | 193347336 |
| **TOTAL INVESTMENTS — 99.4%**<br> (Cost $15,351,727,586) | **TOTAL INVESTMENTS — 99.4%**<br> (Cost $15,351,727,586) | $22883104307 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%** | 148450730 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $23031555037 |

---

(a) Non-income producing security.

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

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

(f) Zero coupon security. The rate represents the yield at time of purchase.

(g) The rate shown represents the current yield as of April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Large Cap Strategies Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

**Forward Foreign Currency Exchange Contracts Outstanding at April 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation |
| CAD | 13625000 | USD | 9560766 | Barclays Bank Plc | 09/08/25 | $385236 |
| GBP | 12448133 | USD | 16006832 | Barclays Bank Plc | 09/08/25 | 589731 |
| EUR | 13987970 | USD | 15186671 | Barclays Bank Plc | 09/08/25 | 787862 |
| JPY | 7749300000 | USD | 53229572 | Barclays Bank Plc | 09/08/25 | 1746346 |
| **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** |  | $3509175 |

---

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CAD — Canadian Dollar

ETF — Exchange-Traded Fund

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

REIT — Real Estate Investment Trust

USD — U.S. Dollar

**PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Country:** | Market Value | Market Value as<br> a percentage of<br> Net Assets |
| United States | $14250190724 | 61.9%&nbsp;&nbsp;&nbsp;&nbsp; |
| Japan | 1155389550 | 5 |
| United Kingdom | 1039280584 | 4.5 |
| Germany | 914065751 | 4 |
| Switzerland | 512879493 | 2.2 |
| India | 460993713 | 2 |
| Netherlands | 451593925 | 2 |
| Canada | 392225814 | 1.7 |
| France | 370914800 | 1.6 |
| China | 293324979 | 1.3 |
| Taiwan | 276758747 | 1.2 |
| Australia | 256625715 | 1.1 |
| Spain | 245052013 | 1.1 |
| Ireland | 223366763 | 1 |
| Sweden | 207666763 | 0.9 |
| Italy | 203399159 | 0.9 |
| South Korea | 141988415 | 0.6 |
| Israel | 110470736 | 0.5 |
| Uruguay | 106755261 | 0.5 |
| Brazil | 97932157 | 0.4 |
| Hong Kong | 93797062 | 0.4 |
| Norway | 76056792 | 0.3 |
| Belgium | 65534726 | 0.3 |
| South Africa | 65430029 | 0.3 |
| Singapore | 63467969 | 0.3 |
| Mexico | 59475845 | 0.2 |
| Austria | 53184001 | 0.2 |
| Indonesia | 41112259 | 0.2 |
| Chile | 38657630 | 0.2 |

