# EDGAR Filing Document

**Accession Number:** 0000909994
**File Stem:** 0000930413-23-000035
**Filing Date:** 2023-1
**Character Count:** 713230
**Document Hash:** 6b6913a056dd9ae517fd6915489082e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000035.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0000930413-23-000035

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230106

**DATE AS OF CHANGE**: 20230106

**EFFECTIVENESS DATE**: 20230106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OLD WESTBURY FUNDS INC
- **CENTRAL INDEX KEY:** 0000909994
- **IRS NUMBER:** 232874698
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07912
- **FILM NUMBER:** 23514991

**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           |

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

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT <br> INVESTMENT COMPANIES**

---

| |
|:---|
| Investment Company Act file number <u>811-07912</u> |
| Old Westbury Funds, Inc. |
| (Exact name of registrant as specified in charter) |
| 103 Bellevue Parkway<br> Wilmington, DE 19809 |
| (Address of principal executive offices) (Zip code) |
| Jordan Hedge |
| BNY Mellon Investment Servicing (US) Inc. |
| 103 Bellevue Parkway |
| Wilmington, DE 19809 |
| (Name and address of agent for service) |

---

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

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

Date of reporting period: <u>October 31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

The Report to Shareholders is attached herewith.

------

**Old Westbury Funds, Inc.**

**Annual Report**

------

**October 31, 2022**

**BESSEMER INVESTMENT MANAGEMENT LLC**

**Investment Adviser**

**Old Westbury Funds, Inc.**

---

| | |
|:---|:---|
| [A Letter from the President (Unaudited)](#x1_c105080a001) | 2 |
| [Investment Adviser's Report (Unaudited):](#x1_c105080a002) |  |
| &nbsp;&nbsp;&nbsp;[All Cap Core Fund](#x1_c105080a003) | 3 |
| &nbsp;&nbsp;&nbsp;[Large Cap Strategies Fund](#x1_c105080a004) | 7 |
| &nbsp;&nbsp;&nbsp;[Small & Mid Cap Strategies Fund](#x1_c105080a005) | 10 |
| &nbsp;&nbsp;&nbsp;[Credit Income Fund](#x1_c105080a006) | 14 |
| &nbsp;&nbsp;&nbsp;[Fixed Income Fund](#x1_c105080a007) | 16 |
| &nbsp;&nbsp;&nbsp;[Municipal Bond Fund](#x1_c105080a008) | 19 |
| &nbsp;&nbsp;&nbsp;[California Municipal Bond Fund](#x1_c105080a009) | 23 |
| &nbsp;&nbsp;&nbsp;[New York Municipal Bond Fund](#x1_c105080a010) | 25 |
| [Disclosure of Fund Expenses (Unaudited)](#x1_c105080a011) | 27 |
| [Portfolios of Investments:](#x1_c105080a012) |  |
| &nbsp;&nbsp;&nbsp;[All Cap Core Fund](#x1_c105080a013) | 29 |
| &nbsp;&nbsp;&nbsp;[Large Cap Strategies Fund](#x1_c105080a014) | 31 |
| &nbsp;&nbsp;&nbsp;[Small & Mid Cap Strategies Fund](#x1_c105080a015) | 41 |
| &nbsp;&nbsp;&nbsp;[Credit Income Fund](#x1_c105080a016) | 63 |
| &nbsp;&nbsp;&nbsp;[Fixed Income Fund](#x1_c105080a017) | 89 |
| &nbsp;&nbsp;&nbsp;[Municipal Bond Fund](#x1_c105080a018) | 95 |
| &nbsp;&nbsp;&nbsp;[California Municipal Bond Fund](#x1_c105080a019) | 123 |
| &nbsp;&nbsp;&nbsp;[New York Municipal Bond Fund](#x1_c105080a020) | 129 |
| [Statements of Assets and Liabilities](#x1_c105080a021) | 138 |
| [Statements of Operations](#x1_c105080a022) | 140 |
| [Statements of Changes in Net Assets](#x1_c105080a023) | 142 |
| [Financial Highlights:](#x1_c105080a024) |  |
| &nbsp;&nbsp;&nbsp;[All Cap Core Fund](#x1_c105080a025) | 146 |
| &nbsp;&nbsp;&nbsp;[Large Cap Strategies Fund](#x1_c105080a026) | 147 |
| &nbsp;&nbsp;&nbsp;[Small & Mid Cap Strategies Fund](#x1_c105080a027) | 148 |
| &nbsp;&nbsp;&nbsp;[Credit Income Fund](#x1_c105080a028) | 149 |
| &nbsp;&nbsp;&nbsp;[Fixed Income Fund](#x1_c105080a029) | 150 |
| &nbsp;&nbsp;&nbsp;[Municipal Bond Fund](#x1_c105080a030) | 151 |
| &nbsp;&nbsp;&nbsp;[California Municipal Bond Fund](#x1_c105080a031) | 152 |
| &nbsp;&nbsp;&nbsp;[New York Municipal Bond Fund](#x1_c105080a032) | 153 |
| [Notes to Financial Statements](#x1_c105080a033) | 154 |
| [Report of Independent Registered Public Accounting Firm](#x1_c105080a034) | 174 |
| [Directors and Officers of Old Westbury Funds, Inc. (Unaudited)](#x1_c105080a035) | 175 |
| [Additional Information (Unaudited)](#x1_c105080a036) | 179 |
| [Liquidity Risk Management Program (Unaudited)](#x1_c105080a037) | 180 |
| [Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)](#x1_c105080a038) | 181 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**A Letter from the President (Unaudited)** |  |
|  | ***October 31, 2022***  |

---

Dear Shareholders:

Fiscal 2022 was marked by Russia's invasion of Ukraine, soaring inflation including high energy prices, supply chain disruptions, and an unusual simultaneous bear market for stocks and bonds. While the economy has clearly begun to slow, it is important to note that a slowing economy is not necessarily an indicator of a severe recession. There are constructive elements in today's picture, such as the continued strength of consumers and corporate balance sheets, which may help offset other negative economic factors.

Amid the backdrop of elevated inflation not seen in decades, the Federal Reserve embarked upon a particularly aggressive hiking campaign, raising interest rates by 25 basis points in March, 50 basis points in May, and 75 basis points during each of the four ensuing meetings. In 2022, both equity and bond markets experienced multiyear lows driven by the Federal Reserve's hawkish policy shift as well as other factors, such as the economic effects of the Omicron variant of COVID-19, which weighed on sentiment and contributed to more persistent supply chain issues at the start of the year. Volatility continued throughout the year as persistent inflation and higher interest rates resulted in deteriorating sentiment and eventually slowing growth. Inflation became a challenge globally as the eurozone, U.K., and some emerging market countries experienced historically elevated levels.

Global governments and central banks have taken action, seeking to curb persistent inflation with numerous rounds of interest rate hikes as well as broader monetary policy tightening. In the U.S., inflation and interest rate dynamics remain the key issue today as the Federal Reserve continues to raise interest rates in response to stubborn inflation. Its overall goal is to tighten financial conditions so that the economy slows, the labor market cools, and inflation ultimately recedes. While overall domestic conditions are challenging, the relative outlook is more constructive compared to other key regions, such as Europe and Asia.

The Old Westbury All Cap Core Fund underperformed its primary benchmark, the MSCI ACWI Investable Market Index (Net), due to stock selection within communication services, healthcare, and financials, but it benefitted from its overweight position in the U.S. and stock selection within information technology, industrials, and energy. The Old Westbury Large Cap Strategies Fund underperformed its benchmark, the MSCI All Country World Large Cap Index (Net), as its stock selection in communication services, healthcare, and developed Europe detracted from relative performance. The Old Westbury Small & Mid Cap Strategies Fund underperformed its benchmark, MSCI All Country World Small Mid Cap Index (Net), as a result of stock selection in industrials, healthcare, and the U.S.

The Old Westbury Credit Income Fund underperformed its benchmark, the ICE Bank of America 1-10 Year U.S Corporate Index, as the higher interest rate environment hurt valuations across all duration profiles. The Old Westbury Fixed Income Fund underperformed its benchmark, the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index; the Fund's overweight to credit and longer duration relative to the benchmark were a drag on performance, while its barbell structure aided performance. The Old Westbury Municipal Bond Fund underperformed its primary benchmark, the ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index; duration and front-end positioning were detractors while yield-curve posture was additive. The Old Westbury California Municipal Bond Fund and the Old Westbury New York Municipal Bond Fund both performed in line with their respective benchmarks, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index; duration positioning detracted while credit posture contributed to performance.

At year-end, the Adviser remains committed to its longstanding investment approach, characterized by independent research, a global orientation, and long-term perspective. We believe these disciplines will likely continue to provide competitive long-term results for shareholders and position the Adviser to fulfill the central mandate of participating in strong market environments, while preserving capital during difficult times.

Sincerely,

![](x1_c105080x5x1.jpg)

David W. Rossmiller<br> President<br> Old Westbury Funds, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**All Cap Core Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The return of the Old Westbury All Cap Core Fund (the "Fund") for the fiscal year ended October 31, 2022, was -21.34%. In comparison, the return of its primary benchmark, the MSCI ACWI Investable Market Index (Net)<sup>a</sup>, was -20.22%. The Fund's secondary benchmark, a blend of 90% MSCI USA Index (Gross) and 10% MSCI ACWI ex USA Index (Net)<sup>a</sup>, returned -17.32%.

The most significant detractor to the Fund's results relative to its primary benchmark was stock selection in communication services, healthcare, and financials. Stocks within these sectors with the highest negative relative contributions included Sea Ltd., Catalent, Inc., and Citigroup. Sea Ltd. contended with the sell-off in high-growth, high-valuation stocks in addition to company-specific headwinds, including the gaming ban and e-commerce exit from India, and slowing overall gaming growth. Catalent, Inc. lost significant value as reduced demand for vaccines hurt the company's earnings outlook. Citigroup modestly underperformed the market as rising interest rates created fears of a slowing economy and therefore slower loan growth and increased loan defaults.

The most significant contributors to the Fund's relative results were an overweight position in the U.S. and stock selection within information technology, industrials, and energy. Stocks in these sectors with the greatest relative positive contribution included Visa Inc., Northrop Grumman Corporation, and ConocoPhillips. Visa Inc. remained resilient as post-pandemic reopening benefitted credit card use. Northrop Grumman Corporation appreciated significantly on the emergence of persistent global tensions. ConocoPhillips appreciated significantly on the heels of both higher energy prices and operational improvements.

At fiscal year-end, versus the primary benchmark, the Fund maintained relative overweight positions in the information technology, consumer discretionary, and industrials sectors and underweight positions in consumer staples, financials, and materials. Relative to the primary benchmark, the Fund continued to be significantly overweight U.S. stocks (93%) versus non-U.S. stocks (7%).

<sup>a</sup> The Net version of each index reflects no deductions for fees, expenses or income taxes.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**All Cap Core Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

**PORTFOLIO DIVERSIFICATION BY SECTOR**

---

| | |
|:---|:---|
| **Sector:** | Percentage<br> of Net Assets |
| Banks | 4.2% |
| Communication Services | 5.5 |
| Consumer Discretionary | 11.7 |
| Consumer Staples | 5 |
| Diversified Financials | 6 |
| Energy | 4.7 |
| Exchange-Traded Funds | 3.4 |
| Health Care | 12.9 |
| Industrials | 11.3 |
| Information Technology | 25.2 |
| Insurance | 1 |
| Materials | 1.7 |
| Real Estate | 2.1 |
| Utilities | 2 |
| Other\* | 3.3 |
|  | 100.0% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**All Cap Core Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x8x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<br> <u>For the Year Ended October 31, 2022<br> All Cap Core Fund</u>** |  |
| One Year | -21.34% |
| Five Year | 9.51% |
| Ten Year | 9.85% |
| **<u>MSCI ACWI IMI Index (Net)</u>** |  |
| One Year | -20.22% |
| Five Year | 4.99% |
| Ten Year | 7.96% |
| **<u>Blended Index (Net)</u>** |  |
| One Year | -17.32% |
| Five Year | 9.25% |
| Ten Year | 11.77% |

---

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

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

The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.96%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**All Cap Core Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

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

*The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The return of the Old Westbury Large Cap Strategies Fund (the "Fund") for the fiscal year ended October 31, 2022, was -23.77%. In comparison, the return of the MSCI All Country World Large Cap Index (Net)<sup>a</sup> ("the Index") was -19.47%.

Stock selection in communication services and healthcare detracted from relative performance. Stocks in these sectors with the highest negative relative contribution included Sea Ltd. Naver, and Wuxi Biologics. Sea Ltd. contended with the sell-off in high-growth, high-valuation stocks in addition to company-specific headwinds, including the gaming ban and e-commerce exit from India, and slowing overall gaming growth. Naver underperformed as slowing topline growth in advertising spending and margin compression impaired the company's earnings outlooks. Wuxi Biologics saw significant geopolitical tensions, high valuation, and a normalization in the home country's growth outlook that weighed on sentiment for the shares. Stock selection in developed Europe also detracted with notable names including Zalando and ASML Holding. Zalando underperformed due to a series of macroeconomic issues including weakening consumer sentiment in Europe, inflation, supply chain disruptions, and shifting apparel needs that have made wholesale buying more difficult. Building inventory concerns and a peak in wafer fabrication equipment demand have weighed on ASML Holding's earnings and profitability outlook, leading the stock to underperform the market.

Stock selection within industrials, energy, and materials sectors contributed to relative performance. Stocks in these sectors with the greatest relative contribution included Northrop Grumman Corporation, Chevron, and Corteva. Northrop Grumman Corporation appreciated following increased global tensions and an alignment with the Department of Defense's strategic initiatives. Shares in Chevron outperformed on the back of both higher energy prices and significant expansion of capital returns to shareholders. Corteva appreciated due to an improving mix of IP-protected agricultural solutions and a constructive operating outlook that have driven both sales and earnings revisions higher. An overweight position to the U.S. also contributed to relative performance.

At fiscal year-end, the Fund was relatively overweight industrials, energy, and materials. The Fund was relatively underweight consumer staples, communication services, healthcare, and financials. On a regional basis, as of fiscal year-end, the Fund was relatively overweight the U.S., while being underweight developed Europe, Japan, emerging markets, and other developed markets.

<sup>a</sup> The Net version of each index reflects no deductions for fees, expenses or income taxes.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

**PORTFOLIO DIVERSIFICATION BY COUNTRY**

---

| | |
|:---|:---|
| **Country:** | Percentage<br> of Net Assets |
| Australia | 0.6% |
| Belgium | 0.0 \* |
| Brazil | 0.5 |
| Canada | 1.4 |
| Chile | 0.0 \* |
| China | 3.4 |
| Czech Republic | 0.0 \* |
| Denmark | 0.0 \* |
| Egypt | 0.0 \* |
| Faeroe Islands | 0.0 \* |
| Finland | 0.1 |
| France | 1.3 |
| Germany | 0.2 |
| Hong Kong | 0.2 |
| India | 3.4 |
| Indonesia | 0.1 |
| Ireland | 0.5 |
| Israel | 0.0 \* |
| Italy | 0.0 \* |
| Japan | 0.7 |
| Kazakhstan | 0.1 |
| Luxembourg | 0.0 \* |
| Malaysia | 0.0 \* |
| Mexico | 0.0 \* |
| Netherlands | 1.3 |
| Norway | 0.1 |
| Philippines | 0.0 \* |
| Poland | 0.0 \* |
| Portugal | 0.0 \* |
| Qatar | 0.0 \* |
| Singapore | 0.3 |
| South Africa | 0.1 |
| South Korea | 0.1 |
| Spain | 0.0 \* |
| Sweden | 0.0 \* |
| Switzerland | 0.4 |
| Taiwan | 0.2 |
| Thailand | 0.2 |
| Turkey | 0.0 \* |
| United Arab Emirates | 0.1 |
| United Kingdom | 3.0 |
| United States | 71.3 |
| Uruguay | 0.8 |
| Other\*\* | 9.6 |
|  | 100.0% |

---

\* Represents less than 0.01% of net assets.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x12x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<br> <u>For the Year Ended October 31, 2022<br> Large Cap Strategies Fund</u>** |  |
| One Year | -23.77% |
| Five Year | 4.02% |
| Ten Year | 7.4% |
| **<u>MSCI ACWI Large Cap Index (Net)</u>** |  |
| One Year | -19.47% |
| Five Year | 5.6% |
| Ten Year | 8.11% |

---

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.10%, (current net operating expense is 1.09%). The expense ratio including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 1.11%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

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

*The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small** **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The return of the Old Westbury Small & Mid Cap Strategies Fund (the "Fund") for the fiscal year ended October 31, 2022, was -27.40%. In comparison, the return of the MSCI All Country World Small Mid Cap Index (Net)<sup>a</sup> (the "Index") was -22.25%.

In terms of detractors, stock selection in the U.S. and in the industrials sector were a drag to relative performance. An overweight position to and stock selection in healthcare also detracted. U.S. stocks with the highest negative relative contribution included Match Group and Tesla. Match Group delivered results below investor expectations as execution issues around monetizing its core product, Tinder, were amplified by a failure to drive user growth back to pre-pandemic levels. Tesla reported softer quarterly vehicle delivery numbers due to issues in transport. Stocks in the industrial and healthcare sectors with the highest negative relative contribution included Codexis and Kornit. Codexis reduced full-year revenue guidance following lower client-led Research & Development engagements. Kornit traded down on pressures surrounding e-commerce textile production due to the anticipation of a recession and reduced consumer demand.

The most significant contributors to the Fund's performance were underweight positions to the communication services, consumer discretionary, and real estate sectors. An overweight position to the consumer staples sector and positive stock selection in consumer staples and financials also contributed to relative performance. Individual stocks that contributed to relative performance include Dollarama and Alnylam Pharmaceuticals. Dollarama delivered strong results in line with its long-term growth profile, successfully navigating multiple layers of ongoing challenges such as inflation, supply chain disruptions, geopolitical concerns, and COVID-19. Alnylam Pharmaceuticals reported positive results from its phase III APOLLO-B trial, allowing the company to expand approval for its Onpattro drug.

At fiscal year-end, the Fund was overweight healthcare, technology, and industrials, and underweight real estate, utilities, consumer discretionary, and communication services. The Fund was regionally overweight other developed markets. Conversely, the Fund was underweight emerging markets and the U.S.

<sup>a</sup> The Net version of each index reflects no deductions for fees, expenses or income taxes.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small** **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

**PORTFOLIO DIVERSIFICATION BY COUNTRY**

---

| | |
|:---|:---|
| **Country:** | Percentage<br> of Net Assets |
| Australia | 2.7% |
| Austria | 0.2 |
| Belgium | 0.2 |
| Bermuda | 0.3 |
| Brazil | 0.6 |
| Canada | 3.9 |
| Chile | 0.0 \* |
| China | 2.8 |
| Costa Rica | 0.0 \* |
| Cyprus | 0.0 \* |
| Denmark | 1.6 |
| Finland | 0.4 |
| France | 1.3 |
| Georgia | 0.0 \* |
| Germany | 1.5 |
| Greece | 0.2 |
| Hong Kong | 0.6 |
| Iceland | 0.1 |
| India | 0.7 |
| Indonesia | 0.1 |
| Ireland | 0.1 |
| Israel | 2.8 |
| Italy | 0.7 |
| Japan | 7.3 |
| Jersey Channel Islands | 0.3 |
| Netherlands | 1 |
| New Zealand | 0.2 |
| Norway | 0.7 |
| Peru | 0.1 |
| Poland | 0.2 |
| Portugal | 0.1 |
| Russia | 0.0 \* |
| Singapore | 0.5 |
| South Africa | 0.2 |
| South Korea | 0.8 |
| Spain | 0.5 |
| Sweden | 1 |
| Switzerland | 1.8 |
| Taiwan | 0.6 |
| Thailand | 0.5 |
| Turkey | 0.6 |
| United Kingdom | 4.5 |
| United States | 40.2 |
| Uruguay | 0.2 |
| Vietnam | 0.0 \* |
| Other\*\* | 17.9 |
|  | 100.0% |

---

\* Represents less than 0.01% of net assets.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small** **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x15x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<br> <u>For the Year Ended October 31, 2022<br> Small & Mid Cap Strategies Fund</u>** |  |
| One Year | -27.4% |
| Five Year | 1.6% |
| Ten Year | 6.32% |
| **<u>MSCI ACWI SMID Cap Index (Net)</u>** |  |
| One Year | -22.25% |
| Five Year | 3.37% |
| Ten Year | 7.55% |

---

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

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.10%, as disclosed in the Funds' prospectus dated March 1, 2022. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.16% and after fee waivers as 1.12%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small** **& Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

*Investments made in small-capitalization and mid-capitalization companies are subject to greater volatility and less liquidity compared to investments made in larger and more established companies. The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The Old Westbury Credit Income Fund (the "Fund") returned -17.80% for the fiscal year ended October 31, 2022. In comparison, the return of the ICE Bank of America 1-10 Year U.S. Corporate Index (the "Index") was -12.56%.

The Fund's credit allocation generally has a tilt toward risk-on assets; namely convertible bonds, preferred securities, and emerging market debt. Global equity and fixed income pressures did not spare these asset classes, especially considering their duration-sensitive risk profiles. A significant catalyst was driven by Russia's invasion of Ukraine, which created more idiosyncratic volatility particularly in emerging market debt. After the invasion, the team rebalanced the Fund from interest rate sensitive agency mortgage-backed securities toward emerging market debt, convertible securities, and preferred securities, which marginally benefitted performance through the end of the fiscal year.

**PORTFOLIO DIVERSIFICATION BY SECTOR**

---

| | |
|:---|:---|
| **Sector:** | Percentage<br> of Net Assets |
| Asset-Backed Securities | 16.0% |
| Bank Loans | 0.4 |
| Corporate Bonds | 11.1 |
| Exchange-Traded Funds | 19.8 |
| Non-Agency Mortgage-Backed Securities | 24.0 |
| Preferred Stocks | 0.2 |
| U.S. Government Agencies and Securities | 23.6 |
| Other<sup>\*</sup> | 4.9 |
|  | 100.0% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x18x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<br> <u>For the Year Ended October 31, 2022<br> Credit Income Fund</u>** |  |
| One Year | -17.8% |
| Since Inception date of October 1, 2020 | -6.48% |
| **<u>ICE Bank of America 1-10 Year U.S. Corporate Index</u>** |  |
| One Year | -12.56% |
| Since Inception date of October 1, 2020 | -5.76% |

---

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 0.85%, as disclosed in the Funds' prospectus dated March 1, 2022. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 0.95% and after fee waivers as 0.93%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 2 Years and 1 Month, with distributions reinvested. The ICE Bank of America 1-10 Year U.S. Corporate Index also includes the reinvestment of distributions but does not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America 1-10 Year U.S. Corporate Index is unmanaged. Investments cannot be made directly in an index.

*Securities representing interests in "pools" of mortgages or other assets are subject to various risks, including prepayment and contraction risk, risk of default of the underlying mortgage or assets, and delinquencies and losses of the underlying mortgage or assets. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility. The Fund may invest in instruments that are volatile, speculative or otherwise risky. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The Old Westbury Fixed Income Fund (the "Fund") returned -10.39% for the fiscal year ended October 31, 2022. In comparison, the return of the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (the "Index") was -9.42%.

During the first half of the fiscal year, on concern that interest rate volatility would widen spreads, the team reduced exposure to credit risk by slightly lowering the overall allocation to corporate bonds, reducing the duration of the Fund's credit holdings, and moving up in credit quality. The Fund had a barbell structure for most of the year, with an overweight in the front and long ends of the yield curve and an underweight to the belly. This structure, along with an exposure to Treasury Inflation Protected Securities, aided performance. In contrast, an overweight to credit and a longer duration than the Index were a drag on relative performance, though the reduction in credit risk helped limit underperformance.

As the fiscal year end approached, with significantly higher interest rates as a result of Federal Reserve hikes and the market pricing additional future interest rate hikes, the team began to increase duration and incrementally add credit exposure. The team believes that the combination of higher interest rates and wider spreads provides an opportunity to lock in higher yields for longer. At fiscal year-end, the Fund was also overweight duration relative to the Index and the Fund's corporate bond exposure had moved up in quality relative to the beginning of the fiscal year. Exposure to asset-backed securities (ABS), a short-duration, high-quality asset class, and collateralized loan obligations (CLOs), whose underlying securities are floating-rate, were maintained throughout the year. A small exposure to TIPS, which helps protect against inflation, also was maintained.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

**PORTFOLIO DIVERSIFICATION BY SECTOR**

---

| | |
|:---|:---|
| **Sector:** | Percentage<br> of Net Assets |
| Asset-Backed Securities | 7.9% |
| Corporate Bonds | 29.9 |
| Municipal Bonds | 0.7 |
| Non-Agency Mortgage-Backed Securities | 0.0 \* |
| U.S. Government Securities | 60.2 |
| Other<sup>\*\*</sup> | 1.3 |
|  | 100.0% |

---

\* Represents less than 0.01% of net assets.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x21x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<br> <u>For the Year Ended October 31, 2022<br> Fixed Income Fund</u>** |  |
| One Year | -10.39% |
| Five Year | -0.1% |
| Ten Year | 0.31% |
| **<u>ICE Bank of America 1-10 Year AAA-A U.S. Corporate & Government Index</u>** |  |
| One Year | -9.42% |
| Five Year | 0.23% |
| Ten Year | 0.79% |

---

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.68% and after fee waivers if 0.57%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The return of the Old Westbury Municipal Bond Fund (the "Fund") for the fiscal year ended October 31, 2022, was -8.09%. In comparison, the return of the primary benchmark, the ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index (the "Index"), was -7.09%. The Fund's secondary benchmark, the Lipper Short-Intermediate Municipal Debt Funds Index, returned -6.48%.

The Fund entered the year with a longer duration posture compared to its primary benchmark, reflective of supportive fundamentals, lower supply trends, and a favorable tax environment. As the first quarter unfolded and the Federal Reserve initiated its interest rate hiking cycle, however, the Fund shifted to a shorter duration posture and positioned for a flattening curve trend. Despite this shift, the magnitude and velocity of the repricing in the municipal market far exceeded the change in positioning, and ultimately, duration positioning and front-end positioning proved to be detractors relative to the Fund's primary benchmark. Amid the volatility in the market throughout the year, municipal spreads also widened dramatically, leading to further performance erosion.

Offsetting these negative attributes, yield-curve positioning was additive to performance as the flattener came to fruition, as was roll down given the steepness of the belly of the municipal curve. Credit selection also contributed relative to the Fund's primary benchmark as the Fund was positioned with a focus on high-quality securities, helping to buffer the higher levels of volatility experienced down the ratings curve.

At fiscal year end, the Fund was positioned marginally long-duration relative to its primary benchmark, with a higher-quality credit focus. Exposures varied across municipal sectors and Fund constituents were predominantly tax-exempt, although a small allocation to taxable municipals and U.S. Treasuries was maintained throughout the year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

**PORTFOLIO DIVERSIFICATION BY STATE**

---

| | |
|:---|:---|
| **State:** | Percentage<br> of Net Assets |
| Alabama | 0.5% |
| Arizona | 0.7 |
| Arkansas | 0.2 |
| California | 6.4 |
| Colorado | 1.4 |
| Connecticut | 1.5 |
| Delaware | 2.1 |
| District of Columbia | 2.4 |
| Florida | 2.1 |
| Georgia | 4.0 |
| Hawaii | 3.7 |
| Illinois | 0.1 |
| Indiana | 0.4 |
| Iowa | 0.7 |
| Maryland | 8.4 |
| Massachusetts | 5.1 |
| Michigan | 0.4 |
| Minnesota | 2.1 |
| Mississippi | 0.3 |
| Nebraska | 0.3 |
| New Hampshire | 0.1 |
| New Jersey | 4.4 |
| New Mexico | 0.3 |
| New York | 15.0 |
| North Carolina | 2.2 |
| Ohio | 2.3 |
| Oklahoma | 0.5 |
| Oregon | 0.8 |
| Pennsylvania | 2.0 |
| Rhode Island | 0.2 |
| South Carolina | 0.4 |
| South Dakota | 0.1 |
| Tennessee | 0.1 |
| Texas | 10.4 |
| Utah | 0.8 |
| Virginia | 4.3 |
| Washington | 5.5 |
| Wisconsin | 1.4 |
| Other\* | 6.4 |
|  | 100.0% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x24x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<br> <u>For the Year Ended October 31, 2022<br> Municipal Bond Fund</u>** |  |
| One Year | -8.09% |
| Five Year | 0.04% |
| Ten Year | 0.55% |
| **<u>ICE Bank of America 1-12 Year AAA-AA Municipal Securities Index</u>** |  |
| One Year | -7.09% |
| Five Year | 0.51% |
| Ten Year | 1.13% |
| **<u>Lipper Short-Intermediate Municipal Debt Funds Index</u>** |  |
| One Year | -6.48% |
| Five Year | 0.47% |
| Ten Year | 0.85% |

---

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.65% and after fee waivers as 0.57%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The return of the Old Westbury California Municipal Bond Fund (the "Fund") for the fiscal year ended October 31, 2022, was -7.71%. In comparison, the return of its benchmark, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index (the "Index"), was -7.67%.

The Fund entered the year with a longer-than-benchmark duration posture, reflective of supportive fundamentals, lower supply trends and a favorable tax environment. As the first quarter unfolded and the Federal Reserve initiated its interest rate hiking cycle, however, the Fund shifted to a shorter duration posture and was positioned for a flattening curve trend. Despite this shift, the magnitude and velocity of the repricing in the municipal market far exceeded the change in positioning, and ultimately, duration positioning detracted from performance relative to the Index.

Meanwhile, the Fund's performance benefitted from a number of factors. Curve positioning and shape proved to be additive given a favorable bear flattening trend in the markets and longer-dated holdings performed better than short-dated counterparts. The Fund was able to capture positive roll down in the belly of the curve, and the relative underweight position in the AA ratings bucket helped mitigate much of the spread widening that took place during the year.

At fiscal year end, the Fund was positioned marginally long duration relative to the benchmark with a higher-quality credit focus. Exposures varied across municipal sectors and Fund constituents were predominantly tax-exempt, although a small allocation to taxable municipals and U.S. Treasuries was maintained throughout the year. In-state municipals were prioritized for purchase given the state's onerous tax burden.

**PORTFOLIO DIVERSIFICATION BY STATE**

---

| | |
|:---|:---|
| **State:** | Percentage<br> of Net Assets |
| California | 91.7% |
| Other\* | 8.3 |
|  | 100.0% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x27x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<br> <u>For the Year Ended October 31, 2022<br> California Municipal Bond Fund</u>** |  |
| One Year | -7.71% |
| Since Inception date of December 4, 2018 | -0.04% |
| **<u>ICE Bank of America 3-7 Year AAA-AA Municipal Securities Index</u>** |  |
| One Year | -7.67% |
| Since Inception date of December 4, 2018 | 0.38% |

---

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.76% and after fee waivers as 0.57%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** |  |

---

The return of the Old Westbury New York Municipal Bond Fund (the "Fund") for the fiscal year ended October 31, 2022, was -7.72%. In comparison, the return of its benchmark, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index (the "Index"), was -7.67%.

The Fund entered the year with a longer-than-benchmark duration posture, reflective of supportive fundamentals, lower supply trends and a favorable tax environment. As the first quarter unfolded and the Federal Reserve initiated its rate hiking cycle, however, the Fund shifted to a shorter duration posture and positioned for a flattening curve trend. Despite this shift, the magnitude and velocity of the repricing in the municipal market far exceeded the change in positioning, and ultimately, duration positioning and front-end positioning proved to be relative detractors. Amid the volatility in the market throughout the year, municipal spreads also widened dramatically, leading to further performance erosion.

Offsetting these negative attributes, yield-curve positioning was additive to relative performance as the flattener came to fruition, as was roll down given the steepness of the belly of the municipal curve. Credit selection also contributed as the Fund was positioned up-in-quality, helping to buffer the higher levels of volatility experienced in lower-rated bonds.

At fiscal year end, the Fund was positioned marginally long-duration relative to the benchmark with a higher-quality credit focus. Exposures varied across municipal sectors and Fund constituents were predominantly tax-exempt, although a small allocation to taxable municipals and U.S. Treasuries was maintained throughout the year. In-state municipals were prioritized for purchase given the state's onerous tax burden.

**PORTFOLIO DIVERSIFICATION BY STATE**

---

| | |
|:---|:---|
| **State:** | Percentage<br> of Net Assets |
| New York | 93.0% |
| Other\* | 7.0 |
|  | 100.0% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Investment Adviser's Report (Unaudited)** - **(Continued)** |  |

---

![](x1_c105080x29x1.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns<u><br> For the Year Ended October 31, 2022<br> New York Municipal Bond Fund</u>** |  |
| One Year | -7.72% |
| Since Inception date of December 4, 2018 | 0.1% |
| **<u>ICE Bank of America 3-7 Year AAA-AA Municipal Securities Index</u>** |  |
| One Year | -7.67% |
| Since Inception date of December 4, 2018 | 0.38% |

---

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

The Adviser has contractually committed through October 31, 2024, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.74% and after fee waivers as 0.57%. Additional information pertaining to the Fund's expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Disclosure of Fund Expenses (Unaudited)** |  |
|  | ***For the Period Ended October 31, 2022***  |

---

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 through October 31, 2022.