---

---

| | | |
|:---|:---|:---|
| **Country:** | Market Value | Market Value as<br> a percentage of<br> Net Assets |
| Denmark | $37934964 | 0.1%&nbsp;&nbsp;&nbsp;&nbsp; |
| Finland | 34049855 | 0.1 |
| Luxembourg | 22738053 | 0.1 |
| Malaysia | 20454285 | 0.1 |
| Portugal | 18076769 | 0.1 |
| Other<sup>\*</sup> | 630709736 | 2.7 |
|  | $23031555037 | 100.0% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 90.2%** | **COMMON STOCKS — 90.2%** |  |
| **AUSTRALIA — 2.6%** | **AUSTRALIA — 2.6%** |  |
| 347470 | Abacus Group REIT | $253645 |
| 2116509 | AGL Energy Ltd. | 14424022 |
| 398542 | AIC Mines Ltd.(a) | 89360 |
| 223219 | Alkane Resources Ltd.(a) | 114862 |
| 792500 | AMP Ltd. | 654571 |
| 38136 | Ampol Ltd. | 579065 |
| 40887 | Ansell Ltd. | 793189 |
| 46380 | ARB Corp. Ltd. | 934651 |
| 566126 | Arena REIT | 1348182 |
| 15400 | ASX Ltd. | 697342 |
| 1769404 | Aurelia Metals Ltd.(a) | 333065 |
| 879937 | Aurizon Holdings Ltd. | 1722664 |
| 40985 | Australian Clinical Labs Ltd.(b) | 81828 |
| 14989 | Australian Ethical Investment Ltd. | 49733 |
| 365892 | Bank of Queensland Ltd. | 1747816 |
| 1553795 | Beach Energy Ltd. | 1169586 |
| 456546 | Bega Cheese Ltd. | 1651502 |
| 1330590 | Bendigo & Adelaide Bank Ltd. | 9518817 |
| 256790 | Brambles Ltd. | 3374647 |
| 639438 | Bravura Solutions Ltd. | 899023 |
| 50900 | Breville Group Ltd. | 933268 |
| 481988 | Capricorn Metals Ltd.(a) | 2851664 |
| 67412 | Catalyst Metals Ltd.(a) | 244879 |
| 1258968 | Centuria Industrial REIT | 2371032 |
| 1481038 | Cettire Ltd.(a) | 425843 |
| 782956 | Challenger Ltd. | 3547701 |
| 279453 | Charter Hall Social Infrastructure REIT | 523407 |
| 38600 | Civmec Australia Ltd. | 21740 |
| 6722 | Clinuvel Pharmaceuticals Ltd. | 48960 |
| 74670 | Computershare Ltd. | 1951232 |
| 1067847 | Downer EDI Ltd. | 3899425 |
| 7264364 | Dyno Nobel Ltd. | 10544962 |
| 63300 | EBOS Group Ltd. | 1377625 |
| 111108 | Emerald Resources NL(a) | 285297 |
| 2775845 | Evolution Mining Ltd. | 13920926 |
| 207454 | Flight Centre Travel Group Ltd. | 1702205 |
| 10437 | GenusPlus Group Ltd.(b) | 18598 |
| 715088 | GrainCorp Ltd. - Class A | 3044519 |
| 377700 | Harvey Norman Holdings Ltd. | 1262783 |
| 1033653 | Helia Group Ltd. | 3203713 |
| 116666 | HUB24 Ltd. | 5389829 |
| 890135 | Iluka Resources Ltd. | 2358323 |
| 526681 | Imdex Ltd. | 996373 |
| 49902 | Infomedia Ltd. | 39607 |
| 317639 | Insurance Australia Group Ltd. | 1668390 |
| 168079 | JB Hi-Fi Ltd. | 11138219 |
| 253434 | Judo Capital Holdings Ltd.(a) | 288944 |
| 88927 | Jumbo Interactive Ltd. | 581275 |
| 869409 | Karoon Energy Ltd. | 800333 |
| 34501 | Kogan.com Ltd. | 99407 |
| 1033952 | Macmahon Holdings Ltd. | 179238 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **AUSTRALIA (continued)** | **AUSTRALIA (continued)** |  |
| 209346 | Magellan Financial Group Ltd. | $1026329 |
| 2188 | Mayne Pharma Group Ltd.(a) | 9837 |
| 1254550 | Medibank Pvt Ltd. | 3731941 |
| 3455127 | Metals X Ltd.(a) | 1249323 |
| 96326 | Mineral Resources Ltd.(a) | 1266782 |
| 103087 | Monadelphous Group Ltd. | 1065997 |
| 737603 | Mount Gibson Iron Ltd.(a) | 146562 |
| 668934 | Nanosonics Ltd.(a) | 2054024 |
| 57294 | Navigator Global Investments Ltd. | 64221 |
| 321617 | Netwealth Group Ltd. | 5778510 |
| 1512490 | New Hope Corp. Ltd. | 3548078 |
| 108100 | Nick Scali Ltd. | 1231020 |
| 1569198 | Nufarm Ltd. | 3874148 |
| 30307 | Objective Corp. Ltd. | 303804 |
| 253629 | OFX Group Ltd.(a) | 183887 |
| 1000759 | Orica Ltd. | 10387730 |
| 65580 | Origin Energy Ltd. | 446994 |
| 122350 | Paradigm Biopharmaceuticals Ltd.(a) | 22483 |
| 1299336 | Perenti Ltd. | 1136352 |
| 5510055 | Perseus Mining Ltd. | 11809211 |
| 1519 | Playside Studios Ltd.(a) | 164 |
| 294026 | PointsBet Holdings Ltd.(a) | 206822 |
| 9896 | Pro Medicus Ltd. | 1451054 |
| 140400 | Qantas Airways Ltd. | 793810 |
| 134180 | QBE Insurance Group Ltd. | 1854357 |
| 595856 | Qube Holdings Ltd. | 1508534 |
| 666796 | Ramelius Resources Ltd. | 1122089 |
| 7926 | REA Group Ltd. | 1259281 |
| 432631 | Regis Healthcare Ltd. | 1892310 |
| 878148 | Regis Resources Ltd.(a) | 2538805 |
| 6207627 | Resolute Mining Ltd.(a) | 2026404 |
| 4518 | Ricegrowers Ltd. | 31830 |
| 107012 | SEEK Ltd. | 1456860 |
| 495004 | Service Stream Ltd. | 592857 |
| 18430 | SKS Technologies Group Ltd. | 21514 |
| 80636 | Solvar Ltd. | 83657 |
| 2412982 | South32 Ltd. | 4158281 |
| 255273 | Southern Cross Electrical Engineering Ltd. | 306145 |
| 832 | St. Barbara Ltd.(a) | 154 |
| 129912 | Suncorp Group Ltd. | 1689387 |
| 7735 | Supply Network Ltd. | 188696 |
| 937280 | Tabcorp Holdings Ltd. | 334066 |
| 187410 | Technology One Ltd. | 3617420 |
| 291801 | Temple & Webster Group Ltd.(a) | 3329872 |
| 201474 | Tuas Ltd.(a) | 727583 |
| 3111 | Universal Store Holdings Ltd. | 15335 |
| 3303990 | Vault Minerals Ltd.(a) | 909159 |
| 1250890 | Ventia Services Group Pty Ltd. | 3386768 |
| 106444 | Vysarn Ltd.(a) | 28269 |
| 1069482 | WEB Travel Group Ltd.(a) | 2940922 |
| 1968517 | West African Resources Ltd.(a) | 3012643 |
| 1249071 | Whitehaven Coal Ltd. | 3995449 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **AUSTRALIA (continued)** | **AUSTRALIA (continued)** |  |
| 25131 | XRF Scientific Ltd. | $24638 |
| 223979 | Yancoal Australia Ltd. | 714194 |
| 142915 | Zip Co. Ltd.(a) | 160103 |
|  |  | 211873952 |
| **AUSTRIA — 0.8%** | **AUSTRIA — 0.8%** |  |
| 212811 | ams-OSRAM AG(a) | 1889232 |
| 165999 | ANDRITZ AG | 11928641 |
| 71183 | BAWAG Group AG(b)(c) | 7802225 |
| 171347 | Erste Group Bank AG | 11603900 |
| 353 | EVN AG | 9238 |
| 200881 | OMV AG | 10386276 |
| 4871 | Palfinger AG | 158763 |
| 8563 | Porr AG | 299839 |
| 457502 | Raiffeisen Bank International AG | 12220466 |
| 54211 | UNIQA Insurance Group AG | 628179 |
| 16855 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 801664 |
| 172615 | voestalpine AG | 4548760 |
|  |  | 62277183 |
| **BAHAMAS — 0.1%** | **BAHAMAS — 0.1%** |  |
| 310000 | OneSpaWorld Holdings Ltd. | 5177000 |
| **BELGIUM — 0.2%** | **BELGIUM — 0.2%** |  |
| 10259 | Ackermans & van Haaren NV | 2509222 |
| 18900 | Ageas SA | 1185337 |
| 2523 | Ascencio REIT | 135042 |
| 147683 | Barco NV | 2020722 |
| 9512 | Care Property Invest NV REIT | 144666 |
| 3608 | Cie d'Entreprises CFE | 31466 |
| 15203 | Cofinimmo SA REIT | 1215620 |
| 6310 | Colruyt Group NV | 303433 |
| 12754 | Deme Group NV | 1911778 |
| 25354 | EVS Broadcast Equipment SA | 1060596 |
| 9250 | Groupe Bruxelles Lambert NV | 763070 |
| 11900 | KBC Ancora | 779687 |
| 2747 | Ontex Group NV(a) | 22551 |
| 7442 | Retail Estates NV REIT | 545635 |
| 726 | Sipef NV | 52793 |
| 115362 | Umicore SA | 1048645 |
| 1051 | Wereldhave Belgium Comm VA REIT | 59352 |
|  |  | 13789615 |
| **BRAZIL — 0.5%** | **BRAZIL — 0.5%** |  |
| 1647415 | B3 SA - Brasil Bolsa Balcao | 3869509 |
| 2775475 | BRF SA - ADR | 10990881 |
| 12443667 | Hapvida Participacoes e Investimentos SA(a)(b)(c) | 5086968 |
| 736910 | Pagseguro Digital Ltd. - Class A(a) | 7391207 |
| 584800 | StoneCo Ltd. - Class A(a) | 8222288 |
| 1729047 | Ultrapar Participacoes SA - ADR | 5446498 |
|  |  | 41007351 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CANADA — 1.8%** | **CANADA — 1.8%** |  |
| 1596 | ADENTRA, Inc. | $31269 |
| 5318 | Aecon Group, Inc. | 62261 |
| 21166 | AGF Management Ltd. - Class B | 157524 |
| 9314 | Agnico Eagle Mines Ltd. | 1094653 |
| 61900 | Air Canada(a) | 627262 |
| 65640 | Allied Properties Real Estate Investment Trust REIT | 730391 |
| 68478 | Altius Minerals Corp. | 1345618 |
| 17800 | Altus Group Ltd. | 662884 |
| 35802 | ARC Resources Ltd. | 662490 |
| 43700 | Canada Goose Holdings, Inc.(a) | 365804 |
| 22500 | Canadian Apartment Properties REIT | 687110 |
| 11400 | Canadian Tire Corp. Ltd. - Class A | 1247666 |
| 42485 | CCL Industries, Inc. - Class B | 2220092 |
| 190307 | Centerra Gold, Inc. | 1274143 |
| 144861 | Choice Properties Real Estate Investment Trust REIT | 1534144 |
| 995 | Cogeco, Inc. | 46278 |
| 36824 | Coveo Solutions, Inc.(a) | 164006 |
| 65100 | Crombie Real Estate Investment Trust REIT | 688966 |
| 123315 | Descartes Systems Group, Inc. (The)(a) | 12996168 |
| 11900 | Descartes Systems Group, Inc. (The)(a) | 1253186 |
| 435332 | Dollarama, Inc. | 53713893 |
| 116300 | Dream Industrial Real Estate Investment Trust REIT | 894226 |
| 11386 | DREAM Unlimited Corp. - Class A | 157006 |
| 108200 | Dundee Precious Metals, Inc. | 1418232 |
| 21757 | Enghouse Systems Ltd. | 395338 |
| 25760 | Evertz Technologies Ltd. | 204981 |
| 15915 | Exco Technologies Ltd. | 65803 |
| 80300 | Finning International, Inc. | 2266410 |
| 90061 | FirstService Corp. | 15808407 |
| 3850 | FirstService Corp. | 675719 |
| 23760 | Gildan Activewear, Inc. | 1094932 |
| 26100 | Granite Real Estate Investment Trust REIT | 1197275 |
| 3 | Hammond Power Solutions, Inc. | 200 |
| 7400 | iA Financial Corp, Inc. | 718851 |
| 21200 | IGM Financial, Inc. | 673707 |
| 2000 | Information Services Corp. | 38706 |
| 204991 | Killam Apartment Real Estate Investment Trust REIT | 2590268 |
| 155200 | Kinross Gold Corp. | 2290962 |
| 253979 | Knight Therapeutics, Inc.(a) | 1120116 |
| 121360 | Labrador Iron Ore Royalty Corp. | 2628616 |
| 600 | Lassonde Industries, Inc. - Class A | 90205 |
| 1015 | Lululemon Athletica, Inc.(a) | 274832 |
| 22000 | Lundin Gold, Inc. | 897331 |
| 36800 | Maple Leaf Foods, Inc. | 673483 |
| 208653 | Martinrea International, Inc. | 1110919 |
| 1345 | Morguard Corp. | 113163 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CANADA (continued)** | **CANADA (continued)** |  |
| 57866 | Morguard North American Residential Real Estate Investment Trust REIT | $701393 |
| 9931 | Mullen Group Ltd. | 94440 |
| 33702 | North West Co., Inc. (The) | 1351894 |
| 238800 | OceanaGold Corp. | 845310 |
| 9900 | Onex Corp. | 700957 |
| 52200 | Open Text Corp. | 1413103 |
| 81500 | Orla Mining Ltd.(a) | 897410 |
| 55100 | Osisko Gold Royalties Ltd. | 1320545 |
| 910 | Parkland Corp. | 22925 |
| 115590 | Pason Systems, Inc. | 920628 |
| 11200 | PHX Energy Services Corp. | 61500 |
| 3200 | Pollard Banknote Ltd. | 47538 |
| 43300 | Power Corp. of Canada | 1638905 |
| 42149 | Quebecor, Inc. - Class B | 1156300 |
| 4857 | Reitmans Canada Ltd. - Class A(a) | 7046 |
| 75126 | RioCan Real Estate Investment Trust REIT | 938394 |
| 44200 | Russel Metals, Inc. | 1282460 |
| 85520 | Secure Waste Infrastructure Corp. | 814506 |
| 36500 | SmartCentres Real Estate Investment Trust REIT | 674877 |
| 19649 | Stella-Jones, Inc. | 963494 |
| 1900 | TECSYS, Inc. | 58408 |
| 25124 | TFI International, Inc. | 2042396 |
| 18265 | TMX Group Ltd. | 740219 |
| 14103 | Tourmaline Oil Corp. | 623004 |
| 68300 | TransAlta Corp. | 608884 |
| 136766 | Transcontinental, Inc. - Class A | 1865081 |
| 18200 | True North Commercial Real Estate Investment Trust REIT | 126077 |
| 15469 | Wajax Corp. | 197823 |
| 15978 | Westshore Terminals Investment Corp. | 295198 |
| 216633 | Whitecap Resources, Inc. | 1228834 |
| 9686 | Winpak Ltd. | 300079 |
| 16600 | WSP Global, Inc. | 2942388 |
|  |  | 145847512 |
| CHILE — 0.1% | CHILE — 0.1% |  |
| 2979098 | Cencosud SA | 10193663 |
| **CHINA — 5.0%** | **CHINA — 5.0%** |  |
| 6633267 | 3SBio, Inc.(b)(c) | 10227683 |
| 15282000 | Agricultural Bank of China Ltd. - H Shares | 9325334 |
| 1914439 | Aisino Corp. - A Shares | 2167229 |
| 277379 | Alibaba Group Holding Ltd. - ADR | 33127374 |
| 196600 | Autohome, Inc. - ADR | 5363248 |
| 82263 | Baidu, Inc. - ADR(a) | 7224337 |
| 8074900 | Bank of Beijing Co. Ltd. - A Shares | 6666623 |
| 4602900 | Bank of Changsha Co. Ltd. - A Shares | 5737381 |
| 2735339 | Bank of Chengdu Co. Ltd. - A Shares | 6393289 |
| 14962770 | Bank of China Ltd. - H Shares | 8354817 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CHINA (continued)** | **CHINA (continued)** |  |
| 8169000 | Bank of Communications Co. Ltd. - H Shares | $7143461 |
| 2880674 | Bank of Hangzhou Co. Ltd. - A Shares | 5830413 |
| 5644251 | Bank of Jiangsu Co. Ltd. - A Shares | 7894517 |
| 4313200 | Bank of Nanjing Co. Ltd. - A Shares | 6184355 |
| 4973900 | Beijing Yanjing Brewery Co. Ltd. - A Shares | 8888826 |
| 10953190 | Beiqi Foton Motor Co. Ltd. - A Shares(a) | 3950607 |
| 8509044 | China Construction Bank Corp. - H Shares | 6989567 |
| 1247600 | China National Medicines Corp. Ltd. - A Shares | 4975771 |
| 6863000 | China Railway Group Ltd. - H Shares | 2952916 |
| 6828944 | China Railway Tielong Container Logistics Co. Ltd. - A Shares | 5283969 |
| 1095600 | China Railway Tielong Container Logistics Co. Ltd. - A Shares | 847732 |
| 5082046 | China Tower Corp. Ltd. - H Shares(b)(c) | 7361227 |
| 5968600 | Dongfang Electric Corp. Ltd. - H Shares | 8146752 |
| 4636000 | Dongfeng Motor Group Co. Ltd. - H Shares | 2565995 |
| 3961274 | FAW Jiefang Group Co. Ltd. - A Shares | 3924285 |
| 36900 | FAW Jiefang Group Co. Ltd. - A Shares | 36555 |
| 2073432 | Fujian Star-net Communication Co. Ltd. - A Shares | 5526536 |
| 633219 | Full Truck Alliance Co. Ltd. - ADR | 7193368 |
| 6932500 | Greentown China Holdings Ltd. | 8846443 |
| 4675100 | Guangxi Liugong Machinery Co. Ltd. - A Shares | 6399280 |
| 45600 | Guangxi Liugong Machinery Co. Ltd. - A Shares | 62417 |
| 1475907 | Han's Laser Technology Industry Group Co. Ltd. - A Shares | 4698314 |
| 10851000 | Industrial & Commercial Bank of China Ltd. - H Shares | 7433065 |
| 6205500 | IRICO Display Devices Co. Ltd. - A Shares(a) | 5717660 |
| 1037358 | JCET Group Co. Ltd. - A Shares | 4774675 |
| 4703600 | JD Logistics, Inc.(a)(b)(c) | 7377187 |
| 409885 | JD.com, Inc. - ADR | 13370449 |
| 3317583 | Jilin Sino-Microelectronics Co. Ltd. - A Shares | 2910064 |
| 1032100 | Kuaishou Technology(a)(b)(c) | 6812161 |
| 1453200 | Lens Technology Co. Ltd. - A Shares | 4180256 |
| 622800 | Lens Technology Co. Ltd. - A Shares | 1790023 |
| 3165900 | Ming Yang Smart Energy Group Ltd. - A Shares | 4448260 |
| 2593800 | MLS Co. Ltd. - A Shares | 2818011 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CHINA (continued)** | **CHINA (continued)** |  |
| 6130000 | ORG Technology Co. Ltd. - A Shares | $4506423 |
| 2038500 | ORG Technology Co. Ltd. - A Shares | 1498588 |
| 3838600 | Oriental Pearl Group Co. Ltd. - A Shares | 3895523 |
| 12203000 | People's Insurance Co. Group of China Ltd. (The) - H Shares | 7221937 |
| 3890400 | Ping An Bank Co. Ltd. - A Shares | 5843882 |
| 938211 | Ping An Insurance Group Co. of China Ltd. - H Shares | 5615227 |
| 7043600 | Postal Savings Bank of China Co. Ltd. - A Shares | 4960787 |
| 834111 | Raytron Technology Co. Ltd. - A Shares | 6417240 |
| 12981400 | Rizhao Port Co. Ltd. - A Shares | 5362164 |
| 1779500 | Sany Heavy Industry Co. Ltd. - A Shares | 4632151 |
| 13548350 | Shandong Nanshan Aluminum Co. Ltd. - A Shares | 6807930 |
| 2459900 | Shanghai Mechanical and Electrical Industry Co. Ltd. - A Shares | 7514248 |
| 2166600 | Shenzhen Laibao Hi-tech Co. Ltd. - A Shares | 2822583 |
| 840100 | Shenzhen Laibao Hi-tech Co. Ltd. - A Shares | 1094458 |
| 1551265 | Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares | 7732384 |
| 8068500 | Sinopec Engineering Group Co. Ltd. - H Shares | 5741274 |
| 1864000 | Sinopharm Group Co. Ltd. - H Shares | 4392979 |
| 2698240 | Tasly Pharmaceutical Group Co. Ltd. - A Shares | 5650457 |
| 8853628 | Tianjin Port Co. Ltd. - A Shares | 5387743 |
| 2164637 | Triangle Tyre Co. Ltd. - A Shares | 4033502 |
| 4087200 | Wuxi Taiji Industry Ltd. Co. - A Shares | 3559939 |
| 12328342 | Xinyi Solar Holdings Ltd. | 4099921 |
| 2045674 | Xuji Electric Co. Ltd. - A Shares | 5979152 |
| 19900 | Xuji Electric Co. Ltd. - A Shares | 58164 |
| 359800 | Yangzijiang Shipbuilding Holdings Ltd. | 616324 |
| 1974700 | Yifan Pharmaceutical Co. Ltd. - A Shares | 3082086 |
| 3030000 | Yunnan Copper Co. Ltd. - A Shares | 4857156 |
| 30300 | Yunnan Copper Co. Ltd. - A Shares | 48572 |
| 2870487 | Zhejiang Medicine Co. Ltd. - A Shares | 5262130 |
| 8530400 | Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares | 6146846 |
|  |  | 406764202 |
| **DENMARK — 0.7%** | **DENMARK — 0.7%** |  |
| 112058 | ALK-Abello A/S(a) | 2612128 |
| 267500 | Alm Brand A/S | 633839 |
| 8576 | Bang & Olufsen A/S(a) | 16927 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **DENMARK (continued)** | **DENMARK (continued)** |  |
| 104226 | Bavarian Nordic A/S(a) | $2478110 |
| 19633 | Chemometec A/S | 1414519 |
| 3565 | Columbus A/S | 6378 |
| 8934 | D/S Norden A/S | 243292 |
| 65700 | Danske Bank A/S | 2305253 |
| 17500 | Demant A/S(a) | 637295 |
| 1505915 | H Lundbeck A/S | 7206576 |
| 311227 | H Lundbeck A/S - Class A | 1285466 |
| 21719 | Invisio AB | 872898 |
| 544760 | ISS A/S | 13668824 |
| 15500 | Netcompany Group A/S(a)(b)(c) | 699730 |
| 60796 | NKT A/S(a) | 4950126 |
| 7963 | Pandora A/S | 1185396 |
| 13529 | Per Aarsleff Holding A/S | 1090048 |
| 283630 | ROCKWOOL A/S - Class B | 12947759 |
| 42540 | Royal Unibrew A/S | 3382697 |
| 4661 | Scandinavian Tobacco Group A/S(b) (c) | 67844 |
| 4233 | Schouw & Co. A/S | 385837 |
| 5564 | SP Group A/S | 228003 |
| 5002 | Sparekassen Sjaelland-Fyn A/S | 216176 |
|  |  | 58535121 |
| **FINLAND — 0.5%** | **FINLAND — 0.5%** |  |
| 309 | Aspo Oyj | 1822 |
| 23500 | Elisa Oyj | 1253678 |
| 124 | Fiskars Oyj Abp | 2060 |
| 70966 | Hiab Oyj - Class B | 3376758 |
| 78134 | Kalmar Oyj - Class B | 2475361 |
| 33400 | Kemira Oyj | 689178 |
| 30400 | Kesko Oyj - Class B | 697949 |
| 179686 | Konecranes Oyj | 12038607 |
| 8808 | Marimekko Oyj | 121808 |
| 2466100 | Nokia Oyj | 12328458 |
| 5426 | Olvi Oyj - Class A | 203450 |
| 98725 | Oriola Oyj - Class B | 122303 |
| 64697 | Orion Oyj - Class B | 4050778 |
| 83388 | Puuilo Oyj | 1187487 |
| 23327 | Raisio Oyj - Class V | 65019 |
| 10758 | Sanoma Oyj | 118512 |
| 4889 | Terveystalo Oyj(b)(c) | 67946 |
| 29800 | TietoEVRY Oyj | 533868 |
| 9025 | Vaisala Oyj - Class A | 480525 |
| 38900 | Valmet Oyj | 1187775 |
| 81061 | Wartsila Oyj Abp | 1497709 |
|  |  | 42501051 |
| **FRANCE — 2.3%** | **FRANCE — 2.3%** |  |
| 23900 | Accor SA | 1177610 |
| 38196 | Alten SA | 3237619 |
| 14835 | Amundi SA(b)(c) | 1171834 |
| 593 | Aubay | 30935 |
| 105764 | BNP Paribas SA | 8961329 |
| 45000 | Bouygues SA | 1977990 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **FRANCE (continued)** | **FRANCE (continued)** |  |
| 60600 | Bureau Veritas SA | $1923629 |
| 40967 | Canal+ SA(a) | 93065 |
| 107275 | Carmila SA REIT | 2331899 |
| 83800 | Carrefour SA | 1292507 |
| 63270 | Coface SA | 1296830 |
| 13772 | Covivio SA REIT | 772263 |
| 2000 | Dassault Aviation SA | 721133 |
| 67583 | Derichebourg SA | 464886 |
| 98013 | Eiffage SA | 13336894 |
| 479681 | Elior Group SA(a)(b)(c) | 1453117 |
| 11478 | Esso SA Francaise | 1845011 |
| 100297 | Etablissements Maurel et Prom SA | 516290 |
| 18600 | FDJ UNITED(b)(c) | 662981 |
| 25428 | Fnac Darty SA | 885360 |
| 275516 | Forvia SE | 2128280 |
| 21662 | Gaztransport Et Technigaz SA | 3530965 |
| 10681 | Gecina SA REIT | 1096496 |
| 1755 | GL Events SACA | 43763 |
| 4744 | Guerbet | 107931 |
| 116732 | Havas NV(a) | 194191 |
| 1525 | ID Logistics Group SACA(a) | 686886 |
| 3615 | Imerys SA | 120756 |
| 8206 | Ipsen SA | 954383 |
| 89325 | IPSOS SA | 4229063 |
| 60500 | JCDecaux SE(a) | 1052957 |
| 17079 | Kaufman & Broad SA | 670584 |
| 41199 | Klepierre SA REIT | 1508014 |
| 1109 | Lagardere SA | 23995 |
| 10925 | Lectra | 283713 |
| 857154 | Louis Hachette Group | 1351467 |
| 28796 | Manitou BF SA | 664038 |
| 184480 | Mercialys SA REIT | 2469651 |
| 304052 | Metropole Television SA | 4777528 |
| 171442 | Opmobility | 1921391 |
| 817676 | Orange SA | 11862884 |
| 82749 | Pluxee NV | 1860992 |
| 11640 | Publicis Groupe SA | 1184335 |
| 210193 | Rubis SCA | 6841942 |
| 97084 | Sanofi SA | 10620196 |
| 14170 | SEB SA | 1336641 |
| 101078 | Societe BIC SA | 6539900 |
| 230885 | Societe Generale SA | 12038110 |
| 162 | Societe LDC SADIR | 14063 |
| 21652 | Sopra Steria Group | 4439503 |
| 157003 | SPIE SA | 7695121 |
| 323291 | Technip Energies NV | 11032022 |
| 560660 | Television Francaise 1 SA | 5357360 |
| 533411 | Ubisoft Entertainment SA(a) | 6284818 |
| 633550 | Valeo SE | 6291888 |
| 1637 | Vetoquinol SA | 138316 |
| 126157 | Vicat SACA | 7063963 |
| 86308 | Vinci SA | 12123449 |
| 987 | Virbac SACA | 347984 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **FRANCE (continued)** | **FRANCE (continued)** |  |
| 11374 | Viridien(a) | $674792 |
| 209100 | Vivendi SE | 652070 |
| 8514 | Wendel SE | 837149 |
|  |  | 187206732 |
| **GERMANY — 2.0%** | **GERMANY — 2.0%** |  |
| 1662 | AlzChem Group AG | 214480 |
| 7015 | Atoss Software SE | 1054537 |
| 10111 | Bilfinger SE | 859940 |
| 125168 | Brenntag SE | 8359200 |
| 570904 | CECONOMY AG(a) | 2028928 |
| 4381 | Cewe Stiftung & Co. KGAA | 506634 |
| 416371 | Commerzbank AG | 11020320 |
| 158987 | Continental AG | 12428753 |
| 11350 | CTS Eventim AG & Co. KGaA | 1344827 |
| 217914 | Deutsche Post AG | 9311031 |
| 20635 | Deutz AG | 160219 |
| 9333 | Draegerwerk AG & Co. KGaA - Preference Shares | 635953 |
| 148647 | Duerr AG | 3519044 |
| 2105 | Eckert & Ziegler SE | 143892 |
| 3283 | Einhell Germany AG - Preference Shares | 245083 |
| 1724 | Elmos Semiconductor SE | 117446 |
| 155772 | EuroEyes International Eye Clinic Ltd. | 56201 |
| 8398 | Fielmann Group AG | 477215 |
| 126264 | flatexDEGIRO AG | 3322868 |
| 218390 | Freenet AG | 9081337 |
| 256727 | Fresenius SE & Co. KGaA(a) | 12193746 |
| 12093 | Friedrich Vorwerk Group SE | 825728 |
| 107208 | FUCHS SE - Preference Shares | 5375692 |
| 10400 | GEA Group AG | 678493 |
| 16100 | Heidelberg Materials AG | 3218606 |
| 219932 | Heidelberger Druckmaschinen AG(a) | 302753 |
| 105764 | Henkel AG & Co. KGaA - Preference Shares | 8214306 |
| 5426 | Hornbach Holding AG & Co. KGaA | 610898 |
| 257546 | HUGO BOSS AG | 10742066 |
| 17176 | Indus Holding AG | 483868 |
| 232980 | Infineon Technologies AG | 7717004 |
| 74815 | IONOS Group SE(a) | 2495746 |
| 4869 | JOST Werke SE(b)(c) | 274007 |
| 44416 | Jungheinrich AG - Preference Shares | 1614201 |
| 18764 | KION Group AG | 798520 |
| 55469 | Kloeckner & Co. SE | 446474 |
| 9433 | Koenig & Bauer AG(a) | 174549 |
| 30446 | Krones AG | 4450235 |
| 352 | KSB SE & Co. KGaA - Preference Shares | 320325 |
| 14456 | KWS Saat SE & Co. KGaA | 912148 |
| 583 | MBB SE | 105158 |
| 8679 | MLP SE | 78693 |
| 5250 | Nemetschek SE | 697645 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| GERMANY (continued) | GERMANY (continued) |  |
| 8439 | Nordex SE(a) | $158006 |
| 99 | Paul Hartmann AG | 27814 |
| 38100 | Porsche Automobil Holding SE - Preference Shares | 1570895 |
| 128419 | ProSiebenSat.1 Media SE | 896199 |
| 1075 | Rational AG | 922386 |
| 49756 | RENK Group AG | 2997507 |
| 49227 | Scout24 SE(b)(c) | 5866716 |
| 15722 | Sixt SE | 1494742 |
| 1306 | STO SE & Co. KGaA - Preference Shares | 186772 |
| 1095 | STRATEC SE | 29793 |
| 46630 | Stroeer SE & Co. KGaA | 2784344 |
| 48189 | Suedzucker AG | 648813 |
| 51758 | SUSS MicroTec SE | 1993005 |
| 262422 | TeamViewer SE(a)(b)(c) | 4031516 |
| 1221996 | thyssenkrupp AG | 14014167 |
| 87500 | TUI AG(a) | 673268 |
| 11334 | Wacker Neuson SE | 304780 |
| 5146 | Washtec AG | 247967 |
|  |  | 166467459 |
| **GREECE — 0.1%** | **GREECE — 0.1%** |  |
| 1727178 | Piraeus Financial Holdings SA | 9699888 |
| **HONG KONG — 0.6%** | **HONG KONG — 0.6%** |  |
| 98000 | APT Satellite Holdings Ltd. | 24254 |
| 731920 | Bank of East Asia Ltd. (The) | 1006347 |
| 628263 | Bright Smart Securities & Commodities Group Ltd. | 555399 |
| 66035 | Build King Holdings Ltd. | 9599 |
| 256000 | Cafe de Coral Holdings Ltd. | 235262 |
| 219000 | Champion REIT | 64830 |
| 2116500 | China Overseas Land & Investment Ltd. | 3754989 |
| 3742987 | China Taiping Insurance Holdings Co. Ltd. | 5183166 |
| 462578 | Chow Sang Sang Holdings International Ltd. | 453336 |
| 1412162 | Chow Tai Fook Jewellery Group Ltd. | 1887797 |
| 422000 | Citychamp Watch & Jewellery Group Ltd.(a) | 24978 |
| 138900 | CK Asset Holdings Ltd. | 567457 |
| 98800 | CK Hutchison Holdings Ltd. | 557141 |
| 3202682 | COSCO SHIPPING Ports Ltd. | 1657783 |
| 570787 | Dah Sing Banking Group Ltd. | 615071 |
| 70000 | Dah Sing Financial Holdings Ltd. | 255584 |
| 2756045 | Emperor Watch & Jewellery Ltd. | 76918 |
| 341000 | Hang Lung Group Ltd. | 489496 |
| 787300 | Hong Kong & China Gas Co. Ltd. | 708392 |
| 235000 | Hong Kong Technology Venture Co. Ltd.(a) | 62868 |
| 941700 | Hutchison Port Holdings Trust - U Shares- Units | 140193 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| HONG KONG (continued) | HONG KONG (continued) |  |
| 598000 | Hysan Development Co. Ltd. | $974798 |
| 187000 | Impro Precision Industries Ltd.(b)(c) | 55427 |
| 431247 | International Housewares Retail Co. Ltd. | 52750 |
| 427000 | Intron Technology Holdings Ltd. | 72750 |
| 205918 | Jacobson Pharma Corp. Ltd.(b) | 32359 |
| 33 | Jinhui Shipping & Transportation Ltd. (a) | 18 |
| 981682 | Johnson Electric Holdings Ltd. | 1788427 |
| 1124176 | JS Global Lifestyle Co. Ltd.(a)(b)(c) | 260763 |
| 1160777 | Kerry Properties Ltd. | 2726006 |
| 224531 | KLN Logistics Group Ltd. | 181104 |
| 122000 | LH GROUP Ltd.(b) | 5984 |
| 714374 | Luk Fook Holdings International Ltd. | 1558845 |
| 1422196 | Man Wah Holdings Ltd. | 755812 |
| 5724000 | Nine Dragons Paper Holdings Ltd.(a) | 2100734 |
| 3163402 | Pacific Basin Shipping Ltd. | 709303 |
| 156000 | Paradise Entertainment Ltd. | 33113 |
| 1138208 | PC Partner Group Ltd. | 1070205 |
| 4778308 | PCCW Ltd. | 3185481 |
| 311496 | Prosperity REIT | 46985 |
| 1269477 | Shun Tak Holdings Ltd.(a) | 91552 |
| 1310326 | Singamas Container Holdings Ltd. | 102710 |
| 463399 | SITC International Holdings Co. Ltd. | 1283135 |
| 200000 | SOCAM Development Ltd.(a) | 8854 |
| 46000 | Stella International Holdings Ltd. | 82353 |
| 299000 | Sunlight Real Estate Investment Trust REIT | 74316 |
| 1098612 | Tai Hing Group Holdings Ltd.(b) | 138719 |
| 1397 | Tang Palace China Holdings Ltd. | 31 |
| 549000 | Texhong International Group Ltd. | 239040 |
| 1520000 | Truly International Holdings Ltd. | 186604 |
| 14555993 | United Energy Group Ltd. | 759937 |
| 5648000 | United Laboratories International Holdings Ltd. (The) | 10121584 |
| 123000 | VTech Holdings Ltd. | 826335 |
| 123676 | Wai Kee Holdings Ltd.(a) | 9768 |
| 150100 | Wharf Real Estate Investment Co. Ltd. | 358972 |
| 2008696 | Yue Yuen Industrial Holdings Ltd. | 2883883 |
|  |  | 51109517 |
| INDIA — 0.4% | INDIA — 0.4% |  |
| 4782665 | Bank of India | 6528486 |
| 2184369 | Indus Towers Ltd.(a) | 10526765 |
| 458760 | Lupin Ltd. | 11408032 |
| 719909 | Sun TV Network Ltd. | 5283411 |
| 1197601 | Zee Entertainment Enterprises Ltd. | 1505944 |
|  |  | 35252638 |
| **INDONESIA — 0.1%** | **INDONESIA — 0.1%** |  |
| 35325900 | Perusahaan Gas Negara Tbk PT | 3584753 |
| 10058889 | Semen Indonesia Persero Tbk PT | 1585450 |
|  |  | 5170203 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **IRELAND — 0.3%** | **IRELAND — 0.3%** |  |
| 18398 | Amarin Corp. Plc - ADR(a) | $197958 |
| 296760 | Cairn Homes Plc | 653526 |
| 125121 | DCC Plc | 8177643 |
| 47348 | Dole Plc | 719216 |
| 445334 | Grafton Group Plc - Units | 5390798 |
| 718354 | Greencore Group Plc | 1771395 |
| 2515 | Jazz Pharmaceuticals Plc(a) | 294154 |
| 210331 | Ryanair Holdings Plc - ADR | 10066442 |
|  |  | 27271132 |
| ISRAEL — 1.3% | ISRAEL — 1.3% |  |
| 32 | Afcon Holdings Ltd.(a) | 1630 |
| 1817 | Analyst IMS Investment Management Services Ltd. | 45047 |
| 7713 | Automatic Bank Services Ltd. | 47687 |
| 108575 | B Communications Ltd.(a) | 604000 |
| 124040 | Bank Hapoalim BM | 1819493 |
| 215598 | Bank Leumi Le-Israel BM | 3061715 |
| 759806 | Bezeq The Israeli Telecommunication Corp. Ltd. | 1155389 |
| 50627 | Brainsway Ltd.(a) | 227823 |
| 17115 | Camtek Ltd. | 1136515 |
| 120481 | Cellcom Israel Ltd.(a) | 762939 |
| 5680 | Delek Group Ltd. | 906157 |
| 11552 | Delta Galil Ltd. | 544714 |
| 1089225 | El Al Israel Airlines(a) | 3329233 |
| 52530 | FIBI Holdings Ltd. | 3042153 |
| 464394 | First International Bank of Israel Ltd. (The) | 25506555 |
| 45387 | Fiverr International Ltd.(a) | 1155099 |
| 4165 | FMS Enterprises Migun Ltd. | 200705 |
| 34940 | Formula Systems 1985 Ltd. | 3084885 |
| 31729 | Fox Wizel Ltd. | 2668656 |
| 37700 | Harel Insurance Investments & Financial Services Ltd. | 626648 |
| 196400 | ICL Group Ltd. | 1311054 |
| 89939 | Inmode Ltd.(a) | 1268140 |
| 247683 | Isracard Ltd. | 1166403 |
| 14187 | Israel Corp. Ltd. | 4465984 |
| 84200 | Israel Discount Bank Ltd. - Class A | 628931 |
| 465 | Isras Investment Co. Ltd. | 100284 |
| 377 | M Yochananof & Sons Ltd. | 25497 |
| 137729 | Max Stock Ltd. | 526253 |
| 958346 | Menivim- The New REIT Ltd. | 480330 |
| 23050 | Mizrahi Tefahot Bank Ltd. | 1167194 |
| 337 | Naphtha Israel Petroleum Corp. Ltd. | 2187 |
| 4512 | Neto Malinda Trading Ltd. | 136479 |
| 98345 | Nexxen International Ltd.(a) | 976566 |
| 112446 | Nice Ltd. - ADR(a) | 17525271 |
| 12040 | Nova Ltd.(a) | 2324598 |
| 40725 | Oddity Tech Ltd. - Class A(a) | 2502144 |
| 695081 | Oil Refineries Ltd. | 174517 |
| 3602 | One Software Technologies Ltd. | 68050 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **ISRAEL (continued)** | **ISRAEL (continued)** |  |
| 60737 | Partner Communications Co. Ltd. | $403519 |
| 243047 | Phoenix Financial Ltd. | 4786340 |
| 36230 | Playtika Holding Corp. | 190932 |
| 311964 | Plus500 Ltd. | 12788118 |
| 1092 | RADCOM Ltd.(a) | 13159 |
| 105496 | Riskified Ltd. - Class A(a) | 484227 |
| 178015 | Sella Capital Real Estate Ltd. REIT | 435626 |
| 160135 | Tel Aviv Stock Exchange Ltd. | 1968905 |
| 36826 | Tower Semiconductor Ltd.(a) | 1345944 |
| 31300 | ZIM Integrated Shipping Services Ltd. | 480455 |
|  |  | 107674150 |
| ITALY — 2.0% | ITALY — 2.0% |  |
| 5865279 | A2A SpA | 14916980 |
| 101542 | Ascopiave SpA | 380005 |
| 17172 | Avio SpA(b) | 373194 |
| 39856 | Azimut Holding SpA | 1107569 |
| 11800 | Banca Generali SpA | 700067 |
| 106150 | Banca IFIS SpA | 2659713 |
| 777641 | Banca Mediolanum SpA | 11625620 |
| 86700 | Banca Monte dei Paschi di Siena SpA | 733203 |
| 526311 | Banca Popolare di Sondrio SPA | 6595137 |
| 72167 | BFF Bank SpA(a)(b)(c) | 683696 |
| 1378756 | BPER Banca SpA | 11198375 |
| 5400 | Brunello Cucinelli SpA | 609658 |
| 118906 | Buzzi SpA | 6231032 |
| 24903 | Cairo Communication SpA | 81354 |
| 70658 | Cementir Holding NV | 1158480 |
| 266900 | CIR SpA-Compagnie Industriali(a) | 177077 |
| 174238 | Credito Emiliano SpA | 2395390 |
| 56048 | Danieli & C Officine Meccaniche SpA | 1516948 |
| 22083 | Datalogic SpA | 106839 |
| 192155 | De' Longhi SpA | 5946585 |
| 7980 | DiaSorin SpA | 911929 |
| 42115 | Digital Value SpA | 870686 |
| 18652 | El.En. SpA | 187605 |
| 167700 | Enav SpA(b)(c) | 742606 |
| 593276 | Eni SpA | 8496624 |
| 31400 | ERG SpA | 642374 |
| 3563 | Fine Foods & Pharmaceuticals NTM | 28678 |
| 75712 | FNM SpA | 34318 |
| 252437 | Generali | 9225999 |
| 1251714 | Hera SpA | 5925901 |
| 142429 | Immobiliare Grande Distribuzione SIIQ SpA REIT(a) | 507061 |
| 299831 | Intercos SpA | 4513113 |
| 40700 | Interpump Group SpA | 1395920 |
| 597057 | Iren SpA | 1704555 |
| 308640 | Italgas SpA | 2535793 |
| 628025 | Iveco Group NV | 10033383 |
| 45332 | Lottomatica Group SpA | 1033289 |
| 927 | LU-VE SpA | 29989 |
| 874488 | Maire SpA | 9444951 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **ITALY (continued)** | **ITALY (continued)** |  |
| 541904 | MFE-MediaForEurope NV - Class A | $1971058 |
| 10825 | MFE-MediaForEurope NV - Class B | 52683 |
| 13307 | Orsero SpA | 197777 |
| 510900 | Piaggio & C SpA | 1002926 |
| 187082 | Pirelli & C SpA(b)(c) | 1156634 |
| 626174 | Poste Italiane SpA(b)(c) | 12709577 |
| 15400 | Recordati Industria Chimica e Farmaceutica SpA | 908728 |
| 58426 | Rizzoli Corriere Della Sera Mediagroup SpA | 65049 |
| 33994 | Safilo Group SpA(a) | 27796 |
| 26116 | SOL SpA | 1192370 |
| 298885 | Stevanato Group SpA | 6234741 |
| 18515 | Technogym SpA(b)(c) | 250190 |
| 2169200 | Telecom Italia SpA(a) | 859080 |
| 267200 | Unipol Assicurazioni SpA | 4792688 |
| 1515295 | Webuild SpA | 5497589 |
|  |  | 164380582 |
| JAPAN — 10.9% | JAPAN — 10.9% |  |
| 80600 | 77 Bank Ltd. (The) | 2526071 |
| 4500 | A&A Material Corp. | 35227 |
| 378634 | ABC-Mart, Inc. | 7041830 |
| 4400 | Abist Co. Ltd. | 96080 |
| 129800 | Adastria Co. Ltd. | 2652067 |
| 81740 | ADEKA Corp. | 1473522 |
| 24200 | Ad-sol Nissin Corp. | 171131 |
| 71 | Advance Residence Investment Corp. REIT | 73159 |
| 7900 | Advanced Media, Inc. | 48865 |
| 17200 | Adways, Inc. | 31881 |
| 199400 | AEON Financial Service Co. Ltd. | 1650023 |
| 1369 | AEON REIT Investment Corp. | 1198122 |
| 4300 | AGS Corp. | 25082 |
| 5000 | Aichi Financial Group, Inc. | 95801 |
| 36400 | Aida Engineering Ltd. | 225884 |
| 6900 | Ain Holdings, Inc. | 265956 |
| 6600 | Aiphone Co. Ltd. | 116178 |
| 19900 | Airtrip Corp. | 131489 |
| 97100 | Aisan Industry Co. Ltd. | 1312318 |
| 52900 | Aisin Corp. | 671900 |
| 48200 | Akatsuki, Inc. | 1175238 |
| 18500 | Akita Bank Ltd. (The) | 316677 |
| 322500 | Alfresa Holdings Corp. | 4868503 |
| 10700 | Alpha Systems, Inc. | 244805 |
| 33200 | AlphaPolis Co. Ltd. | 296479 |
| 245100 | Amada Co. Ltd. | 2454193 |
| 19100 | Amano Corp. | 556118 |
| 1000 | Amiya Corp.(a) | 30247 |
| 137700 | Amvis Holdings, Inc. | 443394 |
| 32300 | ANA Holdings, Inc. | 620465 |
| 77500 | Anest Iwata Corp. | 605732 |
| 234900 | Anritsu Corp. | 2348159 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 2900 | AOI Electronics Co. Ltd. | $35533 |
| 58400 | AOKI Holdings, Inc. | 520380 |
| 23800 | Aoyama Trading Co. Ltd. | 341774 |
| 58920 | ARE Holdings, Inc. | 732027 |
| 30200 | Artiza Networks, Inc. | 127205 |
| 87940 | As One Corp. | 1393730 |
| 48400 | Asahi Diamond Industrial Co. Ltd. | 250203 |
| 49900 | Asahi Group Holdings Ltd. | 689733 |
| 55200 | Asahi Intecc Co. Ltd. | 848689 |
| 21300 | Asahi Net, Inc. | 103234 |
| 58120 | Asics Corp. | 1249234 |
| 1500 | ASKA Pharmaceutical Holdings Co. Ltd. | 24467 |
| 55262 | ASKUL Corp. | 588181 |
| 76300 | Atrae, Inc. | 375473 |
| 15400 | Aucnet, Inc. | 134025 |
| 53996 | Avant Group Corp. | 673237 |
| 66600 | Avex, Inc. | 614516 |
| 23900 | Awa Bank Ltd. (The) | 459492 |
| 11200 | Axell Corp. | 82562 |
| 71200 | Axial Retailing, Inc. | 541623 |
| 290600 | Azbil Corp. | 2502442 |
| 38700 | Bandai Namco Holdings, Inc. | 1344924 |
| 35200 | Bando Chemical Industries Ltd. | 367930 |
| 10700 | Bank of Iwate Ltd. (The) | 218600 |
| 2100 | Bank of Nagoya Ltd. (The) | 110566 |
| 13900 | Bank of Saga Ltd. (The) | 212556 |
| 33800 | BayCurrent, Inc. | 1821266 |
| 363400 | BIPROGY, Inc. | 11867976 |
| 82100 | BML, Inc. | 1712467 |
| 70600 | Brother Industries Ltd. | 1240695 |
| 24200 | Buffalo, Inc. | 350236 |
| 311000 | Bunka Shutter Co. Ltd. | 4452359 |
| 7500 | Business Brain Showa-Ota, Inc. | 141842 |
| 7600 | Business Engineering Corp. | 202542 |
| 1700 | Canare Electric Co. Ltd. | 17686 |
| 27500 | Capcom Co. Ltd. | 796140 |
| 4300 | Career Design Center Co. Ltd. | 53931 |
| 342700 | Casio Computer Co. Ltd. | 2680112 |
| 69900 | Central Glass Co. Ltd. | 1462455 |
| 30152 | Central Security Patrols Co. Ltd. | 569103 |
| 105300 | Chiba Kogyo Bank Ltd. (The) | 914963 |
| 27200 | Chiyoda Corp.(a) | 65066 |
| 9500 | Chugoku Marine Paints Ltd. | 137985 |
| 98900 | Citizen Watch Co. Ltd. | 572092 |
| 10500 | CKD Corp. | 153050 |
| 2390 | Cleanup Corp. | 10809 |
| 245200 | Coca-Cola Bottlers Japan Holdings, Inc. | 4606526 |
| 155500 | COLOPL, Inc. | 515878 |
| 542 | Comforia Residential REIT, Inc. | 1053658 |
| 209800 | Computer Engineering & Consulting Ltd. | 3125160 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 21000 | COMSYS Holdings Corp. | $465446 |
| 72240 | Concordia Financial Group Ltd. | 467245 |
| 22600 | Copro-Holdings Co. Ltd. | 264774 |
| 12400 | Cosmos Initia Co. Ltd. | 106018 |
| 43980 | Cosmos Pharmaceutical Corp. | 2829657 |
| 189820 | Credit Saison Co. Ltd. | 4432856 |
| 49600 | Creek & River Co. Ltd. | 537508 |
| 111800 | Cresco Ltd. | 939548 |
| 19400 | CTS Co. Ltd. | 108818 |
| 12300 | Curves Holdings Co. Ltd. | 59586 |
| 656900 | CyberAgent, Inc. | 5623080 |
| 21800 | Cybozu, Inc. | 452160 |
| 43000 | Dai Nippon Printing Co. Ltd. | 599366 |
| 70900 | Daicel Corp. | 603512 |
| 75000 | Daido Steel Co. Ltd. | 565119 |
| 26100 | Daifuku Co. Ltd. | 690462 |
| 3200 | Daihen Corp. | 141198 |
| 5900 | Dai-Ichi Cutter Kogyo KK | 57294 |
| 862876 | Dai-ichi Life Holdings, Inc. | 6230351 |
| 51100 | Daiken Medical Co. Ltd. | 170467 |
| 44310 | Daito Pharmaceutical Co. Ltd. | 645918 |
| 6050 | Daito Trust Construction Co. Ltd. | 673589 |
| 22200 | Daitron Co. Ltd. | 496673 |
| 4030 | Daiwa House REIT Investment Corp. | 6750143 |
| 512 | Daiwa Office Investment Corp. REIT | 1096957 |
| 18600 | Demae-Can Co. Ltd.(a) | 31117 |
| 58200 | Denka Co. Ltd. | 794252 |
| 47520 | Dentsu Soken, Inc. | 2080998 |
| 900 | Digital Arts, Inc. | 44544 |
| 9800 | DMG Mori Co. Ltd. | 170341 |
| 117700 | Doshisha Co. Ltd. | 1844659 |
| 7300 | Double Standard, Inc. | 76039 |
| 41300 | Doutor Nichires Holdings Co. Ltd. | 773572 |
| 32180 | Dowa Holdings Co. Ltd. | 1032482 |
| 22800 | DTS Corp. | 648475 |
| 58000 | Duskin Co. Ltd. | 1524572 |
| 90200 | Ebara Corp. | 1354966 |
| 27900 | Ehime Bank Ltd. (The) | 203578 |
| 67700 | Eiken Chemical Co. Ltd. | 1052493 |
| 2300 | Eizo Corp. | 32908 |
| 163200 | Elecom Co. Ltd. | 1914885 |
| 36900 | Electric Power Development Co. Ltd. | 647796 |
| 123300 | en Japan, Inc. | 1415782 |
| 2900 | Endo Lighting Corp. | 31593 |
| 120000 | ENEOS Holdings, Inc. | 577708 |
| 40600 | Enigmo, Inc. | 83143 |
| 4300 | eSOL Co. Ltd. | 17069 |
| 176380 | EXEO Group, Inc. | 2059615 |
| 7200 | FALCO HOLDINGS Co. Ltd. | 116800 |
| 12100 | Fast Fitness Japan, Inc. | 126149 |
| 12843 | Ferrotec Holdings Corp. | 221727 |
| 77180 | Financial Partners Group Co. Ltd. | 1217987 |
| 148400 | Food & Life Cos. Ltd. | 5491575 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 39000 | Forum Engineering, Inc. | $285602 |
| 6200 | Foster Electric Co. Ltd. | 52783 |
| 33600 | Freee KK(a) | 949367 |
| 2610 | Frontier Real Estate Investment Corp. REIT | 1448947 |
| 69600 | Fuji Corp. | 1035023 |
| 31400 | Fuji Corp. | 424171 |
| 6700 | Fuji Seal International, Inc. | 119629 |
| 74400 | Fujimi, Inc. | 973842 |
| 3030 | Fujisash Co. Ltd. | 14577 |
| 37300 | Fujitec Co. Ltd. | 1461350 |
| 33900 | Fujitsu General Ltd. | 665457 |
| 5500 | Fukuda Denshi Co. Ltd. | 233419 |
| 81253 | Fukui Computer Holdings, Inc. | 2008215 |
| 43000 | Fukuoka Financial Group, Inc. | 1136072 |
| 39 | Fukuoka REIT Corp. | 42671 |
| 9800 | Fukuyama Transporting Co. Ltd. | 243148 |
| 148000 | FULLCAST Holdings Co. Ltd. | 1656790 |
| 19920 | Furukawa Electric Co. Ltd. | 629106 |
| 6300 | Furuno Electric Co. Ltd. | 112261 |
| 23200 | Furyu Corp. | 151597 |
| 27400 | Fuso Chemical Co. Ltd. | 664868 |
| 4400 | Fuso Pharmaceutical Industries Ltd. | 74015 |
| 182160 | Future Corp. | 2296883 |
| 17820 | Fuyo General Lease Co. Ltd. | 497258 |
| 76500 | Gakken Holdings Co. Ltd. | 539485 |
| 16100 | Gakujo Co. Ltd. | 187782 |
| 7000 | Galilei Co. Ltd. | 140470 |
| 11051 | Gecoss Corp. | 90270 |
| 34300 | Geo Holdings Corp. | 466453 |
| 1682 | Global One Real Estate Investment Corp. REIT | 1404469 |
| 204300 | Glory Ltd. | 3597254 |
| 4426 | GLP J-Reit | 3817633 |
| 3700 | GMO GlobalSign Holdings KK | 57456 |
| 18400 | GMO internet group, Inc. | 432681 |
| 14200 | GMO Payment Gateway, Inc. | 889393 |
| 4400 | GREE Holdings, Inc. | 16522 |
| 370980 | GungHo Online Entertainment, Inc. | 7850148 |
| 16500 | Gunze Ltd. | 296677 |
| 55000 | H2O Retailing Corp. | 752275 |
| 44600 | Hachijuni Bank Ltd. (The) | 336640 |
| 24300 | Hakuhodo DY Holdings, Inc. | 182698 |
| 100 | Hamakyorex Co. Ltd. | 934 |
| 61200 | Hamamatsu Photonics KK | 565923 |
| 68780 | Hanwa Co. Ltd. | 2280392 |
| 26000 | Happinet Corp. | 975771 |
| 44900 | Harmonic Drive Systems, Inc. | 1055494 |
| 93700 | Heiwa Corp. | 1458518 |
| 750 | Heiwa Real Estate REIT, Inc. | 690739 |
| 44900 | Hennge KK | 539441 |
| 600 | Hioki EE Corp. | 23924 |
| 12700 | Hirose Electric Co. Ltd. | 1436541 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 103900 | Hisamitsu Pharmaceutical Co., Inc. | $3152635 |
| 23500 | Hitachi Construction Machinery Co. Ltd. | 702295 |
| 17411 | Hito Communications Holdings, Inc. | 114709 |
| 67800 | Hokuhoku Financial Group, Inc. | 1215941 |
| 161440 | Horiba Ltd. | 11034728 |
| 15400 | Hoshizaki Corp. | 654748 |
| 16900 | Hosokawa Micron Corp. | 471006 |
| 5100 | House Foods Group, Inc. | 99998 |
| 13400 | Hyakugo Bank Ltd. (The) | 64956 |
| 46800 | Hyakujushi Bank Ltd. (The) | 1087037 |
| 69600 | IBJ, Inc. | 318080 |
| 1800 | Ichiken Co. Ltd. | 35706 |
| 32300 | Ichikoh Industries Ltd. | 88942 |
| 210545 | Idemitsu Kosan Co. Ltd. | 1304751 |
| 16450 | IHI Corp. | 1288564 |
| 13000 | IMAGICA GROUP, Inc. | 51937 |
| 225 | Industrial & Infrastructure Fund Investment Corp. REIT | 184065 |
| 740283 | Inpex Corp. | 9260570 |
| 267400 | Internet Initiative Japan, Inc. | 4958500 |
| 2800 | Iriso Electronics Co. Ltd. | 50132 |
| 17000 | ISB Corp. | 161138 |
| 246600 | Isetan Mitsukoshi Holdings Ltd. | 3169913 |
| 85518 | Isuzu Motors Ltd. | 1150083 |
| 62400 | Itfor, Inc. | 644864 |
| 74800 | Ito En Ltd. | 1789535 |
| 124400 | Itoki Corp. | 1564428 |
| 62300 | Iwatani Corp. | 596516 |
| 550762 | Iyogin Holdings, Inc. | 6388405 |
| 38400 | Izumi Co. Ltd. | 884082 |
| 98900 | J Trust Co. Ltd. | 271243 |
| 371200 | JAC Recruitment Co. Ltd. | 2158035 |
| 43500 | JAFCO Group Co. Ltd. | 732498 |
| 21600 | Japan Airport Terminal Co. Ltd. | 621280 |
| 477817 | Japan Aviation Electronics Industry Ltd. | 7654187 |
| 1386 | Japan Excellent, Inc. REIT | 1252267 |
| 215700 | Japan Lifeline Co. Ltd. | 2309504 |
| 1075 | Japan Logistics Fund, Inc. REIT | 703017 |
| 18000 | Japan Medical Dynamic Marketing, Inc. | 70412 |
| 4396 | Japan Metropolitan Fund Invest REIT | 2928966 |
| 43200 | Japan Post Insurance Co. Ltd. | 868456 |
| 1801 | Japan Real Estate Investment Corp. REIT | 1429297 |
| 94700 | Japan System Techniques Co. Ltd. | 1243854 |
| 161664 | JBCC Holdings, Inc. | 1356198 |
| 49440 | JCR Pharmaceuticals Co. Ltd. | 172333 |
| 3400 | JCU Corp. | 75082 |
| 113900 | Jeol Ltd. | 3663166 |
| 113580 | JFE Holdings, Inc. | 1322756 |
| 354500 | JGC Holdings Corp. | 2835260 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 21200 | JINS Holdings, Inc. | $1329524 |
| 3200 | JK Holdings Co. Ltd. | 22826 |
| 2200 | J-Oil Mills, Inc. | 31588 |
| 17700 | JSB Co. Ltd. | 450417 |
| 30000 | Juroku Financial Group, Inc. | 1014813 |
| 84920 | Justsystems Corp. | 2032373 |
| 144400 | JVCKenwood Corp. | 1077668 |
| 33780 | Kajima Corp. | 806587 |
| 232600 | Kakaku.com, Inc. | 4113735 |
| 23800 | Kamakura Shinsho Ltd. | 78682 |
| 12600 | Kamei Corp. | 169462 |
| 138800 | Kamigumi Co. Ltd. | 3397762 |
| 6316 | Kanaden Corp. | 64685 |
| 100600 | Kanadevia Corp. | 645244 |
| 217900 | Kanamoto Co. Ltd. | 4885766 |
| 63300 | Kaneka Corp. | 1547003 |
| 39800 | Katitas Co. Ltd. | 576665 |
| 42600 | Kawasaki Kisen Kaisha Ltd. | 584230 |
| 1646 | KDX Realty Investment Corp. REIT | 1714091 |
| 28400 | Keihan Holdings Co. Ltd. | 695569 |
| 11800 | Kenko Mayonnaise Co. Ltd. | 158173 |
| 67740 | Kewpie Corp. | 1540769 |
| 64000 | Kikkoman Corp. | 626507 |
| 18800 | Kimura Unity Co. Ltd. | 102053 |
| 35640 | Kinden Corp. | 922515 |
| 57200 | Kissei Pharmaceutical Co. Ltd. | 1501159 |
| 2700 | Kitagawa Corp. | 23470 |
| 1800 | Kita-Nippon Bank Ltd. (The) | 38554 |
| 116650 | Kitz Corp. | 889645 |
| 45500 | KNT-CT Holdings Co. Ltd.(a) | 375178 |
| 10560 | Kobayashi Pharmaceutical Co. Ltd. | 402863 |
| 74760 | Kobe Steel Ltd. | 876777 |
| 89460 | Koei Tecmo Holdings Co. Ltd. | 1534716 |
| 74600 | Koito Manufacturing Co. Ltd. | 903596 |
| 14800 | Kokuyo Co. Ltd. | 303287 |
| 215719 | Komatsu Ltd. | 6238501 |
| 14200 | Komeri Co. Ltd. | 302599 |
| 100700 | Komori Corp. | 896816 |
| 11110 | Konami Group Corp. | 1586686 |
| 909500 | Konica Minolta, Inc.(a) | 2791535 |
| 9500 | Konishi Co. Ltd. | 74634 |
| 6600 | Kose Corp. | 284664 |
| 46940 | K's Holdings Corp. | 449546 |
| 20400 | Kurabo Industries Ltd. | 893723 |
| 431437 | Kuraray Co. Ltd. | 5039827 |
| 50660 | Kurita Water Industries Ltd. | 1677235 |
| 8200 | Kuriyama Holdings Corp. | 75433 |
| 26000 | Kyodo Printing Co. Ltd. | 193660 |
| 79600 | Kyoto Financial Group, Inc. | 1366296 |
| 62260 | Kyowa Kirin Co. Ltd. | 972166 |
| 25400 | Kyushu Railway Co. | 657386 |
| 58200 | Life Corp. | 843046 |
| 203400 | LIFULL Co. Ltd. | 215862 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 28000 | Lintec Corp. | $535606 |
| 223300 | Lion Corp. | 2736982 |
| 43500 | Lixil Corp. | 512587 |
| 3000 | Look Holdings, Inc. | 51292 |
| 80500 | M&A Capital Partners Co. Ltd. | 1548981 |
| 53040 | Mabuchi Motor Co. Ltd. | 774871 |
| 234119 | Makita Corp. | 6846588 |
| 54500 | Marui Group Co. Ltd. | 1084850 |
| 2930 | Maruwa Co. Ltd. | 602486 |
| 210700 | Marvelous, Inc. | 698967 |
| 46700 | Matching Service Japan Co. Ltd. | 297699 |
| 2300 | Matsuoka Corp. | 29296 |
| 75900 | Max Co. Ltd. | 2238442 |
| 41400 | Maxell Ltd. | 507431 |
| 2969194 | Mazda Motor Corp. | 17752263 |
| 34000 | McDonald's Holdings Co. Japan Ltd. | 1437635 |
| 237000 | Mebuki Financial Group, Inc. | 1158012 |
| 10300 | Media Do Co. Ltd. | 126123 |
| 97300 | Medipal Holdings Corp. | 1648815 |
| 38100 | Megmilk Snow Brand Co. Ltd. | 700571 |
| 86600 | Meidensha Corp. | 2379118 |
| 341180 | MEITEC Group Holdings, Inc. | 7002920 |
| 74000 | Micronics Japan Co. Ltd. | 1567801 |
| 48580 | Milbon Co. Ltd. | 923746 |
| 146780 | Mirait one Corp. | 2308267 |
| 23900 | Miroku Jyoho Service Co. Ltd. | 310266 |
| 252200 | MISUMI Group, Inc. | 3533137 |
| 6300 | Mitani Sangyo Co. Ltd. | 15448 |
| 93400 | Mito Securities Co. Ltd. | 349493 |
| 18700 | Mitsuba Corp. | 109812 |
| 121000 | Mitsubishi Chemical Group Corp. | 588249 |
| 42900 | Mitsubishi Estate Co. Ltd. | 753580 |
| 284700 | Mitsubishi Logistics Corp. | 1964827 |
| 7300 | Mitsubishi Pencil Co. Ltd. | 113289 |
| 24800 | Mitsubishi Research Institute, Inc. | 778752 |
| 25100 | Mitsubishi Shokuhin Co. Ltd. | 939661 |
| 27800 | Mitsuboshi Belting Ltd. | 697111 |
| 22000 | Mitsui Chemicals, Inc. | 483444 |
| 44800 | Mitsui High-Tec, Inc. | 209259 |
| 36960 | Mitsui Mining & Smelting Co. Ltd. | 1004832 |
| 134709 | Mitsui OSK Lines Ltd. | 4486324 |
| 120780 | Miura Co. Ltd. | 2572668 |
| 145400 | Mixi, Inc. | 3230743 |
| 279750 | Mizuno Corp. | 4992776 |
| 6600 | Mochida Pharmaceutical Co. Ltd. | 142869 |
| 59400 | Monex Group, Inc. | 298981 |
| 35500 | MonotaRO Co. Ltd. | 682767 |
| 59700 | Morinaga & Co. Ltd. | 1064443 |
| 15900 | Moriroku Co. Ltd. | 245319 |
| 7500 | Morita Holdings Corp. | 111909 |
| 11000 | Musashino Bank Ltd. (The) | 243777 |
| 44300 | Nabtesco Corp. | 664901 |
| 75400 | Nagase & Co. Ltd. | 1328066 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 59160 | Nakanishi, Inc. | $772360 |
| 3400 | Nanyo Corp. | 28167 |
| 107795 | NEC Corp. | 2624035 |
| 3000 | NEOJAPAN, Inc. | 32441 |
| 62500 | NGK Insulators Ltd. | 771251 |
| 56900 | NHK Spring Co. Ltd. | 632345 |
| 7000 | Nichia Steel Works Ltd. | 14873 |
| 1800 | Nifco, Inc. | 44633 |
| 20300 | Nihon Falcom Corp. | 173564 |
| 166100 | Nihon Kohden Corp. | 2006416 |
| 312700 | Nihon M&A Center Holdings, Inc. | 1275422 |
| 11800 | Nihon Trim Co. Ltd. | 339764 |
| 338000 | Nikon Corp. | 3250022 |
| 1185 | Nippon Accommodations Fund, Inc. REIT | 966690 |
| 1890 | Nippon Building Fund, Inc. REIT | 1754316 |
| 7800 | Nippon Carbide Industries Co., Inc. | 91987 |
| 404900 | Nippon Express Holdings, Inc. | 7230649 |
| 709456 | Nippon Kayaku Co. Ltd. | 6684219 |
| 59400 | Nippon Light Metal Holdings Co. Ltd. | 619300 |
| 15300 | Nippon Paper Industries Co. Ltd. | 118293 |
| 3644 | Nippon Prologis REIT, Inc. | 6026540 |
| 19200 | Nippon Seiki Co. Ltd. | 147015 |
| 132400 | Nippon Shinyaku Co. Ltd. | 3413853 |
| 115823 | Nippon Steel Corp. | 2437809 |
| 29900 | Nippon Television Holdings, Inc. | 692423 |
| 31760 | Nippon Yusen KK | 1037692 |
| 115360 | Nipro Corp. | 1022286 |
| 19900 | Nishio Holdings Co. Ltd. | 572607 |
| 33200 | Nissan Chemical Corp. | 971055 |
| 7800 | Nissei ASB Machine Co. Ltd. | 248440 |
| 275300 | Nisshin Seifun Group, Inc. | 3551841 |
| 156700 | Nisshinbo Holdings, Inc. | 936706 |
| 21400 | Nissin Corp. | 721238 |
| 65900 | Nisso Holdings Co. Ltd. | 318321 |
| 5800 | Nitta Corp. | 149100 |
| 81100 | Nitto Boseki Co. Ltd. | 2155422 |
| 51600 | Nitto Denko Corp. | 906964 |
| 133400 | Nitto Kogyo Corp. | 2800457 |
| 23200 | Nitto Seiko Co. Ltd. | 96115 |
| 52700 | Nittoc Construction Co. Ltd. | 384993 |
| 82620 | NOF Corp. | 1243667 |
| 174140 | Nomura Holdings, Inc. | 970581 |
| 1480 | Nomura Real Estate Master Fund, Inc. REIT | 1473427 |
| 26100 | Nomura Research Institute Ltd. | 988341 |
| 9400 | Noritake Co. Ltd. | 244986 |
| 70400 | Noritz Corp. | 865663 |
| 36800 | North Pacific Bank Ltd. | 128663 |
| 118800 | NS Solutions Corp. | 2818506 |
| 32500 | NS Tool Co. Ltd. | 161190 |
| 274342 | NSD Co. Ltd. | 6458680 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 2061 | NSW, Inc. | $44741 |
| 726 | NTT UD REIT Investment Corp. | 681948 |
| 75400 | OBIC Business Consultants Co. Ltd. | 3624599 |
| 21300 | Obic Co. Ltd. | 745745 |
| 29800 | Ogaki Kyoritsu Bank Ltd. (The) | 483617 |
| 7100 | Oita Bank Ltd. (The) | 169464 |
| 150400 | Oji Holdings Corp. | 709968 |
| 40300 | Okabe Co. Ltd. | 250547 |
| 156700 | Okamura Corp. | 2175802 |
| 102800 | Oki Electric Industry Co. Ltd. | 684676 |
| 2000 | Okinawa Cellular Telephone Co. | 59304 |
| 1600 | Okinawa Financial Group, Inc. | 27754 |
| 56800 | OKUMA Corp. | 1276100 |
| 46500 | Olympus Corp. | 609289 |
| 14700 | Ono Pharmaceutical Co. Ltd. | 169211 |
| 68400 | Onward Holdings Co. Ltd. | 276961 |
| 5300 | OpenWork, Inc.(a) | 31908 |
| 31100 | Optim Corp.(a) | 142433 |
| 14340 | Oracle Corp. Japan | 1723975 |
| 3600 | Oricon, Inc. | 20258 |
| 799 | Orix JREIT, Inc. | 1006321 |
| 124000 | Osaki Electric Co. Ltd. | 738009 |
| 106640 | OSG Corp. | 1267618 |
| 28840 | Otsuka Corp. | 639644 |
| 151600 | PAL GROUP Holdings Co. Ltd. | 4171248 |
| 39500 | PALTAC Corp. | 1095399 |
| 42140 | Pan Pacific International Holdings Corp. | 1297383 |
| 7200 | PAPYLESS Co. Ltd. | 43649 |
| 10300 | Paramount Bed Holdings Co. Ltd. | 165917 |
| 10300 | Paris Miki Holdings, Inc. | 20089 |
| 2320600 | Persol Holdings Co. Ltd. | 4203239 |
| 119100 | Pigeon Corp. | 1442286 |
| 42400 | Pilot Corp. | 1183436 |
| 59800 | Pole To Win Holdings, Inc. | 150823 |
| 2900 | PR Times, Corp. | 46190 |
| 172200 | Prestige International, Inc. | 808588 |
| 6300 | PROGRIT, Inc. | 48975 |
| 40700 | Pronexus, Inc. | 347612 |
| 25100 | Raito Kogyo Co. Ltd. | 466847 |
| 151400 | Rakus Co. Ltd. | 2300493 |
| 43300 | Rakuten Bank Ltd.(a) | 1821099 |
| 136900 | Relo Group, Inc. | 1808897 |
| 15300 | Resonac Holdings Corp. | 278276 |
| 398200 | Resorttrust, Inc. | 4098076 |
| 8348 | Rheon Automatic Machinery Co. Ltd. | 68008 |
| 57000 | Ricoh Co. Ltd. | 599533 |
| 95800 | Riken Technos Corp. | 673261 |
| 46500 | Riken Vitamin Co. Ltd. | 811217 |
| 417138 | Rinnai Corp. | 9343249 |
| 9800 | Rion Co. Ltd. | 163694 |
| 204700 | Rohm Co. Ltd. | 1863792 |
| 242900 | Rohto Pharmaceutical Co. Ltd. | 4063037 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 252800 | Ryohin Keikaku Co. Ltd. | $8544778 |
| 1800 | S&B Foods, Inc. | 35648 |
| 38200 | Sac's Bar Holdings, Inc. | 223481 |
| 100 | Saison Technology Co. Ltd. | 1257 |
| 6000 | Sakai Heavy Industries Ltd. | 85256 |
| 80846 | Sakata Seed Corp. | 1872489 |
| 84500 | Sangetsu Corp. | 1718632 |
| 4300 | Sanko Metal Industrial Co. Ltd. | 178041 |
| 462834 | Sankyo Co. Ltd. | 7044591 |
| 6500 | Sankyo Tateyama, Inc. | 29041 |
| 59840 | Sankyu, Inc. | 2618957 |
| 214100 | Sansan, Inc.(a) | 2924907 |
| 56500 | Sansha Electric Manufacturing Co. Ltd. | 319809 |
| 827400 | Santen Pharmaceutical Co. Ltd. | 8380231 |
| 353140 | Sanwa Holdings Corp. | 11591005 |
| 113800 | Sato Corp. | 1646824 |
| 31000 | Scroll Corp. | 222954 |
| 18000 | Secom Co. Ltd. | 661868 |
| 262719 | Sega Sammy Holdings, Inc. | 5514074 |
| 27000 | Seibu Holdings, Inc. | 652555 |
| 125200 | Seikagaku Corp. | 622177 |
| 37100 | Seiko Epson Corp. | 514691 |
| 37800 | Seiko Group Corp. | 997795 |
| 28200 | Sekisui House Ltd. | 648324 |
| 4103 | Sekisui House Reit, Inc. | 2213485 |
| 32000 | Sekisui Kasei Co. Ltd. | 73384 |
| 1000 | SEMITEC Corp. | 12486 |
| 19200 | SERAKU Co. Ltd. | 192356 |
| 13800 | Seria Co. Ltd. | 280170 |
| 7000 | Serverworks Co. Ltd.(a) | 114932 |
| 100040 | SG Holdings Co. Ltd. | 1053386 |
| 65400 | Sharp Corp.(a) | 387720 |
| 41000 | Shibaura Machine Co. Ltd. | 1035062 |
| 9100 | Shibaura Mechatronics Corp. | 426811 |
| 487800 | SHIFT, Inc.(a) | 4463463 |
| 26200 | Shikoku Bank Ltd. (The) | 217832 |
| 77900 | Shikoku Electric Power Co., Inc. | 640185 |
| 10300 | Shimadaya Corp. | 134906 |
| 89700 | Shimamura Co. Ltd. | 5968547 |
| 49700 | Shindengen Electric Manufacturing Co. Ltd. | 718868 |
| 15500 | Shin-Etsu Polymer Co. Ltd. | 158817 |
| 28600 | Shinnihonseiyaku Co. Ltd. | 479910 |
| 41000 | Shionogi & Co. Ltd. | 688821 |
| 376937 | Ship Healthcare Holdings, Inc. | 5468404 |
| 304000 | Shizuoka Financial Group, Inc. | 3378212 |
| 17200 | SHO-BOND Holdings Co. Ltd. | 617418 |
| 69940 | Shoei Co. Ltd. | 821442 |
| 28876 | Shofu, Inc. | 441788 |
| 3400 | Sigma Koki Co. Ltd. | 31408 |
| 5900 | SIGMAXYZ Holdings, Inc. | 43244 |
| 24320 | Sinfonia Technology Co. Ltd. | 1039897 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 275700 | SKY Perfect JSAT Holdings, Inc. | $2228798 |
| 2900 | SMK Corp. | 47566 |
| 378420 | SMS Co. Ltd. | 3507181 |
| 530700 | Socionext, Inc. | 5707986 |
| 122900 | Sodick Co. Ltd. | 645937 |
| 15800 | Softcreate Holdings Corp. | 217258 |
| 504400 | Sohgo Security Services Co. Ltd. | 3986608 |
| 103713 | Soliton Systems KK | 908190 |
| 114900 | Square Enix Holdings Co. Ltd. | 6643864 |
| 163600 | Star Micronics Co. Ltd. | 1876138 |
| 6100 | Startia Holdings, Inc. | 90137 |
| 124600 | Starts Corp., Inc. | 3388894 |
| 6300 | Step Co. Ltd. | 100653 |
| 9600 | Strike Co. Ltd. | 197468 |
| 483057 | Subaru Corp. | 8747157 |
| 122240 | Sugi Holdings Co. Ltd. | 2567755 |
| 53500 | Sumitomo Bakelite Co. Ltd. | 1243924 |
| 1715200 | Sumitomo Chemical Co. Ltd. | 4146168 |
| 21500 | Sumitomo Densetsu Co. Ltd. | 790165 |
| 61400 | Sumitomo Electric Industries Ltd. | 986907 |
| 88700 | Sumitomo Heavy Industries Ltd. | 1846896 |
| 48000 | Sumitomo Mitsui Trust Group, Inc. | 1187459 |
| 471900 | Sumitomo Pharma Co. Ltd.(a) | 2604796 |
| 17700 | Sumitomo Realty & Development Co. Ltd. | 659260 |
| 6900 | Sumitomo Riko Co. Ltd. | 78910 |
| 55600 | Sumitomo Warehouse Co. Ltd. (The) | 1079986 |
| 262900 | Sun Frontier Fudousan Co. Ltd. | 3597756 |
| 82800 | Sundrug Co. Ltd. | 2759086 |
| 227500 | Suzuken Co. Ltd. | 8219036 |
| 9100 | System Support Holdings, Inc. | 128109 |
| 734100 | Systena Corp. | 1920186 |
| 75300 | Tadano Ltd. | 521684 |
| 24800 | Taiheiyo Cement Corp. | 667749 |
| 14300 | Takaoka Toko Co. Ltd. | 229981 |
| 27900 | Takara & Co. Ltd. | 676072 |
| 126560 | Takara Holdings, Inc. | 1021474 |
| 101300 | Takara Standard Co. Ltd. | 1280334 |
| 14600 | Takasago International Corp. | 685802 |
| 123900 | Takashimaya Co. Ltd. | 955288 |
| 49640 | Takeuchi Manufacturing Co. Ltd. | 1553849 |
| 233000 | Tamron Co. Ltd. | 5267770 |
| 3300 | Tazmo Co. Ltd. | 40466 |
| 164200 | TDK Corp. | 1752251 |
| 116480 | TechMatrix Corp. | 1663397 |
| 1100 | Techno Medica Co. Ltd. | 13949 |
| 159360 | TechnoPro Holdings, Inc. | 3553667 |
| 16900 | Temairazu, Inc. | 419516 |
| 5000 | Terasaki Electric Co. Ltd. | 73436 |
| 74048 | TIS, Inc. | 2137261 |
| 11500 | Toa Corp. | 74696 |
| 181500 | Tobu Railway Co. Ltd. | 3312002 |
| 46200 | TOC Co. Ltd. | 204384 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 5900 | Tocalo Co. Ltd. | $67956 |
| 159965 | Tochigi Bank Ltd. (The) | 362326 |
| 1200 | Toell Co. Ltd. | 6464 |
| 30000 | Toho Gas Co. Ltd. | 897386 |
| 96500 | Toho Holdings Co. Ltd. | 3154722 |
| 124400 | Tohoku Electric Power Co., Inc. | 894008 |
| 24000 | Tokai Corp. | 352989 |
| 430191 | Tokai Rika Co. Ltd. | 6407092 |
| 336659 | Tokuyama Corp. | 6872020 |
| 2810700 | Tokyo Electric Power Co. Holdings, Inc.(a) | 8598367 |
| 431537 | Tokyo Gas Co. Ltd. | 14336865 |
| 4900 | Tokyo Kiraboshi Financial Group, Inc. | 193692 |
| 880 | Tokyo Ohka Kogyo Co. Ltd. | 19360 |
| 90100 | Tokyo Seimitsu Co. Ltd. | 5027862 |
| 64446 | Tokyo Tatemono Co. Ltd. | 1155409 |
| 33360 | Tokyotokeiba Co. Ltd. | 980390 |
| 53600 | Tokyu Corp. | 650064 |
| 191986 | Tokyu Fudosan Holdings Corp. | 1344635 |
| 1196 | Tokyu REIT, Inc. | 1496637 |
| 73900 | Toli Corp. | 252679 |
| 1200 | Tomato Bank Ltd. | 9926 |
| 104085 | TOMONY Holdings, Inc. | 398845 |
| 69290 | Tomy Co. Ltd. | 1525558 |
| 1726051 | Toray Industries, Inc. | 11023456 |
| 88100 | Tosei Corp. | 1484826 |
| 101455 | Toshiba TEC Corp. | 1912316 |
| 19300 | Tosho Co. Ltd. | 74249 |
| 41280 | TOTO Ltd. | 1088491 |
| 3400 | Toumei Co. Ltd. | 47278 |
| 36400 | Towa Bank Ltd. (The) | 156219 |
| 138600 | Towa Pharmaceutical Co. Ltd. | 2571841 |
| 6600 | Toyo Denki Seizo KK | 63759 |
| 100900 | Toyo Engineering Corp. | 476384 |
| 121620 | Toyo Seikan Group Holdings Ltd. | 2123327 |
| 10080 | Toyo Suisan Kaisha Ltd. | 651630 |
| 65140 | Toyo Tire Corp. | 1217909 |
| 2200 | Toyokumo, Inc. | 38693 |
| 117200 | Transcosmos, Inc. | 2560977 |
| 9283 | Trend Micro, Inc. | 666061 |
| 2900 | Trinity Industrial Corp. | 21582 |
| 98400 | Trusco Nakayama Corp. | 1468031 |
| 356100 | Tsubakimoto Chain Co. | 4326019 |
| 95720 | Tsugami Corp. | 1179138 |
| 28600 | Tsuruha Holdings, Inc. | 2300560 |
| 12200 | TV Asahi Holdings Corp. | 221904 |
| 3700 | TYK Corp. | 12740 |
| 39400 | UACJ Corp. | 1329291 |
| 31600 | Ubicom Holdings, Inc. | 282044 |
| 9100 | Uchida Yoko Co. Ltd. | 497823 |
| 82800 | Ulvac, Inc. | 2808133 |
| 80000 | United Arrows Ltd. | 1262900 |
| 59400 | UNITED, Inc. | 290353 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 5400 | Univance Corp. | $13494 |
| 932927 | USS Co. Ltd. | 9299179 |
| 25600 | Valor Holdings Co. Ltd. | 447912 |
| 68100 | ValueCommerce Co. Ltd. | 386883 |
| 84100 | Vector, Inc. | 523027 |
| 29200 | Visional, Inc.(a) | 1766563 |
| 56200 | Vital KSK Holdings, Inc. | 517337 |
| 467040 | Wacom Co. Ltd. | 1787891 |
| 3100 | Wadakohsan Corp. | 29832 |
| 2300 | Waseda Academy Co. Ltd. | 35664 |
| 27800 | WDB Holdings Co. Ltd. | 354810 |
| 5500 | Wealth Management, Inc. | 39132 |
| 79200 | Welcia Holdings Co. Ltd. | 1396386 |
| 30700 | West Japan Railway Co. | 645805 |
| 3100 | WingArc1st, Inc. | 82848 |
| 45720 | Workman Co. Ltd. | 1440677 |
| 33800 | Wowow, Inc. | 243399 |
| 103900 | Xebio Holdings Co. Ltd. | 947863 |
| 30400 | Yakult Honsha Co. Ltd. | 624477 |
| 3000 | YAKUODO Holdings Co. Ltd. | 42629 |
| 135700 | YAMABIKO Corp. | 2030767 |
| 225900 | Yamaha Corp. | 1651090 |
| 9300 | Yamanashi Chuo Bank Ltd. (The) | 132647 |
| 201000 | Yamato Holdings Co. Ltd. | 2853751 |
| 12000 | Yamato Kogyo Co. Ltd. | 714584 |
| 92200 | Yamazaki Baking Co. Ltd. | 2207136 |
| 66000 | Yamazen Corp. | 648940 |
| 800 | Yaoko Co. Ltd. | 53582 |
| 17500 | Yodogawa Steel Works Ltd. | 708541 |
| 30300 | Yokogawa Electric Corp. | 655697 |
| 27046 | Yokohama Rubber Co. Ltd. (The) | 591356 |
| 3000 | Yokowo Co. Ltd. | 25707 |
| 11100 | Yossix Holdings Co. Ltd. | 216002 |
| 20100 | Yushin Co. | 89766 |
| 3700 | Yutaka Giken Co. Ltd. | 56082 |
| 18900 | Zacros Corp. | 524087 |
| 201880 | Zenkoku Hosho Co. Ltd. | 4380003 |
| 86500 | Zenrin Co. Ltd. | 727974 |
| 224960 | Zeon Corp. | 2206008 |
| 25400 | ZERIA Pharmaceutical Co. Ltd. | 416526 |
| 216500 | ZIGExN Co. Ltd. | 673646 |
| 109080 | ZOZO, Inc. | 1107761 |
| 13100 | Zuken, Inc. | 473698 |
|  |  | 887889706 |
| **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** |  |
| 13140 | Befesa SA(b)(c) | 399549 |
| 31200 | RTL Group SA | 1279530 |
| 64500 | Tenaris SA | 1075534 |
|  |  | 2754613 |
| **MACAU — 0.0%** | **MACAU — 0.0%** |  |
| 265100 | Sands China Ltd.(a) | 474781 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **MALAYSIA — 0.1%** | **MALAYSIA — 0.1%** |  |
| 21673800 | Top Glove Corp. Bhd(a) | $4418015 |
| **MEXICO — 0.1%** | **MEXICO — 0.1%** |  |
| 250861 | Industrias Penoles SAB de CV(a) | 5027198 |
| NETHERLANDS — 1.1% | NETHERLANDS — 1.1% |  |
| 440118 | ABN AMRO Bank NV(b)(c) | 9120496 |
| 3536 | Acomo NV | 86905 |
| 28363 | Alfen NV(a)(b)(c) | 498695 |
| 20585 | Arcadis NV | 998189 |
| 22291 | ASM International NV | 10895551 |
| 141040 | ASR Nederland NV | 8899457 |
| 92865 | Corbion NV | 1985956 |
| 28784 | Eurocommercial Properties NV REIT | 831754 |
| 9010 | Euronext NV(b)(c) | 1505995 |
| 85602 | Flow Traders Ltd. | 2534567 |
| 34361 | ForFarmers NV | 163979 |
| 302026 | Koninklijke Ahold Delhaize NV | 12400905 |
| 463732 | Koninklijke BAM Groep NV | 3141225 |
| 210823 | Koninklijke Heijmans NV | 10798148 |
| 213700 | Koninklijke KPN NV | 994101 |
| 29320 | Koninklijke Vopak NV | 1212402 |
| 147212 | NN Group NV | 9027099 |
| 27159 | NSI NV REIT | 665159 |
| 43183 | QIAGEN NV | 1853241 |
| 6135 | QIAGEN NV | 262271 |
| 27398 | Randstad NV | 1099748 |
| 246100 | Signify NV(b)(c) | 5101425 |
| 94028 | Van Lanschot Kempen NV | 5490059 |
| 214984 | Wereldhave NV REIT | 4060608 |
|  |  | 93627935 |
| NEW ZEALAND — 0.1% | NEW ZEALAND — 0.1% |  |
| 2004924 | a2 Milk Co. Ltd. (The) | 10489045 |
| 269484 | Air New Zealand Ltd. | 92864 |
| 13488 | Gentrack Group Ltd.(a) | 93973 |
| 39148 | SKY Network Television Ltd. | 57365 |
| 801689 | Spark New Zealand Ltd. | 993233 |
| 7554 | Vista Group International Ltd.(a) | 15899 |
|  |  | 11742379 |
| **NORWAY — 0.8%** | **NORWAY — 0.8%** |  |
| 240847 | ABG Sundal Collier Holding ASA | 152101 |
| 37623 | AF Gruppen ASA | 539989 |
| 520131 | Aker BP ASA | 11165917 |
| 1433201 | Aker Solutions ASA | 3889860 |
| 81341 | Atea ASA | 1112919 |
| 7801 | Bonheur ASA | 180636 |
| 23520 | Bouvet ASA | 181516 |
| 505 | BW Offshore Ltd. | 1384 |
| 2403528 | DNO ASA | 2741281 |
| 1692356 | Elkem ASA(b)(c) | 2976985 |
| 22516 | Elmera Group ASA(b)(c) | 80258 |
| 1645 | FLEX LNG Ltd. | 39687 |
| 168826 | Gjensidige Forsikring ASA | 3950334 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **NORWAY (continued)** | **NORWAY (continued)** |  |
| 4439 | Kongsberg Gruppen ASA | $715162 |
| 1028795 | Leroy Seafood Group ASA | 4509324 |
| 554293 | Mowi ASA | 10163781 |
| 587079 | MPC Container Ships ASA | 868145 |
| 23852 | NORBIT ASA | 327576 |
| 404645 | Norconsult Norge AS | 1828679 |
| 415479 | Nordic Semiconductor ASA(a) | 4166169 |
| 253384 | Norwegian Air Shuttle ASA(a) | 334611 |
| 140945 | Odfjell Drilling Ltd. | 733658 |
| 144295 | OKEA ASA(a) | 227258 |
| 833 | Olav Thon Eiendomsselskap ASA | 20722 |
| 191433 | Orkla ASA | 2134949 |
| 211514 | Petronor E&P ASA | 255803 |
| 150390 | Pexip Holding ASA | 571626 |
| 154942 | SATS ASA(a) | 559746 |
| 24060 | Schibsted ASA - Class A | 732214 |
| 25380 | Schibsted ASA - Class B | 732903 |
| 2897 | SpareBank 1 Nord Norge | 38726 |
| 13386 | Sparebank 1 Oestlandet | 222925 |
| 76344 | SpareBank 1 SMN | 1385476 |
| 43300 | SpareBank 1 Sor-Norge ASA | 690949 |
| 4705 | Sparebanken More | 45224 |
| 19660 | Sparebanken Norge | 264556 |
| 54600 | Storebrand ASA | 659219 |
| 25920 | TGS ASA | 193322 |
| 56193 | TOMRA Systems ASA | 886573 |
| 67324 | Veidekke ASA | 1013024 |
| 678723 | Wallenius Wilhelmsen ASA | 4919040 |
| 13592 | Wilh Wilhelmsen Holding ASA - Class A | 506520 |
|  |  | 66720747 |
| **POLAND — 0.3%** | **POLAND — 0.3%** |  |
| 1064885 | Allegro.eu SA(a)(b)(c) | 9343755 |
| 250143 | KGHM Polska Miedz SA | 7985186 |
| 3276809 | Orange Polska SA | 8419581 |
|  |  | 25748522 |
| **PORTUGAL — 0.1%** | **PORTUGAL — 0.1%** |  |
| 100659 | Altri SGPS SA | 692645 |
| 1330015 | Banco Comercial Portugues SA - Class R | 850675 |
| 3621 | Ibersol SGPS SA | 38167 |
| 52367 | Jeronimo Martins SGPS SA | 1267405 |
| 284675 | NOS SGPS SA | 1188067 |
| 218800 | REN - Redes Energeticas Nacionais SGPS SA | 718140 |
| 5970051 | Sonae SGPS SA | 7581577 |
|  |  | 12336676 |
| PUERTO RICO — 0.0% | PUERTO RICO — 0.0% |  |
| 2860 | Popular, Inc. | 272901 |
| RUSSIA — 0.0% | RUSSIA — 0.0% |  |
| 3531360 | Alrosa PJSC(d)(e) | 0 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **RUSSIA (continued)** | **RUSSIA (continued)** |  |
| 1189126065 | Federal Grid Co. - Rosseti PJSC(a)(d) (e) | $0 |
| 4480742 | Gazprom PJSC(a)(d)(e) | 0 |
| 1073095 | Gazprom PJSC - ADR(a)(d)(e) | 0 |
| 112793 | Magnit PJSC(d)(e) | 0 |
| 532967 | Mobile TeleSystems PJSC(d)(e) | 0 |
| 217810135 | ROSSETI PJSC(a)(d)(e) | 0 |
| 1641600 | Rostelecom PJSC(d)(e) | 0 |
| 461432194 | RusHydro PJSC(a)(d)(e) | 0 |
| 13369855 | Surgutneftegas PAO(d)(e) | 0 |
| 243969 | VK IPJSC(a)(d)(e) | 0 |
|  |  | 0 |
| **SINGAPORE — 0.7%** | **SINGAPORE — 0.7%** |  |
| 1731100 | AIMS APAC REIT | 1632191 |
| 509200 | ASMPT Ltd. | 3425633 |
| 14900 | Bukit Sembawang Estates Ltd. | 40385 |
| 332900 | CapitaLand Ascendas REIT | 678337 |
| 1037397 | CapitaLand Integrated Commercial Trust REIT | 1707245 |
| 331600 | Capitaland Investment Ltd. | 698877 |
| 518300 | Centurion Corp. Ltd. | 499783 |
| 587116 | ComfortDelGro Corp. Ltd. | 688792 |
| 1527500 | CSE Global Ltd. | 489648 |
| 1189200 | First Resources Ltd. | 1375884 |
| 663900 | Frasers Centrepoint Trust REIT | 1150142 |
| 1271093 | Frasers Logistics & Commercial Trust REIT(b) | 871890 |
| 1174325 | Genting Singapore Ltd. | 665922 |
| 13400 | GuocoLand Ltd. | 14466 |
| 1317764 | Hafnia Ltd. | 6074360 |
| 186000 | Hour Glass Ltd. (The) | 223623 |
| 267500 | iFAST Corp. Ltd. | 1274189 |
| 491545 | IGG, Inc. | 236812 |
| 231000 | InnoTek Ltd. | 69748 |
| 412400 | Keppel DC REIT | 682294 |
| 6145100 | Keppel Pacific Oak US REIT(a)(b) | 1224276 |
| 957000 | Keppel REIT | 626939 |
| 91600 | Kimly Ltd. | 22432 |
| 7033800 | Manulife US Real Estate Investment Trust REIT(a)(b) | 443277 |
| 2559400 | Mapletree Logistics Trust REIT | 2202446 |
| 2245300 | Mapletree Pan Asia Commercial Trust REIT | 2102767 |
| 44300 | OUE Ltd. | 31882 |
| 893200 | OUE Real Estate Investment Trust REIT | 191598 |
| 299400 | Parkway Life Real Estate Investment Trust REIT | 969892 |
| 251900 | Propnex Ltd.(b) | 202578 |
| 81500 | PSC Corp. Ltd. | 21205 |
| 3508100 | Raffles Medical Group Ltd. | 2715883 |
| 304400 | RHT Health Trust(a)(d) | 4428 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| SINGAPORE (continued) | SINGAPORE (continued) |  |
| 4484300 | Riverstone Holdings Ltd. | $3107591 |
| 44276 | Samudera Shipping Line Ltd. | 28160 |
| 742000 | Sasseur Real Estate Investment Trust REIT(b) | 361485 |
| 19500 | SBS TRANSIT Ltd. | 44268 |
| 93720 | Sembcorp Industries Ltd. | 474052 |
| 1876839 | Sheng Siong Group Ltd. | 2528720 |
| 203100 | Singapore Airlines Ltd. | 1042292 |
| 214000 | Singapore Exchange Ltd. | 2354184 |
| 3494100 | Starhill Global REIT | 1325439 |
| 62000 | Stoneweg European Real Estate Investment Trust REIT(b) | 105328 |
| 50016 | Super Hi International Holding Ltd. (a) | 108430 |
| 81600 | UOB-Kay Hian Holdings Ltd. | 112644 |
| 913420 | UOL Group Ltd. | 4040679 |
| 262600 | Wilmar International Ltd. | 615923 |
| 8347600 | Yangzijiang Financial Holding Ltd. | 4551279 |
| 306400 | Yanlord Land Group Ltd.(a) | 110370 |
|  |  | 54170668 |
| SOUTH AFRICA — 0.8% | SOUTH AFRICA — 0.8% |  |
| 400129 | African Rainbow Minerals Ltd. | 3354879 |
| 232848 | Anglo American Platinum Ltd. | 7973648 |
| 560948 | Aspen Pharmacare Holdings Ltd. | 3683466 |
| 1442651 | Impala Platinum Holdings Ltd.(a) | 8579629 |
| 162442 | Investec Plc | 1019999 |
| 1050328 | MTN Group Ltd. | 6951405 |
| 666221 | Remgro Ltd. | 5740722 |
| 2339970 | Sappi Ltd. | 4387621 |
| 8743609 | Sibanye Stillwater Ltd.(a) | 9989593 |
| 730227 | SPAR Group Ltd. (The)(a) | 4499817 |
| 1027169 | Vodacom Group Ltd. | 7600266 |
|  |  | 63781045 |
| SOUTH KOREA — 1.4% | SOUTH KOREA — 1.4% |  |
| 42263 | Green Cross Corp. | 3687944 |
| 423009 | GS Engineering & Construction Corp. | 5437738 |
| 143546 | Hankook Tire & Technology Co. Ltd. | 4169414 |
| 97412 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 18634593 |
| 146412 | Hyundai Department Store Co. Ltd. | 6150376 |
| 158884 | Hyundai Engineering & Construction Co. Ltd. | 4656200 |
| 60545 | Hyundai Glovis Co. Ltd. | 4854610 |
| 115060 | KB Financial Group, Inc. | 7271649 |
| 71727 | LG Electronics, Inc. | 3600379 |
| 51736 | NCSoft Corp. | 5325447 |
| 20191 | OCI Co. Ltd. | 783077 |
| 45027 | OCI Holdings Co. Ltd. | 2050656 |
| 458328 | Samsung E&A Co. Ltd. | 6197221 |
| 1541033 | Samsung Heavy Industries Co. Ltd.(a) | 15788824 |
| 94093 | Samsung Life Insurance Co. Ltd. | 5713106 |
| 50299 | Samsung SDS Co. Ltd. | 4532778 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| SOUTH KOREA (continued) | SOUTH KOREA (continued) |  |
| 130290 | Samsung Securities Co. Ltd. | $4775986 |
| 834883 | SK Networks Co. Ltd. | 2479498 |
| 189403 | SK Square Co. Ltd.(a) | 11709807 |
|  |  | 117819303 |
| SPAIN — 1.3% | SPAIN — 1.3% |  |
| 422857 | Acerinox SA | 4778830 |
| 18304 | ACS Actividades de Construccion y Servicios SA | 1146818 |
| 15841 | Aedas Homes SA(b)(c) | 511238 |
| 280049 | Atresmedia Corp. de Medios de Comunicacion SA | 1767923 |
| 3309819 | Banco de Sabadell SA | 9657331 |
| 1298803 | Banco Santander SA | 9144689 |
| 55995 | Bankinter SA | 652282 |
| 47688 | CIE Automotive SA | 1260666 |
| 26459 | Construcciones y Auxiliar de Ferrocarriles SA | 1293261 |
| 3142 | Distribuidora Internacional de Alimentacion SA(a) | 81179 |
| 387833 | Faes Farma SA | 1883174 |
| 45760 | Fluidra SA | 1059416 |
| 1462838 | Gestamp Automocion SA(b)(c) | 4369720 |
| 2931 | Grupo Empresarial San Jose SA | 19235 |
| 220009 | Indra Sistemas SA | 7014743 |
| 816783 | Inmobiliaria Colonial Socimi SA REIT | 5293651 |
| 251781 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 365732 |
| 212019 | Logista Integral SA | 7248571 |
| 4621890 | Mapfre SA | 16453920 |
| 276090 | Melia Hotels International SA | 2004198 |
| 303770 | Merlin Properties Socimi SA REIT | 3444836 |
| 171 | Metrovacesa SA(b)(c) | 2161 |
| 24368 | Pharma Mar SA | 2064248 |
| 54290 | Tecnicas Reunidas SA(a) | 911156 |
| 2131746 | Telefonica SA | 10951291 |
| 6315228 | Unicaja Banco SA(b)(c) | 12037145 |
| 14386 | Vidrala SA | 1567990 |
| 9450 | Viscofan SA | 681737 |
|  |  | 107667141 |
| **SWEDEN — 1.9%** | **SWEDEN — 1.9%** |  |
| 20800 | AcadeMedia AB(b)(c) | 171157 |
| 10063 | AddLife AB - Class B | 190966 |
| 19441 | AFRY AB | 336804 |
| 66164 | Alfa Laval AB | 2744208 |
| 606372 | Alleima AB | 4767498 |
| 2151 | Alligo AB - Class B | 24560 |
| 36883 | AQ Group AB | 593503 |
| 732622 | Arjo AB - Class B | 2454325 |
| 10623 | Attendo AB(b)(c) | 72315 |
| 329838 | Avanza Bank Holding AB | 10960577 |
| 40290 | Axfood AB | 1126362 |
| 20082 | Beijer Alma AB | 417743 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SWEDEN (continued)** | **SWEDEN (continued)** |  |
| 488669 | Betsson AB - Class B | $8546369 |
| 154580 | BHG Group AB(a) | 369378 |
| 453928 | Billerud Aktiebolag | 4789864 |
| 143888 | BioGaia AB - Class B | 1531727 |
| 282670 | Boliden AB(a) | 8661021 |
| 34370 | Bonava AB - Class B(a) | 45768 |
| 140668 | Bravida Holding AB(b)(c) | 1340399 |
| 904175 | Bredband2 i Skandinavien AB | 203526 |
| 44217 | Bufab AB | 1827619 |
| 32500 | Bure Equity AB | 1095019 |
| 54051 | Byggmax Group AB | 266935 |
| 10581 | Cellavision AB | 220589 |
| 47848 | Clas Ohlson AB - Class B | 1355441 |
| 542978 | Cloetta AB - Class B | 1579633 |
| 131615 | Dometic Group AB(c) | 474504 |
| 82092 | Dynavox Group AB(a) | 743303 |
| 180 | Elanders AB - Class B | 1002 |
| 304636 | Electrolux AB - Class B(a) | 1901824 |
| 134631 | Electrolux Professional AB - Class B | 780064 |
| 65100 | Elekta AB - Class B | 331497 |
| 3851 | Ependion AB | 46047 |
| 158956 | Fagerhult Group AB | 686991 |
| 410870 | Getinge AB - Class B | 7940891 |
| 49122 | Granges AB | 613565 |
| 5088 | Green Landscaping Group AB(a)(b)(c) | 31611 |
| 67133 | Hemnet Group AB | 2304390 |
| 88183 | Hexpol AB | 766792 |
| 32424 | Hoist Finance AB(a)(b)(c) | 291081 |
| 6294 | Humana AB(a) | 26613 |
| 409788 | Husqvarna AB - Class B | 1906029 |
| 6160 | Instalco AB(b) | 17079 |
| 115584 | Inwido AB | 2449537 |
| 13070 | ITAB Shop Concept AB | 34380 |
| 77 | Kopparbergs Bryggeri AB - Class B | 926 |
| 101242 | Lagercrantz Group AB - Class B | 2306881 |
| 238683 | Loomis AB | 9934329 |
| 11500 | MEKO AB | 150998 |
| 15400 | MIPS AB(b) | 542780 |
| 135142 | Mycronic AB | 5396357 |
| 127341 | NCC AB - Class B | 2370766 |
| 79 | Nederman Holding AB | 1378 |
| 129737 | Net Insight AB - Class B(a) | 39280 |
| 130917 | Nolato AB - Class B | 735556 |
| 20750 | Nordnet AB | 549299 |
| 54493 | Pandox AB | 912420 |
| 108806 | Paradox Interactive AB | 2141341 |
| 335151 | Peab AB - Class B | 2787812 |
| 86866 | Platzer Fastigheter Holding AB - Class B | 682662 |
| 23801 | Proact IT Group AB | 284721 |
| 254 | QleanAir AB | 342 |
| 100905 | Ratos AB - Class B | 344368 |
| 1358 | Rejlers AB | 25206 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SWEDEN (continued)** | **SWEDEN (continued)** |  |
| 60645 | Rusta AB | $500127 |
| 110223 | Rvrc Holding AB | 571937 |
| 30451 | Scandic Hotels Group AB(b)(c) | 237008 |
| 134382 | Sectra AB - Class B | 4122936 |
| 44000 | Securitas AB - Class B | 697257 |
| 437923 | SKF AB - Class B | 8583899 |
| 28432 | SkiStar AB | 492418 |
| 10855 | Solid Forsakring AB | 86692 |
| 1899916 | SSAB AB - Class A | 12005260 |
| 1646925 | SSAB AB - Class B | 10237107 |
| 344428 | Stillfront Group AB(a) | 176587 |
| 1076039 | Storskogen Group AB - Class B | 1417709 |
| 99409 | Storytel AB(a) | 859747 |
| 103842 | Systemair AB | 889260 |
| 50200 | Tele2 AB - Class B | 740652 |
| 38799 | Trelleborg AB - Class B | 1337854 |
| 337850 | Truecaller AB - Class B | 2542478 |
| 2665 | Volati AB(b) | 32826 |
| 1487361 | Volvo Car AB - Class B(a) | 2537034 |
| 52521 | Wihlborgs Fastigheter AB | 544767 |
| 9542 | Zinzino AB - Class B | 167451 |
|  |  | 155028934 |
| **SWITZERLAND — 1.9%** | **SWITZERLAND — 1.9%** |  |
| 203995 | Accelleron Industries AG | 10951361 |
| 10030 | Allreal Holding AG | 2210011 |
| 928 | APG SGA SA | 250379 |
| 180681 | Aryzta AG(a) | 453177 |
| 132687 | Ascom Holding AG | 520406 |
| 2297 | Autoneum Holding AG | 344254 |
| 228690 | Avolta AG | 10420892 |
| 23284 | Basilea Pharmaceutica Ag Allschwil(a) | 1247811 |
| 13263 | Belimo Holding AG | 11269068 |
| 3795 | BKW AG | 760850 |
| 20878 | Bucher Industries AG | 9017718 |
| 6784 | Burckhardt Compression Holding AG | 4612380 |
| 1336 | Burkhalter Holding AG | 198746 |
| 52 | Cham Swiss Properties AG | 1393 |
| 1281 | Cie Financiere Tradition SA | 338756 |
| 2028 | Coltene Holding AG | 153843 |
| 8292 | Comet Holding AG | 2140813 |
| 22484 | DKSH Holding AG | 1656383 |
| 850 | dormakaba Holding AG | 717024 |
| 1335 | Emmi AG | 1313194 |
| 813 | EMS-Chemie Holding AG | 599426 |
| 665834 | Ferrexpo Plc(a) | 524946 |
| 3100 | Flughafen Zurich AG | 781146 |
| 2043 | Forbo Holding AG | 1960162 |
| 6779 | Galenica AG(b)(c) | 710051 |
| 1545 | Garmin Ltd. | 288714 |
| 705 | Geberit AG | 488368 |
| 2 | Gurit Holding AG(a) | 32 |
| 5343 | Hiag Immobilien Holding AG | 647541 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| SWITZERLAND (continued) | SWITZERLAND (continued) |  |
| 52335 | Huber + Suhner AG | $4605118 |
| 7543 | Implenia AG | 426613 |
| 44030 | Inficon Holding AG | 4671929 |
| 1793969 | International Workplace Group Plc | 4441845 |
| 821 | Investis Holding SA(b) | 120910 |
| 10294 | Kardex Holding AG | 2593299 |
| 1123 | Komax Holding AG(a) | 139714 |
| 21230 | Logitech International SA | 1613270 |
| 1045 | Medacta Group SA(b)(c) | 169644 |
| 19 | Orell Fuessli AG | 2255 |
| 10839 | Partners Group Holding AG | 14202035 |
| 99 | Phoenix Mecano AG | 50985 |
| 117760 | PSP Swiss Property AG | 20969596 |
| 5093 | Sensirion Holding AG(a)(b)(c) | 394654 |
| 16202 | SFS Group AG | 2190117 |
| 16400 | SGS SA | 1601644 |
| 66800 | SIG Group AG | 1288570 |
| 2640 | Sonova Holding AG | 811573 |
| 129684 | Sportradar Group AG - Class A(a) | 2996997 |
| 112117 | Straumann Holding AG | 13671188 |
| 5800 | Sulzer AG | 981710 |
| 1850 | Swiss Life Holding AG | 1847151 |
| 20887 | Tecan Group AG | 4067934 |
| 8000 | Temenos AG | 573043 |
| 15185 | u-blox Holding AG | 1539114 |
| 1037 | Vaudoise Assurances Holding SA | 756585 |
| 18874 | Zehnder Group AG | 1256388 |
| 16 | Zug Estates Holding AG - Class B | 41123 |
|  |  | 152603849 |
| **TAIWAN — 0.6%** | **TAIWAN — 0.6%** |  |
| 3468018 | Cheng Shin Rubber Industry Co. Ltd. | 5356408 |
| 10290432 | China Petrochemical Development Corp.(a) | 2313173 |
| 2672000 | Ennostar, Inc. | 3021259 |
| 3233990 | Foxconn Technology Co. Ltd. | 6019401 |
| 1875000 | Hon Hai Precision Industry Co. Ltd. | 8353683 |
| 3423119 | HTC Corp.(a) | 4143823 |
| 3024431 | International CSRC Investment Holdings Co.(a) | 1005279 |
| 1991000 | Pegatron Corp. | 5058680 |
| 425000 | Phison Electronics Corp. | 5942626 |
| 5368000 | Qisda Corp. | 4496736 |
|  |  | 45711068 |
| **THAILAND — 0.0%** | **THAILAND — 0.0%** |  |
| 457032 | Siam Cement Public Co. Ltd. (The) - FOR | 2183845 |
| **TURKEY — 0.4%** | **TURKEY — 0.4%** |  |
| 1338864 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 5568155 |
| 2130822 | Tekfen Holding AS(a) | 7589989 |
| 5546808 | Turk Telekomunikasyon AS(a) | 7577404 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **TURKEY (continued)** | **TURKEY (continued)** |  |
| 3437944 | Turkcell Iletisim Hizmetleri AS | $8063878 |
|  |  | 28799426 |
| **UNITED KINGDOM — 4.9%** | **UNITED KINGDOM — 4.9%** |  |
| 96228 | 3i Group Plc | 5455265 |
| 38947 | 4imprint Group Plc | 1783918 |
| 829685 | Aberdeen Group Plc | 1638635 |
| 18252 | accesso Technology Group Plc(a) | 115937 |
| 87660 | AG Barr Plc | 811141 |
| 752870 | AJ Bell Plc | 4284763 |
| 14166 | Alfa Financial Software Holdings Plc(b)(c) | 42117 |
| 28732 | Alpha Group International Plc(b) | 1051839 |
| 204976 | AO World Plc(a) | 269055 |
| 328000 | Ashmore Group Plc | 633842 |
| 276084 | Associated British Foods Plc | 7610295 |
| 93800 | Auto Trader Group Plc(b)(c) | 1053829 |
| 1229801 | Aviva Plc | 9214160 |
| 341966 | B&M European Value Retail SA | 1537951 |
| 2190925 | Balfour Beatty Plc | 13400521 |
| 2502819 | Barclays Plc | 9970337 |
| 156670 | Beazley Plc | 1856330 |
| 44030 | Bicycle Therapeutics Plc - ADR(a) | 376897 |
| 191282 | Big Yellow Group Plc REIT | 2575205 |
| 63754 | Bloomsbury Publishing Plc | 507293 |
| 2065044 | Breedon Group Plc | 11880678 |
| 314000 | BT Group Plc | 728781 |
| 16440 | Burberry Group Plc | 160105 |
| 319390 | Bytes Technology Group Plc | 2171897 |
| 295555 | Central Asia Metals Plc | 606449 |
| 579708 | Centrica Plc | 1241173 |
| 187121 | Ceres Power Holdings Plc(a) | 146055 |
| 4171 | Cerillion Plc | 92007 |
| 39068 | Clarkson Plc | 1717173 |
| 693281 | CLS Holdings Plc REIT | 584951 |
| 14019 | CMC Markets Plc(b)(c) | 45513 |
| 27650 | CNH Industrial NV | 319911 |
| 12682 | Cohort Plc | 233493 |
| 22649 | Computacenter Plc | 732550 |
| 1629 | Costain Group Plc | 2386 |
| 78707 | Cranswick Plc | 5447377 |
| 1065634 | Currys Plc(a) | 1579313 |
| 245525 | dotdigital group Plc | 271604 |
| 279317 | Dr Martens Plc | 205866 |
| 204570 | Drax Group Plc | 1687488 |
| 294902 | Dunelm Group Plc | 4330694 |
| 2028740 | easyJet Plc | 13450641 |
| 1978 | Eco Animal Health Group Plc(a) | 1834 |
| 32859 | Ecora Resources Plc | 23950 |
| 63156 | Endava Plc - ADR(a) | 1150071 |
| 7602 | Endeavour Mining Plc | 204135 |
| 52900 | Energean Plc | 626688 |
| 872922 | EnQuest Plc | 158661 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 1306 | Epwin Group Plc | $1611 |
| 2926 | Eurocell Plc | 5935 |
| 293386 | FDM Group Holdings Plc | 877912 |
| 2516060 | Firstgroup Plc | 5803550 |
| 148665 | Foresight Group Holdings Ltd. | 738058 |
| 114519 | Forterra Plc(b)(c) | 285495 |
| 96627 | Foxtons Group Plc | 76348 |
| 27 | Frasers Group Plc(a) | 239 |
| 25799 | Frontier Developments Plc(a) | 69058 |
| 14623 | Fuller Smith & Turner Plc - Class A | 109794 |
| 21075 | Galliford Try Holdings Plc | 109634 |
| 85786 | Games Workshop Group Plc | 17666975 |
| 227623 | Gamma Communications Plc | 4063483 |
| 162615 | Greggs Plc | 4048297 |
| 422857 | GSK Plc | 8365248 |
| 5440 | H&T Group Plc | 29644 |
| 311556 | Halfords Group Plc | 644914 |
| 19000 | Halma Plc | 701321 |
| 22413 | Hargreaves Services Plc | 183227 |
| 23300 | Hikma Pharmaceuticals Plc | 617440 |
| 96042 | Hill & Smith Plc | 2308874 |
| 82576 | Hilton Food Group Plc | 982296 |
| 106680 | Howden Joinery Group Plc | 1097044 |
| 464310 | Hunting Plc | 1602047 |
| 572318 | IG Group Holdings Plc | 8157229 |
| 57493 | IHS Holding Ltd.(a) | 281716 |
| 72370 | IMI Plc | 1717542 |
| 77675 | Impax Asset Management Group Plc | 158386 |
| 555240 | Inchcape Plc | 4975276 |
| 84135 | Indivior Plc(a) | 968394 |
| 212283 | IntegraFin Holdings Plc(b) | 866957 |
| 13670 | InterContinental Hotels Group Plc | 1458724 |
| 17220 | Intermediate Capital Group Plc | 433151 |
| 2835677 | International Consolidated Airlines Group SA | 9884124 |
| 70731 | International Personal Finance Plc | 131823 |
| 9900 | Intertek Group Plc | 608007 |
| 5770255 | ITV Plc | 6219134 |
| 459533 | JD Sports Fashion Plc | 483799 |
| 582666 | JET2 Plc | 12330073 |
| 259820 | Johnson Matthey Plc | 4473443 |
| 849325 | Johnson Service Group Plc | 1590495 |
| 467431 | Jupiter Fund Management Plc | 451824 |
| 1168756 | Just Group Plc | 2204478 |
| 363059 | Kainos Group Plc | 3534198 |
| 416939 | Keller Group Plc | 7939436 |
| 1180691 | Kier Group Plc | 2295522 |
| 3129939 | Kingfisher Plc | 12029904 |
| 28270 | Lancashire Holdings Ltd. | 212791 |
| 79665 | Lion Finance Group Plc | 6390161 |
| 90482 | Liontrust Asset Management Plc | 398370 |
| 9840956 | Lloyds Banking Group Plc | 9668527 |
| 2352749 | Man Group Plc | 5135248 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 156549 | Marks & Spencer Group Plc | $813514 |
| 472448 | Marston's Plc(a) | 227352 |
| 15235 | McBride Plc(a) | 29286 |
| 114829 | ME Group International Plc | 310242 |
| 72175 | Mears Group Plc | 373613 |
| 3711849 | Mitie Group Plc | 7157809 |
| 877214 | MONY Group Plc | 2374156 |
| 232000 | Morgan Advanced Materials Plc | 609139 |
| 180272 | Morgan Sindall Group Plc | 8521329 |
| 4120 | Mortgage Advice Bureau Holdings Ltd. | 44704 |
| 21553 | MP Evans Group Plc | 290907 |
| 1646229 | NatWest Group Plc | 10589018 |
| 234982 | Next 15 Group Plc | 814985 |
| 10136 | Next Plc | 1672202 |
| 78 | Nichols Plc | 1275 |
| 221961 | Ninety One Plc | 439347 |
| 53029 | Nomad Foods Ltd. | 1060050 |
| 15511 | Odfjell Technology Ltd. | 61717 |
| 113464 | On the Beach Group Plc(b)(c) | 400982 |
| 1509087 | OSB Group Plc | 9592134 |
| 73889 | Oxford Metrics Plc | 51300 |
| 275263 | Pagegroup Plc | 992779 |
| 627544 | Paragon Banking Group Plc | 7089412 |
| 41277 | PayPoint Plc | 372666 |
| 110796 | Pearson Plc | 1776196 |
| 3260 | Pentair Plc | 295780 |
| 54115 | Petershill Partners Plc(b)(c) | 157035 |
| 374385 | Pets at Home Group Plc | 1185718 |
| 73152 | Pharos Energy Plc | 18581 |
| 401783 | Picton Property Income Ltd. REIT | 408125 |
| 209415 | Polar Capital Holdings Plc | 1098545 |
| 511173 | Primary Health Properties Plc REIT | 699537 |
| 605981 | QinetiQ Group Plc | 3189634 |
| 926440 | Quilter Plc(b)(c) | 1666981 |
| 45860 | Rank Group Plc | 52311 |
| 54251 | Renishaw Plc | 1625109 |
| 315962 | Rightmove Plc | 3120491 |
| 197400 | Rotork Plc | 803767 |
| 80556 | RS GROUP Plc | 555434 |
| 272323 | RWS Holdings Plc | 243336 |
| 193051 | Safestore Holdings Plc REIT | 1624828 |
| 147008 | Savills Plc | 1823040 |
| 198628 | Serco Group Plc | 455845 |
| 25190 | Smiths Group Plc | 627725 |
| 74224 | Smiths News Plc | 52697 |
| 136252 | Social Housing Reit Plc(b)(c) | 130055 |
| 270106 | Softcat Plc | 6032705 |
| 20100 | Spectris Plc | 538083 |
| 507512 | Speedy Hire Plc | 132882 |
| 859166 | Spirent Communications Plc(a) | 2118318 |
| 851866 | Standard Chartered Plc | 12269641 |
| 9947 | Stolt-Nielsen Ltd. | 223331 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 30983 | Synthomer Plc(a) | $34074 |
| 393209 | Target Healthcare REIT Plc | 516727 |
| 94500 | Tate & Lyle Plc | 704310 |
| 5990 | Tatton Asset Management Plc | 49559 |
| 10665 | TechnipFMC Plc | 300433 |
| 34014 | Telecom Plus Plc | 859993 |
| 2461810 | Tesco Plc | 12183508 |
| 1044644 | TP ICAP Group Plc | 3587245 |
| 273402 | Trainline Plc(a)(b)(c) | 1070926 |
| 676077 | Trustpilot Group Plc(a)(b)(c) | 2027336 |
| 765892 | Vesuvius Plc | 3498285 |
| 728396 | Vistry Group Plc(a) | 6141068 |
| 77866 | Watches of Switzerland Group Plc(a) (c) | 370471 |
| 154672 | Watkin Jones Plc(a) | 65223 |
| 458673 | Wickes Group Plc | 1165881 |
| 131570 | Workspace Group Plc REIT | 779626 |
| 340306 | XPS Pensions Group Plc(b) | 1745112 |
| 5924 | Zotefoams Plc | 19519 |
|  |  | 401312894 |
| UNITED STATES — 41.4% | UNITED STATES — 41.4% |  |
| 181838 | Academy Sports & Outdoors, Inc. | 6851656 |
| 2880 | AECOM | 284112 |
| 2645 | Aflac, Inc. | 287459 |
| 2010 | Agilent Technologies, Inc. | 216276 |
| 215000 | Albany International Corp. - Class A | 14138400 |
| 2370 | Alexandria Real Estate Equities, Inc. REIT | 172204 |
| 765000 | Alkami Technology, Inc.(a) | 20417850 |
| 4920 | Alliant Energy Corp. | 300317 |
| 2840 | American Electric Power Co., Inc. | 307686 |
| 84942 | American States Water Co. | 6889646 |
| 640 | Ameriprise Financial, Inc. | 301453 |
| 255000 | AMERISAFE, Inc. | 11854950 |
| 578790 | API Group Corp.(a) | 21895626 |
| 1215 | Appfolio, Inc. - Class A(a) | 250922 |
| 85861 | Applied Industrial Technologies, Inc. | 20888264 |
| 3105 | AppLovin Corp. - Class A(a) | 836208 |
| 2135 | Arrow Electronics, Inc.(a) | 237754 |
| 1470 | Assurant, Inc. | 283328 |
| 2185 | Atmos Energy Corp. | 350977 |
| 640000 | AtriCure, Inc.(a) | 19142400 |
| 1260 | AvalonBay Communities, Inc. REIT | 264575 |
| 1420164 | Avantor, Inc.(a) | 18447930 |
| 1310 | Avery Dennison Corp. | 224154 |
| 10868 | Axon Enterprise, Inc.(a) | 6665344 |
| 237016 | AZEK Co., Inc. (The)(a) | 11746513 |
| 37837 | Badger Meter, Inc. | 8355166 |
| 800000 | Baldwin Insurance Group, Inc. (The) (a) | 33296000 |
| 100000 | BancFirst Corp. | 11782000 |
| 4270 | Bank of New York Mellon Corp. (The) | 343351 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 370000 | Bath & Body Works, Inc. | $11288700 |
| 173911 | Bel Fuse, Inc. - Class B | 11438126 |
| 379510 | Bentley Systems, Inc. - Class B | 16315135 |
| 3230 | Best Buy Co., Inc. | 215409 |
| 3980 | Bio-Techne Corp. | 200393 |
| 551337 | BJ's Wholesale Club Holdings, Inc.(a) | 64815178 |
| 124486 | Black Hills Corp. | 7581197 |
| 342129 | Booz Allen Hamilton Holding Corp. | 41062323 |
| 172307 | Bowhead Specialty Holdings, Inc.(a) | 6925018 |
| 200000 | Brady Corp. - Class A | 14058000 |
| 775000 | Braze, Inc. - Class A(a) | 24125750 |
| 142570 | Bright Horizons Family Solutions, Inc. (a) | 17881129 |
| 6195 | Brighthouse Financial, Inc.(a) | 360673 |
| 1035169 | BrightView Holdings, Inc.(a) | 14202519 |
| 20400 | Brookfield Asset Management Ltd. - Class A | 1088513 |
| 12843 | Brookfield Renewable Corp. | 366025 |
| 4455 | Bruker Corp. | 178467 |
| 1005 | Burlington Stores, Inc.(a) | 226165 |
| 204774 | BWX Technologies, Inc. | 22344939 |
| 600 | CACI International, Inc. - Class A(a) | 274722 |
| 179748 | Cactus, Inc. - Class A | 6819639 |
| 342190 | Cadence Bank | 10012479 |
| 414590 | Cargurus, Inc.(a) | 11591936 |
| 112312 | Carlisle Cos., Inc. | 42620158 |
| 142715 | Casella Waste Systems, Inc. - Class A(a) | 16761877 |
| 28926 | Cavco Industries, Inc.(a) | 14285105 |
| 236431 | CBIZ, Inc.(a) | 16100951 |
| 2364827 | CCC Intelligent Solutions Holdings, Inc.(a) | 21898298 |
| 226753 | CDW Corp. | 36407462 |
| 790000 | Celsius Holdings, Inc.(a) | 27618400 |
| 445000 | Central Garden & Pet Co. - Class A(a) | 13158650 |
| 2780 | CH Robinson Worldwide, Inc. | 248032 |
| 135856 | Champion Homes, Inc.(a) | 11751544 |
| 1405 | Charles River Laboratories International, Inc.(a) | 166661 |
| 2600 | Cheniere Energy, Inc. | 600886 |
| 2115 | Cincinnati Financial Corp. | 294429 |
| 6735 | Citizens Financial Group, Inc. | 248454 |
| 201538 | Clean Harbors, Inc.(a) | 43117040 |
| 4195 | CMS Energy Corp. | 308962 |
| 7240 | Cognex Corp. | 197652 |
| 3715 | Cognizant Technology Solutions Corp. - Class A | 273313 |
| 15968 | Comfort Systems USA, Inc. | 6348078 |
| 4725 | Commerce Bancshares, Inc. | 286997 |
| 95000 | CommVault Systems, Inc.(a) | 15877350 |
| 1245000 | Confluent, Inc. - Class A(a) | 29643450 |
| 265000 | CONMED Corp. | 13014150 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 135764 | Construction Partners, Inc. - Class A(a) | $11151655 |
| 358996 | Cooper Cos., Inc. (The)(a) | 29319203 |
| 794905 | Core & Main, Inc. - Class A(a) | 41875595 |
| 910 | Corpay, Inc.(a) | 296087 |
| 110357 | Crane Co. | 17765270 |
| 202739 | Crane NXT Co. | 9512514 |
| 2510 | Crown Castle, Inc. REIT | 265458 |
| 3125 | Crown Holdings, Inc. | 301031 |
| 85000 | CSW Industrials, Inc. | 26560800 |
| 187535 | Cullen/Frost Bankers, Inc. | 21842201 |
| 915 | Cummins, Inc. | 268864 |
| 43724 | Curtiss-Wright Corp. | 15079970 |
| 451459 | CVB Financial Corp. | 8370050 |
| 1835 | DaVita, Inc.(a) | 259744 |
| 2020 | Deckers Outdoor Corp.(a) | 223877 |
| 6350 | Devon Energy Corp. | 193103 |
| 1870 | Digital Realty Trust, Inc. REIT | 300210 |
| 27000 | Diversified Energy Co. Plc(b) | 340120 |
| 665 | Domino's Pizza, Inc. | 326096 |
| 1550 | Dover Corp. | 264508 |
| 2735 | DR Horton, Inc. | 345540 |
| 11740 | Dropbox, Inc. - Class A(a) | 335177 |
| 1045 | Eagle Materials, Inc. | 236578 |
| 3440 | East West Bancorp, Inc. | 294292 |
| 4800 | eBay, Inc. | 327168 |
| 554599 | Element Solutions, Inc. | 11319366 |
| 296855 | elf Beauty, Inc.(a) | 18366419 |
| 3085 | Encompass Health Corp. | 360914 |
| 450000 | Enerpac Tool Group Corp. | 18166500 |
| 132177 | Ensign Group, Inc. (The) | 17049511 |
| 221259 | Entegris, Inc. | 17506012 |
| 4780 | Entergy Corp. | 397553 |
| 139935 | Equifax, Inc. | 36401292 |
| 3915 | Equity Residential REIT | 275068 |
| 275000 | Esab Corp. | 33033000 |
| 170000 | ESCO Technologies, Inc. | 26596500 |
| 192288 | Essent Group Ltd. | 10946956 |
| 935 | Essex Property Trust, Inc. REIT | 261005 |
| 2730 | Euronet Worldwide, Inc.(a) | 270543 |
| 359161 | ExlService Holdings, Inc.(a) | 17412125 |
| 2045 | Expedia Group, Inc. | 320922 |
| 2305 | Expeditors International of Washington, Inc. | 253343 |
| 1605 | Extra Space Storage, Inc. REIT | 235165 |
| 1415 | F5, Inc.(a) | 374607 |
| 155 | Fair Isaac Corp.(a) | 308400 |
| 4180 | Fastenal Co. | 338455 |
| 1320 | Ferguson Enterprises, Inc. | 223951 |
| 4770 | Fidelity National Financial, Inc. | 305519 |
| 6770 | Fifth Third Bancorp | 243314 |
| 860000 | First Financial Bankshares, Inc. | 28818600 |
| 620000 | First Watch Restaurant Group, Inc.(a) | 10949200 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 164615 | FirstCash Holdings, Inc. | $22051825 |
| 182507 | Fluor Corp.(a) | 6367669 |
| 192288 | FormFactor, Inc.(a) | 5410984 |
| 6935 | Fox Corp. - Class A | 345294 |
| 205000 | Freshpet, Inc.(a) | 15075700 |
| 575 | Gartner, Inc.(a) | 242121 |
| 10870 | Gen Digital, Inc. | 281207 |
| 1790 | Generac Holdings, Inc.(a) | 204740 |
| 3990 | General Mills, Inc. | 226393 |
| 350000 | German American Bancorp, Inc. | 13268500 |
| 265000 | Gitlab, Inc. - Class A(a) | 12367550 |
| 85000 | Glaukos Corp.(a) | 8011250 |
| 313955 | Globus Medical, Inc. - Class A(a) | 22532550 |
| 1690 | GoDaddy, Inc. - Class A(a) | 318278 |
| 91046 | Guidewire Software, Inc.(a) | 18643489 |
| 196546 | Hamilton Lane, Inc. - Class A | 30364392 |
| 2510 | Hartford Insurance Group, Inc. (The) | 307902 |
| 4160 | Hasbro, Inc. | 257504 |
| 53757 | Hawkins, Inc. | 6546527 |
| 15995 | Healthcare Realty Trust, Inc. REIT | 248402 |
| 223138 | HealthEquity, Inc.(a) | 19127389 |
| 12655 | Healthpeak Properties, Inc. REIT | 225765 |
| 1460 | Hershey Co. (The) | 244097 |
| 14870 | Hewlett Packard Enterprise Co. | 241191 |
| 5920 | HF Sinclair Corp. | 178014 |
| 1450 | Hilton Worldwide Holdings, Inc. | 326946 |
| 3545 | Hologic, Inc.(a) | 206319 |
| 8015 | HP, Inc. | 204944 |
| 19375 | Huntington Bancshares, Inc. | 281519 |
| 1005 | Huntington Ingalls Industries, Inc. | 231492 |
| 73177 | IDEXX Laboratories, Inc.(a) | 31660029 |
| 4375 | Incyte Corp.(a) | 274137 |
| 130000 | Inspire Medical Systems, Inc.(a) | 20589400 |
| 38458 | Installed Building Products, Inc. | 6377490 |
| 1554 | Insulet Corp.(a) | 392059 |
| 2260 | Interactive Brokers Group, Inc. - Class A | 388381 |
| 64876 | InterDigital, Inc. | 13040076 |
| 5825 | International Paper Co. | 266086 |
| 99488 | Interparfums, Inc. | 10864090 |
| 7930 | Invitation Homes, Inc. REIT | 271127 |
| 246000 | iRhythm Technologies, Inc.(a) | 26294940 |
| 2530 | Iron Mountain, Inc. REIT | 226865 |
| 105000 | J & J Snack Foods Corp. | 13606950 |
| 2600 | Jabil, Inc. | 381056 |
| 225000 | JBT Marel Corp. | 23683500 |
| 710000 | JFrog Ltd.(a) | 23976700 |
| 2365 | JM Smucker Co. (The) | 274979 |
| 1105 | Jones Lang LaSalle, Inc.(a) | 251288 |
| 60000 | Kadant, Inc. | 17700000 |
| 280237 | Keysight Technologies, Inc.(a) | 40746460 |
| 22940 | Kinder Morgan, Inc. | 603322 |
| 26753 | Kinsale Capital Group, Inc. | 11644511 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 77752 | Kirby Corp.(a) | $7492960 |
| 105000 | Lancaster Colony Corp. | 17091900 |
| 6010 | Lattice Semiconductor Corp.(a) | 294069 |
| 1835 | Leidos Holdings, Inc. | 270075 |
| 1745 | Lennar Corp. - Class A | 189524 |
| 342775 | Liberty Energy, Inc. | 3941912 |
| 412570 | Light & Wonder, Inc.(a) | 35225227 |
| 114557 | Limbach Holdings, Inc.(a) | 10967687 |
| 1445 | Lincoln Electric Holdings, Inc. | 254609 |
| 8910 | Lincoln National Corp. | 283962 |
| 241407 | Live Nation Entertainment, Inc.(a) | 31974357 |
| 3555 | Loews Corp. | 308681 |
| 825000 | Lucky Strike Entertainment Corp. | 7755000 |
| 1700 | M&T Bank Corp. | 288592 |
| 1325 | Madison Square Garden Sports Corp. (a) | 255155 |
| 464000 | Magnolia Oil & Gas Corp. - Class A | 9525920 |
| 109908 | Manhattan Associates, Inc.(a) | 19496580 |
| 4030 | Masco Corp. | 244258 |
| 2565 | MasTec, Inc.(a) | 326576 |
| 208173 | Matador Resources Co. | 8231160 |
| 7640 | Match Group, Inc. | 226602 |
| 3590 | McCormick & Co, Inc. | 275209 |
| 101122 | Medpace Holdings, Inc.(a) | 31185014 |
| 3805 | MetLife, Inc. | 286783 |
| 195 | Mettler-Toledo International, Inc.(a) | 208761 |
| 11445 | MGIC Investment Corp. | 285095 |
| 72475 | MKS Instruments, Inc. | 5083396 |
| 155000 | Modine Manufacturing Co.(a) | 12654200 |
| 328771 | MSA Safety, Inc. | 51755131 |
| 247550 | Mueller Industries, Inc. | 18209778 |
| 346955 | Murphy Oil Corp. | 7122986 |
| 34967 | Murphy USA, Inc. | 17433497 |
| 622016 | Nasdaq, Inc. | 47403839 |
| 2165 | NetApp, Inc. | 194309 |
| 1860 | Neurocrine Biosciences, Inc.(a) | 200303 |
| 10110 | News Corp. - Class A | 274183 |
| 8660 | NiSource, Inc. | 338693 |
| 3180 | Northern Trust Corp. | 298856 |
| 287835 | Novanta, Inc.(a) | 34212068 |
| 3385 | NRG Energy, Inc. | 370928 |
| 480000 | Nutanix, Inc. - Class A(a) | 32976000 |
| 30 | NVR, Inc.(a) | 213772 |
| 2915 | Okta, Inc.(a) | 326946 |
| 1415 | Old Dominion Freight Line, Inc. | 216891 |
| 698089 | Old National Bancorp | 14373653 |
| 100000 | Ollie's Bargain Outlet Holdings, Inc. (a) | 10611000 |
| 2875 | Omnicom Group, Inc. | 218960 |
| 1200000 | Onestream, Inc.(a) | 25680000 |
| 44352 | Onto Innovation, Inc.(a) | 5409613 |
| 6510 | Ovintiv, Inc. | 218606 |
| 180095 | Palomar Holdings, Inc.(a) | 26117377 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 969800 | Patterson-UTI Energy, Inc. | $5469672 |
| 2185 | Paychex, Inc. | 321457 |
| 1690 | Paycom Software, Inc. | 382599 |
| 1765 | Paylocity Holding Corp.(a) | 339056 |
| 80000 | Penumbra, Inc.(a) | 23427200 |
| 531133 | Perimeter Solutions, Inc.(a) | 5380377 |
| 865000 | Phreesia, Inc.(a) | 21590400 |
| 108267 | Pinnacle Financial Partners, Inc. | 10852684 |
| 3250 | Pinnacle West Capital Corp. | 309335 |
| 160000 | PJT Partners, Inc. - Class A | 22673600 |
| 299106 | Planet Fitness, Inc. - Class A(a) | 28292437 |
| 785 | Pool Corp. | 230115 |
| 201401 | Prestige Consumer Healthcare, Inc.(a) | 16359803 |
| 3575 | Principal Financial Group, Inc. | 265086 |
| 290000 | PROCEPT BioRobotics Corp.(a) | 15654200 |
| 2415 | Prudential Financial, Inc. | 248045 |
| 825 | Public Storage REIT | 247855 |
| 684695 | Pure Storage, Inc. - Class A(a) | 31057765 |
| 182674 | Q2 Holdings, Inc.(a) | 14476914 |
| 2540 | Qorvo, Inc.(a) | 182042 |
| 1005 | Quanta Services, Inc. | 294153 |
| 1815 | Quest Diagnostics, Inc. | 323469 |
| 198809 | RadNet, Inc.(a) | 10413615 |
| 275000 | RB Global, Inc. | 27692500 |
| 122586 | RBC Bearings, Inc.(a) | 40278082 |
| 1730 | Regal Rexnord Corp. | 183103 |
| 1330 | Reinsurance Group of America, Inc. | 249122 |
| 980 | Reliance, Inc. | 282465 |
| 215000 | Repligen Corp.(a) | 29667850 |
| 1220 | ResMed, Inc. | 288640 |
| 2350 | Revvity, Inc. | 219560 |
| 180000 | RLI Corp. | 13321800 |
| 4430 | Robert Half, Inc. | 196249 |
| 5720 | Rollins, Inc. | 326784 |
| 2025 | Royal Gold, Inc. | 369988 |
| 235000 | Rubrik, Inc. - Class A(a) | 16574550 |
| 563404 | Ryan Specialty Holdings, Inc. | 36908596 |
| 140036 | Ryman Hospitality Properties, Inc. REIT | 12316166 |
| 90310 | Saia, Inc.(a) | 22035640 |
| 81044 | SBA Communications Corp. REIT | 19726110 |
| 8115 | Sealed Air Corp. | 223649 |
| 250000 | Sensient Technologies Corp. | 23487500 |
| 1505000 | SentinelOne, Inc. - Class A(a) | 27842500 |
| 405000 | ServisFirst Bancshares, Inc. | 28844100 |
| 115000 | Shake Shack, Inc. - Class A(a) | 10090100 |
| 196196 | Shift4 Payments, Inc. - Class A(a) | 16048833 |
| 780000 | SI-BONE, Inc.(a) | 10647000 |
| 1665 | Simon Property Group, Inc. REIT | 262038 |
| 805000 | Simply Good Foods Co. (The)(a) | 29068550 |
| 199175 | Simpson Manufacturing Co., Inc. | 30611206 |
| 365000 | Skyward Specialty Insurance Group, Inc.(a) | 19377850 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 2645 | Skyworks Solutions, Inc. | $170021 |
| 13185 | SLM Corp. | 381178 |
| 145638 | SouthState Corp. | 12638466 |
| 135000 | SPX Technologies, Inc.(a) | 18110250 |
| 3850 | SS&C Technologies Holdings, Inc. | 291060 |
| 360331 | STAG Industrial, Inc. REIT | 11901733 |
| 174200 | Standex International Corp. | 24635364 |
| 2855 | Stanley Black & Decker, Inc. | 171357 |
| 3340 | State Street Corp. | 294254 |
| 206972 | STERIS Plc | 46514887 |
| 235000 | Stock Yards Bancorp, Inc. | 17105650 |
| 130001 | StoneX Group, Inc.(a) | 11513494 |
| 415000 | Sweetgreen, Inc. - Class A(a) | 8084200 |
| 206456 | Synovus Financial Corp. | 8943674 |
| 400000 | Tandem Diabetes Care, Inc.(a) | 6740000 |
| 1190 | Teleflex, Inc. | 163089 |
| 485000 | Tenable Holdings, Inc.(a) | 14826450 |
| 10115 | Teradata Corp.(a) | 217472 |
| 254740 | Terreno Realty Corp. REIT | 14349504 |
| 6040 | Tetra Tech, Inc. | 188388 |
| 137946 | Texas Capital Bancshares, Inc.(a) | 9401020 |
| 102498 | Texas Roadhouse, Inc. | 17010568 |
| 5640 | The Campbell's Co. | 205634 |
| 358074 | Titan Machinery, Inc.(a) | 5940448 |
| 2395 | TKO Group Holdings, Inc. | 390169 |
| 5240 | Tractor Supply Co. | 265249 |
| 323173 | Tradeweb Markets, Inc. - Class A | 44694826 |
| 270726 | Transcat, Inc.(a) | 21476694 |
| 4955 | Trimble, Inc.(a) | 307904 |
| 19680 | TripAdvisor, Inc.(a) | 245016 |
| 490 | Tyler Technologies, Inc.(a) | 266217 |
| 6585 | UDR, Inc. REIT | 275780 |
| 48992 | UFP Technologies, Inc.(a) | 10216792 |
| 378317 | UL Solutions, Inc. - Class A | 21635949 |
| 375 | United Rentals, Inc. | 236794 |
| 815 | United Therapeutics Corp.(a) | 247018 |
| 1230 | Universal Health Services, Inc. - Class B | 217796 |
| 738506 | US Foods Holding Corp.(a) | 48490304 |
| 1200000 | Utz Brands, Inc. | 15948000 |
| 401895 | Valvoline, Inc.(a) | 13768923 |
| 2565 | Veralto Corp. | 245984 |
| 272100 | Vericel Corp.(a) | 10345242 |
| 1530 | VeriSign, Inc.(a) | 431644 |
| 1065 | Verisk Analytics, Inc. | 315698 |
| 404828 | Verra Mobility Corp.(a) | 8825250 |
| 537721 | Vertex, Inc. - Class A(a) | 21524972 |
| 24095 | Viatris, Inc. | 202880 |
| 2193315 | ViewRay, Inc.(a) | 0 |
| 3330 | Vistra Corp. | 431668 |
| 434989 | Vontier Corp. | 13837000 |
| 4885 | W R Berkley Corp. | 350206 |
| 815 | Waters Corp.(a) | 283400 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| UNITED STATES (continued) | UNITED STATES (continued) |  |
| 125000 | Watts Water Technologies, Inc. - Class A | $25968750 |
| 3010 | Whirlpool Corp. | 229603 |
| 10185 | Williams Cos, Inc. (The) | 596535 |
| 7325 | WillScot Holdings Corp. | 184004 |
| 110682 | Wingstop, Inc. | 29207873 |
| 30264 | Winmark Corp. | 10895343 |
| 360000 | WSFS Financial Corp. | 18558000 |
| 280 | WW Grainger, Inc. | 286807 |
| 269247 | Wyndham Hotels & Resorts, Inc. | 22966769 |
| 2075 | Xylem, Inc. | 250183 |
| 2910 | Yum! Brands, Inc. | 437780 |
| 815 | Zebra Technologies Corp. - Class A(a) | 204011 |
|  |  | 3376069862 |
| Total Common Stocks<br> (Cost $6,532,564,120) | Total Common Stocks<br> (Cost $6,532,564,120) | 7368360459 |
| RIGHTS/WARRANTS — 0.0% | RIGHTS/WARRANTS — 0.0% |  |
| ITALY — 0.0% | ITALY — 0.0% |  |
| 7980 | DiaSorin SpA, Rights, Expire <br> 05/02/25(a)(d) | 0 |
| MALAYSIA — 0.0% | MALAYSIA — 0.0% |  |
| 1083690 | Top Glove Corp. Bhd, Warrants, Expire 12/31/30(a) | 55252 |
| 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) | 55252 |
| EXCHANGE-TRADED FUNDS(f) — 7.3% | EXCHANGE-TRADED FUNDS(f) — 7.3% |  |
| 795906 | SPDR S&P Biotech ETF | 66020403 |
| 102937 | SPDR S&P Oil & Gas Exploration & Production ETF | 11396155 |
| 471918 | SPDR S&P Regional Banking ETF | 25544921 |
| 4077204 | Utilities Select Sector SPDR Fund | 321691396 |
| 2846650 | VanEck Junior Gold Miners ETF | 174784310 |
| Total Exchange-Traded Funds<br> (Cost $504,098,466) | Total Exchange-Traded Funds<br> (Cost $504,098,466) | 599437185 |
| INVESTMENT COMPANY — 0.7% | INVESTMENT COMPANY — 0.7% |  |
| 53236656 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(g) | 53236656 |
| Total Investment Company<br> (Cost $53,236,656) | Total Investment Company<br> (Cost $53,236,656) | 53236656 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Small **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **CASH SWEEP — 1.5%** | **CASH SWEEP — 1.5%** |  |
| $119369261 | Citibank - U.S. Dollars on Deposit in Custody Account, 1.10%(g) | $119369261 |
| Total Cash Sweep<br> (Cost $119,369,261) | Total Cash Sweep<br> (Cost $119,369,261) | 119369261 |
| **TOTAL INVESTMENTS — 99.7%**<br> (Cost $7,209,268,503) | **TOTAL INVESTMENTS — 99.7%**<br> (Cost $7,209,268,503) | $8140458813 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%** | 21587408 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $8162046221 |

---

(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 $4,428 which is 0.00% of net assets and the cost is $55,664,138.

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

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

(g) The rate shown represents the current yield as of April 30, 2025.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CVR — Contingent Value Right

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 95.3%** | **COMMON STOCKS — 95.3%** |  |
| **Banks — 7.1%** | **Banks — 7.1%** |  |
| 21830 | ABN AMRO Bank NV(a)(b) | $452380 |
| 486278 | Banco Bradesco SA - Preference Shares | 1175605 |
| 6652810 | Banco de Chile | 976608 |
| 164171 | Banco de Sabadell SA | 479015 |
| 64422 | Banco Santander SA | 453586 |
| 2053754 | Bank Central Asia Tbk PT | 1091962 |
| 124424 | Bank of America Corp. | 4962029 |
| 4886 | Bank of Montreal | 468150 |
| 305088 | Barclays Plc | 1215362 |
| 5246 | BNP Paribas SA | 444491 |
| 60141 | BPER Banca SpA | 488470 |
| 13962 | Cadence Bank | 408528 |
| 3963 | Capitec Bank Holdings Ltd. | 735558 |
| 71974 | Commerzbank AG | 1904975 |
| 18421 | CVB Financial Corp. | 341525 |
| 21095 | DNB Bank ASA | 527335 |
| 13299 | Erste Group Bank AG | 900630 |
| 169300 | HDFC Bank Ltd. | 3845473 |
| 66856 | HSBC Holdings Plc | 745269 |
| 146113 | ING Groep NV | 2837415 |
| 22302 | Iyogin Holdings, Inc. | 258686 |
| 46249 | JP Morgan Chase & Co. | 11313430 |
| 488125 | Lloyds Banking Group Plc | 479572 |
| 234238 | Mitsubishi UFJ Financial Group, Inc. | 2951195 |
| 163491 | NatWest Group Plc | 1051621 |
| 28484 | Old National Bancorp | 586486 |
| 4417 | Pinnacle Financial Partners, Inc. | 442760 |
| 11452 | Societe Generale SA | 597096 |
| 5942 | SouthState Corp. | 515647 |
| 18545 | Swedbank AB - Class A | 462955 |
| 8170 | Synovus Financial Corp. | 353924 |
| 5628 | Texas Capital Bancshares, Inc.(c) | 383548 |
| 17116 | Truist Financial Corp. | 656227 |
| 142014 | Unicaja Banco SA(a)(b) | 270686 |
|  |  | 44778199 |
| **Communication Services — 7.6%** | **Communication Services — 7.6%** |  |
| 6588 | Alphabet, Inc. - Class A | 1046174 |
| 93654 | Alphabet, Inc. - Class C | 15067992 |
| 16916 | Cargurus, Inc.(c) | 472971 |
| 20949 | Comcast Corp. - Class A | 716456 |
| 2869 | CTS Eventim AG & Co. KGaA | 339939 |
| 91306 | Deutsche Telekom AG | 3279486 |
| 286213 | ITV Plc | 308478 |
| 9769 | Live Nation Entertainment, Inc.(c) | 1293904 |
| 20196 | Meta Platforms, Inc. - Class A | 11087604 |
| 15081 | Metropole Television SA | 236966 |
| 64155 | NetEase, Inc. | 1379098 |
| 1789 | Netflix, Inc.(c) | 2024647 |
| 78289 | Orange SA | 1135821 |
| 27785 | Quebecor, Inc. - Class B | 762243 |
| 63006 | Rightmove Plc | 622257 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Communication Services (continued)** | **Communication Services (continued)** |  |
| 4452 | Spotify Technology SA(c) | $2733439 |
| 723 | Swisscom AG | 482157 |
| 12037 | Take-Two Interactive Software, Inc.(c) | 2808473 |
| 105737 | Telefonica SA | 543196 |
| 25364 | Television Francaise 1 SA | 242365 |
| 32212 | Verizon Communications, Inc. | 1419261 |
|  |  | 48002927 |
| **Consumer Discretionary — 9.7%** | **Consumer Discretionary — 9.7%** |  |
| 7419 | Academy Sports & Outdoors, Inc. | 279548 |
| 1973 | Airbnb, Inc. - Class A(c) | 240548 |
| 73915 | Alibaba Group Holding Ltd. | 1103553 |
| 87790 | Amazon.com, Inc.(c) | 16190232 |
| 11343 | Avolta AG | 516875 |
| 92808 | B&M European Value Retail SA | 417393 |
| 509 | Booking Holdings, Inc. | 2595534 |
| 5833 | Bright Horizons Family Solutions, Inc. (c) | 731575 |
| 4733 | Canadian Tire Corp. Ltd. - Class A | 518000 |
| 1181 | Cavco Industries, Inc.(c) | 583237 |
| 5543 | Champion Homes, Inc.(c) | 479469 |
| 1471874 | China Meidong Auto Holdings Ltd. | 394066 |
| 6958 | Continental AG | 543939 |
| 23315 | Dollarama, Inc. | 2876746 |
| 6374 | DoorDash, Inc. - Class A(c) | 1229481 |
| 4355 | Flutter Entertainment Plc(c) | 1049511 |
| 5454 | Genuine Parts Co. | 641118 |
| 72558 | Gestamp Automocion SA(a)(b) | 216742 |
| 282 | Hermes International SCA | 775550 |
| 6615 | Hilton Worldwide Holdings, Inc. | 1491550 |
| 4658 | Home Depot, Inc. (The) | 1679162 |
| 10274 | HUGO BOSS AG | 428521 |
| 23651 | Inchcape Plc | 211927 |
| 30041 | Industria de Diseno Textil SA | 1615454 |
| 1569 | Installed Building Products, Inc. | 260187 |
| 144157 | Kingfisher Plc | 554067 |
| 8042 | LG Electronics, Inc. | 403673 |
| 15863 | Light & Wonder, Inc.(c) | 1354383 |
| 7222 | Lowe's Cos., Inc. | 1614550 |
| 3 | LVMH Moet Hennessy Louis Vuitton SE | 1662 |
| 29101 | Mahindra & Mahindra Ltd. | 1008269 |
| 53509 | Mazda Motor Corp. | 319920 |
| 4194 | McDonald's Corp. | 1340612 |
| 77365 | Meituan - B Shares(a)(b)(c) | 1280966 |
| 1676 | MercadoLibre, Inc.(c) | 3906505 |
| 1433 | Murphy USA, Inc. | 714451 |
| 7773 | NIKE, Inc. - Class B | 438397 |
| 2440 | O'Reilly Automotive, Inc.(c) | 3453088 |
| 3932 | Pandora A/S | 585329 |
| 7123 | Planet Fitness, Inc. - Class A(c) | 673765 |
| 10699 | Rinnai Corp. | 239641 |
| 10699 | Sega Sammy Holdings, Inc. | 224556 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |  |
| 19857 | Sony Group Corp. | $523883 |
| 46754 | Subaru Corp. | 846618 |
| 35729 | Sumitomo Electric Industries Ltd. | 574287 |
| 4182 | Texas Roadhouse, Inc. | 694045 |
| 21338 | Tokai Rika Co. Ltd. | 317800 |
| 36129 | Vistry Group Plc(c) | 304602 |
| 31010 | Wesfarmers Ltd. | 1553484 |
| 1252 | Wingstop, Inc. | 330390 |
| 1235 | Winmark Corp. | 444612 |
| 10895 | Wyndham Hotels & Resorts, Inc. | 929343 |
|  |  | 61702816 |
| **Consumer Staples — 6.9%** | **Consumer Staples — 6.9%** |  |
| 26242 | Alimentation Couche-Tard, Inc. | 1369777 |
| 13694 | Associated British Foods Plc | 377477 |
| 152370 | AVI Ltd. | 741191 |
| 39626 | Bid Corp. Ltd. | 995803 |
| 37898 | BJ's Wholesale Club Holdings, Inc.(c) | 4455289 |
| 23244 | Clicks Group Ltd. | 495109 |
| 12781 | Coca-Cola Co. (The) | 927262 |
| 7438 | Costco Wholesale Corp. | 7397091 |
| 6168 | Danone SA | 530734 |
| 160582 | Fomento Economico Mexicano SAB de CV - Units | 1688402 |
| 5246 | Henkel AG & Co. KGaA - Preference Shares | 407438 |
| 1732 | Hershey Co. (The) | 289573 |
| 14872 | Intercos SpA | 223856 |
| 4059 | Interparfums, Inc. | 443243 |
| 53479 | Jeronimo Martins SGPS SA | 1294318 |
| 19733 | Kenvue, Inc. | 465699 |
| 29730 | Koninklijke Ahold Delhaize NV | 1220686 |
| 51029 | Leroy Seafood Group ASA | 223666 |
| 41327 | Lion Corp. | 506544 |
| 24611 | Mowi ASA | 451279 |
| 71385 | Orkla ASA | 796118 |
| 2646 | PepsiCo, Inc. | 358745 |
| 11359 | Philip Morris International, Inc. | 1946478 |
| 5867 | Procter & Gamble Co. (The) | 953798 |
| 280194 | Raia Drogasil SA | 976580 |
| 241608 | Sonae SGPS SA | 306826 |
| 4621 | Target Corp. | 446851 |
| 122109 | Tesco Plc | 604318 |
| 113966 | Unicharm Corp. | 1058190 |
| 45994 | Unilever Plc | 2928433 |
| 1595199 | Uni-President China Holdings Ltd. | 1913897 |
| 29885 | US Foods Holding Corp.(c) | 1962249 |
| 941809 | Vitasoy International Holdings Ltd. | 1213441 |
| 42296 | Walmart, Inc. | 4113286 |
|  |  | 44083647 |
| **Energy — 2.6%** | **Energy — 2.6%** |  |
| 19153 | Aker BP ASA | 411167 |
| 7334 | Cactus, Inc. - Class A | 278252 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Energy (continued)** | **Energy (continued)** |  |
| 28261 | Chevron Corp. | $3845192 |
| 28530 | ConocoPhillips | 2542594 |
| 29427 | Eni SpA | 421440 |
| 9892 | Exxon Mobil Corp. | 1044892 |
| 62529 | Idemitsu Kosan Co. Ltd. | 387493 |
| 32104 | Inpex Corp. | 401605 |
| 57865 | Kinder Morgan, Inc. | 1521850 |
| 13986 | Liberty Energy, Inc. | 160839 |
| 18933 | Magnolia Oil & Gas Corp. - Class A | 388694 |
| 8494 | Matador Resources Co. | 335853 |
| 14157 | Murphy Oil Corp. | 290643 |
| 19477 | OMV AG | 1007031 |
| 39572 | Patterson-UTI Energy, Inc. | 223186 |
| 53196 | Schlumberger NV | 1768767 |
| 20869 | Shell Plc | 673479 |
| 25643 | Tenaris SA | 427596 |
| 12128 | TotalEnergies SE | 690752 |
|  |  | 16821325 |
| **Financial Services — 8.4%** | **Financial Services — 8.4%** |  |
| 14672 | 3i Group Plc | 831771 |
| 781 | Adyen NV(a)(b)(c) | 1263825 |
| 9614 | Apollo Global Management, Inc. | 1312119 |
| 8061 | Berkshire Hathaway, Inc. - Class B(c) | 4298528 |
| 6324 | Blackstone, Inc. | 832934 |
| 10233 | Block, Inc.(c) | 598323 |
| 36927 | Brookfield Corp. | 1981872 |
| 8665 | CME Group, Inc. | 2400898 |
| 4332 | Corpay, Inc.(c) | 1409503 |
| 7846 | Essent Group Ltd. | 446673 |
| 6717 | FirstCash Holdings, Inc. | 899809 |
| 19858 | Fiserv, Inc.(c) | 3665191 |
| 7674 | Groupe Bruxelles Lambert NV | 633060 |
| 3735 | Hamilton Lane, Inc. - Class A | 577020 |
| 15324 | IGM Financial, Inc. | 486976 |
| 18334 | Intercontinental Exchange, Inc. | 3079562 |
| 51003 | Investor AB - Class B | 1511141 |
| 10079 | KKR & Co., Inc. | 1151727 |
| 14992 | London Stock Exchange Group Plc | 2334427 |
| 5883 | Mastercard, Inc. - Class A | 3224237 |
| 12479 | Morgan Stanley | 1440326 |
| 4595 | MSCI, Inc. | 2504780 |
| 25171 | Nasdaq, Inc. | 1918282 |
| 34564 | OSB Group Plc | 219697 |
| 494 | Partners Group Holding AG | 647274 |
| 4512 | S&P Global, Inc. | 2256226 |
| 7527 | Shift4 Payments, Inc. - Class A(c) | 615709 |
| 14231 | Tradeweb Markets, Inc. - Class A | 1968147 |
| 26100 | Visa, Inc. - Class A | 9017550 |
|  |  | 53527587 |
| **Health Care — 9.3%** | **Health Care — 9.3%** |  |
| 10953 | Abbott Laboratories | 1432105 |
| 22721 | AbbVie, Inc. | 4432867 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Health Care (continued)** | **Health Care (continued)** |  |
| 8336 | Agilent Technologies, Inc. | $896954 |
| 21017 | AstraZeneca Plc | 3011037 |
| 75248 | Avantor, Inc.(c) | 977471 |
| 18760 | Boston Scientific Corp.(c) | 1929841 |
| 16379 | Cencora, Inc. | 4793642 |
| 11451 | Chugai Pharmaceutical Co. Ltd. | 659687 |
| 14527 | Cooper Cos., Inc. (The)(c) | 1186420 |
| 18920 | Danaher Corp. | 3771324 |
| 10419 | Dexcom, Inc.(c) | 743708 |
| 72908 | Dr Reddy's Laboratories Ltd. | 1023421 |
| 1282 | Elevance Health, Inc. | 539184 |
| 2742 | Eli Lilly & Co. | 2464921 |
| 5393 | Ensign Group, Inc. (The) | 695643 |
| 12734 | Fresenius SE & Co. KGaA(c) | 604826 |
| 20974 | GSK Plc | 414922 |
| 9105 | HealthEquity, Inc.(c) | 780481 |
| 2964 | IDEXX Laboratories, Inc.(c) | 1282375 |
| 7165 | Intuitive Surgical, Inc.(c) | 3695707 |
| 6220 | iRhythm Technologies, Inc.(c) | 664856 |
| 5749 | Johnson & Johnson | 898626 |
| 2121 | Lonza Group AG | 1523958 |
| 3485 | McKesson Corp. | 2484073 |
| 4076 | Medpace Holdings, Inc.(c) | 1256998 |
| 9383 | Medtronic Plc | 795303 |
| 13570 | Merck & Co., Inc. | 1156164 |
| 8366 | Novartis AG | 954203 |
| 8218 | Prestige Consumer Healthcare, Inc.(c) | 667548 |
| 8112 | RadNet, Inc.(c) | 424907 |
| 8057 | Recordati Industria Chimica e Farmaceutica SpA | 475430 |
| 2687 | Repligen Corp.(c) | 370779 |
| 3587 | Roche Holding AG | 1172901 |
| 4815 | Sanofi SA | 526722 |
| 18423 | Ship Healthcare Holdings, Inc. | 267271 |
| 8375 | STERIS Plc | 1882197 |
| 4536 | Straumann Holding AG | 553105 |
| 4000 | Thermo Fisher Scientific, Inc. | 1716000 |
| 1999 | UFP Technologies, Inc.(c) | 416871 |
| 13568 | UnitedHealth Group, Inc. | 5582418 |
|  |  | 59126866 |
| **Industrials — 12.3%** | **Industrials — 12.3%** |  |
| 2036 | Aena SME SA(a)(b) | 511476 |
| 77226 | Amada Co. Ltd. | 773266 |
| 5049 | AMETEK, Inc. | 856209 |
| 8136 | ANDRITZ AG | 584651 |
| 23422 | API Group Corp.(c) | 886054 |
| 3504 | Applied Industrial Technologies, Inc. | 852453 |
| 27191 | Ashtead Group Plc | 1455600 |
| 1798 | Automatic Data Processing, Inc. | 540479 |
| 2807 | Axon Enterprise, Inc.(c) | 1721533 |
| 9671 | AZEK Co., Inc. (The)(c) | 479295 |
| 51123 | Balfour Beatty Plc | 312687 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 13771 | Booz Allen Hamilton Holding Corp. | $1652795 |
| 11937 | Bouygues SA | 524695 |
| 6208 | Brenntag SE | 414594 |
| 42344 | BrightView Holdings, Inc.(c) | 580960 |
| 5552 | Builders FirstSource, Inc.(c) | 664186 |
| 8286 | BWX Technologies, Inc. | 904168 |
| 4521 | Carlisle Cos., Inc. | 1715629 |
| 5840 | Casella Waste Systems, Inc. - Class A(c) | 685908 |
| 9647 | CBIZ, Inc.(c) | 656961 |
| 14681 | Cie de Saint-Gobain SA | 1596089 |
| 8108 | Clean Harbors, Inc.(c) | 1734625 |
| 652 | Comfort Systems USA, Inc. | 259203 |
| 6918 | Construction Partners, Inc. - Class A(c) | 568244 |
| 26888 | Copart, Inc.(c) | 1640975 |
| 32240 | Core & Main, Inc. - Class A(c) | 1698403 |
| 4503 | Crane Co. | 724893 |
| 1784 | Curtiss-Wright Corp. | 615284 |
| 6206 | DCC Plc | 405611 |
| 2248 | Deere & Co. | 1042083 |
| 10808 | Deutsche Post AG | 461804 |
| 59928 | easyJet Plc | 397325 |
| 8115 | Eaton Corp. Plc | 2388813 |
| 4177 | Eiffage SA | 568376 |
| 5662 | Equifax, Inc. | 1472856 |
| 14655 | ExlService Holdings, Inc.(c) | 710474 |
| 9616 | Experian Plc | 478406 |
| 16679 | FANUC Corp. | 423307 |
| 7446 | Fluor Corp.(c) | 259791 |
| 1678 | GE Vernova, Inc. | 622236 |
| 19261 | Grafton Group Plc - Units | 233156 |
| 18115 | Hitachi Construction Machinery Co. Ltd. | 541365 |
| 2694 | HOCHTIEF AG | 509692 |
| 5270 | Honeywell International, Inc. | 1109335 |
| 29501 | Howmet Aerospace, Inc. | 4088249 |
| 1673 | Illinois Tool Works, Inc. | 401369 |
| 3838 | IMCD NV | 510380 |
| 140653 | International Consolidated Airlines Group SA | 490264 |
| 12625 | ISS A/S | 316780 |
| 13911 | Keller Group Plc | 264896 |
| 3172 | Kirby Corp.(c) | 305686 |
| 26743 | Komatsu Ltd. | 773396 |
| 10134 | L3Harris Technologies, Inc. | 2229683 |
| 4684 | Limbach Holdings, Inc.(c) | 448446 |
| 10699 | Makita Corp. | 312882 |
| 7918 | Morgan Sindall Group Plc | 374278 |
| 3418 | MSA Safety, Inc. | 538062 |
| 10101 | Mueller Industries, Inc. | 743030 |
| 6335 | Northrop Grumman Corp. | 3081977 |
| 10880 | Pentair Plc | 987142 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 3790 | Quanta Services, Inc. | $1109295 |
| 2146 | RBC Bearings, Inc.(c) | 705111 |
| 8015 | Recruit Holdings Co. Ltd. | 444154 |
| 9704 | RELX Plc | 529597 |
| 650 | Rheinmetall AG | 1106984 |
| 12868 | ROCKWOOL A/S - Class B | 587426 |
| 212193 | Rolls-Royce Holdings Plc | 2147918 |
| 10432 | Ryanair Holdings Plc - ADR | 499275 |
| 3662 | Saia, Inc.(c) | 893528 |
| 21923 | Sanwa Holdings Corp. | 719572 |
| 1538 | Schindler Holding AG | 562516 |
| 83172 | SF Holding Co. Ltd. - H Shares(c) | 415316 |
| 11203 | SGS SA | 1094099 |
| 2583 | Siemens AG | 594765 |
| 10070 | Siemens Energy AG(c) | 777240 |
| 2211 | Simpson Manufacturing Co., Inc. | 339809 |
| 80978 | Singapore Airlines Ltd. | 415572 |
| 21721 | SKF AB - Class B | 425762 |
| 3315 | Societe BIC SA | 214486 |
| 88495 | Sohgo Security Services Co. Ltd. | 699435 |
| 7788 | Tetra Tech, Inc. | 242908 |
| 14610 | Titan Machinery, Inc.(c) | 242380 |
| 3906 | Transcat, Inc.(c) | 309863 |
| 20681 | TransUnion | 1715696 |
| 12969 | UL Solutions, Inc. - Class A | 741697 |
| 4430 | Union Pacific Corp. | 955374 |
| 1481 | United Rentals, Inc. | 935177 |
| 15825 | Valmet Oyj | 483202 |
| 16558 | Verra Mobility Corp.(c) | 360964 |
| 37989 | Vesuvius Plc | 173518 |
| 4281 | Vinci SA | 601340 |
| 5042 | Waste Management, Inc. | 1176601 |
| 67912 | WEG SA | 538854 |
| 10994 | Westinghouse Air Brake Technologies Corp. | 2031032 |
| 2630 | Wolters Kluwer NV | 464350 |
|  |  | 78357281 |
| **Information Technology — 22.0%** | **Information Technology — 22.0%** |  |
| 1821 | Alten SA | 154354 |
| 97915 | Apple, Inc. | 20806938 |
| 12247 | Applied Materials, Inc. | 1845745 |
| 933 | ASM International NV | 456038 |
| 5125 | ASML Holding NV | 3430890 |
| 2912 | Atlassian Corp. - Class A(c) | 664839 |
| 1545 | Badger Meter, Inc. | 341167 |
| 7112 | Bel Fuse, Inc. - Class B | 467756 |
| 15358 | Bentley Systems, Inc. - Class B | 660240 |
| 43219 | Broadcom, Inc. | 8318361 |
| 3187 | Cadence Design Systems, Inc.(c) | 948897 |
| 95809 | CCC Intelligent Solutions Holdings, Inc.(c) | 887191 |
| 9176 | CDW Corp. | 1473299 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| 3616 | CGI, Inc. | $383423 |
| 7335 | Check Point Software Technologies Ltd.(c) | 1610473 |
| 5410 | Cloudflare, Inc. - Class A(c) | 653420 |
| 556 | Constellation Software, Inc. | 2003774 |
| 8272 | Crane NXT Co. | 388122 |
| 1536 | Crowdstrike Holdings, Inc. - Class A(c) | 658744 |
| 72784 | Delta Electronics, Inc. | 762646 |
| 5032 | Descartes Systems Group, Inc. (The)(c) | 530322 |
| 8953 | Entegris, Inc. | 708361 |
| 4397 | EPAM Systems, Inc.(c) | 689933 |
| 7846 | FormFactor, Inc.(c) | 220786 |
| 40676 | Fortinet, Inc.(c) | 4220542 |
| 5632 | Gartner, Inc.(c) | 2371523 |
| 3650 | Guidewire Software, Inc.(c) | 747411 |
| 4295 | Horiba Ltd. | 293571 |
| 10912 | Indra Sistemas SA | 347917 |
| 11556 | Infineon Technologies AG | 382770 |
| 54300 | Infosys Ltd. | 959912 |
| 2647 | InterDigital, Inc. | 532047 |
| 6619 | International Business Machines Corp. | 1600607 |
| 14510 | Japan Aviation Electronics Industry Ltd. | 232437 |
| 2649 | Keyence Corp. | 1107525 |
| 11340 | Keysight Technologies, Inc.(c) | 1648836 |
| 1842 | KLA Corp. | 1294355 |
| 4949 | Logitech International SA | 376075 |
| 4402 | Manhattan Associates, Inc.(c) | 780871 |
| 15485 | Marvell Technology, Inc. | 903859 |
| 64186 | Microsoft Corp. | 25370158 |
| 2858 | MKS Instruments, Inc. | 200460 |
| 10954 | Motorola Solutions, Inc. | 4824032 |
| 3875 | Nemetschek SE | 514928 |
| 4565 | Nice Ltd. - ADR(c) | 711478 |
| 122322 | Nokia Oyj | 611509 |
| 3176 | Novanta, Inc.(c) | 377499 |
| 194551 | NVIDIA Corp. | 21190495 |
| 1753 | Onto Innovation, Inc.(c) | 213813 |
| 14398 | Oracle Corp. | 2026087 |
| 7453 | Q2 Holdings, Inc.(c) | 590650 |
| 6656 | QUALCOMM, Inc. | 988150 |
| 3157 | Reply SpA | 563618 |
| 13772 | Samsara, Inc. - Class A(c) | 546198 |
| 47060 | Samsung Electronics Co. Ltd. | 1836165 |
| 6757 | SAP SE | 1977021 |
| 3846 | ServiceNow, Inc.(c) | 3672968 |
| 7480 | Shopify, Inc. - Class A(c) | 710600 |
| 1073 | Sopra Steria Group | 220007 |
| 99026 | Taiwan Semiconductor Manufacturing Co. Ltd. | 2805858 |
| 4142 | TE Connectivity Plc | 606306 |
| 6376 | Texas Instruments, Inc. | 1020479 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** |  |
| 15692 | Vertex, Inc. - Class A(c) | $628151 |
| 17749 | Vontier Corp. | 564596 |
|  |  | 139637203 |
| **Insurance — 2.8%** | **Insurance — 2.8%** |  |
| 8210 | Ageas SA | 514900 |
| 180940 | AIA Group Ltd. | 1355768 |
| 4212 | Allianz SE | 1741985 |
| 5469 | Arthur J Gallagher & Co. | 1753854 |
| 6418 | ASR Nederland NV | 404968 |
| 60999 | Aviva Plc | 457029 |
| 7030 | Bowhead Specialty Holdings, Inc.(c) | 282536 |
| 42799 | Dai-ichi Life Holdings, Inc. | 309028 |
| 389 | Fairfax Financial Holdings Ltd. | 607315 |
| 12521 | Generali | 457614 |
| 1092 | Kinsale Capital Group, Inc. | 475304 |
| 16449 | Manulife Financial Corp. | 504113 |
| 309728 | Mapfre SA | 1102631 |
| 19165 | MetLife, Inc. | 1444466 |
| 6849 | NN Group NV | 419983 |
| 2248 | Palomar Holdings, Inc.(c) | 326005 |
| 80551 | Poste Italiane SpA(a)(b) | 1634960 |
| 7680 | Prudential Financial, Inc. | 788813 |
| 22799 | Ryan Specialty Holdings, Inc. | 1493563 |
| 32281 | Suncorp Group Ltd. | 419785 |
| 36908 | Unipol Assicurazioni SpA | 662008 |
| 883 | Zurich Insurance Group AG | 626286 |
|  |  | 17782914 |
| **Materials — 2.8%** | **Materials — 2.8%** |  |
| 20974 | Acerinox SA | 237033 |
| 36814 | BHP Group Ltd. | 877412 |
| 22515 | Billerud Aktiebolag | 237579 |
| 14020 | Boliden AB(c) | 429573 |
| 47838 | Breedon Group Plc | 275223 |
| 34199 | Corteva, Inc. | 2119996 |
| 30179 | CRH Plc | 2879680 |
| 5485 | CRH Plc | 520255 |
| 22685 | Element Solutions, Inc. | 463001 |
| 83943 | Elkem ASA(a)(b) | 147662 |
| 26589 | Fortescue Ltd. | 274603 |
| 2193 | Hawkins, Inc. | 267064 |
| 5049 | Heidelberg Materials AG | 1009363 |
| 4185 | Holcim AG | 467665 |
| 25342 | International Paper Co. | 1157623 |
| 34890 | Kansai Paint Co. Ltd. | 525908 |
| 21399 | Kuraray Co. Ltd. | 249972 |
| 32104 | Nippon Kayaku Co. Ltd. | 302472 |
| 31151 | Nitto Denko Corp. | 547535 |
| 21672 | Perimeter Solutions, Inc.(c) | 219537 |
| 4760 | Sherwin-Williams Co. (The) | 1679899 |
| 3140 | Sika AG | 784710 |
| 83367 | SSAB AB - Class A | 526783 |
| 15032 | Tokuyama Corp. | 306839 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Materials (continued)** | **Materials (continued)** |  |
| 85614 | Toray Industries, Inc. | $546775 |
| 5268 | Vicat SACA | 294973 |
| 8561 | voestalpine AG | 225600 |
|  |  | 17574735 |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** |  |
| 10852 | American Tower Corp. REIT | 2446149 |
| 296758 | CapitaLand Integrated Commercial Trust REIT | 488375 |
| 8702 | CBRE Group, Inc. - Class A(c) | 1063210 |
| 4305 | FirstService Corp. | 755657 |
| 6435 | Prologis, Inc. REIT | 657657 |
| 5714 | Ryman Hospitality Properties, Inc. REIT | 502546 |
| 3231 | SBA Communications Corp. REIT | 786426 |
| 9597 | Simon Property Group, Inc. REIT | 1510376 |
| 14702 | STAG Industrial, Inc. REIT | 485607 |
| 60578 | Sun Hung Kai Properties Ltd. | 574668 |
| 10394 | Terreno Realty Corp. REIT | 585494 |
|  |  | 9856165 |
| **Utilities — 2.2%** | **Utilities — 2.2%** |  |
| 204136 | A2A SpA | 519173 |
| 34351 | AGL Energy Ltd. | 234102 |
| 21260 | Ameren Corp. | 2109842 |
| 16915 | American Electric Power Co., Inc. | 1832571 |
| 3466 | American States Water Co. | 281127 |
| 5079 | Black Hills Corp. | 309311 |
| 11654 | Duke Energy Corp. | 1422021 |
| 32607 | Iberdrola SA | 587769 |
| 71620 | NextEra Energy, Inc. | 4789946 |
| 6953 | Rubis SCA | 226325 |
| 21404 | Tokyo Gas Co. Ltd. | 711101 |
| 8536 | WEC Energy Group, Inc. | 934863 |
|  |  | 13958151 |
| Total Common Stocks<br> (Cost $602,774,138) | Total Common Stocks<br> (Cost $602,774,138) | 605209816 |
| **EXCHANGE-TRADED FUNDS(d) — 1.1%** | **EXCHANGE-TRADED FUNDS(d) — 1.1%** |  |
| 62458 | KraneShares CSI China Internet ETF | 2004902 |
| 32476 | SPDR S&P Biotech ETF | 2693884 |
| 4165 | SPDR S&P Oil & Gas Exploration & Production ETF | 461107 |
| 19176 | SPDR S&P Regional Banking ETF | 1037997 |
| 7723 | Utilities Select Sector SPDR Fund | 609345 |
| Total Exchange-Traded Funds <br> (Cost $6,834,725) | Total Exchange-Traded Funds <br> (Cost $6,834,725) | 6807235 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **INVESTMENT COMPANY — 6.0%** | **INVESTMENT COMPANY — 6.0%** |  |
| 38344407 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(e) | $38344407 |
| Total Investment Company<br> (Cost $38,344,407) | Total Investment Company<br> (Cost $38,344,407) | 38344407 |
| **TOTAL INVESTMENTS — 102.4%** | **TOTAL INVESTMENTS — 102.4%** |  |
| (Cost $647,953,270) | (Cost $647,953,270) | $650361458 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%** | (15341505) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $635019953 |