**Actual Expenses**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Actual<br> Beginning<br> Account Value<br> 05/01/2022** | **Actual<br> Ending<br> Account Value<br> 05/01/2022** | **Actual<br> Expenses Paid<br> During Period\*<br> 05/01/2022<br> - 10/31/2022** | **Actual<br> Expense Ratio<br> During Period\*\*<br> 05/01/2022<br> - 10/31/2022** |
| All Cap Core Fund | $1000.00 | $932.30 | $4.65 | 0.96% |
| Large Cap Strategies Fund | 1000.00 | 922.30 | 5.30 | 1.10% |
| Small & Mid Cap Strategies Fund | 1000.00 | 896.50 | 5.23 | 1.10% |
| Credit Income Fund | 1000.00 | 907.70 | 4.06 | 0.85% |
| Fixed Income Fund | 1000.00 | 955.10 | 2.79 | 0.57% |
| Municipal Bond Fund | 1000.00 | 979.90 | 2.83 | 0.57% |
| California Municipal Bond Fund | 1000.00 | 982.40 | 2.83 | 0.57% |
| New York Municipal Bond Fund | 1000.00 | 981.40 | 2.83 | 0.57% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Disclosure of Fund Expenses (Unaudited)** - **(Continued)** |  |
|  | ***For the Period Ended October 31, 2022***  |

---

**Hypothetical Example for Comparison Purposes**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hypothetical<br> Beginning<br> Account Value<br> 05/01/2022** | **Hypothetical<br> Ending<br> Account Value<br> 10/31/2022** | **Hypothetical<br> Expenses Paid<br> During Period\*<br> 05/01/2022<br> - 10/31/2022** | **Hypothetical<br> Expense Ratio<br> During Period\*\*<br> 05/01/2022<br> - 10/31/2022** |
| All Cap Core Fund | $1000.00 | $1020.26 | $4.86 | 0.96% |
| Large Cap Strategies Fund | 1000.00 | 1019.55 | 5.57 | 1.10% |
| Small & Mid Cap Strategies Fund | 1000.00 | 1019.55 | 5.57 | 1.10% |
| Credit Income Fund | 1000.00 | 1020.81 | 4.31 | 0.85% |
| Fixed Income Fund | 1000.00 | 1022.21 | 2.89 | 0.57% |
| Municipal Bond Fund | 1000.00 | 1022.21 | 2.89 | 0.57% |
| California Municipal Bond Fund | 1000.00 | 1022.21 | 2.89 | 0.57% |
| New York Municipal Bond Fund | 1000.00 | 1022.21 | 2.89 | 0.57% |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**All Cap Core Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 93.3%** | **COMMON STOCKS — 93.3%** | **COMMON STOCKS — 93.3%** |
| **Banks — 4.2%** | **Banks — 4.2%** | **Banks — 4.2%** |
| 1873452 | Bank of America Corp. | $67519210 |
| 396130 | JPMorgan Chase & Co. | 49864844 |
|  |  | 117384054 |
| **Communication Services — 5.5%** | **Communication Services — 5.5%** | **Communication Services — 5.5%** |
| 1148857 | Alphabet, Inc. - Class C(a) | 108750804 |
| 90760 | Meta Platforms, Inc. - Class A(a) | 8455201 |
| 314675 | Take-Two Interactive Software, Inc.(a) | 37282694 |
|  |  | 154488699 |
| **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** |
| 102654 | Advance Auto Parts, Inc. | 19496048 |
| 670315 | Amazon.com, Inc.(a) | 68667069 |
| 481275 | ANTA Sports Products Ltd. | 4230504 |
| 174638 | Aptiv Plc(a) | 15904283 |
| 111863 | Burlington Stores, Inc.(a) | 15991934 |
| 115062 | Dollar General Corp. | 29346563 |
| 531831 | Dollarama, Inc. | 31601071 |
| 34399 | Domino's Pizza, Inc. | 11428724 |
| 151407 | Expedia Group, Inc.(a) | 14152012 |
| 227869 | Hilton Worldwide Holdings, Inc. | 30821561 |
| 4203991 | Li Ning Co. Ltd. | 21743904 |
| 56697 | LVMH Moet Hennessy Louis Vuitton SE | 35803688 |
| 22415 | MercadoLibre, Inc.(a) | 20209812 |
| 105211 | Wyndham Hotels & Resorts, Inc. | 7988671 |
|  |  | 327385844 |
| **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** |
| 281625 | BJ's Wholesale Club Holdings, Inc.(a) | 21797775 |
| 24543 | Costco Wholesale Corp. | 12308315 |
| 262373 | PepsiCo, Inc. | 47641689 |
| 782675 | US Foods Holding Corp.(a) | 23292408 |
| 244110 | Walmart, Inc. | 34744176 |
|  |  | 139784363 |
| **Diversified Financials — 6.0%** | **Diversified Financials — 6.0%** | **Diversified Financials — 6.0%** |
| 371764 | Blackstone, Inc. | 33882571 |
| 1311 | Brookfield Asset Management, Inc. - Class A | 51929 |
| 530264 | Charles Schwab Corp. (The) | 42246133 |
| 39079 | Moody's Corp. | 10350855 |
| 77870 | MSCI, Inc. | 36510128 |
| 397005 | Nasdaq, Inc. | 24709591 |
| 63520 | S&P Global, Inc. | 20405800 |
|  |  | 168157007 |
| **Energy — 4.7%** | **Energy — 4.7%** | **Energy — 4.7%** |
| 549425 | ConocoPhillips | 69276998 |
| 129840 | Pioneer Natural Resources Co. | 33292275 |
| 531700 | Schlumberger Ltd. | 27664351 |
|  |  | 130233624 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Health Care — 12.9%** | **Health Care — 12.9%** | **Health Care — 12.9%** |
| 614379 | Avantor, Inc.(a) | $12392025 |
| 1032 | Catalent, Inc.(a) | 67833 |
| 75298 | Cooper Cos, Inc. (The) | 20585720 |
| 184996 | Danaher Corp. | 46557943 |
| 331542 | IQVIA Holdings, Inc.(a) | 69514411 |
| 49247 | Laboratory Corp. of America Holdings | 10925939 |
| 105541 | STERIS Plc | 18214266 |
| 74214 | Teleflex, Inc. | 15923356 |
| 92630 | Thermo Fisher Scientific, Inc. | 47609041 |
| 148577 | UnitedHealth Group, Inc. | 82482522 |
| 248333 | Zoetis, Inc. | 37443650 |
|  |  | 361716706 |
| **Industrials — 11.3%** | **Industrials — 11.3%** | **Industrials — 11.3%** |
| 271395 | A.O. Smith Corp. | 14867018 |
| 232775 | Canadian Pacific Railway Ltd. | 17352831 |
| 93997 | Carlisle Cos, Inc. | 22446484 |
| 351220 | Copart, Inc.(a) | 40397324 |
| 252355 | Eaton Corp. Plc | 37870915 |
| 121484 | Equifax, Inc. | 20596397 |
| 61755 | HEICO Corp. | 10043833 |
| 997150 | Howmet Aerospace, Inc. | 35448683 |
| 565602 | IAA, Inc.(a) | 21453284 |
| 163054 | Lincoln Electric Holdings, Inc. | 23153668 |
| 75212 | Northrop Grumman Corp. | 41292140 |
| 46873 | Saia, Inc.(a) | 9321165 |
| 116225 | Union Pacific Corp. | 22912596 |
|  |  | 317156338 |
| **Information Technology — 25.2%** | **Information Technology — 25.2%** | **Information Technology — 25.2%** |
| 38564 | Adobe, Inc.(a) | 12282634 |
| 476610 | Amphenol Corp. - Class A | 36141336 |
| 954803 | Apple, Inc. | 146409492 |
| 32779 | ASM International NV | 7282137 |
| 62679 | ASML Holding NV | 29608525 |
| 40630 | Aspen Technology, Inc.(a) | 9810114 |
| 117551 | CDW Corp. | 20313988 |
| 86354 | Keysight Technologies, Inc.(a) | 15038549 |
| 694594 | Microsoft Corp. | 161236105 |
| 153328 | Motorola Solutions, Inc. | 38287535 |
| 86132 | Nice Ltd. - ADR(a) | 16355606 |
| 601 | NVIDIA Corp. | 81117 |
| 45785 | Paycom Software, Inc.(a) | 15841610 |
| 83220 | ServiceNow, Inc.(a) | 35013983 |
| 52395 | Synopsys, Inc.(a) | 15328157 |
| 251500 | Texas Instruments, Inc. | 40398445 |
| 446525 | Visa, Inc. - Class A | 92502119 |
| 90679 | WEX, Inc.(a) | 14884051 |
|  |  | 706815503 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| 45403 | Aon Plc - Class A | 12780491 |
| 92639 | Marsh & McLennan Cos, Inc. | 14960272 |
|  |  | 27740763 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**All Cap Core Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| 25376 | Martin Marietta Materials, Inc. | $8525829 |
| 244792 | Vulcan Materials Co. | 40072450 |
|  |  | 48598279 |
| **Real Estate — 2.1%** | **Real Estate — 2.1%** | **Real Estate — 2.1%** |
| 138478 | American Tower Corp. REIT | 28691257 |
| 48945 | Crown Castle, Inc. REIT | 6522411 |
| 83605 | Jones Lang LaSalle, Inc.(a) | 13300719 |
| 95087 | Prologis, Inc. REIT | 10530885 |
|  |  | 59045272 |
| **Utilities — 2.0%** | **Utilities — 2.0%** | **Utilities — 2.0%** |
| 458919 | Ameren Corp. | 37411077 |
| 135910 | American Water Works Co., Inc. | 19753159 |
|  |  | 57164236 |
| Total Common Stocks<br>(Cost $1,785,697,662) | Total Common Stocks<br>(Cost $1,785,697,662) | 2615670688 |
| **EXCHANGE-TRADED FUNDS — 3.4%** | **EXCHANGE-TRADED FUNDS — 3.4%** | **EXCHANGE-TRADED FUNDS — 3.4%** |
| 245753 | Consumer Staples Select Sector SPDR Fund | 17876073 |
| 139162 | Health Care Select Sector SPDR Fund | 18473756 |
| 1933 | iShares China Large-Cap ETF | 40496 |
| 63454 | iShares Semiconductor ETF | 20716462 |
| 577695 | KraneShares CSI China Internet ETF | 11091744 |
| 667622 | Real Estate Select Sector SPDR Fund | 24521756 |
| 45182 | Utilities Select Sector SPDR Fund | 3017254 |
| Total Exchange-Traded Funds <br> (Cost $97,690,391) | Total Exchange-Traded Funds <br> (Cost $97,690,391) | 95737541 |
| **INVESTMENT COMPANY — 3.3%** | **INVESTMENT COMPANY — 3.3%** | **INVESTMENT COMPANY — 3.3%** |
| 91729827 | SEI Daily Income Trust Government II Fund - Class A, 2.89%(b) | 91729827 |
| Total Investment Company<br>(Cost $91,729,827) | Total Investment Company<br>(Cost $91,729,827) | 91729827 |
| **TOTAL INVESTMENTS — 100.0%**<br>(Cost $1,975,117,880) | **TOTAL INVESTMENTS — 100.0%**<br>(Cost $1,975,117,880) | $2803138056 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%** | (722671) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2802415385 |

---

(a) Non-income producing security.