---

---

| | |
|:---|:---|
| (a) | Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. |
| (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) | 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 April 30, 2025. |

---

The following abbreviations are used in the report:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

**PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Country:** | Market Value | Market Value as<br> a percentage of<br> Net Assets |
| United States | $421484782 | 66.4% |
| United Kingdom | 25171586 | 4 |
| Japan | 19357916 | 3 |
| Germany | 17000270 | 2.7 |
| Canada | 13958968 | 2.2 |
| Netherlands | 11460915 | 1.8 |
| Switzerland | 9761824 | 1.5 |
| France | 9582804 | 1.5 |
| India | 6837075 | 1.1 |
| China | 6486896 | 1 |
| Spain | 6365505 | 1 |
| Sweden | 6327232 | 1 |
| Italy | 5446569 | 0.9 |
| Ireland | 5406870 | 0.8 |

---

---

| | | |
|:---|:---|:---|
| **Country:** | Market Value | Market Value as<br> a percentage of<br> Net Assets |
| Australia | $4024225 | 0.6% |
| Uruguay | 3906505 | 0.6 |
| Taiwan | 3568504 | 0.5 |
| Hong Kong | 3143877 | 0.5 |
| South Africa | 2967661 | 0.5 |
| Austria | 2717912 | 0.4 |
| Brazil | 2691039 | 0.4 |
| Norway | 2557227 | 0.4 |
| Israel | 2321951 | 0.4 |
| South Korea | 2239838 | 0.3 |
| Mexico | 1688402 | 0.3 |
| Portugal | 1601144 | 0.3 |
| Denmark | 1489535 | 0.2 |
| Belgium | 1147960 | 0.2 |
| Finland | 1094711 | 0.2 |
| Indonesia | 1091962 | 0.2 |
| Chile | 976608 | 0.2 |
| Singapore | 903947 | 0.1 |
| Luxembourg | 427596 | 0.1 |
| Other<sup>\*</sup> | 29810137 | 4.7 |
|  | $635019953 | 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| 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% | $540408 |
| 38900 | Morgan Stanley, Series K, 5.85% | 883030 |
| 31500 | Public Storage, Series O, 3.90% | 504315 |
| 28500 | US Bancorp, Series L, 3.75% | 435480 |
| 122100 | Wells Fargo & Co., Series Z, 4.75% | 2315016 |
| Total Preferred Stocks<br> (Cost $6,547,571) | Total Preferred Stocks<br> (Cost $6,547,571) | 4678249 |
| **EXCHANGE-TRADED FUNDS(a) — 19.2%** | **EXCHANGE-TRADED FUNDS(a) — 19.2%** |  |
| **UNITED STATES — 19.2%** | **UNITED STATES — 19.2%** |  |
| 3482215 | Invesco Preferred ETF | 38408832 |
| 2061297 | iShares JP Morgan USD Emerging Markets Bond ETF | 185434278 |
| 1400000 | iShares MBS ETF | 131306000 |
| 1115770 | SPDR Bloomberg Convertible Securities ETF | 86505648 |
| Total Exchange-Traded Funds<br> (Cost $462,233,071) | Total Exchange-Traded Funds<br> (Cost $462,233,071) | 441654758 |
| Principal<br> Amount |  |  |
| **CORPORATE BONDS — 5.4%** | **CORPORATE BONDS — 5.4%** |  |
| **AUSTRALIA — 0.0%** | **AUSTRALIA — 0.0%** |  |
| $425000 | Mineral Resources Ltd.,<br>9.25%, 10/01/28(b) | 401928 |
| **CANADA — 0.2%** | **CANADA — 0.2%** |  |
| 475000 | Bombardier, Inc.,<br>7.25%, 07/01/31(b) | 486331 |
| 100000 | Capstone Copper Corp.,<br>6.75%, 03/31/33(b) | 98256 |
| 900000 | ERO Copper Corp.,<br>6.50%, 02/15/30(b) | 867630 |
| 550000 | Garda World Security Corp.,<br>7.75%, 02/15/28(b) | 567741 |
| 375000 | Garda World Security Corp.,<br>8.25%, 08/01/32(b) | 368397 |
| 400000 | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, <br> 9.00%, 02/15/29(b) | 406052 |
| 500000 | NOVA Chemicals Corp.,<br>5.00%, 05/01/25(b) | 500000 |
| 850000 | Ontario Gaming GTA LP/OTG Co- Issuer, Inc.,<br>8.00%, 08/01/30(b) | 817879 |
|  |  | 4112286 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **CAYMAN ISLANDS — 0.0%** | **CAYMAN ISLANDS — 0.0%** |  |
| $450000 | Azorra Finance Ltd.,<br>7.75%, 04/15/30(b) | $446526 |
| 631125 | Seagate HDD Cayman,<br> 9.63%, 12/01/32 | 712302 |
|  |  | 1158828 |
| **FRANCE — 0.0%** | **FRANCE — 0.0%** |  |
| 250000 | Iliad Holding SASU,<br> 7.00%, 04/15/32(b) | 253408 |
| **IRELAND — 0.1%** | **IRELAND — 0.1%** |  |
| 450000 | Adient Global Holdings Ltd.,<br>8.25%, 04/15/31(b) | 445475 |
| 250000 | Adient Global Holdings Ltd.,<br>7.50%, 02/15/33(b) | 236895 |
| 700000 | Cimpress Plc,<br> 7.38%, 09/15/32(b) | 638698 |
| 950000 | Perrigo Finance Unlimited Co., Series USD,<br> 6.13%, 09/30/32 | 943012 |
|  |  | 2264080 |
| **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** |  |
| 500000 | Altice Financing SA,<br> 5.00%, 01/15/28(b) | 383989 |
| 525000 | Connect Finco SARL/Connect US Finco LLC, <br> 9.00%, 09/15/29(b) | 491121 |
|  |  | 875110 |
| **MALTA — 0.1%** | **MALTA — 0.1%** |  |
| 650000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc.,<br>7.88%, 05/01/27(b) | 631237 |
| 475000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc.,<br>9.50%, 06/01/28(b) | 463976 |
| 525000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc.,<br>6.38%, 02/01/30(b) | 453267 |
|  |  | 1548480 |
| **NETHERLANDS — 0.0%** | **NETHERLANDS — 0.0%** |  |
| 250000 | Axalta Coating Systems Dutch Holding B BV,<br> 7.25%, 02/15/31(b) | 258868 |
| 260000 | Sigma Holdco BV,<br> 7.88%, 05/15/26(b) | 257414 |
|  |  | 516282 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED KINGDOM — 0.1%** | **UNITED KINGDOM — 0.1%** |  |
| $650000 | California Buyer Ltd./Atlantica Sustainable Infrastructure Plc,<br>6.38%, 02/15/32(b) | $638592 |
| 675000 | Jaguar Land Rover Automotive Plc,<br>5.50%, 07/15/29(b) | 647012 |
|  |  | 1285604 |
| **UNITED STATES — 4.9%** | **UNITED STATES — 4.9%** |  |
| 900000 | Acrisure LLC/Acrisure Finance, Inc.,<br>6.00%, 08/01/29(b) | 852644 |
| 650000 | AdaptHealth LLC,<br>6.13%, 08/01/28(b) | 630391 |
| 650000 | Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC,<br>5.88%, 02/15/28(b) | 649508 |
| 550000 | Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer, <br> 7.00%, 01/15/31(b) | 558194 |
| 925000 | Allied Universal Holdco LLC,<br>7.88%, 02/15/31(b) | 944759 |
| 325000 | Alpha Generation LLC,<br>6.75%, 10/15/32(b) | 331211 |
| 381965 | Ambac Assurance Corp.,<br>5.10%(b)(c) | 517563 |
| 650000 | American Airlines, Inc.,<br>8.50%, 05/15/29(b) | 662476 |
| 200000 | Amsted Industries, Inc.,<br>6.38%, 03/15/33(b) | 200901 |
| 700000 | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 3 LLC,<br>7.88%, 11/01/29(b) | 683193 |
| 550000 | Apollo Commercial Real Estate Finance, Inc. REIT,<br>4.63%, 06/15/29(b) | 507972 |
| 300000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp.,<br>8.25%, 12/31/28(b) | 303083 |
| 300000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp.,<br>6.63%, 10/15/32(b) | 296853 |
| 125000 | Axon Enterprise, Inc.,<br>6.25%, 03/15/33(b) | 127403 |
| 630000 | Bank of New York Mellon Corp. (The), Series F, <br> (3 mo. Term SOFR + 3.393%), <br> 4.63%(c)(d) | 615964 |
| 450000 | Blackstone Mortgage Trust, Inc. REIT,<br>7.75%, 12/01/29(b) | 467379 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $425000 | Blue Racer Midstream LLC/Blue Racer Finance Corp.,<br>7.00%, 07/15/29(b) | $432334 |
| 325000 | Blue Racer Midstream LLC/Blue Racer Finance Corp.,<br>7.25%, 07/15/32(b) | 333247 |
| 575000 | Boost Newco Borrower LLC,<br>7.50%, 01/15/31(b) | 606772 |
| 925000 | Boyd Gaming Corp.,<br>4.75%, 06/15/31(b) | 862364 |
| 850000 | Bread Financial Holdings, Inc.,<br>9.75%, 03/15/29(b) | 894220 |
| 750000 | Brink's Co. (The), <br> 6.75%, 06/15/32(b) | 767690 |
| 325000 | Buckeye Partners LP,<br>4.50%, 03/01/28(b) | 313323 |
| 275000 | Buckeye Partners LP,<br>6.75%, 02/01/30(b) | 279814 |
| 575000 | Builders FirstSource, Inc.,<br>4.25%, 02/01/32(b) | 517852 |
| 700000 | Burford Capital Global Finance LLC,<br>6.25%, 04/15/28(b) | 694028 |
| 975000 | Burford Capital Global Finance LLC,<br>9.25%, 07/01/31(b) | 1027206 |
| 450000 | Caesars Entertainment, Inc.,<br>7.00%, 02/15/30(b) | 460640 |
| 650000 | Caesars Entertainment, Inc.,<br>6.50%, 02/15/32(b) | 653405 |
| 166000 | Calpine Corp.,<br>5.13%, 03/15/28(b) | 164424 |
| 600000 | Carnival Corp.,<br>5.75%, 03/15/30(b) | 595778 |
| 650000 | Carnival Corp.,<br>6.13%, 02/15/33(b) | 644504 |
| 1000000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br>5.38%, 06/01/29(b) | 978189 |
| 1250000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br>4.50%, 08/15/30(b) | 1160730 |
| 500000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br>4.25%, 02/01/31(b) | 451762 |
| 800000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br>4.50%, 06/01/33(b) | 696054 |
| 350000 | Celanese US Holdings LLC,<br>6.42%, 07/15/27 | 352845 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $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) | $1457226 |
| 400000 | Chart Industries, Inc.,<br>7.50%, 01/01/30(b) | 414995 |
| 750000 | CHS/Community Health Systems, Inc.,<br>6.00%, 01/15/29(b) | 698676 |
| 650000 | Churchill Downs, Inc.,<br>5.50%, 04/01/27(b) | 643708 |
| 325000 | Civitas Resources, Inc.,<br>5.00%, 10/15/26(b) | 315568 |
| 325000 | Civitas Resources, Inc.,<br>8.63%, 11/01/30(b) | 313234 |
| 125000 | Clarios Global LP/Clarios US Finance Co.,<br>6.75%, 02/15/30(b) | 127163 |
| 450000 | Clear Channel Outdoor Holdings, Inc.,<br>5.13%, 08/15/27(b) | 437529 |
| 425000 | Clear Channel Outdoor Holdings, Inc.,<br>7.88%, 04/01/30(b) | 425190 |
| 875000 | Cloud Software Group, Inc.,<br>6.50%, 03/31/29(b) | 875314 |
| 400000 | Cloud Software Group, Inc.,<br>8.25%, 06/30/32(b) | 417247 |
| 450000 | Clydesdale Acquisition Holdings, Inc.,<br>8.75%, 04/15/30(b) | 463645 |
| 1025000 | Cogent Communications Group LLC,<br>7.00%, 06/15/27(b) | 1030016 |
| 750000 | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,<br>6.63%, 07/15/30(b) | 751826 |
| 600000 | Crescent Energy Finance LLC,<br>9.25%, 02/15/28(b) | 606393 |
| 800000 | Cushman & Wakefield US Borrower LLC,<br>8.88%, 09/01/31(b) | 855846 |
| 575000 | DaVita, Inc.,<br>6.88%, 09/01/32(b) | 580570 |
| 250000 | Dcli Bidco LLC,<br>7.75%, 11/15/29(b) | 232880 |
| 1325000 | Directv Financing LLC/Directv Financing Co-Obligor, Inc.,<br>5.88%, 08/15/27(b) | 1280578 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $475000 | DISH DBS Corp.,<br>5.13%, 06/01/29 | $297404 |
| 850000 | DISH Network Corp.,<br>11.75%, 11/15/27(b) | 893306 |
| 600000 | EchoStar Corp.,<br>10.75%, 11/30/29 | 634520 |
| 500000 | EchoStar Corp.,PIK, <br> 6.75%, 11/30/30 | 466036 |
| 432000 | Edgewell Personal Care Co.,<br>4.13%, 04/01/29(b) | 403773 |
| 275000 | Endo Finance Holdings, Inc.,<br>8.50%, 04/15/31(b) | 285927 |
| 450000 | Energizer Holdings, Inc.,<br>4.75%, 06/15/28(b) | 433561 |
| 684000 | Evergreen Acqco 1 LP/TVI, Inc.,<br>9.75%, 04/26/28(b) | 706199 |
| 1000000 | Ford Motor Credit Co. LLC,<br>5.30%, 09/06/29 | 964141 |
| 1050000 | Fortress Intermediate 3, Inc.,<br>7.50%, 06/01/31(b) | 1073338 |
| 300000 | Fortress Transportation and Infrastructure Investors LLC,<br>7.00%, 05/01/31(b) | 305035 |
| 700000 | Fortress Transportation and Infrastructure Investors LLC,<br>7.00%, 06/15/32(b) | 709312 |
| 175000 | Freedom Mortgage Holdings LLC,<br>8.38%, 04/01/32(b) | 171155 |
| 750000 | Frontier Communications Holdings LLC,<br>8.63%, 03/15/31(b) | 795383 |
| 675000 | GCI LLC,<br>4.75%, 10/15/28(b) | 638577 |
| 125000 | Gen Digital, Inc.,<br>6.25%, 04/01/33(b) | 124663 |
| 722000 | Global Infrastructure Solutions, Inc.,<br>5.63%, 06/01/29(b) | 686602 |
| 700000 | Goodyear Tire & Rubber Co. (The), <br> 5.25%, 07/15/31 | 652101 |
| 400000 | Gray Media, Inc.,<br>10.50%, 07/15/29(b) | 410593 |
| 750000 | Gray Media, Inc.,<br>5.38%, 11/15/31(b) | 447480 |
| 275000 | Gulfport Energy Operating Corp.,<br>6.75%, 09/01/29(b) | 271009 |
| 450000 | Hanesbrands, Inc.,<br>9.00%, 02/15/31(b) | 466198 |
| 600000 | Harvest Midstream I LP,<br>7.50%, 09/01/28(b) | 607316 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $900000 | HAT Holdings I LLC/HAT Holdings II LLC,<br>8.00%, 06/15/27(b) | $924409 |
| 650000 | Heartland Dental LLC/Heartland Dental Finance Corp.,<br>10.50%, 04/30/28(b) | 684900 |
| 250000 | Hess Midstream Operations LP,<br>5.88%, 03/01/28(b) | 250526 |
| 475000 | Hilcorp Energy I LP/Hilcorp Finance Co.,<br>6.00%, 02/01/31(b) | 426348 |
| 425000 | HLF Financing SARL LLC/Herbalife International, Inc.,<br>12.25%, 04/15/29(b) | 450957 |
| 600000 | HUB International Ltd.,<br>7.25%, 06/15/30(b) | 622346 |
| 575000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp.,<br>4.38%, 02/01/29 | 479445 |
| 350000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp.,<br>9.00%, 06/15/30 | 330602 |
| 600000 | Insight Enterprises, Inc.,<br>6.63%, 05/15/32(b) | 608702 |
| 850000 | Iron Mountain, Inc. REIT,<br>5.25%, 07/15/30(b) | 823705 |
| 250000 | Jane Street Group/JSG Finance, Inc.,<br>6.13%, 11/01/32(b) | 245720 |
| 450000 | JELD-WEN, Inc.,<br>4.88%, 12/15/27(b) | 415641 |
| 375000 | KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.,<br>9.00%, 02/15/29(b) | 383625 |
| 675000 | Kennedy-Wilson, Inc.,<br>4.75%, 02/01/30 | 595215 |
| 675000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,<br>4.75%, 06/15/29(b) | 646120 |
| 300000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,<br>7.00%, 07/15/31(b) | 308250 |
| 925000 | LCM Investments Holdings II LLC,<br>4.88%, 05/01/29(b) | 874471 |
| 300000 | LCM Investments Holdings II LLC,<br>8.25%, 08/01/31(b) | 313767 |
| 650000 | Level 3 Financing, Inc.,<br>10.50%, 04/15/29(b) | 719703 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $275000 | LifePoint Health, Inc.,<br>9.88%, 08/15/30(b) | $292524 |
| 700000 | LifePoint Health, Inc.,<br>8.38%, 02/15/32(b) | 713955 |
| 550000 | Lightning Power LLC,<br>7.25%, 08/15/32(b) | 569817 |
| 225000 | Long Ridge Energy LLC,<br>8.75%, 02/15/32(b) | 214247 |
| 400000 | Lumen Technologies, Inc.,<br>10.00%, 10/15/32(b) | 399000 |
| 650000 | Magnera Corp.,<br>7.25%, 11/15/31(b) | 614660 |
| 300000 | Mativ Holdings, Inc.,<br>8.00%, 10/01/29(b) | 249388 |
| 850000 | Mauser Packaging Solutions Holding Co.,<br>9.25%, 04/15/27(b) | 779888 |
| 75000 | Mauser Packaging Solutions Holding Co.,<br>7.88%, 04/15/27(b) | 75198 |
| 300000 | Maxim Crane Works Holdings Capital LLC,<br>11.50%, 09/01/28(b) | 296250 |
| 825000 | Midcap Financial Issuer Trust, <br> 6.50%, 05/01/28(b) | 787569 |
| 1050000 | Midcontinent Communications, <br> 8.00%, 08/15/32(b) | 1070473 |
| 1050000 | Nationstar Mortgage Holdings, Inc.,<br>5.75%, 11/15/31(b) | 1053896 |
| 450000 | NCL Corp. Ltd.,<br>6.75%, 02/01/32(b) | 439398 |
| 350000 | Neptune Bidco US, Inc.,<br>9.29%, 04/15/29(b) | 311500 |
| 925000 | New Enterprise Stone & Lime Co., Inc.,<br>5.25%, 07/15/28(b) | 897923 |
| 750000 | Nissan Motor Acceptance Co. LLC,<br>2.75%, 03/09/28(b) | 683219 |
| 325000 | Northern Oil & Gas, Inc.,<br>8.13%, 03/01/28(b) | 320856 |
| 150000 | Novelis Corp.,<br>6.88%, 01/30/30(b) | 152161 |
| 750000 | Novelis Corp.,<br>3.88%, 08/15/31(b) | 647311 |
| 475000 | Olin Corp.,<br>6.63%, 04/01/33(b) | 450705 |
| 900000 | Olympus Water US Holding Corp.,<br>9.75%, 11/15/28(b) | 937762 |
| 325000 | OneMain Finance Corp.,<br>5.38%, 11/15/29 | 310684 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $650000 | OneSky Flight LLC,<br>8.88%, 12/15/29(b) | $656108 |
| 1075000 | Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 5.13%, 04/30/31(b) | 902302 |
| 350000 | Owens-Brockway Glass Container, Inc.,<br>6.63%, 05/13/27(b) | 349118 |
| 925000 | Owens-Brockway Glass Container, Inc.,<br>7.25%, 05/15/31(b) | 918568 |
| 700000 | Park Intermediate Holdings LLC/ PK Domestic Property LLC/PK Finance Co-Issuer REIT,<br>5.88%, 10/01/28(b) | 683102 |
| 400000 | Patrick Industries, Inc.,<br>6.38%, 11/01/32(b) | 388331 |
| 275000 | PennyMac Financial Services, Inc.,<br>7.88%, 12/15/29(b) | 286716 |
| 700000 | PennyMac Financial Services, Inc.,<br>6.88%, 02/15/33(b) | 699023 |
| 325000 | PetSmart, Inc./PetSmart Finance Corp.,<br>7.75%, 02/15/29(b) | 302697 |
| 400000 | Phinia, Inc.,<br>6.75%, 04/15/29(b) | 404270 |
| 725000 | Phinia, Inc.,<br>6.63%, 10/15/32(b) | 711394 |
| 500000 | PM General Purchaser LLC,<br>9.50%, 10/01/28(b) | 482713 |
| 875000 | Post Holdings, Inc.,<br>4.63%, 04/15/30(b) | 824779 |
| 1000000 | PRA Group, Inc.,<br>5.00%, 10/01/29(b) | 911106 |
| 475000 | Prestige Brands, Inc.,<br>3.75%, 04/01/31(b) | 428831 |
| 800000 | Prime Healthcare Services, Inc.,<br>9.38%, 09/01/29(b) | 762705 |
| 150000 | Quikrete Holdings, Inc.,<br>6.38%, 03/01/32(b) | 150845 |
| 275000 | Quikrete Holdings, Inc.,<br>6.75%, 03/01/33(b) | 276029 |
| 554000 | Raising Cane's Restaurants LLC,<br>9.38%, 05/01/29(b) | 587104 |
| 525000 | Range Resources Corp.,<br>8.25%, 01/15/29 | 537649 |
| 650000 | Raven Acquisition Holdings LLC,<br>6.88%, 11/15/31(b) | 633974 |