(b) The rate shown represents the current yield as of October 31, 2022.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 90.4%** | **COMMON STOCKS — 90.4%** | **COMMON STOCKS — 90.4%** |
| **AUSTRALIA — 0.6%** | **AUSTRALIA — 0.6%** | **AUSTRALIA — 0.6%** |
| 42891 | Australia & New Zealand Banking Group Ltd. | $701245 |
| 802338 | BHP Group Ltd. | 19173731 |
| 69100 | BlueScope Steel Ltd. | 695263 |
| 23105 | Commonwealth Bank of Australia | 1547078 |
| 62329 | Computershare Ltd. | 1007483 |
| 378700 | CSL Ltd. | 67942200 |
| 276330 | Fortescue Metals Group Ltd. | 2598291 |
| 25660 | National Australia Bank Ltd. | 532123 |
| 697295 | Newcrest Mining Ltd. | 7738529 |
| 85725 | Nick Scali Ltd. | 552178 |
| 289245 | Nine Entertainment Co. Holdings Ltd. | 381132 |
| 6540 | REA Group Ltd. | 508649 |
| 418893 | Santos Ltd. | 2063176 |
| 97935 | SmartGroup Corp. Ltd. | 308209 |
| 791820 | South32 Ltd. | 1823356 |
| 838155 | Tabcorp Holdings Ltd. | 517362 |
| 116384 | Woodside Energy Group Ltd. | 2678532 |
| 18957 | Woolworths Group Ltd. | 400395 |
|  |  | 111168932 |
| **BELGIUM — 0.0%** | **BELGIUM — 0.0%** | **BELGIUM — 0.0%** |
| 7904 | Etablissements Franz Colruyt NV | 190513 |
| 20538 | Proximus SADP | 215348 |
| 5513 | UCB SA | 415808 |
|  |  | 821669 |
| **BRAZIL — 0.5%** | **BRAZIL — 0.5%** | **BRAZIL — 0.5%** |
| 193548 | Ambev SA | 599884 |
| 166950 | B3 SA - Brasil Bolsa Balcao | 484803 |
| 108815 | Cia de Saneamento Basico do Estado de Sao Paulo | 1267314 |
| 65990 | Cia de Saneamento de Minas Gerais- COPASA | 196354 |
| 1511400 | Localiza Rent a Car SA | 20610399 |
| 3585379 | NU Holdings Ltd. - Class A(a) | 17926895 |
| 537647 | Pagseguro Digital Ltd. - Class A(a) | 7355011 |
| 135166 | Petroleo Brasileiro SA | 869532 |
| 396380 | Petroleo Brasileiro SA - Preference Shares | 2286734 |
| 3426385 | Raia Drogasil SA | 17564742 |
| 183590 | Suzano SA | 1892589 |
| 683315 | Vale SA | 8865699 |
| 749181 | XP, Inc. - Class A(a) | 13732488 |
|  |  | 93652444 |
| **CANADA — 1.4%** | **CANADA — 1.4%** | **CANADA — 1.4%** |
| 317615 | Agnico Eagle Mines Ltd. | 13971936 |
| 19917 | Alimentation Couche-Tard, Inc. | 891795 |
| 11534 | Bank of Nova Scotia (The) | 557503 |
| 1258356 | Barrick Gold Corp. | 18925911 |
| 61705 | Cameco Corp. | 1463419 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **CANADA (continued)** | **CANADA (continued)** | **CANADA (continued)** | **CANADA (continued)** |
| 5648 | Canadian National Railway Co. | $| 669128 |
| 136130 | Canadian Natural Resources Ltd. |  | 8164702 |
| 1639155 | Canadian Pacific Railway Ltd. |  | 122195164 |
| 14770 | Canfor Corp.(a) |  | 221927 |
| 98880 | Cenovus Energy, Inc. |  | 1998866 |
| 489 | Constellation Software, Inc. |  | 707070 |
| 14743 | Dollarama, Inc. |  | 876020 |
| 19195 | Enbridge, Inc. |  | 747877 |
| 87860 | First Quantum Minerals Ltd. |  | 1549731 |
| 131815 | Franco-Nevada Corp. |  | 16286871 |
| 91970 | Frontera Energy Corp.(a) |  | 769595 |
| 14240 | Interfor Corp.(a) |  | 252951 |
| 15951 | Metro, Inc. |  | 835632 |
| 279475 | Nutrien Ltd. |  | 23613878 |
| 50735 | Pason Systems, Inc. |  | 538874 |
| 11623 | Rogers Communications, Inc. - Class B |  | 483826 |
| 14132 | Royal Bank of Canada |  | 1307548 |
| 1088350 | Shopify, Inc. - Class A(a) |  | 37254220 |
| 15525 | Stella-Jones, Inc. |  | 467568 |
| 114090 | Suncor Energy, Inc. |  | 3924291 |
| 10742 | TC Energy Corp. |  | 471833 |
| 75500 | Teck Resources Ltd. - Class B |  | 2298224 |
| 11385 | Toronto-Dominion Bank (The) |  | 728637 |
| 25505 | Tourmaline Oil Corp. |  | 1437049 |
| 22725 | West Fraser Timber Co. Ltd. |  | 1706272 |
| 322559 | Wheaton Precious Metals Corp. |  | 10552688 |
|  |  |  | 275871006 |
| **CHILE — 0.0%** | **CHILE — 0.0%** | **CHILE — 0.0%** | **CHILE — 0.0%** |
| 44432 | Antofagasta Plc |  | 598972 |
| **CHINA — 3.4%** | **CHINA — 3.4%** | **CHINA — 3.4%** | **CHINA — 3.4%** |
| 1300854 | Agricultural Bank of China Ltd. - H Shares |  | 371216 |
| 11974168 | Alibaba Group Holding Ltd.(a) |  | 93738272 |
| 11093665 | ANTA Sports Products Ltd. |  | 97515543 |
| 262901 | Asymchem Laboratories Tianjin Co. Ltd. - A Shares |  | 5130781 |
| 1172040 | Bank of China Ltd. - H Shares |  | 377757 |
| 633712 | BeiGene Ltd.(a) |  | 7992393 |
| 432300 | Beijing United Information Technology Co. Ltd. - A Shares |  | 7306097 |
| 16355 | Bilibili, Inc. - Z Shares(a) |  | 141472 |
| 1397900 | Centre Testing International Group Co. Ltd. - A Shares |  | 3587355 |
| 1056698 | China Construction Bank Corp. - H Shares |  | 561354 |
| 318552 | China International Capital Corp. Ltd. - H Shares(b)(c) |  | 443152 |
| 229830 | China Life Insurance Co. Ltd. - H Shares |  | 250336 |
| 2885583 | China Merchants Bank Co. Ltd. - H Shares |  | 9484250 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CHINA (continued)** | **CHINA (continued)** | **CHINA (continued)** |
| 3147351 | China Petroleum & Chemical Corp. - H Shares | $1242958 |
| 990145 | China Resources Medical Holdings Co. Ltd. | 473020 |
| 245643 | China Shenhua Energy Co. Ltd. - H Shares | 646211 |
| 241716 | CITIC Securities Co. Ltd. - H Shares | 361512 |
| 201786 | Contemporary Amperex Technology Co. Ltd. - A Shares | 10255070 |
| 449900 | ENN Energy Holdings Ltd. | 4473409 |
| 2619921 | Estun Automation Co. Ltd. - A Shares | 7030925 |
| 1852803 | Foshan Haitian Flavouring & Food Co. Ltd. - A Shares | 15070810 |
| 413763 | Fosun International Ltd. | 253013 |
| 1269200 | Fuyao Glass Industry Group Co. Ltd. - H Shares(b)(c) | 4551538 |
| 635600 | Glodon Co. Ltd. - A Shares | 4283795 |
| 210300 | Guangdong Kinlong Hardware Products Co. Ltd. - A Shares | 2270663 |
| 762755 | Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares | 7855169 |
| 4656000 | Haidilao International Holding Ltd.(a)(b)(c) | 6916099 |
| 1992200 | Haier Smart Home Co. Ltd. - H Shares | 4984529 |
| 491942 | Haitong Securities Co. Ltd. - H Shares | 240655 |
| 972135 | Hangzhou Robam Appliances Co. Ltd. - A Shares | 2716183 |
| 346612 | Hangzhou Tigermed Consulting Co. Ltd. - A Shares | 3937565 |
| 1575986 | Hangzhou Tigermed Consulting Co. Ltd. - H Shares(b)(c) | 10711160 |
| 2217716 | Huayu Automotive Systems Co. Ltd. - A Shares | 5068944 |
| 850885 | Industrial & Commercial Bank of China Ltd. - H Shares | 369637 |
| 605858 | JD Health International, Inc.(a)(b)(c) | 3322720 |
| 775073 | JD.com, Inc. - A Shares | 14327147 |
| 1737700 | Jiangsu Azure Corp. - A Shares | 3543112 |
| 382822 | Kanzhun Ltd. - ADR(a) | 4184244 |
| 153400 | KE Holdings, Inc. - A Shares(a) | 502236 |
| 124114 | KE Holdings, Inc. - ADR(a) | 1263481 |
| 3235000 | Kingdee International Software Group Co. Ltd.(a) | 5291624 |
| 1303400 | Kingsoft Corp. Ltd. | 3943583 |
| 419300 | Kuaishou Technology(a)(b)(c) | 1725350 |
| 84827 | Kweichow Moutai Co. Ltd. - A Shares | 15607969 |
| 528540 | Legend Holdings Corp. - H Shares(b)(c) | 443724 |
| 1671000 | Li Ning Co. Ltd. | 8642755 |
| 804540 | LONGi Green Energy Technology Co. Ltd. - A Shares | 5261219 |
| 1920500 | Medlive Technology Co. Ltd.(b)(c) | 1658799 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **CHINA (continued)** | **CHINA (continued)** | **CHINA (continued)** | **CHINA (continued)** |
| 963900 | Meituan - B Shares(a)(b)(c) | $| 15324851 |
| 1071311 | Midea Group Co. Ltd. - A Shares |  | 5866837 |
| 1350000 | Minth Group Ltd. |  | 2665724 |
| 32555 | NetEase, Inc. |  | 355010 |
| 103340 | NetEase, Inc. - ADR |  | 5747771 |
| 138791 | New China Life Insurance Co. Ltd. - H Shares |  | 220307 |
| 478452 | NIO, Inc. - ADR(a) |  | 4626631 |
| 500235 | PICC Property & Casualty Co. Ltd. - H Shares |  | 461384 |
| 80026 | Pinduoduo, Inc. - ADR(a) |  | 4387826 |
| 4424005 | Ping An Bank Co. Ltd. - A Shares |  | 6234687 |
| 2969500 | Ping An Insurance Group Co. of China Ltd. - H Shares |  | 11878530 |
| 910400 | Pop Mart International Group Ltd.(b)(c) |  | 1178354 |
| 349394 | Proya Cosmetics Co. Ltd. - A Shares |  | 7959767 |
| 357550 | SG Micro Corp. - A Shares |  | 7293249 |
| 2235093 | Shandong Sinocera Functional Material Co. Ltd. - A Shares |  | 7030884 |
| 1058152 | Shenzhen Inovance Technology Co. Ltd. - A Shares |  | 9619498 |
| 1629237 | Shenzhen Megmeet Electrical Co. Ltd. - A Shares |  | 5626903 |
| 627400 | Shenzhou International Group Holdings Ltd. |  | 4348036 |
| 917417 | Sinocare, Inc. - A Shares |  | 4707716 |
| 236400 | Sungrow Power Supply Co. Ltd. - A Shares |  | 4218247 |
| 397365 | Sunny Optical Technology Group Co. Ltd. |  | 3444827 |
| 4107187 | Tencent Holdings Ltd. |  | 107576471 |
| 221372 | Topchoice Medical Corp. - A Shares(a) |  | 3688502 |
| 3098000 | Weichai Power Co. Ltd. - H Shares |  | 2967898 |
| 389000 | WuXi AppTec Co. Ltd. - H Shares(b)(c) |  | 3117094 |
| 2855000 | Wuxi Biologics Cayman, Inc.(a)(b)(c) |  | 12911722 |
| 407656 | Yifeng Pharmacy Chain Co. Ltd. - A Shares |  | 3119211 |
| 1839140 | Yonyou Network Technology Co. Ltd. - A Shares |  | 6126247 |
| 183800 | Yunnan Energy New Material Co. Ltd. - A Shares |  | 3708541 |
| 2941968 | Zhejiang Sanhua Intelligent Controls Co. Ltd. - A Shares |  | 8520702 |
| 1145170 | Zhou Hei Ya International Holdings Co. Ltd.(b)(c) |  | 504773 |
| 6366000 | Zijin Mining Group Co. Ltd. - H Shares |  | 6082437 |
|  |  |  | 661851443 |
| **CZECH REPUBLIC — 0.0%** | **CZECH REPUBLIC — 0.0%** | **CZECH REPUBLIC — 0.0%** | **CZECH REPUBLIC — 0.0%** |
| 168245 | Moneta Money Bank AS(b)(c) |  | 491122 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **DENMARK — 0.0%** | **DENMARK — 0.0%** | **DENMARK — 0.0%** |
| 3809 | Carlsberg AS - Class B | $448932 |
| 5485 | Chr Hansen Holding A/S | 304597 |
| 3487 | Coloplast A/S - Class B | 388766 |
| 23891 | Novo Nordisk A/S - Class B | 2597337 |
| 9561 | Novozymes A/S - Class B | 502142 |
|  |  | 4241774 |
| **EGYPT — 0.0%** | **EGYPT — 0.0%** | **EGYPT — 0.0%** |
| 441303 | Commercial International Bank Egypt SAE | 591446 |
| 931590 | Egyptian Financial Group-Hermes Holding Co.(a) | 516373 |
|  |  | 1107819 |
| **FAEROE ISLANDS — 0.0%** | **FAEROE ISLANDS — 0.0%** | **FAEROE ISLANDS — 0.0%** |
| 23560 | Bakkafrost P/F | 1177303 |
| **FINLAND — 0.1%** | **FINLAND — 0.1%** | **FINLAND — 0.1%** |
| 7804 | Elisa Oyj | 377209 |
| 31065 | Kesko Oyj - Class B | 604790 |
| 8272 | Kone Oyj - Class B | 338846 |
| 146940 | Stora Enso Oyj - Class R | 1915365 |
| 141889 | UPM-Kymmene Oyj | 4754921 |
|  |  | 7991131 |
| **FRANCE — 1.3%** | **FRANCE — 1.3%** | **FRANCE — 1.3%** |
| 5887 | Air Liquide SA | 769699 |
| 1073243 | Airbus SE | 116224098 |
| 21252 | BNP Paribas SA | 997504 |
| 6425 | Capgemini SE | 1055605 |
| 10966 | Edenred | 563098 |
| 832 | Hermes International | 1077525 |
| 3258 | L'Oreal SA | 1024192 |
| 175982 | LVMH Moet Hennessy Louis Vuitton SE | 111131181 |
| 10081 | Sanofi | 870029 |
| 8942 | Schneider Electric SE | 1133425 |
| 2206 | Teleperformance | 591456 |
| 235314 | TotalEnergies SE | 12813453 |
|  |  | 248251265 |
| **GERMANY — 0.2%** | **GERMANY — 0.2%** | **GERMANY — 0.2%** |
| 11408 | BASF SE | 512232 |
| 2895 | Deutsche Boerse AG | 471061 |
| 15286 | Deutsche Post AG | 542471 |
| 74204 | Deutsche Telekom AG | 1405336 |
| 18556 | Evonik Industries AG | 342095 |
| 8079 | Fresenius Medical Care AG & Co. KGaA | 223394 |
| 17253 | Fresenius SE & Co. KGaA | 397272 |
| 92965 | K+S AG | 2054273 |
| 15875 | RWE AG | 611693 |
| 12202 | Vonovia SE | 270113 |
| 1074715 | Zalando SE(a)(b)(c) | 24778492 |
|  |  | 31608432 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **HONG KONG — 0.2%** | **HONG KONG — 0.2%** | **HONG KONG — 0.2%** |
| 2886627 | AIA Group Ltd. | $21862118 |
| 1302560 | Beijing Enterprises Water Group Ltd. | 273799 |
| 146319 | BOC Hong Kong Holdings Ltd. | 454821 |
| 134918 | China Mengniu Dairy Co. Ltd. | 432273 |
| 137815 | China Overseas Land & Investment Ltd. | 263001 |
| 94519 | China Resources Beer Holdings Co. Ltd. | 445524 |
| 110489 | China Resources Land Ltd. | 346261 |
| 251480 | China Water Affairs Group Ltd. | 178126 |
| 209163 | CLP Holdings Ltd. | 1404252 |
| 4044000 | Geely Automobile Holdings Ltd. | 4348138 |
| 1115838 | Guangdong Investment Ltd. | 703649 |
| 26026 | Hang Seng Bank Ltd. | 366370 |
| 1028315 | Sino Biopharmaceutical Ltd. | 499115 |
| 74846 | Sun Hung Kai Properties Ltd. | 805226 |
|  |  | 32382673 |
| **INDIA — 3.4%** | **INDIA — 3.4%** | **INDIA — 3.4%** |
| 57110 | Adani Ports & Special Economic Zone Ltd. | 568185 |
| 750032 | Apollo Hospitals Enterprise Ltd. | 40932253 |
| 1581510 | Asian Paints Ltd. | 59374330 |
| 11105 | Avenue Supermarts Ltd.(a)(b)(c) | 579670 |
| 522805 | Bajaj Finance Ltd. | 45120609 |
| 3084267 | Bandhan Bank Ltd.(a)(b)(c) | 8888308 |
| 386770 | Bank of Baroda | 690114 |
| 490065 | Bharat Electronics Ltd. | 632581 |
| 66070 | Bharti Airtel Ltd. | 664072 |
| 570910 | Britannia Industries Ltd. | 25977603 |
| 40340 | Central Depository Services India Ltd.(c) | 596273 |
| 122205 | DLF Ltd. | 569116 |
| 124370 | Embassy Office Parks REIT | 517418 |
| 37025 | Havells India Ltd. | 544031 |
| 7582520 | HDFC Bank Ltd. | 137099546 |
| 17780 | Hero MotoCorp Ltd. | 574968 |
| 1687609 | Housing Development Finance Corp. Ltd. | 50352532 |
| 3761045 | ICICI Prudential Life Insurance Co. Ltd.(b)(c) | 23060836 |
| 2616730 | Jubilant Foodworks Ltd. | 19281501 |
| 124540 | Mindspace Business Parks REIT(b)(c) | 534524 |
| 296520 | NTPC Ltd. | 620067 |
| 340120 | Oil & Natural Gas Corp. Ltd. | 550791 |
| 4137254 | Reliance Industries Ltd. | 127430072 |
| 53760 | Tata Chemicals Ltd. | 735699 |
| 176975 | Tata Consultancy Services Ltd. | 6826828 |
| 64230 | Tata Consumer Products Ltd. | 597587 |
| 5085 | Tata Elxsi Ltd. | 429753 |
| 3119058 | Titan Co. Ltd. | 104053380 |
| 50645 | TVS Motor Co. Ltd. | 701177 |
|  |  | 658503824 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **INDONESIA — 0.1%** | **INDONESIA — 0.1%** | **INDONESIA — 0.1%** |
| 3361175 | Aneka Tambang Tbk | $397587 |
| 45719409 | Bank Central Asia Tbk PT | 25794570 |
| 9425975 | Bumi Serpong Damai Tbk PT(a) | 562023 |
|  |  | 26754180 |
| **IRELAND — 0.5%** | **IRELAND — 0.5%** | **IRELAND — 0.5%** |
| 6017 | Accenture Plc - Class A | 1708226 |
| 473005 | Aptiv Plc(a) | 43076565 |
| 15075 | Experian Plc | 479570 |
| 57845 | Grafton Group Plc - Units | 457723 |
| 1985 | ICON Plc(a) | 392712 |
| 4288 | Jazz Pharmaceuticals Plc(a) | 616572 |
| 637505 | Medtronic Plc | 55679687 |
|  |  | 102411055 |
| **ISRAEL — 0.0%** | **ISRAEL — 0.0%** | **ISRAEL — 0.0%** |
| 4707 | Check Point Software Technologies Ltd.(a) | 608286 |
| 330295 | ICL Group Ltd. | 2983689 |
|  |  | 3591975 |
| **ITALY — 0.0%** | **ITALY — 0.0%** | **ITALY — 0.0%** |
| 216735 | Eni SpA | 2838853 |
| 45091 | FinecoBank Banca Fineco SpA | 607814 |
| 26246 | Prysmian SpA | 855682 |
|  |  | 4302349 |
| **JAPAN — 0.7%** | **JAPAN — 0.7%** | **JAPAN — 0.7%** |
| 21549 | Aeon Co. Ltd. | 402373 |
| 13291 | Asahi Group Holdings Ltd. | 372196 |
| 28647 | Astellas Pharma, Inc. | 394271 |
| 52025 | Avex, Inc. | 583245 |
| 8881 | Bandai Namco Holdings, Inc. | 587826 |
| 16445 | Chugai Pharmaceutical Co. Ltd. | 381554 |
| 3559 | Daikin Industries Ltd. | 535783 |
| 18270 | Daiwa House Industry Co. Ltd. | 370081 |
| 305 | Daiwa House REIT Investment Corp. | 615354 |
| 1825 | Disco Corp. | 438162 |
| 945 | Fast Retailing Co. Ltd. | 527426 |
| 30999 | Fuji Electric Co. Ltd. | 1200809 |
| 9335 | Fujitsu Ltd. | 1075099 |
| 450 | Fukuoka REIT Corp. | 525371 |
| 10226 | Hamamatsu Photonics KK | 463521 |
| 15738 | Hitachi Ltd. | 715484 |
| 6064 | Hoya Corp. | 565843 |
| 91020 | Inpex Corp. | 929206 |
| 22861 | ITOCHU Corp. | 591762 |
| 180 | Japan Real Estate Investment Corp. REIT | 754161 |
| 25210 | Japan Tobacco, Inc. | 417751 |
| 8538 | Kao Corp. | 320975 |
| 19681 | KDDI Corp. | 581714 |
| 196519 | Keyence Corp. | 74433909 |
| 20336 | Kyowa Kirin Co. Ltd. | 479355 |
| 8042 | Lawson, Inc. | 256898 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **JAPAN (continued)** | **JAPAN (continued)** | **JAPAN (continued)** | **JAPAN (continued)** |
| 11998 | M3, Inc. | $| 358742 |
| 21569 | Mitsubishi Corp. |  | 584718 |
| 38900 | Mitsubishi Electric Corp. |  | 342708 |
| 27573 | Mitsubishi Estate Co. Ltd. |  | 347316 |
| 31568 | Mitsui & Co. Ltd. |  | 699105 |
| 26163 | Mitsui Fudosan Co. Ltd. |  | 501372 |
| 9948 | Murata Manufacturing Co. Ltd. |  | 488385 |
| 16487 | Nichirei Corp. |  | 256572 |
| 12782 | Nihon Kohden Corp. |  | 286681 |
| 2016300 | Nihon M&A Center Holdings, Inc. |  | 22821432 |
| 152 | Nippon Building Fund, Inc. REIT |  | 675692 |
| 394 | Nippon Prologis REIT, Inc. |  | 825387 |
| 21926 | Nippon Telegraph & Telephone Corp. |  | 603686 |
| 18412 | Nomura Research Institute Ltd. |  | 409238 |
| 2850 | Obic Co. Ltd. |  | 428760 |
| 8302 | Omron Corp. |  | 388370 |
| 26459 | Osaka Gas Co. Ltd. |  | 391827 |
| 12036 | Otsuka Holdings Co. Ltd. |  | 385780 |
| 61622 | Panasonic Holdings Corp. |  | 441149 |
| 29490 | Recruit Holdings Co. Ltd. |  | 910314 |
| 13004 | Seven & i Holdings Co. Ltd. |  | 485720 |
| 17142 | Shimadzu Corp. |  | 452486 |
| 4018 | Shin-Etsu Chemical Co. Ltd. |  | 419918 |
| 1268 | SMC Corp. |  | 512675 |
| 34669 | SoftBank Corp. |  | 341689 |
| 16283 | Sony Group Corp. |  | 1093746 |
| 49110 | Sumitomo Metal Mining Co. Ltd. |  | 1381203 |
| 17710 | Sumitomo Mitsui Financial Group, Inc. |  | 497016 |
| 17560 | Sumitomo Realty & Development Co. Ltd. |  | 403291 |
| 12426 | Suntory Beverage & Food Ltd. |  | 416164 |
| 15005 | Terumo Corp. |  | 456523 |
| 28911 | Tokio Marine Holdings, Inc. |  | 523215 |
| 2924 | Tokyo Electron Ltd. |  | 776548 |
| 23841 | Tokyo Gas Co. Ltd. |  | 426010 |
| 10537 | Toyo Suisan Kaisha Ltd. |  | 395416 |
| 100530 | Toyota Motor Corp. |  | 1392391 |
| 12021 | Unicharm Corp. |  | 366382 |
| 11241 | Yamaha Corp. |  | 424859 |
|  |  |  | 131432615 |
| **KAZAKHSTAN — 0.1%** | **KAZAKHSTAN — 0.1%** | **KAZAKHSTAN — 0.1%** | **KAZAKHSTAN — 0.1%** |
| 183572 | Kaspi.KZ JSC - GDR(c) |  | 12023966 |
| **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** |
| 175735 | Aroundtown SA |  | 348730 |
| **MALAYSIA — 0.0%** | **MALAYSIA — 0.0%** | **MALAYSIA — 0.0%** | **MALAYSIA — 0.0%** |
| 1575610 | IOI Corp. Berhad |  | 1359663 |
| 269170 | Kuala Lumpur Kepong Berhad |  | 1234265 |
| 151018 | Tenaga Nasional Berhad |  | 268945 |
|  |  |  | 2862873 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **MEXICO — 0.0%** | **MEXICO — 0.0%** | **MEXICO — 0.0%** |
| 836409 | America Movil SAB de CV - Series L | $789423 |
| 226503 | Grupo Financiero Banorte SAB de CV - Series O | 1843874 |
| 780998 | Grupo Mexico SAB de CV - Series B | 2813296 |
| 199583 | Wal-Mart de Mexico SAB de CV | 771013 |
|  |  | 6217606 |
| **NETHERLANDS — 1.3%** | **NETHERLANDS — 1.3%** | **NETHERLANDS — 1.3%** |
| 48667 | Adyen NV(a)(b)(c) | 69863033 |
| 188009 | ASML Holding NV | 88812350 |
| 185078 | ASML Holding NV - New York | 87434549 |
| 6459 | IMCD NV | 838102 |
| 159863 | ING Groep NV | 1572579 |
| 21168 | Koninklijke Ahold Delhaize NV | 590970 |
| 6204 | NXP Semiconductors NV | 906280 |
| 6149 | Wolters Kluwer NV | 653554 |
|  |  | 250671417 |
| **NORWAY — 0.1%** | **NORWAY — 0.1%** | **NORWAY — 0.1%** |
| 34076 | Aker BP ASA | 1086247 |
| 93445 | Equinor ASA | 3418747 |
| 216800 | Mowi ASA | 3233393 |
| 245340 | Norsk Hydro ASA | 1557070 |
| 26695 | Salmar ASA | 904371 |
| 29523 | Telenor ASA | 268361 |
| 72190 | Yara International ASA | 3221978 |
|  |  | 13690167 |
| **PHILIPPINES — 0.0%** | **PHILIPPINES — 0.0%** | **PHILIPPINES — 0.0%** |
| 857005 | SM Prime Holdings, Inc. | 465844 |
| **POLAND — 0.0%** | **POLAND — 0.0%** | **POLAND — 0.0%** |
| 95391 | Powszechna Kasa Oszczednosci Bank Polski SA | 520903 |
| 61936 | Powszechny Zaklad Ubezpieczen SA | 347685 |
|  |  | 868588 |
| **PORTUGAL — 0.0%** | **PORTUGAL — 0.0%** | **PORTUGAL — 0.0%** |
| 25219 | Jeronimo Martins SGPS SA | 522878 |
| **QATAR — 0.0%** | **QATAR — 0.0%** | **QATAR — 0.0%** |
| 116623 | Qatar National Bank QPSC | 638556 |
| **SINGAPORE — 0.3%** | **SINGAPORE — 0.3%** | **SINGAPORE — 0.3%** |
| 1120421 | Sea Ltd. - ADR(a) | 55662515 |
| 1412990 | Wilmar International Ltd. | 3872847 |
|  |  | 59535362 |
| **SOUTH AFRICA — 0.1%** | **SOUTH AFRICA — 0.1%** | **SOUTH AFRICA — 0.1%** |
| 98387 | Absa Group Ltd. | 1069851 |
| 302845 | AngloGold Ashanti Ltd. | 3977811 |
| 627425 | Gold Fields Ltd. | 5072002 |
| 160805 | Impala Platinum Holdings Ltd. | 1646678 |
| 511005 | Sibanye Stillwater Ltd. | 1199845 |
| 79202 | Standard Bank Group Ltd. | 740117 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **SOUTH AFRICA (continued)** | **SOUTH AFRICA (continued)** | **SOUTH AFRICA (continued)** | **SOUTH AFRICA (continued)** |
| 79542 | Vodacom Group Ltd. | $| 542628 |
|  |  |  | 14248932 |
| **SOUTH KOREA — 0.1%** | **SOUTH KOREA — 0.1%** | **SOUTH KOREA — 0.1%** | **SOUTH KOREA — 0.1%** |
| 484663 | Coupang, Inc.(a) |  | 8370130 |
| 1410 | Dongwha Enterprise Co. Ltd.(a) |  | 65033 |
| 3579 | Hyundai Mobis Co. Ltd. |  | 550248 |
| 44184 | Kakaopay Corp.(a) |  | 1096496 |
| 20359 | KB Financial Group, Inc. |  | 686756 |
| 30364 | Kia Corp. |  | 1413271 |
| 1653 | Korea Zinc Co. Ltd. |  | 742687 |
| 524 | LG H&H Co. Ltd. |  | 187609 |
| 37583 | NAVER Corp. |  | 4472125 |
| 6251 | POSCO Holdings, Inc. |  | 1092702 |
| 67235 | Samsung Electronics Co. Ltd. |  | 2803720 |
| 21837 | Samsung Electronics Co. Ltd. - Preference Shares |  | 817096 |
|  |  |  | 22297873 |
| **SPAIN — 0.0%** | **SPAIN — 0.0%** | **SPAIN — 0.0%** | **SPAIN — 0.0%** |
| 92982 | Iberdrola SA |  | 944164 |
| 16739 | Industria de Diseno Textil SA |  | 379481 |
| 31168 | Red Electrica Corp. SA |  | 503609 |
| 113485 | Repsol SA |  | 1541523 |
|  |  |  | 3368777 |
| **SWEDEN — 0.0%** | **SWEDEN — 0.0%** | **SWEDEN — 0.0%** | **SWEDEN — 0.0%** |
| 86304 | Atlas Copco AB - Class A |  | 922665 |
| 46870 | Boliden AB |  | 1365195 |
| 131121 | Hexagon AB - Class B |  | 1296817 |
| 36503 | Sandvik AB |  | 570628 |
| 142380 | Svenska Cellulosa AB SCA - Class B |  | 1680262 |
| 34039 | Tele2 AB - Class B |  | 279065 |
| 72460 | Wihlborgs Fastigheter AB |  | 475139 |
|  |  |  | 6589771 |
| **SWITZERLAND — 0.4%** | **SWITZERLAND — 0.4%** | **SWITZERLAND — 0.4%** | **SWITZERLAND — 0.4%** |
| 12520 | Georg Fischer AG |  | 693298 |
| 150 | Givaudan SA |  | 447895 |
| 1962230 | Glencore Plc |  | 11240176 |
| 1844 | Lonza Group AG |  | 949116 |
| 27841 | Nestle SA |  | 3031690 |
| 20949 | Novartis AG |  | 1692489 |
| 6263 | Roche Holding AG |  | 2079953 |
| 259613 | Sika AG |  | 58541584 |
| 2492 | Sonova Holding AG |  | 589061 |
| 18664 | STMicroelectronics NV |  | 582853 |
| 1554 | Swisscom AG |  | 767107 |
| 47919 | UBS Group AG |  | 760406 |
| 1525 | Zurich Insurance Group AG |  | 650754 |
|  |  |  | 82026382 |
| **TAIWAN — 0.2%** | **TAIWAN — 0.2%** | **TAIWAN — 0.2%** | **TAIWAN — 0.2%** |
| 518175 | China Steel Corp. |  | 431779 |
| 884710 | Chunghwa Telecom Co. Ltd. |  | 3047647 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **TAIWAN (continued)** | **TAIWAN (continued)** | **TAIWAN (continued)** | **TAIWAN (continued)** |
| 97409 | Delta Electronics, Inc. | $| 778425 |
| 185511 | Formosa Chemicals & Fibre Corp. |  | 400125 |
| 379334 | Hon Hai Precision Industry Co. Ltd. |  | 1206664 |
| 41410 | MediaTek, Inc. |  | 758225 |
| 467888 | Mega Financial Holding Co. Ltd. |  | 434164 |
| 201438 | Pegatron Corp. |  | 368837 |
| 49470 | Poya International Co. Ltd. |  | 629458 |
| 75408 | Realtek Semiconductor Corp. |  | 596758 |
| 279356 | Taiwan Semiconductor Manufacturing Co. Ltd. |  | 3381142 |
| 501690 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |  | 30879019 |
| 214755 | Uni-President Enterprises Corp. |  | 436541 |
|  |  |  | 43348784 |
| **THAILAND — 0.2%** | **THAILAND — 0.2%** | **THAILAND — 0.2%** | **THAILAND — 0.2%** |
| 20137700 | CP ALL Public Co. Ltd. - FOR |  | 31746243 |
| **TURKEY — 0.0%** | **TURKEY — 0.0%** | **TURKEY — 0.0%** | **TURKEY — 0.0%** |
| 29289 | BIM Birlesik Magazalar AS |  | 210845 |
| 214472 | Eregli Demir ve Celik Fabrikalari TAS |  | 342201 |
| 28265 | Ford Otomotiv Sanayi AS |  | 551201 |
| 22805 | Otokar Otomotiv Ve Savunma Sanayi AS |  | 648098 |
|  |  |  | 1752345 |
| **UNITED ARAB EMIRATES — 0.1%** | **UNITED ARAB EMIRATES — 0.1%** | **UNITED ARAB EMIRATES — 0.1%** | **UNITED ARAB EMIRATES — 0.1%** |
| 507935 | Agthia Group PJSC |  | 618135 |
| 483955 | Emaar Development PJSC(a) |  | 563918 |
| 397305 | Emaar Properties PJSC |  | 655487 |
| 531085 | Fertiglobe Plc |  | 735951 |
| 219860 | International Holding Co. PJSC(a) |  | 24122289 |
|  |  |  | 26695780 |
| **UNITED KINGDOM — 3.0%** | **UNITED KINGDOM — 3.0%** | **UNITED KINGDOM — 3.0%** | **UNITED KINGDOM — 3.0%** |
| 265829 | Anglo American Plc |  | 7952083 |
| 1380980 | AstraZeneca Plc |  | 162393404 |
| 9271 | AstraZeneca Plc - ADR |  | 545227 |
| 75143 | Barratt Developments Plc |  | 324187 |
| 1904756 | BP Plc |  | 10480627 |
| 26962 | British American Tobacco Plc |  | 1061639 |
| 9710 | Croda International Plc |  | 752755 |
| 25480 | Diageo Plc |  | 1051352 |
| 4165838 | Entain Plc |  | 60338347 |
| 36777 | GSK Plc |  | 602609 |
| 24111 | Hargreaves Lansdown Plc |  | 211029 |
| 71265 | Howden Joinery Group Plc |  | 420075 |
| 485147 | ITV Plc |  | 372766 |
| 169005 | Legal & General Group Plc |  | 451395 |
| 508541 | Linde Plc |  | 151214666 |
| 7445 | LivaNova Plc(a) |  | 350659 |
| 1054895 | Lloyds Banking Group Plc |  | 508338 |
| 1623924 | London Stock Exchange Group Plc |  | 140902832 |
| 139904 | Mondi Plc |  | 2346463 |
| 8193 | Next Plc |  | 463116 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |
| 74815 | Pennon Group Plc | $| 718557 |
| 41087 | RELX Plc |  | 1103046 |
| 202755 | Rio Tinto Plc |  | 10549407 |
| 73280 | Severn Trent Plc |  | 2103459 |
| 712407 | Shell Plc |  | 19640400 |
| 6151 | Spirax-Sarco Engineering Plc |  | 758301 |
| 18000 | Unilever Plc |  | 820432 |
| 13255 | Unilever Plc |  | 605382 |
| 195920 | United Utilities Group Plc |  | 2110654 |
|  |  |  | 581153207 |
| **UNITED STATES — 71.3%** | **UNITED STATES — 71.3%** | **UNITED STATES — 71.3%** | **UNITED STATES — 71.3%** |
| 5485 | 3M Co. |  | 689958 |
| 16000 | A.O. Smith Corp. |  | 876480 |
| 887759 | Abbott Laboratories |  | 87834875 |
| 1481179 | AbbVie, Inc. |  | 216844606 |
| 17885 | ACI Worldwide, Inc.(a) |  | 435142 |
| 5676 | Adobe, Inc.(a) |  | 1807806 |
| 10080 | Advanced Micro Devices, Inc.(a) |  | 605405 |
| 809267 | Agilent Technologies, Inc. |  | 111962089 |
| 11640 | Agilysys, Inc.(a) |  | 746939 |
| 7505 | Agree Realty Corp. REIT |  | 515594 |
| 490862 | Air Products and Chemicals, Inc. |  | 122911845 |
| 161123 | Airbnb, Inc. - Class A(a) |  | 17225660 |
| 25530 | Alcoa Corp. |  | 996436 |
| 472973 | Alexandria Real Estate Equities, Inc. REIT |  | 68722977 |
| 166870 | Align Technology, Inc.(a) |  | 32422841 |
| 33494 | Ally Financial, Inc. |  | 923095 |
| 596980 | Alphabet, Inc. - Class A(a) |  | 56420580 |
| 5375460 | Alphabet, Inc. - Class C(a) |  | 508841044 |
| 4138489 | Amazon.com, Inc.(a) |  | 423946813 |
| 10422 | American Express Co. |  | 1547146 |
| 8170 | American States Water Co. |  | 739058 |
| 396562 | American Tower Corp. REIT |  | 82163681 |
| 39730 | American Water Works Co., Inc. |  | 5774358 |
| 4632 | Ameriprise Financial, Inc. |  | 1431844 |
| 902982 | AmerisourceBergen Corp. |  | 141966830 |
| 1369380 | AMETEK, Inc. |  | 177553811 |
| 7638 | Amgen, Inc. |  | 2064933 |
| 4260 | Analog Devices, Inc. |  | 607561 |
| 2294 | ANSYS, Inc.(a) |  | 507341 |
| 2442 | Aon Plc - Class A |  | 687399 |
| 20625 | APA Corp. |  | 937612 |
| 5942884 | Apple, Inc. |  | 911281833 |
| 13534 | Applied Materials, Inc. |  | 1194917 |
| 188885 | Archer-Daniels-Midland Co. |  | 18318067 |
| 672500 | Arthur J Gallagher & Co. |  | 125811300 |
| 12315 | ASGN, Inc.(a) |  | 1044066 |
| 72378 | AT&T, Inc. |  | 1319451 |
| 274429 | Atlassian Corp. - Class A(a) |  | 55634991 |
| 5041 | Autodesk, Inc.(a) |  | 1080286 |
| 412299 | Automatic Data Processing, Inc. |  | 99652668 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| 484 | AutoZone, Inc.(a) | $1225914 |
| 4018 | Avery Dennison Corp. | 681252 |
| 8864371 | Bank of America Corp. | 319471931 |
| 29872 | Bank OZK | 1283899 |
| 721875 | Berkshire Hathaway, Inc. - Class B(a) | 213018094 |
| 2068 | Biogen, Inc.(a) | 586154 |
| 2733 | Bio-Techne Corp. | 809679 |
| 9066 | Blackbaud, Inc.(a) | 495910 |
| 2254278 | Blackstone, Inc. | 205454897 |
| 686822 | Block, Inc.(a) | 41257398 |
| 613 | Booking Holdings, Inc.(a) | 1145991 |
| 16277 | BorgWarner, Inc. | 610876 |
| 29905 | Boyd Gaming Corp. | 1727313 |
| 13729 | Bread Financial Holdings, Inc. | 495754 |
| 25907 | Bristol-Myers Squibb Co. | 2007015 |
| 219477 | Broadcom, Inc. | 103180527 |
| 4257 | Broadridge Financial Solutions, Inc. | 638805 |
| 6951 | Brown-Forman Corp. - Class B | 472668 |
| 50000 | Bunge Ltd. | 4935000 |
| 300 | Cable One, Inc. | 257829 |
| 573327 | Cadence Design Systems, Inc.(a) | 86795975 |
| 19792 | California Water Service Group | 1228292 |
| 8503 | Cardinal Health, Inc. | 645378 |
| 388979 | Caterpillar, Inc. | 84198394 |
| 78020 | CF Industries Holdings, Inc. | 8290405 |
| 17759 | Charles Schwab Corp. (The) | 1414860 |
| 2303 | Charter Communications, Inc. - Class A(a) | 846629 |
| 15895 | Cheesecake Factory, Inc. (The) | 569200 |
| 1124 | Chemed Corp. | 524762 |
| 3646067 | Chevron Corp. | 659573520 |
| 81537 | Chipotle Mexican Grill, Inc.(a) | 122169333 |
| 6881 | Church & Dwight Co., Inc. | 510089 |
| 5753 | Cigna Corp. | 1858564 |
| 51007 | Cisco Systems, Inc. | 2317248 |
| 35769 | Citigroup, Inc. | 1640366 |
| 35653 | Citizens Financial Group, Inc. | 1458208 |
| 3570 | Clorox Co. (The) | 521363 |
| 771105 | Cloudflare, Inc. - Class A(a) | 43428634 |
| 1784966 | Coca-Cola Co. (The) | 106830215 |
| 11509 | Cognizant Technology Solutions Corp. - Class A | 716435 |
| 10237 | Colgate-Palmolive Co. | 755900 |
| 1903847 | Comcast Corp. - Class A | 60428104 |
| 19874 | Comerica, Inc. | 1401117 |
| 12362 | CommVault Systems, Inc.(a) | 752722 |
| 85007 | ConocoPhillips | 10718533 |
| 2346395 | Corteva, Inc. | 153313449 |
| 373845 | Costco Wholesale Corp. | 187483267 |
| 70475 | Coterra Energy, Inc. | 2193887 |
| 4487 | Crown Castle, Inc. REIT | 597938 |
| 43299 | CSX Corp. | 1258269 |
| 2965 | Cummins, Inc. | 724972 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| 14505 | CVS Health Corp. | $1373624 |
| 542126 | Danaher Corp. | 136436850 |
| 276888 | Deere & Co. | 109597808 |
| 38130 | Devon Energy Corp. | 2949355 |
| 849747 | Dexcom, Inc.(a) | 102632443 |
| 9890 | Diamondback Energy, Inc. | 1553818 |
| 5908 | Digital Realty Trust, Inc. REIT | 592277 |
| 2531 | Dollar General Corp. | 645532 |
| 1365 | Domino's Pizza, Inc. | 453508 |
| 560004 | DoorDash, Inc. - Class A(a) | 24376974 |
| 796635 | Duke Energy Corp. | 74230449 |
| 29112 | East West Bancorp, Inc. | 2083546 |
| 615029 | Eaton Corp. Plc | 92297402 |
| 27655 | eBay, Inc. | 1101775 |
| 589254 | Edwards Lifesciences Corp.(a) | 42679667 |
| 5242 | Electronic Arts, Inc. | 660282 |
| 332708 | Elevance Health, Inc. | 181914753 |
| 10079 | Eli Lilly & Co. | 3649505 |
| 6133 | Encompass Health Corp. | 333881 |
| 6658 | Enovis Corp.(a) | 329238 |
| 445456 | Entegris, Inc. | 35342479 |
| 7636 | Envestnet, Inc.(a) | 376531 |
| 651125 | EOG Resources, Inc. | 88891585 |
| 17050 | EQT Corp. | 713372 |
| 21803 | Equity Commonwealth REIT | 570366 |
| 7097 | Equity LifeStyle Properties, Inc. REIT | 453924 |
| 50650 | Essential Utilities, Inc. | 2239743 |
| 159660 | Estee Lauder Cos, Inc. (The) - Class A | 32010233 |
| 4815 | Etsy, Inc.(a) | 452177 |
| 5632 | Euronet Worldwide, Inc.(a) | 473144 |
| 5910 | Extra Space Storage, Inc. REIT | 1048670 |
| 265022 | Exxon Mobil Corp. | 29367088 |
| 3313 | Fair Isaac Corp.(a) | 1586397 |
| 12184 | Fastenal Co. | 588853 |
| 1315600 | Fiserv, Inc.(a) | 135164744 |
| 3651 | FleetCor Technologies, Inc.(a) | 679524 |
| 54944 | Flex Ltd.(a) | 1075804 |
| 43230 | FMC Corp. | 5140047 |
| 1935960 | Fortinet, Inc.(a) | 110659474 |
| 1584153 | Freeport-McMoRan, Inc. | 50201809 |
| 6529 | General Dynamics Corp. | 1630944 |
| 11461 | General Mills, Inc. | 934988 |
| 763274 | Genuine Parts Co. | 135755914 |
| 13394 | Gilead Sciences, Inc. | 1050893 |
| 5588 | Goldman Sachs Group, Inc. (The) | 1925122 |
| 9442 | Graco, Inc. | 656974 |
| 4975 | Guidewire Software, Inc.(a) | 295565 |
| 3884 | HCA Healthcare, Inc. | 844653 |
| 240927 | Hershey Co. (The) | 57526140 |
| 15875 | Hess Corp. | 2239645 |
| 287251 | Home Depot, Inc. (The) | 85063639 |
| 7473 | Honeywell International, Inc. | 1524641 |
| 9725 | Hormel Foods Corp. | 451726 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| 41675 | HP, Inc. | $1151064 |
| 1813 | Humana, Inc. | 1011799 |
| 2141 | IDEXX Laboratories, Inc.(a) | 770075 |
| 364843 | Illinois Tool Works, Inc. | 77904926 |
| 9402 | Integra LifeSciences Holdings Corp.(a) | 472450 |
| 51521 | Intel Corp. | 1464742 |
| 10313 | InterDigital, Inc. | 514309 |
| 14465 | International Business Machines Corp. | 2000365 |
| 5200 | Intuit, Inc. | 2223000 |
| 284532 | Intuitive Surgical, Inc.(a) | 70128602 |
| 327683 | iRhythm Technologies, Inc.(a) | 41776306 |
| 2656 | Jack Henry & Associates, Inc. | 528703 |
| 5795 | Jack in the Box, Inc. | 511293 |
| 25020 | Johnson & Johnson | 4352729 |
| 5513 | Jones Lang LaSalle, Inc.(a) | 877063 |
| 2846138 | JPMorgan Chase & Co. | 358271851 |
| 19349 | Kennametal, Inc. | 516812 |
| 5415 | Kimberly-Clark Corp. | 673951 |
| 30931 | Kinder Morgan, Inc. | 560470 |
| 279332 | KLA Corp. | 88394611 |
| 14303 | Kroger Co. (The) | 676389 |
| 591015 | L3Harris Technologies, Inc. | 145667467 |
| 174000 | Lam Research Corp. | 70431720 |
| 3160 | Lancaster Colony Corp. | 569685 |
| 4890 | Leidos Holdings, Inc. | 496775 |
| 12405 | Lennar Corp. - Class A | 1001084 |
| 16517 | Lincoln National Corp. | 889771 |
| 138317 | Lockheed Martin Corp. | 67316118 |
| 612694 | Lowe's Cos, Inc. | 119444695 |
| 8821 | Manhattan Associates, Inc.(a) | 1073251 |
| 47545 | Marathon Oil Corp. | 1447745 |
| 5492 | Marriott Vacations Worldwide Corp. | 811498 |
| 12388 | Masco Corp. | 573193 |
| 2202 | Masimo Corp.(a) | 289783 |
| 583787 | Mastercard, Inc. - Class A | 191587218 |
| 309954 | McDonald's Corp. | 84512058 |
| 3313 | McKesson Corp. | 1289983 |
| 1109558 | Merck & Co., Inc. | 112287270 |
| 629945 | Meta Platforms, Inc. - Class A(a) | 58685676 |
| 1318825 | MetLife, Inc. | 96551178 |
| 876 | Mettler-Toledo International, Inc.(a) | 1108079 |
| 15148 | Microchip Technology, Inc. | 935238 |
| 14047 | Micron Technology, Inc. | 759943 |
| 3248534 | Microsoft Corp. | 754082197 |
| 5135 | Moderna, Inc.(a) | 771945 |
| 6512 | Mohawk Industries, Inc.(a) | 617012 |
| 2732 | Molina Healthcare, Inc.(a) | 980406 |
| 22702 | Mondelez International, Inc. - Class A | 1395719 |
| 2931 | Monolithic Power Systems, Inc. | 994928 |
| 8226 | Monster Beverage Corp.(a) | 770941 |
| 27262 | Morgan Stanley | 2240119 |
| 135615 | Mosaic Co. (The) | 7289306 |
| 463150 | Motorola Solutions, Inc. | 115653186 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| 2353 | MSCI, Inc. | $1103228 |
| 67180 | Navient Corp. | 1017105 |
| 23145 | NCR Corp.(a) | 492063 |
| 10452 | NetApp, Inc. | 724010 |
| 192724 | Netflix, Inc.(a) | 56252281 |
| 499421 | Newmont Corp. | 21135497 |
| 10119 | NextEra Energy Partners LP | 749514 |
| 3316855 | NextEra Energy, Inc. | 257056263 |
| 644625 | NIKE, Inc. - Class B | 59743845 |
| 6118 | Norfolk Southern Corp. | 1395332 |
| 328865 | Northrop Grumman Corp. | 180550174 |
| 22078 | NortonLifeLock, Inc. | 497417 |
| 5708 | Novanta, Inc.(a) | 807111 |
| 931863 | NVIDIA Corp. | 125773549 |
| 65845 | Occidental Petroleum Corp. | 4780347 |
| 266925 | Okta, Inc.(a) | 14979831 |
| 31721 | ON Semiconductor Corp.(a) | 1948621 |
| 2378577 | Oracle Corp. | 185695506 |
| 219820 | O'Reilly Automotive, Inc.(a) | 184026709 |
| 13850 | Ovintiv, Inc. | 701502 |
| 6458 | PACCAR, Inc. | 625328 |
| 683541 | Palo Alto Networks, Inc.(a) | 117288800 |
| 6656 | Paychex, Inc. | 787471 |
| 2190 | PayPal Holdings, Inc.(a) | 183040 |
| 574193 | PepsiCo, Inc. | 104261965 |
| 52207 | Pfizer, Inc. | 2430236 |
| 9641182 | PG&E Corp.(a) | 143942847 |
| 1150733 | Philip Morris International, Inc. | 105694826 |
| 8165 | Phillips 66 | 851528 |
| 20968 | Pioneer Natural Resources Co. | 5376405 |
| 13857 | Premier, Inc. - Class A | 483332 |
| 493379 | Procter & Gamble Co. (The) | 66443350 |
| 11639 | Progress Software Corp. | 593938 |
| 8315 | Prologis, Inc. REIT | 920886 |
| 645195 | Prudential Financial, Inc. | 67868062 |
| 3995 | Public Storage REIT | 1237451 |
| 9977 | PVH Corp. | 512020 |
| 996241 | QUALCOMM, Inc. | 117217716 |
| 875771 | Quanta Services, Inc. | 124394513 |
| 597354 | Quest Diagnostics, Inc. | 85809902 |
| 11730 | Raytheon Technologies Corp. | 1112239 |
| 1136 | Regeneron Pharmaceuticals, Inc.(a) | 850580 |
| 218618 | Repligen Corp.(a) | 39895599 |
| 2941 | ResMed, Inc. | 657872 |
| 17186 | Rollins, Inc. | 723187 |
| 2063 | Roper Technologies, Inc. | 855196 |
| 471843 | Ross Stores, Inc. | 45150657 |
| 37695 | Royal Gold, Inc. | 3579517 |
| 213843 | S&P Global, Inc. | 68697064 |
| 5480 | Saia, Inc.(a) | 1089753 |
| 31373 | Schlumberger Ltd. | 1632337 |
| 5730 | Science Applications International Corp. | 620788 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| 13365 | Scotts Miracle-Gro Co. (The) | $613587 |
| 8715 | Seagate Technology Holdings Plc | 432787 |
| 8945 | Shake Shack, Inc. - Class A(a) | 497074 |
| 580135 | Simon Property Group, Inc. REIT | 63223112 |
| 32205 | Six Flags Entertainment Corp.(a) | 718172 |
| 8809 | Skyworks Solutions, Inc. | 757662 |
| 295463 | Snowflake, Inc. - Class A(a) | 47362719 |
| 15435 | Spectrum Brands Holdings, Inc. | 712171 |
| 12475 | SS&C Technologies Holdings, Inc. | 641464 |
| 605211 | Starbucks Corp. | 52405220 |
| 15727 | State Street Corp. | 1163798 |
| 8860 | Stericycle, Inc.(a) | 394979 |
| 31990 | Synchrony Financial | 1137564 |
| 4445 | Synopsys, Inc.(a) | 1300385 |
| 6459 | Target Corp. | 1060891 |
| 1068741 | TE Connectivity Ltd. | 130632212 |
| 8522 | Teradyne, Inc. | 693265 |
| 633749 | Texas Instruments, Inc. | 101799102 |
| 19247 | Textron, Inc. | 1317265 |
| 272968 | Thermo Fisher Scientific, Inc. | 140297363 |
| 12362 | Timken Co. (The) | 881287 |
| 6322 | Tractor Supply Co. | 1389386 |
| 17801 | Trimble, Inc.(a) | 1070908 |
| 9591 | TriNet Group, Inc.(a) | 623223 |
| 2645124 | Truist Financial Corp. | 118475104 |
| 1528 | Tyler Technologies, Inc.(a) | 494048 |
| 108705 | Tyson Foods, Inc. - Class A | 7429987 |
| 23166 | UFP Industries, Inc. | 1650114 |
| 2398 | Ulta Beauty, Inc.(a) | 1005649 |
| 638692 | Union Pacific Corp. | 125911741 |
| 268363 | United Rentals, Inc.(a) | 84724883 |
| 4555 | United Therapeutics Corp.(a) | 1050064 |
| 520142 | UnitedHealth Group, Inc. | 288756831 |
| 2806 | Vail Resorts, Inc. | 614879 |
| 9470 | Valero Energy Corp. | 1188959 |
| 2170 | VeriSign, Inc.(a) | 434998 |
| 2939 | Verisk Analytics, Inc. | 537337 |
| 3226347 | Verizon Communications, Inc. | 120568587 |
| 34593 | Viatris, Inc. | 350427 |
| 970378 | Visa, Inc. - Class A | 201023506 |
| 24752 | Vistra Corp. | 568553 |
| 10194 | Walgreens Boots Alliance, Inc. | 372081 |
| 554483 | Walmart, Inc. | 78919565 |
| 590567 | Waste Management, Inc. | 93528096 |
| 2412 | Waters Corp.(a) | 721598 |
| 2765 | WD-40 Co. | 442842 |
| 706440 | WEC Energy Group, Inc. | 64519165 |
| 42233 | Wells Fargo & Co. | 1942296 |
| 18113 | WESCO International, Inc.(a) | 2495428 |
| 3081 | West Pharmaceutical Services, Inc. | 708938 |
| 15286 | Westrock Co. | 520641 |
| 8704 | WEX, Inc.(a) | 1428675 |
| 168758 | Weyerhaeuser Co. REIT | 5219685 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| 1601 | WW Grainger, Inc. | $| 935544 |
| 5609 | Yum! Brands, Inc. |  | 663264 |
| 2561 | Zebra Technologies Corp. - Class A(a) |  | 725326 |
| 356700 | Zoetis, Inc. |  | 53783226 |
|  |  |  | 13819164407 |
| **URUGUAY — 0.8%** | **URUGUAY — 0.8%** | **URUGUAY — 0.8%** | **URUGUAY — 0.8%** |
| 353992 | Dlocal Ltd.(a) |  | 7894022 |
| 114488 | Globant SA(a) |  | 21601596 |
| 130075 | MercadoLibre, Inc.(a) |  | 117278222 |
|  |  |  | 146773840 |
| Total Common Stocks<br>(Cost $14,362,598,834) | Total Common Stocks<br>(Cost $14,362,598,834) |  | 17525224311 |
| **EXCHANGE-TRADED FUNDS — 7.2%** | **EXCHANGE-TRADED FUNDS — 7.2%** | **EXCHANGE-TRADED FUNDS — 7.2%** | **EXCHANGE-TRADED FUNDS — 7.2%** |
| 2686648 | Consumer Staples Select Sector SPDR Fund |  | 195426776 |
| 2034300 | Energy Select Sector SPDR Fund |  | 183087000 |
| 15673480 | Financial Select Sector SPDR Fund |  | 532584850 |
| 763300 | Global X Silver Miners ETF |  | 19097766 |
| 589452 | Health Care Select Sector SPDR Fund |  | 78249753 |
| 2295400 | Industrial Select Sector SPDR Fund |  | 216570990 |
| 1179200 | SPDR S&P Metals & Mining ETF |  | 57191200 |
| 721453 | SPDR S&P Oil & Gas Exploration & Production ETF |  | 109148624 |
| Total Exchange-Traded Funds<br>(Cost $1,354,428,933) | Total Exchange-Traded Funds<br>(Cost $1,354,428,933) |  | 1391356959 |
| Principal<br> Amount |  |  |  |
| **U.S. GOVERNMENT AGENCIES — 0.5%** | **U.S. GOVERNMENT AGENCIES — 0.5%** | **U.S. GOVERNMENT AGENCIES — 0.5%** | **U.S. GOVERNMENT AGENCIES — 0.5%** |
| **Federal Home Loan Bank — 0.5%** | **Federal Home Loan Bank — 0.5%** | **Federal Home Loan Bank — 0.5%** | **Federal Home Loan Bank — 0.5%** |
| $50000000 | 2.96%, 11/03/22(d) |  | 49989694 |
| 50000000 | 3.06%, 11/16/22(d) |  | 49922762 |
| Total U.S. Government Agencies<br>(Cost $99,928,264) | Total U.S. Government Agencies<br>(Cost $99,928,264) |  | 99912456 |
| Shares |  |  |  |
| **INVESTMENT COMPANY — 2.1%** | **INVESTMENT COMPANY — 2.1%** | **INVESTMENT COMPANY — 2.1%** | **INVESTMENT COMPANY — 2.1%** |
| 399446099 | Federated Hermes Government Obligations Fund, 2.94%(e) |  | 399446099 |
| Total Investment Company<br>(Cost $399,446,099) | Total Investment Company<br>(Cost $399,446,099) |  | 399446099 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Large Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **CASH SWEEP — 0.0%** | **CASH SWEEP — 0.0%** | **CASH SWEEP — 0.0%** |
| 6259120 | Citibank - US Dollars on Deposit in Custody Account, 0.20%(e) | $6259120 |
| Total Cash Sweep<br>(Cost $6,259,120) | Total Cash Sweep<br>(Cost $6,259,120) | 6259120 |
| **TOTAL INVESTMENTS — 100.2%**<br>(Cost $16,222,661,250) | **TOTAL INVESTMENTS — 100.2%**<br>(Cost $16,222,661,250) | $19422198945 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%** | (39069382) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $19383129563 |

---

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

(e) The rate shown represents the current yield as of October 31, 2022.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **COMMON STOCKS — 82.0%** | **COMMON STOCKS — 82.0%** |  |
| **AUSTRALIA — 2.7%** | **AUSTRALIA — 2.7%** |  |
| 1161847 | Adbri Ltd. | $1170501 |
| 89875 | Alkane Resources Ltd.(a) | 39380 |
| 182075 | Allkem Ltd.(a) | 1681744 |
| 132369 | Altium Ltd. | 2998159 |
| 68145 | Ansell Ltd. | 1230516 |
| 1794759 | Aurizon Holdings Ltd. | 4155824 |
| 51354 | Austal Ltd. | 81793 |
| 512824 | Australian Clinical Labs Ltd.(b) | 1108734 |
| 140436 | Base Resources Ltd. | 22008 |
| 473165 | Beach Energy Ltd. | 481229 |
| 746989 | BlueScope Steel Ltd. | 7515975 |
| 290985 | Brambles Ltd. | 2173982 |
| 13229 | Brickworks Ltd. | 187263 |
| 1107 | Cardno Ltd. | 351 |
| 222048 | Charter Hall Retail REIT | 569552 |
| 48838 | Clinuvel Pharmaceuticals Ltd. | 611039 |
| 17710 | Cochlear Ltd. | 2262355 |
| 448280 | Codan Ltd. | 1109693 |
| 81450 | Computershare Ltd. | 1316554 |
| 483590 | Cooper Energy Ltd.(a) | 64959 |
| 1832840 | CSR Ltd. | 5428101 |
| 57468 | Data#3 Ltd. | 253640 |
| 126315 | DDH1 Ltd. | 67466 |
| 268649 | Deterra Royalties Ltd. | 702831 |
| 120140 | DGL Group Ltd.(a)(b) | 117577 |
| 169630 | Downer EDI Ltd. | 487182 |
| 1170 | EBOS Group Ltd. | 25509 |
| 176584 | Eclipx Group Ltd.(a) | 212350 |
| 14106 | Enero Group Ltd. | 25354 |
| 791469 | Estia Health Ltd. | 1159343 |
| 136517 | Evolution Mining Ltd. | 181632 |
| 226439 | Fenix Resources Ltd. | 30417 |
| 317880 | Genworth Mortgage Insurance Australia Ltd. | 551030 |
| 317218 | Gold Road Resources Ltd. | 274941 |
| 489723 | GrainCorp Ltd. - Class A | 2621914 |
| 371093 | Grange Resources Ltd. | 147169 |
| 71944 | Growthpoint Properties Australia Ltd. REIT | 152783 |
| 291855 | Hansen Technologies Ltd. | 920357 |
| 1147340 | Harvey Norman Holdings Ltd. | 3053007 |
| 4333591 | Healius Ltd. | 9507896 |
| 257892 | IGO Ltd. | 2522248 |
| 2000607 | Iluka Resources Ltd. | 11069304 |
| 618455 | Imdex Ltd. | 807013 |
| 5937724 | Incitec Pivot Ltd. | 14242744 |
| 35452 | Integrated Research Ltd.(a) | 8390 |
| 271980 | IPH Ltd. | 1729282 |
| 21819 | Jumbo Interactive Ltd. | 190367 |
| 943225 | Karoon Energy Ltd.(a) | 1279068 |
| 1033952 | Macmahon Holdings Ltd. | 92591 |
| 243803 | Mayne Pharma Group Ltd.(a) | 42106 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **AUSTRALIA (continued)** | **AUSTRALIA (continued)** |  |
| 368733 | McMillan Shakespeare Ltd. | $3089767 |
| 983225 | Medibank Pvt Ltd. | 1767265 |
| 1295017 | Metals X Ltd.(a) | 211231 |
| 6825 | Metarock Group Ltd.(a) | 808 |
| 446215 | Metcash Ltd. | 1170228 |
| 316096 | Mineral Resources Ltd. | 14786214 |
| 184617 | MMA Offshore Ltd.(a) | 80892 |
| 166605 | Monadelphous Group Ltd. | 1457862 |
| 198582 | Monash IVF Group Ltd. | 120037 |
| 172475 | Myer Holdings Ltd. | 70056 |
| 64260 | Navigator Global Investments Ltd. | 46036 |
| 23452 | New Energy Solar Ltd. | 14551 |
| 3330291 | New Hope Corp. Ltd. | 12035747 |
| 111915 | nib holdings Ltd. | 477481 |
| 505514 | NRW Holdings Ltd. | 824548 |
| 1498068 | Nufarm Ltd. | 5337392 |
| 41421 | Objective Corp. Ltd. | 393185 |
| 250019 | OceanaGold Corp.(a) | 363370 |
| 155223 | OFX Group Ltd.(a) | 264107 |
| 647506 | Orica Ltd. | 5748780 |
| 172700 | Origin Energy Ltd. | 615304 |
| 4664553 | Orora Ltd. | 9040554 |
| 9508 | Pact Group Holdings Ltd. | 8727 |
| 259370 | Perenti Global Ltd.(a) | 159270 |
| 2655595 | Perseus Mining Ltd. | 3100039 |
| 3276636 | Pilbara Minerals Ltd.(a) | 10668132 |
| 51495 | Pro Medicus Ltd. | 1838643 |
| 1029839 | Qube Holdings Ltd. | 1791763 |
| 94311 | Ramelius Resources Ltd. | 44340 |
| 41045 | REA Group Ltd. | 3192277 |
| 9386 | ReadyTech Holdings Ltd.(a) | 19452 |
| 108130 | Ridley Corp. Ltd. | 144556 |
| 77517 | RPMGlobal Holdings Ltd.(a) | 94209 |
| 1730427 | Sierra Rutile Holdings Ltd.(a) | 232442 |
| 46723 | Sigma Healthcare Ltd. | 18978 |
| 1428570 | Silver Lake Resources Ltd.(a) | 1014301 |
| 185846 | Sims Ltd. | 1452670 |
| 763890 | South32 Ltd. | 1759040 |
| 73791 | SRG Global Ltd. | 33040 |
| 12440 | Sunland Group Ltd. | 19495 |
| 5679 | Symbio Holdings Ltd. | 11624 |
| 699874 | Technology One Ltd. | 5394477 |
| 346313 | Telix Pharmaceuticals Ltd.(a) | 1535127 |
| 70056 | Ten Sixty Four Ltd. | 25766 |
| 818510 | Terracom Ltd. | 460733 |
| 1649355 | West African Resources Ltd.(a) | 1097210 |
| 3471886 | Whitehaven Coal Ltd. | 20053751 |
| 2185 | Zimplats Holdings Ltd. | 35989 |
|  |  | 198806689 |
| **AUSTRIA — 0.2%** | **AUSTRIA — 0.2%** |  |
| 101316 | ANDRITZ AG | 4711908 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **AUSTRIA (continued)** | **AUSTRIA (continued)** |  |
| 38630 | AT&S Austria Technologie & Systemtechnik AG | $1193003 |
| 7378 | AT&S Austria Technologie & Systemtechnik AG | 228582 |
| 34860 | EVN AG | 580145 |
| 5237 | Palfinger AG | 121106 |
| 3207 | Porr AG | 33088 |
| 480882 | Raiffeisen Bank International AG | 6686509 |
| 46642 | Schoeller-Bleckmann Oilfield Equipment AG | 2567433 |
| 7257 | Semperit AG Holding | 143434 |
| 4167 | Strabag SE | 159986 |
| 15458 | UNIQA Insurance Group AG | 100213 |
| 1104 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 24712 |
| 37839 | Zumtobel Group AG | 228480 |
|  |  | 16778599 |
| **BELGIUM — 0.2%** | **BELGIUM — 0.2%** |  |
| 2523 | Ascencio REIT | 128158 |
| 180272 | Azelis Group NV | 4126042 |
| 95440 | Barco NV | 2061804 |
| 899 | Bekaert SA | 25054 |
| 122576 | bpost SA | 605679 |
| 3608 | Cie d'Entreprises CFE(a) | 38295 |
| 5054 | Deme Group NV(a) | 562394 |
| 247827 | Econocom Group SA | 674741 |
| 10290 | Elia Group SA | 1300627 |
| 18393 | EVS Broadcast Equipment SA | 376261 |
| 95480 | Galapagos NV(a) | 4358401 |
| 13034 | Ion Beam Applications | 181877 |
| 48446 | Melexis NV | 3341798 |
| 4311 | Retail Estates NV REIT | 253917 |
| 2703 | Sipef NV | 152528 |
| 1445 | Tessenderlo Group SA(a) | 43769 |
| 1345 | Wereldhave Belgium Comm VA REIT | 64665 |
|  |  | 18296010 |
| **BERMUDA — 0.3%** | **BERMUDA — 0.3%** |  |
| 395000 | Argo Group International Holdings Ltd. | 9823650 |
| 420000 | James River Group Holdings Ltd. | 10613400 |
|  |  | 20437050 |
| **BRAZIL — 0.6%** | **BRAZIL — 0.6%** |  |
| 1457564 | Americanas SA | 4379323 |
| 1369375 | BRF SA - ADR(a) | 3286500 |
| 2165784 | Cia Energetica de Minas Gerais - ADR | 4743067 |
| 3601148 | Hapvida Participacoes e Investimentos SA(b)(c) | 5444771 |
| 298072 | Pagseguro Digital Ltd. - Class A(a) | 4077625 |
| 1609800 | Rumo SA | 6921626 |
| 480200 | StoneCo Ltd. - Class A(a) | 5042100 |
| 1545500 | Ultrapar Participacoes SA | 4027186 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **BRAZIL (continued)** | **BRAZIL (continued)** |  |
| 4296300 | Via SA(a) | $2586680 |
| 2027700 | Vibra Energia SA | 7179679 |
|  |  | 47688557 |
| **CANADA — 3.9%** | **CANADA — 3.9%** |  |
| 841882 | AbCellera Biologics, Inc.(a) | 9959464 |
| 361633 | Advantage Energy Ltd.(a) | 2734114 |
| 1397 | Algoma Steel Group, Inc. | 9465 |
| 51200 | Allied Properties Real Estate Investment Trust REIT | 991792 |
| 125630 | Altius Minerals Corp. | 1966038 |
| 364400 | Altus Group Ltd. | 12948658 |
| 54300 | Amerigo Resources Ltd. | 40655 |
| 8200 | Andlauer Healthcare Group, Inc. | 314313 |
| 203005 | ARC Resources Ltd. | 2858029 |
| 46180 | Aritzia, Inc.(a) | 1791134 |
| 177278 | Artis Real Estate Investment Trust REIT | 1242709 |
| 33000 | ATCO Ltd. - Class I | 1024627 |
| 342955 | B2Gold Corp. | 1047229 |
| 167900 | Birchcliff Energy Ltd. | 1305143 |
| 10180 | Bird Construction, Inc. | 45880 |
| 26300 | Black Diamond Group Ltd. | 83976 |
| 74379 | Boardwalk Real Estate Investment Trust REIT | 2646819 |
| 14595 | Bonterra Energy Corp.(a) | 95454 |
| 7534 | Bridgemarq Real Estate Services | 75597 |
| 770003 | CAE, Inc.(a) | 14695253 |
| 81480 | Cameco Corp. | 1932410 |
| 45320 | Canada Goose Holdings, Inc.(a) | 741500 |
| 13100 | Canadian Western Bank | 227893 |
| 397454 | Canfor Corp.(a) | 5971948 |
| 46365 | Capital Power Corp. | 1551910 |
| 41947 | Cardinal Energy Ltd. | 284501 |
| 34975 | CCL Industries, Inc. - Class B | 1643043 |
| 131188 | Celestica, Inc.(a) | 1439616 |
| 317180 | Centerra Gold, Inc. | 1473740 |
| 15900 | CES Energy Solutions Corp. | 33496 |
| 132435 | Choice Properties Real Estate Investment Trust REIT | 1272488 |
| 98600 | Crescent Point Energy Corp. | 770793 |
| 30800 | Crew Energy, Inc.(a) | 136100 |
| 78700 | Definity Financial Corp. | 2330932 |
| 189570 | Descartes Systems Group, Inc. (The)(a) | 13093600 |
| 133800 | Descartes Systems Group, Inc. (The)(a) | 9231989 |
| 852319 | Dollarama, Inc. | 50644271 |
| 11152 | DREAM Unlimited Corp. - Class A | 203418 |
| 27823 | Dundee Precious Metals, Inc. | 126213 |
| 63430 | Element Fleet Management Corp. | 845050 |
| 10600 | Enghouse Systems Ltd. | 235677 |
| 64600 | Ensign Energy Services, Inc.(a) | 165489 |
| 21700 | Evertz Technologies Ltd. | 188273 |
| 19383 | Exco Technologies Ltd. | 98597 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CANADA (continued)** | **CANADA (continued)** |  |
| 3700 | Finning International, Inc. | $78679 |
| 79415 | FirstService Corp. | 9927669 |
| 215205 | H&R Real Estate Investment Trust REIT | 1770799 |
| 4319 | High Liner Foods, Inc. | 41594 |
| 1173774 | IAMGOLD Corp.(a) | 1713710 |
| 19564 | InPlay Oil Corp.(a) | 48538 |
| 242729 | Interfor Corp.(a) | 4311698 |
| 1900 | Keg Royalties Income Fund (The) - Units | 21826 |
| 197756 | Kelt Exploration Ltd.(a) | 854981 |
| 219480 | Killam Apartment Real Estate Investment Trust REIT | 2543832 |
| 81300 | Kinaxis, Inc.(a) | 8677530 |
| 418550 | Knight Therapeutics, Inc.(a) | 1705107 |
| 120785 | Laurentian Bank of Canada | 2695243 |
| 420600 | Lightspeed Commerce, Inc.(a) | 8060973 |
| 4900 | Major Drilling Group International, Inc.(a) | 29493 |
| 62500 | Martinrea International, Inc. | 400503 |
| 63436 | Medical Facilities Corp. | 509406 |
| 362300 | MEG Energy Corp.(a) | 5417148 |
| 17980 | Methanex Corp. | 627555 |
| 45415 | Metro, Inc. | 2379175 |
| 2387 | Morguard Corp. | 196220 |
| 72866 | Morguard North American Residential Real Estate Investment Trust REIT | 850420 |
| 3300 | Morguard Real Estate Investment Trust REIT | 12402 |
| 3607 | MTY Food Group, Inc. | 146202 |
| 355116 | Mullen Group Ltd. | 3568494 |
| 23170 | North West Co., Inc. (The) | 602911 |
| 76930 | Northland Power, Inc. | 2238415 |
| 381337 | NuVista Energy Ltd.(a) | 3781600 |
| 6669 | Obsidian Energy Ltd.(a) | 60652 |
| 271845 | Pason Systems, Inc. | 2887362 |
| 4739 | Pet Valu Holdings Ltd. | 127628 |
| 216853 | Peyto Exploration & Development Corp. | 2024715 |
| 46400 | Pine Cliff Energy Ltd. | 57559 |
| 39761 | Pipestone Energy Corp.(a) | 119953 |
| 2700 | Polaris Renewable Energy, Inc. | 32899 |
| 452 | Precision Drilling Corp.(a) | 33344 |
| 28415 | Quebecor, Inc. - Class B | 535617 |
| 109890 | Richelieu Hardware Ltd. | 2949813 |
| 125210 | RioCan Real Estate Investment Trust REIT | 1783922 |
| 385000 | Ritchie Bros Auctioneers, Inc. | 25152050 |
| 30140 | Ritchie Bros Auctioneers, Inc. | 1968995 |
| 52936 | Russel Metals, Inc. | 1096527 |
| 106305 | Saputo, Inc. | 2587495 |
| 64000 | Silvercorp Metals, Inc. | 155966 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CANADA (continued)** | **CANADA (continued)** |  |
| 263834 | Stelco Holdings, Inc. | $6644507 |
| 115250 | Stella-Jones, Inc. | 3470993 |
| 50375 | Teck Resources Ltd. - Class B | 1533417 |
| 37775 | TFI International, Inc. | 3438527 |
| 18555 | TMX Group Ltd. | 1783928 |
| 41373 | Torex Gold Resources, Inc.(a) | 281823 |
| 68305 | Tourmaline Oil Corp. | 3848564 |
| 122680 | TransAlta Corp. | 1080603 |
| 140110 | Transcontinental, Inc. - Class A | 1599230 |
| 16690 | Uni-Select, Inc.(a) | 452670 |
| 142270 | Vermilion Energy, Inc. | 3319825 |
| 44177 | Wajax Corp. | 597955 |
| 512884 | Western Forest Products, Inc. | 463058 |
| 32478 | Westshore Terminals Investment Corp. | 580973 |
| 88055 | Whitecap Resources, Inc. | 682542 |
| 144 | Winpak Ltd. | 4389 |
| 131400 | Yamana Gold, Inc. | 576777 |
|  |  | 285665697 |
| **CHILE — 0.0%** | **CHILE — 0.0%** |  |
| 2595792 | Cencosud SA | 3494071 |
| **CHINA — 2.8%** | **CHINA — 2.8%** |  |
| 4754716 | 3SBio, Inc.(b)(c) | 3355707 |
| 13276000 | Agricultural Bank of China Ltd. - H Shares | 3788480 |
| 1435456 | Alibaba Group Holding Ltd.(a) | 11237287 |
| 143000 | Autohome, Inc. - ADR | 3735160 |
| 2818500 | Bank of Changsha Co. Ltd. - A Shares | 2473902 |
| 1982739 | Bank of Chengdu Co. Ltd. - A Shares | 3680622 |
| 10480770 | Bank of China Ltd. - H Shares | 3378029 |
| 5896000 | Bank of Communications Co. Ltd. - H Shares | 2876775 |
| 4069200 | Bank of Jiangsu Co. Ltd. - A Shares | 3837900 |
| 2400400 | Beibuwan Port Co. Ltd. - A Shares | 2322846 |
| 1020100 | Beibuwan Port Co. Ltd. - A Shares | 992342 |
| 4297800 | Beijing Yanjing Brewery Co. Ltd. - A Shares | 4996590 |
| 8249000 | Beiqi Foton Motor Co. Ltd. - A Shares(a) | 2870751 |
| 6487044 | China Construction Bank Corp. - H Shares | 3446138 |
| 6820000 | China Galaxy Securities Co. Ltd. - H Shares | 2554356 |
| 5952000 | China Railway Group Ltd. - H Shares | 2585634 |
| 6828944 | China Railway Tielong Container Logistics Co. Ltd. - A Shares | 4830582 |
| 772400 | Chongqing Department Store Co. Ltd. - A Shares | 2092846 |
| 5150900 | Daqin Railway Co. Ltd. - A Shares | 4500074 |
| 5171600 | Dongfang Electric Corp. Ltd. - H Shares | 7800570 |
| 4004000 | Dongfeng Motor Group Co. Ltd. - H Shares | 1810807 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CHINA (continued)** | **CHINA (continued)** |  |
| 2706000 | E-Commodities Holdings Ltd. | $358518 |
| 2474205 | FAW Jiefang Group Co. Ltd. | 2347056 |
| 1194480 | Fujian Star-net Communication Co. Ltd. - A Shares | 3449756 |
| 3325700 | Guangxi Liugong Machinery Co. Ltd. - A Shares | 2647125 |
| 9504000 | Industrial & Commercial Bank of China Ltd. - H Shares | 4128673 |
| 3394600 | IRICO Display Devices Co. Ltd. - A Shares(a) | 1851109 |
| 1284300 | Jacobio Pharmaceuticals Group Co. Ltd.(a)(b)(c) | 566099 |
| 2895483 | Jilin Sino-Microelectronics Co. Ltd. - A Shares | 2769089 |
| 6476925 | Kingdee International Software Group Co. Ltd.(a) | 10594576 |
| 1875120 | Li Ning Co. Ltd. | 9698505 |
| 1117300 | Maccura Biotechnology Co. Ltd. - A Shares | 2967974 |
| 2293400 | MLS Co. Ltd. - A Shares | 2603774 |
| 330307 | New Oriental Education & Technology Group, Inc. - ADR(a) | 7841488 |
| 5511600 | ORG Technology Co. Ltd. - A Shares | 3560693 |
| 9350000 | People's Insurance Co. Group of China Ltd. (The) - H Shares | 2584765 |
| 11279400 | Rizhao Port Co. Ltd. - A Shares | 4079906 |
| 2440400 | Shandong Haihua Co. Ltd. - A Shares | 2514430 |
| 12066000 | Shandong Nanshan Aluminum Co. Ltd. - A Shares | 5065153 |
| 1437405 | Shanghai Kehua Bio-Engineering Co. Ltd. - A Shares | 2395985 |
| 1968231 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd. - A Shares | 3817328 |
| 545500 | Shenzhen Laibao Hi-tech Co. Ltd. - A Shares | 579985 |
| 1698000 | Shenzhen Laibao Hi-tech Co. Ltd. - A Shares | 1795883 |
| 1350365 | Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares | 4564376 |
| 3908500 | Sino-Ocean Group Holding Ltd. | 258919 |
| 1668000 | Tasly Pharmaceutical Group Co. Ltd. - A Shares | 2536761 |
| 7694886 | Tianjin Port Co. Ltd. - A Shares | 4111755 |
| 1856367 | Tongkun Group Co. Ltd. - A Shares | 3061454 |
| 205800 | Tongkun Group Co. Ltd. - A Shares | 341186 |
| 1544000 | Triangle Tyre Co. Ltd. - A Shares | 2557608 |
| 366488 | Vipshop Holdings Ltd. - ADR(a) | 2554421 |
| 3635300 | Wuxi Taiji Industry Co. Ltd. - A Shares | 2655728 |
| 2378400 | Xiamen King Long Motor Group Co. Ltd. - A Shares(a) | 1929154 |
| 4020400 | Xiaomi Corp. - B Shares(a)(b)(c) | 4512268 |
| 1799374 | Xuji Electric Co. Ltd. - A Shares | 4367811 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **CHINA (continued)** | **CHINA (continued)** |  |
| 2740300 | Yunnan Copper Co. Ltd. - A Shares | $4108368 |
| 2538540 | Zai Lab Ltd.(a) | 5846987 |
| 5720800 | Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares | 1843856 |
|  |  | 202635920 |
| **COSTA RICA — 0.0%** | **COSTA RICA — 0.0%** |  |
| 42074 | Establishment Labs Holdings, Inc.(a) | 2372553 |
| **CYPRUS — 0.0%** | **CYPRUS — 0.0%** |  |
| 152136 | Galaxy Cosmos Mezz Plc(a) | 24567 |
| **DENMARK — 1.6%** | **DENMARK — 1.6%** |  |
| 698872 | ALK-Abello A/S(a) | 11576288 |
| 1034410 | Ambu A/S - Class B | 11582075 |
| 43156 | Carlsberg AS - Class B | 5086409 |
| 13732 | Chemometec A/S | 1294956 |
| 141763 | D/S Norden A/S | 7353169 |
| 13359 | DFDS A/S | 405683 |
| 47216 | DSV A/S | 6392143 |
| 186445 | FLSmidth & Co. A/S | 4312019 |
| 87281 | Genmab A/S(a) | 33641350 |
| 2301298 | H Lundbeck A/S | 8604325 |
| 18630 | H Lundbeck A/S - Class A(a) | 63301 |
| 474643 | ISS A/S(a) | 8712571 |
| 9780 | Jyske Bank A/S(a) | 528052 |
| 145728 | Matas A/S | 1394554 |
| 22271 | Nilfisk Holding A/S(a) | 413833 |
| 35890 | NKT A/S(a) | 1792999 |
| 3253 | NTG Nordic Transport Group A/S(a) | 105781 |
| 2080 | Solar A/S - Class B | 156808 |
| 67195 | Spar Nord Bank A/S | 813371 |
| 3058 | Sparekassen Sjaelland-Fyn A/S | 70217 |
| 18250 | Sydbank A/S | 556150 |
| 45870 | Topdanmark A/S | 2118679 |
| 109907 | Tryg A/S | 2378500 |
| 298972 | Vestas Wind Systems A/S | 5888728 |
|  |  | 115241961 |
| **FINLAND — 0.4%** | **FINLAND — 0.4%** |  |
| 5085 | Aspo Oyj | 40202 |
| 443645 | Citycon Oyj | 2764315 |
| 1816 | Consti Oyj | 17372 |
| 4799 | eQ Oyj | 98172 |
| 124 | Fiskars Oyj Abp | 1787 |
| 15713 | F-Secure Oyj(a) | 44411 |
| 5043 | Marimekko Oyj | 45502 |
| 247810 | Metsa Board Oyj - Class B | 1863676 |
| 2188806 | Metso Outotec Oyj | 16616838 |
| 1136 | Olvi Oyj - Class A | 35083 |
| 2406 | Oma Saastopankki Oyj | 47317 |
| 12419 | Oriola Oyj - Class A | 23012 |
| 75503 | Oriola Oyj - Class B | 136995 |
| 106183 | Orion Oyj - Class B | 4884740 |
| 430830 | Outokumpu Oyj | 1729894 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **FINLAND (continued)** | **FINLAND (continued)** |  |
| 12025 | Pihlajalinna Oyj | $110994 |
| 65641 | Revenio Group Oyj | 2442994 |
| 3578 | Titanium Oyj(b) | 46851 |
| 88192 | Uponor Oyj | 1171373 |
| 5907 | Vaisala Oyj - Class A | 229709 |
|  |  | 32351237 |
| **FRANCE — 1.3%** | **FRANCE — 1.3%** |  |
| 12540 | ABC arbitrage | 81048 |
| 3269 | AKWEL | 47490 |
| 1489 | Alten SA | 174079 |
| 1312 | Assystem SA | 48103 |
| 4299 | Aubay | 188208 |
| 27620 | Beneteau SA | 306255 |
| 369 | Boiron SA | 16847 |
| 51491 | Carmila SA REIT | 720546 |
| 98893 | Catana Group | 490610 |
| 285495 | Cellectis SA(a) | 723972 |
| 58343 | Cie des Alpes(a) | 719565 |
| 249196 | Coface SA(a) | 2775440 |
| 57020 | Covivio REIT | 3054171 |
| 4400 | Dassault Aviation SA | 653984 |
| 287625 | Derichebourg SA | 1256933 |
| 82495 | Edenred | 4236075 |
| 3795 | Ekinops SAS(a) | 26140 |
| 25869 | Eramet SA | 1696240 |
| 1604 | Esker SA | 210667 |
| 492 | Esso SA Francaise(a) | 26353 |
| 331914 | Etablissements Maurel et Prom SA | 1492464 |
| 56025 | Eurazeo SE | 3200196 |
| 59851 | Euroapi SA(a) | 1047211 |
| 6341 | Eurobio Scientific SA(a) | 105402 |
| 386 | Fnac Darty SA | 11932 |
| 110594 | Gaztransport Et Technigaz SA | 12863965 |
| 39135 | Gecina SA REIT | 3490434 |
| 58725 | Genfit(a) | 233881 |
| 3114 | Groupe Guillin | 55516 |
| 8035 | Guerbet | 137849 |
| 315 | Infotel SA | 15752 |
| 30623 | Ipsen SA | 3147371 |
| 65695 | IPSOS | 3181231 |
| 6405 | Jacquet Metals SACA | 99630 |
| 101065 | Klepierre SA REIT | 2032507 |
| 351710 | Lectra | 11261508 |
| 739 | LISI | 14592 |
| 14684 | Mersen SA | 475976 |
| 1232 | Neurones | 42735 |
| 25645 | Nexans SA | 2397511 |
| 7521 | Prodways Group SA(a) | 27575 |
| 9140 | Quadient SA | 128624 |
| 154 | ReWorld Media SA(a) | 825 |
| 464168 | Rexel SA | 8305017 |
| 144814 | Rubis SCA | 3291586 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **FRANCE (continued)** | **FRANCE (continued)** |  |
| 2276 | Seche Environnement SA | $193436 |
| 1741 | Serge Ferrari SAS | 17377 |
| 54033 | Societe BIC SA | 3102430 |
| 3875 | Societe pour l'Informatique Industrielle | 179602 |
| 354 | Somfy SA | 37713 |
| 153444 | SPIE SA | 3590860 |
| 972 | Stef SA | 77423 |
| 1037 | Synergie SE | 28029 |
| 105724 | Television Francaise 1 | 670773 |
| 110 | TFF Group | 3957 |
| 225215 | Ubisoft Entertainment SA(a) | 6180733 |
| 77560 | Verallia SA(b)(c) | 2198284 |
| 1137 | Vetoquinol SA | 94498 |
| 427 | Vilmorin & Cie SA | 18926 |
| 5595 | Virbac SA | 1371256 |
| 5585 | Wavestone | 240645 |
|  |  | 92519958 |
| **GEORGIA — 0.0%** | **GEORGIA — 0.0%** |  |
| 81810 | Bank of Georgia Group Plc | 1993669 |
| **GERMANY — 1.5%** | **GERMANY — 1.5%** |  |
| 88470 | 7C Solarparken AG | 384694 |
| 583591 | AIXTRON SE | 14354904 |
| 11290 | Atoss Software AG | 1376816 |
| 1528 | Basler AG | 41526 |
| 1182 | BayWa AG | 53324 |
| 57585 | Bilfinger SE | 1604816 |
| 40498 | Carl Zeiss Meditec AG | 4904714 |
| 5202 | CTS Eventim AG & Co. KGaA(a) | 248510 |
| 1121 | Datagroup SE | 61041 |
| 83388 | Dermapharm Holding SE | 3172715 |
| 68905 | Deutz AG | 260397 |
| 15066 | Draegerwerk AG & Co. KGaA - Preference Shares | 606726 |
| 129290 | Duerr AG | 3421703 |
| 5830 | Elmos Semiconductor SE | 266469 |
| 113851 | Encavis AG | 2120875 |
| 52440 | Ernst Russ AG(a) | 236317 |
| 184973 | EuroEyes International Eye Clinic Ltd. | 102977 |
| 13088 | Evotec SE(a) | 249824 |
| 160917 | Freenet AG | 3166212 |
| 169009 | Gerresheimer AG | 9687342 |
| 481 | Gesco AG | 11979 |
| 26613 | GFT Technologies SE | 869225 |
| 314524 | Hamburger Hafen und Logistik AG | 3686424 |
| 369622 | Heidelberger Druckmaschinen AG(a) | 510660 |
| 10170 | Hornbach Holding AG & Co. KGaA | 693485 |
| 89875 | HUGO BOSS AG | 4142517 |
| 1342 | IVU Traffic Technologies AG | 18779 |
| 4651 | Jungheinrich AG - Preference Shares | 115736 |
| 418571 | K+S AG | 9249276 |
| 11686 | Koenig & Bauer AG(a) | 146668 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **GERMANY (continued)** | **GERMANY (continued)** |  |
| 46910 | Krones AG | $4346138 |
| 185 | KSB SE & Co. KGaA - Preference Shares | 58687 |
| 1914 | KWS Saat SE & Co. KGaA | 111221 |
| 3609 | Mensch und Maschine Software SE | 164063 |
| 129373 | MorphoSys AG(a) | 2449022 |
| 1876 | New Work SE | 235082 |
| 1354 | Nexus AG | 72658 |
| 99 | Paul Hartmann AG | 22307 |
| 3797 | Pfeiffer Vacuum Technology AG | 536591 |
| 308560 | ProSiebenSat.1 Media SE | 2097949 |
| 4158 | PSI Software AG | 95127 |
| 442 | Rational AG | 249417 |
| 41644 | Rheinmetall AG | 6769945 |
| 92356 | SAF-Holland SE | 684075 |
| 37010 | Salzgitter AG | 828061 |
| 57380 | Scout24 SE(b)(c) | 2941896 |
| 88559 | SGL Carbon SE(a) | 628820 |
| 1905 | Sixt SE | 178849 |
| 2523 | Stabilus SE | 138506 |
| 738 | STO SE & Co. KGaA - Preference Shares | 95105 |
| 173045 | Suedzucker AG | 2206051 |
| 97885 | Symrise AG | 9997547 |
| 27390 | Synlab AG | 352698 |
| 817 | Technotrans SE | 20548 |
| 30155 | VERBIO Vereinigte BioEnergie AG | 2375114 |
| 1803 | Villeroy & Boch AG - Preference Shares | 30113 |
| 9327 | Vitesco Technologies Group AG(a) | 499584 |
| 36692 | Wacker Chemie AG | 4275157 |
| 83709 | Wacker Neuson SE | 1321125 |
| 7173 | Washtec AG | 269371 |
| 5212 | Wuestenrot & Wuerttembergische AG | 73553 |
|  |  | 109891031 |
| **GREECE — 0.2%** | **GREECE — 0.2%** |  |
| 4107680 | Alpha Services and Holdings SA(a) | 3807731 |
| 4072764 | Eurobank Ergasias Services and Holdings SA(a) | 4024909 |
| 1284524 | National Bank of Greece SA(a) | 4658811 |
|  |  | 12491451 |
| **HONG KONG — 0.6%** | **HONG KONG — 0.6%** |  |
| 330000 | Analogue Holdings Ltd. | 46664 |
| 1537100 | ASMPT Ltd. | 8459322 |
| 731920 | Bank of East Asia Ltd. (The) | 701183 |
| 72912 | Build King Holdings Ltd. | 5945 |
| 105040 | Cafe de Coral Holdings Ltd. | 122574 |
| 619 | Chow Sang Sang Holdings International Ltd. | 571 |
| 1010445 | Chow Tai Fook Jewellery Group Ltd. | 1730062 |