---

---

| | | |
|:---|:---|:---|
| 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) | $602225 |
| 450000 | RHP Hotel Properties LP/RHP Finance Corp. REIT,<br>6.50%, 04/01/32(b) | 448498 |
| 950000 | Rocket Software, Inc.,<br>9.00%, 11/28/28(b) | 978825 |
| 1050000 | Rocket Software, Inc.,<br>6.50%, 02/15/29(b) | 998727 |
| 500000 | Rockies Express Pipeline LLC,<br>3.60%, 05/15/25(b) | 499441 |
| 175000 | Rockies Express Pipeline LLC,<br>6.75%, 03/15/33(b) | 177806 |
| 650000 | Rockies Express Pipeline LLC,<br>6.88%, 04/15/40(b) | 613610 |
| 275000 | Royal Caribbean Cruises Ltd.,<br>5.63%, 09/30/31(b) | 272886 |
| 300000 | Royal Caribbean Cruises Ltd.,<br>6.25%, 03/15/32(b) | 304496 |
| 407000 | Royal Caribbean Cruises Ltd.,<br>6.00%, 02/01/33(b) | 408120 |
| 350000 | Saks Global Enterprises LLC,<br>11.00%, 12/15/29(b) | 212288 |
| 275000 | Sealed Air Corp.,<br>7.25%, 02/15/31(b) | 286371 |
| 400000 | Service Properties Trust REIT,<br>5.25%, 02/15/26 | 395021 |
| 775000 | Service Properties Trust REIT,<br>5.50%, 12/15/27 | 738283 |
| 800000 | Service Properties Trust REIT,<br>4.95%, 10/01/29 | 627859 |
| 625000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,<br>6.75%, 08/15/32(b) | 633905 |
| 525000 | Sinclair Television Group, Inc.,<br>8.13%, 02/15/33(b) | 519677 |
| 675000 | Sirius XM Radio LLC,<br>4.00%, 07/15/28(b) | 634991 |
| 625000 | Six Flags Entertainment Corp.,<br>7.25%, 05/15/31(b) | 633583 |
| 125000 | Snap, Inc.,<br>6.88%, 03/01/33(b) | 124842 |
| 425000 | Spirit AeroSystems, Inc.,<br>9.38%, 11/30/29(b) | 452277 |
| 650000 | SS&C Technologies, Inc.,<br>5.50%, 09/30/27(b) | 646795 |
| 800000 | Standard Building Solutions, Inc.,<br>6.50%, 08/15/32(b) | 809963 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $800000 | Starwood Property Trust, Inc. REIT,<br>3.63%, 07/15/26(b) | $780922 |
| 250000 | Starwood Property Trust, Inc. REIT,<br>7.25%, 04/01/29(b) | 259256 |
| 675000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,<br>6.00%, 12/31/30(b) | 628520 |
| 1000000 | TEGNA, Inc.,<br>5.00%, 09/15/29 | 931476 |
| 675000 | Tenet Healthcare Corp.,<br>4.25%, 06/01/29 | 642847 |
| 225000 | Terex Corp.,<br>6.25%, 10/15/32(b) | 215335 |
| 700000 | TransDigm, Inc.,<br>7.13%, 12/01/31(b) | 727571 |
| 475000 | TransDigm, Inc.,<br>6.63%, 03/01/32(b) | 486568 |
| 400000 | TransDigm, Inc.,<br>6.00%, 01/15/33(b) | 399171 |
| 925000 | TriNet Group, Inc.,<br>7.13%, 08/15/31(b) | 941499 |
| 1650000 | Truist Financial Corp., Series N, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%), <br> 6.67%(c)(d) | 1620650 |
| 925000 | United Wholesale Mortgage LLC,<br>5.50%, 04/15/29(b) | 895677 |
| 741000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT,<br>10.50%, 02/15/28(b) | 786783 |
| 600000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT,<br>6.50%, 02/15/29(b) | 548898 |
| 750000 | Univision Communications, Inc.,<br>8.00%, 08/15/28(b) | 728511 |
| 625000 | US Acute Care Solutions LLC,<br>9.75%, 05/15/29(b) | 634488 |
| 950000 | Venture Global LNG, Inc.,<br>8.13%, 06/01/28(b) | 943420 |
| 675000 | Venture Global LNG, Inc.,<br>9.50%, 02/01/29(b) | 699457 |
| 125000 | Veritiv Operating Co.,<br>10.50%, 11/30/30(b) | 130569 |
| 500000 | Viasat, Inc.,<br>5.63%, 09/15/25(b) | 499977 |
| 600000 | Victra Holdings LLC/Victra Finance Corp.,<br>8.75%, 09/15/29(b) | 608890 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $| 325000 | Viking Baked Goods Acquisition Corp.,<br>8.63%, 11/01/31(b) | $308716 |
|  | 325000 | Vistra Operations Co. LLC,<br>6.88%, 04/15/32(b) | 336628 |
|  | 425000 | VOC Escrow Ltd.,<br>5.00%, 02/15/28(b) | 416836 |
|  | 125000 | Waste Pro USA, Inc.,<br>7.00%, 02/01/33(b) | 127535 |
|  | 450000 | WESCO Distribution, Inc.,<br>6.38%, 03/15/33(b) | 455225 |
|  | 325000 | Williams Scotsman, Inc.,<br>6.63%, 06/15/29(b) | 329349 |
|  | 375000 | Williams Scotsman, Inc.,<br>6.63%, 04/15/30(b) | 381791 |
|  | 1175000 | Windstream Services LLC/Windstream Escrow Finance Corp.,<br>8.25%, 10/01/31(b) | 1202870 |
|  | 400000 | WR Grace Holdings LLC,<br>5.63%, 08/15/29(b) | 354379 |
|  | 425000 | Xerox Holdings Corp.,<br>5.50%, 08/15/28(b) | 272261 |
|  | 450000 | XHR LP REIT,<br>6.63%, 05/15/30(b) | 443263 |
|  | 100000 | XPLR Infrastructure Operating Partners LP,<br>8.38%, 01/15/31(b) | 100367 |
|  | 775000 | Zayo Group Holdings, Inc.,<br>4.00%, 03/01/27(b) | 713768 |
|  | 700000 | ZF North America Capital, Inc.,<br>7.13%, 04/14/30(b) | 644004 |
|  |  |  | 112096074 |
| Total Corporate Bonds<br>(Cost $125,397,288) | Total Corporate Bonds<br>(Cost $125,397,288) | Total Corporate Bonds<br>(Cost $125,397,288) | 124512080 |
| **ASSET-BACKED SECURITIES — 15.3%** | **ASSET-BACKED SECURITIES — 15.3%** | **ASSET-BACKED SECURITIES — 15.3%** |  |
| **CAYMAN ISLANDS — 0.6%** | **CAYMAN ISLANDS — 0.6%** | **CAYMAN ISLANDS — 0.6%** |  |
| **Collateralized Loan Obligations — 0.6%** | **Collateralized Loan Obligations — 0.6%** | **Collateralized Loan Obligations — 0.6%** |  |
|  | 1000000 | Apidos CLO XV, Series 2013-15A, Class ERR, <br> (3 mo. Term SOFR + 5.962%), <br> 10.23%, 04/20/31(b)(d) | 986560 |
|  | 17550000 | CBAM Ltd., Series 2019-10A, Class SUB, <br> 7.13%, 04/20/32(b)(d)(e) | 3785360 |
|  | 9915625 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, <br> 6.78%, 01/20/31(b)(d)(e) | 683967 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **CAYMAN ISLANDS (continued)** | **CAYMAN ISLANDS (continued)** | **CAYMAN ISLANDS (continued)** |  |
| **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** |  |
| $| 12131250 | Madison Park Funding XLII Ltd., Series 13A, Class SUB, <br> 2.26%, 11/21/47(b)(d)(e) | $3311346 |
|  | 5000000 | Romark CLO II Ltd., Series 2018-2A, Class SUB, <br> 7.18%, 07/25/31(b)(d)(e) | 291318 |
|  | 5000000 | Romark CLO Ltd., Series 2017-1A, Class SUB, <br> 7.82%, 10/23/30(b)(d)(e) | 698400 |
|  | 7500000 | Romark WM-R Ltd., Series 2018-1A, Class F, <br> (3 mo. Term SOFR + 8.362%), <br> 12.63%, 04/20/31(b)(d)(e) | 4110928 |
|  |  |  | 13867879 |
| **UNITED STATES — 14.7%** | **UNITED STATES — 14.7%** | **UNITED STATES — 14.7%** |  |
| **Other Asset-Backed Securities — 14.7%** | **Other Asset-Backed Securities — 14.7%** | **Other Asset-Backed Securities — 14.7%** |  |
|  | 2573959 | 510 Loan Acquisition Trust, Series 2020-1, Class A, STEP, <br> 8.11%, 09/25/60(b) | 2535350 |
|  | 141911 | Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1, <br> (1 mo. Term SOFR + 1.164%), <br> 5.49%, 01/25/34(d) | 141324 |
|  | 6331916 | Ajax Mortgage Loan Trust, Series 2023-B, Class A, STEP, <br> 4.25%, 10/25/62(b) | 6194334 |
|  | 873700 | Ajax Mortgage Loan Trust, Series 2023-B, Class B, STEP, <br> 4.25%, 10/25/62(b) | 839588 |
|  | 1965631 | Ajax Mortgage Loan Trust, Series 2023-B, Class C, <br> 3.26%, 10/25/62(b)(f) | 1202914 |
|  | 184096 | Ajax Mortgage Loan Trust, Series 2023-B, Class SA, <br> 1.14%, 10/25/62(b)(f) | 169404 |
|  | 5000000 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7, <br> (1 mo. Term SOFR + 2.094%), <br> 6.42%, 05/25/35(d) | 4187663 |
|  | 1800000 | AMSR Trust, Series 2023-SFR2, Class F1, <br> 3.95%, 06/17/40(b) | 1660193 |
|  | 2230000 | AMSR Trust, Series 2023-SFR2, Class F2, <br> 3.95%, 06/17/40(b) | 1969804 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $6334442 | Argent Mortgage Loan Trust, Series 2005-W1, Class A2, <br> (1 mo. Term SOFR + 0.594%), <br> 4.92%, 05/25/35(d) | $5044858 |
| 4736146 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1, <br> (1 mo. Term SOFR + 0.804%), <br> 5.13%, 01/25/36(d) | 4731249 |
| 6035494 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, <br> (1 mo. Term SOFR + 0.744%), <br> 3.68%, 01/25/36(d) | 5297154 |
| 5740000 | BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, <br> 7.07%, 02/10/22(d) | 655509 |
| 5000000 | BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, <br> 7.22%, 12/10/25(d) | 514348 |
| 6923965 | Barclays Mortgage Trust, Series 2021- NPL1, Class A, STEP, <br> 5.00%, 11/25/51(b) | 6897838 |
| 1182038 | Barclays Mortgage Trust, Series 2021- NPL1, Class B, STEP, <br> 4.63%, 11/25/51(b) | 1192421 |
| 2432523 | Barclays Mortgage Trust, Series 2021- NPL1, Class C, <br> 0.00%, 11/25/51(b)(f) | 3143189 |
| 4665205 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, <br> (1 mo. Term SOFR + 1.114%), <br> 5.43%, 05/28/39(b)(d) | 3825188 |
| 658238 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, <br> (1 mo. Term SOFR + 1.414%), <br> 5.73%, 05/28/39(b)(d) | 303402 |
| 496056 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, <br> (1 mo. Term SOFR + 1.114%), <br> 5.43%, 12/28/40(b)(d) | 495778 |
| 1041828 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, <br> (1 mo. Term SOFR + 1.044%), <br> 5.36%, 12/28/40(b)(d) | 1002176 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $908185 | Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4,<br>(1 mo. Term SOFR + 1.914%),<br>4.90%, 05/25/35(d) | $905225 |
| 2483026 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4,<br>(1 mo. Term SOFR + 1.134%),<br>5.08%, 12/25/35(d) | 2383025 |
| 2446034 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A,<br>(1 mo. Term SOFR + 0.394%),<br>4.72%, 12/25/36(d) | 2403141 |
| 4650000 | Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3,<br>(1 mo. Term SOFR + 2.364%),<br>6.69%, 04/25/36(d) | 4849880 |
| 4884740 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4,<br>(1 mo. Term SOFR + 0.534%),<br>4.86%, 12/26/36(d) | 4049441 |
| 7735928 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1,<br>(1 mo. Term SOFR + 0.614%),<br>4.94%, 02/25/37(d) | 5806280 |
| 4368445 | Cascade MH Asset Trust, Series 2019- MH1, Class A, <br> 4.00%, 11/25/44(b)(d) | 4152259 |
| 3400000 | CFMT LLC, Series 2023-HB11, Class M2,<br>4.00%, 02/25/37(b)(d) | 3259761 |
| 1600000 | CFMT LLC, Series 2024-HB13, Class M2,<br>3.00%, 05/25/34(b)(d) | 1506191 |
| 2500000 | CFMT LLC, Series 2024-HB13, Class M3, <br> 3.00%, 05/25/34(b)(d) | 2314874 |
| 2000000 | CFMT LLC, Series 2024-HB13, Class M4, <br> 3.00%, 05/25/34(b)(d) | 1710214 |
| 6000000 | CIT Mortgage Loan Trust, Series 2007-1, Class 1M2,<br>(1 mo. Term SOFR + 2.739%),<br>7.07%, 10/25/37(b)(d) | 5709581 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $3766500 | CIT Mortgage Loan Trust, Series 2007-1, Class 2M2,<br>(1 mo. Term SOFR + 2.739%),<br>7.07%, 10/25/37(b)(d) | $3473643 |
| 2684362 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B,<br>(1 mo. Term SOFR + 0.314%),<br>4.64%, 05/25/37(d) | 1718060 |
| 72131 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C,<br>(1 mo. Term SOFR + 0.384%),<br>4.71%, 05/25/37(d) | 46154 |
| 3156755 | Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B,<br>(1 mo. Term SOFR + 0.284%),<br>4.61%, 07/25/45(d) | 2140479 |
| 755605 | Conseco Finance Corp., Series 1998-2, Class M1, <br> 6.94%, 12/01/28(d) | 760578 |
| 2020741 | Conseco Finance Corp., Series 1999-5, Class A5, <br> 7.86%, 03/01/30(d) | 599012 |
| 2279716 | Conseco Finance Corp., Series 1999-5, Class A6, <br> 7.50%, 03/01/30(d) | 645674 |
| 11183346 | Conseco Finance Securitizations Corp., Series 2000-1, Class A5, <br> 8.06%, 09/01/29(d) | 1597412 |
| 2726916 | Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1,<br>(1 mo. Term SOFR + 0.614%),<br>4.93%, 05/25/37(b)(d) | 2342746 |
| 822356 | Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4, <br> 6.30%, 12/25/35(d) | 796537 |
| 1783708 | Countrywide Asset-Backed Certificates Trust, Series 2006-13, Class 1AF4, <br> 3.95%, 01/25/37(d) | 1753221 |
| 9317615 | Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1,<br>(1 mo. Term SOFR + 0.564%),<br>4.89%, 03/25/37(d) | 9181511 |
| 6356972 | Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1,<br>(1 mo. Term SOFR + 0.459%),<br>4.79%, 05/25/47(d) | 5303161 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $6144717 | Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1,<br>(1 mo. Term SOFR + 0.489%),<br>4.82%, 06/25/37(d) | $5174043 |
| 819998 | Countrywide Asset-Backed Certificates Trust, Series 2007-BC2, Class M1,<br>(1 mo. Term SOFR + 0.624%),<br>4.95%, 06/25/37(d) | 383836 |
| 320622 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A,<br>(1 mo. Term SOFR + 0.294%),<br>4.62%, 05/15/36(d) | 316099 |
| 313409 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B,<br>(1 mo. Term SOFR + 0.354%),<br>4.68%, 02/15/30(b)(d) | 300964 |
| 3014310 | Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT, <br> 0.42%, 02/01/47(b)(f) | 2636084 |
| 1789785 | Credit-Based Asset Servicing and Securitization LLC, Series 2007- CB6, Class A4,<br>(1 mo. Term SOFR + 0.454%),<br>4.78%, 07/25/37(b)(d) | 1150842 |
| 4710365 | First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1,<br>(1 mo. Term SOFR + 0.654%),<br>4.45%, 03/25/36(d) | 4460186 |
| 1063866 | First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1,<br>(1 mo. Term SOFR + 1.914%),<br>6.24%, 10/25/33(d) | 1038629 |
| 9145217 | First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1,<br>(1 mo. Term SOFR + 0.489%),<br>4.82%, 07/25/36(d) | 7623654 |
| 4442689 | First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2,<br>(1 mo. Term SOFR + 0.714%),<br>5.04%, 01/25/36(d) | 3943215 |
| 3209819 | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C,<br>(1 mo. Term SOFR + 0.414%),<br>4.74%, 03/25/37(d) | 1488380 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $2710000 | FirstKey Homes Trust, Series 2020- SFR2, Class F1, <br> 3.02%, 10/19/37(b) | $2664578 |
| 4000000 | FirstKey Homes Trust, Series 2022- SFR1, Class E1, <br> 5.00%, 05/19/39(b) | 3965820 |
| 4000000 | FirstKey Homes Trust, Series 2022- SFR1, Class E2, <br> 5.00%, 05/19/39(b) | 3943262 |
| 2553000 | FirstKey Homes Trust, Series 2022- SFR2, Class E1, <br> 4.50%, 07/17/39(b) | 2482995 |
| 1438388 | Fremont Home Loan Trust, Series 2005-D, Class M1,<br>(1 mo. Term SOFR + 0.729%),<br>5.06%, 11/25/35(d) | 1302015 |
| 1500000 | FRTKL, Series 2021-SFR1, Class F, <br> 3.17%, 09/17/38(b) | 1415900 |
| 266212 | GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3,<br>(1 mo. Term SOFR + 0.614%),<br>4.94%, 02/25/36(d) | 258815 |
| 4585901 | Greenpoint Manufactured Housing, Series 2000-3, Class IA, <br> 8.40%, 06/20/31(d) | 1607412 |
| 2463906 | GSAA Home Equity Trust, Series 2005-14, Class 1A2,<br>(1 mo. Term SOFR + 0.814%),<br>5.14%, 12/25/35(d) | 1076721 |
| 7820561 | GSAA Home Equity Trust, Series 2006-5, Class 1A1,<br>(1 mo. Term SOFR + 0.474%),<br>4.80%, 03/25/36(d) | 2244877 |
| 14406146 | GSAA Home Equity Trust, Series 2007-9, Class A3A, <br> 7.00%, 10/25/37 | 5263624 |
| 330045 | GSAA Trust, Series 2006-7, Class AF2, <br> 5.99%, 03/25/46(d) | 118536 |
| 3566000 | GSAMP Trust, Series 2007-HS1, Class M5,<br>(1 mo. Term SOFR + 3.489%),<br>7.82%, 02/25/47(d) | 3523222 |
| 2930126 | Home Equity Asset Trust, Series 2007- 1, Class 2A3,<br>(1 mo. Term SOFR + 0.414%),<br>4.74%, 05/25/37(d)(e) | 2660082 |
| 2880252 | Home Partners of America Trust, Series 2021-2, Class F, <br> 3.80%, 12/17/26(b) | 2760393 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $3615787 | Home Partners of America Trust, Series 2021-3, Class F, <br> 4.24%, 01/17/41(b) | $3255152 |
| 4313344 | HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, <br> 6.23%, 12/25/36 | 1422599 |
| 136554 | Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, <br> 6.53%, 09/25/37(b) | 137200 |
| 102098 | JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP, <br> 6.63%, 07/25/36 | 26929 |
| 204106 | JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3,<br>(1 mo. Term SOFR + 0.294%),<br>4.62%, 07/25/36(d) | 85309 |
| 679050 | Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, <br> 6.63%, 04/15/40(d) | 685368 |
| 208051 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1,<br>(1 mo. Term SOFR + 0.204%),<br>4.53%, 06/25/37(b)(d) | 134787 |
| 1251369 | Lehman XS Trust, Series 2007-20N, Class A1,<br>(1 mo. Term SOFR + 2.414%),<br>6.74%, 12/25/37(d) | 1186380 |
| 3927445 | Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A,<br>(1 mo. Term SOFR + 0.474%),<br>4.80%, 03/25/46(d) | 3008881 |
| 4768844 | Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3,<br>(1 mo. Term SOFR + 0.434%),<br>4.76%, 10/25/36(d) | 1489165 |
| 1083132 | Mastr Asset Backed Securities Trust, Series 2007-NCW, Class A1,<br>(1 mo. Term SOFR + 0.414%),<br>4.74%, 05/25/37(b)(d) | 954939 |
| 3644719 | MASTR Second Lien Trust, Series 2006-1, Class A,<br>(1 mo. Term SOFR + 0.434%),<br>4.76%, 03/25/36(d) | 212036 |
| 1820293 | MERIT Securities Corp., Series 13, Class M2, STEP, <br> 7.88%, 12/28/33 | 1745124 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $6863528 | Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D,<br>(1 mo. Term SOFR + 0.614%),<br>4.94%, 10/25/37(d) | $1006152 |
| 873088 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4,<br>(1 mo. Term SOFR + 0.594%),<br>4.92%, 06/25/36(d) | 433706 |
| 5591684 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1,<br>(1 mo. Term SOFR + 0.244%),<br>4.57%, 11/25/36(d) | 2391411 |
| 1243581 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1,<br>(1 mo. Term SOFR + 3.914%),<br>8.24%, 02/25/47(b)(d) | 1161850 |
| 3574894 | Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1,<br>(1 mo. Term SOFR + 0.654%),<br>4.98%, 02/25/36(d) | 3313958 |
| 3893051 | Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, <br> 6.51%, 10/25/36 | 853989 |
| 195724 | Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1,<br>(1 mo. Term SOFR + 0.414%),<br>4.74%, 03/25/36(d) | 197211 |
| 5733185 | New Century Home Equity Loan Trust, Series 2005-C, Class M2,<br>(1 mo. Term SOFR + 0.789%),<br>5.12%, 12/25/35(d) | 4768917 |
| 6500000 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, <br> 4.44%, 02/17/39(b) | 6249259 |
| 5000000 | New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1, <br> 4.00%, 09/04/39(b) | 4786012 |
| 5000000 | New Residential Mortgage Loan Trust, Series 2022-SFR2, Class F, <br> 4.00%, 09/04/39(b) | 4670353 |
| 377436 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1,<br>(1 mo. Term SOFR + 0.514%),<br>4.84%, 10/25/36(b)(d) | 457464 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $729325 | Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, <br> 7.48%, 08/15/27 | $550337 |
| 9752270 | Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, <br> 7.40%, 07/15/30(d) | 1435489 |
| 8572117 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, <br> 5.92%, 06/15/31(d) | 544293 |
| 5947218 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, <br> 6.61%, 06/15/31(d) | 421541 |
| 6795981 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, <br> 7.41%, 06/15/31(d) | 539638 |
| 461236 | Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, <br> 5.90%, 09/15/22(d) | 178576 |
| 3000000 | Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, <br> 3.60%, 10/25/40(b) | 2461112 |
| 2955985 | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, <br> 3.45%, 07/25/35 | 2472336 |
| 4637321 | PRET LLC, Series 2024-NPL4, Class A1, STEP, <br> 7.00%, 07/25/54(b) | 4641889 |
| 4762358 | PRET LLC, Series 2024-RN2, Class A1, STEP, <br> 7.12%, 04/25/54(b) | 4790277 |
| 2597147 | Progress Residential Trust, Series 2021- SFR10, Class F,<br> 4.61%, 12/17/40(b) | 2462074 |
| 2500000 | Progress Residential Trust, Series 2021- SFR11, Class F, <br> 4.42%, 01/17/39(b) | 2403111 |
| 3500000 | Progress Residential Trust, Series 2021- SFR8, Class F, <br> 3.18%, 10/17/38(b) | 3411784 |
| 2400000 | Progress Residential Trust, Series 2021- SFR9, Class F, <br> 4.05%, 11/17/40(b) | 2310117 |
| 4000000 | Progress Residential Trust, Series 2022- SFR1, Class F, <br> 4.88%, 02/17/41(b) | 3728944 |
| 3000000 | Progress Residential Trust, Series 2022- SFR1, Class G, <br> 5.52%, 02/17/41(b) | 2795120 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $1548000 | Progress Residential Trust, Series 2022- SFR3, Class E2, <br> 5.60%, 04/17/39(b) | $1537416 |
| 4751000 | Progress Residential Trust, Series 2022- SFR4, Class E1, <br> 6.12%, 05/17/41(b) | 4795744 |
| 925000 | Progress Residential Trust, Series 2023- SFR1, Class E1, <br> 6.15%, 03/17/40(b) | 933088 |
| 1144319 | RAAC Trust, Series 2006-SP3, Class M3,<br>(1 mo. Term SOFR + 1.464%),<br>5.79%, 08/25/36(d) | 1084114 |
| 1389866 | RCO VII Mortgage LLC, Series 2024- 1, Class A1, STEP, <br> 7.02%, 01/25/29(b) | 1396702 |
| 3825000 | Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4,<br>(1 mo. Term SOFR + 0.984%),<br>5.31%, 11/25/35(d) | 3233579 |
| 1420247 | Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2,<br>(1 mo. Term SOFR + 0.404%),<br>4.88%, 06/25/36(d) | 1390791 |
| 3500000 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M4, <br> 4.70%, 11/25/31(b)(d) | 3259111 |
| 3373862 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M6, <br> 6.00%, 11/25/31(b)(d) | 2889407 |
| 4213394 | Saxon Asset Securities Trust, Series 2006-2, Class M3,<br>(1 mo. Term SOFR + 0.594%),<br>4.92%, 09/25/36(d) | 3127795 |
| 8521709 | Saxon Asset Securities Trust, Series 2007-1, Class M1,<br>(1 mo. Term SOFR + 0.404%),<br>4.73%, 01/25/47(d) | 8110228 |
| 5572718 | Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B,<br>(1 mo. Term SOFR + 0.654%),<br>4.98%, 02/25/37(d) | 2294853 |
| 11889029 | Soundview Home Loan Trust, Series 2006-OPT5, Class M1,<br>(1 mo. Term SOFR + 0.489%),<br>4.82%, 07/25/36(d) | 9744434 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $4524992 | Structured Asset Investment Loan Trust, Series 2005-9, Class M2,<br>(1 mo. Term SOFR + 0.789%),<br>5.12%, 11/25/35(d) | $3960074 |
| 4394635 | Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3,<br>(1 mo. Term SOFR + 0.864%),<br>5.19%, 07/25/35(d) | 3002642 |
| 2497982 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1,<br>(1 mo. Term SOFR + 0.774%),<br>5.10%, 02/25/37(d) | 4537187 |
| 1500000 | Tricon Residential Trust, Series 2021- SFR1, Class F, <br> 3.69%, 07/17/38(b) | 1458118 |
| 968000 | Tricon Residential Trust, Series 2021- SFR1, Class G, <br> 4.13%, 07/17/38(b) | 942092 |
| 1600000 | Tricon Residential Trust, Series 2022- SFR1, Class E2, <br> 5.74%, 04/17/39(b) | 1596260 |
| 4000000 | Tricon Residential Trust, Series 2022- SFR2, Class E, <br> 7.51%, 07/17/40(b) | 4084980 |
| 2895846 | VOLT CVI LLC, Series 2021-NP12, Class A1, STEP, <br> 5.73%, 12/26/51(b) | 2885369 |
| 3857737 | Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE1, Class 2A3,<br>(1 mo. Term SOFR + 0.414%),<br>4.74%, 01/25/37(d) | 1701903 |
| 1517002 | Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE1, Class 2A4,<br>(1 mo. Term SOFR + 0.574%),<br>4.90%, 01/25/37(d) | 669748 |
| 4959489 | Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE2, Class 2A3,<br>(1 mo. Term SOFR + 0.364%),<br>4.69%, 04/25/37(d) | 1771111 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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)** |  |  |
| $| 7829083 | Yale Mortgage Loan Trust, Series 2007- 1, Class A,<br>(1 mo. Term SOFR + 0.514%),<br>4.84%, 06/25/37(b)(d) | $| 2405239 |
|  |  |  |  | 337808702 |
| Total Asset-Backed Securities<br> (Cost $444,578,299) | Total Asset-Backed Securities<br> (Cost $444,578,299) | Total Asset-Backed Securities<br> (Cost $444,578,299) |  | 351676581 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 22.5%** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.4%** |
|  | 1579000 | ACRA Trust, Series 2024-NQM1, Class B1, <br> 8.21%, 10/25/64(b)(d) |  | 1600024 |
|  | 2500000 | ACRA Trust, Series 2024-NQM1, Class M1B, <br> 7.19%, 10/25/64(b)(d) |  | 2516192 |
|  | 250122 | Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, <br> 5.02%, 07/25/35(d) |  | 230770 |
|  | 1378526 | Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, <br> 5.54%, 03/25/37(d) |  | 897759 |
|  | 1179 | Ajax Mortgage Loan Trust, Series 2017-D, Class B, <br> 2.19%, 12/25/57(b)(d) |  | 407 |
|  | 7507 | Ajax Mortgage Loan Trust, Series 2021, Class F,<br> 0.01%, 06/27/61(b)(g) |  | 7282 |
|  | 1260442 | Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP, <br> 6.72%, 01/25/61(b) |  | 1241996 |
|  | 3027108 | Ajax Mortgage Loan Trust, Series 2021-C, Class C, <br> 1.34%, 01/25/61(b)(f) |  | 3487303 |
|  | 5490556 | Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP,<br> 5.00%, 03/25/60(b) |  | 5488250 |
|  | 2055938 | Ajax Mortgage Loan Trust, Series 2021-D, Class B, <br> 4.00%, 03/25/60(b)(d) |  | 2012549 |
|  | 2974279 | Ajax Mortgage Loan Trust, Series 2021-D, Class C,<br> 0.00%, 03/25/60(b)(d) |  | 3479966 |
|  | 3041340 | Ajax Mortgage Loan Trust, Series 2021-E, Class B2, <br> 4.02%, 12/25/60(b)(d) |  | 1684672 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $4000000 | Ajax Mortgage Loan Trust, Series 2021-E, Class M1, <br> 2.94%, 12/25/60(b)(d) | $2844073 |
| 7008704 | Ajax Mortgage Loan Trust, Series 2021-F, Class A, STEP, <br> 4.88%, 06/25/61(b) | 7001955 |
| 2095221 | Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP, <br> 3.75%, 06/25/61(b) | 2065674 |
| 3151368 | Ajax Mortgage Loan Trust, Series 2021-F, Class C,<br> 0.36%, 06/25/61(b)(f) | 2948315 |
| 5343614 | Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP,<br> 3.50%, 10/25/61(b) | 5161115 |
| 532000 | Ajax Mortgage Loan Trust, Series 2022-A, Class A2, <br> 3.00%, 10/25/61(b)(d) | 478554 |
| 914036 | Ajax Mortgage Loan Trust, Series 2022-A, Class A3, <br> 3.00%, 10/25/61(b)(d) | 819225 |
| 2128000 | Ajax Mortgage Loan Trust, Series 2022-A, Class B, <br> 3.00%, 10/25/61(b) | 1614777 |
| 1044124 | Ajax Mortgage Loan Trust, Series 2022-A, Class C, <br> 3.00%, 10/25/61(b) | 1088340 |
| 999392 | Ajax Mortgage Loan Trust, Series 2022-A, Class M1, <br> 3.00%, 10/25/61(b) | 892477 |
| 3453061 | Ajax Mortgage Loan Trust, Series 2022-A, Class M2,<br>3.00%, 10/25/61(b) | 2726049 |
| 88700 | Ajax Mortgage Loan Trust, Series 2022-A, Class M3, <br> 3.00%, 10/25/61(b) | 69773 |
| 7627121 | Ajax Mortgage Loan Trust, Series 2022-B, Class A1, STEP, <br> 3.50%, 03/27/62(b) | 7342084 |
| 403400 | Ajax Mortgage Loan Trust, Series 2022-B, Class A2, <br> 3.00%, 03/27/62(b)(d) | 362046 |
| 345800 | Ajax Mortgage Loan Trust, Series 2022-B, Class A3, <br> 3.00%, 03/27/62(b)(d) | 309202 |
| 1921100 | Ajax Mortgage Loan Trust, Series 2022-B, Class B, <br> 3.00%, 03/27/62(b) | 1478517 |
| 1804989 | Ajax Mortgage Loan Trust, Series 2022-B, Class C, <br> 3.00%, 03/27/62(b) | 1378998 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $259300 | Ajax Mortgage Loan Trust, Series 2022-B, Class M1, <br> 3.00%, 03/27/62(b) | $230999 |
| 1287100 | Ajax Mortgage Loan Trust, Series 2022-B, Class M2,<br>3.00%, 03/27/62(b) | 1105053 |
| 8729191 | Ajax Mortgage Loan Trust, Series 2023-A, Class A1, STEP, <br> 3.50%, 07/25/62(b) | 8245863 |
| 481800 | Ajax Mortgage Loan Trust, Series 2023-A, Class A2, <br> 3.00%, 07/25/62(b)(d) | 423610 |
| 273000 | Ajax Mortgage Loan Trust, Series 2023-A, Class A3, <br> 2.50%, 07/25/62(b)(d) | 233287 |
| 1605800 | Ajax Mortgage Loan Trust, Series 2023-A, Class B, <br> 2.50%, 07/25/62(b)(d) | 1178972 |
| 1192440 | Ajax Mortgage Loan Trust, Series 2023-A, Class C, <br> 2.50%, 07/25/62(b)(d) | 1022255 |
| 827000 | Ajax Mortgage Loan Trust, Series 2023-A, Class M1, <br> 2.50%, 07/25/62(b)(d) | 671249 |
| 11282557 | Ajax Mortgage Loan Trust, Series 2023-C, Class A1, STEP, <br> 3.50%, 05/25/63(b) | 10667848 |
| 782700 | Ajax Mortgage Loan Trust, Series 2023-C, Class A2, <br> 3.00%, 05/25/63(b)(d) | 683227 |
| 417400 | Ajax Mortgage Loan Trust, Series 2023-C, Class A3, <br> 2.50%, 05/25/63(b)(d) | 351608 |
| 3611486 | Ajax Mortgage Loan Trust, Series 2023-C, Class C, <br> 2.50%, 05/25/63(b)(d) | 2576974 |
| 365300 | Ajax Mortgage Loan Trust, Series 2023-C, Class M1, <br> 2.50%, 05/25/63(b)(d) | 306268 |
| 2264500 | Ajax Mortgage Loan Trust, Series 2023-C, Class M2,<br>2.50%, 05/25/63(b)(d) | 1777554 |
| 1034708 | American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, <br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%),<br>5.53%, 09/25/46(d) | 876167 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $765207 | American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP,<br> 6.75%, 06/25/37 | $678047 |
| 3324000 | Angel Oak Mortgage Trust, Series 2020-R1, Class B2, <br> 4.61%, 04/25/53(b)(d) | 2892092 |
| 13931180 | APS Resecuritization Trust, Series 2016-1, Class 1MZ, <br> 3.20%, 07/31/57(b)(d) | 5178869 |
| 3485536 | Banc of America Alternative Loan Trust, Series 2006-7, Class A4, STEP,<br> 6.50%, 10/25/36 | 951648 |
| 867065 | Banc of America Alternative Loan Trust, Series 2006-9, Class A2, <br> (1 mo. Term SOFR + 0.514%), <br> 4.84%, 01/25/37(d) | 694533 |
| 66646 | Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1, <br> 4.42%, 09/20/35(d) | 57587 |
| 248577 | Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2, <br> 4.92%, 02/20/36(d) | 216572 |
| 174768 | Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1, <br> 5.98%, 06/20/36(d) | 155495 |
| 925612 | Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP,<br> 6.59%, 01/25/37 | 854459 |
| 4493208 | Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2, <br> 4.50%, 03/27/36(b)(d) | 3811377 |
| 224812 | Banc of America Mortgage Trust, Series 2005-I, Class 2A5, <br> 4.88%, 10/25/35(d) | 207629 |
| 2434302 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A2, STEP,<br> 7.36%, 10/25/63(b) | 2473973 |
| 1469875 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A3, STEP,<br> 7.69%, 10/25/63(b) | 1495184 |
| 963000 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B1, <br> 8.00%, 10/25/63(b)(d) | 967623 |
| 810100 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B2, <br> 8.00%, 10/25/63(b)(d) | 804703 |
| 2216500 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B3, <br> 8.00%, 10/25/63(b)(d) | 2088233 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1605000 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class M1, <br> 8.00%, 10/25/63(b)(d) | $1641984 |
| 330 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class SA, <br> 0.04%, 10/25/63(b)(d) | 325 |
| 24809757 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class XS, <br> 0.82%, 10/25/63(b)(d) | 352534 |
| 2276209 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, STEP,<br> 5.90%, 01/25/64(b) | 2286702 |
| 1550606 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A2, STEP,<br> 6.11%, 01/25/64(b) | 1556424 |
| 1184271 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A3, STEP,<br> 6.31%, 01/25/64(b) | 1189631 |
| 724200 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B1, <br> 8.09%, 01/25/64(b)(d) | 730117 |
| 663800 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B2, <br> 8.69%, 01/25/64(b)(d) | 663060 |
| 1424300 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B3, <br> 8.69%, 01/25/64(b)(d) | 1352302 |
| 1243200 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class M1, <br> 6.80%, 01/25/64(b)(d) | 1255089 |
| 3100 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class SA, <br> 0.15%, 01/25/64(b)(d) | 2914 |
| 18233563 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class XS, <br> 2.45%, 01/25/64(b)(d) | 1068647 |
| 13678252 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A1, STEP,<br> 6.04%, 06/25/64(b) | 13784607 |
| 1078510 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A2, STEP,<br> 6.30%, 06/25/64(b) | 1088301 |
| 1881861 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A3, STEP,<br> 6.50%, 06/25/64(b) | 1897603 |
| 1028100 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B1, <br> 7.50%, 06/25/64(b)(d) | 1029386 |
| 941400 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B2, <br> 8.04%, 06/25/64(b)(d) | 929674 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $2576400 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B3, <br> 8.04%, 06/25/64(b)(d) | $2379933 |
| 1498700 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class M1, <br> 6.41%, 06/25/64(b)(d) | 1505559 |
| 2123 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class SA, <br> 0.09%, 06/25/64(b)(d) | 2051 |
| 22683223 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class XS, <br> 8.45%, 06/25/64(b)(d) | 798867 |
| 1783964 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A2, STEP,<br> 5.10%, 12/26/64(b) | 1773016 |
| 1998384 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A3, STEP,<br> 5.25%, 12/26/64(b) | 1987943 |
| 817900 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B1, <br> 6.96%, 12/26/64(b)(d) | 806043 |
| 623800 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B2, <br> 7.58%, 12/26/64(b)(d) | 607223 |
| 1427800 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B3, <br> 7.58%, 12/26/64(b)(d) | 1369180 |
| 1344600 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class M1, <br> 6.31%, 12/26/64(b)(d) | 1344047 |
| 2600 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class SA, <br> 0.18%, 12/26/64(b)(d) | 2415 |
| 26961985 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class XS, <br> 7.83%, 12/26/64(b)(d) | 1208873 |
| 1570205 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A2, STEP,<br> 5.87%, 01/25/65(b) | 1581526 |
| 1495433 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A3, STEP,<br> 5.97%, 01/25/65(b) | 1506178 |
| 871700 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B1, <br> 6.94%, 01/25/65(b)(d) | 856912 |
| 757900 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B2, <br> 7.83%, 01/25/65(b)(d) | 738976 |
| 1680300 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B3, <br> 7.83%, 01/25/65(b)(d) | 1560348 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1402300 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class M1, <br> 6.49%, 01/25/65(b)(d) | $1422334 |
| 3404 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class SA, <br> 0.14%, 01/25/65(b)(d) | 3215 |
| 24987651 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class XS, <br> 7.85%, 01/25/65(b)(d) | 1115181 |
| 2604 | Barclays Mortgage Trust, Series 2021, Class NPL1, <br> 0.01%, 11/27/51(b)(g) | 2526 |
| 2633 | Barclays Mortgage Trust, Series 2021, Class RPL1, <br> 0.01%, 02/25/28(b)(g) | 2554 |
| 5395518 | Barclays Mortgage Trust, Series 2022- RPL1, Class A, STEP,<br> 4.25%, 02/25/28(b) | 5277980 |
| 1187900 | Barclays Mortgage Trust, Series 2022- RPL1, Class B, STEP,<br> 4.25%, 02/25/28(b) | 1145115 |
| 1995876 | Barclays Mortgage Trust, Series 2022- RPL1, Class C, <br> 10.74%, 02/25/28(b)(f) | 446499 |
| 13185 | Barclays Mortgage Trust, Series 2022- RPL1, Class SA, <br> 6.09%, 02/25/28(b)(f) | 10571 |
| 1471909 | BCAP LLC Trust, Series 2012-RR3, Class 1A5, <br> 6.07%, 12/26/37(b)(d) | 1064937 |
| 472459 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, <br> 4.52%, 02/25/36(d) | 423703 |
| 184449 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, <br> 4.30%, 05/25/47(d) | 162591 |
| 716316 | Bear Stearns ALT-A Trust, Series 2006- 2, Class 11A1, <br> (1 mo. Term SOFR + 0.554%), <br> 4.88%, 04/25/36(d) | 618865 |
| 2169549 | Bear Stearns ALT-A Trust, Series 2006- 6, Class 1A1, <br> (1 mo. Term SOFR + 0.434%), <br> 4.76%, 11/25/36(d) | 1823144 |
| 2945307 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1, (1 mo. Term SOFR + 0.464%), <br> 4.79%, 03/25/36(d) | 381904 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $2945307 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3, <br> (1 mo. Term SOFR + 0.464%), <br> 4.79%, 03/25/36(d) | $381904 |
| 435209 | Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, <br> (1 mo. Term SOFR + 0.394%), <br> 4.72%, 08/25/36(d) | 427140 |
| 2501000 | BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1, <br> 2.29%, 03/25/60(b)(d) | 2307981 |
| 1500000 | BRAVO Residential Funding Trust, Series 2024-NQM7, Class B1, <br> 7.33%, 10/27/64(b)(d) | 1485168 |
| 1500000 | BRAVO Residential Funding Trust, Series 2024-NQM7, Class B2, <br> 7.76%, 10/27/64(b)(d) | 1477787 |
| 786795 | CFMT LLC, Series 2024-HB14, Class M2, <br> 3.00%, 06/25/34(b)(d) | 741188 |
| 1530387 | CFMT LLC, Series 2024-HB14, Class M3, <br> 3.00%, 06/25/34(b)(d) | 1421426 |
| 2000991 | Chase Mortgage Finance Corp., Series 2016-SH1, Class M4, <br> 3.75%, 04/25/45(b)(d) | 1787437 |
| 5311839 | Chase Mortgage Finance Trust, Series 2007-S2, Class 1A9, <br> 6.00%, 03/25/37 | 2861169 |
| 3527669 | Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, <br> 6.00%, 12/25/37 | 1411524 |
| 10920792 | ChaseFlex Trust, Series 2007-1, Class 2A7, <br> 6.00%, 02/25/37(e) | 3671929 |
| 1013096 | CHNGE Mortgage Trust, Series 2022- 1, Class A1, <br> 3.01%, 01/25/67(b)(d) | 957794 |
| 1473149 | Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, <br> 6.25%, 12/25/37 | 1370192 |
| 1744013 | Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, <br> 6.50%, 06/25/38 | 1441075 |
| 5447 | 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) | 1909 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $43955 | Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A, <br> 4.82%, 06/25/36(d) | $41846 |
| 2617474 | Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1, <br> 5.75%, 04/25/47(b) | 1251921 |
| 78871 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, <br> 5.93%, 05/25/35(d) | 74017 |
| 4650000 | COLT Mortgage Loan Trust, Series 2021-2, Class B1, <br> 3.18%, 08/25/66(b)(d) | 3313623 |
| 2354000 | COLT Mortgage Loan Trust, Series 2022-1, Class B1, <br> 4.18%, 12/27/66(b)(d) | 2027937 |
| 1500000 | COLT Mortgage Loan Trust, Series 2024-INV4, Class B1, <br> 7.23%, 05/25/69(b)(d) | 1487530 |
| 269909 | Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, <br> 6.00%, 02/25/35 | 192083 |
| 485996 | Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, <br> (1 mo. Term SOFR + 0.714%), <br> 5.04%, 08/25/35(d) | 448997 |
| 4354166 | Countrywide Alternative Loan Trust, Series 2005-42CB, Class A1, <br> (1 mo. Term SOFR + 0.794%), <br> 5.12%, 10/25/35(d) | 2482191 |
| 3372394 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6, <br> (1 mo. Term SOFR + 0.614%), <br> 4.94%, 11/25/35(d) | 1712435 |
| 4683373 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, <br> (1 mo. Term SOFR + 5.386%), <br> 1.06%, 11/25/35(d)(e) | 461355 |
| 1388271 | Countrywide Alternative Loan Trust, Series 2005-55CW, Class 2A3, <br> (1 mo. Term SOFR + 0.464%), <br> 4.78%, 11/25/35(d) | 1010557 |
| 67959 | Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, <br> 4.88%, 12/25/35(d) | 66396 |
| 45505 | Countrywide Alternative Loan Trust, Series 2005-69, Class A1, <br> (12 mo. Federal Reserve Cumulative Average USD + 1.000%), <br> 5.57%, 12/25/35(d) | 39684 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1698313 | Countrywide Alternative Loan Trust, Series 2005-79CB, Class A1, <br> (1 mo. Term SOFR + 0.664%), <br> 4.99%, 01/25/36(d) | $808217 |
| 640986 | Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, <br> (1 mo. Term SOFR + 0.564%), <br> 4.89%, 05/25/35(d) | 559633 |
| 507232 | Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, <br> 5.50%, 12/25/35 | 305650 |
| 2390835 | Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, <br> (1 mo. Term SOFR + 0.464%), <br> 4.79%, 05/25/36(d) | 912434 |
| 1544006 | Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, <br> 6.50%, 06/25/36 | 685508 |
| 2826465 | Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, <br> 6.00%, 07/25/36 | 1149510 |
| 899144 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, <br> (1 mo. Term SOFR + 0.464%), <br> 4.79%, 08/25/36(d) | 355572 |
| 899144 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, <br> (1 mo. Term SOFR + 7.036%), <br> 2.71%, 08/25/36(d) | 171021 |
| 926891 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, <br> 5.75%, 08/25/36 | 457411 |
| 6820510 | Countrywide Alternative Loan Trust, Series 2006-25CB, Class A1, <br> 6.00%, 10/25/36 | 3536321 |
| 999450 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, <br> (1 mo. Term SOFR + 0.514%), <br> 4.84%, 03/25/36(d) | 334891 |
| 1776595 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5, <br> (1 mo. Term SOFR + 6.986%), <br> 2.66%, 03/25/36(d) | 333760 |
| 2807375 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, <br> 5.50%, 03/25/36 | 1187001 |
| 1034127 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, <br> 6.00%, 01/25/37 | 515761 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $748684 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, <br> 5.75%, 01/25/37 | $358929 |
| 1032165 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, <br> 6.00%, 02/25/37 | 551504 |
| 2360126 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, <br> 6.00%, 02/25/37 | 1261058 |
| 4498949 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, <br> (1 mo. Term SOFR + 0.454%), <br> 4.78%, 02/25/37(d) | 1753776 |
| 2249474 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, <br> (1 mo. Term SOFR + 6.486%), <br> 2.16%, 02/25/37(d)(e) | 378071 |
| 94763 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, <br> 5.50%, 05/25/36 | 76844 |
| 268851 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, <br> (1 mo. Term SOFR + 0.514%), <br> 4.84%, 05/25/36(d) | 205758 |
| 2199685 | Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, <br> 6.50%, 05/25/36 | 899310 |
| 1389444 | Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, <br> (1 mo. Term SOFR + 1.500%), <br> 6.46%, 11/20/46(d) | 1183708 |
| 3001474 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, <br> (12 mo. Federal Reserve Cumulative Average USD + 1.730%), <br> 6.30%, 11/25/46(d) | 2402462 |
| 709562 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, <br> (1 mo. Term SOFR + 0.494%), <br> 4.82%, 11/25/46(d) | 644174 |
| 2119111 | Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, <br> (1 mo. Term SOFR + 0.304%), <br> 4.62%, 03/20/47(d) | 1767615 |
| 395367 | Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, <br> (1 mo. Term SOFR + 0.534%), <br> 4.86%, 05/25/36(d) | 362433 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1542301 | Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, <br> (1 mo. Term SOFR + 0.474%), <br> 4.80%, 04/25/46(d) | $1402481 |
| 1706380 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, <br> 5.75%, 06/25/37 | 722764 |
| 1718741 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, <br> 6.00%, 06/25/37 | 757568 |
| 869777 | Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, <br> 6.00%, 08/25/37 | 404225 |
| 3991745 | Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, <br> 6.50%, 09/25/37 | 1444940 |
| 3446098 | Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, <br> 6.50%, 11/25/37 | 1534987 |
| 778713 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, <br> 6.00%, 05/25/37 | 366183 |
| 93197 | Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP,<br> 4.16%, 11/25/36 | 149431 |
| 4054190 | Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, <br> (12 mo. Federal Reserve Cumulative Average USD + 0.840%), <br> 5.41%, 03/25/47(d) | 3352685 |
| 100669 | Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, <br> (1 mo. Term SOFR + 0.474%), <br> 4.80%, 04/25/47(d) | 9671 |
| 796262 | Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, <br> (1 mo. Term SOFR + 0.594%), <br> 4.92%, 08/25/47(d) | 688431 |
| 852542 | Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1, <br> 6.25%, 05/25/36 | 434773 |
| 1343244 | Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3, <br> 6.00%, 08/25/37 | 613361 |
| 729870 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- 31, Class 2A3, <br> 4.45%, 01/25/36(d) | 635124 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $3864623 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J2, Class 3A9, <br> (1 mo. Term SOFR + 1.514%), <br> 5.84%, 08/25/35(d) | $2466185 |
| 109698 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J3, Class 2A4, <br> 4.50%, 09/25/35 | 96121 |
| 9718097 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA4, Class A1, <br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%), <br> 5.53%, 04/25/46(d) | 2594615 |
| 1571376 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA5, Class 3A1, <br> (1 mo. Term SOFR + 0.514%), <br> 4.84%, 04/25/46(d) | 1473302 |
| 1299443 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 21, Class 1A1, <br> 6.25%, 02/25/38 | 575656 |
| 6444520 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 4, Class 1A71, <br> 6.00%, 05/25/37 | 2792185 |
| 2291514 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 8, Class 1A12, <br> 5.88%, 01/25/38 | 938039 |
| 1138040 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- HYB1, Class 3A1, <br> 4.30%, 03/25/37(d) | 953536 |
| 5612855 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-12, Class 2A1, <br> 6.50%, 01/25/36 | 2993601 |
| 997664 | Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1, <br> 6.00%, 11/25/36 | 868109 |
| 2383175 | Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A, <br> 5.84%, 04/25/37(d) | 566358 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $7024047 | Credit Suisse Mortgage Capital Certificates Trust, Series 2009- 12R, Class 3A1, <br> 6.50%, 10/27/37(b) | $2730362 |
| 1827181 | Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3, <br> 6.37%, 04/27/37(b)(d) | 1632847 |
| 4504668 | Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4, <br> (1 mo. Term SOFR + 0.264%), <br> 3.85%, 10/27/36(b)(d) | 3054853 |
| 2400000 | Credit Suisse Mortgage Capital Certificates Trust, Series 2020- SPT1, Class B2, <br> 3.39%, 04/25/65(b)(d) | 1999628 |
| 956275 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021- JR1, Class PT2, <br> 3.16%, 07/26/60(b)(d) | 355256 |
| 3289850 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021- NQM2, Class B1, <br> 3.44%, 02/25/66(b)(d) | 2497677 |
| 6037122 | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, <br> (1 mo. Term SOFR + 1.464%), <br> 5.79%, 11/25/35(d) | 1252425 |
| 1626000 | Deephaven Residential Mortgage Trust, Series 2021-1, Class B1, <br> 3.10%, 05/25/65(b)(d) | 1445366 |
| 3314000 | Deephaven Residential Mortgage Trust, Series 2022-1, Class B1, <br> 4.27%, 01/25/67(b)(d) | 2607784 |
| 3126725 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1, Class CWA1, <br> 6.00%, 06/25/35(b)(d) | 1654912 |
| 2797000 | Ellington Financial Mortgage Trust, Series 2021-1, Class B1, <br> 3.14%, 02/25/66(b)(d) | 1982821 |
| 2901568 | Gaea Mortgage Loan Trust, Series 2025-A, Class A, <br> 6.75%, 02/25/30(b)(d) | 2846868 |
| 2000000 | GCAT Trust, Series 2020-NQM2, Class B1, <br> 4.85%, 04/25/65(b)(d) | 1862843 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $3437000 | GCAT Trust, Series 2021-NQM7, Class B1, <br> 4.50%, 08/25/66(b)(d) | $2924705 |
| 397708 | GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1, <br> 3.85%, 11/19/35(d) | 305212 |
| 2537774 | GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF, <br> (1 mo. Term SOFR + 0.514%), <br> 4.84%, 06/25/34(b)(d) | 2249234 |
| 2416257 | GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, <br> (1 mo. Term SOFR + 0.464%), <br> 4.79%, 01/25/35(b)(d) | 2085406 |
| 3295989 | GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF, <br> (1 mo. Term SOFR + 0.464%), <br> 4.79%, 09/25/35(b)(d) | 2804640 |
| 908499 | GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, <br> (1 mo. Term SOFR + 0.464%), <br> 4.79%, 01/25/36(b)(d) | 727311 |
| 3726451 | GSMSC Resecuritization Trust, Series 2015-5R, Class 1D, <br> (1 mo. Term SOFR + 0.254%), <br> 3.62%, 04/26/37(b)(d) | 2104862 |
| 140363 | GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, <br> 6.94%, 01/25/35(d) | 134526 |
| 2485561 | GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, <br> 6.50%, 08/25/36 | 641383 |
| 22753 | GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, <br> 4.68%, 01/25/36(d) | 27192 |
| 457230 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, <br> 6.00%, 07/25/37 | 292454 |
| 7535680 | GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, <br> 2.92%, 06/25/47(d) | 4412380 |
| 1266551 | HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, <br> (1 mo. Term SOFR + 0.614%), <br> 4.68%, 07/19/47(d) | 1158237 |
| 131003 | HomeBanc Mortgage Trust, Series 2006-1, Class 2A1, <br> 4.63%, 04/25/37(d) | 120036 |
| 723242 | IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A4, <br> 6.00%, 07/25/37 | 496401 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $13196156 | IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, <br> 0.41%, 07/25/47(d) | $13265 |
| 1242942 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, <br> (1 mo. Term SOFR + 0.654%), <br> 4.98%, 06/25/37(d) | 1527709 |
| 2347420 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2, <br> (1 mo. Term SOFR + 0.594%), <br> 4.92%, 08/25/37(d) | 2087848 |
| 662957 | JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, <br> 3.19%, 10/25/37(d) | 435998 |
| 6171634 | JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, <br> 6.25%, 08/25/37 | 1661825 |
| 7682 | JP Morgan Mortgage Trust, Series 2017-5, Class A1B, <br> 4.95%, 10/26/48(b)(d) | 7725 |
| 1128235 | JP Morgan Mortgage Trust, Series 2019-9, Class B6, <br> 3.60%, 05/25/50(b)(d) | 629812 |
| 85686345 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X, <br> 0.50%, 12/25/51(b)(d) | 2446731 |
| 5040331 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X, <br> 0.50%, 12/25/51(b)(d) | 143924 |
| 90726676 | JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1, <br> 0.19%, 12/25/51(b)(d) | 985410 |
| 1221753 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B4, <br> 3.19%, 12/25/51(b)(d) | 1000130 |
| 427639 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B5, <br> 3.19%, 12/25/51(b)(d) | 325264 |
| 1465787 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B6, <br> 3.08%, 12/25/51(b)(d) | 703150 |
| 28584761 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X, <br> 0.50%, 02/25/52(b)(d) | 807105 |
| 16455954 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X, <br> 0.50%, 02/25/52(b)(d) | 306846 |
| 7872776 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X, <br> 0.50%, 02/25/52(b)(d) | 336941 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $3112610 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X, <br> 0.50%, 02/25/52(b)(d) | $87886 |
| 56026183 | JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1, <br> 0.27%, 02/25/52(b)(d) | 881611 |
| 3613591 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B1, <br> 3.27%, 02/25/52(b)(d) | 3070972 |
| 848058 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B2, <br> 3.27%, 02/25/52(b)(d) | 712973 |
| 1179838 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B3, <br> 3.27%, 02/25/52(b)(d) | 981558 |
| 626871 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B4, <br> 3.27%, 02/25/52(b)(d) | 506692 |
| 258052 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B5, <br> 3.27%, 02/25/52(b)(d) | 196409 |
| 844652 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B6, <br> 3.14%, 02/25/52(b)(d) | 396507 |
| 3471913 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, <br> 8.33%, 02/25/59(b)(f) | 677673 |
| 4058860 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, <br> 4.25%, 02/25/59(b)(d) | 3470984 |
| 21429135 | MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class IM1, <br> (1 mo. Term SOFR + 0.684%), <br> 5.01%, 01/25/47(d) | 643 |
| 4163747 | MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, <br> 6.50%, 11/25/37 | 694660 |
| 2124778 | MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, <br> 7.50%, 05/25/35(b) | 1476403 |
| 937965 | MASTR Resecuritization Trust, Series 2008-3, Class A1, <br> 6.37%, 08/25/37(b)(d) | 292048 |
| 3429185 | MCM Trust, Series 2021-VFN1, <br> 2.50%, 09/25/31(b)(e)(g) | 3295159 |
| 4258367 | MCM Trust, Series 2021-VFN1, Class CERT, <br> 3.00%, 09/25/31(b)(e)(g) | 2737874 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1338327 | Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2,<br>(1 mo. Term SOFR + 0.534%), <br> 4.86%, 04/25/37(d) | $1081865 |
| 488283 | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, <br> 5.86%, 05/25/36(d) | 315523 |
| 330578 | Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1, <br> 6.25%, 10/25/36 | 117826 |
| 1859425 | Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, <br> 7.14%, 05/26/37(b) | 2159413 |
| 2157823 | Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B,<br>(1 mo. Term SOFR + 0.274%), <br> 4.75%, 12/26/46(b)(d) | 1954475 |
| 533019 | MortgageIT Trust, Series 2004-1, Class B1,<br>(1 mo. Term SOFR + 1.914%), <br> 6.24%, 11/25/34(d) | 488679 |
| 1389000 | New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2, <br> 4.52%, 01/26/60(b)(d) | 1174264 |
| 3732355 | NYMT Trust, Series 2024-RR1, Class A, STEP, <br> 7.38%, 05/25/64(b) | 3697252 |
| 1862977 | Prime Mortgage Trust, Series 2006- DR1, Class 2A1, <br> 5.50%, 05/25/35(b) | 1733454 |
| 1005811 | Prime Mortgage Trust, Series 2006- DR1, Class 2A2, <br> 6.00%, 05/25/35(b) | 856208 |
| 2554037 | PRPM LLC, Series 2020-4, Class A1, STEP, <br> 6.61%, 10/25/25(b) | 2552530 |
| 279554 | Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1,<br>(1 mo. Term SOFR + 0.534%), <br> 4.86%, 07/25/36(b)(d) | 260559 |
| 4961233 | Residential Accredit Loans, Inc., Series 2005-QA10, Class A21, <br> 5.00%, 09/25/35(d) | 1919197 |
| 1188987 | Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4, <br> 5.52%, 12/25/35(d) | 1021303 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $460192 | Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1,<br>(1 mo. Term SOFR + 0.494%), <br> 4.82%, 05/25/46(d) | $414128 |
| 363792 | Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, <br> 6.50%, 10/25/36 | 313339 |
| 2376358 | Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5,<br>(1 mo. Term SOFR + 0.664%), <br> 4.99%, 01/25/37(d) | 1735736 |
| 642804 | Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5,<br>(1 mo. Term SOFR + 0.364%), <br> 4.69%, 07/25/36(d) | 104021 |
| 1518922 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA3, Class 1A, <br> 4.53%, 08/25/35(d) | 618049 |
| 1706591 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1, <br> 5.55%, 09/25/35(d) | 967946 |
| 5283303 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1, <br> 5.69%, 08/25/36(d) | 3674159 |
| 71054 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1, <br> 6.26%, 09/25/36(d) | 36764 |
| 2150000 | Residential Mortgage Loan Trust, Series 2020-1, Class B2, <br> 4.67%, 01/26/60(b)(d) | 1970906 |
| 3750000 | Residential Mortgage Loan Trust, Series 2020-2, Class B2, <br> 5.40%, 05/25/60(b)(d) | 3621640 |
| 2814000 | Residential Mortgage Loan Trust, Series 2021-1R, Class B1, <br> 3.42%, 01/25/65(b)(d) | 2450323 |
| 5000000 | Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, STEP, <br> 7.50%, 02/25/30(b) | 5007195 |
| 3000000 | Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1, STEP, <br> 7.76%, 04/25/30(b) | 3011448 |
| 100000 | SG Residential Mortgage Trust, Series 2019-3, Class B1, <br> 4.08%, 09/25/59(b)(d) | 95225 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $175000 | SG Residential Mortgage Trust, Series 2020-2, Class B1, <br> 4.25%, 05/25/65(b)(d) | $156126 |
| 257000 | SG Residential Mortgage Trust, Series 2020-2, Class M1, <br> 3.19%, 05/25/65(b)(d) | 227210 |
| 2425000 | Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, <br> 4.68%, 01/28/50(b)(d) | 2153395 |
| 924752 | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, <br> 4.89%, 05/25/35(d) | 742552 |
| 1520067 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, <br> 4.12%, 04/25/36(d) | 781400 |
| 387102 | Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 4A1,<br>(1 mo. Term SOFR + 0.474%), <br> 4.80%, 06/25/36(d) | 378839 |
| 2890322 | Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1,<br>(1 mo. Term SOFR + 0.554%), <br> 4.88%, 05/25/46(d) | 975126 |
| 943656 | Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B,<br>(1 mo. Term SOFR + 0.474%), <br> 4.80%, 09/25/47(d) | 847361 |
| 1884878 | Structured Asset Securities Corp., Series 2005-RF3, Class 1A,<br>(1 mo. Term SOFR + 0.464%), <br> 4.79%, 06/25/35(b)(d) | 1593307 |
| 13255645 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, <br> 6.00%, 10/25/36(b) | 7186350 |
| 254988 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, <br> 6.24%, 04/25/37(d) | 122598 |
| 127032 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, <br> 6.82%, 04/25/37(d) | 48738 |
| 3750000 | TRK Trust, Series 2021-INV1, Class B1, <br> 3.29%, 07/25/56(b)(d) | 2902829 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $4000000 | TRK Trust, Series 2022-INV1, Class B1, <br> 4.00%, 02/25/57(b)(d) | $3076380 |
| 2788293 | TVC Holdings Plc, Series 2021-1, Class A, <br> 2.38%, 02/01/51(b)(e)(g) | 2558438 |
| 1322747 | TVC Holdings Plc, Series 2021-1, Class CERT, <br> 0.50%, 02/01/51(b)(e)(f)(g) | 1138231 |
| 3463000 | Verus Securitization Trust, Series 2019- INV3, Class M1, <br> 3.28%, 11/25/59(b)(d) | 3402468 |
| 3162000 | Verus Securitization Trust, Series 2021- 1, Class B1, <br> 2.98%, 01/25/66(b)(d) | 2371212 |
| 5000000 | Verus Securitization Trust, Series 2022- 1, Class B1, <br> 4.01%, 01/25/67(b)(d) | 3694731 |
| 1500000 | Verus Securitization Trust, Series 2023- 2, Class B1, <br> 7.50%, 03/25/68(b)(d) | 1495114 |
| 2680000 | Verus Securitization Trust, Series 2023- INV1, Class M1, <br> 7.50%, 02/25/68(b)(d) | 2698295 |
| 1000000 | Verus Securitization Trust, Series 2024- 2, Class B2, <br> 8.67%, 02/25/69(b)(d) | 993960 |
| 2000000 | Visio Trust, Series 2022-1, Class B1, <br> 6.01%, 08/25/57(b)(d) | 1937139 |
| 2000000 | Vista Point Securitization Trust, Series 2020-2, Class B1, <br> 4.90%, 04/25/65(b)(d) | 1952130 |
| 3300000 | Vista Point Securitization Trust, Series 2020-2, Class B2, <br> 5.16%, 04/25/65(b)(d) | 3126694 |
| 24458200 | Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, <br> 2.35%, 02/25/38(b)(d) | 5280963 |
| 1012818 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 1CB, <br> 6.50%, 11/25/35 | 699593 |
| 559577 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 2A6, <br> 5.50%, 11/25/35 | 525213 |
| 1082210 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A1, <br> 5.75%, 01/25/36 | 907069 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $2200299 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A7, <br> 5.75%, 01/25/36 | $1842957 |
| 1333665 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-9, Class 5A3,<br>(1 mo. Term SOFR + 1.464%), <br> 5.79%, 11/25/35(d) | 1031548 |
| 3258602 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-1, Class 4CB, <br> 6.50%, 02/25/36 | 2565526 |
| 1865979 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-2, Class 2CB, <br> 6.50%, 03/25/36 | 1261361 |
| 3594986 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-5, Class 3A3, STEP, <br> 6.72%, 07/25/36 | 788371 |
| 1043787 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-AR6, Class 2A,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%), <br> 5.53%, 08/25/46(d) | 561621 |
| 3441696 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-5, Class A6, <br> 6.00%, 06/25/37 | 3129484 |
| 600957 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-HY7, Class 2A2, <br> 4.15%, 07/25/37(d) | 523534 |
| 5249933 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-OA4, Class 2A, <br> (12 mo. Federal Reserve Cumulative Average USD + 0.798%), <br> 5.37%, 05/25/47(d) | 4191917 |
| 1992294 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-OA5, Class 2A, <br> (12 mo. Federal Reserve Cumulative Average USD + 0.798%), <br> 5.37%, 06/25/47(d) | 1608478 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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)** |
| $| 412366 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1,<br>(1 mo. Term SOFR + 0.434%), <br> 4.76%, 03/25/37(d) | $| 336743 |
|  | 3445133 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2,<br>(1 mo. Term SOFR + 6.566%), <br> 2.24%, 03/25/37(d)(e) |  | 388929 |
|  | 730051 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8,<br>(1 mo. Term SOFR + 0.654%), <br> 4.98%, 03/25/37(d) |  | 579015 |
|  | 656405 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9,<br>(1 mo. Term SOFR + 0.604%), <br> 4.93%, 03/25/37(d) |  | 520680 |
|  | 880339 | Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, <br> 5.57%, 03/25/38(d) |  | 726367 |
|  | 1577897 | Western Alliance Bank, Series 2021- CL2, Class M1, <br> (SOFR 30A + 3.150%), <br> 7.50%, 07/25/59(b)(d) |  | 1635104 |
|  | 2220246 | Western Alliance Bank, Series 2021- CL2, Class M2, <br> (SOFR 30A + 3.700%), <br> 8.05%, 07/25/59(b)(d) |  | 2304931 |
|  |  |  |  | 468846479 |
| **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%** |
|  | 562385 | Bayview Commercial Asset Trust, Series 2005-4A, Class M2,<br>(1 mo. Term SOFR + 0.819%), <br> 5.15%, 01/25/36(b)(d) |  | 528014 |
|  | 479765 | Bayview Commercial Asset Trust, Series 2005-4A, Class M3,<br>(1 mo. Term SOFR + 0.864%), <br> 5.19%, 01/25/36(b)(d) |  | 447137 |
|  | 693630 | Bayview Commercial Asset Trust, Series 2006-2A, Class B1,<br>(1 mo. Term SOFR + 1.419%), <br> 5.75%, 07/25/36(b)(d) |  | 653785 |
|  | 5291772 | Bayview Commercial Asset Trust, Series 2007-5A, Class A4,<br>(1 mo. Term SOFR + 2.364%), <br> 6.69%, 10/25/37(b)(d) |  | 2951044 |
|  | 5957050 | Bayview Commercial Asset Trust, Series 2007-6A, Class A4A,<br>(1 mo. Term SOFR + 1.614%), <br> 5.94%, 12/25/37(b)(d) |  | 5189422 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| $639944 | CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, <br> 6.26%, 07/25/39(b) | $591867 |
| 108444 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M1,<br>(1 mo. Term SOFR + 0.514%), <br> 4.84%, 06/25/37(b)(d) | 107597 |
| 3000000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2,<br>(1 mo. Term SOFR + 0.714%), <br> 5.04%, 06/25/37(b)(d) | 2564394 |
| 3600000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2,<br>(1 mo. Term SOFR + 2.114%), <br> 6.44%, 10/25/37(b)(d) | 3055827 |
| 324287 | Velocity Commercial Capital Loan Trust, Series 2018-1, Class M6, <br> 7.26%, 04/25/48(b) | 286573 |
| 1044577 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, <br> 5.32%, 10/26/48(b)(d) | 920802 |
| 391185 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, <br> 6.36%, 10/26/48(b)(d) | 339617 |
| 755129 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M6, <br> 7.05%, 10/26/48(b)(d) | 628052 |
| 898414 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, <br> 4.01%, 03/25/49(b)(d) | 812004 |
| 1021234 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, <br> 4.12%, 03/25/49(b)(d) | 900681 |
| 1232405 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, <br> 4.61%, 03/25/49(b)(d) | 1042215 |
| 890301 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, <br> 5.70%, 03/25/49(b)(d) | 755745 |
| 208331 | Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5, <br> 4.93%, 07/25/49(b)(d) | 167881 |
| 754457 | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M5, <br> 4.29%, 02/25/50(b)(d) | 535163 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| $1620122 | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6, <br> 5.69%, 02/25/50(b)(d) | $1223256 |
| 1625034 | Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5, <br> 3.97%, 05/25/51(b)(d) | 1176237 |
| 1241259 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5, <br> 4.01%, 08/25/51(b)(d) | 930509 |
| 1142369 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6, <br> 4.92%, 08/25/51(b)(d) | 821124 |
| 1863704 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7, <br> 6.54%, 08/25/51(b)(d) | 1320141 |
| 3737913 | Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5, <br> 4.33%, 10/25/51(b)(d) | 3034873 |
| 2296430 | Velocity Commercial Capital Loan Trust, Series 2021-3, Class M7, <br> 6.54%, 10/25/51(b)(d) | 1598648 |
| 1819170 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5, <br> 5.68%, 12/26/51(b)(d) | 1515413 |
| 2944910 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6, <br> 7.06%, 12/26/51(b)(d) | 2240265 |
| 3877229 | Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4, <br> 5.20%, 02/25/52(b)(d) | 2937993 |
| 3493034 | Velocity Commercial Capital Loan Trust, Series 2023-2, Class M2, <br> 8.00%, 05/25/53(b)(d) | 3508568 |
| 2978295 | Velocity Commercial Capital Loan Trust, Series 2023-4, Class M2, <br> 9.08%, 11/25/53(b)(d) | 3030825 |
| 771725 | Velocity Commercial Capital Loan Trust, Series 2023-4, Class M4, <br> 10.72%, 11/25/53(b)(d) | 739089 |
|  |  | 46554761 |
| Total Non-Agency Mortgage-Backed Securities<br> (Cost $596,011,438) | Total Non-Agency Mortgage-Backed Securities<br> (Cost $596,011,438) | 515401240 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.2%** | **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.2%** | **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.2%** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** |
| $10438174 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, <br> 11.20%, 07/25/56(b)(f) | $1443168 |
| 15278698 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, <br> 1.40%, 07/25/56(b)(d) | 1726883 |
| 4604505 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, <br> 2.32%, 11/25/57(d) | 1679516 |
| 2582143 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, <br> 2.15%, 08/25/57(b)(d) | 877879 |
| 29416 | Freddie Mac STACR Securitized Participation Interests Trust, Series 2018-SPI2, Class M2,<br> 3.85%, 05/25/48(b)(d) | 28332 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br> (Cost $6,915,933) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br> (Cost $6,915,933) | 5755778 |
| **U.S. GOVERNMENT SECURITIES — 32.0%** | **U.S. GOVERNMENT SECURITIES — 32.0%** |  |
| **U.S. Treasury Bonds — 25.5%** | **U.S. Treasury Bonds — 25.5%** |  |
| 41315000 | 3.63%, 08/15/43 | 35885951 |
| 42400000 | 3.63%, 02/15/44 | 36671031 |
| 48055000 | 3.38%, 05/15/44 | 39930702 |
| 47350000 | 3.13%, 08/15/44 | 37700588 |
| 47550000 | 3.00%, 02/15/47 | 36056273 |
| 52750000 | 2.75%, 08/15/47 | 37994424 |
| 66000000 | 3.00%, 08/15/48 | 49309219 |
| 46350000 | 3.38%, 11/15/48 | 37023873 |
| 47000000 | 3.00%, 02/15/49 | 34980117 |
| 47300000 | 2.88%, 05/15/49 | 34283262 |
| 81560000 | 1.25%, 05/15/50 | 39674480 |
| 103400000 | 1.63%, 11/15/50 | 55121086 |
| 82250000 | 2.38%, 05/15/51 | 52729961 |
| 78500000 | 3.00%, 08/15/52 | 57390859 |
|  |  | 584751826 |
| **U.S. Treasury Notes — 6.5%** | **U.S. Treasury Notes — 6.5%** |  |
| 74000000 | 4.50%, 11/15/25 | 74125742 |
| 74000000 | 4.13%, 01/31/27 | 74575235 |
|  |  | 148700977 |
| Total U.S. Government Securities<br> (Cost $1,021,459,478) | Total U.S. Government Securities<br> (Cost $1,021,459,478) | 733452803 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **CASH SWEEP — 4.6%** | **CASH SWEEP — 4.6%** |  |
| **UNITED STATES — 4.6%** | **UNITED STATES — 4.6%** |  |
| $105417029 | Citibank - U.S. Dollars on Deposit in Custody Account, 1.10%(h) | $105417029 |
| Total Cash Sweep<br> (Cost $105,417,029) | Total Cash Sweep<br> (Cost $105,417,029) | 105417029 |
| **TOTAL INVESTMENTS — 99.4%**<br> (Cost $2,768,560,107) | **TOTAL INVESTMENTS — 99.4%**<br> (Cost $2,768,560,107) | $2282548518 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%** | 12874011 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2295422529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 $666,293,147,
 which is 29.03% 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. The Reference Rate is defined below. Interest rate shown reflects the rate in effect
 as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated
 in the description above. Certain variable rate securities are not based on a published reference rate and spread but are
 determined by the issuer or agent and are 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.

(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 $9,742,064 which is 0.42% of net assets and the cost is $10,915,666.

(h) The rate shown represents the current yield as of April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
| | (Unaudited) |

---

**Total Return Swap Agreements outstanding at April 30, 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 | $1331310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1331310 |
| 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 | 694112 |  | 694112 |
| **Total Return Swap Agreements** | **Total Return Swap Agreements** |  |  |  |  | $2025422 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **CORPORATE BONDS — 27.0%** | **CORPORATE BONDS — 27.0%** |  |
| **Banks — 7.1%** | **Banks — 7.1%** |  |
| $2300000 | Banco Santander SA, <br> 5.59%, 08/08/28 | $2371996 |
| 5032000 | Bank of America Corp., <br> (SOFR RATE + 0.960%), <br> 1.73%, 07/22/27(a) | 4864921 |
| 5000000 | Bank of America Corp., <br> (SOFR RATE + 1.650%), <br> 5.47%, 01/23/35(a) | 5071565 |
| 2479000 | Bank of New York Mellon Corp. (The) MTN, <br> (SOFR RATE + 1.418%), <br> 4.29%, 06/13/33(a) | 2383982 |
| 4600000 | Barclays Plc, <br> (SOFR RATE + 1.880%), <br> 6.50%, 09/13/27(a) | 4703598 |
| 2000000 | BNP Paribas SA, <br> (SOFR RATE + 1.450%), <br> 4.79%, 05/09/29(a)(b) | 1998485 |
| 6000000 | Citigroup, Inc., <br> (SOFR RATE + 1.939%), <br> 3.79%, 03/17/33(a) | 5515033 |
| 5980000 | Fifth Third Bancorp, <br> (SOFR RATE + 2.340%), <br> 6.34%, 07/27/29(a) | 6270830 |
| 5000000 | Goldman Sachs Group, Inc. (The), <br> (SOFR RATE + 1.135%), <br> 4.69%, 10/23/30(a) | 4987783 |
| 5000000 | Huntington Bancshares, Inc., <br> (SOFR RATE + 1.276%), <br> 5.27%, 01/15/31(a) | 5037559 |
| 5000000 | ING Groep NV, <br> (SOFR Index + 1.230%), <br> 5.07%, 03/25/31(a) | 5039563 |
| 6565000 | JP Morgan Chase & Co., <br> (SOFR RATE + 1.015%), <br> 2.07%, 06/01/29(a) | 6124374 |
| 3099000 | JP Morgan Chase & Co., <br> (3 mo. Term SOFR + 1.522%), <br> 4.20%, 07/23/29(a) | 3073393 |
| 4600000 | JP Morgan Chase & Co., <br> (SOFR RATE + 2.080%), <br> 4.91%, 07/25/33(a) | 4576249 |
| 3135000 | KeyCorp GMTN, <br> (SOFR Index + 1.227%), <br> 5.12%, 04/04/31(a) | 3130282 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |  |
| $| 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) | $4442416 |
|  | 6000000 | Morgan Stanley, <br> (SOFR RATE + 1.730%), <br> 5.47%, 01/18/35(a) | 6060964 |
|  | 5000000 | PNC Financial Services Group, Inc. (The), <br> (SOFR RATE + 1.072%), <br> 5.22%, 01/29/31(a) | 5112250 |
|  | 4989000 | Sumitomo Mitsui Financial Group, Inc., <br> 2.63%, 07/14/26 | 4892359 |
|  | 5520000 | Toronto-Dominion Bank (The) GMTN, <br> 5.53%, 07/17/26 | 5594650 |
|  | 5431000 | Truist Financial Corp. MTN, <br> (SOFR RATE + 2.050%), <br> 6.05%, 06/08/27(a) | 5519987 |
|  | 3000000 | UBS AG, <br> (SOFR RATE + 0.720%), <br> 4.86%, 01/10/28(a) | 3020478 |
|  | 5000000 | UBS Group AG, <br> (SOFR RATE + 3.730%), <br> 4.19%, 04/01/31(a)(b) | 4848800 |
|  |  |  | 104641517 |
| **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** |  |
|  | 5736000 | General Motors Financial Co., Inc., <br> 2.70%, 06/10/31 | 4909184 |
|  | 3229000 | Southwest Airlines Co., <br> 5.13%, 06/15/27 | 3237776 |
|  | 3997000 | Toyota Motor Credit Corp. GMTN, <br> 5.25%, 09/11/28 | 4122061 |
|  | 5520000 | Warnermedia Holdings, Inc., <br> 3.76%, 03/15/27 | 5371773 |
|  |  |  | 17640794 |
| **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** |  |
|  | 5000000 | Diageo Capital Plc, <br> 5.63%, 10/05/33 | 5194910 |
|  | 5000000 | Mars, Inc., <br> 4.80%, 03/01/30(b) | 5061035 |
|  | 5635000 | Target Corp., <br> 5.00%, 04/15/35 | 5574778 |
|  |  |  | 15830723 |
| **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** |  |
|  | 3174000 | BP Capital Markets America, Inc., <br> 4.81%, 02/13/33 | 3115140 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |  |
| $| 5000000 | Cheniere Corpus Christi Holdings LLC, <br> 3.70%, 11/15/29 | $4778723 |
|  | 5122000 | Energy Transfer LP, <br> 4.95%, 06/15/28 | 5168417 |
|  | 4823000 | Pioneer Natural Resources Co., <br> 2.15%, 01/15/31 | 4232138 |
|  | 4913000 | Sabine Pass Liquefaction LLC, <br> 5.88%, 06/30/26 | 4955655 |
|  | 4600000 | Williams Cos., Inc. (The), <br> 3.75%, 06/15/27 | 4531310 |
|  |  |  | 26781383 |
| **Financial Services — 3.5%** | **Financial Services — 3.5%** | **Financial Services — 3.5%** |  |
|  | 2852000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, <br> 6.10%, 01/15/27 | 2912337 |
|  | 2950000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, <br> 4.63%, 09/10/29 | 2927812 |
|  | 4600000 | Air Lease Corp., <br> 5.85%, 12/15/27 | 4739541 |
|  | 2738000 | American Express Co., <br> (SOFR RATE + 1.330%), <br> 6.34%, 10/30/26(a) | 2762423 |
|  | 4600000 | Athene Global Funding, <br> 1.73%, 10/02/26(b) | 4420729 |
|  | 4642000 | Capital One Financial Corp., <br> (SOFR RATE + 2.080%), <br> 5.47%, 02/01/29(a) | 4734317 |
|  | 2903000 | Capital One Financial Corp., <br> (SOFR RATE + 2.640%), <br> 6.31%, 06/08/29(a) | 3024937 |
|  | 2291000 | Charles Schwab Corp. (The), <br> 2.45%, 03/03/27 | 2221938 |
|  | 2976000 | Charles Schwab Corp. (The), <br> 2.00%, 03/20/28 | 2802460 |
|  | 4600000 | Corebridge Financial, Inc., <br> 5.75%, 01/15/34 | 4688489 |
|  | 5000000 | Marsh & McLennan Cos., Inc., <br> 4.65%, 03/15/30 | 5042256 |
|  | 5000000 | Metropolitan Life Global Funding I, <br> 5.40%, 09/12/28(b) | 5178482 |
|  | 6941000 | PayPal Holdings, Inc., <br> 2.85%, 10/01/29 | 6526785 |
|  |  |  | 51982506 |
| **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** |  |
|  | 4600000 | AbbVie, Inc., <br> 3.20%, 11/21/29 | 4384621 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |  |
| $| 2610000 | Elevance Health, Inc., <br> 5.38%, 06/15/34 | $2643247 |
|  | 1750000 | Eli Lilly & Co., <br> 4.75%, 02/12/30 | 1794174 |
|  | 4600000 | Haleon US Capital LLC, <br> 3.38%, 03/24/27 | 4529474 |
|  | 3038000 | HCA, Inc., <br> 5.38%, 09/01/26 | 3055061 |
|  | 5520000 | Kenvue, Inc., <br> 4.90%, 03/22/33 | 5586931 |
|  | 5490000 | Laboratory Corp. of America Holdings, <br> 4.55%, 04/01/32 | 5357522 |
|  | 4600000 | Pfizer Investment Enterprises Pte Ltd., <br> 4.75%, 05/19/33 | 4542504 |
|  | 5000000 | Stryker Corp., <br> 5.20%, 02/10/35 | 5039057 |
|  | 5645000 | UnitedHealth Group, Inc., <br> 4.90%, 04/15/31 | 5745265 |
|  | 3272000 | Zimmer Biomet Holdings, Inc., <br> 5.35%, 12/01/28 | 3356287 |
|  |  |  | 46034143 |
| **Industrials — 1.7%** | **Industrials — 1.7%** | **Industrials — 1.7%** |  |
|  | 5520000 | BAE Systems Plc, <br> 5.13%, 03/26/29(b) | 5636037 |
|  | 5000000 | General Dynamics Corp., <br> 4.95%, 08/15/35 | 5016548 |
|  | 1365000 | John Deere Capital Corp. MTN, <br> 4.95%, 07/14/28 | 1401165 |
|  | 6216000 | L3Harris Technologies, Inc., <br> 5.25%, 06/01/31 | 6363152 |
|  | 3000000 | Ryder System, Inc., <br> 5.00%, 03/15/30 | 3025422 |
|  | 4600000 | Waste Connections, Inc., <br> 5.00%, 03/01/34 | 4615182 |
|  |  |  | 26057506 |
| **Information Technology — 2.2%** | **Information Technology — 2.2%** | **Information Technology — 2.2%** |  |
|  | 5000000 | Broadcom, Inc., <br> 5.05%, 07/12/29 | 5097890 |
|  | 4585000 | Fiserv, Inc., <br> 3.50%, 07/01/29 | 4369884 |
|  | 2176000 | Fiserv, Inc., <br> 5.35%, 03/15/31 | 2228126 |
|  | 5421000 | KLA Corp., <br> 4.70%, 02/01/34 | 5323029 |
|  | 5000000 | Leidos, Inc., <br> 5.40%, 03/15/32 | 5036617 |
|  | 5000000 | Microchip Technology, Inc., <br> 4.90%, 03/15/28 | 5011095 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |  |
| $| 6116000 | Texas Instruments, Inc., <br> 1.75%, 05/04/30 | $5411045 |
|  |  |  | 32477686 |
| **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** |  |
|  | 5520000 | BHP Billiton Finance USA Ltd., <br> 5.10%, 09/08/28 | 5662679 |
|  | 4965000 | CRH SMW Finance DAC, <br> 5.13%, 01/09/30 | 5060598 |
|  | 4499000 | Glencore Funding LLC, <br> 5.34%, 04/04/27(b) | 4561380 |
|  | 2000000 | Vulcan Materials Co., <br> 4.95%, 12/01/29 | 2020701 |
|  |  |  | 17305358 |
| **Real Estate — 1.1%** | **Real Estate — 1.1%** | **Real Estate — 1.1%** |  |
|  | 5000000 | American Tower Corp. REIT, <br> 5.00%, 01/31/30 | 5079397 |
|  | 5000000 | Brixmor Operating Partnership LP REIT, <br> 3.90%, 03/15/27 | 4932982 |
|  | 6070000 | Public Storage Operating Co. REIT, <br> 1.85%, 05/01/28 | 5678190 |
|  |  |  | 15690569 |
| **Telecommunication Services — 0.3%** | **Telecommunication Services — 0.3%** | **Telecommunication Services — 0.3%** |  |
|  | 4600000 | Cisco Systems, Inc., <br> 4.95%, 02/26/31 | 4732760 |
| **Utilities — 2.7%** | **Utilities — 2.7%** | **Utilities — 2.7%** |  |
|  | 4600000 | DTE Energy Co., <br> 4.95%, 07/01/27 | 4647369 |
|  | 1555000 | Duke Energy Corp., <br> 2.65%, 09/01/26 | 1518970 |
|  | 3000000 | Florida Power & Light Co., <br> 5.30%, 06/15/34 | 3076710 |
|  | 5235000 | Georgia Power Co., <br> 4.55%, 03/15/30 | 5267791 |
|  | 4600000 | National Rural Utilities Cooperative Finance Corp. MTN, <br> 5.05%, 09/15/28 | 4705406 |
|  | 4750000 | NextEra Energy Capital Holdings, Inc., <br> 5.05%, 03/15/30 | 4825109 |
|  | 4723000 | Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/28 | 4933166 |
|  | 3024466 | SCE Recovery Funding LLC, Series A-1, <br> 0.86%, 11/15/31 | 2713253 |
|  | 5161000 | Southern California Edison Co., <br> 5.65%, 10/01/28 | 5303191 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |  |
| $| 3520000 | Xcel Energy, Inc., <br> 4.75%, 03/21/28 | $3548190 |
|  |  |  | 40539155 |
| Total Corporate Bonds <br> (Cost $397,933,260) | Total Corporate Bonds <br> (Cost $397,933,260) | Total Corporate Bonds <br> (Cost $397,933,260) | 399714100 |
| **ASSET-BACKED SECURITIES — 7.6%** | **ASSET-BACKED SECURITIES — 7.6%** | **ASSET-BACKED SECURITIES — 7.6%** |  |
| **BERMUDA — 0.3%** | **BERMUDA — 0.3%** | **BERMUDA — 0.3%** |  |
| **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** |  |
|  | 5000000 | Trinitas CLO XXIII Ltd., Series 2023-23A, Class A, <br> (3 mo. Term SOFR + 1.800%), <br> 6.07%, 10/20/36(a)(b) | 5010024 |
| **CAYMAN ISLANDS — 2.2%** | **CAYMAN ISLANDS — 2.2%** | **CAYMAN ISLANDS — 2.2%** |  |
| **Collateralized Loan Obligations — 2.2%** | **Collateralized Loan Obligations — 2.2%** | **Collateralized Loan Obligations — 2.2%** |  |
|  | 3500000 | AGL CLO 10 Ltd., Series 2021-10A, Class B, <br> (3 mo. Term SOFR + 1.762%), <br> 6.02%, 04/15/34(a)(b) | 3491599 |
|  | 4500000 | Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR, <br> (3 mo. Term SOFR + 1.962%), <br> 6.22%, 10/15/34(a)(b) | 4491900 |
|  | 2000000 | Flatiron CLO 19 Ltd., Series 2019-1A, Class BR2, <br> (3 mo. Term SOFR + 1.500%), <br> 5.81%, 11/16/34(a)(b) | 1997800 |
|  | 3500000 | Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR, <br> (3 mo. Term SOFR + 1.950%), <br> 6.22%, 04/20/35(a)(b) | 3497551 |
|  | 1500000 | LCM XXIV Ltd., Series 24A, Class BR, <br> (3 mo. Term SOFR + 1.662%), <br> 5.93%, 03/20/30(a)(b) | 1491900 |
|  | 4500000 | Octagon 55 Ltd., Series 2021-1A, Class B, <br> (3 mo. Term SOFR + 1.912%), <br> 6.18%, 07/20/34(a)(b) | 4490550 |
|  | 4500000 | Palmer Square CLO Ltd., Series 2022- 1A, Class B, <br> (3 mo. Term SOFR + 1.800%), <br> 6.07%, 04/20/35(a)(b) | 4495050 |
|  | 4250000 | Regatta XXI Funding Ltd., Series 2021-3A, Class BR, <br> (3 mo. Term SOFR + 1.750%), <br> 6.01%, 10/15/37(a)(b) | 4222800 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **CAYMAN ISLANDS (continued)** | **CAYMAN ISLANDS (continued)** | **CAYMAN ISLANDS (continued)** |  |
| **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** | **Collateralized Loan Obligations (continued)** |  |
| $| 5000000 | RRX 7 Ltd., Series 2022-7A, Class A2, <br> (3 mo. Term SOFR + 2.000%), <br> 6.26%, 07/15/35(a)(b) | $5007999 |
|  |  |  | 33187149 |
| **JERSEY CHANNEL ISLANDS — 0.5%** | **JERSEY CHANNEL ISLANDS — 0.5%** | **JERSEY CHANNEL ISLANDS — 0.5%** |  |
| **Collateralized Loan Obligations — 0.5%** | **Collateralized Loan Obligations — 0.5%** | **Collateralized Loan Obligations — 0.5%** |  |
|  | 2750000 | Golub Capital Partners CLO Ltd., Series 2024-74A, Class A, <br> (3 mo. Term SOFR + 1.500%), <br> 5.78%, 07/25/37(a)(b) | 2753857 |
|  | 4000000 | OCP Aegis CLO Ltd., Series 2023-29A, Class BR, <br> (3 mo. Term SOFR + 1.550%), <br> 5.82%, 01/20/36(a)(b) | 3977599 |
|  |  |  | 6731456 |
| **UNITED STATES — 4.6%** | **UNITED STATES — 4.6%** | **UNITED STATES — 4.6%** |  |
| **Other Asset-Backed Securities — 4.6%** | **Other Asset-Backed Securities — 4.6%** | **Other Asset-Backed Securities — 4.6%** |  |
|  | 1726376 | Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2, <br> 5.19%, 07/21/31(b) | 1741352 |
|  | 3000000 | Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class A, <br> 6.12%, 04/20/27(b) | 3030450 |
|  | 3850000 | Bank of America Auto Trust, Series 2023-2A, Class A3, <br> 5.74%, 06/15/28(b) | 3896250 |
|  | 2250000 | BMW Vehicle Owner Trust, Series 2025-A, Class A4, <br> 4.66%, 12/27/32 | 2280813 |
|  | 1000000 | BofA Auto Trust, Series 2024-1A, Class A3, <br> 5.35%, 11/15/28(b) | 1010677 |
|  | 199741 | Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3, <br> 0.77%, 09/15/26 | 198941 |
|  | 252625 | CarMax Auto Owner Trust, Series 2022-2, Class A3, <br> 3.49%, 02/16/27 | 251759 |
|  | 2799068 | CarMax Auto Owner Trust, Series 2022-4, Class A3, <br> 5.34%, 08/16/27 | 2808197 |
|  | 2250000 | CarMax Auto Owner Trust, Series 2023-4, Class A3, <br> 6.00%, 07/17/28 | 2286556 |
|  | 2000000 | CarMax Auto Owner Trust, Series 2024-4, Class A3, <br> 4.60%, 10/15/29 | 2016165 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $1500000 | CNH Equipment Trust, Series 2021- C, Class A4, <br> 1.16%, 10/16/28 | $1462811 |
| 1500000 | CNH Equipment Trust, Series 2024- B, Class A3, <br> 5.19%, 09/17/29 | 1523280 |
| 3138748 | Daimler Trucks Retail Trust, Series 2023-1, Class A3, <br> 5.90%, 03/15/27 | 3157574 |
| 1175969 | Enterprise Fleet Financing LLC, Series 2024-1, Class A2, <br> 5.23%, 03/20/30(b) | 1185122 |
| 826831 | Enterprise Fleet Financing LLC, Series 2024-2, Class A2, <br> 5.74%, 12/20/26(b) | 830931 |
| 4000000 | Ford Credit Auto Owner Trust, Series 2020-2, Class A, <br> 1.06%, 04/15/33(b) | 3934506 |
| 2000000 | Honda Auto Receivables Owner Trust, Series 2023-2, Class A3, <br> 4.93%, 11/15/27 | 2006717 |
| 3000000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3, <br> 4.57%, 09/21/29 | 3030046 |
| 1000000 | HPEFS Equipment Trust, Series 2024- 2A, Class A3, <br> 5.36%, 10/20/31(b) | 1009537 |
| 2600000 | John Deere Owner Trust, Series 2024- B, Class A3, <br> 5.20%, 03/15/29 | 2650059 |
| 3000000 | Kubota Credit Owner Trust, Series 2023-2A, Class A3, <br> 5.28%, 01/18/28(b) | 3028207 |
| 932789 | Kubota Credit Owner Trust, Series 2024-2A, Class A2, <br> 5.45%, 04/15/27(b) | 937500 |
| 3750000 | M&T Equipment Notes, Series 2024- 1A, Class A3, <br> 4.76%, 08/18/31(b) | 3768052 |
| 995838 | Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, <br> 0.94%, 07/15/69(b) | 909630 |
| 1643387 | Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, <br> 1.06%, 10/15/69(b) | 1476533 |
| 3700000 | PFS Financing Corp., Series 2024-B, Class A, <br> 4.95%, 02/15/29(b) | 3735306 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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)** |  |  |
| $| 1250000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, <br> 4.74%, 01/16/29 | $| 1254787 |
|  | 800000 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3, <br> 5.33%, 11/20/29(b) |  | 809752 |
|  | 129547 | Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, <br> 3.34%, 08/25/47(b) |  | 128749 |
|  | 413124 | Sofi Professional Loan Program Trust, Series 2021-A, Class AFX, <br> 1.03%, 08/17/43(b) |  | 361530 |
|  | 395354 | Tesla Auto Lease Trust, Series 2023-A, Class A3, <br> 5.89%, 06/22/26(b) |  | 396083 |
|  | 1500000 | T-Mobile US Trust, Series 2025-1A, Class A, <br> 4.74%, 11/20/29(b) |  | 1518354 |
|  | 3000000 | Verizon Master Trust, Series 2025-1, Class A, <br> 4.71%, 01/21/31 |  | 3044873 |
|  | 2500000 | Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, Class A1, <br> 4.87%, 06/21/39(b) |  | 2514816 |
|  | 3500000 | Wheels Fleet Lease Funding 1 LLC, Series 2025-1A, Class A1, <br> 4.57%, 01/18/40(b) |  | 3508794 |
|  |  |  |  | 67704709 |
| Total Asset-Backed Securities <br> (Cost $112,592,152) | Total Asset-Backed Securities <br> (Cost $112,592,152) | Total Asset-Backed Securities <br> (Cost $112,592,152) |  | 112633338 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0%** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%** |
|  | 386387 | JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A, <br> 3.00%, 01/27/38(b) |  | 358811 |
| Total Non-Agency Mortgage-Backed Securities <br> (Cost $390,225) | Total Non-Agency Mortgage-Backed Securities <br> (Cost $390,225) | Total Non-Agency Mortgage-Backed Securities <br> (Cost $390,225) |  | 358811 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **U.S. GOVERNMENT AGENCIES — 0.4%** | **U.S. GOVERNMENT AGENCIES — 0.4%** |  |
| **Federal Farm Credit Banks Funding Corp. — 0.4%** | **Federal Farm Credit Banks Funding Corp. — 0.4%** |  |
| $5000000 | 5.65%, 07/25/33 | $5002835 |
| Total U.S. Government Agencies <br> (Cost $5,000,000) | Total U.S. Government Agencies <br> (Cost $5,000,000) | 5002835 |
| **U.S. GOVERNMENT SECURITIES — 63.4%** | **U.S. GOVERNMENT SECURITIES — 63.4%** |  |
| **U.S. Treasury Bills — 0.8%** | **U.S. Treasury Bills — 0.8%** |  |
| 11937000 | 4.08%, 03/19/26(c) | 11536660 |
| **U.S. Treasury Bonds — 2.8%** | **U.S. Treasury Bonds — 2.8%** |  |
| 8358000 | 2.88%, 05/15/52 | 5954422 |
| 9247000 | 4.13%, 08/15/53 | 8380816 |
| 28899000 | 4.50%, 11/15/54 | 27973329 |
|  |  | 42308567 |
| **U.S. Treasury Inflation Indexed Notes — 2.5%** | **U.S. Treasury Inflation Indexed Notes — 2.5%** |  |
| 37562425 | 1.25%, 04/15/28(d) | 37735882 |
| **U.S. Treasury Notes — 57.3%** | **U.S. Treasury Notes — 57.3%** |  |
| 29600000 | 4.13%, 02/28/27 | 29849750 |
| 29809000 | 3.88%, 03/15/28 | 30053527 |
| 128032000 | 4.13%, 07/31/28 | 130042502 |
| 135559000 | 3.63%, 08/31/29 | 135262465 |
| 47419000 | 4.00%, 03/31/30 | 48008033 |
| 132502000 | 4.13%, 08/31/30 | 134748322 |
| 79692000 | 3.75%, 08/31/31 | 79069406 |
| 76195000 | 4.38%, 01/31/32 | 78224882 |
| 79384000 | 4.00%, 02/15/34 | 78776216 |
| 106976000 | 3.88%, 08/15/34 | 104786335 |
|  |  | 848821438 |
| Total U.S. Government Securities <br> (Cost $927,274,080) | Total U.S. Government Securities <br> (Cost $927,274,080) | 940402547 |
| Shares |  |  |
| **INVESTMENT COMPANY — 1.4%** | **INVESTMENT COMPANY — 1.4%** |  |
| 20741443 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(e) | 20741443 |
| Total Investment Company <br> (Cost $20,741,443) | Total Investment Company <br> (Cost $20,741,443) | 20741443 |
| **TOTAL INVESTMENTS — 99.8%**<br> (Cost $1,463,931,160) | **TOTAL INVESTMENTS — 99.8%**<br> (Cost $1,463,931,160) | $1478853074 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** | 3664180 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $1482517254 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

(a) Floating or variable rate security. The Reference Rate is defined below. Interest
 rate shown reflects the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread,
 the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a
 published reference rate and spread but are determined by the issuer or agent and are 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) Zero coupon security. The rate represents the yield at time of purchase.