| 116000 | Comba Telecom Systems Holdings Ltd. | 16255 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **HONG KONG (continued)** | **HONG KONG (continued)** |  |
| 2632710 | COSCO SHIPPING Ports Ltd. | $1297967 |
| 365200 | Dah Sing Banking Group Ltd. | 217734 |
| 2900000 | Emperor Watch & Jewellery Ltd. | 42117 |
| 116600 | Far East Consortium International Ltd. | 26292 |
| 246000 | First Pacific Co. Ltd. | 65185 |
| 289000 | Fortune Real Estate Investment Trust REIT | 184453 |
| 33057 | FSE Lifestyle Services Ltd. | 18993 |
| 71772 | G-Resources Group Ltd. | 18195 |
| 47000 | Health & Happiness H&H International Holdings Ltd. | 44308 |
| 329525 | HKR International Ltd. | 82700 |
| 350700 | Hutchison Port Holdings Trust - U Shares- Units | 57164 |
| 504000 | International Housewares Retail Co. Ltd. | 166937 |
| 205918 | Jacobson Pharma Corp. Ltd.(b) | 19675 |
| 158591 | Jinhui Shipping & Transportation Ltd. | 132717 |
| 1756598 | Johnson Electric Holdings Ltd. | 1810384 |
| 107031 | Kerry Logistics Network Ltd. | 169894 |
| 122000 | LH GROUP Ltd.(b) | 13055 |
| 359374 | Luk Fook Holdings International Ltd. | 781044 |
| 4666000 | Nine Dragons Paper Holdings Ltd. | 2764060 |
| 2219490 | NWS Holdings Ltd. | 1574919 |
| 44788 | Oriental Watch Holdings | 19171 |
| 17893825 | Pacific Basin Shipping Ltd. | 4331183 |
| 1091501 | PAX Global Technology Ltd. | 857944 |
| 1318562 | PC Partner Group Ltd. | 629914 |
| 4700480 | PCCW Ltd. | 1796442 |
| 137000 | Perfect Medical Health Management Ltd. | 48519 |
| 4424267 | Poly Property Group Co. Ltd. | 693260 |
| 1172000 | Prosperity REIT | 247848 |
| 648000 | Shun Tak Holdings Ltd.(a) | 84202 |
| 1762000 | Singamas Container Holdings Ltd. | 134681 |
| 3180000 | SITC International Holdings Co. Ltd. | 5209761 |
| 200000 | SOCAM Development Ltd. | 27517 |
| 169000 | Stella International Holdings Ltd. | 163625 |
| 3590000 | Sun Art Retail Group Ltd. | 571682 |
| 89713 | Sun Hung Kai & Co. Ltd. | 31315 |
| 74500 | Swire Pacific Ltd. - A Shares | 493051 |
| 1156177 | Tai Hing Group Holdings Ltd.(b) | 113413 |
| 1397 | Tang Palace China Holdings Ltd. | 76 |
| 859912 | Texhong Textile Group Ltd. | 554312 |
| 390596 | Tsit Wing International Holdings Ltd. | 35827 |
| 6838000 | United Laboratories International Holdings Ltd. (The) | 2865990 |
| 53500 | Valuetronics Holdings Ltd. | 16818 |
| 1508764 | VSTECS Holdings Ltd. | 724623 |
| 123000 | VTech Holdings Ltd. | 654201 |
| 133429 | Wai Kee Holdings Ltd. | 26687 |
| 811500 | WH Group Ltd.(b)(c) | 410420 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **HONG KONG (continued)** | **HONG KONG (continued)** |  |
| 910000 | Xinyi Glass Holdings Ltd. | $1170880 |
|  |  | 42483731 |
| **ICELAND — 0.1%** | **ICELAND — 0.1%** |  |
| 985896 | Ossur HF(a) | 4357450 |
| **INDIA — 0.7%** | **INDIA — 0.7%** |  |
| 6013944 | Bank of Baroda | 10730688 |
| 106356 | IndiaMart InterMesh Ltd.(b)(c) | 5899287 |
| 8558818 | Indian Oil Corp. Ltd. | 7056741 |
| 400191 | Lupin Ltd. | 3379342 |
| 385971 | Sun TV Network Ltd. | 2437920 |
| 5047781 | TV18 Broadcast Ltd.(a) | 2131255 |
| 186550 | WNS Holdings Ltd. - ADR(a) | 16058224 |
| 1044380 | Zee Entertainment Enterprises Ltd. | 3311257 |
|  |  | 51004714 |
| **INDONESIA — 0.1%** | **INDONESIA — 0.1%** |  |
| 31000900 | Perusahaan Gas Negara Tbk PT | 3925423 |
| **IRELAND — 0.1%** | **IRELAND — 0.1%** |  |
| 286519 | Alkermes Plc(a) | 6503981 |
| 38766 | COSMO Pharmaceuticals NV | 2264754 |
|  |  | 8768735 |
| **ISRAEL — 2.8%** | **ISRAEL — 2.8%** |  |
| 32 | Afcon Holdings Ltd. | 1499 |
| 8219 | Africa Israel Residences Ltd. | 330290 |
| 97081 | Airport City Ltd.(a) | 1608607 |
| 5957 | Arad Ltd. | 76369 |
| 115861 | B Communications Ltd.(a) | 649219 |
| 246330 | Bank Leumi Le-Israel BM | 2352772 |
| 4920892 | Bezeq The Israeli Telecommunication Corp. Ltd. | 8715015 |
| 63 | Blue Square Real Estate Ltd. | 4188 |
| 2072 | Bonei Hatichon Civil Engineering & Infrastructures Ltd.(a) | 20670 |
| 28700 | Carasso Motors Ltd. | 180312 |
| 239372 | CyberArk Software Ltd.(a) | 37559860 |
| 1396 | Danya Cebus Ltd. | 33304 |
| 114669 | Delek Automotive Systems Ltd. | 1477517 |
| 2030 | Delek Group Ltd.(a) | 310571 |
| 139 | Duniec Brothers Ltd. | 7199 |
| 10900 | Elbit Systems Ltd. | 2206189 |
| 24790 | Electra Real Estate Ltd. | 304828 |
| 1 | Equital Ltd.(a) | 32 |
| 32356 | FIBI Holdings Ltd. | 1526438 |
| 209207 | First International Bank of Israel Ltd. (The) | 9040741 |
| 182153 | Fiverr International Ltd.(a) | 5637635 |
| 779 | FMS Enterprises Migun Ltd. | 25816 |
| 6005 | Formula Systems 1985 Ltd. | 487735 |
| 8704 | Fox Wizel Ltd. | 1061659 |
| 83066 | Gav-Yam Lands Corp. Ltd. | 705234 |
| 7959 | Hamat Group Ltd. | 65951 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **ISRAEL (continued)** | **ISRAEL (continued)** |  |
| 860 | IES Holdings Ltd. | $60213 |
| 8046 | Ilex Medical Ltd. | 203339 |
| 341492 | Isracard Ltd. | 1010883 |
| 16883 | Israel Corp. Ltd. | 7314987 |
| 8127017 | Isramco Negev 2 LP | 2766850 |
| 1358 | Isras Investment Co. Ltd. | 255762 |
| 302615 | JFrog Ltd.(a) | 7686421 |
| 7235 | Kamada Ltd.(a) | 33129 |
| 562227 | Kornit Digital Ltd.(a) | 15022705 |
| 1982 | Lapidoth Capital Ltd. | 37525 |
| 3466 | Levinstein Properties Ltd. | 90016 |
| 804335 | Max Stock Ltd. | 1149521 |
| 190170 | Mivne Real Estate KD Ltd. | 592002 |
| 41402 | Monday.com Ltd.(a) | 4427530 |
| 9449 | Naphtha Israel Petroleum Corp. Ltd.(a) | 49176 |
| 334500 | Nice Ltd. - ADR(a) | 63518205 |
| 5168904 | Oil Refineries Ltd. | 1927980 |
| 233925 | Partner Communications Co. Ltd.(a) | 1764260 |
| 322363 | Plus500 Ltd. | 6672830 |
| 434402 | Radware Ltd.(a) | 9999934 |
| 46566 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 3231307 |
| 42775 | Ratio Energies Finance LP | 30554 |
| 33495 | Reit 1 Ltd. | 175838 |
| 127316 | Sella Capital Real Estate Ltd. REIT | 327590 |
| 157829 | SimilarWeb Ltd.(a) | 984853 |
| 2203 | Tadiran Group Ltd. | 298821 |
| 390953 | Tel Aviv Stock Exchange Ltd. | 2304637 |
| 12311 | YH Dimri Construction & Development Ltd. | 749067 |
|  |  | 207075585 |
| **ITALY — 0.7%** | **ITALY — 0.7%** |  |
| 1490 | ACEA SpA | 18774 |
| 65299 | Aeffe SpA(a) | 80665 |
| 215355 | Anima Holding SpA(b)(c) | 667418 |
| 1282 | Aquafil SpA | 6968 |
| 167366 | Arnoldo Mondadori Editore SpA | 282171 |
| 228985 | Azimut Holding SpA | 3688599 |
| 145193 | Banca IFIS SpA | 1714669 |
| 18520 | Banca Mediolanum SpA | 138732 |
| 12200 | BasicNet SpA | 59319 |
| 283780 | BFF Bank SpA(b)(c) | 2002381 |
| 96848 | Biesse SpA | 1166705 |
| 142705 | Buzzi Unicem SpA | 2368569 |
| 274097 | Cairo Communication SpA | 445321 |
| 856 | Cembre SpA | 23348 |
| 3776 | Danieli & C Officine Meccaniche SpA | 77058 |
| 49191 | Danieli & C Officine Meccaniche SpA - RSP | 675721 |
| 709713 | Davide Campari-Milano NV | 6378294 |
| 42430 | Digital Bros SpA | 1000484 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **ITALY (continued)** | **ITALY (continued)** |  |
| 2035 | Digital360 SpA(a) | $8829 |
| 9952 | El.En. SpA | 121758 |
| 18285 | Elica SpA | 48609 |
| 47594 | ERG SpA | 1492884 |
| 4094 | Fine Foods & Pharmaceuticals NTM | 31356 |
| 11581 | Gefran SpA | 97282 |
| 14484 | GPI SpA | 185221 |
| 295385 | Immobiliare Grande Distribuzione SIIQ SpA REIT | 850930 |
| 241041 | Iren SpA | 358266 |
| 186130 | Italgas SpA | 959262 |
| 1278333 | Leonardo SpA | 10273258 |
| 609620 | Maire Tecnimont SpA | 1892920 |
| 440846 | MFE-MediaForEurope NV - Class A | 154487 |
| 128053 | Moncler SpA | 5528899 |
| 441 | Orsero SpA | 6319 |
| 5445 | Pharmanutra SpA | 364833 |
| 276429 | Rizzoli Corriere Della Sera Mediagroup SpA | 185490 |
| 172985 | Salvatore Ferragamo SpA | 2543772 |
| 31494 | Sanlorenzo SpA | 1009972 |
| 1879502 | Saras SpA(a) | 2271622 |
| 1114 | Sesa SpA | 120770 |
| 10246 | SIT SpA | 61766 |
| 47025 | Sogefi SpA(a) | 38340 |
| 212850 | Stevanato Group SpA | 3584394 |
| 304835 | Unipol Gruppo SpA | 1312259 |
|  |  | 54298694 |
| **JAPAN — 7.3%** | **JAPAN — 7.3%** |  |
| 54200 | 77 Bank Ltd. (The) | 656473 |
| 4500 | A&A Material Corp. | 25512 |
| 16000 | A&D HOLON Holdings Co Ltd. | 98672 |
| 54630 | ABC-Mart, Inc. | 2435838 |
| 4400 | Abist Co. Ltd. | 84304 |
| 2600 | Achilles Corp. | 23990 |
| 48400 | ADEKA Corp. | 724560 |
| 22800 | Advanced Media, Inc.(a) | 149961 |
| 28000 | Aeon Delight Co. Ltd. | 560019 |
| 193400 | AEON Financial Service Co. Ltd. | 1893745 |
| 14100 | Aeon Mall Co. Ltd. | 153332 |
| 990 | AEON REIT Investment Corp. | 1065268 |
| 30900 | Ai Holdings Corp. | 458009 |
| 4329 | Aichi Financial Group, Inc. | 55315 |
| 1400 | Aichi Tokei Denki Co. Ltd. | 12240 |
| 17800 | Aiming, Inc. | 36032 |
| 2900 | Ain Holdings, Inc. | 121894 |
| 6600 | Aiphone Co. Ltd. | 88772 |
| 30500 | Aisan Industry Co. Ltd. | 144608 |
| 13700 | AIT Corp. | 138847 |
| 57000 | Akatsuki, Inc. | 828387 |
| 1700 | Akita Bank Ltd. (The) | 18190 |
| 107500 | Alfresa Holdings Corp. | 1236978 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 71800 | Alps Alpine Co. Ltd. | $618071 |
| 3100 | Alps Logistics Co. Ltd. | 22891 |
| 111892 | Altech Corp. | 1511759 |
| 42400 | Amada Co. Ltd. | 298549 |
| 11500 | Amano Corp. | 196984 |
| 57100 | Anest Iwata Corp. | 342535 |
| 8500 | Anicom Holdings, Inc. | 34013 |
| 37900 | Anritsu Corp. | 382071 |
| 2900 | AOI Electronics Co. Ltd. | 37563 |
| 3200 | Arcs Co. Ltd. | 42697 |
| 34400 | Arealink Co. Ltd. | 437244 |
| 38000 | Arisawa Manufacturing Co. Ltd. | 321235 |
| 23100 | ARTERIA Networks Corp. | 186577 |
| 30200 | Artiza Networks, Inc. | 211021 |
| 40700 | As One Corp. | 1740825 |
| 17400 | Asahi Co. Ltd. | 151304 |
| 208800 | Asahi Diamond Industrial Co. Ltd. | 1043333 |
| 98200 | Asahi Holdings, Inc. | 1254123 |
| 22500 | Asahi Net, Inc. | 91546 |
| 7000 | ASAHI YUKIZAI CORP. | 112559 |
| 27000 | Asia Pile Holdings Corp. | 91698 |
| 7600 | ASKA Pharmaceutical Holdings Co. Ltd. | 59902 |
| 203470 | ASKUL Corp. | 2127818 |
| 26300 | Astena Holdings Co. Ltd. | 74286 |
| 21304 | Ateam, Inc. | 110177 |
| 1200 | Aval Data Corp. | 19804 |
| 74096 | Avant Group, Corp. | 736500 |
| 12300 | Awa Bank Ltd. (The) | 154603 |
| 6900 | Axial Retailing, Inc. | 157309 |
| 560600 | Azbil Corp. | 15250190 |
| 35200 | Bando Chemical Industries Ltd. | 250220 |
| 8900 | Bank of Iwate Ltd. (The) | 107378 |
| 5500 | Bank of Nagoya Ltd. (The) | 112630 |
| 2200 | Bank of Saga Ltd. (The) | 22977 |
| 6200 | Bank of the Ryukyus Ltd. | 32440 |
| 338639 | BASE, Inc.(a) | 637674 |
| 3900 | Bell System24 Holdings, Inc. | 36274 |
| 12900 | Benesse Holdings, Inc. | 190340 |
| 55900 | BeNext-Yumeshin Group Co. | 675935 |
| 291200 | BIPROGY Inc. | 6296163 |
| 95200 | BML, Inc. | 2154397 |
| 155280 | Brother Industries Ltd. | 2643086 |
| 273400 | Bunka Shutter Co. Ltd. | 1965531 |
| 1700 | Business Brain Showa-Ota, Inc. | 17172 |
| 1400 | Business Engineering Corp. | 19584 |
| 1700 | Canare Electric Co. Ltd. | 15892 |
| 6600 | Canon Marketing Japan, Inc. | 139373 |
| 756200 | Carenet, Inc. | 6946899 |
| 2900 | Cawachi Ltd. | 40196 |
| 17852 | Central Security Patrols Co. Ltd. | 307948 |
| 188000 | Chiba Kogyo Bank Ltd. (The) | 364128 |
| 2400 | Chino Corp. | 27681 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 1900 | Chiyoda Integre Co. Ltd. | $29248 |
| 5000 | Chuo Warehouse Co. Ltd. | 31003 |
| 115000 | Citizen Watch Co. Ltd. | 483372 |
| 950380 | CKD Corp. | 11677220 |
| 5200 | Cleanup Corp. | 21262 |
| 17900 | CMIC Holdings Co. Ltd. | 202360 |
| 101400 | COLOPL, Inc.(a) | 478035 |
| 320 | Comforia Residential REIT, Inc. | 678974 |
| 224400 | Computer Engineering & Consulting Ltd. | 2354242 |
| 50500 | CONEXIO Corp. | 386489 |
| 1800 | Core Corp. | 17892 |
| 21000 | Cosel Co. Ltd. | 120468 |
| 6300 | CRE, Inc. | 57664 |
| 217535 | Credit Saison Co. Ltd. | 2326108 |
| 27100 | Creek & River Co. Ltd. | 372706 |
| 63000 | Cresco Ltd. | 734248 |
| 3500 | CTI Engineering Co. Ltd. | 68802 |
| 19200 | CTS Co. Ltd. | 103557 |
| 9700 | Cybernet Systems Co. Ltd. | 68300 |
| 9700 | Daihatsu Diesel Manufacturing Co. Ltd. | 35422 |
| 32200 | Daihen Corp. | 832637 |
| 600 | Daiichi Jitsugyo Co. Ltd. | 15757 |
| 5600 | Daiken Corp. | 75021 |
| 58600 | Daiken Medical Co. Ltd. | 181284 |
| 13679 | Daikoku Denki Co. Ltd. | 131275 |
| 188559 | Daikokutenbussan Co. Ltd. | 5757139 |
| 14100 | Daisue Construction Co. Ltd. | 109712 |
| 35100 | Daito Pharmaceutical Co. Ltd. | 604297 |
| 38500 | Daitron Co. Ltd. | 550721 |
| 475 | Daiwa House REIT Investment Corp. | 958338 |
| 9700 | Daiwa Industries Ltd. | 81412 |
| 46500 | Daiwabo Holdings Co. Ltd. | 601362 |
| 153900 | Dear Life Co. Ltd. | 645843 |
| 43300 | DeNA Co. Ltd. | 565219 |
| 24500 | Denka Co. Ltd. | 567622 |
| 1500 | Densan System Holdings Co. Ltd. | 23747 |
| 39700 | Dentsu Group, Inc. | 1237496 |
| 6300 | Denyo Co. Ltd. | 61816 |
| 2200 | Digital Arts, Inc. | 92767 |
| 38900 | Digital Garage, Inc. | 933945 |
| 34900 | Digital Holdings, Inc. | 269915 |
| 6670 | Disco Corp. | 1601392 |
| 4600 | DKK Co. Ltd. | 74246 |
| 46800 | DMG Mori Co. Ltd. | 542923 |
| 117700 | Doshisha Co. Ltd. | 1196828 |
| 19800 | Dowa Holdings Co. Ltd. | 630505 |
| 58000 | Duskin Co. Ltd. | 1112452 |
| 6700 | Ebase Co. Ltd. | 24782 |
| 1800 | Eco's Co. Ltd. | 22032 |
| 23800 | EDION Corp. | 189030 |
| 6200 | E-Guardian, Inc. | 127173 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 8600 | Ehime Bank Ltd. (The) | $49508 |
| 119600 | Eiken Chemical Co. Ltd. | 1478360 |
| 19900 | Eizo Corp. | 484468 |
| 96500 | Elecom Co. Ltd. | 895592 |
| 4600 | Elematec Corp. | 47981 |
| 10900 | EM Systems Co. Ltd. | 72278 |
| 277450 | en Japan, Inc. | 4830815 |
| 2900 | Endo Lighting Corp. | 14666 |
| 4200 | Enplas Corp. | 114960 |
| 3600 | Exedy Corp. | 42199 |
| 100900 | EXEO Group, Inc. | 1478605 |
| 8500 | FALCO HOLDINGS Co. Ltd. | 101180 |
| 331500 | FAN Communications, Inc. | 989852 |
| 8900 | FCC Co. Ltd. | 86549 |
| 58905 | Ferrotec Holdings Corp. | 999081 |
| 61800 | Financial Products Group Co. Ltd. | 482946 |
| 28671 | First Bank of Toyama Ltd. (The) | 79441 |
| 3000 | Fixstars Corp. | 22738 |
| 7600 | FJ Next Holdings Co. Ltd. | 50754 |
| 6600 | Forum Engineering, Inc. | 40835 |
| 50600 | Foster Electric Co. Ltd. | 264749 |
| 92527 | Freee KK(a) | 1810778 |
| 2600 | Frontier Management, Inc. | 21962 |
| 470 | Frontier Real Estate Investment Corp. REIT | 1659437 |
| 22000 | Fudo Tetra Corp. | 218676 |
| 12600 | Fuji Corp. | 166763 |
| 2800 | Fuji Corp. | 23896 |
| 23400 | Fuji Pharma Co. Ltd. | 168542 |
| 14500 | Fuji Soft, Inc. | 789872 |
| 252600 | Fujikura Ltd. | 1494926 |
| 30500 | Fujimi, Inc. | 1275833 |
| 4100 | Fujimori Kogyo Co. Ltd. | 85753 |
| 30300 | Fujisash Co. Ltd. | 13857 |
| 516200 | Fujitec Co. Ltd. | 10268803 |
| 2100 | Fujiya Co. Ltd. | 36084 |
| 1000 | Fukuda Corp. | 32617 |
| 3700 | Fukuda Denshi Co. Ltd. | 193093 |
| 73853 | Fukui Computer Holdings, Inc. | 1725944 |
| 5100 | Fukuyama Transporting Co. Ltd. | 111298 |
| 145200 | FULLCAST Holdings Co. Ltd. | 2910933 |
| 19000 | Funai Soken Holdings, Inc. | 338996 |
| 33200 | Furukawa Electric Co. Ltd. | 512641 |
| 111700 | Furuno Electric Co. Ltd. | 806040 |
| 78783 | Furyu Corp. | 619371 |
| 1400 | Fuso Pharmaceutical Industries Ltd. | 19442 |
| 71600 | Future Corp. | 805587 |
| 9900 | Fuyo General Lease Co. Ltd. | 549945 |
| 33600 | Gakujo Co. Ltd. | 325165 |
| 12200 | Gecoss Corp. | 65474 |
| 200 | GLOBERIDE, Inc. | 3139 |
| 93700 | Glory Ltd. | 1446192 |
| 33300 | GMO Financial Gate, Inc. | 3121840 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 2100 | GMO GlobalSign Holdings KK | $65318 |
| 64776 | Goldcrest Co. Ltd. | 762352 |
| 17800 | Good Com Asset Co. Ltd. | 83915 |
| 21400 | Grandy House Corp. | 79731 |
| 217700 | Gree, Inc. | 1225427 |
| 370980 | GungHo Online Entertainment, Inc. | 5496277 |
| 33500 | Gunze Ltd. | 860621 |
| 185900 | H.U. Group Holdings, Inc. | 3463082 |
| 2400 | Hamakyorex Co. Ltd. | 53667 |
| 73085 | Hamamatsu Photonics KK | 3312774 |
| 7600 | Hamee Corp. | 43598 |
| 39700 | Hanwa Co. Ltd. | 961162 |
| 29100 | Happinet Corp. | 400408 |
| 30100 | Harmonic Drive Systems, Inc. | 1006066 |
| 23200 | Heiwa Corp. | 374458 |
| 6500 | Heiwa Real Estate Co. Ltd. | 180537 |
| 11700 | Heiwado Co. Ltd. | 148163 |
| 31500 | Hino Motors Ltd.(a) | 130919 |
| 12400 | Hioki EE Corp. | 592084 |
| 10800 | Hiroshima Gas Co. Ltd. | 25058 |
| 58500 | Hisamitsu Pharmaceutical Co., Inc. | 1443862 |
| 13411 | Hito Communications Holdings, Inc. | 150349 |
| 32800 | Hochiki Corp. | 314335 |
| 1200 | Hodogaya Chemical Co. Ltd. | 23121 |
| 4800 | Hokkaido Gas Co. Ltd. | 54942 |
| 130400 | Hokuhoku Financial Group, Inc. | 783128 |
| 19100 | Hoosiers Holdings Co. Ltd. | 100577 |
| 53500 | Horiba Ltd. | 2201957 |
| 7900 | Hosokawa Micron Corp. | 143235 |
| 4100 | House Foods Group, Inc. | 76736 |
| 38000 | Hyakugo Bank Ltd. (The) | 84078 |
| 24600 | Hyakujushi Bank Ltd. (The) | 275787 |
| 1700 | Ichiken Co. Ltd. | 20533 |
| 8200 | Ichikoh Industries Ltd. | 23437 |
| 4600 | Ichinen Holdings Co. Ltd. | 39381 |
| 2200 | ID Holdings Corp. | 13419 |
| 19900 | Idec Corp. | 426921 |
| 47115 | Idemitsu Kosan Co. Ltd. | 1029784 |
| 23300 | IHI Corp. | 520233 |
| 7700 | Inaba Denki Sangyo Co. Ltd. | 143856 |
| 54700 | Ines Corp. | 556951 |
| 2300 | I-Net Corp. | 20696 |
| 35800 | Infocom Corp. | 514507 |
| 1614811 | Infomart Corp. | 5245326 |
| 39700 | Information Services International- Dentsu Ltd. | 1216137 |
| 106045 | Inpex Corp. | 1082594 |
| 383800 | Internet Initiative Japan, Inc. | 6034664 |
| 40500 | I-PEX, Inc. | 348633 |
| 17000 | ISB Corp. | 149655 |
| 8600 | Iseki & Co. Ltd. | 71139 |
| 14800 | Ishihara Sangyo Kaisha Ltd. | 102120 |
| 142530 | Isuzu Motors Ltd. | 1671693 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 75500 | Itfor, Inc. | $388937 |
| 85400 | Itochu Techno-Solutions Corp. | 1981439 |
| 1500 | Itochu-Shokuhin Co. Ltd. | 49228 |
| 71800 | Itoki Corp. | 205219 |
| 5700 | Iwaki Co. Ltd. | 54204 |
| 6300 | Iwasaki Electric Co. Ltd. | 110752 |
| 64000 | Izumi Co. Ltd. | 1290803 |
| 92800 | JAC Recruitment Co. Ltd. | 1578964 |
| 158760 | JAFCO Group Co. Ltd. | 2437534 |
| 150700 | Japan Aviation Electronics Industry Ltd. | 2350269 |
| 1060 | Japan Excellent, Inc. REIT | 980194 |
| 100700 | Japan Lifeline Co. Ltd. | 679934 |
| 2900 | Japan Medical Dynamic Marketing, Inc. | 23111 |
| 1490 | Japan Metropolitan Fund Invest REIT | 1097246 |
| 11800 | Japan Petroleum Exploration Co. Ltd. | 306318 |
| 36100 | Japan Post Insurance Co. Ltd. | 533385 |
| 11400 | Japan Pulp & Paper Co. Ltd. | 351902 |
| 48400 | Japan System Techniques Co. Ltd. | 488899 |
| 14500 | Japan Transcity Corp. | 48270 |
| 42091 | JBCC Holdings, Inc. | 549438 |
| 39400 | JCR Pharmaceuticals Co. Ltd. | 586913 |
| 140400 | Jeol Ltd. | 5155412 |
| 86800 | JINUSHI Co. Ltd. | 1196678 |
| 3200 | JK Holdings Co. Ltd. | 23457 |
| 13000 | JP-Holdings, Inc. | 26141 |
| 11700 | JSB Co. Ltd. | 303329 |
| 62900 | Justsystems Corp. | 1328263 |
| 58400 | JVCKenwood Corp. | 84834 |
| 3800 | K&O Energy Group, Inc. | 53028 |
| 1200 | Kaga Electronics Co. Ltd. | 35630 |
| 56300 | Kajima Corp. | 530457 |
| 54800 | Kaken Pharmaceutical Co. Ltd. | 1402293 |
| 2000 | Kakiyasu Honten Co. Ltd. | 29900 |
| 64800 | Kamigumi Co. Ltd. | 1232418 |
| 3500 | Kanaden Corp. | 25303 |
| 172900 | Kanamoto Co. Ltd. | 2497658 |
| 44000 | Kandenko Co. Ltd. | 247379 |
| 43300 | Kanematsu Corp. | 428355 |
| 2100 | Kanematsu Electronics Ltd. | 62423 |
| 50300 | Katitas Co. Ltd. | 1128152 |
| 4200 | Kawada Technologies, Inc. | 102391 |
| 22100 | Kawai Musical Instruments Manufacturing Co. Ltd. | 392968 |
| 33300 | Kawasaki Kisen Kaisha Ltd. | 506347 |
| 49700 | Keihanshin Building Co. Ltd. | 442201 |
| 830 | Kenedix Office Investment Corp. REIT | 1889472 |
| 855 | Kenedix Residential Next Investment Corp. REIT | 1252355 |
| 43400 | Kewpie Corp. | 685609 |
| 31500 | KH Neochem Co. Ltd. | 537869 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 45300 | Kimoto Co. Ltd. | $71288 |
| 4200 | Kimura Unity Co. Ltd. | 21890 |
| 76000 | Kinden Corp. | 773826 |
| 57200 | Kissei Pharmaceutical Co. Ltd. | 1011324 |
| 1800 | Kita-Nippon Bank Ltd. (The) | 22758 |
| 49750 | Kitz Corp. | 295766 |
| 5100 | Koatsu Gas Kogyo Co. Ltd. | 21608 |
| 17600 | Kobayashi Pharmaceutical Co. Ltd. | 935068 |
| 148900 | Kobe Bussan Co. Ltd. | 3239460 |
| 124600 | Kobe Steel Ltd. | 511154 |
| 70600 | Koei Tecmo Holdings Co. Ltd. | 1067345 |
| 14800 | Kokuyo Co. Ltd. | 183737 |
| 85300 | Komeri Co. Ltd. | 1488641 |
| 100700 | Komori Corp. | 548552 |
| 50045 | Konami Group Corp. | 2197746 |
| 517800 | Konica Minolta, Inc. | 1577480 |
| 11900 | Konoike Transport Co. Ltd. | 125246 |
| 5700 | Kose Corp. | 570019 |
| 67900 | K's Holdings Corp. | 532442 |
| 54600 | Kumagai Gumi Co. Ltd. | 923127 |
| 31000 | Kurabo Industries Ltd. | 434265 |
| 8900 | Kureha Corp. | 572205 |
| 5100 | Kyodo Printing Co. Ltd. | 86638 |
| 92300 | Kyokuto Kaihatsu Kogyo Co. Ltd. | 858475 |
| 23500 | Kyokuto Securities Co. Ltd. | 98618 |
| 6100 | LAC Co. Ltd. | 32121 |
| 55000 | Lawson, Inc. | 1756952 |
| 3100 | Lifedrink Co., Inc. | 39611 |
| 5700 | M&A Capital Partners Co. Ltd.(a) | 145667 |
| 130953 | M3, Inc. | 3915512 |
| 44200 | Mabuchi Motor Co. Ltd. | 1200901 |
| 2500 | Maezawa Kyuso Industries Co. Ltd. | 15434 |
| 1600 | Makino Milling Machine Co. Ltd. | 49443 |
| 20000 | Mandom Corp. | 202697 |
| 4900 | Maruwa Co. Ltd. | 577013 |
| 4200 | Maruzen Showa Unyu Co. Ltd. | 85867 |
| 232200 | Marvelous, Inc. | 1054070 |
| 54300 | Max Co. Ltd. | 775271 |
| 62300 | Maxell Ltd. | 517438 |
| 44400 | Medipal Holdings Corp. | 550913 |
| 75400 | Megachips Corp. | 1294064 |
| 11500 | Megmilk Snow Brand Co. Ltd. | 125290 |
| 97600 | Meidensha Corp. | 1300283 |
| 3300 | Meiji Electric Industries Co. Ltd. | 23125 |
| 57800 | Meiko Network Japan Co. Ltd. | 235561 |
| 7800 | Meisei Industrial Co. Ltd. | 36982 |
| 268800 | Meitec Corp. | 4535588 |
| 26000 | Melco Holdings, Inc. | 546421 |
| 71600 | Menicon Co. Ltd. | 1226438 |
| 5900 | METAWATER Co. Ltd. | 75627 |
| 353400 | Micronics Japan Co. Ltd. | 3275061 |
| 12800 | Milbon Co. Ltd. | 528545 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 10000 | Mimasu Semiconductor Industry Co. Ltd. | $154948 |
| 156300 | Mirait one Corp. | 1502086 |
| 583600 | Mirarth Holdings, Inc. | 1569925 |
| 22700 | Miroku Jyoho Service Co. Ltd. | 228076 |
| 62000 | Mito Securities Co. Ltd. | 95901 |
| 15600 | Mitsubishi Heavy Industries Ltd. | 537153 |
| 1700 | Mitsubishi Kakoki Kaisha Ltd. | 24500 |
| 78600 | Mitsubishi Logistics Corp. | 1725875 |
| 40400 | Mitsubishi Materials Corp. | 528723 |
| 7300 | Mitsubishi Pencil Co. Ltd. | 71137 |
| 24800 | Mitsubishi Research Institute, Inc. | 867279 |
| 20000 | Mitsubishi Shokuhin Co. Ltd. | 404856 |
| 39300 | Mitsuboshi Belting Ltd. | 836508 |
| 26100 | Mitsui Mining & Smelting Co. Ltd. | 528337 |
| 164850 | Mitsui OSK Lines Ltd. | 3271612 |
| 10300 | Mitsui-Soko Holdings Co. Ltd. | 214735 |
| 67100 | Miura Co. Ltd. | 1369572 |
| 153300 | Mixi, Inc. | 2404221 |
| 900 | Miyaji Engineering Group, Inc. | 19883 |
| 1500 | Miyazaki Bank Ltd. (The) | 22496 |
| 87750 | Mizuno Corp. | 1504842 |
| 22100 | Mochida Pharmaceutical Co. Ltd. | 509045 |
| 221200 | Money Forward, Inc.(a) | 6307462 |
| 392800 | MonotaRO Co. Ltd. | 5991260 |
| 2900 | MORESCO Corp. | 20049 |
| 202 | Mori Trust Hotel REIT, Inc. | 191682 |
| 8300 | Morinaga & Co. Ltd. | 207647 |
| 210193 | Morinaga Milk Industry Co. Ltd. | 5965328 |
| 3900 | Morito Co. Ltd. | 19724 |
| 1500 | Morozoff Ltd. | 37173 |
| 3800 | Mory Industries, Inc. | 68106 |
| 46580 | Mugen Estate Co. Ltd. | 147232 |
| 10000 | Nachi-Fujikoshi Corp. | 262282 |
| 18900 | Nagaileben Co. Ltd. | 259550 |
| 31600 | Nagano Keiki Co. Ltd. | 230792 |
| 17500 | Naigai Trans Line Ltd. | 242443 |
| 4400 | Nakabayashi Co. Ltd. | 15683 |
| 3900 | Nakamoto Packs Co. Ltd. | 39028 |
| 41200 | Nakanishi, Inc. | 752542 |
| 1700 | Nanyo Corp. | 20579 |
| 900 | NCS&A Co. Ltd. | 3117 |
| 68100 | NEC Corp. | 2255573 |
| 12000 | NEC Networks & System Integration Corp. | 128639 |
| 3000 | NEOJAPAN, Inc. | 20478 |
| 5400 | Neturen Co. Ltd. | 24295 |
| 24900 | Nextage Co. Ltd. | 480601 |
| 1400 | Nice Corp. | 12598 |
| 10700 | Nichias Corp. | 165219 |
| 15900 | Nichiban Co. Ltd. | 181675 |
| 4500 | Nichiha Corp. | 85282 |
| 15700 | Nihon Chouzai Co. Ltd. | 139584 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 21900 | Nihon Falcom Corp. | $188815 |
| 68200 | Nihon Kohden Corp. | 1529621 |
| 28100 | Nihon M&A Center Holdings, Inc. | 318049 |
| 2700 | Niitaka Co. Ltd. | 37660 |
| 4300 | Nikkon Holdings Co. Ltd. | 67235 |
| 120 | Nippon Accommodations Fund, Inc. REIT | 510844 |
| 8100 | Nippon Air Conditioning Services Co. Ltd. | 39657 |
| 380 | Nippon Building Fund, Inc. REIT | 1689230 |
| 2300 | Nippon Carbide Industries Co., Inc. | 19830 |
| 2200 | Nippon Concept Corp. | 25640 |
| 23500 | Nippon Express Holdings, Inc. | 1180571 |
| 900 | Nippon Road Co. Ltd. (The) | 37103 |
| 2600 | Nippon Shinyaku Co. Ltd. | 144080 |
| 147205 | Nippon Steel Corp. | 2022033 |
| 12000 | Nippon Steel Trading Corp. | 413195 |
| 2061 | Nippon Systemware Co. Ltd. | 29468 |
| 31600 | Nippon Thompson Co. Ltd. | 112846 |
| 91200 | Nipro Corp. | 688163 |
| 111600 | Nishi-Nippon Financial Holdings, Inc. | 568901 |
| 21900 | Nishio Rent All Co. Ltd. | 440666 |
| 1500 | Nissei ASB Machine Co. Ltd. | 37375 |
| 70000 | Nissha Co. Ltd. | 825246 |
| 282600 | Nisshinbo Holdings, Inc. | 1961352 |
| 1800 | Nissin Corp. | 23339 |
| 64100 | Nissin Electric Co. Ltd. | 595758 |
| 32900 | Nisso Corp. | 125011 |
| 11100 | Nitta Corp. | 215662 |
| 130200 | Nitto Kogyo Corp. | 2155771 |
| 2100 | Nitto Kohki Co. Ltd. | 22300 |
| 39800 | Nitto Seiko Co. Ltd. | 138381 |
| 50300 | Nittoc Construction Co. Ltd. | 296330 |
| 45900 | NOF Corp. | 1580470 |
| 15300 | Nomura Co. Ltd. | 112053 |
| 81600 | Nomura Real Estate Holdings, Inc. | 1846626 |
| 9300 | Noritake Co. Ltd. | 258307 |
| 50300 | Noritsu Koki Co. Ltd. | 906581 |
| 70400 | Noritz Corp. | 723435 |
| 7600 | NS Solutions Corp. | 175056 |
| 254522 | NSD Co. Ltd. | 4354578 |
| 1210 | NTT UD REIT Investment Corp. | 1184815 |
| 8900 | OBIC Business Consultants Co. Ltd. | 256175 |
| 2400 | Ohsho Food Service Corp. | 102330 |
| 2800 | Oiles Corp. | 28133 |
| 10000 | Oita Bank Ltd. (The) | 121389 |
| 13200 | Okabe Co. Ltd. | 62407 |
| 140300 | Okamura Corp. | 1291709 |
| 368000 | Oki Electric Industry Co. Ltd. | 1823975 |
| 5600 | Okinawa Cellular Telephone Co. | 105940 |
| 2400 | Okinawa Financial Group, Inc. | 33282 |
| 30500 | OKUMA Corp. | 1023538 |
| 2000 | Okura Industrial Co. Ltd. | 25219 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 1700 | One Career, Inc.(a) | $39100 |
| 24500 | Ono Pharmaceutical Co. Ltd. | 576025 |
| 40 | Ooedo Onsen REIT Investment Corp. | 18508 |
| 5100 | Optim Corp.(a) | 31040 |
| 2200 | Optorun Co. Ltd. | 31307 |
| 12900 | Oracle Corp. Japan | 688833 |
| 36800 | Organo Corp. | 637278 |
| 61200 | Oriental Shiraishi Corp. | 110304 |
| 415 | Orix JREIT, Inc. | 556794 |
| 7700 | Oro Co. Ltd. | 86841 |
| 204400 | Osaki Electric Co. Ltd. | 717555 |
| 86900 | OSG Corp. | 1106303 |
| 59200 | Otsuka Corp. | 1869222 |
| 26300 | Outsourcing, Inc. | 206056 |
| 39530 | Oyo Corp. | 601078 |
| 31400 | Pan Pacific International Holdings Corp. | 515467 |
| 7200 | PAPYLESS Co. Ltd. | 50213 |
| 34500 | Paramount Bed Holdings Co. Ltd. | 614385 |
| 4800 | Pasco Corp. | 41578 |
| 54100 | Pasona Group, Inc. | 746583 |
| 40600 | Pegasus Sewing Machine Manufacturing Co. Ltd. | 236454 |
| 1300 | People Dreams & Technologies Group Co. Ltd. | 23667 |
| 192245 | PeptiDream, Inc.(a) | 2111275 |
| 26600 | Persol Holdings Co. Ltd. | 534165 |
| 900 | Pickles Holdings Co. Ltd. | 6240 |
| 4400 | Pilot Corp. | 171331 |
| 51600 | Pola Orbis Holdings, Inc. | 570846 |
| 46300 | Pole To Win Holdings, Inc. | 294873 |
| 77100 | Prestige International, Inc. | 373328 |
| 40500 | Pronexus, Inc. | 261202 |
| 121552 | Proto Corp. | 953157 |
| 18000 | Punch Industry Co. Ltd. | 48663 |
| 2300 | QB Net Holdings Co. Ltd. | 20356 |
| 32400 | Qol Holdings Co. Ltd. | 267358 |
| 4500 | Quick Co. Ltd. | 58559 |
| 10600 | RaQualia Pharma, Inc.(a) | 81837 |
| 97700 | Raysum Co. Ltd. | 1056536 |
| 257890 | Relia, Inc. | 1730887 |
| 14300 | Relo Group, Inc. | 202149 |
| 200 | Rhythm Co. Ltd. | 2222 |
| 52200 | Ricoh Co. Ltd. | 382649 |
| 3300 | Ride On Express Holdings Co. Ltd. | 22881 |
| 15000 | Riken Corp. | 228589 |
| 72800 | Riken Technos Corp. | 252630 |
| 19400 | Riken Vitamin Co. Ltd. | 245933 |
| 7900 | Rinnai Corp. | 538727 |
| 7600 | Rion Co. Ltd. | 104216 |
| 3500 | Riso Kagaku Corp. | 55715 |
| 4600 | Rock Field Co. Ltd. | 44671 |
| 139460 | Rohm Co. Ltd. | 9819740 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 57900 | Roland DG Corp. | $1244094 |
| 5000 | S Foods, Inc. | 91631 |
| 100 | Saison Information Systems Co. Ltd. | 1188 |
| 30200 | Saizeriya Co. Ltd. | 563806 |
| 4000 | Sakai Chemical Industry Co. Ltd. | 52860 |
| 3000 | Sakai Heavy Industries Ltd. | 60305 |
| 4400 | Sakai Moving Service Co. Ltd. | 139373 |
| 77410 | Sakata Seed Corp. | 2550920 |
| 8500 | Sangetsu Corp. | 90090 |
| 31600 | Sanken Electric Co. Ltd. | 1085954 |
| 95505 | Sankyo Co. Ltd. | 3156845 |
| 15200 | Sankyo Tateyama, Inc. | 55609 |
| 43400 | Sankyu, Inc. | 1297374 |
| 11300 | Sansha Electric Manufacturing Co. Ltd. | 68623 |
| 445500 | Santen Pharmaceutical Co. Ltd. | 3049995 |
| 93200 | Sanwa Holdings Corp. | 803540 |
| 1800 | Sanyo Denki Co. Ltd. | 65974 |
| 2000 | Sanyo Trading Co. Ltd. | 13961 |
| 96800 | Sato Holdings Corp. | 1195881 |
| 58840 | Sawai Group Holdings Co. Ltd. | 1695614 |
| 72870 | SBI Holdings, Inc. | 1317291 |
| 69900 | SCREEN Holdings Co. Ltd. | 3850035 |
| 35900 | Scroll Corp. | 166589 |
| 139200 | SCSK Corp. | 2056709 |
| 5400 | Seed Co. Ltd. | 18049 |
| 1800 | Seika Corp. | 19816 |
| 125200 | Seikagaku Corp. | 763687 |
| 4600 | Seikitokyu Kogyo Co. Ltd. | 25336 |
| 37000 | Seiko Group Corp. | 783819 |
| 70700 | Seino Holdings Co. Ltd. | 543938 |
| 9400 | Sekisui Jushi Corp. | 107721 |
| 17100 | Sekisui Kasei Co. Ltd. | 44505 |
| 900 | Semba Corp. | 4539 |
| 3000 | SERAKU Co. Ltd. | 24291 |
| 1042900 | SG Holdings Co. Ltd. | 13830988 |
| 1000 | Shibaura Electronics Co. Ltd. | 31440 |
| 4900 | Shibaura Machine Co. Ltd. | 95301 |
| 17300 | Shibaura Mechatronics Corp. | 1139023 |
| 3600 | Shibusawa Warehouse Co. Ltd. (The) | 49583 |
| 5900 | Shibuya Corp. | 101974 |
| 5900 | Shikoku Bank Ltd. (The) | 34441 |
| 25000 | Shikoku Electric Power Co., Inc. | 120381 |
| 58700 | Shindengen Electric Manufacturing Co. Ltd. | 1452746 |
| 16300 | Shinmaywa Industries Ltd. | 111155 |
| 27500 | Shinnihon Corp. | 133898 |
| 5900 | Shinnihonseiyaku Co. Ltd. | 62176 |
| 15200 | Shoei Co. Ltd. | 561202 |
| 6597 | Shofu, Inc. | 112024 |
| 3400 | Sigma Koki Co. Ltd. | 34070 |
| 38800 | SIGMAXYZ Holdings, Inc. | 312602 |
| 61600 | Sinfonia Technology Co. Ltd. | 561337 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 43700 | Sinko Industries Ltd. | $454942 |
| 49200 | SK-Electronics Co. Ltd. | 415584 |
| 2900 | SMK Corp. | 51702 |
| 94400 | SMS Co. Ltd. | 2171210 |
| 18200 | Soda Nikka Co. Ltd. | 69277 |
| 152800 | Sodick Co. Ltd. | 794340 |
| 60700 | Sohgo Security Services Co. Ltd. | 1514489 |
| 1100 | Soken Chemical & Engineering Co. Ltd. | 14078 |
| 103713 | Soliton Systems KK | 739337 |
| 3500 | Space Co. Ltd. | 20666 |
| 6000 | Sprix Ltd. | 40069 |
| 13000 | Square Enix Holdings Co. Ltd. | 580517 |
| 4400 | SRA Holdings | 94986 |
| 3600 | ST Corp. | 36316 |
| 17700 | Star Mica Holdings Co. Ltd. | 167007 |
| 158100 | Star Micronics Co. Ltd. | 1812842 |
| 105600 | Starts Corp., Inc. | 1867770 |
| 4600 | St-Care Holding Corp. | 25986 |
| 2200 | Step Co. Ltd. | 28555 |
| 24900 | Studio Alice Co. Ltd. | 348143 |
| 32200 | Subaru Corp. | 501423 |
| 21800 | Sugi Holdings Co. Ltd. | 875255 |
| 28200 | Sumitomo Heavy Industries Ltd. | 535382 |
| 34300 | Sumitomo Metal Mining Co. Ltd. | 964677 |
| 39100 | Sumitomo Mitsui Construction Co. Ltd. | 114911 |
| 19000 | Sumitomo Mitsui Trust Holdings, Inc. | 546508 |
| 421200 | Sumitomo Pharma Co Ltd. | 2937452 |
| 4100 | Sumitomo Seika Chemicals Co. Ltd. | 81865 |
| 80700 | Sumitomo Warehouse Co. Ltd. (The) | 1095755 |
| 157700 | Sun Frontier Fudousan Co. Ltd. | 1218584 |
| 40200 | Sun-Wa Technos Corp. | 405258 |
| 74200 | Suzuken Co. Ltd. | 1651717 |
| 15300 | Tadano Ltd. | 93635 |
| 27500 | Taisho Pharmaceutical Holdings Co. Ltd. | 991291 |
| 14300 | Takamatsu Construction Group Co. Ltd. | 186570 |
| 4400 | Takaoka Toko Co. Ltd. | 54358 |
| 3300 | Takara & Co. Ltd. | 47959 |
| 76600 | Takara Holdings, Inc. | 533694 |
| 86900 | Takara Standard Co. Ltd. | 746301 |
| 13200 | Takasago International Corp. | 248385 |
| 1000 | Take And Give Needs Co. Ltd.(a) | 10565 |
| 53400 | Takeuchi Manufacturing Co. Ltd. | 1077373 |
| 18200 | Takuma Co. Ltd. | 151284 |
| 124400 | Tamron Co. Ltd. | 2765002 |
| 81000 | Tanseisha Co. Ltd. | 436881 |
| 2900 | TDC Soft, Inc. | 24905 |
| 96300 | TechMatrix Corp. | 1097093 |
| 1200 | Techno Medica Co. Ltd. | 13187 |
| 28100 | TechnoPro Holdings, Inc. | 669925 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 8400 | Teikoku Electric Manufacturing Co. Ltd. | $111797 |
| 2200 | Tekken Corp. | 26114 |
| 73100 | Temairazu, Inc. | 2812011 |
| 19187 | T-Gaia Corp. | 213554 |
| 85580 | TIS, Inc. | 2310795 |
| 11500 | Toa Corp. | 60247 |
| 8200 | Tobishima Corp. | 57242 |
| 99700 | TOC Co. Ltd. | 518967 |
| 6300 | Tocalo Co. Ltd. | 50419 |
| 88265 | Tochigi Bank Ltd. (The) | 179860 |
| 7200 | Toho Gas Co. Ltd. | 134369 |
| 146000 | Toho Holdings Co. Ltd. | 1985353 |
| 79200 | Tokai Carbon Co. Ltd. | 517188 |
| 24000 | Tokai Corp. | 304893 |
| 10700 | Tokai Rika Co. Ltd. | 111681 |
| 12900 | Tokuyama Corp. | 150520 |
| 37900 | Tokyo Keiki, Inc. | 326252 |
| 12600 | Tokyo Ohka Kogyo Co. Ltd. | 544013 |
| 3100 | Tokyo Rakutenchi Co. Ltd. | 88500 |
| 108700 | Tokyo Seimitsu Co. Ltd. | 3278654 |
| 207710 | Tokyo Tatemono Co. Ltd. | 2862220 |
| 23000 | Tokyotokeiba Co. Ltd. | 641145 |
| 909345 | Tokyu Fudosan Holdings Corp. | 4617206 |
| 1035 | Tokyu REIT, Inc. | 1473550 |
| 58085 | TOMONY Holdings, Inc. | 126174 |
| 255890 | Tomy Co. Ltd. | 2247502 |
| 800 | Tonami Holdings Co. Ltd. | 18992 |
| 68400 | Topcon Corp. | 750263 |
| 5700 | Torishima Pump Manufacturing Co. Ltd. | 49412 |
| 200700 | Tosei Corp. | 1919334 |
| 450939 | Toshiba Corp. | 15712129 |
| 54155 | Toshiba TEC Corp. | 1403998 |
| 3300 | Tosho Co. Ltd. | 25278 |
| 12300 | Totetsu Kogyo Co. Ltd. | 204235 |
| 91300 | TOTO Ltd. | 2609536 |
| 1700 | Totoku Electric Co. Ltd. | 25164 |
| 142500 | Towa Pharmaceutical Co. Ltd. | 2141884 |
| 6600 | Toyo Denki Seizo KK | 37728 |
| 18700 | Toyo Machinery & Metal Co. Ltd. | 65270 |
| 44700 | Toyo Seikan Group Holdings Ltd. | 511347 |
| 48900 | Toyo Tire Corp. | 573205 |
| 5700 | TPR Co. Ltd. | 47840 |
| 15900 | Traders Holdings Co. Ltd. | 53358 |
| 3100 | Trancom Co. Ltd. | 159071 |
| 142300 | Transcosmos, Inc. | 3277699 |
| 42605 | Trend Micro, Inc. | 2151811 |
| 2900 | Trinity Industrial Corp. | 13067 |
| 61500 | Trusco Nakayama Corp. | 825129 |
| 92200 | Tsubakimoto Chain Co. | 1974895 |
| 68700 | Tsugami Corp. | 516076 |
| 90000 | Tsukuba Bank Ltd. | 115606 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 8200 | Tsumura & Co. | $171230 |
| 2800 | Tsuruha Holdings, Inc. | 162884 |
| 15700 | TV Asahi Holdings Corp. | 147186 |
| 35000 | UACJ Corp. | 499243 |
| 199000 | Ubicom Holdings, Inc. | 3250755 |
| 9800 | Uchida Yoko Co. Ltd. | 299217 |
| 4400 | Union Tool Co. | 106083 |
| 48400 | UNITED, Inc. | 424776 |
| 163600 | Ushio, Inc. | 1700969 |
| 160040 | USS Co. Ltd. | 2418440 |
| 24900 | UT Group Co. Ltd. | 407423 |
| 29500 | V Technology Co. Ltd. | 555499 |
| 14800 | Valor Holdings Co. Ltd. | 171196 |
| 5700 | ValueCommerce Co. Ltd. | 83299 |
| 7400 | Vector, Inc. | 55091 |
| 7100 | VINX Corp. | 75873 |
| 1700 | Visional, Inc.(a) | 115929 |
| 9700 | Vital KSK Holdings, Inc. | 48795 |
| 527700 | Wacom Co. Ltd. | 2296122 |
| 10400 | Warabeya Nichiyo Holdings Co. Ltd. | 123098 |
| 2900 | Waseda Academy Co. Ltd. | 22311 |
| 800 | WDB coco Co. Ltd. | 22677 |
| 19600 | WDB Holdings Co. Ltd. | 338233 |
| 36400 | Will Group, Inc. | 349080 |
| 3700 | WingArc1st, Inc. | 59545 |
| 23200 | Workman Co. Ltd. | 794163 |
| 1500 | World Holdings Co. Ltd. | 26329 |
| 2000 | Wowow, Inc. | 16840 |
| 51300 | Xebio Holdings Co. Ltd. | 348107 |
| 5400 | Yachiyo Industry Co. Ltd. | 23242 |
| 120400 | YAMABIKO Corp. | 927119 |
| 2200 | YAMADA Consulting Group Co. Ltd. | 18036 |
| 2100 | Yamae Group Holdings Co. Ltd. | 21368 |
| 4500 | Yamagata Bank Ltd. (The) | 30899 |
| 80000 | Yamaichi Electronics Co. Ltd. | 1149736 |
| 54800 | Yamanashi Chuo Bank Ltd. (The) | 375910 |
| 24900 | Yamazaki Baking Co. Ltd. | 253697 |
| 65400 | Yamazen Corp. | 406839 |
| 19800 | Yokogawa Bridge Holdings Corp. | 263121 |
| 147410 | Yokohama Rubber Co. Ltd. (The) | 2307882 |
| 10000 | Yokowo Co. Ltd. | 136521 |
| 2300 | Yondenko Corp. | 27997 |
| 1400 | Yossix Holdings Co. Ltd. | 20205 |
| 1900 | Yuasa Trading Co. Ltd. | 47342 |
| 4600 | Yurtec Corp. | 22026 |
| 20100 | Yushin Precision Equipment Co. Ltd. | 95029 |
| 30900 | Zenkoku Hosho Co. Ltd. | 1020337 |
| 70200 | Zenrin Co. Ltd. | 413566 |
| 60600 | Zeon Corp. | 511062 |
| 51200 | ZERIA Pharmaceutical Co. Ltd. | 763377 |
| 122200 | ZIGExN Co. Ltd. | 300785 |
| 60600 | ZOZO, Inc. | 1289882 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **JAPAN (continued)** | **JAPAN (continued)** |  |
| 13100 | Zuken, Inc. | $295575 |
|  |  | 539196446 |
| **JERSEY CHANNEL ISLANDS — 0.3%** | **JERSEY CHANNEL ISLANDS — 0.3%** |  |
| 289376 | Novocure Ltd.(a) | 20447308 |
| **NETHERLANDS — 1.0%** | **NETHERLANDS — 1.0%** |  |
| 47438 | ASM International NV | 10538760 |
| 161145 | ASR Nederland NV | 7101026 |
| 48443 | Brunel International NV | 445705 |
| 204989 | Eurocommercial Properties NV REIT | 4509439 |
| 187057 | Heijmans NV | 1896654 |
| 90824 | IMCD NV | 11785070 |
| 42190 | JDE Peet's NV | 1208300 |
| 2477821 | Koninklijke BAM Groep NV(a) | 5411642 |
| 65495 | Koninklijke DSM NV | 7721744 |
| 20407 | Merus NV(a) | 418344 |
| 1205 | Nedap NV | 64782 |
| 236935 | OCI NV | 9066327 |
| 3426413 | Pharming Group NV(a) | 3548688 |
| 73030 | Randstad NV | 3640351 |
| 1506 | Sligro Food Group NV | 21848 |
| 114574 | TKH Group NV | 4060347 |
| 209179 | TomTom NV(a) | 1638265 |
| 43614 | Van Lanschot Kempen NV | 941769 |
| 31077 | Vastned Retail NV REIT | 631128 |
| 101817 | Wereldhave NV REIT | 1247696 |
|  |  | 75897885 |
| **NEW ZEALAND — 0.2%** | **NEW ZEALAND — 0.2%** |  |
| 97664 | a2 Milk Co. Ltd. (The)(a) | 328596 |
| 32809 | Bathurst Resources Ltd.(a) | 18888 |
| 1165032 | Fletcher Building Ltd. | 3457787 |
| 383779 | Fletcher Building Ltd. | 1146884 |
| 14571 | Mainfreight Ltd. | 644179 |
| 34201 | Mercury NZ Ltd. | 115728 |
| 89259 | Oceania Healthcare Ltd. | 44630 |
| 136553 | SKY Network Television Ltd. | 172280 |
| 1169355 | Spark New Zealand Ltd. | 3480898 |
| 16062 | Summerset Group Holdings Ltd. | 90396 |
| 147155 | Xero Ltd.(a) | 7348549 |
|  |  | 16848815 |
| **NORWAY — 0.7%** | **NORWAY — 0.7%** |  |
| 84247 | 2020 Bulkers Ltd. | 634518 |
| 712744 | ABG Sundal Collier Holding ASA | 378443 |
| 6792 | AF Gruppen ASA | 98390 |
| 125819 | Aker BP ASA | 4010756 |
| 206 | Atea ASA | 2291 |
| 350506 | B2Holding ASA | 265000 |
| 456666 | Belships ASA | 638691 |
| 26992 | Bouvet ASA | 142799 |
| 6830824 | DNO ASA | 8909642 |
| 156880 | Elkem ASA(b)(c) | 521819 |
| 36575 | FLEX LNG Ltd. | 1136356 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **NORWAY (continued)** | **NORWAY (continued)** |  |
| 197710 | Gjensidige Forsikring ASA | $3611445 |
| 422388 | Golden Ocean Group Ltd. | 3469740 |
| 301641 | Grieg Seafood ASA | 2089057 |
| 194785 | Hoegh Autoliners ASA | 1094198 |
| 165159 | Kongsberg Gruppen ASA | 5919330 |
| 1727 | Medistim ASA | 40035 |
| 1361256 | MPC Container Ships ASA | 2147391 |
| 357290 | Norsk Hydro ASA | 2267570 |
| 29632 | Odfjell Drilling Ltd.(a) | 77528 |
| 164486 | OKEA ASA | 671636 |
| 14768 | Olav Thon Eiendomsselskap ASA | 247171 |
| 214555 | Orkla ASA | 1447957 |
| 11425 | Pareto Bank ASA | 51706 |
| 32658 | Protector Forsikring ASA | 388900 |
| 54341 | Rana Gruber ASA | 212217 |
| 37495 | Salmar ASA | 1270253 |
| 31420 | SpareBank 1 Nord Norge | 260822 |
| 4691 | Sparebank 1 Oestlandet | 50718 |
| 3177 | SpareBank 1 SMN | 34288 |
| 2393 | SpareBank 1 SR-Bank ASA | 24353 |
| 4705 | Sparebanken More | 33006 |
| 29886 | Sparebanken Vest | 265336 |
| 280027 | TGS ASA | 3824861 |
| 67324 | Veidekke ASA | 560162 |
| 605074 | Wallenius Wilhelmsen ASA | 4304018 |
| 8665 | Western Bulk Chartering AS | 31255 |
| 2055 | Wilh Wilhelmsen Holding ASA - Class A | 47836 |
|  |  | 51181494 |
| **PERU — 0.1%** | **PERU — 0.1%** |  |
| 731600 | Cia de Minas Buenaventura SAA - ADR | 5077304 |
| **POLAND — 0.2%** | **POLAND — 0.2%** |  |
| 925004 | Allegro.eu SA(a)(b)(c) | 4495107 |
| 1750123 | PGE Polska Grupa Energetyczna SA(a) | 1997899 |
| 644450 | Polski Koncern Naftowy ORLEN SA | 7413585 |
| 3097256 | Tauron Polska Energia SA(a) | 1257950 |
|  |  | 15164541 |
| **PORTUGAL — 0.1%** | **PORTUGAL — 0.1%** |  |
| 162388 | Altri SGPS SA | 904304 |
| 6117 | Corticeira Amorim SGPS SA | 59121 |
| 51694 | Greenvolt-Energias Renovaveis SA(a) | 397454 |
| 208080 | Jeronimo Martins SGPS SA | 4314224 |
| 289769 | Navigator Co. SA (The) | 1104793 |
| 334790 | NOS SGPS SA | 1311514 |
| 216994 | REN - Redes Energeticas Nacionais SGPS SA | 561844 |
| 1578089 | Sonae SGPS SA | 1518219 |
|  |  | 10171473 |
| **RUSSIA — 0.0%** | **RUSSIA — 0.0%** |  |
| 3531360 | Alrosa PJSC(d)(e) | 0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **RUSSIA (continued)** | **RUSSIA (continued)** |  |
| 1189126065 | Federal Grid Co. Unified Energy System PJSC(a)(d)(e) | $0 |
| 4480742 | Gazprom PJSC(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(d)(e) | 0 |
| 13369855 | Surgutneftegas PJSC(d)(e) | 0 |
| 243969 | VK Co. Ltd. - GDR(a)(b)(d)(e) | 0 |
|  |  | 0 |
| **SINGAPORE — 0.5%** | **SINGAPORE — 0.5%** |  |
| 99600 | APAC Realty Ltd. | 36938 |
| 8959 | Asian Pay Television Trust - Units | 614 |
| 1038000 | CapitaLand Integrated Commercial Trust REIT | 1378525 |
| 602500 | Chip Eng Seng Corp. Ltd. | 306443 |
| 2303040 | ComfortDelGro Corp. Ltd. | 2066163 |
| 27100 | Cromwell European Real Estate Investment Trust REIT(b) | 42047 |
| 271700 | CSE Global Ltd. | 67176 |
| 23500 | Delfi Ltd. | 11704 |
| 321300 | Far East Hospitality Trust REIT | 130508 |
| 919000 | First Resources Ltd. | 967300 |
| 406100 | Frasers Hospitality Trust REIT | 127659 |
| 2118500 | Frasers Logistics & Industrial Trust REIT(b) | 1646192 |
| 3413500 | Genting Singapore Ltd. | 1941133 |
| 3296300 | Geo Energy Resources Ltd. | 908136 |
| 6402500 | Golden Agri-Resources Ltd. | 1311617 |
| 53300 | Golden Energy & Resources Ltd.(a) | 32757 |
| 34 | Ho Bee Land Ltd. | 55 |
| 305000 | Hour Glass Ltd. (The) | 420140 |
| 4156 | Hyphens Pharma International Ltd. | 829 |
| 435729 | IGG, Inc.(a) | 113239 |
| 305200 | InnoTek Ltd. | 92707 |
| 94300 | ISDN Holdings Ltd. | 24314 |
| 160800 | Kimly Ltd. | 38621 |
| 988600 | Lendlease Global Commercial REIT | 488853 |
| 205200 | LHN Ltd. | 37689 |
| 993800 | Mapletree Pan Asia Commercial Trust REIT | 1116235 |
| 68690 | OM Holdings Ltd. | 27681 |
| 303900 | Propnex Ltd.(b) | 279083 |
| 91500 | PSC Corp. Ltd. | 21977 |
| 4636995 | Raffles Medical Group Ltd. | 4356600 |
| 304400 | RHT Health Trust REIT(a)(d)(e) | 4086 |
| 6061400 | Riverstone Holdings Ltd. | 2312204 |
| 574676 | Samudera Shipping Line Ltd. | 351155 |
| 4730100 | Sembcorp Industries Ltd. | 9723503 |
| 2156910 | Sheng Siong Group Ltd. | 2376928 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SINGAPORE (continued)** | **SINGAPORE (continued)** |  |
| 563100 | Silverlake Axis Ltd. | $129279 |
| 243500 | Singapore Exchange Ltd. | 1448340 |
| 338000 | Singapore Medical Group Ltd. | 85956 |
| 1884300 | Starhill Global REIT | 685515 |
| 36000 | UMS Holdings Ltd. | 22761 |
| 242200 | UOL Group Ltd. | 1059069 |
| 68400 | Wing Tai Holdings Ltd. | 73444 |
| 545200 | Yanlord Land Group Ltd. | 333144 |
|  |  | 36598319 |
| **SOUTH AFRICA — 0.2%** | **SOUTH AFRICA — 0.2%** |  |
| 177882 | Grindrod Ltd. | 100326 |
| 1201683 | Harmony Gold Mining Co. Ltd. - ADR | 3364712 |
| 579261 | Remgro Ltd. | 4311168 |
| 2043616 | Sappi Ltd.(a) | 6303711 |
|  |  | 14079917 |
| **SOUTH KOREA — 0.8%** | **SOUTH KOREA — 0.8%** |  |
| 23209 | Green Cross Corp. | 2077396 |
| 161394 | GS Engineering & Construction Corp. | 2458668 |
| 124679 | Hankook Tire & Technology Co. Ltd. | 3199142 |
| 70221 | Hyundai Department Store Co. Ltd. | 2666963 |
| 137051 | Hyundai Engineering & Construction Co. Ltd. | 3357843 |
| 102010 | KB Financial Group, Inc. | 3441034 |
| 94348 | Kia Corp. | 4391360 |
| 62952 | Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 3212896 |
| 51649 | LG Electronics, Inc. | 2958727 |
| 29496 | Lotte Chemical Corp. | 3064627 |
| 56652 | OCI Co. Ltd. | 4056656 |
| 401995 | Samsung Engineering Co. Ltd.(a) | 6730725 |
| 1163031 | Samsung Heavy Industries Co. Ltd.(a) | 4204858 |
| 82412 | Samsung Life Insurance Co. Ltd. | 3899448 |
| 32924 | Samsung SDS Co. Ltd. | 2889185 |
| 157641 | Shinhan Financial Group Co. Ltd. | 4017248 |
| 572093 | SK Networks Co. Ltd. | 1618544 |
|  |  | 58245320 |
| **SPAIN — 0.5%** | **SPAIN — 0.5%** |  |
| 81565 | ACS Actividades de Construccion y Servicios SA | 2091741 |
| 772 | Alantra Partners SA | 9842 |
| 1247573 | Almirall SA | 11632544 |
| 46322 | Applus Services SA | 274208 |
| 116603 | Atresmedia Corp. de Medios de Comunicacion SA | 336480 |
| 1938296 | Banco de Sabadell SA | 1523988 |
| 126900 | Cia de Distribucion Integral Logista Holdings SA | 2626063 |
| 79480 | CIE Automotive SA | 2021777 |
| 5686 | Elecnor SA | 56754 |
| 443359 | Ence Energia y Celulosa SA | 1517750 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SPAIN (continued)** | **SPAIN (continued)** |  |
| 522709 | Faes Farma SA | $1970704 |
| 2708 | Grupo Catalana Occidente SA | 73595 |
| 92639 | Laboratorios Farmaceuticos Rovi SA | 4213154 |
| 1076360 | Mapfre SA | 1845542 |
| 386850 | Merlin Properties Socimi SA REIT | 3276350 |
| 13328 | Pharma Mar SA | 798450 |
| 68727 | Prosegur Cia de Seguridad SA | 128164 |
|  |  | 34397106 |
| **SWEDEN — 1.0%** | **SWEDEN — 1.0%** |  |
| 271481 | AAK AB | 3958668 |
| 51 | Alligo AB - Class B | 376 |
| 34227 | Arise AB(a) | 152672 |
| 135826 | Axfood AB | 3363296 |
| 3474 | B3 Consulting Group AB | 46724 |
| 134 | BE Group AB | 833 |
| 460860 | Betsson AB - Class B | 3355898 |
| 50341 | Bilia AB - Class A | 533447 |
| 103120 | BioGaia AB - Class B | 817212 |
| 94682 | Biotage AB | 1553851 |
| 13548 | Bjorn Borg AB | 33989 |
| 685 | BTS Group AB - Class B | 17992 |
| 78462 | Camurus AB(a) | 1820632 |
| 2074 | Cellavision AB | 38883 |
| 82 | Clas Ohlson AB - Class B | 548 |
| 7290 | Doro AB(a) | 10564 |
| 2588105 | Fortnox AB | 11018175 |
| 1898 | Getinge AB - Class B | 38558 |
| 7993 | Hanza AB | 34821 |
| 367140 | Hexpol AB | 3624448 |
| 36420 | HMS Networks AB | 937449 |
| 147593 | Inwido AB | 1326054 |
| 143640 | Loomis AB | 4014718 |
| 69737 | MEKO AB | 658766 |
| 51 | Momentum Group AB(a) | 271 |
| 79 | Nederman Holding AB | 1080 |
| 900348 | Net Insight AB - Class B(a) | 476219 |
| 120131 | New Wave Group AB - Class B | 1670118 |
| 9935 | Nilorngruppen AB - Class B | 67666 |
| 350715 | Orron Energy ab | 728671 |
| 54583 | OX2 AB(a) | 376700 |
| 19329 | Proact IT Group AB | 156506 |
| 254 | QleanAir AB | 575 |
| 39166 | Rottneros AB | 45476 |
| 73040 | Saab AB - Class B | 2581260 |
| 149332 | Sectra AB - Class B | 1980057 |
| 27429 | SkiStar AB | 262584 |