(d) Inflation protected security.

(e) The rate shown represents the current yield as of April 30, 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;Short-Term Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **CORPORATE BONDS — 34.2%** | **CORPORATE BONDS — 34.2%** |  |
| **Banks — 10.2%** | **Banks — 10.2%** |  |
| $247000 | Bank of America Corp., <br> (SOFR RATE + 1.630%), <br> 5.20%, 04/25/29(a) | $252301 |
| 102000 | Bank of Montreal, Series H, MTN, <br> 4.70%, 09/14/27 | 102902 |
| 137000 | Bank of New York Mellon Corp. (The), <br> (SOFR RATE + 1.026%), <br> 4.95%, 04/26/27(a) | 137753 |
| 500000 | Barclays Plc, <br> (SOFR RATE + 0.960%), <br> 5.09%, 02/25/29(a) | 503645 |
| 500000 | BNP Paribas SA, <br> (SOFR RATE + 1.450%), <br> 4.79%, 05/09/29(a)(b) | 499621 |
| 400000 | Citibank NA, <br> 4.93%, 08/06/26 | 403104 |
| 672000 | Citigroup, Inc., <br> (3 mo. Term SOFR + 1.652%), <br> 3.67%, 07/24/28(a) | 659537 |
| 500000 | Fifth Third Bancorp, <br> (SOFR RATE + 2.340%), <br> 6.34%, 07/27/29(a) | 524317 |
| 640000 | Goldman Sachs Bank USA, <br> (SOFR RATE + 0.750%), <br> 5.41%, 05/21/27(a) | 645995 |
| 999000 | JP Morgan Chase & Co., <br> (SOFR RATE + 1.015%), <br> 2.07%, 06/01/29(a) | 931950 |
| 657000 | Morgan Stanley, <br> (SOFR RATE + 1.295%), <br> 5.05%, 01/28/27(a) | 659490 |
| 800000 | PNC Bank NA, <br> (SOFR RATE + 0.504%), <br> 4.78%, 01/15/27(a) | 800450 |
| 500000 | Royal Bank of Canada GMTN, <br> (SOFR Index + 0.810%), <br> 4.72%, 03/27/28(a) | 503066 |
| 952000 | Sumitomo Mitsui Financial Group, Inc., <br> 2.63%, 07/14/26 | 933559 |
| 87000 | Toronto-Dominion Bank (The) GMTN, <br> 5.53%, 07/17/26 | 88176 |
| 850000 | UBS AG, <br> (SOFR RATE + 0.720%), <br> 4.86%, 01/10/28(a) | 855802 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |  |
| $| 650000 | US Bank NA, <br> (SOFR RATE + 0.690%), <br> 4.51%, 10/22/27(a) | $650349 |
|  | 420000 | Wells Fargo & Co. GMTN, <br> (SOFR RATE + 1.070%), <br> 5.71%, 04/22/28(a) | 429318 |
|  |  |  | 9581335 |
| **Consumer Discretionary — 2.4%** | **Consumer Discretionary — 2.4%** | **Consumer Discretionary — 2.4%** |  |
|  | 92000 | American Honda Finance Corp. GMTN, <br> (SOFR RATE + 0.770%), <br> 5.14%, 03/12/27(a) | 91814 |
|  | 87000 | Clorox Co. (The), <br> 3.90%, 05/15/28 | 86103 |
|  | 877000 | General Motors Financial Co., Inc., <br> 5.40%, 05/08/27 | 885903 |
|  | 400000 | Marriott International, Inc., <br> 5.55%, 10/15/28 | 413268 |
|  | 218000 | Southwest Airlines Co., <br> 5.13%, 06/15/27 | 218592 |
|  | 400000 | Toyota Motor Credit Corp. GMTN, <br> 4.55%, 08/07/26 | 401582 |
|  | 190000 | Warnermedia Holdings, Inc., <br> 3.76%, 03/15/27 | 184898 |
|  |  |  | 2282160 |
| **Consumer Staples — 0.6%** | **Consumer Staples — 0.6%** | **Consumer Staples — 0.6%** |  |
|  | 102000 | Constellation Brands, Inc., <br> 5.00%, 02/02/26 | 101978 |
|  | 117000 | Keurig Dr Pepper, Inc., <br> (SOFR Index + 0.880%), <br> 5.25%, 03/15/27(a) | 117294 |
|  | 250000 | Mars, Inc., <br> 4.45%, 03/01/27(b) | 251509 |
|  | 112000 | Sysco Corp., <br> 3.75%, 10/01/25 | 111552 |
|  |  |  | 582333 |
| **Energy — 1.7%** | **Energy — 1.7%** | **Energy — 1.7%** |  |
|  | 114000 | BP Capital Markets America, Inc., <br> 3.94%, 09/21/28 | 112605 |
|  | 113000 | Enbridge, Inc., <br> 6.00%, 11/15/28 | 118250 |
|  | 627000 | Energy Transfer LP, <br> 4.95%, 06/15/28 | 632682 |
|  | 575000 | Pioneer Natural Resources Co., <br> 1.90%, 08/15/30 | 504877 |
|  | 237000 | Williams Cos., Inc. (The), <br> 5.40%, 03/02/26 | 238289 |
|  |  |  | 1606703 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Short-Term Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **Financial Services — 5.5%** | **Financial Services — 5.5%** |  |
| $950000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, <br> 6.10%, 01/15/27 | $970098 |
| 500000 | Air Lease Corp., <br> 3.38%, 07/01/25 | 498740 |
| 247000 | Air Lease Corp., <br> 5.85%, 12/15/27 | 254493 |
| 152000 | American Express Co., <br> (SOFR RATE + 1.000%), <br> 5.10%, 02/16/28(a) | 153926 |
| 500000 | Arthur J Gallagher & Co., <br> 4.60%, 12/15/27 | 503886 |
| 641000 | Capital One Financial Corp., <br> (SOFR RATE + 2.080%), <br> 5.47%, 02/01/29(a) | 653748 |
| 151000 | Corebridge Financial, Inc., <br> 3.65%, 04/05/27 | 148778 |
| 500000 | Corebridge Global Funding, <br> 4.90%, 01/07/28(b) | 506647 |
| 400000 | New York Life Global Funding MTN, <br> 3.90%, 10/01/27(b) | 397478 |
| 1000000 | PayPal Holdings, Inc., <br> 4.45%, 03/06/28 | 1011063 |
|  |  | 5098857 |
| **Health Care — 1.4%** | **Health Care — 1.4%** |  |
| 87000 | Cigna Group (The), <br> 4.50%, 02/25/26 | 86918 |
| 259000 | CVS Health Corp., <br> 1.30%, 08/21/27 | 240809 |
| 667000 | HCA, Inc., <br> 5.38%, 09/01/26 | 670746 |
| 87000 | Pfizer Investment Enterprises Pte Ltd., <br> 4.45%, 05/19/28 | 87677 |
| 92000 | Zimmer Biomet Holdings, Inc., <br> 3.05%, 01/15/26 | 90972 |
| 87000 | Zoetis, Inc., <br> 5.40%, 11/14/25 | 87316 |
|  |  | 1264438 |
| **Industrials — 2.8%** | **Industrials — 2.8%** |  |
| 400000 | Caterpillar Financial Services Corp., <br> 4.40%, 10/15/27 | 402846 |
| 627000 | L3Harris Technologies, Inc., <br> 5.40%, 01/15/27 | 636945 |
| 87000 | Ryder System, Inc. MTN, <br> 5.30%, 03/15/27 | 88247 |
| 1000000 | Uber Technologies, Inc., <br> 4.50%, 08/15/29(b) | 984706 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |
| $| 500000 | Union Pacific Corp., <br> 3.95%, 09/10/28 | $497590 |
|  |  |  | 2610334 |
| **Information Technology — 4.0%** | **Information Technology — 4.0%** | **Information Technology — 4.0%** |  |
|  | 1000000 | Advanced Micro Devices, Inc., <br> 4.21%, 09/24/26 | 1004191 |
|  | 900000 | Broadcom, Inc., <br> 5.05%, 07/12/27 | 914299 |
|  | 102000 | Fiserv, Inc., <br> 5.15%, 03/15/27 | 103199 |
|  | 1000000 | Microchip Technology, Inc., <br> 4.90%, 03/15/28 | 1002219 |
|  | 750000 | Oracle Corp., <br> 1.65%, 03/25/26 | 730904 |
|  |  |  | 3754812 |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |  |
|  | 170000 | Glencore Funding LLC, <br> 5.34%, 04/04/27(b) | 172357 |
|  | 200000 | Owens Corning, <br> 5.50%, 06/15/27 | 203998 |
|  |  |  | 376355 |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |  |
|  | 800000 | Brixmor Operating Partnership LP REIT, <br> 3.90%, 03/15/27 | 789277 |
|  | 750000 | Equinix, Inc. REIT, <br> 1.00%, 09/15/25 | 739465 |
|  |  |  | 1528742 |
| **Telecommunication Services — 0.2%** | **Telecommunication Services — 0.2%** | **Telecommunication Services — 0.2%** |  |
|  | 174000 | T-Mobile USA, Inc., <br> 3.75%, 04/15/27 | 172115 |
| **Utilities — 3.4%** | **Utilities — 3.4%** | **Utilities — 3.4%** |  |
|  | 900000 | DTE Energy Co., <br> 4.95%, 07/01/27 | 909268 |
|  | 1000000 | Duke Energy Progress LLC, <br> 4.35%, 03/06/27 | 1007665 |
|  | 117000 | National Rural Utilities Cooperative Finance Corp. MTN, <br> 5.05%, 09/15/28 | 119681 |
|  | 750000 | NextEra Energy Capital Holdings, Inc., <br> 4.45%, 06/20/25 | 749282 |
|  | 87000 | NextEra Energy Capital Holdings, Inc., <br> 4.95%, 01/29/26 | 87184 |
|  | 217000 | Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/28 | 226656 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Short-Term Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **Utilities (continued)** | **Utilities (continued)** |  |
| 97000 | Southern Co. (The), <br> 4.85%, 06/15/28 | $98612 |
|  |  | 3198348 |
| Total Corporate Bonds <br> (Cost $31,838,934) | Total Corporate Bonds <br> (Cost $31,838,934) | 32056532 |
| **ASSET-BACKED SECURITIES — 8.3%** | **ASSET-BACKED SECURITIES — 8.3%** |  |
| **BERMUDA — 0.3%** | **BERMUDA — 0.3%** |  |
| **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** |  |
| 250000 | Rad CLO 25 Ltd., Series 2024-25A, Class A1, <br> (3 mo. Term SOFR + 1.460%), <br> 5.73%, 07/20/37(a)(b) | 250216 |
| **CAYMAN ISLANDS — 0.4%** | **CAYMAN ISLANDS — 0.4%** |  |
| **Collateralized Loan Obligations — 0.4%** | **Collateralized Loan Obligations — 0.4%** |  |
| 400000 | Palmer Square CLO Ltd., Series 2024-3A, Class A, <br> (3 mo. Term SOFR + 1.350%), <br> 5.62%, 07/20/37(a)(b) | 400000 |
| **JERSEY CHANNEL ISLANDS — 0.3%** | **JERSEY CHANNEL ISLANDS — 0.3%** |  |
| **Collateralized Loan Obligations — 0.3%** | **Collateralized Loan Obligations — 0.3%** |  |
| 250000 | Golub Capital Partners CLO Ltd., Series 2024-74A, Class A, <br> (3 mo. Term SOFR + 1.500%), <br> 5.78%, 07/25/37(a)(b) | 250351 |
| **UNITED STATES — 7.3%** | **UNITED STATES — 7.3%** |  |
| **Other Asset-Backed Securities — 7.3%** | **Other Asset-Backed Securities — 7.3%** |  |
| 500000 | BMW Vehicle Owner Trust, Series 2025-A, Class A4, <br> 4.66%, 12/27/32 | 506847 |
| 118138 | BofA Auto Trust, Series 2024-1A, Class A2, <br> 5.57%, 12/15/26(b) | 118378 |
| 500000 | Carmax Auto Owner Trust, Series 2025-1, Class A3, <br> 4.84%, 01/15/30 | 506297 |
| 130378 | CarMax Auto Owner Trust, Series 2023-1, Class A3, <br> 4.75%, 10/15/27 | 130416 |
| 500000 | CarMax Auto Owner Trust, Series 2024-4, Class A3, <br> 4.60%, 10/15/29 | 504041 |
| 138404 | CNH Equipment Trust, Series 2024- B, Class A2A, <br> 5.42%, 10/15/27 | 138714 |
| 206708 | Enterprise Fleet Financing LLC, Series 2024-2, Class A2, <br> 5.74%, 12/20/26(b) | 207733 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |  |
| $| 500000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3, <br> 4.57%, 09/21/29 | $505008 |
|  | 110309 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3, <br> 5.39%, 06/15/27 | 110683 |
|  | 500000 | Hyundai Auto Receivables Trust, Series 2023-C, Class A3, <br> 5.54%, 10/16/28 | 506596 |
|  | 300000 | John Deere Owner Trust, Series 2024- B, Class A3, <br> 5.20%, 03/15/29 | 305776 |
|  | 750000 | Kubota Credit Owner Trust, Series 2023-2A, Class A3, <br> 5.28%, 01/18/28(b) | 757052 |
|  | 233197 | Kubota Credit Owner Trust, Series 2024-2A, Class A2, <br> 5.45%, 04/15/27(b) | 234375 |
|  | 400000 | M&T Equipment Notes, Series 2024- 1A, Class A2, <br> 4.99%, 08/18/31(b) | 400892 |
|  | 250000 | PFS Financing Corp., Series 2022-D, Class A, <br> 4.27%, 08/15/27(b) | 249648 |
|  | 200000 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3, <br> 5.33%, 11/20/29(b) | 202438 |
|  | 500000 | T-Mobile US Trust, Series 2025-1A, Class A, <br> 4.74%, 11/20/29(b) | 506118 |
|  | 500000 | Verizon Master Trust, Series 2025-1, Class A, <br> 4.71%, 01/21/31 | 507479 |
|  | 500000 | Wheels Fleet Lease Funding 1 LLC, Series 2025-1A, Class A1, <br> 4.57%, 01/18/40(b) | 501256 |
|  |  |  | 6899747 |
| Total Asset-Backed Securities <br> (Cost $7,745,067) | Total Asset-Backed Securities <br> (Cost $7,745,067) | Total Asset-Backed Securities <br> (Cost $7,745,067) | 7800314 |
| **U.S. GOVERNMENT SECURITIES — 55.9%** | **U.S. GOVERNMENT SECURITIES — 55.9%** | **U.S. GOVERNMENT SECURITIES — 55.9%** |  |
| **U.S. Treasury Bills — 2.5%** | **U.S. Treasury Bills — 2.5%** | **U.S. Treasury Bills — 2.5%** |  |
|  | 800000 | 4.25%, 05/08/25(c) | 799346 |
|  | 584000 | 4.38%, 08/07/25(c) | 577352 |
|  | 1000000 | 4.12%, 10/30/25(c) | 979601 |
|  |  |  | 2356299 |
| **U.S. Treasury Notes — 53.4%** | **U.S. Treasury Notes — 53.4%** | **U.S. Treasury Notes — 53.4%** |  |
|  | 1131000 | 5.00%, 08/31/25 | 1133165 |
|  | 1197000 | 4.50%, 11/15/25 | 1199034 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Short-Term Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | **April 30, 2025** |
|  | **(Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal <br> Amount | Principal <br> Amount |  | Value |
| **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** |  |
| $| 2830000 | 4.25%, 01/31/26 | $2834378 |
|  | 2769000 | 3.63%, 05/15/26 | 2761710 |
|  | 3569000 | 4.38%, 08/15/26 | 3595210 |
|  | 3201000 | 4.63%, 11/15/26 | 3244013 |
|  | 2883000 | 4.00%, 01/15/27 | 2898766 |
|  | 2800000 | 4.13%, 02/28/27 | 2823625 |
|  | 2547000 | 4.50%, 05/15/27 | 2590777 |
|  | 2309000 | 4.38%, 07/15/27 | 2346341 |
|  | 2345000 | 4.13%, 09/30/27 | 2374954 |
|  | 2388000 | 3.88%, 11/30/27 | 2404324 |
|  | 2800000 | 4.25%, 01/15/28 | 2846922 |
|  | 2463000 | 4.00%, 02/29/28 | 2489554 |
|  | 1000000 | 3.75%, 04/15/28 | 1004609 |
|  | 2508000 | 4.00%, 06/30/28 | 2538664 |
|  | 2748000 | 4.38%, 08/31/28 | 2812514 |
|  | 2687000 | 4.00%, 01/31/29 | 2719748 |
|  | 2586000 | 4.00%, 07/31/29 | 2618426 |
|  | 1710000 | 4.13%, 11/30/29 | 1741060 |
|  | 1050000 | 4.25%, 01/31/30 | 1074486 |
|  |  |  | 50052280 |
| Total U.S. Government Securities <br> (Cost $51,839,042) | Total U.S. Government Securities <br> (Cost $51,839,042) | Total U.S. Government Securities <br> (Cost $51,839,042) | 52408579 |
| Shares | Shares |  |  |
| **INVESTMENT COMPANY — 0.6%** | **INVESTMENT COMPANY — 0.6%** | **INVESTMENT COMPANY — 0.6%** |  |
|  | 519451 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, <br> 4.18%(d) | 519451 |
| Total Investment Company <br> (Cost $519,451) | Total Investment Company <br> (Cost $519,451) | Total Investment Company <br> (Cost $519,451) | 519451 |
| **TOTAL INVESTMENTS — 99.0%** | **TOTAL INVESTMENTS — 99.0%** | **TOTAL INVESTMENTS — 99.0%** |  |
| (Cost $91,942,494) | (Cost $91,942,494) | (Cost $91,942,494) | $92784876 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%** | 945513 |
| NET ASSETS **—** 100.0% | NET ASSETS **—** 100.0% | NET ASSETS **—** 100.0% | $93730389 |

---

(a) Floating or variable rate security. The Reference Rate is defined below. Interest
 rate shown reflects the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread,
 the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a
 published reference rate and spread but are determined by the issuer or agent and are 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) Zero coupon security. The rate represents the yield at time of purchase.

(d) The rate shown represents the current yield as of April 30, 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 | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 96.0%** | **MUNICIPAL BONDS — 96.0%** |  |
| **Alabama — 0.0%** | **Alabama — 0.0%** |  |
| $1495000 | City of Huntsville Warrants Refunding GO, Series A,<br> 5.00%, 08/01/26 | $1497421 |
| **Arizona — 1.2%** | **Arizona — 1.2%** |  |
| 5000000 | Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds,<br> 5.00%, 07/01/32 | 5570598 |
| 5000000 | City of Phoenix Civic Improvement Corp. Current Refunding Revenue Bonds,<br> 5.00%, 07/01/29 | 5257591 |
| 2005000 | City of Phoenix School Improvements GO, Series B,<br> 4.41%, 07/01/28 | 2034640 |
| 3950000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 01/01/33 | 4042373 |
| 5850000 | Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/35 | 6680330 |
| 7180000 | Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/36 | 8149329 |
| 7100000 | Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/37 | 7998499 |
| 6810000 | Salt River Project Agricultural Improvement & Power District Revenue Bonds, Series A,<br> 5.00%, 01/01/43 | 7192107 |
| 5250000 | Town of Gilbert Public Improvements GO,<br> 5.00%, 07/15/25 | 5267701 |
|  |  | 52193168 |
| **California — 6.1%** | **California — 6.1%** |  |
| 2500000 | California State Public Works Board Public Facilities Revenue Bonds, Series A,<br> 5.00%, 04/01/33 | 2803304 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $4735000 | City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds,<br> 5.00%, 05/15/32 | $5012020 |
| 1500000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds,<br> 5.00%, 05/15/26 | 1520315 |
| 2250000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds,<br> 5.00%, 05/15/27 | 2307873 |
| 2810000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,<br> 5.00%, 05/15/27 | 2924380 |
| 6150000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,<br> 5.00%, 05/15/29 | 6614685 |
| 2000000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,<br> 5.00%, 05/15/30 | 2179915 |
| 10000000 | County of Santa Clara GO, Series C,<br> 4.30%, 08/01/27 | 10076393 |
| 10000000 | County of Santa Clara GO, Series C,<br> 4.33%, 08/01/29 | 10086100 |
| 4325000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 4384423 |
| 5000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 5149077 |
| 4200000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 05/01/34 | 4476020 |
| 18115000 | San Francisco City & County Airport Refunding Revenue Bonds, Series C,<br> 5.00%, 05/01/30 | 19080700 |
| 11000000 | San Francisco City & County Public Utilities Commission Wastewater Revenue Bonds, Series A,<br> 4.66%, 10/01/27 | 11182845 |
| 4415000 | State of California Current Refunding GO,<br> 5.00%, 10/01/25 | 4447586 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $14000000 | State of California Current Refunding GO,<br> 5.00%, 12/01/25 | $14152510 |
| 2520000 | State of California Current Refunding GO,<br> 5.00%, 03/01/26 | 2560816 |
| 7500000 | State of California Current Refunding GO,<br> 5.00%, 03/01/27 | 7766083 |
| 10000000 | State of California Current Refunding GO,<br> 5.00%, 12/01/27 | 10495045 |
| 7500000 | State of California Current Refunding GO,<br> 5.00%, 03/01/28 | 7902304 |
| 10000000 | State of California Current Refunding GO,<br> 5.00%, 10/01/37 | 10772043 |
| 16195000 | State of California Current Refunding GO, (AGM), <br> 5.25%, 08/01/32 | 18106447 |
| 11250000 | State of California Public Improvements GO, <br> 5.00%, 09/01/25 | 11314414 |
| 8500000 | State of California Public Improvements GO, <br> 5.00%, 09/01/26 | 8721386 |
| 5000000 | State of California Public Improvements GO, <br> 5.00%, 09/01/31 | 5532815 |
| 3000000 | State of California Public Improvements GO, <br> 5.00%, 03/01/26 | 3001543 |
| 6610000 | State of California Refunding GO, <br> 5.00%, 10/01/25 | 6619007 |
| 10000000 | State of California School Improvements GO, <br> 1.75%, 11/01/30 | 8805030 |
| 15000000 | State of California Water Utility Improvements GO, <br> 5.00%, 09/01/25 | 15085885 |
| 15000000 | State of California Water Utility Improvements GO, <br> 5.00%, 09/01/26 | 15390681 |
| 4100000 | State of California Water Utility Improvements GO, <br> 5.00%, 09/01/27 | 4284485 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** | **California (continued)** |  |
| $| 10000000 | University of California University & College Improvements Revenue Bonds, Series BK, <br> 5.00%, 05/15/32 | $11149732 |
|  |  |  | 253905862 |
| **Colorado — 3.4%** | **Colorado — 3.4%** | **Colorado — 3.4%** |  |
|  | 3000000 | Arapahoe County School District No 5 Cherry Creek School Improvements GO, (State Aid Withholding), <br> 5.00%, 12/15/25 | 3033137 |
|  | 1700000 | Arapahoe County School District No 5 Cherry Creek School Improvements GO, (State Aid Withholding), <br> 5.00%, 12/15/26 | 1753254 |
|  | 5000000 | Boulder Larimer & Weld Counties St. Vrain Valley School District School Improvements GO, Series 1J, (State Aid Withholding), <br> 5.00%, 12/15/25 | 5058014 |
|  | 20000000 | Boulder Larimer & Weld Counties St. Vrain Valley School District School Improvements GO, Series 1J, (State Aid Withholding), <br> 5.00%, 12/15/26 | 20655440 |
|  | 27720000 | City & County of Denver Co. Airport System & Marina Improvements Refunding Revenue Bonds, Series A, <br> 5.00%, 12/01/28 | 28961180 |
|  | 11590000 | City & County of Denver Co. Airport System Refunding Revenue Bonds, Series A, <br> 5.00%, 11/15/27 | 12007378 |
|  | 6175000 | City & County of Denver Co. Airport System Revenue Bonds, Series A, <br> 5.00%, 11/15/36 | 6463904 |
|  | 10000000 | City & County of Denver Co. Airport System Revenue Bonds, Series A, <br> 5.00%, 12/01/32 | 10274595 |
|  | 2225000 | City & County of Denver Co. Airport System Revenue Bonds, Series C, <br> 5.00%, 11/15/27 | 2328838 |
|  | 3500000 | Colorado Health Facilities Authority Health Care Facilities Revenue Bonds, Series A, <br> 5.00%, 05/15/37 | 3745060 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Colorado (continued)** | **Colorado (continued)** |  |
| $1000000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1,<br> 4.33%, 05/01/29 | $1008261 |
| 1295000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, <br> 4.51%, 05/01/30 | 1307253 |
| 2245000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, <br> 4.63%, 05/01/31 | 2266228 |
| 2935000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, <br> 4.83%, 05/01/32 | 2975251 |
| 2950000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, <br> 4.93%, 05/01/33 | 2985554 |
| 2425000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, <br> 5.15%, 11/01/36 | 2424686 |
| 2000000 | Denver City & County School District No 1 Current Refunding GO, Series B, (State Aid Withholding), <br> 5.00%, 12/01/26 | 2063722 |
| 2000000 | University of Colorado Current Refunding Revenue Bonds, Series A, <br> 5.00%, 06/01/25 | 2002471 |
| 11330000 | University of Colorado Current Refunding Revenue Bonds, Series A, <br> 5.00%, 06/01/26 | 11574554 |
| 7250000 | University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series A, <br> 5.00%, 11/15/29 | 7774351 |
| 10000000 | University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series B, <br> 5.00%, 11/15/31 | 10950872 |
|  |  | 141614003 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Connecticut — 3.8%** | **Connecticut — 3.8%** |  |
| $5000000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, <br> 5.00%, 07/01/40(a) | $5254720 |
| 11200000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, <br> 5.00%, 07/01/27 | 11693533 |
| 5260000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series U, <br> 5.00%, 07/01/33(b) | 5911874 |
| 5860000 | Metropolitan District Refunding Notes GO, Series C, (AGM), <br> 5.00%, 11/01/25 | 5913556 |
| 10000000 | State of Connecticut GO, Series A, <br> 5.50%, 05/01/25 | 10000000 |
| 4715000 | State of Connecticut GO, Series A, <br> 5.38%, 05/01/27 | 4843018 |
| 2160000 | State of Connecticut GO, Series A, <br> 4.88%, 05/01/34 | 2172817 |
| 6295000 | State of Connecticut GO, Series D, <br> 5.00%, 07/15/26 | 6438379 |
| 9345000 | State of Connecticut Public Improvements GO, Series A, <br> 5.00%, 01/15/26 | 9460911 |
| 6000000 | State of Connecticut Public Improvements GO, Series A, <br> 3.85%, 09/15/27 | 5982998 |
| 5000000 | State of Connecticut Public Improvements GO, Series A, <br> 4.79%, 03/15/31 | 5080710 |
| 6775000 | State of Connecticut Special Tax Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/30 | 7369726 |
| 10000000 | State of Connecticut Special Tax Highway Improvements Revenue Bonds, Series A, <br> 5.00%, 01/01/35 | 10319893 |
| 11400000 | State of Connecticut Special Tax Revenue Bonds, Series B, <br> 5.00%, 10/01/35 | 11836141 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |  |
| $| 3385000 | State of Connecticut Special Tax Revenue Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/25 | $3392916 |
|  | 14000000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1, <br> 5.00%, 07/01/26 | 14320208 |
|  | 20000000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1, <br> 5.00%, 07/01/27 | 20811788 |
|  | 6500000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1, <br> 5.00%, 07/01/28 | 6874928 |
|  | 5865000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1, <br> 5.00%, 07/01/29 | 6295631 |
|  | 2555000 | State of Connecticut University & College Improvements GO, Series F, <br> 5.00%, 11/15/35 | 2857686 |
|  |  |  | 156831433 |
| **Delaware — 1.4%** | **Delaware — 1.4%** | **Delaware — 1.4%** |  |
|  | 10000000 | Delaware State Health Facilities Authority Current Refunding Revenue Bonds, <br> 5.00%, 10/01/45 | 10159769 |
|  | 9430000 | Delaware Transportation Authority Current Refunding Revenue Bonds, <br> 5.00%, 07/01/28 | 10012346 |
|  | 6780000 | Delaware Transportation Authority Public Improvements Revenue Bonds, <br> 5.00%, 07/01/27 | 7072758 |
|  | 2240000 | Delaware Transportation Authority Public Improvements Revenue Bonds, <br> 5.00%, 07/01/35 | 2470715 |
|  | 7895000 | State of Delaware Current Refunding GO, <br> 5.00%, 02/01/31 | 8727832 |
|  | 7705000 | State of Delaware Current Refunding GO, Series A, <br> 5.00%, 10/01/27 | 8084861 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** |  |
| $| 3620000 | State of Delaware Current Refunding GO, Series B, <br> 5.00%, 07/01/26 | $3709935 |
|  | 9005000 | State of Delaware Public Improvements GO, Series A, <br> 5.00%, 05/01/26 | 9197649 |
|  |  |  | 59435865 |
| **District of Columbia — 2.7%** | **District of Columbia — 2.7%** | **District of Columbia — 2.7%** |  |
|  | 5045000 | District of Columbia Cash Flow Management GO, Series B, <br> 5.00%, 08/01/29 | 5419759 |
|  | 3660000 | District of Columbia Current Refunding Revenue Bonds, Series C, <br> 5.00%, 12/01/26 | 3778473 |
|  | 3500000 | District of Columbia Income Tax Public Improvements Revenue Bonds, Series B, <br> 5.00%, 10/01/27 | 3661699 |
|  | 4280000 | District of Columbia Income Tax Revenue Bonds, Series A, <br> 5.00%, 05/01/43 | 4488528 |
|  | 12675000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/36 | 13691420 |
|  | 10000000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/47 | 10267181 |
|  | 7185000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B, <br> 3.81%, 07/01/30 | 7089101 |
|  | 6000000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B, <br> 3.86%, 07/01/31 | 5877420 |
|  | 7440000 | District of Columbia Public Improvements GO, Series A, <br> 5.00%, 08/01/26 | 7631145 |
|  | 3000000 | District of Columbia Public Improvements GO, Series A, <br> 5.00%, 08/01/27 | 3129553 |
|  | 4150000 | District of Columbia Public Improvements GO, Series A, <br> 5.00%, 08/01/28 | 4397777 |
|  | 5000000 | District of Columbia Public Improvements GO, Series A, <br> 5.00%, 08/01/29 | 5371416 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |  |
| $| 3000000 | District of Columbia Public Improvements GO, Series A, <br> 5.00%, 08/01/30 | $3262538 |
|  | 2000000 | District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A, <br> 5.00%, 10/01/26 | 2058102 |
|  | 2565000 | District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A, <br> 5.00%, 10/01/34 | 2896649 |
|  | 5000000 | Metropolitan Washington Airports Authority Aviation Current Refunding Revenue Bonds, <br> 5.00%, 10/01/25 | 5030649 |
|  | 2850000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, <br> 5.00%, 10/01/26 | 2914789 |
|  | 3000000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, <br> 5.00%, 10/01/27 | 3103213 |
|  | 3500000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, <br> 5.00%, 10/01/28 | 3664242 |
|  | 2500000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, <br> 5.00%, 10/01/30 | 2654439 |
|  | 10000000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, <br> 5.00%, 10/01/31 | 10696043 |
|  |  |  | 111084136 |
| **Florida — 2.1%** | **Florida — 2.1%** | **Florida — 2.1%** |  |
|  | 8800000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 06/01/26 | 8995838 |
|  | 10000000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 06/01/27 | 10405934 |
|  | 10000000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 06/01/28 | 10581780 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |  |
| $| 4170000 | State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/29 | $4464559 |
|  | 16010000 | State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/26 | 16385457 |
|  | 15000000 | State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/35 | 17034498 |
|  | 6545000 | State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/37 | 7176175 |
|  | 2545000 | State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B, <br> 5.00%, 07/01/25 | 2551854 |
|  | 7795000 | State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B, <br> 5.00%, 07/01/37 | 8623474 |
|  |  |  | 86219569 |
| **Georgia — 1.1%** | **Georgia — 1.1%** | **Georgia — 1.1%** |  |
|  | 18480000 | Brookhaven Development Authority Revenue Bonds, Series A, <br> 4.00%, 07/01/44 | 16710882 |
|  | 9280000 | City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, <br> 5.00%, 07/01/34 | 9809726 |
|  | 12890000 | City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, <br> 5.00%, 07/01/35 | 13555514 |
|  | 5500000 | City of Atlanta Department of Aviation Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/27 | 5670946 |
|  |  |  | 45747068 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Hawaii — 1.4%** | **Hawaii — 1.4%** |  |
| $6015000 | State of Hawaii Airports System Revenue Bonds, Series A,<br> 5.00%, 07/01/34 | $6260825 |
| 10350000 | State of Hawaii Airports System Revenue Bonds, Series A,<br> 5.00%, 07/01/31 | 10895516 |
| 7330000 | State of Hawaii Harbor System Revenue Bonds, Series A,<br> 5.00%, 07/01/28 | 7651857 |
| 3000000 | State of Hawaii Public Facilities GO, Series GK,<br> 4.93%, 10/01/28 | 3092098 |
| 20000000 | State of Hawaii Public Facilities GO, Series GK,<br> 5.06%, 10/01/29 | 20800448 |
| 5000000 | State of Hawaii Public Facilities GO, Series GK,<br> 5.13%, 10/01/30 | 5227222 |
| 4360000 | State of Hawaii Public Facilities GO, Series GK,<br> 5.15%, 10/01/31 | 4560193 |
| 2000000 | State of Hawaii Public Facilities GO, Series GK,<br> 5.20%, 10/01/32 | 2092585 |
|  |  | 60580744 |
| Idaho — 1.6% | Idaho — 1.6% |  |
| 5000000 | Idaho Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 03/01/33 | 5497152 |
| 5000000 | Idaho Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 03/01/35 | 5514738 |
| 2000000 | Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 08/15/25 | 2009765 |
| 3600000 | Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 08/15/35 | 4030840 |
| 1250000 | Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 08/15/38 | 1359717 |
| 10000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/26 | 10209629 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Idaho (continued)** | **Idaho (continued)** | **Idaho (continued)** |  |
| $| 8445000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/27 | $8793218 |
|  | 5000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/28 | 5297113 |
|  | 5000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/29 | 5381288 |
|  | 5500000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/31 | 6069105 |
|  | 5000000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/33 | 5608588 |
|  | 5500000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/34 | 6207485 |
|  |  |  | 65978638 |
| **Illinois — 0.2%** | **Illinois — 0.2%** | **Illinois — 0.2%** |  |
|  | 2500000 | Illinois Finance Authority Revenue Bonds, Series A,<br> 5.00%, 01/01/33 | 2786883 |
|  | 5000000 | Metropolitan Water Reclamation District of Greater Chicago Advance Refunding GO, Series E,<br> 2.53%, 12/01/32 | 4353914 |
|  |  |  | 7140797 |
| **Indiana — 0.1%** | **Indiana — 0.1%** | **Indiana — 0.1%** |  |
|  | 5145000 | Indiana University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/34 | 5782514 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |  |
|  | 2250000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A,<br> 5.00%, 08/01/25 | 2259470 |
|  | 3185000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A,<br> 5.00%, 08/01/31 | 3529988 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |  |
| $| 16125000 | Iowa Finance Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 08/01/34 | $18202068 |
|  |  |  | 23991526 |
| **Kansas — 0.8%** | **Kansas — 0.8%** | **Kansas — 0.8%** |  |
|  | 6595000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds,<br> 5.00%, 05/01/38 | 7280197 |
|  | 10510000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,<br> 5.00%, 05/01/30 | 11423953 |
|  | 13325000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,<br> 5.00%, 05/01/32 | 14816980 |
|  |  |  | 33521130 |
| <br> **Maine — 0.1%** | <br> **Maine — 0.1%** | <br> **Maine — 0.1%** |  |
|  | 2000000 | Maine Turnpike Authority Current Refunding Revenue Bonds,<br> 5.00%, 07/01/30 | 2175669 |
|  | 1000000 | Maine Turnpike Authority Current Refunding Revenue Bonds,<br> 5.00%, 07/01/32 | 1108644 |
|  | 1000000 | Maine Turnpike Authority Current Refunding Revenue Bonds,<br> 5.00%, 07/01/34 | 1118069 |
|  |  |  | 4402382 |
| **Maryland — 4.4%** | **Maryland — 4.4%** | **Maryland — 4.4%** |  |
|  | 10975000 | County of Baltimore Current Refunding GO,<br> 5.00%, 02/01/26 | 11135105 |
|  | 12695000 | County of Baltimore Current Refunding GO,<br> 5.00%, 02/01/29 | 13617354 |
|  | 5685000 | County of Baltimore Current Refunding GO,<br> 5.00%, 02/01/29 | 6098043 |
|  | 9825000 | County of Howard Advance Refunding GO, Series D,<br> 5.00%, 02/15/27 | 10182762 |
|  | 16805000 | County of Montgomery Current Refunding GO, Series B,<br> 5.00%, 12/01/30 | 18509316 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |  |
| $| 13915000 | County of Montgomery Refunding GO, Series A,<br> 5.00%, 08/01/36 | $15012081 |
|  | 1655000 | County of Prince George's Public Improvements GO, Series A,<br> 5.00%, 08/01/25 | 1661878 |
|  | 5910000 | County of Prince George's Public Improvements GO, Series A,<br> 5.00%, 08/01/26 | 6061837 |
|  | 7810000 | County of Prince George's Public Improvements GO, Series A,<br> 5.00%, 08/01/29 | 8442551 |
|  | 10000000 | County of Prince George's School Improvements GO, Series A,<br> 5.00%, 07/01/30 | 10949316 |
|  | 10000000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds,<br> 5.00%, 11/01/26 | 10010779 |
|  | 6070000 | State of Maryland Public Facilities GO, Series A,<br> 5.00%, 08/01/34 | 6630737 |
|  | 11000000 | State of Maryland School Improvements GO, Series A,<br> 5.00%, 06/01/27 | 11469691 |
|  | 20000000 | State of Maryland School Improvements GO, Series A,<br> 5.00%, 06/01/28 | 21231594 |
|  | 15000000 | State of Maryland School Improvements GO, Series A,<br> 5.00%, 06/01/36 | 16336668 |
|  | 12875000 | State of Maryland School Improvements GO, Series A,<br> 5.00%, 06/01/38 | 14248977 |
|  |  |  | 181598689 |
| **Massachusetts — 4.3%** | **Massachusetts — 4.3%** | **Massachusetts — 4.3%** |  |
|  | 10000000 | Commonwealth of Massachusetts Advance Refunding GO, Series B,<br> 5.00%, 07/01/31 | 10188666 |
|  | 10000000 | Commonwealth of Massachusetts Current Refunding GO, Series A,<br> 5.00%, 10/01/30 | 10961753 |
|  | 10000000 | Commonwealth of Massachusetts Current Refunding GO, Series A,<br> 5.00%, 10/01/31 | 11098778 |
|  | 10000000 | Commonwealth of Massachusetts Public Improvements GO, Series A,<br> 5.00%, 05/01/53 | 10306867 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| $10000000 | Commonwealth of Massachusetts Public Improvements GO, Series C,<br> 5.00%, 10/01/32 | $11205440 |
| 10000000 | Commonwealth of Massachusetts Public Improvements GO, Series C,<br> 5.00%, 08/01/33 | 11275897 |
| 2000000 | Commonwealth of Massachusetts Public Improvements GO, Series C,<br> 5.00%, 07/01/32 | 2004850 |
| 10000000 | Commonwealth of Massachusetts Transit Improvements GO, Series A,<br> 5.00%, 02/01/32 | 11137569 |
| 2000000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/26 | 2030388 |
| 3500000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/27 | 3625439 |
| 2500000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/28 | 2636983 |
| 2160000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/29 | 2316768 |
| 2000000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/30 | 2175812 |
| 2500000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds,<br> 5.00%, 02/01/32 | 2785834 |
| 3500000 | Massachusetts Clean Water Trust Green Revenue Bonds,<br> 5.00%, 02/01/33 | 3929292 |
| 2000000 | Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,<br> 5.00%, 02/01/41 | 2116831 |
| 4900000 | Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,<br> 5.00%, 02/01/42 | 5158537 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| $| 10000000 | Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 10/15/27 | $10452450 |
|  | 17830000 | Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series T,<br> 5.00%, 03/01/34 | 19887919 |
|  | 7500000 | Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B,<br> 5.00%, 02/15/33 | 8314054 |
|  | 7500000 | Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B,<br> 5.00%, 02/15/34 | 8390490 |
|  | 8575000 | Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, Series A-1,<br> 5.00%, 05/15/55(a) | 9411247 |
|  | 5000000 | Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/33 | 5359921 |
|  | 2500000 | Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,<br> 5.00%, 08/01/27 | 2617416 |
|  | 2160000 | Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,<br> 5.00%, 08/01/29 | 2341045 |
|  | 5715000 | Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,<br> 5.00%, 08/01/37 | 6361191 |
|  |  |  | 178091437 |
| **Michigan — 0.2%** | **Michigan — 0.2%** | **Michigan — 0.2%** |  |
|  | 6270000 | State of Michigan Trunk Line Revenue Bonds,<br> 5.00%, 11/15/36 | 6884677 |
| **Minnesota — 0.7%** | **Minnesota — 0.7%** | **Minnesota — 0.7%** |  |
|  | 4545000 | County of Hennepin Public Improvements GO, Series A,<br> 5.00%, 12/01/27 | 4774370 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **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 | $5072900 |
|  | 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 | 7404254 |
|  | 2910000 | State of Minnesota Public Improvements COP,<br> 5.00%, 06/01/26 | 2912151 |
|  | 7360000 | State of Minnesota School Improvements GO, Series A, Group 2,<br> 5.00%, 08/01/38 | 7985524 |
|  |  |  | 28149199 |
| Missouri — 0.4% | Missouri — 0.4% | Missouri — 0.4% |  |
|  | 4000000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 04/01/30 | 4314211 |
|  | 10245000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 05/01/33 | 11279404 |
|  |  |  | 15593615 |
| 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 | 2457846 |
|  | 2850000 | Metropolitan Utilities District of Omaha Water System Revenue Bonds,<br> 5.00%, 12/01/31 | 3145188 |
|  |  |  | 5603034 |
| Nevada — 0.5% | Nevada — 0.5% | Nevada — 0.5% |  |
|  | 20915000 | State of Nevada Public Improvements GO, Series A,<br> 5.00%, 05/01/36 | 22981323 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New Jersey — 5.4%** | **New Jersey — 5.4%** |  |
| $1000000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),<br> 5.00%, 01/15/27 | $1034095 |
| 1000000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),<br> 5.00%, 01/15/28 | 1052606 |
| 1000000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),<br> 5.00%, 01/15/29 | 1069962 |
| 7500000 | Middlesex County Improvement Authority University & College Improvements Revenue Bonds,<br> 5.00%, 08/15/53 | 7835779 |
| 1815000 | New Jersey Educational Facilities Authority Advance Refunding Revenue Bonds, Series I,<br> 5.00%, 07/01/34 | 1873780 |
| 5000000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 03/01/26 | 5082181 |
| 6665000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 03/01/27 | 6911001 |
| 4000000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 03/01/28 | 4223289 |
| 10000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/01/27 | 10370910 |
| 10000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/01/32 | 11167143 |
| 10000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,<br> 5.00%, 03/01/30 | 10887780 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| $18800000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,<br> 5.00%, 03/01/36 | $21029199 |
| 10000000 | New Jersey Health Care Facilities Financing Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/34 | 11113492 |
| 10000000 | New Jersey Infrastructure Bank Green Purpose Revenue Bonds, Series A-2,<br> 5.00%, 09/01/47 | 10453373 |
| 9000000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 06/15/33 | 9857410 |
| 13695000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series AA,<br> 4.00%, 06/15/40 | 12987381 |
| 5000000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series BB,<br> 4.61%, 06/15/26 | 5023426 |
| 3210000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,<br> 5.00%, 06/15/31 | 3476144 |
| 7250000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,<br> 5.00%, 06/15/32 | 7864332 |
| 5000000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,<br> 5.00%, 06/15/33 | 5383247 |
| 12000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 01/01/34 | 13385557 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| $5410000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 1.48%, 01/01/28 | $5059050 |
| 1000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/27 | 1029080 |
| 9000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 1.28%, 01/01/27 | 8598226 |
| 5500000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 1.81%, 01/01/30 | 4934599 |
| 4250000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series E,<br> 5.00%, 01/01/32 | 4420889 |
| 3755000 | New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 01/01/29 | 3997808 |
| 3400000 | New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,<br> 5.00%, 01/01/30 | 3669762 |
| 2775000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 01/01/27 | 2855697 |
| 2500000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 01/01/29 | 2566529 |
| 4000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 01/01/34 | 4081350 |
| 3750000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,<br> 5.00%, 01/01/42 | 3945622 |
| 5000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,<br> 5.00%, 01/01/44 | 5228497 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |  |
| $| 12000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,<br> 5.00%, 01/01/46 | $12439754 |
|  | 2000000 | Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S,<br> 1.66%, 05/01/28 | 1863912 |
|  |  |  | 226772862 |
| **New York — 9.3%** | **New York — 9.3%** | **New York — 9.3%** |  |
|  | 8360000 | City of New York Current Refunding GO, Series A-1,<br> 5.00%, 08/01/30 | 9079850 |
|  | 5000000 | City of New York Current Refunding GO, Series D,<br> 5.00%, 08/01/25 | 5020148 |
|  | 5000000 | City of New York Public Improvements GO, Series B-2,<br> 5.37%, 10/01/25 | 5020353 |
|  | 12335000 | City of New York Public Improvements GO, Series B-2,<br> 5.31%, 10/01/27 | 12681065 |
|  | 10000000 | City of New York Public Improvements GO, Series B-3,<br> 5.00%, 09/01/26(b) | 10263099 |
|  | 8890000 | City of New York Public Improvements GO, Subseries D-2,<br> 3.66%, 12/01/26 | 8828698 |
|  | 19825000 | City of New York Public Improvements GO, Sub-Series E-2,<br> 4.57%, 04/01/28 | 20072162 |
|  | 2105000 | Empire State Development Corp. Pre-refunded Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/26(c) | 2142365 |
|  | 11970000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 09/15/28 | 12784120 |
|  | 10000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/30 | 10841650 |
|  | 10000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/31 | 10939042 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $10000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/32 | $11040864 |
| 20000000 | Empire State Development Corp. Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/36 | 22041900 |
| 2055000 | Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A,<br> 5.25%, 11/15/31 | 2102611 |
| 10000000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/27 | 10569562 |
| 15000000 | New York City Transitional Finance Authority Advance Refunding Revenue Bonds, Series 2,<br> 5.00%, 11/01/25 | 15054942 |
| 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 | 11056490 |
| 10000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/27 | 10489708 |
| 9000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,<br> 5.00%, 02/01/31 | 9189419 |
| 10000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-2,<br> 4.90%, 02/01/32 | 10217050 |
| 14000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.00%, 11/01/28 | 14448267 |
| 15000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.05%, 11/01/29 | 15508944 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| New York (continued) | New York (continued) |  |
| $15000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.15%, 11/01/30 | $15586057 |
| 10000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.25%, 11/01/31 | 10427469 |
| 14000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,<br> 5.35%, 11/01/32 | 14642407 |
| 1000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,<br> 5.00%, 05/01/25 | 1000000 |
| 1785000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B, 5.00%, 05/01/26 | 1820526 |
| 2000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,<br> 5.00%, 05/01/27 | 2077285 |
| 7000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,<br> 5.00%, 05/01/36 | 7691559 |
| 2500000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,<br> 5.00%, 05/01/37 | 2735379 |
| 8560000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series F-1,<br> 5.00%, 02/01/45 | 8931850 |
| 2000000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E,<br> 5.00%, 03/15/31 | 2007948 |
| 10000000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/36 | 11131093 |
| 10000000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series C,<br> 5.00%, 03/15/27 | 10381101 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |  |
| $| 10000000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/39 | $10671833 |
|  | 5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/27 | 5011012 |
|  | 6000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/28 | 6132868 |
|  | 10000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/29 | 10405726 |
|  | 6500000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/30 | 6887555 |
|  | 10210000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/31 | 11024170 |
|  | 10000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/32 | 10902422 |
|  |  |  | 388860569 |
| **North Carolina — 3.4%** | **North Carolina — 3.4%** | **North Carolina — 3.4%** |  |
|  | 11680000 | City of Charlotte Current Refunding GO, Series B,<br> 5.00%, 07/01/25 | 11711634 |
|  | 3295000 | City of Charlotte Current Refunding GO, Series B,<br> 5.00%, 07/01/28 | 3500422 |
|  | 2375000 | City of Charlotte Current Refunding GO, Series B,<br> 5.00%, 07/01/29 | 2563848 |
|  | 3000000 | City of Charlotte GO, Series A,<br> 4.75%, 06/01/33 | 3032449 |
|  | 1000000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds,<br> 5.00%, 07/01/25 | 1002708 |
|  | 1000000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds,<br> 5.00%, 07/01/26 | 1024251 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **North Carolina (continued)** | **North Carolina (continued)** |  |
| $1235000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds,<br> 5.00%, 07/01/27 | $1289092 |
| 1250000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds,<br> 5.00%, 07/01/30 | 1367841 |
| 1375000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds,<br> 5.00%, 07/01/35 | 1556149 |
| 2000000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds,<br> 5.00%, 07/01/36 | 2247537 |
| 10250000 | County of Cabarrus Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/01/32 | 11453965 |
| 10200000 | County of Guilford School Improvements GO,<br> 5.00%, 03/01/30 | 11118776 |
| 15000000 | County of Guilford School Improvements GO,<br> 5.00%, 03/01/32 | 16777349 |
| 15000000 | County of Guilford School Improvements GO,<br> 5.00%, 03/01/35 | 17124990 |
| 11285000 | County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 02/01/27 | 11687276 |
| 11195000 | County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 02/01/29 | 11990621 |
| 11085000 | County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 02/01/33 | 12419546 |
| 11645000 | County of Mecklenburg GO,<br> 5.00%, 09/01/26 | 11963712 |
| 5995000 | County of Union School Improvements GO,<br> 5.00%, 09/01/25 | 6029326 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |  |
| $| 2000000 | State of North Carolina Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 05/01/25 | $2000000 |
|  |  |  | 141861492 |
| **Ohio — 3.5%** | **Ohio — 3.5%** | **Ohio — 3.5%** |  |
|  | 2635000 | City of Columbus Public Improvements GO, Series A,<br> 5.00%, 08/15/25 | 2646709 |
|  | 2000000 | City of Columbus Public Improvements GO, Series A,<br> 5.00%, 08/15/26 | 2052435 |
|  | 6480000 | County of Allen Hospital Facilities Health Care Current Refunding Revenue Bonds,<br> 5.00%, 11/01/33 | 7042597 |
|  | 3750000 | County of Allen Hospital Facilities Health Care Current Refunding Revenue Bonds,<br> 5.00%, 11/01/34 | 4071069 |
|  | 17050000 | Ohio State University University & College Improvements Revenue Bonds, Series B,<br> 5.00%, 12/01/33 | 18950431 |
|  | 5125000 | Ohio State University University & College Improvements Revenue Bonds, Series B,<br> 5.00%, 12/01/35 | 5638537 |
|  | 7640000 | Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/47 | 7995080 |
|  | 6000000 | Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue Bonds, Series D,<br> 5.00%, 12/01/29 | 6504366 |
|  | 3475000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/33 | 3916375 |
|  | 8000000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/33 | 9003327 |
|  | 3690000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/34 | 4186308 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |  |
| $| 2400000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/35 | $2723100 |
|  | 5000000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/36 | 5620310 |
|  | 10000000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 12/01/41 | 10846300 |
|  | 6500000 | State of Ohio Health Care Facilities Revenue Bonds,<br> 5.00%, 01/01/32 | 7154245 |
|  | 1200000 | State of Ohio Highway Improvements Revenue Bonds, Series 2022-1,<br> 5.00%, 12/15/25 | 1213652 |
|  | 5000000 | State of Ohio School Improvements GO, Series A,<br> 5.00%, 06/15/30 | 5468429 |
|  | 8080000 | State of Ohio School Improvements GO, Series A,<br> 5.00%, 06/15/32 | 9036966 |
|  | 5000000 | State of Ohio School Improvements GO, Series A,<br> 5.00%, 06/15/34 | 5673457 |
|  | 11025000 | State of Ohio University & College Improvements GO, Series A,<br> 5.00%, 05/01/33 | 12417896 |
|  | 10805000 | State of Ohio University & College Improvements GO, Series A,<br> 5.00%, 05/01/34 | 12253405 |
|  |  |  | 144414994 |
| **Oklahoma — 0.8%** | **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |  |
|  | 8420000 | City of Oklahoma Public Improvements GO,<br> 5.00%, 03/01/29 | 9011887 |
|  | 8420000 | City of Oklahoma Public Improvements GO,<br> 5.00%, 03/01/30 | 9139768 |
|  | 8420000 | City of Oklahoma Public Improvements GO,<br> 5.00%, 03/01/34 | 9427285 |
|  | 5675000 | Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds,<br> 3.68%, 07/01/29 | 5614462 |
|  |  |  | 33193402 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Oregon — 2.0%** | **Oregon — 2.0%** |  |
| $4190000 | City of Portland Sewer System Revenue Sewer Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/25 | $4221058 |
| 2500000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/26 | 2550663 |
| 2500000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/27 | 2598408 |
| 2000000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/28 | 2115984 |
| 3350000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/30 | 3641317 |
| 2300000 | City of Portland Water System Revenue Bonds, Series A,<br> 5.00%, 05/01/31 | 2533074 |
| 15000000 | Metro Recreational Facilities Improvements GO,<br> 5.00%, 06/01/26 | 15328403 |
| 15000000 | Metro Recreational Facilities Improvements GO,<br> 5.00%, 06/01/27 | 15624684 |
| 15000000 | Metro Recreational Facilities Improvements GO,<br> 5.00%, 06/01/28 | 15900432 |
| 9535000 | Multnomah County School District No 1 Portland School Improvements GO, (School Board GTY),<br> 5.00%, 06/15/30 | 10366917 |
| 10110000 | State of Oregon Public Facilities GO, Series A,<br> 5.00%, 05/01/42 | 10735515 |
|  |  | 85616455 |
| **Pennsylvania — 2.3%** | **Pennsylvania — 2.3%** |  |
| 11500000 | Commonwealth of Pennsylvania Current Refunding GO,<br> 4.00%, 02/15/34 | 11917212 |
| 6700000 | Commonwealth of Pennsylvania Current Refunding GO, Series D,<br> 5.00%, 09/01/25 | 6738387 |
| 10000000 | Commonwealth of Pennsylvania Current Refunding GO, Series D,<br> 5.00%, 09/01/26 | 10255311 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| $| 5000000 | Pennsylvania Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/35 | $5659013 |
|  | 12020000 | Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 07/01/45 | 12550168 |
|  | 15000000 | Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,<br> 4.00%, 07/01/49 | 13372458 |
|  | 7000000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/26 | 7154253 |
|  | 5890000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/27 | 6131588 |
|  | 6275000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/28 | 6640842 |
|  | 8500000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/29 | 9130986 |
|  | 6500000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds,<br> 5.00%, 07/01/30 | 7077057 |
|  |  |  | 96627275 |
| **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 | 4124309 |
|  | 3830000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/33 | 4301996 |
|  | 4290000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/35 | 4814882 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |  |
| $| 2000000 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,<br> 5.00%, 11/01/33 | $2193420 |
|  | 6475000 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,<br> 5.00%, 11/01/34 | 7123377 |
|  |  |  | 22557984 |
| **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 | 8565647 |
| **Tennessee — 0.3%** | **Tennessee — 0.3%** | **Tennessee — 0.3%** |  |
|  | 9820000 | County of Rutherford School Improvements GO,<br> 5.00%, 04/01/37 | 10806737 |
| **Texas — 19.1%** | **Texas — 19.1%** | **Texas — 19.1%** |  |
|  | 7250000 | Allen Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/26 | 7360312 |
|  | 10000000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/29 | 10790674 |
|  | 14700000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/35 | 16422852 |
|  | 14775000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/37 | 16301195 |
|  | 7000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/26 | 7185216 |
|  | 13000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/27 | 13582650 |
|  | 17250000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/28 | 18330707 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** |  |
| $10500000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/34 | $11557842 |
| 5000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,<br> 5.00%, 08/15/35 | 5652390 |
| 1820000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,<br> 5.00%, 08/15/38 | 1993053 |
| 2000000 | City of Austin Airport System Revenue Bonds,<br> 5.00%, 11/15/25 | 2015622 |
| 5000000 | City of Austin Airport System Revenue Bonds,<br> 5.00%, 11/15/28 | 5211458 |
| 3890000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,<br> 5.00%, 11/15/27 | 4076289 |
| 5000000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,<br> 5.00%, 11/15/29 | 5091873 |
| 2185000 | City of Austin Water & Wastewater System Current Refunding Revenue Bonds,<br> 5.00%, 11/15/30 | 2387392 |
| 5000000 | City of El Paso Water & Sewer Refunding Revenue Bonds,<br> 5.00%, 03/01/46 | 5128997 |
| 5720000 | Clear Creek Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/34 | 6358356 |
| 8340000 | Clear Creek Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/37 | 9078411 |
| 17095000 | Comal Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/35 | 18959252 |
| 2000000 | Conroe Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/27 | 2070615 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** |  |
| $3690000 | Conroe Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/28 | $3887738 |
| 2000000 | Conroe Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/30 | 2167693 |
| 13000000 | Conroe Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/41 | 13877724 |
| 7500000 | County of Bexar Advance Refunding GO,<br> 5.00%, 06/15/26(c) | 7665313 |
| 18695000 | County of Bexar GO,<br> 5.00%, 06/15/49 | 19269572 |
| 6400000 | County of Collin Public Facilities GO,<br> 5.00%, 02/15/26 | 6499891 |
| 6730000 | County of Collin Public Facilities GO,<br> 5.00%, 02/15/27 | 6968811 |
| 9545000 | County of Collin Public Facilities GO,<br> 5.00%, 02/15/40 | 10286195 |
| 6085000 | County of Harris Refunding GO, Series A,<br> 5.00%, 09/15/33 | 6799991 |
| 2225000 | County of Harris Toll Road Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/27 | 2320638 |
| 2100000 | County of Harris Toll Road Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/28 | 2224695 |
| 3500000 | County of Harris Toll Road Current Refunding Revenue Bonds, Series A,<br> 5.00%, 08/15/29 | 3756162 |
| 2500000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/26 | 2563867 |
| 2250000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/27 | 2346712 |
| 6350000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/28 | 6727054 |
| 3250000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/29 | 3487865 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** |  |
| $2500000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/30 | $2713804 |
| 5000000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/31 | 5481346 |
| 6695000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/32 | 7387969 |
| 3000000 | County of Harris Toll Road Revenue Bonds, Series A,<br> 5.00%, 08/15/33 | 3323595 |
| 7300000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/29 | 7802168 |
| 9150000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/30 | 9917196 |
| 9500000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/31 | 10433577 |
| 14020000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/32 | 15565600 |
| 10000000 | Cypress-Fairbanks Independent School District Current Refunding GO, Series A, (PSF-GTD),<br> 5.00%, 02/15/30 | 10838466 |
| 5000000 | Cypress-Fairbanks Independent School District School Improvements GO, Series B, (PSF-GTD),<br> 4.00%, 02/15/44 | 4715321 |
| 5000000 | Deer Park Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/48 | 5168342 |
| 5000000 | Denton Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/34 | 5551660 |
| 3500000 | Denton Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/48 | 3623915 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** |  |
| $6800000 | Ector County Independent School District School Improvements GO, Series A, (PSF-GTD),<br> 5.00%, 08/15/25 | $6830367 |
| 5000000 | Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD),<br> 5.00%, 08/15/25 | 5024071 |
| 5000000 | Fort Bend Independent School District School Improvements GO, Series A, (PSF-GTD),<br> 5.00%, 08/15/26 | 5121088 |
| 9850000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/37 | 10654181 |
| 5000000 | Houston Independent School District Current Refunding GO, Series B, (PSF-GTD),<br> 5.00%, 02/15/26 | 5072546 |
| 2500000 | Houston Independent School District Current Refunding GO, Series B, (PSF-GTD),<br> 5.00%, 02/15/27 | 2580315 |
| 2500000 | Hurst-Euless-Bedford Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/26 | 2566427 |
| 6205000 | Katy Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/26 | 6299412 |
| 5000000 | Leander Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/27 | 5178309 |
| 5000000 | Leander Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/28 | 5259712 |
| 5000000 | Lewisville Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/28 | 5306550 |
| 10000000 | Lone Star College System Advance Refunding GO,<br> 5.00%, 02/15/29 | 10135876 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** |  |
| $13420000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | $13996977 |
| 3605000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/30 | 3941672 |
| 6000000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/32 | 6721715 |
| 13360000 | Permanent University Fund - Texas A&M University System Refunding Revenue Bonds,<br> 5.50%, 07/01/28 | 13913234 |
| 14110000 | Permanent University Fund - Texas A&M University System University & College Improvements Revenue Bonds,<br> 5.00%, 07/01/36 | 15372554 |
| 2000000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 2085131 |
| 2550000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/28 | 2704422 |
| 7500000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/40 | 8034853 |
| 10000000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/41 | 10642801 |
| 1245000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/25 | 1248328 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** |  |
| $1875000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/26 | $1920011 |
| 6355000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/30 | 6942137 |
| 7275000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/32 | 8130264 |
| 10000000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/26 | 10241218 |
| 6000000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/27 | 6255393 |
| 6500000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/30 | 7097284 |
| 4425000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds,<br> 5.00%, 07/01/31 | 4895244 |
| 4000000 | Plano Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/29 | 4275160 |
| 1250000 | Plano Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/35 | 1393311 |
| 1250000 | Rankin Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/26(c) | 1266257 |
| 1250000 | Rankin Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/26(c) | 1266257 |
| 2435000 | Rankin Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/15/27 | 2469208 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $20020000 | Richardson Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/26 | $20316756 |
| 2000000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 05/15/25 | 2001211 |
| 2500000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 05/15/26 | 2553852 |
| 9000000 | Spring Branch Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/01/26 | 9125088 |
| 5750000 | Spring Branch Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/01/27 | 5948748 |
| 9450000 | Spring Branch Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 02/01/29 | 10108103 |
| 5000000 | State of Texas Public Finance Authority Advance Refunding GO,<br> 2.18%, 10/01/27 | 4831120 |
| 5000000 | State of Texas Refunding GO, Series B,<br> 1.94%, 10/01/31 | 4397473 |
| 3200000 | State of Texas Transportation Commission Advance Refunding GO, Series A,<br> 5.00%, 10/01/25 | 3222302 |
| 18500000 | Tarrant Regional Water District Water Supply System Revenue Bonds,<br> 5.00%, 03/01/31 | 20226614 |
| 15160000 | Tarrant Regional Water District Water Supply System Revenue Bonds,<br> 5.00%, 03/01/34 | 16962662 |
| 7730000 | Tarrant Regional Water District Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/01/30 | 8399733 |
| 3000000 | Texas A&M University & College Improvements Revenue Bonds,<br> 5.00%, 05/15/30 | 3274306 |
| 2000000 | Texas A&M University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 05/15/33 | 2254930 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** |  |
| $2310000 | Texas A&M University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 05/15/35 | $2577257 |
| 10170000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/28 | 10690467 |
| 4000000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/29 | 4264112 |
| 4100000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/30 | 4427804 |
| 1605000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/31 | 1754873 |
| 10000000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/32 | 11041330 |
| 7500000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/33 | 8334884 |
| 7500000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/34 | 8382206 |
| 6700000 | Texas State University System University & College Improvements Revenue Bonds,<br> 5.00%, 03/15/37 | 7285684 |
| 17185000 | Texas Tech University System University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/30 | 18634928 |
| 15585000 | Texas Tech University System University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/31 | 17100690 |
| 15000000 | Texas Tech University System University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/32 | 16636020 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |  |
| $| 5000000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/40 | $5428452 |
|  |  |  | 797951926 |
| **Utah — 0.6%** | **Utah — 0.6%** | **Utah — 0.6%** |  |
|  | 2950000 | City of Salt Lake City Airport Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 2997672 |
|  | 2500000 | City of Salt Lake City Airport Revenue Bonds, Series A,<br> 5.00%, 07/01/30 | 2635459 |
|  | 10000000 | City of Salt Lake City Airport Revenue Bonds, Series A,<br> 5.00%, 07/01/33 | 10452452 |
|  | 6000000 | City of Salt Lake City Airport Revenue Bonds, Series A,<br> 5.00%, 07/01/34 | 6357264 |
|  | 3710000 | Davis School District School Improvements GO, (School Board GTY),<br> 5.00%, 06/01/31 | 4098215 |
|  |  |  | 26541062 |
| **Virginia — 3.1%** | **Virginia — 3.1%** | **Virginia — 3.1%** |  |
|  | 3330000 | Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding),<br> 5.00%, 06/01/25 | 3334347 |
|  | 7430000 | Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding),<br> 5.00%, 06/01/28 | 7440123 |
|  | 16640000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding),<br> 4.00%, 10/01/31 | 17504791 |
|  | 14745000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding),<br> 4.00%, 10/01/33 | 15564953 |
|  | 5795000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding),<br> 4.00%, 10/01/34 | 6051370 |
|  | 7555000 | County of Loudoun GO, Series A, (State Aid Withholding),<br> 5.00%, 12/01/25 | 7638178 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |  |
| $| 17900000 | Fairfax County Industrial Development Authority Health Care Facilities Revenue Bonds,<br> 5.00%, 05/15/32 | $19718135 |
|  | 3000000 | Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/35 | 3277174 |
|  | 16330000 | Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 16694254 |
|  | 2755000 | Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 02/01/26 | 2795190 |
|  | 2750000 | Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,<br> 5.00%, 02/01/27 | 2845644 |
|  | 6540000 | Virginia College Building Authority University & College Improvements Revenue Bonds,<br> 5.00%, 02/01/29 | 7000511 |
|  | 5000000 | Virginia College Building Authority University & College Improvements Revenue Bonds,<br> 5.00%, 02/01/38 | 5380691 |
|  | 10750000 | Virginia Public School Authority School Improvements Revenue Bonds,<br> 5.00%, 04/15/28 | 11343858 |
|  | 2645000 | Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding),<br> 5.00%, 08/01/25 | 2655999 |
|  |  |  | 129245218 |
| **Washington — 5.8%** | **Washington — 5.8%** | **Washington — 5.8%** |  |
|  | 2000000 | County of King Public Improvements GO, Series A,<br> 5.00%, 12/01/34 | 2265458 |
|  | 6850000 | County of King Public Improvements GO, Series A,<br> 5.00%, 12/01/35 | 7742306 |
|  | 5630000 | County of King Public Improvements GO, Series A,<br> 5.00%, 12/01/36 | 6316115 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Washington (continued)** | **Washington (continued)** |  |
| $9000000 | County of King School District No 411 Issaquah School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/32 | $9276870 |
| 8000000 | County of King WA Sewer Revenue Bonds, Series B,<br> 5.00%, 07/01/29 | 8370730 |
| 10000000 | Energy Northwest Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 10205257 |
| 5685000 | Pierce County School District No 320 Sumner School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/37 | 6252539 |
| 5100000 | Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/25 | 5154303 |
| 2270000 | Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/29 | 2455765 |
| 6000000 | Spokane County School District No 81 Spokane School Improvements GO, (School Board GTY),<br> 5.00%, 12/01/36 | 6544142 |
| 7135000 | State of Washington Current Refunding GO, Series R,<br> 5.00%, 07/01/26 | 7298192 |
| 20000000 | State of Washington Current Refunding GO, Series R-2023A,<br> 5.00%, 08/01/37 | 21842956 |
| 11000000 | State of Washington Current Refunding GO, Series R-2023A,<br> 5.00%, 08/01/38 | 11963992 |
| 5620000 | State of Washington GO, Series T,<br> 4.74%, 08/01/26 | 5676156 |
| 6650000 | State of Washington Highway Improvements GO, Series D,<br> 5.00%, 02/01/43 | 6748690 |
| 24710000 | State of Washington School Improvements GO, Series 2024-A,<br> 5.00%, 08/01/42 | 26171853 |
| 15000000 | State of Washington School Improvements GO, Series A,<br> 5.00%, 08/01/29 | 16152065 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |  |
| $| 15000000 | State of Washington School Improvements GO, Series A,<br> 5.00%, 08/01/30 | $16412196 |
|  | 15000000 | State of Washington School Improvements GO, Series A-2,<br> 5.00%, 08/01/39 | 16099142 |
|  | 10000000 | State of Washington School Improvements GO, Series B, Group 2,<br> 5.00%, 02/01/39 | 10805328 |
|  | 20000000 | State of Washington School Improvements GO, Series C,<br> 5.00%, 02/01/35 | 22356584 |
|  | 15000000 | State of Washington School Improvements GO, Series C,<br> 5.00%, 02/01/46 | 15719785 |
|  |  |  | 241830424 |
| **Wisconsin — 2.5%** | **Wisconsin — 2.5%** | **Wisconsin — 2.5%** |  |
|  | 9000000 | State of Wisconsin Cash Flow Management GO, Series 3,<br> 5.00%, 05/01/30 | 9803939 |
|  | 5000000 | State of Wisconsin Cash Flow Management GO, Series 3,<br> 5.00%, 05/01/34 | 5669827 |
|  | 5780000 | State of Wisconsin Crossover Refunding GO, Series 2,<br> 5.00%, 11/01/27 | 6009668 |
|  | 11000000 | State of Wisconsin Current Refunding GO, Series 1,<br> 5.00%, 05/01/25 | 11000000 |
|  | 2000000 | State of Wisconsin Current Refunding GO, Series 2024-2,<br> 5.00%, 05/01/26 | 2040997 |
|  | 10000000 | State of Wisconsin Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/27(c) | 10376774 |
|  | 13780000 | State of Wisconsin GO, Series A,<br> 5.00%, 05/01/38 | 14904991 |
|  | 13310000 | State of Wisconsin Public Facilities GO, Series A,<br> 5.00%, 05/01/25 | 13310000 |
|  | 8000000 | State of Wisconsin University & College Improvements GO, Series A,<br> 5.00%, 05/01/32 | 8806672 |
|  | 9410000 | State of Wisconsin Water Utility Improvements GO, Series A,<br> 5.00%, 05/01/26 | 9602892 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - (Continued) | April 30, 2025 |
|  | (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value | Value |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |  |  |
| $| 10000000 | State of Wisconsin Water Utility Improvements GO, Series A,<br> 5.00%, 05/01/36 | $| 11174642 |
|  |  |  |  | 102700402 |
| Total Municipal Bonds<br> (Cost $4,052,125,455) | Total Municipal Bonds<br> (Cost $4,052,125,455) | Total Municipal Bonds<br> (Cost $4,052,125,455) |  | 4006374679 |
| **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 |  | 7128501 |
|  | 5000000 | J Paul Getty Trust (The),<br> 4.91%, 04/01/35 |  | 5001791 |
|  | 5000000 | Leland Stanford Junior University (The),<br> 1.29%, 06/01/27 |  | 4725315 |
|  | 6400000 | Leland Stanford Junior University (The),<br> 4.68%, 03/01/35 |  | 6298095 |
|  | 9275000 | Northwestern University,<br> 4.94%, 12/01/35 |  | 9295638 |
|  | 3000000 | President and Fellows of Harvard College,<br> 4.89%, 03/15/30 |  | 3077381 |
|  | 20000000 | SSM Health Care Corp.,<br> 4.89%, 06/01/28 |  | 20337157 |
|  | 1800000 | Trustees of Princeton University (The),<br> 4.65%, 07/01/30 |  | 1826967 |
| Total Corporate Bonds<br> (Cost $58,499,738) | Total Corporate Bonds<br> (Cost $58,499,738) | Total Corporate Bonds<br> (Cost $58,499,738) |  | 57690845 |
| **U.S. GOVERNMENT SECURITIES — 0.5%** | **U.S. GOVERNMENT SECURITIES — 0.5%** | **U.S. GOVERNMENT SECURITIES — 0.5%** | **U.S. GOVERNMENT SECURITIES — 0.5%** | **U.S. GOVERNMENT SECURITIES — 0.5%** |
| **U.S. Treasury Notes — 0.5%** | **U.S. Treasury Notes — 0.5%** | **U.S. Treasury Notes — 0.5%** |  |  |
|  | 10000000 | 3.50%, 09/30/26 |  | 9966797 |
|  | 10000000 | 4.25%, 03/15/27 |  | 10110547 |
| Total U.S. Government Securities<br> (Cost $19,788,447) | Total U.S. Government Securities<br> (Cost $19,788,447) | Total U.S. Government Securities<br> (Cost $19,788,447) |  | 20077344 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **INVESTMENT COMPANY — 2.8%** | **INVESTMENT COMPANY — 2.8%** |  |
| 117788413 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class,<br> 4.18%(d) | $117788413 |
| Total Investment Company<br> (Cost $117,788,413) | Total Investment Company<br> (Cost $117,788,413) | 117788413 |
| **TOTAL INVESTMENTS — 100.7%**<br> (Cost $4,248,202,053) | **TOTAL INVESTMENTS — 100.7%**<br> (Cost $4,248,202,053) | $4201931281 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%** | (30139585) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $4171791696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects
 the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate
 and spread are indicated in the description above. Certain variable rate securities are not based on a published reference
 rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do
 not indicate a reference rate and spread in their description above.