| 24081 | Softronic AB - Class B | 50054 |
| 280375 | SSAB AB - Class A | 1349412 |
| 363810 | SSAB AB - Class B | 1691664 |
| 574050 | Stillfront Group AB(a) | 1118340 |
| 936995 | Swedish Orphan Biovitrum AB(a) | 17252752 |
| 80550 | Tobii AB(a) | 133360 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **SWEDEN (continued)** | **SWEDEN (continued)** |  |
| 169000 | Trelleborg AB - Class B | $3724025 |
| 14208 | Volati AB(b) | 129969 |
|  |  | 71155333 |
| **SWITZERLAND — 1.8%** | **SWITZERLAND — 1.8%** |  |
| 282001 | Alcon, Inc. | 17161972 |
| 107249 | Ascom Holding AG | 659763 |
| 76686 | Baloise Holding AG | 10476502 |
| 20270 | Banque Cantonale Vaudoise | 1803622 |
| 6924 | Barry Callebaut AG | 13096376 |
| 7289 | Basilea Pharmaceutica AG(a) | 335206 |
| 19623 | Belimo Holding AG | 7995390 |
| 14325 | BKW AG | 1670904 |
| 15749 | Bucher Industries AG | 5306549 |
| 19345 | Burckhardt Compression Holding AG | 8365092 |
| 606 | Burkhalter Holding AG | 47204 |
| 3373 | Calida Holding AG | 143159 |
| 15279 | Cembra Money Bank AG | 1107760 |
| 1562 | Coltene Holding AG | 124948 |
| 15604 | Comet Holding AG | 2490158 |
| 11280 | DKSH Holding AG | 812755 |
| 10632 | dormakaba Holding AG | 3376418 |
| 5105 | EMS-Chemie Holding AG | 3209265 |
| 266 | Energiedienst Holding AG | 10891 |
| 1737129 | Ferrexpo Plc | 2033974 |
| 49665 | Galenica AG(b)(c) | 3566099 |
| 128517 | Georg Fischer AG | 7116660 |
| 73251 | Huber + Suhner AG | 6525180 |
| 18865 | Implenia AG(a) | 708368 |
| 52 | Ina Invest Holding AG(a) | 1018 |
| 1079 | Inficon Holding AG | 857726 |
| 1593 | Investis Holding SA(b) | 161472 |
| 12144 | Komax Holding AG | 2849993 |
| 8388 | Kudelski SA | 22952 |
| 23514 | Leonteq AG | 948685 |
| 2878 | Meier Tobler Group AG | 90822 |
| 92 | Metall Zug AG - Class B | 170430 |
| 116167 | Mobilezone Holding AG | 1842245 |
| 2570 | Molecular Partners AG(a) | 16785 |
| 19 | Orell Fuessli AG | 1552 |
| 135 | Phoenix Mecano AG | 44220 |
| 17810 | PSP Swiss Property AG | 1903101 |
| 37358 | SFS Group AG | 3376341 |
| 2602 | Siegfried Holding AG | 1548701 |
| 28785 | Stadler Rail AG | 848013 |
| 9975 | Swatch Group AG (The) | 2245334 |
| 39975 | Swatch Group AG (The) | 1670299 |
| 23980 | Swiss Prime Site AG | 1934972 |
| 10930 | Tecan Group AG | 4010268 |
| 74598 | Temenos AG | 4447496 |
| 23177 | u-blox Holding AG | 2374754 |
| 20405 | Zehnder Group AG | 1100385 |
|  |  | 130611779 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **TAIWAN — 0.6%** | **TAIWAN — 0.6%** |  |
| 6172000 | Acer, Inc. | $4233104 |
| 1831000 | ASE Technology Holding Co. Ltd. | 4568621 |
| 2226018 | Cheng Shin Rubber Industry Co. Ltd. | 2231372 |
| 9150432 | China Petrochemical Development Corp. | 2666539 |
| 1645000 | ENNOSTAR, Inc. | 2098208 |
| 1067000 | Everlight Electronics Co. Ltd. | 1134138 |
| 1644000 | Hon Hai Precision Industry Co. Ltd. | 5229576 |
| 2247000 | HTC Corp.(a) | 3521561 |
| 2741431 | International CSRC Investment Holdings Co. | 1607977 |
| 4243000 | Inventec Corp. | 3212948 |
| 1735000 | Pegatron Corp. | 3176817 |
| 303000 | Phison Electronics Corp. | 2778695 |
| 6722000 | Qisda Corp. | 5121424 |
| 4812696 | Wistron Corp. | 3890782 |
|  |  | 45471762 |
| **THAILAND — 0.5%** | **THAILAND — 0.5%** |  |
| 14162532 | Banpu Public Co. Ltd. - FOR | 4651383 |
| 140371 | Fabrinet(a) | 16058442 |
| 43105207 | IRPC Public Co. Ltd. - FOR | 3556236 |
| 5002000 | Italian-Thai Development Public Co. Ltd. - FOR(a) | 253649 |
| 3299558 | PTT Global Chemical Public Co. Ltd. - FOR | 3771171 |
| 396032 | Siam Cement Public Co. Ltd. (The) - FOR | 3371371 |
| 1878291 | Thai Oil Public Co. Ltd. - FOR | 2689618 |
|  |  | 34351870 |
| **TURKEY — 0.6%** | **TURKEY — 0.6%** |  |
| 1166252 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 3004873 |
| 1843327 | Arcelik AS | 7788531 |
| 4979671 | Dogan Sirketler Grubu Holding AS | 1594415 |
| 18659402 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 4420697 |
| 2635494 | Eregli Demir ve Celik Fabrikalari TAS | 4205067 |
| 3440707 | Haci Omer Sabanci Holding AS | 6199622 |
| 7551154 | Petkim Petrokimya Holding AS(a) | 5452141 |
| 1621431 | Tekfen Holding AS | 2871046 |
| 9469643 | Turkiye Is Bankasi AS - Class C | 4741371 |
| 254165 | Turkiye Petrol Rafinerileri AS(a) | 5174989 |
| 4744893 | Yapi ve Kredi Bankasi AS | 2347689 |
|  |  | 47800441 |
| **UNITED KINGDOM — 4.5%** | **UNITED KINGDOM — 4.5%** |  |
| 7789 | 4imprint Group Plc | 309955 |
| 13299 | accesso Technology Group Plc(a) | 94558 |
| 1778060 | Adaptimmune Therapeutics Plc - ADR(a) | 2524845 |
| 71208 | Advanced Medical Solutions Group Plc | 222935 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 45928 | AG Barr Plc | $236489 |
| 537550 | Airtel Africa Plc(b)(c) | 697219 |
| 574793 | Alliance Pharma Plc | 410005 |
| 4322966 | Alphawave IP Group Plc(a) | 5592147 |
| 4480720 | Assura Plc REIT | 2874985 |
| 2021596 | Balfour Beatty Plc | 6922642 |
| 17459 | Belvoir Group Plc | 41045 |
| 16619 | Big Yellow Group Plc REIT | 214601 |
| 27727 | Bloomsbury Publishing Plc | 146745 |
| 2462308 | boohoo Group Plc(a) | 1146170 |
| 3989 | Braemar Plc | 13541 |
| 724051 | Britvic Plc | 6040736 |
| 61492 | Bytes Technology Group Plc | 253304 |
| 9667442 | Centrica Plc | 8494570 |
| 329447 | Ceres Power Holdings Plc(a) | 1238461 |
| 10247 | Cerillion Plc | 142190 |
| 443525 | Chemring Group Plc | 1536076 |
| 5548 | Chesnara Plc | 16924 |
| 45203 | Clarkson Plc | 1433343 |
| 251030 | Close Brothers Group Plc | 2826993 |
| 69236 | Computacenter Plc | 1437137 |
| 29315 | Concentric AB | 485344 |
| 8201425 | ConvaTec Group Plc(b)(c) | 20503759 |
| 5054 | Craneware Plc | 107225 |
| 91180 | Cranswick Plc | 3109770 |
| 141805 | Dechra Pharmaceuticals Plc | 4260696 |
| 12904 | Devro Plc | 26459 |
| 143 | DFS Furniture Plc | 200 |
| 150061 | dotdigital group Plc | 130788 |
| 2017338 | Drax Group Plc | 12053248 |
| 245685 | Dunelm Group Plc | 2442786 |
| 1978 | Eco Animal Health Group Plc | 2280 |
| 1306 | Epwin Group Plc | 1116 |
| 40112 | Ergomed Plc(a) | 563965 |
| 1447 | FD Technologies Plc(a) | 22303 |
| 216909 | FDM Group Holdings Plc | 1569620 |
| 1479145 | Firstgroup Plc | 1784490 |
| 575167 | Frasers Group Plc(a) | 4270920 |
| 30714 | Galliford Try Holdings Plc | 58188 |
| 32595 | Games Workshop Group Plc | 2392317 |
| 234525 | Gamma Communications Plc | 2861663 |
| 42977 | Genel Energy Plc | 62495 |
| 172697 | Genus Plc | 5058169 |
| 130650 | Greggs Plc | 3023558 |
| 859669 | Gulf Keystone Petroleum Ltd. | 2060465 |
| 2975 | H&T Group Plc | 14568 |
| 22413 | Hargreaves Services Plc | 95102 |
| 331751 | Hays Plc | 418117 |
| 51296 | Headlam Group Plc | 141771 |
| 8586 | Hollywood Bowl Group Plc | 19693 |
| 1724804 | Howden Joinery Group Plc | 10166947 |
| 260855 | IG Group Holdings Plc | 2379726 |
| 320264 | IMI Plc | 4510183 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 315015 | Inchcape Plc | $2687768 |
| 84265 | Indivior Plc(a) | 1603176 |
| 1080053 | International Distributions Services Plc | 2505698 |
| 1701842 | ITM Power Plc(a) | 1613252 |
| 405 | James Halstead Plc | 882 |
| 3601776 | JD Sports Fashion Plc | 4024776 |
| 1330677 | JET2 Plc(a) | 12968121 |
| 899452 | Just Group Plc | 598265 |
| 173748 | Kainos Group Plc | 2464775 |
| 69678 | Keller Group Plc | 501814 |
| 425105 | Lookers Plc | 388546 |
| 28648 | Macfarlane Group Plc | 31868 |
| 2636263 | Man Group Plc | 6551418 |
| 19263 | ME Group International Plc | 20500 |
| 19287 | Mears Group Plc | 42025 |
| 992292 | Mitie Group Plc | 812504 |
| 1666 | MJ Gleeson Plc | 7126 |
| 86200 | Morgan Advanced Materials Plc | 243181 |
| 28783 | Morgan Sindall Group Plc | 508329 |
| 3224 | MP Evans Group Plc | 30022 |
| 27023 | Next Fifteen Communications Group Plc | 272092 |
| 56895 | Next Plc | 3216034 |
| 307405 | Ninety One Plc | 717755 |
| 484 | Norcros Plc | 999 |
| 12147 | Numis Corp. Plc | 25242 |
| 2995025 | Ocado Group Plc(a) | 16225498 |
| 950 | Odfjell Technology Ltd.(a) | 2074 |
| 443026 | Oxford Biomedica Plc(a) | 1643581 |
| 96831 | Oxford Metrics Plc | 91058 |
| 4300103 | Oxford Nanopore Technologies Plc(a) | 12944815 |
| 234341 | Pagegroup Plc | 1134630 |
| 5827 | Patisserie Holdings Plc(a)(d) | 0 |
| 120160 | Pearson Plc | 1323426 |
| 138251 | Pharos Energy Plc(a) | 42015 |
| 120643 | Polar Capital Holdings Plc | 581776 |
| 2125800 | Primary Health Properties Plc REIT . | 2708471 |
| 911728 | QinetiQ Group Plc | 3757777 |
| 2624880 | Quilter Plc(b)(c) | 2909671 |
| 9917 | Renew Holdings Plc | 69829 |
| 168153 | Renishaw Plc | 6753182 |
| 526945 | Rightmove Plc | 2971950 |
| 805 | Robert Walters Plc | 4616 |
| 3714207 | Rotork Plc | 10912718 |
| 1935234 | RS GROUP Plc | 21272243 |
| 236100 | RWS Holdings Plc | 829066 |
| 408483 | Safestore Holdings Plc REIT | 4232430 |
| 45836 | Sanderson Design Group Plc | 61764 |
| 176230 | Savills Plc | 1668340 |
| 1065073 | Serco Group Plc | 1995810 |
| 548366 | Serica Energy Plc | 1886598 |
| 664676 | SIG Plc(a) | 236679 |
| 421120 | Smiths Group Plc | 7536285 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED KINGDOM (continued)** | **UNITED KINGDOM (continued)** |  |
| 225235 | Softcat Plc | $2892954 |
| 427838 | Speedy Hire Plc | 189880 |
| 54892 | Spirax-Sarco Engineering Plc | 6767141 |
| 1138365 | Spirent Communications Plc | 3394240 |
| 655169 | St. James's Place Plc | 8001854 |
| 734368 | Standard Chartered Plc | 4380985 |
| 174049 | SThree Plc | 742510 |
| 45352 | Stolt-Nielsen Ltd. | 1088415 |
| 558108 | Subsea 7 SA | 5583147 |
| 73460 | Telecom Plus Plc | 1790184 |
| 1961979 | Trainline Plc(a)(b)(c) | 7485742 |
| 2777 | Travis Perkins Plc | 26203 |
| 1877773 | UK Commercial Property REIT Ltd. | 1313592 |
| 2730 | Verici Dx Plc(a) | 438 |
| 60862 | Vertu Motors Plc | 31862 |
| 160051 | Victrex Plc | 3034023 |
| 378420 | Vistry Group Plc | 2616852 |
| 13441 | XPS Pensions Group Plc(b) | 18343 |
| 310416 | YouGov Plc | 3182507 |
|  |  | 327638889 |
| **UNITED STATES — 40.1%** | **UNITED STATES — 40.1%** |  |
| 391012 | A.O. Smith Corp. | 21419637 |
| 148422 | Advance Auto Parts, Inc. | 28188306 |
| 159744 | AeroVironment, Inc.(a) | 14616576 |
| 193157 | Agilysys, Inc.(a) | 12394885 |
| 100000 | Albany International Corp. - Class A | 9162000 |
| 316612 | Alnylam Pharmaceuticals, Inc.(a) | 65621003 |
| 430000 | Altra Industrial Motion Corp. | 25860200 |
| 100401 | Ambarella, Inc.(a) | 5494947 |
| 62268 | American States Water Co. | 5632763 |
| 124610 | AMN Healthcare Services, Inc.(a) | 15638555 |
| 289585 | Antero Resources Corp.(a) | 10616186 |
| 265275 | Appian Corp. - Class A(a) | 12950726 |
| 144705 | Applied Industrial Technologies, Inc. | 17998408 |
| 550000 | Asana, Inc. - Class A(a) | 11330000 |
| 81165 | ASGN, Inc.(a) | 6881169 |
| 58752 | Aspen Technology, Inc.(a) | 14185670 |
| 400000 | AtriCure, Inc.(a) | 16848000 |
| 888912 | Avantor, Inc.(a) | 17929355 |
| 184100 | Avid Bioservices, Inc.(a) | 3118654 |
| 57214 | Avidity Biosciences, Inc.(a) | 817016 |
| 257513 | Axon Enterprise, Inc.(a) | 37452691 |
| 180000 | Axonics, Inc.(a) | 13165200 |
| 146355 | AZEK Co., Inc. (The)(a) | 2562676 |
| 97860 | Azenta, Inc. | 4344984 |
| 500000 | Barnes Group, Inc. | 17685000 |
| 67018 | Beam Therapeutics, Inc.(a) | 2952813 |
| 152398 | Benefitfocus, Inc.(a) | 1074406 |
| 201920 | Berry Global Group, Inc.(a) | 9554854 |
| 387236 | BioCryst Pharmaceuticals, Inc.(a) | 5169601 |
| 178900 | BioLife Solutions, Inc.(a) | 4207728 |
| 621037 | BJ's Wholesale Club Holdings, Inc.(a) | 48068264 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 200000 | Blackbaud, Inc.(a) | $10940000 |
| 697451 | Blackline, Inc.(a) | 39057256 |
| 685000 | BRP Group, Inc. - Class A(a) | 19419750 |
| 161475 | Burlington Stores, Inc.(a) | 23084466 |
| 34575 | CACI International, Inc. - Class A(a) | 10511837 |
| 179790 | Cactus, Inc. - Class A | 9298739 |
| 475000 | Cardiovascular Systems, Inc.(a) | 6859000 |
| 265545 | Cardlytics, Inc.(a) | 2504089 |
| 135943 | Carlisle Cos, Inc. | 32463188 |
| 355520 | CBIZ, Inc.(a) | 17648013 |
| 170027 | CDW Corp. | 29382366 |
| 310000 | Central Garden & Pet Co. - Class A(a) | 12133400 |
| 77432 | CEVA, Inc.(a) | 2141769 |
| 124800 | ChampionX Corp. | 3571776 |
| 524335 | Chegg, Inc.(a) | 11309906 |
| 126335 | Chinook Therapeutics, Inc.(a) | 2747786 |
| 910798 | Codexis, Inc.(a) | 5118685 |
| 79475 | Comfort Systems USA, Inc. | 9797678 |
| 180000 | Community Bank System, Inc. | 11237400 |
| 270000 | CONMED Corp. | 21527100 |
| 108734 | Cooper Cos, Inc. (The) | 29726788 |
| 210625 | CryoPort, Inc.(a) | 5846950 |
| 145000 | CSW Industrials, Inc. | 18693400 |
| 468360 | Cushman & Wakefield Plc(a) | 5409558 |
| 724330 | CVB Financial Corp. | 20802758 |
| 28010 | Deckers Outdoor Corp.(a) | 9801539 |
| 93050 | Delek US Holdings, Inc. | 2759863 |
| 52050 | Denbury, Inc.(a) | 4757890 |
| 168552 | Digimarc Corp.(a) | 2754140 |
| 50238 | Domino's Pizza, Inc. | 16691073 |
| 597510 | Element Solutions, Inc. | 10277172 |
| 270000 | elf Beauty, Inc.(a) | 11680200 |
| 355070 | Envestnet, Inc.(a) | 17508502 |
| 265351 | Envista Holdings Corp.(a) | 8759237 |
| 174801 | Equifax, Inc. | 29635762 |
| 245000 | ESCO Technologies, Inc. | 21111650 |
| 241665 | Essent Group Ltd. | 9565101 |
| 415000 | European Wax Center, Inc. - Class A | 5967700 |
| 121849 | Everbridge, Inc.(a) | 3817529 |
| 160119 | EverQuote, Inc. - Class A(a) | 975125 |
| 860000 | Evoqua Water Technologies Corp.(a) | 33694800 |
| 380077 | Exact Sciences Corp.(a) | 13219078 |
| 68265 | ExlService Holdings, Inc.(a) | 12413990 |
| 218418 | Expedia Group, Inc.(a) | 20415530 |
| 658169 | First Advantage Corp.(a) | 9247274 |
| 193200 | First Bancorp/Southern Pines NC | 8610924 |
| 65590 | FormFactor, Inc.(a) | 1325574 |
| 63165 | Fox Factory Holding Corp.(a) | 5549045 |
| 665000 | Fresh Market Escrow, Inc.(a)(d) | 0 |
| 220000 | Freshpet, Inc.(a) | 12969000 |
| 1390000 | Freshworks, Inc. - Class A(a) | 18890100 |
| 67285 | Gentherm, Inc.(a) | 3930790 |
| 280000 | German American Bancorp, Inc. | 11001200 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 283434 | Glaukos Corp.(a) | $15892144 |
| 410000 | Globus Medical, Inc. - Class A(a) | 27470000 |
| 101500 | Hamilton Lane, Inc. - Class A | 6071730 |
| 206000 | HashiCorp, Inc. - Class A(a) | 6330380 |
| 525000 | Hayward Holdings, Inc.(a) | 4856250 |
| 88907 | HEICO Corp. | 14459834 |
| 992095 | Hostess Brands, Inc.(a) | 26270676 |
| 814309 | IAA, Inc.(a) | 30886740 |
| 62900 | IDACORP, Inc. | 6585630 |
| 245000 | Independent Bank Corp. | 21317450 |
| 66560 | Independent Bank Group, Inc. | 4199270 |
| 255563 | Ingersoll Rand, Inc. | 12905932 |
| 237710 | Innospec, Inc. | 23768623 |
| 159428 | Inspire Medical Systems, Inc.(a) | 31080489 |
| 545000 | Integra LifeSciences Holdings Corp.(a) | 27386250 |
| 65967 | IPG Photonics Corp.(a) | 5650733 |
| 122077 | iRobot Corp.(a) | 6897350 |
| 110000 | J & J Snack Foods Corp. | 16237100 |
| 335000 | John Bean Technologies Corp. | 30552000 |
| 445000 | John Wiley & Sons, Inc. - Class A | 18774550 |
| 120909 | Jones Lang LaSalle, Inc.(a) | 19235413 |
| 124249 | Keysight Technologies, Inc.(a) | 21637963 |
| 18118 | Kinsale Capital Group, Inc. | 5710250 |
| 41795 | Kirby Corp.(a) | 2915201 |
| 71223 | Laboratory Corp. of America Holdings | 15801535 |
| 155000 | Lancaster Colony Corp. | 27943400 |
| 97511 | Lantheus Holdings, Inc.(a) | 7214839 |
| 158567 | Legend Biotech Corp. - ADR(a) | 7899808 |
| 116108 | LendingTree, Inc.(a) | 2929405 |
| 1417165 | Leslie's, Inc.(a) | 19896997 |
| 174800 | Light & Wonder, Inc.(a) | 9813272 |
| 237152 | Lincoln Electric Holdings, Inc. | 33675584 |
| 218535 | LivePerson, Inc.(a) | 2309915 |
| 241807 | LiveRamp Holdings, Inc.(a) | 4439577 |
| 30581 | Madrigal Pharmaceuticals, Inc.(a) | 2165746 |
| 381435 | Magnolia Oil & Gas Corp. - Class A | 9795251 |
| 132025 | Malibu Boats, Inc. - Class A(a) | 6984123 |
| 97860 | MarketAxess Holdings, Inc. | 23881754 |
| 24760 | Marriott Vacations Worldwide Corp. | 3658538 |
| 26265 | Masimo Corp.(a) | 3456474 |
| 171360 | Matador Resources Co. | 11386872 |
| 178907 | MaxCyte, Inc.(a) | 1238036 |
| 170000 | MGP Ingredients, Inc. | 19048500 |
| 97355 | MKS Instruments, Inc. | 7997713 |
| 447240 | Model N, Inc.(a) | 16995120 |
| 250000 | Montrose Environmental Group, Inc.(a) | 10945000 |
| 290000 | MSA Safety, Inc. | 38929600 |
| 386976 | Myriad Genetics, Inc.(a) | 8025882 |
| 574161 | Nasdaq, Inc. | 35735781 |
| 237465 | National Storage Affiliates Trust REIT | 10130257 |
| 440000 | New Relic, Inc.(a) | 26065600 |
| 53200 | Nexstar Media Group, Inc. - Class A | 9113160 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| 204465 | Novanta, Inc.(a) | $28911351 |
| 186035 | OGE Energy Corp. | 6814462 |
| 145000 | Omnicell, Inc.(a) | 11211400 |
| 197950 | Origin Bancorp, Inc. | 8181273 |
| 385000 | Outset Medical, Inc.(a) | 5982900 |
| 355215 | P10, Inc. - Class A | 3690684 |
| 269284 | Pacira BioSciences, Inc.(a) | 13938140 |
| 160000 | Palomar Holdings, Inc.(a) | 14233600 |
| 66782 | Paycom Software, Inc.(a) | 23106572 |
| 131235 | Paycor HCM, Inc.(a) | 3998730 |
| 160000 | Penumbra, Inc.(a) | 27435200 |
| 298980 | Performance Food Group Co.(a) | 15558919 |
| 89350 | Pinnacle Financial Partners, Inc. | 7415157 |
| 48320 | Primerica, Inc. | 6991904 |
| 351288 | Progyny, Inc.(a) | 15621777 |
| 220000 | Prosperity Bancshares, Inc. | 15745400 |
| 560000 | Pulmonx Corp.(a) | 7481600 |
| 1275000 | Pure Storage, Inc. - Class A(a) | 39346500 |
| 2711221 | PureTech Health Plc(a) | 7244502 |
| 634801 | Q2 Holdings, Inc.(a) | 19704223 |
| 46840 | QuidelOrtho Corp.(a) | 4207169 |
| 65000 | RBC Bearings, Inc.(a) | 16479450 |
| 42869 | Relay Therapeutics, Inc.(a) | 952549 |
| 23357 | Repligen Corp.(a) | 4262419 |
| 174394 | Rubius Therapeutics, Inc.(a) | 59120 |
| 116127 | Saia, Inc.(a) | 23093015 |
| 800000 | Sally Beauty Holdings, Inc.(a) | 10168000 |
| 310961 | Schrodinger, Inc.(a) | 7453735 |
| 17745 | Seagen, Inc.(a) | 2256454 |
| 77725 | SeaWorld Entertainment, Inc.(a) | 4520486 |
| 275000 | Selective Insurance Group, Inc. | 26972000 |
| 145000 | Sensient Technologies Corp. | 10361700 |
| 185000 | Shake Shack, Inc. - Class A(a) | 10280450 |
| 204945 | Shift4 Payments, Inc. - Class A(a) | 9421322 |
| 58601 | Shockwave Medical, Inc.(a) | 17178883 |
| 92895 | Shutterstock, Inc. | 4647537 |
| 360000 | SI-BONE, Inc.(a) | 6998400 |
| 555000 | Simply Good Foods Co. (The)(a) | 21256500 |
| 53865 | Simpson Manufacturing Co., Inc. | 4604380 |
| 70105 | Simulations Plus, Inc. | 2909357 |
| 255415 | Sovos Brands, Inc.(a) | 3540052 |
| 81445 | Splunk, Inc.(a) | 6768894 |
| 184525 | Sprout Social, Inc. - Class A(a) | 11132393 |
| 95655 | SPS Commerce, Inc.(a) | 12102271 |
| 576921 | STAAR Surgical Co.(a) | 40886391 |
| 297510 | STAG Industrial, Inc. REIT | 9398341 |
| 120000 | Standex International Corp. | 11886000 |
| 213825 | Stericycle, Inc.(a) | 9532319 |
| 152639 | STERIS Plc | 26342439 |
| 73065 | Stock Yards Bancorp, Inc. | 5712952 |
| 213682 | Stratasys Ltd.(a) | 3091979 |
| 288125 | Summit Materials, Inc. - Class A(a) | 7592094 |
| 75807 | Synopsys, Inc.(a) | 22177338 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Value | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |  |
| 189270 | Synovus Financial Corp. | $| 7542410 |
| 275000 | Tandem Diabetes Care, Inc.(a) |  | 15441250 |
| 259385 | Teladoc Health, Inc.(a) |  | 7688171 |
| 106937 | Teleflex, Inc. |  | 22944403 |
| 380000 | Tenable Holdings, Inc.(a) |  | 15443200 |
| 23732 | Tesla, Inc.(a) |  | 5399979 |
| 132950 | Texas Capital Bancshares, Inc.(a) |  | 7977000 |
| 75000 | Transcat, Inc.(a) |  | 6207000 |
| 635000 | TriMas Corp. |  | 14509750 |
| 234121 | Trupanion, Inc.(a) |  | 11816087 |
| 219905 | Twist Bioscience Corp.(a) |  | 7219481 |
| 130545 | UFP Technologies, Inc.(a) |  | 12251648 |
| 255000 | UMB Financial Corp. |  | 21221100 |
| 26945 | UniFirst Corp. |  | 4958149 |
| 1011264 | Upwork, Inc.(a) |  | 13601501 |
| 1146797 | US Foods Holding Corp.(a) |  | 34128679 |
| 1051253 | Utz Brands, Inc. |  | 17040811 |
| 248198 | Varex Imaging Corp.(a) |  | 5487658 |
| 327509 | Veeco Instruments, Inc.(a) |  | 5970489 |
| 400000 | Veracyte, Inc.(a) |  | 8044000 |
| 281234 | Verastem, Inc.(a) |  | 118118 |
| 2463403 | ViewRay, Inc.(a) |  | 10567999 |
| 95000 | Washington Trust Bancorp, Inc. |  | 4607500 |
| 76271 | Wayfair, Inc. - Class A(a) |  | 2892196 |
| 130690 | WEX, Inc.(a) |  | 21451457 |
| 187190 | Wingstop, Inc. |  | 29649024 |
| 172212 | Wolfspeed, Inc.(a) |  | 13561695 |
| 395000 | Wolverine World Wide, Inc. |  | 6766350 |
| 377565 | Workiva, Inc.(a) |  | 29378333 |
| 190000 | WSFS Financial Corp. |  | 8846400 |
| 151551 | Wyndham Hotels & Resorts, Inc. |  | 11507267 |
| 240000 | Zevia PBC - Class A(a) |  | 1125600 |
| 72000 | Ziff Davis, Inc.(a) |  | 5572080 |
| 96524 | Zillow Group, Inc. - Class A(a) |  | 2985487 |
| 422159 | Zillow Group, Inc. - Class C(a) |  | 13027827 |
| 999316 | Zuora, Inc. - Class A(a) |  | 7684740 |
|  |  |  | 2951570938 |
| **URUGUAY — 0.2%** | **URUGUAY — 0.2%** |  |  |
| 13959 | MercadoLibre, Inc.(a) |  | 12585714 |
| **VIETNAM — 0.0%** | **VIETNAM — 0.0%** |  |  |
| 563790 | Vietnam National Petroleum Group(a) |  | 646600 |
| Total Common Stocks<br>(Cost $6,089,500,041) | Total Common Stocks<br>(Cost $6,089,500,041) |  | 6031742606 |
| **MASTER LIMITED PARTNERSHIPS — 0.1%** | **MASTER LIMITED PARTNERSHIPS — 0.1%** | **MASTER LIMITED PARTNERSHIPS — 0.1%** | **MASTER LIMITED PARTNERSHIPS — 0.1%** |
| **UNITED STATES — 0.1%** | **UNITED STATES — 0.1%** |  |  |
| 100318 | Cedar Fair LP |  | 4133102 |
| Total Master Limited Partnerships<br> (Cost $4,364,036) | Total Master Limited Partnerships<br> (Cost $4,364,036) |  | 4133102 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Small & Mid Cap Strategies Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **RIGHTS/WARRANTS — 0.0%** | **RIGHTS/WARRANTS — 0.0%** |  |
| **THAILAND — 0.0%** | **THAILAND — 0.0%** |  |
| 2510366 | Banpu Public Co. Ltd. Warrants, Expire 09/30/23(a) | $300769 |
| **UNITED STATES — 0.0%** | **UNITED STATES — 0.0%** |  |
| 146063 | Aduro Biotech CVR Rights, Expire 01/02/24(a)(d)(e) | 0 |
| Total Rights/Warrants <br> (Cost $0) | Total Rights/Warrants <br> (Cost $0) | 300769 |
| **EXCHANGE-TRADED FUNDS — 12.7%** | **EXCHANGE-TRADED FUNDS — 12.7%** |  |
| 2444400 | FlexShares Global Upstream Natural Resources Index Fund | 101271492 |
| 765000 | Global X Silver Miners ETF | 19140300 |
| 277000 | Health Care Select Sector SPDR Fund | 36771750 |
| 137375 | iShares Russell 2000 ETF | 25184959 |
| 518000 | iShares S&P Small-Cap 600 Value ETF | 48857760 |
| 610850 | SPDR S&P Biotech ETF(a) | 50181327 |
| 1535025 | SPDR S&P Metals & Mining ETF | 74448712 |
| 3632950 | SPDR S&P Regional Banking ETF | 232327153 |
| 2846650 | VanEck Junior Gold Miners ETF | 83976175 |
| 374300 | VanEck Oil Services ETF | 111803410 |
| 1169600 | Vanguard Financials ETF | 97638208 |
| 304600 | Vanguard Small-Cap Value ETF | 48921806 |
| Total Exchange-Traded Funds <br> (Cost $913,720,816) | Total Exchange-Traded Funds <br> (Cost $913,720,816) | 930523052 |
| **INVESTMENT COMPANY — 0.3%** | **INVESTMENT COMPANY — 0.3%** |  |
| 24028933 | SEI Daily Income Trust Government II Fund - Class A, 2.89%(f) | 24028933 |
| Total Investment Company <br> (Cost $24,028,933) | Total Investment Company <br> (Cost $24,028,933) | 24028933 |
| Principal Amount |  |  |
| **CASH SWEEP — 5.3%** | **CASH SWEEP — 5.3%** |  |
| $391728394 | Citibank - US Dollars on Deposit in Custody Account, 0.20%(f) | 391728394 |
| Total Cash Sweep <br> (Cost $391,728,394) | Total Cash Sweep <br> (Cost $391,728,394) | 391728394 |
| **TOTAL INVESTMENTS — 100.4%** <br> (Cost $7,423,342,220) | **TOTAL INVESTMENTS — 100.4%** <br> (Cost $7,423,342,220) | $7382456856 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%** | (28473407) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $7353983449 |