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

(c) These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized
 by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and
 to retire the bonds in full at the earliest refunding date.

(d) The rate shown represents the current yield as of April 30, 2025.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligation

GTY — Guaranty

PSF-GTD — Permanent School Fund Guarantee

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments </u> <u>April 30, 2025 (Unaudited)</u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 95.3%** | **MUNICIPAL BONDS — 95.3%** |  |
| **California — 95.3%** | **California — 95.3%** |  |
| $10000000 | California Educational Facilities Authority University & College Improvements Revenue Bonds, Series V-3,<br> 5.00%, 06/01/33 | $11491939 |
| 5000000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 08/15/33 | 5677570 |
| 2000000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 11/01/49 | 2046634 |
| 680000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/26 | 694215 |
| 1130000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/27 | 1178953 |
| 4715000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/28 | 5019216 |
| 1020000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/29 | 1106382 |
| 1000000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/32 | 1134217 |
| 8200000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/33 | 9396119 |
| 2000000 | California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds,<br> 5.00%, 10/01/35 | 2243884 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $2000000 | California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds,<br> 4.00%, 10/01/38 | $2028548 |
| 1950000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 08/01/28 | 2085700 |
| 1500000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,<br> 5.00%, 08/01/33 | 1710964 |
| 3575000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,<br> 4.00%, 07/15/42 | 3518244 |
| 2750000 | California State Public Works Board Public Facilities Revenue Bonds, Series B,<br> 4.99%, 04/01/31 | 2816525 |
| 5000000 | California State University Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/01/47 | 5005154 |
| 325000 | City & County of San Francisco Current Refunding COP, Series R1,<br> 5.00%, 04/01/26 | 331638 |
| 4550000 | City & County of San Francisco Current Refunding COP, Series R1,<br> 5.00%, 04/01/40 | 4976704 |
| 1260000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/26 | 1292065 |
| 1100000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/27 | 1151005 |
| 2375000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/28 | 2531599 |
| 3000000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/30 | 3299002 |

---

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>April 30, 2025 (Unaudited)</u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $2590000 | City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A,<br> 5.00%, 05/15/32 | $2688130 |
| 5000000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds,<br> 5.00%, 05/15/40 | 5179884 |
| 1220000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,<br> 5.00%, 05/15/28 | 1291563 |
| 1500000 | City of Los Angeles Solid Waste Resources Revenue Bonds, Series A,<br> 5.00%, 02/01/32 | 1690086 |
| 3515000 | City of San Francisco Public Utilities Commission Water Refunding Revenue Bonds, Sub-Series S,<br> 5.00%, 11/01/31 | 3942149 |
| 7500000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Series A,<br> 5.00%, 11/01/25 | 7573301 |
| 1000000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/29 | 1088959 |
| 2910000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/30 | 3218401 |
| 3000000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/31 | 3364566 |
| 2000000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,<br> 5.00%, 11/01/32 | 2269779 |
| 1250000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/25 | 1255754 |
| 2000000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/26 | 2055804 |
| 1600000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/27 | 1680509 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| California (continued) | California (continued) |  |
| $1955000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/28 | $2093635 |
| 1005000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/29 | 1095961 |
| 5220000 | County of Santa Clara GO, Series C,<br> 4.30%, 08/01/27 | 5259877 |
| 5220000 | County of Santa Clara GO, Series C,<br> 4.33%, 08/01/29 | 5264944 |
| 1700000 | East Bay Municipal Utility District Water System Revenue Bonds, Series A,<br> 5.00%, 06/01/31 | 1907825 |
| 1500000 | East Bay Municipal Utility District Water System Revenue Bonds, Series A,<br> 5.00%, 06/01/43 | 1617712 |
| 5485000 | Foothill-De Anza Community College District University & College Improvements GO, Series C,<br> 5.00%, 08/01/25 | 5507899 |
| 1450000 | Fremont Union High School District School Improvements GO, Series 2018,<br> 5.00%, 08/01/25 | 1457005 |
| 5000000 | Los Angeles Community College District University & College Improvements GO, Series A-1,<br> 5.00%, 08/01/27 | 5237185 |
| 3000000 | Los Angeles Community College District University & College Improvements GO, Series B,<br> 4.78%, 08/01/27 | 3040701 |
| 6500000 | Los Angeles Community College District University & College Improvements GO, Series C,<br> 5.00%, 08/01/25 | 6528611 |
| 5000000 | Los Angeles Department of Water & Power Water System Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/36 | 5280642 |
| 5000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 5068698 |
| 5000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 5149077 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;California Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $2000000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series D,<br> 5.00%, 07/01/47 | $2007864 |
| 1000000 | Miracosta Community College District University & College Improvements GO, Series 2016-C,<br> 5.00%, 08/01/35 | 1122645 |
| 1000000 | Mount San Antonio Community College District University & College Improvements GO, Series D,<br> 5.00%, 08/01/35 | 1152037 |
| 6750000 | Orange County Local Transportation Authority Sales Tax Current Refunding Revenue Bonds,<br> 5.00%, 02/15/41 | 7504166 |
| 1000000 | Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J,<br> 5.00%, 08/15/30 | 1105545 |
| 2000000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H, <br> 5.00%, 08/15/36 | 2148136 |
| 1000000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, <br> 5.00%, 11/15/38 | 1110029 |
| 1400000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, <br> 5.00%, 11/15/39 | 1544447 |
| 1000000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,<br> 5.00%, 11/15/40 | 1097290 |
| 2500000 | San Diego Community College District University & College Improvements GO, Series A-1,<br> 5.00%, 08/01/41 | 2781151 |
| 1000000 | San Diego County Regional Transportation Commission Current Refunding Revenue Bonds, Series A,<br> 5.00%, 04/01/28 | 1064231 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $3500000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 05/01/34 | $3730017 |
| 5000000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series C,<br> 5.00%, 05/01/46 | 5024720 |
| 10000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/28 | 10390321 |
| 3000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/29 | 3138364 |
| 2000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/31 | 2121725 |
| 2500000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/32 | 2644242 |
| 12530000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series C,<br> 5.35%, 05/01/25 | 12530000 |
| 2000000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series H,<br> 5.00%, 05/01/29 | 2092242 |
| 5700000 | San Francisco City & County Public Utilities Commission Wastewater Advance Refunding Revenue Bonds, Series B,<br> 4.81%, 10/01/32 | 5790201 |
| 1000000 | San Jose Evergreen Community College District University & College Improvements GO, Series C,<br> 5.00%, 09/01/36 | 1114051 |
| 1650000 | San Jose Evergreen Community College District University & College Improvements GO, Series C,<br> 5.00%, 09/01/38 | 1817629 |
| 1000000 | San Jose Financing Authority Refunding Revenue Bonds, Series B,<br> 5.00%, 11/01/36 | 1117440 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;California Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments - **(Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1000000 | San Jose Financing Authority Refunding Revenue Bonds, Series B,<br> 5.00%, 11/01/37 | $1110832 |
| 1075000 | San Jose Financing Authority Refunding Revenue Bonds, Series B,<br> 5.00%, 11/01/42 | 1157373 |
| 2000000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/42 | 2163845 |
| 2000000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/43 | 2153758 |
| 10000000 | Santa Clara Valley Water District Refunding Revenue Bonds, Series A-2,<br> 5.00%, 06/01/26 | 10235433 |
| 5000000 | State Center Community College District University & College Improvements GO, Series C,<br> 5.00%, 08/01/47 | 5192636 |
| 90000 | State of California Current Refunding GO,<br> 5.00%, 08/01/27 | 90121 |
| 2000000 | State of California Current Refunding GO,<br> 5.00%, 11/01/27 | 2096079 |
| 10000000 | State of California Current Refunding GO,<br> 5.00%, 11/01/30 | 10954400 |
| 5000000 | State of California Current Refunding GO,<br> 5.00%, 10/01/36 | 5497827 |
| 2645000 | State of California Current Refunding GO,<br> 5.00%, 10/01/27 | 2768036 |
| 5770000 | State of California Current Refunding GO, (AGM),<br> 5.25%, 08/01/32 | 6451016 |
| 5770000 | State of California Current Refunding GO, (AGM),<br> 5.25%, 08/01/32 | 6451016 |
| 5770000 | State of California Current Refunding GO, (AGM),<br> 5.25%, 08/01/32 | 6451016 |
| 10140000 | State of California Multi Utility Improvements GO,<br> 5.00%, 10/01/25 | 10214840 |
| 7500000 | State of California Public Improvements GO,<br> 5.00%, 08/01/33 | 8446565 |
| 25000 | State of California Refunding GO,<br> 5.00%, 10/01/26 | 25040 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** | **California (continued)** |  |
| $| 5000000 | State of California Water Utility Improvements GO, <br> 6.00%, 03/01/33 | $5438365 |
|  | 10000000 | State of California Water Utility Improvements GO, <br> 5.00%, 04/01/28 | 10551107 |
|  | 5000000 | University of California Current Refunding Revenue Bonds, Series BN, <br> 5.00%, 05/15/34 | 5580091 |
|  | 5000000 | University of California Current Refunding Revenue Bonds, Series BV, <br> 5.00%, 05/15/35 | 5590574 |
|  | 3000000 | University of California University & College Improvements Revenue Bonds, Series BK, <br> 5.00%, 05/15/32 | 3344920 |
|  | Total Municipal Bonds <br> (Cost $340,681,811) | Total Municipal Bonds <br> (Cost $340,681,811) | 335756285 |
|  | **CORPORATE BONDS — 2.0%** | **CORPORATE BONDS — 2.0%** |  |
|  | **United States — 2.0%** | **United States — 2.0%** |  |
|  | 5000000 | J Paul Getty Trust (The),<br> 4.91%, 04/01/35 | 5001790 |
|  | 2000000 | Stanford Health Care, Series 2020,<br> 3.31%, 08/15/30 | 1892211 |
|  | Total Corporate Bonds<br> (Cost $7,000,000) | Total Corporate Bonds<br> (Cost $7,000,000) | 6894001 |
|  | Shares |  |  |
|  | **INVESTMENT COMPANY — 2.9%** | **INVESTMENT COMPANY — 2.9%** |  |
|  | 10088962 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(a) | 10088962 |
|  | Total Investment Company<br> (Cost $10,088,962) | Total Investment Company<br> (Cost $10,088,962) | 10088962 |
|  | **TOTAL INVESTMENTS — 100.2%**<br> (Cost $357,770,773) | **TOTAL INVESTMENTS — 100.2%**<br> (Cost $357,770,773) | $352739248 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%** | (580301) |
|  | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $352158947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown represents the current yield as of April 30, 2025.

Old Westbury Funds, Inc. <br> California Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>April 30, 2025 (Unaudited)</u>

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>April 30, 2025 (Unaudited)</u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 92.3%** | **MUNICIPAL BONDS — 92.3%** |  |
| **New York — 92.3%** | **New York — 92.3%** |  |
| $2500000 | City of New York Current Refunding GO, Series B-1,<br> 5.00%, 08/01/28 | $2647053 |
| 1250000 | City of New York Current Refunding GO, Series C-1,<br> 5.00%, 08/01/25 | 1255037 |
| 2500000 | City of New York Current Refunding GO, Series F,<br> 5.00%, 08/01/28 | 2647053 |
| 7500000 | City of New York Current Refunding GO, Series F,<br> 5.00%, 08/01/31 | 8233277 |
| 3000000 | City of New York Current Refunding GO, Sub-Series F-1,<br> 5.00%, 08/01/30 | 3258320 |
| 6345000 | City of New York Public Improvements GO, Series A-1,<br> 4.00%, 08/01/41 | 5973663 |
| 2445000 | City of New York Public Improvements GO, Series C,<br> 5.00%, 08/01/28 | 2588818 |
| 5000000 | City of New York Public Improvements GO, Sub-Series E-2,<br> 4.57%, 04/01/28 | 5062336 |
| 2860000 | County of Westchester Public Improvements GO, Series A,<br> 5.00%, 10/15/29 | 3121991 |
| 2000000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 5.00%, 12/15/30 | 2223334 |
| 2000000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/31 | 2098118 |
| 2300000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/32 | 2402813 |
| 2300000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/33 | 2393998 |
| 7500000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/34 | 7768436 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $7500000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/35 | $7709699 |
| 9565000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 02/15/36 | 9920896 |
| 7500000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 12/15/36 | 7656261 |
| 5380000 | County of Westchester Recreation Facilities Improvements GO, Series A,<br> 4.00%, 02/15/39 | 5406454 |
| 1500000 | Empire State Development Corp. Pre-refunded Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/27(a) | 1558836 |
| 5000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/31 | 5469521 |
| 5000000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/32 | 5520432 |
| 4500000 | Empire State Development Corp. Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/36 | 4959428 |
| 1000000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/25 | 1000000 |
| 1000000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/26 | 1021383 |
| 1025000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/29 | 1098627 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>April 30, 2025 (Unaudited)</u>

---

| | | |
|:---|:---|:---|
| Principal Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1500000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/31 | $1649422 |
| 1750000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding),<br> 5.00%, 05/01/27 | 1817586 |
| 2220000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding),<br> 5.00%, 05/01/28 | 2344165 |
| 1050000 | Long Island Power Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 09/01/32 | 1178672 |
| 10960000 | Long Island Power Authority Current Refunding Revenue Bonds, Series A,<br> 4.00%, 09/01/38 | 10967833 |
| 1860000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F,<br> 5.00%, 09/01/28 | 1981576 |
| 6000000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F,<br> 5.00%, 09/01/29 | 6481106 |
| 2500000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F,<br> 5.00%, 09/01/33 | 2828443 |
| 1200000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds,<br> 5.00%, 09/01/35 | 1251838 |
| 6000000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 4.00%, 09/01/34 | 6015211 |
| 1915000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/27 | 2005484 |
| 1600000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/28 | 1704581 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1500000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/29 | $1620276 |
| 1700000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/30 | 1863092 |
| 1400000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/31 | 1554105 |
| 1850000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/32 | 2076708 |
| 2300000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/33 | 2602168 |
| 1500000 | Long Island Power Authority Green Bond Revenue Bonds, Series E,<br> 5.00%, 09/01/34 | 1663248 |
| 2000000 | Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/26 | 2061877 |
| 2500000 | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/35 | 2745960 |
| 1000000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/25 | 1010385 |
| 7155000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/28 | 7708505 |
| 9500000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,<br> 5.00%, 11/15/29 | 10414677 |
| 4000000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/31 | 4465664 |
| 6280000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B,<br> 1.46%, 11/15/29 | 5596978 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>April 30, 2025 (Unaudited)</u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $6000000 | New York City Housing Development Corp. Local Multifamily Housing Revenue Bonds, Series A, (Housing Finance Agency),<br> 3.63%, 11/01/63(b) | $6008377 |
| 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(b) | 3912616 |
| 1000000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2,<br> 5.00%, 06/15/28 | 1029850 |
| 1100000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2,<br> 5.00%, 06/15/29 | 1145183 |
| 5000000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-3,<br> 5.00%, 06/15/47 | 5177199 |
| 2750000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series CC,<br> 5.00%, 06/15/25 | 2755586 |
| 1020000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series DD,<br> 5.00%, 06/15/33 | 1150638 |
| 3580000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series HH,<br> 5.00%, 06/15/28 | 3586656 |
| 1420000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series HH,<br> 5.00%, 06/15/28 | 1422640 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1005000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub-Series EE,<br> 5.00%, 06/15/31 | $1113579 |
| 2000000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2,<br> 5.00%, 06/15/27 | 2022153 |
| 6400000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series DD-1,<br> 5.00%, 06/15/30 | 6996410 |
| 5600000 | New York City Transitional Finance Authority Advance Refunding Revenue Bonds, Series 2,<br> 4.68%, 11/01/26 | 5657080 |
| 1960000 | New York City Transitional Finance Authority Building Aid , Sub-Series S-3, (State Aid Withholding),<br> 5.00%, 07/15/30 | 2058345 |
| 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 | 2522269 |
| 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 | 2211298 |
| 1035000 | New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-1, (State Aid Withholding),<br> 5.00%, 07/15/26 | 1060432 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/29 | 5394384 |
| 5565000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/31 | 6048108 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>April 30, 2025 (Unaudited)</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 | $14266003 |
| 7750000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series B-1,<br> 5.00%, 08/01/25 | 7781467 |
| 3000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series E-1,<br> 5.00%, 11/01/36 | 3271492 |
| 2060000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-1,<br> 5.00%, 02/01/38 | 2228533 |
| 2000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-1,<br> 5.00%, 02/01/40 | 2113655 |
| 2000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C,<br> 5.00%, 05/01/36 | 2197588 |
| 1500000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-S,<br> 5.00%, 05/01/31 | 1644269 |
| 6000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series E,<br> 5.00%, 11/01/37 | 6596014 |
| 5000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series F-1,<br> 5.00%, 02/01/37 | 5491113 |
| 7000000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series G-1,<br> 5.00%, 05/01/38 | 7637436 |
| 1655000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/30 | 1833211 |
| 6000000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/31 | 6732103 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $2575000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/32 | $2917751 |
| 2500000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/33 | 2854661 |
| 2425000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/34 | 2784770 |
| 2500000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 5.00%, 11/15/35 | 2846560 |
| 1350000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 4.00%, 11/15/49 | 1229313 |
| 3505000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/30 | 3628351 |
| 3610000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/26 | 3697591 |
| 5170000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/27 | 5390039 |
| 2765000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/28 | 2927250 |
| 2240000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/29 | 2402847 |
| 1770000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,<br> 5.00%, 07/01/36 | 1922797 |
| 2575000 | New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1,<br> 5.00%, 03/15/28 | 2711823 |

---

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>*April 30, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $2000000 | New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1,<br> 5.00%, 03/15/37 | $2183396 |
| 3500000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/35 | 3787383 |
| 1575000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2,<br> 5.00%, 07/01/30 | 1722856 |
| 10000000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B,<br> 5.00%, 09/15/25(a) | 10066407 |
| 3000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 08/01/35 | 3334418 |
| 3000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/36 | 3306225 |
| 2000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 08/01/37 | 2187348 |
| 6500000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/25(a) | 6517629 |
| 1005000 | New York State Dormitory Authority Refunding Revenue Bonds, Series B, (American Municipal Bond Assurance Corp.),<br> 5.50%, 03/15/30 | 1108785 |
| 2500000 | New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A,<br> 5.00%, 08/15/26(a) | 2568190 |
| 5000000 | New York State Dormitory Authority School Improvements Revenue Bonds, Group 1, Series A,<br> 5.00%, 03/15/26 | 5093859 |
| 2175000 | New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A,<br> 5.00%, 03/15/32 | 2303769 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1575000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/31 | $1753874 |
| 6655000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/32 | 7480618 |
| 1250000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/33 | 1415088 |
| 11125000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/36 | 12658259 |
| 3750000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.50%, 07/01/54 | 4050034 |
| 2525000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/25 | 2531459 |
| 1750000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 1792055 |
| 3500000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,<br> 5.00%, 06/15/28 | 3721065 |
| 2000000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,<br> 5.00%, 06/15/29 | 2160983 |
| 3445000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B,<br> 5.00%, 06/15/30 | 3726213 |
| 4000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/25 | 4007728 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;New York Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $2000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/26 | $2047397 |
| 955000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/15/26 | 982668 |
| 1750000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/27 | 1827090 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/34 | 1066554 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/36 | 1060195 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/15/36 | 1107489 |
| 6250000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 09/15/41 | 6695986 |
| 4000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B,<br> 5.00%, 06/15/27 | 4176206 |
| 3000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C,<br> 5.00%, 09/15/48 | 3127548 |
| 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(b) | 5000564 |
| 1500000 | 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(b) | 1409544 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1150000 | New York State Thruway Authority Current Refunding Revenue Bonds, Series P,<br> 5.00%, 01/01/38 | $1251294 |
| 5500000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/31 | 6069075 |
| 5000000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/39 | 5335917 |
| 2085000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189,<br> 5.00%, 05/01/26 | 2088577 |
| 2500000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 237,<br> 5.00%, 01/15/47 | 2588198 |
| 8195000 | State of New York Current Refunding GO, Series B,<br> 2.55%, 02/15/29 | 7749354 |
| 1000000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/33 | 1016470 |
| 1915000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/34 | 1941567 |
| 1000000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/35 | 1009786 |
| 2750000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/28 | 2941614 |
| 1500000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/34 | 1670542 |
| 2000000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,<br> 4.00%, 11/15/35 | 2058221 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;New York Municipal Bond Fund |  |
| &nbsp;&nbsp;&nbsp;Portfolio of Investments **- (Continued)** | April 30, 2025<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $3000000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds,<br> 5.00%, 05/15/27 | $3126418 |
| 4740000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B-2,<br> 5.00%, 05/15/31 | 5193674 |
| 1275000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,<br> 5.00%, 05/15/34 | 1410693 |
| 1000000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,<br> 5.00%, 05/15/38 | 1085431 |
| 1275000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1,<br> 5.00%, 06/15/29 | 1326730 |
| 2975000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/27 | 2981552 |
| 5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/28 | 5110723 |
| 5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/29 | 5202863 |
| 5045000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/30 | 5345802 |
| 3630000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/31 | 3919465 |
| 4760000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/32 | 5189553 |
| 2250000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/33 | 2482633 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| 1700000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/34 | $1896838 |
| Total Municipal Bonds <br> (Cost $556,458,171) | Total Municipal Bonds <br> (Cost $556,458,171) | 544956656 |
| **CORPORATE BONDS — 1.6%** | **CORPORATE BONDS — 1.6%** |  |
| **United States — 1.6%** | **United States — 1.6%** |  |
| 5000000 | Andrew W Mellon Foundation (The), Series 2020,<br> 0.95%, 08/01/27 | 4679419 |
| 4500000 | Cornell University,<br> 4.84%, 06/15/34 | 4457589 |
| Total Corporate Bonds <br> (Cost $9,500,000) | Total Corporate Bonds <br> (Cost $9,500,000) | 9137008 |
| **U.S. GOVERNMENT SECURITIES — 1.8%** | **U.S. GOVERNMENT SECURITIES — 1.8%** |  |
| **U.S. Treasury Notes — 1.8%** | **U.S. Treasury Notes — 1.8%** |  |
| 5000000 | 4.25%, 10/15/25 | 5002148 |
| 5800000 | 3.50%, 09/30/26 | 5780742 |
| Total U.S. Government Securities <br> (Cost $10,746,414) | Total U.S. Government Securities <br> (Cost $10,746,414) | 10782890 |
| Shares |  |  |
| **INVESTMENT COMPANY — 3.1%** | **INVESTMENT COMPANY — 3.1%** |  |
| 18004641 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(c) | 18004641 |
| Total Investment Company <br> (Cost $18,004,641) | Total Investment Company <br> (Cost $18,004,641) | 18004641 |
| **TOTAL INVESTMENTS — 98.8%** <br> (Cost $594,709,226) | **TOTAL INVESTMENTS — 98.8%** <br> (Cost $594,709,226) | $582881195 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%** | 7251866 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $590133061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Old Westbury Funds, Inc. <br> New York Municipal Bond Fund <br> <u>Portfolio of Investments - (Continued)</u> <u>April 30, 2025 (Unaudited)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect
 as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated
 in the description above. Certain variable rate securities are not based on a published reference rate and spread but are
 determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference
 rate and spread in their description above.

(c) The rate shown represents the current yield as of April 30, 2025.

The following abbreviation is used in the report:

GO — General Obligation

Old Westbury Funds, Inc. <br> Statements of Assets and Liabilities <br>   <u>April 30, 2025(Unaudited) </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $3072631831 | $22883104307 | $8140458813 | $650361458 |
| Foreign currency, at value (Cost $0, $430,040, $5,422,158, and $1,977, respectively) |  | 427816 | 5425393 | 1971 |
| Cash | 2 | 7267282 | 2 | 6 |
| Dividends and interest receivable | 806247 | 50734659 | 27810510 | 387491 |
| Receivable for Fund shares sold | 251602 | 5353522 | 1875580 | 5944087 |
| Receivable for investments sold | 13669771 | 131033141 | 16627039 | 1409338 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 3509175 |  |  |
| Prepaid expenses | 9202 | 32300 | 14878 |  |
| Total Assets | 3087368655 | 23081462202 | 8192212215 | 658104351 |
| **LIABILITIES:** |  |  |  |  |
| Due to broker for collateral |  | 3980000 |  |  |
| Payable for Fund shares redeemed | 3048899 | 11936272 | 3468621 | 80357 |
| Payable for investments purchased | 169011 |  | 17679903 | 22851084 |
| Deferred foreign capital gains tax liability (Note 8) |  | 12700794 | 1350284 | 7450 |
| Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 1692983 | 14964413 | 5290743 | 59838 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 109336 | 743256 | 336143 | 24280 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 77131 | 555386 | 198032 | 4011 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 514208 | 3702576 | 1320220 | 26737 |
| &nbsp;&nbsp;&nbsp;Custody - unaffiliated |  |  | 167846 |  |
| &nbsp;&nbsp;&nbsp;Custody - affiliated | 64926 | 503475 | 29926 | 11300 |
| &nbsp;&nbsp;&nbsp;Directors | 20281 | 142125 | 50584 | 1214 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 52193 | 215411 | 87911 | 3871 |
| &nbsp;&nbsp;&nbsp;Other | 66661 | 463457 | 185781 | 14256 |
| Total Liabilities | 5815629 | 49907165 | 30165994 | 23084398 |
| **NET ASSETS** | $3081553026 | $23031555037 | $8162046221 | $635019953 |
| **NET ASSETS consist of:** |  |  |  |  |
| Capital paid-in | $1765524001 | $13827557092 | $6979372950 | $633145187 |
| Total distributable earnings | 1316029025 | 9203997945 | 1182673271 | 1874766 |
| **NET ASSETS** | $3081553026 | $23031555037 | $8162046221 | $635019953 |
| Net Asset Value, maximum offering price and redemption price per share | $23.95 | $19.44 | $16.05 | $9.62 |
| Number of shares authorized | 2500000000 | 3000000000 | 3500000000 | 3000000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 128666047 | 1184882997 | 508420678 | 66004457 |
| **INVESTMENTS, AT COST** | $1937427277 | $15351727586 | $7209268503 | $647953270 |

---

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Statements of Assets and Liabilities- (Continued) <br>   <u>April 30, 2025(Unaudited) </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $2282548518 | $1478853074 | $92784876 | $4201931281 |
| Cash |  |  |  | 1 |
| Dividends and interest receivable | 15609401 | 11600897 | 934218 | 51267105 |
| Receivable from Advisor |  |  | 17845 |  |
| Receivable for Fund shares sold | 890632 | 84480 | 100 | 3290369 |
| Receivable for investments sold | 614707 |  | 599510 |  |
| Unrealized appreciation on swap agreements | 2025422 |  |  |  |
| Prepaid expenses | 7988 | 6836 |  | 9777 |
| Total Assets | 2301696668 | 1490545287 | 94336549 | 4256498533 |
| **LIABILITIES:** |  |  |  |  |
| Due to broker for collateral | 2010000 |  |  |  |
| Payable to Custodian |  | 14202 | 1903 |  |
| Payable for Fund shares redeemed | 2263255 | 249484 | 73000 | 3280427 |
| Payable for investments purchased | 174500 | 7001420 | 500000 | 79277350 |
| Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 1070066 | 336646 |  | 993924 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 139899 | 54452 | 7704 | 153298 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 56343 | 36204 | 2186 | 102834 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 375621 | 241361 | 14570 | 685561 |
| &nbsp;&nbsp;&nbsp;Custody - unaffiliated | 4910 |  |  |  |
| &nbsp;&nbsp;&nbsp;Custody - affiliated |  | 18103 | 1093 | 51416 |
| &nbsp;&nbsp;&nbsp;Directors | 14539 | 8098 | 133 | 24300 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 103463 | 38010 | 658 | 45868 |
| &nbsp;&nbsp;&nbsp;Other | 61543 | 30053 | 4913 | 91859 |
| Total Liabilities | 6274139 | 8028033 | 606160 | 84706837 |
| **NET ASSETS** | $2295422529 | $1482517254 | $93730389 | $4171791696 |
| **NET ASSETS consist of:** |  |  |  |  |
| Capital paid-in | $2954453815 | $1628330802 | $92708483 | $4428058442 |
| Total distributable earnings/(accumulated loss) | (659031286) | (145813548) | 1021906 | (256266746) |
| **NET ASSETS** | $2295422529 | $1482517254 | $93730389 | $4171791696 |
| Net Asset Value, maximum offering price and redemption price per share | $7.90 | $10.23 | $10.23 | $11.34 |
| Number of shares authorized | 3500000000 | 2000000000 | 3000000000 | 2000000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 290467963 | 144935584 | 9160615 | 368011848 |
| **INVESTMENTS, AT COST** | $2768560107 | $1463931160 | $91942494 | $4248202053 |

---

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Statements of Assets and Liabilities- (Continued) <br>   <u>April 30, 2025(Unaudited) </u>

---

| | | |
|:---|:---|:---|
|  | **CALIFORNIA <br>MUNICIPAL <br>BOND <br>FUND** | **NEW YORK <br>MUNICIPAL <br>BOND <br>FUND** |
| **ASSETS:** |  |  |
| Investments, at fair value - unaffiliated | $352739248 | $582881195 |
| Dividends and interest receivable | 4755476 | 7813735 |
| Receivable for Fund shares sold | 148146 | 13350 |
| Prepaid expenses | 5768 | 5983 |
| Total Assets | 357648638 | 590714263 |
| **LIABILITIES:** |  |  |
| Payable for Fund shares redeemed | 281637 | 252484 |
| Payable for investments purchased | 5000000 |  |
| Accrued expenses and other payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 79103 | 134969 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 21670 | 30659 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 8955 | 14634 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 59704 | 97558 |
| &nbsp;&nbsp;&nbsp;Custody - affiliated | 4478 | 7317 |
| &nbsp;&nbsp;&nbsp;Directors | 2121 | 3368 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 14531 | 17034 |
| &nbsp;&nbsp;&nbsp;Other | 17492 | 23179 |
| Total Liabilities | 5489691 | 581202 |
| **NET ASSETS** | $352158947 | $590133061 |
| **NET ASSETS consist of:** |  |  |
| Capital paid-in | $373465201 | $622029388 |
| Total accumulated loss | (21306254) | (31896327) |
| **NET ASSETS** | $352158947 | $590133061 |
| Net Asset Value, maximum offering price and redemption price per share | $9.56 | $9.71 |
| Number of shares authorized | 2000000000 | 2000000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 36836629 | 60745167 |
| **INVESTMENTS, AT COST** | $357770773 | $594709226 |

---

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Statements of Operations <br>   <u>For the Period Ended April 30, 2025(Unaudited) </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $1745262 | $9531802 | $1247222 | $104690 |
| Dividends - unaffiliated | 12927340 | 211428950 | 85760697 | 571739 |
| Foreign tax withheld | (183033) | (11994220) | (6516841) | (61042) |
| &nbsp;&nbsp;&nbsp;Total investment income | 14489569 | 208966532 | 80491078 | 615387 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 11615770 | 97988172 | 36878806 | 160620 |
| Shareholder servicing fees | 3459647 | 24264594 | 8677366 | 40239 |
| Administration and accounting fees - unaffiliated | 272306 | 1772732 | 666749 | 21852 |
| Administration and accounting fees - affiliated | 518947 | 3639689 | 1301605 | 6036 |
| Custodian fees - unaffiliated |  |  | 886997 |  |
| Custodian fees - affiliated | 328188 | 3221522 | 236357 | 13088 |
| Directors fees and expenses | 39862 | 277652 | 99023 | 1214 |
| Insurance premiums | 9538 | 32503 | 15400 |  |
| Legal and audit fees | 60165 | 372039 | 136138 | 3893 |
| Printing and postage fees | 13383 | 64790 | 25779 | 2595 |
| Registration fees | 18649 | 22242 | 24842 | 13205 |
| Transfer agent fees | 171727 | 1145294 | 415614 | 10381 |
| Miscellaneous expenses | 10600 | 86708 | 145355 | 3726 |
| &nbsp;&nbsp;&nbsp;Total expenses | 16518782 | 132887937 | 49510031 | 276849 |
| Expenses waived by Advisor | (85460) |  | (1784518) | (79678) |
| &nbsp;&nbsp;&nbsp;Net expenses | 16433322 | 132887937 | 47725513 | 197171 |
| NET INVESTMENT INCOME/(LOSS) | (1943753) | 76078595 | 32765565 | 418216 |
| **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 | 187708584 | 1720898886 | 295885613 | (822826) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | (5229143) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (74158) | (5157336) | (1299459) | (152741) |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax |  | (1578939) | (231030) |  |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (275995612) | (1762252938) | (331773430) | 2408188 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | 9035327 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (52627) | 1755846 | 1315440 | 31379 |
| &nbsp;&nbsp;&nbsp;Deferred foreign capital gains taxed on unrealized appreciation/(depreciation) |  | (680356) | 413071 | (7450) |
| Net realized and change in unrealized gain/(loss) on investments, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains taxes | (88413813) | (43208653) | (35689795) | 1456550 |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(90357566) | $32869942 | $(2924230) | $1874766 |

---

(a) For the period from February 28, 2025 (commencement of operations)
 to April 30, 2025.

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Statements of Operations- (Continued) <br>   <u>For the Period Ended April 30, 2025(Unaudited) </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CREDIT<br> INCOME<br> FUND** | **FIXED<br> INCOME<br> FUND** | **SHORT-TERM<br> BOND<br> FUND** | **MUNICIPAL<br> BOND<br> FUND** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest | $63550763 | $31144087 | $1700540 | $66604837 |
| Dividends - unaffiliated | 10695656 | 1727 | 292 | 45612 |
| &nbsp;&nbsp;&nbsp;Total investment income | 74246419 | 31145814 | 1700832 | 66650449 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 6622609 | 2849961 | 120493 | 7615621 |
| Shareholder servicing fees | 2272979 | 1416025 | 75308 | 4139259 |
| Administration and accounting fees - unaffiliated | 205250 | 110704 | 15756 | 304337 |
| Administration and accounting fees - affiliated | 340947 | 212404 | 11296 | 620889 |
| Custodian fees - unaffiliated | 30230 |  |  |  |
| Custodian fees - affiliated |  | 106202 | 5648 | 310444 |
| Directors fees and expenses | 26137 | 15513 | 596 | 46049 |
| Insurance premiums | 8450 | 7249 | 3562 | 10288 |
| Legal and audit fees | 95056 | 31155 | 4865 | 66956 |
| Printing and postage fees | 10868 | 8454 | 5011 | 15042 |
| Registration fees | 13663 | 25240 | 25192 | 35896 |
| Transfer agent fees | 117373 | 70823 | 8297 | 197625 |
| Miscellaneous expenses | 83093 | 14594 | 8747 | 41106 |
| &nbsp;&nbsp;&nbsp;Total expenses | 9826655 | 4868324 | 284771 | 13403512 |
| Expenses waived by Advisor | (166495) | (832654) | (145451) | (1606623) |
| &nbsp;&nbsp;&nbsp;Net expenses | 9660160 | 4035670 | 139320 | 11796889 |
| NET INVESTMENT INCOME | 64586259 | 27110144 | 1561512 | 54853560 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND SWAP AGREEMENTS:** |  |  |  |  |
| Net realized loss on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (328251) | (11512830) | (112650) | (15144233) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1689872) |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | (714828) |  |  |  |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (32363254) | 29126465 | 838422 | (29681868) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 3312757 |  |  |  |
| Net realized and change in unrealized gain/(loss) on investments, futures contracts and swap agreements | (31783448) | 17613635 | 725772 | (44826101) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $32802811 | $44723779 | $2287284 | $10027459 |

---

See Notes to Financial Statements.

Old Westbury Funds, Inc. <br> Statements of Operations- (Continued) <br>   <u>For the Period Ended April 30, 2025(Unaudited) </u>

---

| | | |
|:---|:---|:---|
|  | **CALIFORNIA<br> MUNICIPAL<br> BOND<br> FUND** | **NEW YORK<br> MUNICIPAL<br> BOND<br> FUND** |
| **INVESTMENT INCOME:** |  |  |
| Interest | $6025656 | $8463943 |
| Dividends - unaffiliated | 419 | 5115 |
| &nbsp;&nbsp;&nbsp;Total investment income | 6026075 | 8469058 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 828809 | 1278108 |
| Shareholder servicing fees | 368360 | 577068 |
| Administration and accounting fees - unaffiliated | 38661 | 53432 |
| Administration and accounting fees - affiliated | 55254 | 86560 |
| Custodian fees - affiliated | 27627 | 43280 |
| Directors fees and expenses | 4113 | 6397 |
| Insurance premiums | 6089 | 6328 |
| Legal and audit fees | 14166 | 17368 |
| Printing and postage fees | 5842 | 6365 |
| Registration fees | 11258 | 12035 |
| Transfer agent fees | 22997 | 32575 |
| Miscellaneous expenses | 9733 | 13600 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1392909 | 2133116 |
| Expenses waived by Advisor | (343084) | (488473) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1049825 | 1644643 |
| NET INVESTMENT INCOME | 4976250 | 6824415 |
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS: |  |  |
| Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (423905) | (342138) |
| Net change in unrealized (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4722227) | (5702315) |
| Net realized and change in unrealized gain/(loss) on investments | (5146132) | (6044453) |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(169882) | $779962 |

---

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 PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment loss | $(1943753) | $(725962) |
| Net realized gain on investments and foreign currency transactions | 187634426 | 372931811 |
| Net realized gain on redemptions in-kind |  | 57604732 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | (276048239) | 548696010 |
| Net increase/(decrease) in net assets resulting from operations | (90357566) | 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 | 142644170 | 211302539 |
| Reinvestment of distributions | 206697000 | 155213606 |
| Value of capital stock redeemed | (365978142) | (448987760) |
| Net decrease in net assets resulting from capital stock transactions | (16636972) | (82471615) |
| Net increase/(decrease) in net assets | (450463584) | 644265579 |
| **NET ASSETS:** |  |  |
| Beginning of period | 3532016610 | 2887751031 |
| End of period | $3081553026 | $3532016610 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 5561663 | 8580992 |
| Shares issued as reinvestment of distributions | 8192509 | 6804580 |
| Shares redeemed in-kind |  | (934146) |
| Shares redeemed | (14625703) | (17014957) |
| Net decrease in shares outstanding | (871531) | (2563531) |

---

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **LARGE CAP STRATEGIES FUND** | **LARGE CAP STRATEGIES FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $76078595 | $133068671 |
| Net realized gain on investments, forward foreign currency exchange contracts, foreign currency transactions and foreign capital gains tax | 1708933468 | 1423995001 |
| Net change in unrealized appreciation/(depreciation) on investments, forward foreign currency exchange contracts, foreign currency transactions, net of foreign deferred taxes | (1752142121) | 5108914830 |
| Net increase in net assets resulting from operations | 32869942 | 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 | 528196500 | 1078093056 |
| Reinvestment of distributions | 714228783 | 32618866 |
| Value of capital stock redeemed | (1519084157) | (2699329776) |
| Net decrease in net assets resulting from capital stock transactions | (276658874) | (1588617854) |
| Net increase/(decrease) in net assets | (1608507898) | 4955146673 |
| **NET ASSETS:** |  |  |
| Beginning of period | 24640062935 | 19684916262 |
| End of period | $23031555037 | $24640062935 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 26444616 | 58151648 |
| Shares issued as reinvestment of distributions | 36145182 | 1898035 |
| Shares redeemed | (76963739) | (145140531) |
| Net decrease in shares outstanding | (14373941) | (85090848) |

---

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **SMALL & MID CAP STRATEGIES FUND** | **SMALL & MID CAP STRATEGIES FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $32765565 | $53737072 |
| Net realized gain on investments, foreign currency transactions and foreign capital gains tax | 294355124 | 348634899 |
| Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | (330044919) | 1468657425 |
| Net increase/(decrease) in net assets resulting from operations | (2924230) | 1871029396 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (330387671) | (52892671) |
| Total distributions to shareholders | (330387671) | (52892671) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 367783066 | 954799857 |
| Reinvestment of distributions | 154595814 | 14308234 |
| Value of capital stock redeemed | (868544161) | (1298432985) |
| Net decrease in net assets resulting from capital stock transactions | (346165281) | (329324894) |
| Net increase/(decrease) in net assets | (679477182) | 1488811831 |
| **NET ASSETS:** |  |  |
| Beginning of period | 8841523403 | 7352711572 |
| End of period | $8162046221 | $8841523403 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 22569245 | 60801939 |
| Shares issued as reinvestment of distributions | 9668281 | 944438 |
| Shares redeemed | (54305030) | (84445971) |
| Net decrease in shares outstanding | (22067504) | (22699594) |

---

See Notes to Financial Statements.

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

---

| | |
|:---|:---|
|  | **TOTAL EQUITY<br> FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025(a)<br> (Unaudited)** |
| **FROM OPERATIONS:** |  |
| Net investment income | $418216 |
| Net realized (loss) on investments and foreign currency transactions | (975567) |
| Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 2432117 |
| Net increase in net assets resulting from operations | 1874766 |
| **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 | 634365168 |
| Reinvestment of distributions |  |
| Value of capital stock redeemed | (1219981) |
| Net increase in net assets resulting from capital stock transactions | 633145187 |
| Net increase in net assets | 635019953 |
| **NET ASSETS:** |  |
| Beginning of period |  |
| End of period | $635019953 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Shares sold | 66132300 |
| Shares issued as reinvestment of distributions |  |
| Shares redeemed | (127843) |
| Net increase in shares outstanding | 66004457 |

---

(a) For the period from February 28, 2025 (commencement of operations)
 to April 30, 2025.

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **CREDIT INCOME FUND** | **CREDIT INCOME FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $64586259 | $136879023 |
| Net realized (loss) on investments, futures contracts and swap agreements | (2732951) | (22888560) |
| Net change in unrealized appreciation/(depreciation) on investments and swap agreements | (29050497) | 179226338 |
| Net increase in net assets resulting from operations | 32802811 | 293216801 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (68387363) | (136598824) |
| Total distributions to shareholders | (68387363) | (136598824) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 272758007 | 586100662 |
| Reinvestment of distributions | 18292851 | 44814084 |
| Value of capital stock redeemed | (339978759) | (646042483) |
| Net decrease in net assets resulting from capital stock transactions | (48927901) | (15127737) |
| Net increase/(decrease) in net assets | (84512453) | 141490240 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2379934982 | 2238444742 |
| End of period | $2295422529 | $2379934982 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 34445282 | 73047995 |
| Shares issued as reinvestment of distributions | 2319967 | 5590623 |
| Shares redeemed | (42746441) | (80696913) |
| Net decrease in shares outstanding | (5981192) | (2058295) |

---

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **FIXED INCOME FUND** | **FIXED INCOME FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $27110144 | $52810098 |
| Net realized (loss) on investments | (11512830) | (12863723) |
| Net change in unrealized appreciation/(depreciation) on investments | 29126465 | 68254975 |
| Net increase in net assets resulting from operations | 44723779 | 108201350 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (27222235) | (54186280) |
| Total distributions to shareholders | (27222235) | (54186280) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 137428847 | 219867269 |
| Reinvestment of distributions | 13861902 | 29529938 |
| Value of capital stock redeemed | (75759392) | (300747384) |
| Net increase/(decrease) in net assets resulting from capital stock transactions | 75531357 | (51350177) |
| Net increase in net assets | 93032901 | 2664893 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1389484353 | 1386819460 |
| End of period | $1482517254 | $1389484353 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 13650991 | 21785902 |
| Shares issued as reinvestment of distributions | 1382701 | 2918415 |
| Shares redeemed | (7522900) | (29990162) |
| Net increase/(decrease) in shares outstanding | 7510792 | (5285845) |

---

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE PERIOD<br> ENDED<br> OCTOBER 31,<br> 2024(a)** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1561512 | $718596 |
| Net realized gain/(loss) on investments | (112650) | 1884 |
| Net change in unrealized appreciation/(depreciation) on investments | 838422 | 3960 |
| Net increase in net assets resulting from operations | 2287284 | 724440 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (1434824) | (554994) |
| Total distributions to shareholders | (1434824) | (554994) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 46802969 | 63667402 |
| Reinvestment of distributions | 295505 | 129606 |
| Value of capital stock redeemed | (14292233) | (3894766) |
| Net increase in net assets resulting from capital stock transactions | 32806241 | 59902242 |
| Net increase in net assets | 33658701 | 60071688 |
| **NET ASSETS:** |  |  |
| Beginning of period | 60071688 |  |
| End of period | $93730389 | $60071688 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 4613092 | 6297201 |
| Shares issued as reinvestment of distributions | 29248 | 12836 |
| Shares redeemed | (1408817) | (382945) |
| Net increase in shares outstanding | 3233523 | 5927092 |

---

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

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **MUNICIPAL BOND FUND** | **MUNICIPAL BOND FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | <br>**FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $54853560 | $100965438 |
| Net realized (loss) on investments | (15144233) | (28741511) |
| Net change in unrealized appreciation/(depreciation) on investments | (29681868) | 167513967 |
| Net increase in net assets resulting from operations | 10027459 | 239737894 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (55092181) | (98794555) |
| Total distributions to shareholders | (55092181) | (98794555) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 443582579 | 762858325 |
| Reinvestment of distributions | 11466378 | 20767580 |
| Value of capital stock redeemed | (384514396) | (573657356) |
| Net increase in net assets resulting from capital stock transactions | 70534561 | 209968549 |
| Net increase in net assets | 25469839 | 350911888 |
| **NET ASSETS:** |  |  |
| Beginning of period | 4146321857 | 3795409969 |
| End of period | $4171791696 | $4146321857 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 38806660 | 66183133 |
| Shares issued as reinvestment of distributions | 1007581 | 1799014 |
| Shares redeemed | (33710463) | (49838558) |
| Net increase in shares outstanding | 6103778 | 18143589 |

---

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **CALIFORNIA MUNICIPAL BOND FUND** | **CALIFORNIA MUNICIPAL BOND FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $4976250 | $9137338 |
| Net realized (loss) on investments | (423905) | (917011) |
| Net change in unrealized appreciation/(depreciation) on investments | (4722227) | 12666504 |
| Net increase/(decrease) in net assets resulting from operations | (169882) | 20886831 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (4974132) | (9190192) |
| Total distributions to shareholders | (4974132) | (9190192) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 34021961 | 63752147 |
| Reinvestment of distributions | 1419483 | 2972465 |
| Value of capital stock redeemed | (46467482) | (50340743) |
| Net increase/(decrease) in net assets resulting from capital stock transactions | (11026038) | 16383869 |
| Net increase/(decrease) in net assets | (16170052) | 28080508 |
| **NET ASSETS:** |  |  |
| Beginning of period | 368328999 | 340248491 |
| End of period | $352158947 | $368328999 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 3520804 | 6546565 |
| Shares issued as reinvestment of distributions | 147404 | 304429 |
| Shares redeemed | (4840779) | (5188556) |
| Net increase/(decrease) in shares outstanding | (1172571) | 1662438 |

---

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **NEW YORK MUNICIPAL BOND FUND** | **NEW YORK MUNICIPAL BOND FUND** |
|  | **FOR THE PERIOD<br> ENDED<br> APRIL 30, 2025<br> (Unaudited)** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $6824415 | $13417480 |
| Net realized (loss) on investments | (342138) | (1613026) |
| Net change in unrealized appreciation/(depreciation) on investments | (5702315) | 22444531 |
| Net increase in net assets resulting from operations | 779962 | 34248985 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (6831949) | (13261140) |
| Total distributions to shareholders | (6831949) | (13261140) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 98025908 | 90280293 |
| Reinvestment of distributions | 1690166 | 3487839 |
| Value of capital stock redeemed | (83680907) | (83561528) |
| Net increase in net assets resulting from capital stock transactions | 16035167 | 10206604 |
| Net increase in net assets | 9983180 | 31194449 |
| **NET ASSETS:** |  |  |
| Beginning of period | 580149881 | 548955432 |
| End of period | $590133061 | $580149881 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 9999378 | 9147248 |
| Shares issued as reinvestment of distributions | 173179 | 353062 |
| Shares redeemed | (8556705) | (8470637) |
| Net increase in shares outstanding | 1615852 | 1029673 |

---

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;All Cap Core Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.27 | $21.86 | $20.25 | $27.31 | $20.18 | $18.84 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | (0.01) | (0.01) | 0.05 | 0.03 | (0.02) | 0.02 |
| Net realized and unrealized gain/(loss) | (0.62) | 7.36 | 2.06 | (5.55) | 7.85 | 3.02 |
| Total from investment operations | (0.63) | 7.35 | 2.11 | (5.52) | 7.83 | 3.04 |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income |  | (0.05) | (0.04) |  | (0.01) | (0.08) |
| Net realized gains | (2.69) | (1.89) | (0.46) | (1.54) | (0.69) | (1.62) |
| Total distributions | (2.69) | (1.94) | (0.50) | (1.54) | (0.70) | (1.70) |
| Net asset value, end of period | $23.95 | $27.27 | $21.86 | $20.25 | $27.31 | $20.18 |
| Total return | (2.8)%(b) | 35.3% | 10.7% | (21.3)% | 39.8% | 17.3% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $3081553 | $3532017 | $2887751 | $2802415 | $3648683 | $2283906 |
| Ratio of expenses to average net assets before expense waivers | 0.95 %(c) | 0.95% | 0.96 %(d) | 0.96 %(d) | 0.96 %(d) | 0.97 %(d) |
| Ratio of expenses to average net assets after expense waivers | 0.95 %(c) | 0.95% | 0.96% | 0.96% | 0.96% | 0.97% |
| Ratio of net investment income/(loss) to average net assets | (0.11)%(c) | (0.02)% | 0.22% | 0.12% | (0.10)% | 0.10% |
| Portfolio turnover rate | 20 %(b) | 41% | 54% | 54% | 30% | 43% |

---

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

(b) Not Annualized.

(c) Annualized.

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

See Notes to Financial Statements.

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $20.55 | $15.33 | $14.36 | $20.11 | $15.26 | $14.99 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.06 | 0.11 | 0.09 | 0.05 | 0.01 | 0.07 |
| Net realized and unrealized gain/(loss) | (0.02) | 5.21 | 0.97 | (4.56) | 5.08 | 0.94 |
| Total from investment operations | 0.04 | 5.32 | 1.06 | (4.51) | 5.09 | 1.01 |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income | (0.09) | (0.10) | (0.09) | (0.00)(b) | (0.05) | (0.12) |
| Net realized gains | (1.06) |  |  | (1.24) | (0.19) | (0.62) |
| Total distributions | (1.15) | (0.10) | (0.09) | (1.24) | (0.24) | (0.74) |
| Net asset value, end of period | $19.44 | $20.55 | $15.33 | $14.36 | $20.11 | $15.26 |
| Total return | 0.1 %(c) | 34.8% | 7.4% | (23.8)% | 33.6% | 7.0% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $23031555 | $24640063 | $19684916 | $19383130 | $25742487 | $17609533 |
| Ratio of expenses to average net assets before expense waivers<sup>(d)(e)</sup> | 1.10 %(f) | 1.09% | 1.10% | 1.09% | 1.09% | 1.10% |
| Ratio of expenses to average net assets after expense waivers | 1.10 %(f) | 1.09% | 1.10% | 1.09% | 1.09% | 1.10% |
| Ratio of net investment income to average net assets | 0.63 %(f) | 0.57% | 0.55% | 0.29% | 0.05% | 0.48% |
| Portfolio turnover rate | 26 %(c) | 37% | 23% | 52% | 43% | 76% |

---

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

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

(c) Not Annualized.

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

(e) There were no voluntary fee reductions during the period.

(f) Annualized.

See Notes to Financial Statements.

---

| |
|:---|
| &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 Period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $16.67 | $13.29 | $13.43 | $19.92 | $15.57 | $15.39 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | 0.06 | 0.10 | 0.07 | 0.08 | (0.02) | 0.03 |
| Net realized and unrealized gain/(loss) | (0.05) | 3.38 | (0.14) | (5.22) | 4.97 | 0.88 |
| Total from investment operations | 0.01 | 3.48 | (0.07) | (5.14) | 4.95 | 0.91 |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income | (0.15) | (0.10) | (0.07) | (0.02) | (0.03) | (0.09) |
| Net realized gains | (0.48) |  |  | (1.33) | (0.57) | (0.64) |
| Total distributions | (0.63) | (0.10) | (0.07) | (1.35) | (0.60) | (0.73) |
| Net asset value, end of period | $16.05 | $16.67 | $13.29 | $13.43 | $19.92 | $15.57 |
| Total return | 0.1 %(b) | 26.3% | (0.5)% | (27.4)% | 32.1% | 5.9% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $8162046 | $8841523 | $7352712 | $7353983 | $9746839 | $6765243 |
| Ratio of expenses to average net assets before expense waivers<sup>(c)</sup> | 1.14 %(d) | 1.14% | 1.14% | 1.14% | 1.14% | 1.15% |
| Ratio of expenses to average net assets after expense waivers | 1.10 %(d) | 1.10% | 1.10% | 1.10% | 1.10% | 1.11% |
| Ratio of net investment income/(loss) to average net assets | 0.76 %(d) | 0.64% | 0.51% | 0.50% | (0.10)% | 0.17% |
| Portfolio turnover rate | 36 %(b) | 62% | 41% | 81% | 46% | 65% |

---

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

(b) Not Annualized.

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

(d) Annualized.

See Notes to Financial Statements.

---

| |
|:---|
| &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> APRIL 30,<br> 2025<br> (Unaudited)** |
| Net asset value, beginning of period | $10.00 |
| **Investment operations:** |  |
| Net investment income<sup>(b)</sup> | 0.03 |
| Net realized and unrealized loss | (0.41) |
| Total from investment operations | (0.38) |
| Net asset value, end of period | $9.62 |
| Total return | (3.7)%(c) |
| **Annualized ratios/supplemental data:** |  |
| Net assets at end of period (000's) | $635020 |
| Ratio of expenses to average net assets before expense waivers | 1.38 %(d) |
| Ratio of expenses to average net assets after expense waivers | 0.98 %(d) |
| Ratio of net investment income to average net assets | 2.08 %(d) |
| Portfolio turnover rate | 2 %(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.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Credit Income Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **PERIOD<br> FROM<br> OCTOBER 1,<br> 2020(a) TO<br> OCTOBER<br> 31, 2020** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **PERIOD<br> FROM<br> OCTOBER 1,<br> 2020(a) TO<br> OCTOBER<br> 31, 2020** |
| Net asset value, beginning of period | $8.03 | $7.50 | $7.97 | $10.15 | $9.99 | $10.00 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.22 | 0.46 | 0.43 | 0.40 | 0.43 | 0.05 |
| Net realized and unrealized gain/(loss) | (0.11) | 0.53 | (0.48) | (2.17) | 0.15 | (0.06) |
| Total from investment operations | 0.11 | 0.99 | (0.05) | (1.77) | 0.58 | (0.01) |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income | (0.24) | (0.46) | (0.42) | (0.41) | (0.42) |  |
| Total distributions | (0.24) | (0.46) | (0.42) | (0.41) | (0.42) |  |
| Net asset value, end of period | $7.90 | $8.03 | $7.50 | $7.97 | $10.15 | $9.99 |
| Total return | 1.4 %(c) | 13.4% | (1.0)% | (17.8)% | 5.9% | (0.1)%(c) |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $2295423 | $2379935 | $2238445 | $2322013 | $2950576 | $1939199 |
| Ratio of expenses to average net assets before expense waivers<sup>(d)</sup> | 0.86 %(e) | 0.85% | 0.87% | 0.86% | 0.87% | 0.94 %(e) |
| Ratio of expenses to average net assets after expense waivers | 0.85 %(e) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85 %(e) |
| Ratio of net investment income to average net assets | 5.68 %(e) | 5.69% | 5.34% | 4.36% | 4.23% | 5.33 %(e) |
| Portfolio turnover rate | 10 %(c) | 20% | 45% | 22% | 24% | 1 %(c) |

---

(a) Commencement of Investment Operations.

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

(c) Not Annualized.

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

(e) Annualized.

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $10.11 | $9.72 | $9.88 | $11.25 | $11.82 | $11.43 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.19 | 0.38 | 0.27 | 0.14 | 0.11 | 0.16 |
| Net realized and unrealized gain/(loss) | 0.12 | 0.40 | (0.15) | (1.30) | (0.25) | 0.43 |
| Total from investment operations | 0.31 | 0.78 | 0.12 | (1.16) | (0.14) | 0.59 |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income | (0.19) | (0.39) | (0.28) | (0.19) | (0.19) | (0.20) |
| Net realized gains |  |  |  | (0.02) | (0.24) |  |
| Total distributions | (0.19) | (0.39) | (0.28) | (0.21) | (0.43) | (0.20) |
| Net asset value, end of period | $10.23 | $10.11 | $9.72 | $9.88 | $11.25 | $11.82 |
| Total return | 3.1 %(b) | 8.1% | 1.2% | (10.4)% | (1.2)% | 5.2% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $1482517 | $1389484 | $1368819 | $1393537 | $1568691 | $1669086 |
| Ratio of expenses to average net assets before expense waivers | 0.69 %(c) | 0.69% | 0.69% | 0.69% | 0.68% | 0.68% |
| Ratio of expenses to average net assets after expense waivers | 0.57 %(c) | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 3.83 %(c) | 3.74% | 2.69% | 1.33% | 0.97% | 1.39% |
| Portfolio turnover rate | 49 %(b) | 102% | 92% | 56% | 58% | 87% |

---

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

(b) Not Annualized.

(c) Annualized.

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Short-Term Bond Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

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

---

| | | |
|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **PERIOD<br> FROM<br> FEBRUARY<br> 29, 2024(a)<br> TO<br> OCTOBER<br> 31, 2024** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **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> | 0.21 | 0.30 |
| Net realized and unrealized gains | 0.07 | 0.07 |
| Total from investment operations | 0.28 | 0.37 |
| **Distributions:** |  |  |
| Net investment income | (0.19) | (0.23) |
| Net realized gains | (0.00)(c) |  |
| Total distributions | (0.19) | (0.23) |
| Net asset value, end of period | $10.23 | $10.14 |
| Total return | 2.8 %(d) | 3.7 %(d) |
| **Annualized ratios/supplemental data:** |  |  |
| Net assets at end of period (000's) | $93730 | $60072 |
| Ratio of expenses to average net assets before expense waivers | 0.76 %(e) | 0.98 %(e) |
| Ratio of expenses to average net assets after expense waivers | 0.37 %(e) | 0.37 %(e) |
| Ratio of net investment income to average net assets | 4.15 %(e) | 4.51 %(e) |
| Portfolio turnover rate | 19 %(d) | 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.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $11.46 | $11.04 | $11.10 | $12.33 | $12.52 | $12.26 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.15 | 0.29 | 0.22 | 0.11 | 0.12 | 0.15 |
| Net realized and unrealized gain/(loss) | (0.12) | 0.41 | (0.07) | (1.09) | (0.12) | 0.26 |
| Total from investment operations | 0.03 | 0.70 | 0.15 | (0.98) | 0.00 | 0.41 |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income | (0.15) | (0.28) | (0.21) | (0.11) | (0.12) | (0.15) |
| Net realized gains |  |  |  | (0.14) | (0.07) |  |
| Total distributions | (0.15) | (0.28) | (0.21) | (0.25) | (0.19) | (0.15) |
| Net asset value, end of period | $11.34 | $11.46 | $11.04 | $11.10 | $12.33 | $12.52 |
| Total return | 0.3 %(b) | 6.3% | 1.3% | (8.1)% | (0.1)% | 3.4% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $4171792 | $4146322 | $3795410 | $3814359 | $4234247 | $4201639 |
| Ratio of expenses to average net assets before expense waivers | 0.65 %(c) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of expenses to average net assets after expense waivers | 0.57 %(c) | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.65 %(c) | 2.48% | 1.93% | 0.97% | 0.93% | 1.21% |
| Portfolio turnover rate | 23 %(b) | 39% | 52% | 55% | 58% | 40% |

---

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

(b) Not Annualized.

(c) Annualized.

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;California Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.69 | $9.36 | $9.39 | $10.38 | $10.57 | $10.37 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.13 | 0.25 | 0.22 | 0.12 | 0.11 | 0.12 |
| Net realized and unrealized gain/(loss) | (0.13) | 0.33 | (0.04) | (0.91) | (0.11) | 0.22 |
| Total from investment operations | 0.00 | 0.58 | 0.18 | (0.79) | 0.00 | 0.34 |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income | (0.13) | (0.25) | (0.21) | (0.11) | (0.11) | (0.12) |
| Net realized gains |  |  |  | (0.09) | (0.08) | (0.02) |
| Total distributions | (0.13) | (0.25) | (0.21) | (0.20) | (0.19) | (0.14) |
| Net asset value, end of period | $9.56 | $9.69 | $9.36 | $9.39 | $10.38 | $10.57 |
| Total return | (0.0)%(b)(c) | 6.2% | 1.9% | (7.7)% | (0.1)% | 3.3% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $352159 | $368329 | $340248 | $314887 | $346155 | $400367 |
| Ratio of expenses to average net assets before expense waivers | 0.76 %(d) | 0.76% | 0.76% | 0.77% | 0.76% | 0.76% |
| Ratio of expenses to average net assets after expense waivers | 0.57 %(d) | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.70 %(d) | 2.56% | 2.28% | 1.17% | 1.03% | 1.13% |
| Portfolio turnover rate | 10 %(b) | 35% | 75% | 60% | 25% | 26% |

---

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

(b) Not Annualized.

(c) Amount is greater than (0.05)%.

(d) Annualized.

See Notes to Financial Statements.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |
| &nbsp;&nbsp;&nbsp;New York Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;Financial Highlights |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** | **<br>YEAR ENDED OCTOBER 31,** |
|  | **SIX<br> MONTHS<br> ENDED<br> APRIL 30,<br> 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.81 | $9.45 | $9.48 | $10.43 | $10.55 | $10.42 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.23 | 0.19 | 0.11 | 0.11 | 0.12 |
| Net realized and unrealized gain/(loss) | (0.10) | 0.36 | (0.04) | (0.91) | (0.05) | 0.16 |
| Total from investment operations | 0.01 | 0.59 | 0.15 | (0.80) | 0.06 | 0.28 |
| **Distributions:** |  |  |  |  |  |  |
| Net investment income | (0.11) | (0.23) | (0.18) | (0.11) | (0.11) | (0.12) |
| Net realized gains |  |  |  | (0.04) | (0.07) | (0.03) |
| Total distributions | (0.11) | (0.23) | (0.18) | (0.15) | (0.18) | (0.15) |
| Net asset value, end of period | $9.71 | $9.81 | $9.45 | $9.48 | $10.43 | $10.55 |
| Total return | 0.1 %(b) | 6.2% | 1.6% | (7.7)% | 0.6% | 2.7% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets at end of period (000's) | $590133 | $580150 | $548955 | $546067 | $626544 | $582500 |
| Ratio of expenses to average net assets before expense waivers | 0.74 %(c) | 0.74% | 0.74% | 0.74% | 0.74% | 0.75% |
| Ratio of expenses to average net assets after expense waivers | 0.57 %(c) | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.37 %(c) | 2.35% | 1.93% | 1.14% | 1.01% | 1.13% |
| Portfolio turnover rate | 9 %(b) | 32% | 48% | 45% | 23% | 37% |

---

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

(b) Not Annualized.

(c) Annualized.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements |  |
|  | **April 30, 2025**<br> **(Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization:** 

Old Westbury Funds, Inc. (the "Corporation") was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Corporation's Board of Directors (the "Board") are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of April 30, 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 April 30, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

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

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

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

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

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

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

Securities and other investments for which market quotations are not readily available are 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 the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Pricing Committee (as defined below), with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund's share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security's or other investment's fair value.

In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing service vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment infor-

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

mation, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 38 days and the Total Equity Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 20 days during the period ended April 30, 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. As of April 30, 2025, foreign securities were fair valued as the change in the S&P 500 Index exceeded the Funds' predetermined Level.

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. BIM, as the valuation designee, is responsible for (i) periodically assessing 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 Fund's 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/ or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.

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

For the period ended April 30, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

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 April 30, 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 and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the Secured Overnight Financing Rate, the London InterBank Offered Rate, the Certificate of Deposit Rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade ("junk"), or not rated by any nationally recognized statistical ratings organization. Loans that are rated lower than investment grade typically entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund's investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - **(Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked- to-market daily, and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations. As of April 30, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Principal Risks:** 

A. **Market and Credit Risk.**

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of, 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 risks relating to market, economic, political, regulatory, geopolitical, or other conditions. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Changes in foreign currency exchange rates can affect the value of a Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which a Fund has unsettled or open transactions may default. Financial assets, which potentially expose a Fund to credit and counterparty risks, consist principally of investments, receivables for securities sold and cash due from brokers. The Funds' Adviser and sub-advisers, as applicable, review the creditworthiness of counterparties that they believe entail material credit risk in relation to the investment policies of a Fund. The extent of a Fund's exposure to credit and counterparty risks with respect to these financial assets is generally represented by their values recorded in the Fund's Statements of Assets and Liabilities.

B. **Concentration Risk.**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements**- (Continued)** |  |
|  | April 30, 2025<br>(Unaudited) |

---

C. **Shareholder Concentration Risk.**

As of April 30, 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 | 97.95% |
| Small & Mid Cap Strategies Fund | 1 | 98.57% |
| Total Equity Fund | 1 | 99.98% |
| Credit Income Fund | 1 | 99.42% |
| Fixed Income Fund | 1 | 99.61% |
| Short-Term Bond Fund | 1 | 99.35% |
| Municipal Bond Fund | 1 | 99.27% |
| California Municipal Bond Fund | 1 | 99.99% |
| New York Municipal Bond Fund | 1 | 99.39% |

---

**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.

The summary of inputs used to value the Funds' investments as of April 30, 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 | $2,923,109,632(b) | $77,882,079(b) | $— | $3000991711 |
| Exchange-Traded Funds | 20684003 |  |  | 20684003 |
| Investment Company | 50956117 |  |  | 50956117 |
| **Total** | $2994749752 | $77882079 | $— | $3072631831 |
| **Large Cap Strategies Fund** |  |  |  |  |
| Common Stocks | $15,455,008,692(b) | $6,945,836,609(b) | $— | $22400845301 |
| Rights/Warrants |  |  | 0(b) | 0 |
| Exchange-Traded Funds | 129202596 |  |  | 129202596 |
| U.S. Government Securities |  | 159709074 |  | 159709074 |
| Investment Company | 193347336 |  |  | 193347336 |
| Other financial instruments - Assets Forward foreign currency exchange contracts |  | 3,509,175(b) |  | 3509175 |
| **Total** | $15777558624 | $7109054858 | $0 | $22886613482 |
| **Small & Mid Cap Strategies Fund** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $2851664 | $209022288 | $— | $211873952 |
| &nbsp;&nbsp;&nbsp;Austria |  | 62277183 |  | 62277183 |
| &nbsp;&nbsp;&nbsp;Bahamas | 5177000 |  |  | 5177000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements**- (Continued)** |  |
|  | April 30, 2025<br>(Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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;Belgium | $— | $13789615 | $— | $13789615 |
| &nbsp;&nbsp;&nbsp;Brazil | 41007351 |  |  | 41007351 |
| &nbsp;&nbsp;&nbsp;Canada | 145847512 |  |  | 145847512 |
| &nbsp;&nbsp;&nbsp;Chile | 10193663 |  |  | 10193663 |
| &nbsp;&nbsp;&nbsp;China | 66278776 | 340485426 |  | 406764202 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 58535121 |  | 58535121 |
| &nbsp;&nbsp;&nbsp;Finland |  | 42501051 |  | 42501051 |
| &nbsp;&nbsp;&nbsp;France |  | 187206732 |  | 187206732 |
| &nbsp;&nbsp;&nbsp;Germany | 27814 | 166439645 |  | 166467459 |
| &nbsp;&nbsp;&nbsp;Greece |  | 9699888 |  | 9699888 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 51109517 |  | 51109517 |
| &nbsp;&nbsp;&nbsp;India |  | 35252638 |  | 35252638 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 5170203 |  | 5170203 |
| &nbsp;&nbsp;&nbsp;Ireland | 11277770 | 15993362 |  | 27271132 |
| &nbsp;&nbsp;&nbsp;Israel | 24595993 | 83078157 |  | 107674150 |
| &nbsp;&nbsp;&nbsp;Italy | 6484931 | 157895651 |  | 164380582 |
| &nbsp;&nbsp;&nbsp;Japan | 44633 | 887845073 |  | 887889706 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 2754613 |  | 2754613 |
| &nbsp;&nbsp;&nbsp;Macau |  | 474781 |  | 474781 |
| &nbsp;&nbsp;&nbsp;Malaysia |  | 4418015 |  | 4418015 |
| &nbsp;&nbsp;&nbsp;Mexico | 5027198 |  |  | 5027198 |
| &nbsp;&nbsp;&nbsp;Netherlands | 262271 | 93365664 |  | 93627935 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 11742379 |  | 11742379 |
| &nbsp;&nbsp;&nbsp;Norway | 334611 | 66386136 |  | 66720747 |
| &nbsp;&nbsp;&nbsp;Poland |  | 25748522 |  | 25748522 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 12336676 |  | 12336676 |
| &nbsp;&nbsp;&nbsp;Puerto Rico | 272901 |  |  | 272901 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Singapore | 44268 | 54121972 | 4428 | 54170668 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 63781045 |  | 63781045 |
| &nbsp;&nbsp;&nbsp;South Korea | 2050656 | 115768647 |  | 117819303 |
| &nbsp;&nbsp;&nbsp;Spain |  | 107667141 |  | 107667141 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 155028934 |  | 155028934 |
| &nbsp;&nbsp;&nbsp;Switzerland | 3285711 | 149318138 |  | 152603849 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 45711068 |  | 45711068 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 2183845 |  | 2183845 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 28799426 |  | 28799426 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 4787326 | 396525568 |  | 401312894 |
| &nbsp;&nbsp;&nbsp;United States | 3375729742 | 340120 |  | 3376069862 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks | $3705581791 | $3662774240 | $4428 | $7368360459 |
| Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Italy |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Malaysia | 55252 |  |  | 55252 |
| &nbsp;&nbsp;&nbsp;United States |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Total Rights/Warrants | $55252 | $— | $0 | $55252 |
| Exchange-Traded Funds | 599437185 |  |  | 599437185 |
| Investment Company | 53236656 |  |  | 53236656 |
| Cash Sweep | 119369261 |  |  | 119369261 |
| **Total** | $4477680145 | $3662774240 | $4428 | $8140458813 |
| **Total Equity Fund** |  |  |  |  |
| Common Stocks | $455183117 | $150026699 | $— | $605209816 |
| Exchange-Traded Funds | 6807235 |  |  | 6807235 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements**- (Continued)** |  |
|  | April 30, 2025<br>(Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $38344407 | $— | $— | $38344407 |
| **Total** | $500334759 | $150026699 | $— | $650361458 |
| **Credit Income Fund** |  |  |  |  |
| Preferred Stocks | $4,678,249(b) | $— | $— | $4678249 |
| Exchange-Traded Funds | 441654758 |  |  | 441654758 |
| Corporate Bonds |  | 124,512,080(b) |  | 124512080 |
| Asset-Backed Securities |  | 351,676,581(b) |  | 351676581 |
| Non-Agency Mortgage-Backed Securities |  | 505,659,176(b) | 9,742,064(b) | 515401240 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 5,755,778(b) |  | 5755778 |
| U.S. Government Securities |  | 733452803 |  | 733452803 |
| Cash Sweep | 105417029 |  |  | 105417029 |
| Other financial instruments - Assets Interest Rate Risk |  | 2,025,422(b) |  | 2025422 |
| **Total** | $551750036 | $1723081840 | $9742064 | $2284573940 |
| **Fixed Income Fund** |  |  |  |  |
| Corporate Bonds | $— | $399,714,100(b) | $— | $399714100 |
| Asset-Backed Securities |  | 112,633,338(b) |  | 112633338 |
| Non-Agency Mortgage-Backed Securities |  | 358,811(b) |  | 358811 |
| U.S. Government Agencies |  | 5002835 |  | 5002835 |
| U.S. Government Securities |  | 940402547 |  | 940402547 |
| Investment Company | 20741443 |  |  | 20741443 |
| **Total** | $20741443 | $1458111631 | $— | $1478853074 |
| **Short-Term Bond Fund** |  |  |  |  |
| Corporate Bonds | $— | $32,056,532(b) | $— | $32056532 |
| Asset-Backed Securities |  | 7,800,314(b) |  | 7800314 |
| U.S. Government Securities |  | 52408579 |  | 52408579 |
| Investment Company | 519451 |  |  | 519451 |
| **Total** | $519451 | $92265425 | $— | $92784876 |
| **Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $4,006,374,679(b) | $— | $4006374679 |
| Corporate Bonds |  | 57,690,845(b) |  | 57690845 |
| U.S. Government Securities |  | 20077344 |  | 20077344 |
| Investment Company | 117788413 |  |  | 117788413 |
| **Total** | $117788413 | $4084142868 | $— | $4201931281 |
| **California Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $335,756,285(b) | $— | $335756285 |
| Corporate Bonds |  | 6,894,001(b) |  | 6894001 |
| Investment Company | 10088962 |  |  | 10088962 |
| **Total** | $10088962 | $342650286 | $— | $352739248 |
| **New York Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $544,956,656(b) | $— | $544956656 |
| Corporate Bonds |  | 9,137,008(b) |  | 9137008 |
| U.S. Government Securities |  | 10782890 |  | 10782890 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements**- (Continued)** |  |
|  | April 30, 2025<br>(Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $18004641 | $— | $— | $18004641 |
| **Total** | $18004641 | $564876554 | $— | $582881195 |

---

(a) The Large Cap Strategies Fund, the Small & Mid Cap Strategies Fund, and the Credit Income Fund held certain investments categorized
as Level 3 that had a fair value less than 1% of NAV with a percentage of NAV as 0.00%, 0.00%, and 0.42%, respectively, for the period
ended April 30, 2025. For the Small & Mid Cap Strategies Fund there were transfers out of Level 3 in the amount of $1,905,165 and
for the Credit Income Fund there was a purchase of $788,179. The Funds' instrument types classified as Level 3 investments are
valued using recent transaction price or broker quotes.

(b) The classification of the Fund's investments into major categories or countries is disclosed in the respective Fund's Portfolio
of Investments and in Note 5 for derivatives.

The Fund did not have material transfers into or out of Level 3 during the six months ended April 30, 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 derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments' payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

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

As of April 30, 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Large Cap Strategies Fund</u>** | | | | | |
| **<u>Counterparty</u>** |<br>**Gross<br> Amounts of<br> Assets<br> Presented<br> in the<br> Statement<br> of Assets and<br> Liabilities** |<br>**Derivatives<br> Available<br> for Offset (a)** |<br>**Non-cash<br> Collateral<br> Received (b)** |<br>**Cash<br> Collateral<br> Received (b)** |<br>**Net<br> Amount of<br> Derivative<br> Assets (c)** |
| Barclays Bank Plc | $3509175 | $— | $— | $(3509175) | $— |
| **<u>Credit Income Fund</u>** |  |  |  |  |  |
| **<u>Counterparty</u>** | **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 | $2025422 | $— | $— | $(2010000) | $15422 |

---

(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** |
|  | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
| **Large Cap Strategies Fund** | Statements of Assets<br> and Liabilities<br> Location | Value | Statements of Assets<br> and Liabilities<br> Location | Value |
| Forward Foreign Currency Exchange Risk | Unrealized appreciation on forward foreign currency exchange contracts | $3509175 | Unrealized depreciation on forward foreign currency exchange contracts | $— |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** | **<u>Fair Values of Derivative Instruments as of April 30, 2025</u>** |
|  | **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 | $2025422 | Unrealized depreciation on swap agreements | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | The Effect of Derivative Instruments on the Statements of Operations<br> For the Period Ended April 30, 2025<br> Net Realized Gain/(Loss) from Derivatives Recognized in Income | The Effect of Derivative Instruments on the Statements of Operations<br> For the Period Ended April 30, 2025<br> Net Realized Gain/(Loss) from Derivatives Recognized in Income | The Effect of Derivative Instruments on the Statements of Operations<br> For the Period Ended April 30, 2025<br> Net Realized Gain/(Loss) from Derivatives Recognized in Income | The Effect of Derivative Instruments on the Statements of Operations<br> For the Period Ended April 30, 2025<br> Net Realized Gain/(Loss) from Derivatives Recognized in Income | The Effect of Derivative Instruments on the Statements of Operations<br> For the Period Ended April 30, 2025<br> Net Realized Gain/(Loss) from Derivatives Recognized in Income | The Effect of Derivative Instruments on the Statements of Operations<br> For the Period Ended April 30, 2025<br> Net Realized Gain/(Loss) from Derivatives Recognized in Income |
| **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 | $— | $— | $— | $— | $(5229143) | $(5229143) |
| **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) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Net Change in Unrealized Appreciation/(Depreciation)<br> on Derivatives Recognized in Income | Net Change in Unrealized Appreciation/(Depreciation)<br> on Derivatives Recognized in Income | Net Change in Unrealized Appreciation/(Depreciation)<br> on Derivatives Recognized in Income | Net Change in Unrealized Appreciation/(Depreciation)<br> on Derivatives Recognized in Income | Net Change in Unrealized Appreciation/(Depreciation)<br> on Derivatives Recognized in Income | Net Change in Unrealized Appreciation/(Depreciation)<br> on Derivatives Recognized in Income |
| **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 | $— | $— | $— | $— | $9035327 | $9035327 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $— | $— | $— | $3312757 | $— | $3312757 |

---

For the period ended April 30, 2025, the quarterly average volume of derivative activities was as follows:

---

| | | |
|:---|:---|:---|
|  | **Large Cap Strategies<br> Fund** | **Credit Income Fund** |
| Forward Foreign Currency Contracts Sold (U.S. Dollar Amounts) | $93312843 | $— |
| Total Return Swaps (Notional Amounts in U.S. Dollars) |  | 137500000 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

realized gains or losses, respectively. Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption "Swap Agreements".

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

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

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is "covered," meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade and exchanges are viewed as presenting lower credit risk than bilateral counterparties. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund's maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

The Credit Income Fund may invest in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements **- (Continued)** |  |
|  | **April 30, 2025** <br> **(Unaudited)** |

---

**6.** **Investment Advisory Fee, Administration Fee and Other Transactions:** 

A. **Investment Advisory Fees.** The Funds' investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"). Bessemer is a subsidiary of The Bessemer Group, Incorporated ("BGI"). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First $500 million of**<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% | 0.80% |
| Credit Income Fund | 0.65% | 0.60% | 0.55% | 0.58% |
| Fixed Income Fund | 0.45% | 0.40% | 0.35% | 0.40% |
| Municipal Bond Fund | 0.45% | 0.40% | 0.35% | 0.37% |
| California Municipal Bond Fund | 0.45% | 0.40% | 0.35% | 0.45% |
| New York Municipal Bond Fund | 0.45% | 0.40% | 0.35% | 0.44% |

---

---

| | |
|:---|:---|
|  | Average net assets |
| Small & Mid Cap Strategies Fund | 0.85% |
| Short-Term Bond Fund | 0.32% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First $1.25 billion of**<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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - (Continued) |  |
|  | April 30, 2025 |
|  | (Unaudited) |

---

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 depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.065% of the average daily net assets of the non-U.S. investments for All Cap Core Fund, 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 the Large Cap Strategies Fund 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 Large Cap Strategies Fund, 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, 2026 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the All Cap Core Fund at 0.95%, the Large Cap Strategies Fund at 1.10%, the Small & Mid Cap Strategies Fund at 1.10%, the 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 period ended April 30, 2025, BIM waived $85,460 for the All Cap Core Fund, $1,784,518 for the Small & Mid Cap Strategies Fund, $79,678 for the Total Equity Fund, $166,495 for the Credit Income Fund, $832,654 for the Fixed Income Fund, $145,451 for the Short-Term Bond Fund, $1,606,623 for the Municipal Bond Fund, $343,084 for the California Municipal Bond Fund, and $488,473 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 six months ended April 30, 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 BTCO 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 six months ended April 30, 2025, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **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 |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - (Continued) |  |
|  | April 30, 2025 |
|  | (Unaudited) |

---

**7.** **Securities Transactions:** 

Investment transactions for the period ended April 30, 2025, excluding short-term debt investments and U.S. Government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| All Cap Core Fund | $687083249 | $1004353150 |
| Large Cap Strategies Fund | 6272720035 | 7978713825 |
| Small & Mid Cap Strategies Fund | 3091657941 | 3725232100 |
| Total Equity Fund | 618611160 | 8179471 |
| Credit Income Fund | 141999142 | 206204715 |
| Fixed Income Fund | 153966319 | 97261033 |
| Short-Term Bond Fund | 16079902 | 1875945 |
| Municipal Bond Fund | 1041870568 | 888601154 |
| California Municipal Bond Fund | 26695198 | 29282310 |
| New York Municipal Bond Fund | 53668495 | 20872088 |

---

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the period ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Credit Income Fund | $74138855 | $3960893 |
| Fixed Income Fund | 600225649 | 583358235 |
| Short-Term Bond Fund | 32350123 | 11183922 |
| Municipal Bond Fund | 19715625 | 47890898 |
| California Municipal Bond Fund | 7393359 | 12455039 |
| New York Municipal Bond Fund | 9857813 | 30428516 |

---

**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 six months ended April 30, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** - (Continued) |  |
|  | April 30, 2025 |
|  | (Unaudited) |

---

As of April 30, 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 | $1943424653 | $1177158259 | $(47951081) | $1129207178 |
| Large Cap Strategies Fund | 15436712808 | 7889367037 | (442975538) | 7446391499 |
| Small & Mid Cap Strategies Fund | 7245444057 | 1354170482 | (459155726) | 895014756 |
| Total Equity Fund | 648436954 | 7825773 | (5901269) | 1924504 |
| Credit Income Fund | 2777914561 | 30143580 | (525509623) | (495366043) |
| Fixed Income Fund | 1466095298 | 18419513 | (5661737) | 12757776 |
| Short-Term Bond Fund | 92042311 | 749553 | (6988) | 742565 |
| Municipal Bond Fund | 4248478867 | 14426046 | (60973632) | (46547586) |
| California Municipal Bond Fund | 357770773 | 924487 | (5956012) | (5031525) |
| New York Municipal Bond Fund | 594709226 | 946675 | (12774706) | (11828031) |

---

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, 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, 2024, 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, 2024. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements - (Continued) |  |
|  | April 30, 2025 |
|  | (Unaudited) |

---

As of October 31, 2024, 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 | $77917182 | $99701201 |
| Fixed Income Fund | 20911687 | 131234858 |
| Municipal Bond Fund | 73373789 | 130366649 |
| California Municipal Bond Fund | 6318983 | 10324397 |
| New York Municipal Bond Fund | 6341899 | 14583041 |

---

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 late year loss deferrals of $401,804 in the year ended October 31, 2024.

**10.** **Commitments:** 

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

As of April 30, 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.

11. Subsequent Events:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Additional Information (Unaudited) |  |
|  | **April 30, 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;Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited) | &nbsp;&nbsp;&nbsp;Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited) |
|  | **April 30, 2025** |

---

At a special meeting held on January 13, 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 determined to approve the Advisory Agreement Amendment with Bessemer Investment Management LLC ("BIM" or the "Adviser") and each of the proposed Sub-Advisory Agreements with Aikya Investment Management Limited ("Aikya"), Polunin Capital Partners Limited ("Polunin"), and Sands Capital Management, LLC ("Sands Capital") (collectively, the "Sub-Advisers") on behalf of the Old Westbury Total Equity Fund (the "New Fund").

In approving the Advisory Agreement Amendment and each of the proposed Sub-Advisory Agreements the Board considered information about the Adviser and each of the Sub-Advisers, including the 15(c) materials and other information provided in reports and presentations throughout the year, and supplemental information provided with respect to the New Fund. The Board's conclusions were based on the comprehensive consideration of information presented to it and are not the result of any single controlling factor.

The Board noted that its decision with respect to the Advisory Agreement Amendment and each of the Sub-Advisory Agreements may have also been based, in part, on the Board's knowledge of the Adviser and each Sub-Adviser resulting from, among other things, the Board's consideration of sub-advisory agreements with the Sub-Advisers in prior years, the sub-advisory agreements for other funds in the Corporation, the Board's review throughout the year of the performance and operations of funds in the Corporation and each Director's business judgment and industry experience.

The following summarizes the primary materials and factors that the Directors considered and the conclusions they reached in approving the Advisory Agreement Amendment and each of the Sub-Advisory Agreements on behalf of the New Fund. The Board's decision was made separately with respect to each Sub-Advisory Agreement.

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

The Board considered the nature, extent and quality of services to be provided to the New Fund under the Advisory Agreement Amendment and each of the Sub-Advisory Agreements. The Board took into account information provided by the Adviser regarding the design, investment objective and strategies and fees and expenses of the New Fund in connection with its meetings on January 13, 2025 and November 21, 2024. The Board also took into account information that it had reviewed earlier in the year as it relates to the Adviser and the Sub-Advisers in connection with its annual review of the Investment Advisory Agreement and Sub-Advisory Agreements for the existing funds in the Corporation. The Board considered the experience and skills of the investment personnel, the resources made available to such personnel and the organizational depth of the Adviser and the Sub-Advisers.

The Directors noted that, in addition to managing the overall investment program of the New Fund, the Adviser will provide day-to-day portfolio management for a portion of the Fund and will implement the investment recommendations of the Sub-Advisers pursuant to model portfolios provided by the Sub-Advisers and construct a portfolio for the New Fund that represents the aggregation of the Adviser's portions of the New 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 Directors also considered that the Adviser and its affiliates will provide, at their expense, personnel responsible for supervising the provision of compliance, administrative, accounting and related services, including valuation of the New Fund's portfolio of investments, reports and filings with regulatory authorities and services related to such functions. In addition, the Board took into account the Adviser's long-standing relationship with the Corporation. The Board also considered the Adviser's compliance program.

The Board considered the scope and quality of services to be provided to the New Fund by the Sub-Advisers. The Board considered that each Sub-Adviser would manage its allocated portion of the New Fund's portfolio by providing a model portfolio to the Adviser on an ongoing basis and each Sub-Adviser will use its research and securities selection processes in constructing its model portfolio. The Board considered that the Sub-Advisers serve as sub-advisers to other funds in the Corporation and took into account their history in sub-advising those portfolios as well as their compliance and operational histories with respect to such portfolios.

The Directors evaluated these factors based on their direct experience with the Adviser and the Sub-Advisers, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors. Based on these factors, among other considerations, the Directors concluded that they were satisfied with the nature, quality and extent of services anticipated to be provided by the Adviser and the Sub-Advisers.

*(2) The performance of the New Fund and the Adviser and Sub-Advisers.*

The Board noted that because the New Fund had not commenced operations, there was no performance information for the New Fund for the Board to consider at this time but that the Board would review the New Fund's performance going forward. The Board considered the Adviser's expertise and ability to manage an investment strategy similar to that of the New Fund and it considered Aikya's, Polunin's, and Sands Capital's historical performance for sleeves of another series of the Corporation sub-advised by Aikya, Polunin, and Sands Capital, respectively. Based on these considerations, among others, the Board determined that the Adviser and the Sub-Advisers had demonstrated an ability to

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited) - **(Continued)** | &nbsp;&nbsp;&nbsp;Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited) - **(Continued)** |
|  | **April 30, 2025** |

---

capably manage assets in the styles expected to be used in connection with the New Fund and concluded that the information considered supported a determination to approve the Advisory Agreement Amendment and each Sub-Advisory Agreement.

*(3) The cost of the advisory services and the anticipated profits to the Adviser and its affiliates from the relationship with the New Fund.*

The Board considered the New Fund's proposed advisory fees, operating expenses and estimated total expense ratio, and compared them to fees and expenses of the peer group presented. The Board considered that the New Fund's proposed advisory fee was greater than the median for its peer group. The Board also considered that the Adviser provided not only supervisory services, but also direct day-to-day investment management over portions of the New Fund's assets and would be responsible for implementing the Sub-Advisers' model portfolios. The Board also considered that the New Fund's total anticipated net expenses were below the peer group median. The Board also noted the advisory fee breakpoints as well as the Adviser's contractual commitment to waive its advisory fee to the extent necessary to ensure that the net annual fund operating expense ratio (excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short, and acquired fund fees and expenses) do not exceed 0.98%. The Board considered the proposed sub-advisory fees and noted that Aikya's, Polunin's, and Sands Capital's respective sub-advisory fees would be paid entirely by the Adviser. Additionally, the Board considered the Adviser's anticipated profitability from its relationship to the New Fund. Based on these considerations as well as other factors, including the fact that the New Fund is intended to be used principally as an asset allocation vehicle for client accounts of Bessemer and its affiliates, the Board, including all of the Independent Directors, concluded that the New Fund's advisory fee schedule and sub-advisory fees were fair and reasonable in light of the quality of services expected to be provided to the New Fund by the Adviser and the Sub-Advisers.

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

The Board considered whether economies of scale would be realized with respect to the management of the New Fund and whether the New Fund would benefit from any such economies of scale. In this regard, the Directors noted the advisory fee breakpoint levels with respect to the New Fund. The Directors also noted that the Adviser would bear Aikya's, Polunin's, and Sands Capital's sub-advisory fees. As the New Fund had not yet commenced investment operations, the Directors concluded that it was not possible to determine whether economies of scale were currently in existence. The Directors determined to continue to monitor this in the future.

*(5) Ancillary benefits and other factors.*

The Directors also considered other benefits expected to be received by the Adviser from the management of the New Fund. The Board considered the compensation to be paid by the New Fund to affiliates of the Adviser for other services, including administrative services, shareholder servicing and custody. The Board considered comparative information relating to the fees charged for certain non-advisory services. The Board also considered the intended principal use of the New Fund as an asset allocation investment vehicle for clients of Bessemer and its affiliated banks and trust companies, with the resulting expectation that the asset size of the New Fund would grow as Bessemer's client base grows. The Board also considered whether there were other benefits expected to be received by the Adviser, Aikya, Polunin, Sands Capital, or their affiliates, from the Adviser's, Aikya's, Polunin's, and Sands Capital's relationship with the New Fund, including potential future increases in profitability to the Adviser resulting from the Sub-Advisers' sub-advisory fee schedules. The Board determined to monitor these matters and concluded that the proposed advisory and sub-advisory fees were reasonable in light of these fall-out benefits and other factors.

*Conclusion.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small **&** Mid Cap Strategies Fund (Unaudited) | &nbsp;&nbsp;&nbsp;Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small **&** Mid Cap Strategies Fund (Unaudited) |
|  | **April 30, 2025** |

---

At a meeting held on February 20, 2025, the Board of Directors, including the Independent Directors, unanimously determined to approve the amendment to the sub-advisory agreement with Polunin Capital Partners Limited ("Polunin") on behalf of Small & Mid Cap Strategies Fund (the "Fund") with respect to the new international value strategy (the "Amendment").

In approving the Amendment, the Board considered the overall fairness of the Amendment and whether the Amendment was in the best interests of the Fund. The Board also considered information about Bessemer Investment Management LLC ("BIM" or the "Adviser") and Polunin and materials presented in advance of the Meeting as well as other information furnished to the Board throughout the year, including in connection with its contract review meetings held in April and July 2024, as and to the extent deemed relevant by the Directors. In this regard, the Board noted that it had received and reviewed information regarding Polunin, and the services to be provided by Polunin to the Fund under the Amendment. This information, which included Polunin's response to a due diligence questionnaire, as well as information concerning Polunin's organization, compliance program and financial condition, formed, in part, the primary (but not exclusive) basis for the Board's determinations. The Board also noted that the Directors had earlier in the Meeting discussed with the Adviser its recommendation that the Board approve the Amendment and, during executive sessions over the prior year, the Independent Directors had met with their counsel ("Independent Counsel") and counsel to the Corporation ("Counsel") and reviewed their legal duties and responsibilities in considering and approving advisory agreements and discussed materials and other information provided to them. The Board concluded that they had received adequate information to make a reasonable determination with respect to the approval of the Amendment.

The Board noted that its decision with respect to the Amendment may have also been based, in part, on the Board's knowledge of Polunin resulting from, among other things, the Board's consideration of the sub-advisory agreement with Polunin in prior years, the sub-advisory agreements for other funds in the Corporation, the Board's review throughout the year of the performance and operations of funds in the Corporation and each Director's business judgment and industry experience.

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

The following summarizes the primary factors considered by the Board and the conclusions that formed the basis for the Board's approval of the Amendment.

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

The Board considered the scope and quality of services to be provided by Polunin under the Amendment. The Board also considered, among other things, the qualifications and experience of the individual portfolio managers that would be responsible for managing Polunin's applicable portion of the Fund. The Board took into account Polunin's portfolio management, compliance, operational, and trading history. The Board considered the experience and skills of Polunin's investment personnel, the resources made available to such personnel and the organizational structure of Polunin.

Based on these considerations, among others, the Board concluded that the nature, extent, and quality of services to be provided by Polunin were expected to be satisfactory.

*(2) The performance of Polunin.*

The Board considered performance data with respect to other accounts managed or sub-advised by Polunin, including another portion of the Fund, which pursue different investment strategies. In addition, the Board considered discussions between the proposed portfolio management team and the Board that occurred during the Meeting.

Based on these considerations, among others, the Board determined that Polunin had demonstrated an ability to appropriately manage assets in the style expected to be used by Polunin in connection with the applicable portion of the Fund and the Board concluded that its review of performance and related information supported a determination to approve the Amendment.

*(3) The cost of the advisory services and profitability.*

The Directors noted that the fee payable to Polunin under the Amendment would be paid entirely by the Adviser and the relevance of Polunin's profitability was considered by the Directors in that context.

Based on these considerations, among others, the Board, including all of the Independent Directors, concluded that the sub-advisory fee to be paid to Polunin under the Amendment was fair and reasonable in light of the quality of services to be provided by Polunin.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Old Westbury Funds, Inc. |  |
| &nbsp;&nbsp;&nbsp;Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small **& Mid Cap Strategies Fund (Unaudited) - (Continued)** | &nbsp;&nbsp;&nbsp;Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small **& Mid Cap Strategies Fund (Unaudited) - (Continued)** |
|  | **April 30, 2025** |

---

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

The Board considered whether any economies of scale would be realized with respect to the management of the Fund and whether the Fund would benefit from any such economies of scale. The Board noted in this regard that BIM would bear Polunin's sub-advisory fee. The Directors undertook to continue to review the appropriateness of the sub-advisory fee, taking into account the potential impact of economies of scale, over time.

*(5) Ancillary benefits and other factors.*

The Board also considered whether there were other benefits expected to be received by the Adviser, Polunin, or their affiliates, from Polunin's relationship with the Fund. The Board determined to monitor these matters and concluded that the proposed sub-advisory fee was reasonable in light of these fall-out benefits and other factors.

*Conclusion*

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

---

| | |
|:---|:---|
| 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.

------

**April 30, 2025**

**Cusip 680414307**

**Cusip 680414109**

**Cusip 680414604**

**Cusip 680414836**

**Cusip 680414851**

**Cusip 680414406**

**Cusip 680414844**

**Cusip 680414505**

**Cusip 680414877**

**Cusip 680414869**

**(OWF_A21-SAR2025)**

**(4/25)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

**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:

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: |  |

---

---

| | |
|:---|:---|
| Alexander Ellis III | 2775419165.983 |
| Patricia L. Francy | 2775419165.983 |
| Daphne H. Foster | 2775419165.983 |
| R. Keith Walton | 2775492432.81 |
| Patrick Darcy | 2774072316.581 |
| Michael Marquez | 2775419165.983 |

---

---

| | |
|:---|:---|
| Shares voted against: | 0.0 |
| Shares withheld: |  |

---

---

| | |
|:---|:---|
| Alexander Ellis III | 86046.827 |
| Patricia L. Francy | 86046.827 |
| Daphne H. Foster | 86046.827 |
| R. Keith Walton | 12780.0 |
| Patrick Darcy | 1432896.229 |
| 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 have materially
affected, or are 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) Not applicable. <br>(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.](c112996_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.](c112996_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>July 7, 2025</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>July 7, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/Matthew A. Rizzi |
|  | Matthew A. Rizzi, Treasurer<br> (Principal Financial Officer) |

---

Date <u>July 7, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**EX 99.CERT**

**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 7, 2025 | /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 7, 2025 | /s/Matthew A. Rizzi |
|  |  | Matthew A. Rizzi, Treasurer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**Ex 99.906 CERT**

**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: July 7, 2025 | /s/David W. Rossmiller |
|  | David W. Rossmiller, President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: July 7, 2025 | /s/Matthew A. Rizzi |
|  | Matthew A. Rizzi, Treasurer |
|  | (Principal Financial Officer) |

---