---

(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 $4,086 which is 0.00% of net assets and the cost is $55,696,320.

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

(f) The rate shown represents the current yield as of October 31, 2022.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CVR — Contingent Value Right

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** |
| **UNITED STATES — 0.2%** | **UNITED STATES — 0.2%** | **UNITED STATES — 0.2%** |
| 27600 | MetLife, Inc., Series F, 4.75% | $542616 |
| 38900 | Morgan Stanley, Series K, 5.85% | 891199 |
| 31500 | Public Storage, Series O, 3.90% | 497385 |
| 28500 | US Bancorp, Series L, 3.75% | 431205 |
| 122100 | Wells Fargo & Co., Series Z, 4.75% | 2197800 |
| Total Preferred Stocks<br> (Cost $6,547,571) | Total Preferred Stocks<br> (Cost $6,547,571) | 4560205 |
| **EXCHANGE-TRADED FUNDS — 19.8%** | **EXCHANGE-TRADED FUNDS — 19.8%** | **EXCHANGE-TRADED FUNDS — 19.8%** |
| **UNITED STATES — 19.8%** | **UNITED STATES — 19.8%** | **UNITED STATES — 19.8%** |
| 15645561 | Invesco Preferred ETF | 175543194 |
| 1391632 | iShares JP Morgan USD Emerging Markets Bond ETF | 109799765 |
| 1769837 | iShares Preferred & Income Securities ETF | 53997727 |
| 1840465 | SPDR Bloomberg Convertible Securities ETF | 119795867 |
| Total Exchange-Traded Funds<br> (Cost $587,399,442) | Total Exchange-Traded Funds<br> (Cost $587,399,442) | 459136553 |
| Principal<br>Amount |  |  |
| **BANK LOANS — 0.4%** | **BANK LOANS — 0.4%** |  |
| **UNITED STATES — 0.4%** | **UNITED STATES — 0.4%** |  |
| $5000000 | Caliber Home Loans, Inc.,<br> (SOFR + 3.000%),<br> 6.10%, 07/24/25(a)(b) | 4969000 |
| 2596491 | Vaca Morada,<br> (SOFR + 2.750%),<br> 4.08%, 03/25/24(a)(b) | 2590000 |
| Total Bank Loans<br> (Cost $7,596,492) | Total Bank Loans<br> (Cost $7,596,492) | 7559000 |
| **CORPORATE BONDS — 11.1%** | **CORPORATE BONDS — 11.1%** |  |
| **AUSTRALIA — 0.0%** | **AUSTRALIA — 0.0%** |  |
| 650000 | Mineral Resources Ltd.,<br> 8.50%, 05/01/30(c) | 639639 |
| **CANADA — 0.4%** | **CANADA — 0.4%** |  |
| 1000000 | 1011778 BC ULC/New Red Finance, Inc.,<br> 3.88%, 01/15/28(c) | 880100 |
| 1250000 | Brookfield Residential Properties, Inc./Brookfield Residential US LLC,<br> 6.25%, 09/15/27(c) | 1090625 |
| 1125000 | First Quantum Minerals Ltd.,<br> 6.50%, 03/01/24(c) | 1100276 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **CANADA (continued)** | **CANADA (continued)** | **CANADA (continued)** |  |
| $| 1000000 | First Quantum Minerals Ltd.,<br> 6.88%, 03/01/26(c) | $938400 |
|  | 1325000 | GFL Environmental, Inc.,<br> 3.75%, 08/01/25(c) | 1253781 |
|  | 1100000 | goeasy Ltd.,<br> 5.38%, 12/01/24(c) | 1026619 |
|  | 750000 | Hudbay Minerals, Inc.,<br> 6.13%, 04/01/29(c) | 620625 |
|  | 500000 | NOVA Chemicals Corp.,<br> 4.88%, 06/01/24(c) | 486250 |
|  | 500000 | Telesat Canada/Telesat LLC,<br> 4.88%, 06/01/27(c) | 219850 |
|  | 675000 | Vermilion Energy, Inc.,<br> 6.88%, 05/01/30(c) | 632813 |
|  | 1500000 | Videotron Ltd.,<br> 3.63%, 06/15/29(c) | 1263120 |
|  |  |  | 9512459 |
| **CAYMAN ISLANDS — 0.1%** | **CAYMAN ISLANDS — 0.1%** | **CAYMAN ISLANDS — 0.1%** |  |
|  | 825000 | Seagate HDD Cayman,<br> 3.38%, 07/15/31 | 589528 |
|  | 762952 | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.,<br> 8.00%, 09/20/25(c) | 774778 |
|  |  |  | 1364306 |
| **GERMANY — 0.0%** | **GERMANY — 0.0%** | **GERMANY — 0.0%** |  |
|  | 500000 | Deutsche Bank AG,<br> (5 yr. Swap Semi 30/360 USD + 2.248%),<br> 4.30%, 05/24/28(b) | 457373 |
| **IRELAND — 0.2%** | **IRELAND — 0.2%** | **IRELAND — 0.2%** |  |
|  | 1375000 | Avolon Holdings Funding Ltd.,<br> 5.25%, 05/15/24(c) | 1331802 |
|  | 1500000 | Castlelake Aviation Finance DAC,<br> 5.00%, 04/15/27(c) | 1262615 |
|  | 1103000 | LCPR Senior Secured Financing DAC,<br> 6.75%, 10/15/27(c) | 1028614 |
|  |  |  | 3623031 |
| **ITALY — 0.1%** | **ITALY — 0.1%** | **ITALY — 0.1%** |  |
|  | 1500000 | Intesa Sanpaolo SpA,<br> 5.71%, 01/15/26(c) | 1397022 |
|  | 1525000 | UniCredit SpA,<br> (USD Swap Rate 11:00 am NY 5 + 3.703%),<br> 5.86%, 06/19/32(b)(c) | 1263170 |
|  |  |  | 2660192 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **LUXEMBOURG — 0.1%** | **LUXEMBOURG — 0.1%** |  |
| $525000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,<br> 4.63%, 06/01/28(c) | $439687 |
| 1650000 | Altice Financing SA,<br> 5.00%, 01/15/28(c) | 1306395 |
| 1000000 | Altice France Holding SA,<br> 6.00%, 02/15/28(c) | 647210 |
| 600000 | Telecom Italia Capital SA,<br> 6.38%, 11/15/33 | 468006 |
|  |  | 2861298 |
| **MALTA — 0.1%** | **MALTA — 0.1%** |  |
| 825000 | VistaJet Malta Finance Plc/XO Management Holding, Inc.,<br> 6.38%, 02/01/30(c) | 686515 |
| **NETHERLANDS — 0.1%** | **NETHERLANDS — 0.1%** |  |
| 1000000 | Alcoa Nederland Holding BV,<br> 5.50%, 12/15/27(c) | 930478 |
| 1075000 | Teva Pharmaceutical Finance Netherlands III BV,<br> 3.15%, 10/01/26 | 908375 |
| 1000000 | UPC Holding BV,<br> 5.50%, 01/15/28(c) | 877693 |
|  |  | 2716546 |
| **UNITED KINGDOM — 0.1%** | **UNITED KINGDOM — 0.1%** |  |
| 775000 | INEOS Quattro Finance 2 Plc,<br> 3.38%, 01/15/26(c) | 655433 |
| 1400000 | Jaguar Land Rover Automotive Plc,<br> 7.75%, 10/15/25(c) | 1291556 |
| 1050000 | Jaguar Land Rover Automotive Plc,<br> 5.50%, 07/15/29(c) | 742308 |
|  |  | 2689297 |
| **UNITED STATES — 9.9%** | **UNITED STATES — 9.9%** |  |
| 1000000 | Abercrombie & Fitch Management Co.,<br> 8.75%, 07/15/25(c) | 941809 |
| 650000 | AdaptHealth LLC,<br> 6.13%, 08/01/28(c) | 601201 |
| 350000 | AdaptHealth LLC,<br> 5.13%, 03/01/30(c) | 303625 |
| 1000000 | Adient Global Holdings Ltd.,<br> 4.88%, 08/15/26(c) | 895000 |
| 325000 | Advanced Drainage Systems, Inc.,<br> 6.38%, 06/15/30(c) | 314077 |
| 1225000 | Advantage Sales & Marketing, Inc.,<br> 6.50%, 11/15/28(c) | 1042058 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $1063000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,<br> 3.50%, 02/15/23(c) | $1055028 |
| 750000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,<br> 7.50%, 03/15/26(c) | 768750 |
| 1175000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,<br> 5.88%, 02/15/28(c) | 1098625 |
| 1200000 | Allison Transmission, Inc.,<br> 5.88%, 06/01/29(c) | 1119000 |
| 381965 | Ambac Assurance Corp.,<br> 5.10%(c)(d) | 532841 |
| 1025000 | American Airlines, Inc.,<br> 11.75%, 07/15/25(c) | 1120963 |
| 925000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.,<br> 5.50%, 04/20/26(c) | 882693 |
| 1725000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.,<br> 5.75%, 04/20/29(c) | 1576219 |
| 235000 | American Axle & Manufacturing, Inc.,<br> 6.25%, 03/15/26 | 223246 |
| 1475000 | American Builders & Contractors Supply Co., Inc.,<br> 3.88%, 11/15/29(c) | 1211565 |
| 825000 | AMN Healthcare, Inc.,<br> 4.63%, 10/01/27(c) | 771862 |
| 725000 | AMN Healthcare, Inc.,<br> 4.00%, 04/15/29(c) | 623753 |
| 520000 | Antero Resources Corp.,<br> 8.38%, 07/15/26(c) | 550532 |
| 375000 | Antero Resources Corp.,<br> 5.38%, 03/01/30(c) | 346604 |
| 1175000 | Aramark Services, Inc.,<br> 6.38%, 05/01/25(c) | 1163497 |
| 975000 | Archrock Partners LP/Archrock Partners Finance Corp.,<br> 6.25%, 04/01/28(c) | 906653 |
| 1250000 | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance Plc,<br> 3.25%, 09/01/28(c) | 1024881 |
| 1075000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp.,<br> 8.25%, 12/31/28(c) | 1037375 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $750000 | At Home Group, Inc.,<br> 7.13%, 07/15/29(c) | $424129 |
| 1300000 | Ball Corp.,<br> 4.00%, 11/15/23 | 1275521 |
| 3930000 | Bank of America Corp., Series FF,<br> (3 mo. LIBOR USD + 2.931%),<br> 5.88%(b)(d) | 3382747 |
| 630000 | Bank of New York Mellon Corp. (The), Series F,<br> (3 mo. LIBOR USD + 3.131%),<br> 4.63%(b)(d) | 544049 |
| 1000000 | Bath & Body Works, Inc.,<br> 6.63%, 10/01/30(c) | 899630 |
| 1350000 | BellRing Brands, Inc.,<br> 7.00%, 03/15/30(c) | 1274805 |
| 1000000 | Berry Global, Inc.,<br> 5.63%, 07/15/27(c) | 948450 |
| 1575000 | Blue Racer Midstream LLC/Blue Racer Finance Corp.,<br> 7.63%, 12/15/25(c) | 1555353 |
| 1000000 | Blue Racer Midstream LLC/Blue Racer Finance Corp.,<br> 6.63%, 07/15/26(c) | 950000 |
| 750000 | Bread Financial Holdings, Inc.,<br> 4.75%, 12/15/24(c) | 654893 |
| 1850000 | Bread Financial Holdings, Inc.,<br> 7.00%, 01/15/26(c) | 1594608 |
| 1050000 | Brink's Co. (The),<br> 5.50%, 07/15/25(c) | 1019309 |
| 625000 | Buckeye Partners LP,<br> 4.50%, 03/01/28(c) | 542188 |
| 425000 | Builders FirstSource, Inc.,<br> 4.25%, 02/01/32(c) | 340085 |
| 300000 | Burford Capital Global Finance LLC,<br> 6.25%, 04/15/28(c) | 261162 |
| 325000 | Cablevision Lightpath LLC,<br> 3.88%, 09/15/27(c) | 276669 |
| 1500000 | Caesars Entertainment, Inc.,<br> 6.25%, 07/01/25(c) | 1455962 |
| 826000 | Caesars Entertainment, Inc.,<br> 8.13%, 07/01/27(c) | 803285 |
| 625000 | Caesars Entertainment, Inc.,<br> 4.63%, 10/15/29(c) | 498636 |
| 1300000 | Caesars Resort Collection LLC/CRC Finco, Inc.,<br> 5.75%, 07/01/25(c) | 1269814 |
| 1525000 | Calpine Corp.,<br> 3.75%, 03/01/31(c) | 1250053 |
| 1350000 | Carnival Corp.,<br> 10.50%, 02/01/26(c) | 1322946 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $1775000 | Carnival Corp.,<br> 5.75%, 03/01/27(c) | $1233625 |
| 1250000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br> 4.50%, 08/15/30(c) | 1022975 |
| 1925000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br> 4.25%, 02/01/31(c) | 1525563 |
| 1000000 | CCO Holdings LLC/CCO Holdings Capital Corp.,<br> 4.50%, 06/01/33(c) | 759386 |
| 800000 | CDI Escrow Issuer, Inc.,<br> 5.75%, 04/01/30(c) | 722008 |
| 475000 | Centene Corp.,<br> 4.63%, 12/15/29 | 430516 |
| 600000 | Centene Corp.,<br> 3.00%, 10/15/30 | 483750 |
| 250000 | Century Communities, Inc.,<br> 6.75%, 06/01/27 | 238686 |
| 1525000 | Charles River Laboratories International, Inc.,<br> 4.00%, 03/15/31(c) | 1282872 |
| 1670000 | Charles Schwab Corp. (The), Series H,<br> (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%),<br> 4.00%(b)(d) | 1240393 |
| 350000 | Cheever Escrow Issuer LLC,<br> 7.13%, 10/01/27(c) | 321300 |
| 650000 | CHS/Community Health Systems, Inc.,<br> 8.00%, 03/15/26(c) | 560625 |
| 1525000 | CHS/Community Health Systems, Inc.,<br> 6.00%, 01/15/29(c) | 1132068 |
| 525000 | CHS/Community Health Systems, Inc.,<br> 5.25%, 05/15/30(c) | 363562 |
| 650000 | Churchill Downs, Inc.,<br> 4.75%, 01/15/28(c) | 574418 |
| 1175000 | CITGO Petroleum Corp.,<br> 7.00%, 06/15/25(c) | 1160242 |
| 750000 | Clarivate Science Holdings Corp.,<br> 3.88%, 07/01/28(c) | 643266 |
| 1500000 | Cleveland-Cliffs, Inc., <br>6.75%, 03/15/26(c) | 1488750 |
| 1325000 | Cogent Communications Group, Inc., <br>7.00%, 06/15/27(c) | 1259218 |
| 400000 | Commercial Metals Co.,<br> 4.13%, 01/15/30 | 336079 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $400000 | Commercial Metals Co.,<br> 4.38%, 03/15/32 | $326147 |
| 234000 | CommScope Technologies LLC,<br> 6.00%, 06/15/25(c) | 218205 |
| 500000 | CommScope, Inc.,<br> 6.00%, 03/01/26(c) | 486010 |
| 775000 | CommScope, Inc.,<br> 4.75%, 09/01/29(c) | 655680 |
| 250000 | Cornerstone Building Brands, Inc.,<br> 6.13%, 01/15/29(c) | 155183 |
| 1700000 | CrownRock LP/CrownRock Finance, Inc.,<br> 5.63%, 10/15/25(c) | 1644240 |
| 1900000 | CSC Holdings LLC,<br> 6.50%, 02/01/29(c) | 1790750 |
| 1000000 | CSC Holdings LLC,<br> 4.50%, 11/15/31(c) | 780750 |
| 1025000 | Dana, Inc.,<br> 4.50%, 02/15/32 | 783701 |
| 1375000 | Darling Ingredients, Inc.,<br> 6.00%, 06/15/30(c) | 1323314 |
| 1600000 | Delta Air Lines, Inc.,<br> 7.38%, 01/15/26 | 1633584 |
| 650000 | Directv Financing LLC/Directv Financing Co-Obligor, Inc.,<br> 5.88%, 08/15/27(c) | 585406 |
| 1550000 | DISH DBS Corp.,<br> 5.25%, 12/01/26(c) | 1341215 |
| 750000 | DISH DBS Corp.,<br> 5.13%, 06/01/29 | 503973 |
| 1532000 | Edgewell Personal Care Co.,<br> 4.13%, 04/01/29(c) | 1317520 |
| 825000 | Embecta Corp.,<br> 5.00%, 02/15/30(c) | 707239 |
| 650000 | Enviva Partners LP/Enviva Partners Finance Corp.,<br> 6.50%, 01/15/26(c) | 624143 |
| 159000 | EQM Midstream Partners LP,<br> 4.00%, 08/01/24 | 151845 |
| 1050000 | EQM Midstream Partners LP,<br> 6.50%, 07/01/27(c) | 1023750 |
| 600000 | EQM Midstream Partners LP,<br> 7.50%, 06/01/30(c) | 583500 |
| 475000 | EQM Midstream Partners LP,<br> 4.75%, 01/15/31(c) | 396958 |
| 925000 | EQM Midstream Partners LP,<br> 6.50%, 07/15/48 | 712250 |
| 425000 | Ford Motor Co.,<br> 6.63%, 10/01/28 | 419235 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $800000 | Ford Motor Co.,<br> 3.25%, 02/12/32 | $599104 |
| 1600000 | Ford Motor Co.,<br> 4.75%, 01/15/43 | 1116368 |
| 575000 | Ford Motor Co.,<br> 5.29%, 12/08/46 | 418313 |
| 2100000 | Ford Motor Credit Co. LLC,<br> 4.06%, 11/01/24 | 2007736 |
| 500000 | Ford Motor Credit Co. LLC,<br> 4.00%, 11/13/30 | 404390 |
| 675000 | Frontier Communications Holdings LLC,<br> 8.75%, 05/15/30(c) | 684356 |
| 500000 | GCI LLC,<br> 4.75%, 10/15/28(c) | 420950 |
| 625000 | Genesis Energy LP/Genesis Energy Finance Corp.,<br> 6.50%, 10/01/25 | 599573 |
| 722000 | Global Infrastructure Solutions, Inc.,<br> 5.63%, 06/01/29(c) | 533772 |
| 1150000 | Global Infrastructure Solutions, Inc.,<br> 7.50%, 04/15/32(c) | 851048 |
| 675000 | Go Daddy Operating Co. LLC/GD Finance Co., Inc.,<br> 3.50%, 03/01/29(c) | 559798 |
| 1675000 | GoTo Group, Inc.,<br> 5.50%, 09/01/27(c) | 971065 |
| 975000 | GPD Cos, Inc.,<br> 10.13%, 04/01/26(c) | 871688 |
| 1625000 | Gray Escrow II, Inc.,<br> 5.38%, 11/15/31(c) | 1304062 |
| 750000 | Gray Television, Inc.,<br> 7.00%, 05/15/27(c) | 720000 |
| 975000 | Gray Television, Inc.,<br> 4.75%, 10/15/30(c) | 770250 |
| 250000 | Greystar Real Estate Partners LLC,<br> 5.75%, 12/01/25(c) | 241638 |
| 1000000 | Gulfport Energy Corp.,<br> 8.00%, 05/17/26(c) | 997000 |
| 1250000 | H&E Equipment Services, Inc.,<br> 3.88%, 12/15/28(c) | 1056250 |
| 1350000 | Hanesbrands, Inc.,<br> 4.88%, 05/15/26(c) | 1233562 |
| 2250000 | Harvest Midstream I LP,<br> 7.50%, 09/01/28(c) | 2165693 |
| 250000 | HAT Holdings I LLC/HAT Holdings II LLC REIT,<br> 6.00%, 04/15/25(c) | 238333 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $775000 | HAT Holdings I LLC/HAT Holdings II LLC REIT,<br> 3.38%, 06/15/26(c) | $633283 |
| 625000 | Herbalife Nutrition Ltd./HLF Financing, Inc.,<br> 7.88%, 09/01/25(c) | 583472 |
| 1000000 | Herc Holdings, Inc.,<br> 5.50%, 07/15/27(c) | 945000 |
| 325000 | Hertz Corp. (The),<br> 4.63%, 12/01/26(c) | 277062 |
| 525000 | Hertz Corp. (The),<br> 5.00%, 12/01/29(c) | 415879 |
| 725000 | Hilcorp Energy I LP/Hilcorp Finance Co.,<br> 6.00%, 02/01/31(c) | 657887 |
| 1175000 | Hilton Domestic Operating Co., Inc.,<br> 5.75%, 05/01/28(c) | 1132788 |
| 1125000 | Hilton Domestic Operating Co., Inc.,<br> 3.63%, 02/15/32(c) | 892637 |
| 300000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc,<br> 5.00%, 06/01/29(c) | 256620 |
| 1125000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc,<br> 4.88%, 07/01/31(c) | 919282 |
| 425000 | Howard Midstream Energy Partners LLC,<br> 6.75%, 01/15/27(c) | 385586 |
| 1200000 | Hughes Satellite Systems Corp.,<br> 6.63%, 08/01/26 | 1130400 |
| 500000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp.,<br> 6.38%, 12/15/25 | 489015 |
| 1350000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp.,<br> 4.38%, 02/01/29 | 1127074 |
| 317000 | International Game Technology Plc,<br> 6.50%, 02/15/25(c) | 317000 |
| 1250000 | IQVIA, Inc.,<br> 5.00%, 05/15/27(c) | 1191100 |
| 975000 | IRB Holding Corp.,<br> 7.00%, 06/15/25(c) | 974483 |
| 1325000 | iStar, Inc. REIT,<br> 4.75%, 10/01/24 | 1307788 |
| 750000 | JB Poindexter & Co., Inc.,<br> 7.13%, 04/15/26(c) | 714892 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $4810000 | JPMorgan Chase & Co., Series HH,<br> (SOFR RATE + 3.125%),<br> 4.60%(b)(d) | $4292444 |
| 1250000 | Kaiser Aluminum Corp.,<br> 4.50%, 06/01/31(c) | 1002593 |
| 1300000 | KB Home,<br> 7.63%, 05/15/23 | 1300916 |
| 2075000 | Kennedy-Wilson, Inc.,<br> 4.75%, 02/01/30 | 1628875 |
| 725000 | Kennedy-Wilson, Inc.,<br> 5.00%, 03/01/31 | 567312 |
| 650000 | Kinetik Holdings LP,<br> 5.88%, 06/15/30(c) | 611513 |
| 300000 | Koppers, Inc.,<br> 6.00%, 02/15/25(c) | 268500 |
| 675000 | LABL, Inc.,<br> 6.75%, 07/15/26(c) | 641250 |
| 725000 | LABL, Inc.,<br> 10.50%, 07/15/27(c) | 652500 |
| 1575000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,<br> 4.75%, 06/15/29(c) | 1256269 |
| 550000 | LBM Acquisition LLC,<br> 6.25%, 01/15/29(c) | 384714 |
| 925000 | LCM Investments Holdings II LLC,<br> 4.88%, 05/01/29(c) | 780256 |
| 1100000 | Legacy LifePoint Health LLC,<br> 6.75%, 04/15/25(c) | 973219 |
| 250000 | Legacy LifePoint Health LLC,<br> 4.38%, 02/15/27(c) | 198133 |
| 1500000 | Level 3 Financing, Inc.,<br> 3.75%, 07/15/29(c) | 1139610 |
| 550000 | Live Nation Entertainment, Inc.,<br> 4.88%, 11/01/24(c) | 534188 |
| 600000 | Live Nation Entertainment, Inc.,<br> 5.63%, 03/15/26(c) | 573000 |
| 1125000 | LSF9 Atlantis Holdings LLC/Victra Finance Corp.,<br> 7.75%, 02/15/26(c) | 1015105 |
| 1000000 | Lumen Technologies, Inc.,<br> 5.13%, 12/15/26(c) | 857500 |
| 575000 | Lumen Technologies, Inc.,<br> 5.38%, 06/15/29(c) | 422274 |
| 550000 | Manitowoc Co., Inc. (The),<br> 9.00%, 04/01/26(c) | 500159 |
| 1425000 | Masonite International Corp.,<br> 5.38%, 02/01/28(c) | 1304530 |
| 1275000 | Match Group Holdings II LLC,<br> 5.00%, 12/15/27(c) | 1137638 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $800000 | Medline Borrower LP,<br> 3.88%, 04/01/29(c) | $656000 |
| 1000000 | Meritage Homes Corp.,<br> 3.88%, 04/15/29(c) | 803700 |
| 525000 | Michaels Cos., Inc. (The),<br> 7.88%, 05/01/29(c) | 290858 |
| 825000 | Midcap Financial Issuer Trust,<br> 6.50%, 05/01/28(c) | 700821 |
| 500000 | Midcap Financial Issuer Trust,<br> 5.63%, 01/15/30(c) | 385000 |
| 750000 | Midcontinent Communications/Midcontinent Finance Corp.,<br> 5.38%, 08/15/27(c) | 683367 |
| 1282500 | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,<br> 6.50%, 06/20/27(c) | 1267886 |
| 400000 | Millennium Escrow Corp.,<br> 6.63%, 08/01/26(c) | 288000 |
| 425000 | MIWD Holdco II LLC/MIWD Finance Corp.,<br> 5.50%, 02/01/30(c) | 325932 |
| 325000 | ModivCare Escrow Issuer, Inc.,<br> 5.00%, 10/01/29(c) | 276606 |
| 1150000 | ModivCare, Inc.,<br> 5.88%, 11/15/25(c) | 1092414 |
| 1325000 | Molina Healthcare, Inc.,<br> 4.38%, 06/15/28(c) | 1188339 |
| 1875000 | MPH Acquisition Holdings LLC,<br> 5.75%, 11/01/28(c) | 1449565 |
| 1750000 | Navient Corp.,<br> 5.50%, 01/25/23 | 1747220 |
| 1400000 | Navient Corp.,<br> 6.75%, 06/25/25 | 1340122 |
| 825000 | New Enterprise Stone & Lime Co., Inc.,<br> 5.25%, 07/15/28(c) | 713650 |
| 1000000 | Newell Brands, Inc.,<br> 4.45%, 04/01/26 | 930550 |
| 275000 | Newell Brands, Inc.,<br> 6.63%, 09/15/29 | 268005 |
| 725000 | Nexstar Media, Inc.,<br> 5.63%, 07/15/27(c) | 688540 |
| 550000 | Nexstar Media, Inc.,<br> 4.75%, 11/01/28(c) | 482680 |
| 1300000 | Northern Oil and Gas, Inc.,<br> 8.13%, 03/01/28(c) | 1261000 |
| 1275000 | NortonLifeLock, Inc.,<br> 5.00%, 04/15/25(c) | 1237292 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $1200000 | NortonLifeLock, Inc.,<br> 7.13%, 09/30/30(c) | $1180500 |
| 575000 | Novelis Corp.,<br> 3.25%, 11/15/26(c) | 503144 |
| 1000000 | Novelis Corp.,<br> 4.75%, 01/30/30(c) | 860380 |
| 775000 | Novelis Corp.,<br> 3.88%, 08/15/31(c) | 600400 |
| 600000 | Occidental Petroleum Corp.,<br> 6.63%, 09/01/30 | 624033 |
| 1000000 | Occidental Petroleum Corp.,<br> 4.30%, 08/15/39 | 822965 |
| 575000 | Occidental Petroleum Corp.,<br> 6.20%, 03/15/40 | 553173 |
| 500000 | Occidental Petroleum Corp.,<br> 4.40%, 04/15/46 | 407279 |
| 500000 | OneMain Finance Corp.,<br> 6.13%, 03/15/24 | 488510 |
| 500000 | OneMain Finance Corp.,<br> 7.13%, 03/15/26 | 482500 |
| 600000 | OneMain Finance Corp.,<br> 5.38%, 11/15/29 | 492000 |
| 1000000 | Open Text Holdings, Inc.,<br> 4.13%, 02/15/30(c) | 801250 |
| 1450000 | Option Care Health, Inc.,<br> 4.38%, 10/31/29(c) | 1246057 |
| 1675000 | Organon & Co./Organon Foreign Debt Co-Issuer BV,<br> 4.13%, 04/30/28(c) | 1475374 |
| 425000 | Organon & Co./Organon Foreign Debt Co-Issuer BV,<br> 5.13%, 04/30/31(c) | 360940 |
| 950000 | Outfront Media Capital LLC/Outfront Media Capital Corp.,<br> 6.25%, 06/15/25(c) | 936805 |
| 1475000 | Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,<br> 4.38%, 10/15/28(c) | 1283161 |
| 600000 | Patrick Industries, Inc.,<br> 4.75%, 05/01/29(c) | 453000 |
| 1221000 | Performance Food Group, Inc.,<br> 5.50%, 10/15/27(c) | 1154114 |
| 500000 | PetSmart, Inc./PetSmart Finance Corp.,<br> 4.75%, 02/15/28(c) | 456445 |
| 525000 | PetSmart, Inc./PetSmart Finance Corp.,<br> 7.75%, 02/15/29(c) | 492954 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $700000 | PGT Innovations, Inc.,<br> 4.38%, 10/01/29(c) | $582960 |
| 625000 | Pilgrim's Pride Corp.,<br> 4.25%, 04/15/31(c) | 520456 |
| 775000 | Pilgrim's Pride Corp.,<br> 3.50%, 03/01/32(c) | 594626 |
| 1500000 | Pitney Bowes, Inc.,<br> 6.88%, 03/15/27(c) | 961875 |
| 550000 | PRA Group, Inc.,<br> 5.00%, 10/01/29(c) | 440825 |
| 1675000 | Prestige Brands, Inc.,<br> 3.75%, 04/01/31(c) | 1343367 |
| 775000 | Prime Healthcare Services, Inc.,<br> 7.25%, 11/01/25(c) | 675459 |
| 250000 | Radiate Holdco LLC/Radiate Finance, Inc.,<br> 4.50%, 09/15/26(c) | 211250 |
| 525000 | Radiate Holdco LLC/Radiate Finance, Inc.,<br> 6.50%, 09/15/28(c) | 330750 |
| 1250000 | Range Resources Corp.,<br> 8.25%, 01/15/29 | 1299100 |
| 253000 | Rayonier AM Products, Inc.,<br> 7.63%, 01/15/26(c) | 219925 |
| 675000 | Rockies Express Pipeline LLC,<br> 4.95%, 07/15/29(c) | 592514 |
| 1000000 | Rockies Express Pipeline LLC,<br> 4.80%, 05/15/30(c) | 845000 |
| 750000 | Royal Caribbean Cruises Ltd.,<br> 11.50%, 06/01/25(c) | 807727 |
| 1050000 | Royal Caribbean Cruises Ltd.,<br> 5.50%, 08/31/26(c) | 858480 |
| 1025000 | Royal Caribbean Cruises Ltd.,<br> 5.38%, 07/15/27(c) | 805281 |
| 300000 | Royal Caribbean Cruises Ltd.,<br> 9.25%, 01/15/29(c) | 304246 |
| 275000 | RP Escrow Issuer LLC,<br> 5.25%, 12/15/25(c) | 205668 |
| 975000 | Sabre GLBL, Inc.,<br> 7.38%, 09/01/25(c) | 911557 |
| 1500000 | SBA Communications Corp. REIT,<br> 3.13%, 02/01/29 | 1215000 |
| 675000 | SCIL IV LLC/SCIL USA Holdings LLC,<br> 5.38%, 11/01/26(c) | 536625 |
| 1350000 | Scotts Miracle-Gro Co. (The),<br> 4.38%, 02/01/32 | 1022193 |
| 650000 | Scripps Escrow, Inc.,<br> 5.88%, 07/15/27(c) | 588867 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $2350000 | Select Medical Corp.,<br> 6.25%, 08/15/26(c) | $2229069 |
| 1475000 | Service Corp. International,<br> 4.00%, 05/15/31 | 1224578 |
| 1000000 | Service Properties Trust REIT,<br> 4.35%, 10/01/24 | 917500 |
| 400000 | Shea Homes LP/Shea Homes Funding Corp.,<br> 4.75%, 02/15/28 | 337396 |
| 1025000 | Sirius XM Radio, Inc.,<br> 3.13%, 09/01/26(c) | 915940 |
| 1300000 | Sirius XM Radio, Inc.,<br> 4.00%, 07/15/28(c) | 1117433 |
| 1155000 | Six Flags Entertainment Corp.,<br> 4.88%, 07/31/24(c) | 1118329 |
| 1500000 | Smyrna Ready Mix Concrete LLC,<br> 6.00%, 11/01/28(c) | 1274914 |
| 115000 | Southwestern Energy Co.,<br> 5.70%, 01/23/25 | 113672 |
| 875000 | Southwestern Energy Co.,<br> 5.38%, 03/15/30 | 809375 |
| 650000 | Southwestern Energy Co.,<br> 4.75%, 02/01/32 | 561080 |
| 500000 | Spectrum Brands, Inc.,<br> 5.50%, 07/15/30(c) | 401341 |
| 1300000 | Spirit AeroSystems, Inc.,<br> 7.50%, 04/15/25(c) | 1263002 |
| 1500000 | Sprint Capital Corp.,<br> 6.88%, 11/15/28 | 1547970 |
| 1275000 | Sprint Corp.,<br> 7.88%, 09/15/23 | 1296252 |
| 400000 | Starwood Property Trust, Inc. REIT,<br> 5.50%, 11/01/23(c) | 394908 |
| 725000 | Starwood Property Trust, Inc. REIT,<br> 3.63%, 07/15/26(c) | 630750 |
| 200000 | Stericycle, Inc.,<br> 5.38%, 07/15/24(c) | 197000 |
| 650000 | Summit Materials LLC/Summit Materials Finance Corp.,<br> 5.25%, 01/15/29(c) | 593587 |
| 750000 | Sunnova Energy Corp.,<br> 5.88%, 09/01/26(c) | 660000 |
| 750000 | Syneos Health, Inc.,<br> 3.63%, 01/15/29(c) | 621139 |
| 625000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,<br> 7.50%, 10/01/25(c) | 631219 |
| 1225000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,<br> 6.00%, 12/31/30(c) | 1108894 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $1000000 | TEGNA, Inc.,<br> 4.63%, 03/15/28 | $951870 |
| 1500000 | TEGNA, Inc.,<br> 5.00%, 09/15/29 | 1422273 |
| 1350000 | Tenet Healthcare Corp.,<br> 5.13%, 11/01/27(c) | 1243688 |
| 500000 | Tenet Healthcare Corp.,<br> 6.13%, 10/01/28(c) | 433750 |
| 1125000 | Tenet Healthcare Corp.,<br> 6.13%, 06/15/30(c) | 1037306 |
| 675000 | Tenneco, Inc.,<br> 7.88%, 01/15/29(c) | 666836 |
| 625000 | Tenneco, Inc.,<br> 5.13%, 04/15/29(c) | 617836 |
| 375000 | Thor Industries, Inc.,<br> 4.00%, 10/15/29(c) | 303292 |
| 300000 | TMS International Corp.,<br> 6.25%, 04/15/29(c) | 210397 |
| 1550000 | TransDigm, Inc.,<br> 8.00%, 12/15/25(c) | 1578923 |
| 650000 | TransDigm, Inc.,<br> 6.25%, 03/15/26(c) | 639827 |
| 1000000 | Travel + Leisure Co.,<br> 4.63%, 03/01/30(c) | 806846 |
| 1650000 | Truist Financial Corp., Series N,<br> (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%),<br> 4.80%(b)(d) | 1481288 |
| 1500000 | Uber Technologies, Inc.,<br> 8.00%, 11/01/26(c) | 1511250 |
| 275000 | United Airlines, Inc.,<br> 4.63%, 04/15/29(c) | 235890 |
| 675000 | United Rentals North America, Inc.,<br> 4.88%, 01/15/28 | 627750 |
| 575000 | United Rentals North America, Inc.,<br> 3.75%, 01/15/32 | 465750 |
| 1500000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC REIT,<br> 7.88%, 02/15/25(c) | 1488088 |
| 950000 | US Foods, Inc.,<br> 6.25%, 04/15/25(c) | 945361 |
| 675000 | USA Compression Partners LP/USA Compression Finance Corp.,<br> 6.88%, 04/01/26 | 648648 |
| 825000 | USA Compression Partners LP/USA Compression Finance Corp.,<br> 6.88%, 09/01/27 | 787875 |
| 250000 | Verscend Escrow Corp.,<br> 9.75%, 08/15/26(c) | 250760 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| $| 500000 | Viking Cruises Ltd.,<br> 5.88%, 09/15/27(c) | $395068 |
|  | 1000000 | Vistra Operations Co. LLC,<br> 4.38%, 05/01/29(c) | 855275 |
|  | 800000 | Wabash National Corp.,<br> 4.50%, 10/15/28(c) | 672514 |
|  | 1225000 | WASH Multifamily Acquisition, Inc.,<br> 5.75%, 04/15/26(c) | 1142274 |
|  | 1300000 | WESCO Distribution, Inc.,<br> 7.13%, 06/15/25(c) | 1312610 |
|  | 750000 | WESCO Distribution, Inc.,<br> 7.25%, 06/15/28(c) | 760845 |
|  | 1300000 | Western Midstream Operating LP,<br> 3.35%, 02/01/25 | 1239160 |
|  | 725000 | Western Midstream Operating LP,<br> 5.50%, 08/15/48 | 582039 |
|  | 1075000 | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,<br> 5.50%, 03/01/25(c) | 1017466 |
|  | 1350000 | Yum! Brands, Inc., 3.88%, 11/01/23 | 1326375 |
|  |  |  | 230009506 |
| Total Corporate Bonds<br> (Cost $289,966,472) | Total Corporate Bonds<br> (Cost $289,966,472) | Total Corporate Bonds<br> (Cost $289,966,472) | 257220162 |
| **ASSET-BACKED SECURITIES — 16.0%** | **ASSET-BACKED SECURITIES — 16.0%** | **ASSET-BACKED SECURITIES — 16.0%** |  |
| **CAYMAN ISLANDS — 1.4%** | **CAYMAN ISLANDS — 1.4%** | **CAYMAN ISLANDS — 1.4%** |  |
| **Collateralized Loan Obligations — 1.4%** | **Collateralized Loan Obligations — 1.4%** | **Collateralized Loan Obligations — 1.4%** |  |
|  | 1000000 | Apidos CLO XV, Series 2013-15A, Class ERR,<br> (3 mo. LIBOR USD + 5.700%),<br> 9.94%, 04/20/31(b)(c) | 794546 |
|  | 5000000 | Atrium VIII, Series 8A, Class SUB,<br> 12.51%, 10/23/24(b)(c)(e) | 17000 |
|  | 12131250 | Atrium XIII, Series 13A, Class SUB,<br> 2.48%, 11/21/47(b)(c)(e) | 5826650 |
|  | 17550000 | CBAM Ltd., Series 2019-10A, Class SUB,<br> 9.51%, 04/20/32(b)(c)(e) | 7127831 |
|  | 9915625 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB,<br> 9.59%, 01/20/31(b)(c)(e) | 3510997 |
|  | 4500000 | Generate CLO-3 Ltd., Series 3A, Class ER,<br> (3 mo. LIBOR USD + 6.400%),<br> 10.64%, 10/20/29(b)(c) | 3989688 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |  |
| $| 2000000 | Madison Park Funding XLI Ltd., Series 12A, Class ER,<br> (3 mo. LIBOR USD + 5.250%),<br> 9.57%, 04/22/27(b)(c)(e) | $1764474 |
|  | 5000000 | Romark CLO II Ltd., Series 2018-2A, Class SUB,<br> 9.93%, 07/25/31(b)(c) | 2018294 |
|  | 5000000 | Romark CLO Ltd., Series 2017-1A, Class SUB,<br> 11.33%, 10/23/30(b)(c)(e) | 1552737 |
|  | 7500000 | Romark WM-R Ltd., Series 2018-1A, Class F,<br> (3 mo. LIBOR USD + 8.100%),<br> 12.34%, 04/20/31(b)(c)(e) | 5481916 |
|  |  |  | 32084133 |
| **UNITED STATES — 14.6%** | **UNITED STATES — 14.6%** | **UNITED STATES — 14.6%** |  |
| **Other Asset-Backed Securities — 14.6%** | **Other Asset-Backed Securities — 14.6%** | **Other Asset-Backed Securities — 14.6%** |  |
|  | 3930591 | 510 Loan Acquisition Trust, Series 2020-1, Class A, STEP,<br> 5.11%, 09/25/60(c) | 3695073 |
|  | 218484 | Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1,<br> (1 mo. LIBOR USD + 1.050%),<br> 4.64%, 01/25/34(b) | 208419 |
|  | 5000000 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7,<br> (1 mo. LIBOR USD + 1.980%),<br> 5.57%, 05/25/35(b) | 4396555 |
|  | 1750000 | AMSR Trust, Series 2020-SFR1, Class G,<br> 4.31%, 04/17/37(c) | 1591865 |
|  | 6000000 | AMSR Trust, Series 2020-SFR5, Class F,<br> 2.69%, 11/17/37(c) | 5232073 |
|  | 7740444 | Argent Mortgage Loan Trust, Series 2005-W1, Class A2,<br> (1 mo. LIBOR USD + 0.480%),<br> 4.07%, 05/25/35(b) | 6685202 |
|  | 4671555 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1,<br> (1 mo. LIBOR USD + 0.690%),<br> 4.28%, 01/25/36(b) | 3565762 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $6032436 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006- HE1, Class M2,<br> (1 mo. LIBOR USD + 0.630%),<br> 4.22%, 01/25/36(b) | $5068900 |
| 5740000 | BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1,<br> 7.07%, 02/10/22(b) | 1782562 |
| 5000000 | BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1,<br> 7.35%, 12/10/25(b) | 1273723 |
| 6284330 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1,<br> (1 mo. LIBOR USD + 1.000%),<br> 4.63%, 05/28/39(b)(c) | 6076435 |
| 1387616 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2,<br> (1 mo. LIBOR USD + 1.300%),<br> 4.93%, 05/28/39(b)(c) | 1011744 |
| 1025139 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1,<br> (1 mo. LIBOR USD + 1.000%),<br> 4.63%, 12/28/40(b)(c) | 1038314 |
| 2153022 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A,<br> (1 mo. LIBOR USD + 0.930%),<br> 4.56%, 12/28/40(b)(c) | 2239598 |
| 908185 | Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4,<br> (1 mo. LIBOR USD + 1.800%),<br> 5.39%, 05/25/35(b) | 875611 |
| 1809327 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4,<br> (1 mo. LIBOR USD + 1.020%),<br> 4.61%, 12/25/35(b) | 2556250 |
| 3096900 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A,<br> (1 mo. LIBOR USD + 0.140%),<br> 3.73%, 12/25/36(b) | 4115160 |
| 4650000 | Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3,<br> (1 mo. LIBOR USD + 2.250%),<br> 5.84%, 04/25/36(b) | 4452966 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $4884740 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4,<br> (1 mo. LIBOR USD + 0.420%),<br> 4.01%, 12/26/36(b) | $3882195 |
| 6953003 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1,<br> (1 mo. LIBOR USD + 0.500%),<br> 4.09%, 02/25/37(b) | 5332834 |
| 5729789 | Cascade MH Asset Trust, Series 2019- MH1, Class A,<br> 4.00%, 11/25/44(b)(c) | 5323508 |
| 3073512 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B,<br> (1 mo. LIBOR USD + 0.200%),<br> 3.79%, 05/25/37(b) | 2169782 |
| 82588 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C,<br> (1 mo. LIBOR USD + 0.270%),<br> 3.86%, 05/25/37(b) | 58304 |
| 3760906 | Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B,<br> (1 mo. LIBOR USD + 0.170%),<br> 3.76%, 07/25/45(b) | 2731381 |
| 1416637 | Conseco Finance Corp., Series 1997-7, Class M1,<br> 7.03%, 07/15/28(b) | 1319114 |
| 1494952 | Conseco Finance Corp., Series 1998-2, Class M1,<br> 6.94%, 12/01/28(b) | 1366205 |
| 2180632 | Conseco Finance Corp., Series 1999-5, Class A5,<br> 7.86%, 03/01/30(b) | 945211 |
| 2460099 | Conseco Finance Corp., Series 1999-5, Class A6,<br> 7.50%, 03/01/30(b) | 1026123 |
| 11183346 | Conseco Finance Securitizations Corp., Series 2000-1, Class A5,<br> 8.06%, 09/01/29(b) | 2535465 |
| 3635614 | Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1,<br> (1 mo. LIBOR USD + 0.500%),<br> 2.76%, 05/25/37(b)(c) | 2793965 |
| 1567955 | Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4,<br> 6.30%, 12/25/35(b) | 1439104 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $91160 | Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 3AV2,<br> (1 mo. LIBOR USD + 0.160%),<br> 3.75%, 09/25/46(b) | $90542 |
| 4054424 | Countrywide Asset-Backed Certificates Trust, Series 2006-12, Class 1A,<br> (1 mo. LIBOR USD + 0.260%),<br> 3.85%, 12/25/36(b) | 3674237 |
| 2376763 | Countrywide Asset-Backed Certificates Trust, Series 2006-13, Class 1AF4,<br> 4.01%, 01/25/37(b) | 2230791 |
| 9234601 | Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1,<br> (1 mo. LIBOR USD + 0.450%),<br> 4.04%, 03/25/37(b) | 7918572 |
| 6039156 | Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1,<br> (1 mo. LIBOR USD + 0.230%),<br> 3.82%, 05/25/47(b) | 4884559 |
| 5852928 | Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1, <br>(1 mo. LIBOR USD + 0.250%),<br> 3.84%, 06/25/37(b) | 4243777 |
| 793426 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A,<br> (1 mo. LIBOR USD + 0.180%),<br> 3.59%, 05/15/36(b) | 751808 |
| 384384 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B,<br> (1 mo. LIBOR USD + 0.300%),<br> 3.71%, 12/15/33(b)(c) | 385632 |
| 511141 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B,<br> (1 mo. LIBOR USD + 0.240%),<br> 3.65%, 02/15/30(b)(c) | 512483 |
| 208117 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1A,<br> (1 mo. LIBOR USD + 0.190%),<br> 3.60%, 05/15/35(b)(c) | 204372 |
| 238275 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B,<br> (1 mo. LIBOR USD + 0.190%),<br> 3.60%, 05/15/35(b)(c) | 243761 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $4709068 | Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT,<br> 0.44%, 02/01/47(c)(f) | $3651136 |
| 2140517 | Credit-Based Asset Servicing and Securitization LLC, Series 2007- CB6, Class A4,<br> (1 mo. LIBOR USD + 0.340%),<br> 3.93%, 07/25/37(b)(c) | 1404186 |
| 4889241 | First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1,<br> (1 mo. LIBOR USD + 0.540%),<br> 4.13%, 03/25/36(b) | 4221354 |
| 1506701 | First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1,<br> (1 mo. LIBOR USD + 1.800%),<br> 4.93%, 10/25/33(b) | 1403744 |
| 9142719 | First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1,<br> (1 mo. LIBOR USD + 0.375%),<br> 3.96%, 07/25/36(b) | 8319653 |
| 4337610 | First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2,<br> (1 mo. LIBOR USD + 0.600%), <br>4.19%, 01/25/36(b) | 3935970 |
| 3616840 | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C,<br> (1 mo. LIBOR USD + 0.150%),<br> 3.74%, 03/25/37(b) | 1799036 |
| 2710000 | FirstKey Homes Trust, Series 2020- SFR2, Class F1,<br> 3.02%, 10/19/37(c) | 2320035 |
| 4000000 | FirstKey Homes Trust, Series 2022- SFR1, Class E1,<br> 5.00%, 05/17/39(c) | 3482302 |
| 4000000 | FirstKey Homes Trust, Series 2022- SFR1, Class E2,<br> 5.00%, 05/17/39(c) | 3408934 |
| 2553000 | FirstKey Homes Trust, Series 2022- SFR2, Class E1,<br> 4.50%, 07/17/39(c) | 2154931 |
| 1500000 | Fremont Home Loan Trust, Series 2005-D, Class M1,<br> (1 mo. LIBOR USD + 0.615%),<br> 4.20%, 11/25/35(b) | 1292682 |
| 1500000 | FRTKL, Series 2021-SFR1, Class F,<br> 3.17%, 09/17/38(c) | 1211613 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $469467 | GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3,<br> (1 mo. LIBOR USD + 0.500%),<br> 4.09%, 02/25/36(b) | $456110 |
| 20261 | GMACM Home Equity Loan Trust, Series 2006-HE1, Class A,<br> (1 mo. LIBOR USD + 0.315%),<br> 3.90%, 11/25/36(b) | 34888 |
| 5395734 | Greenpoint Manufactured Housing, Series 2000-3, Class IA,<br> 8.45%, 06/20/31(b) | 2836321 |
| 2463906 | GSAA Home Equity Trust, Series 2005-14, Class 1A2,<br> (1 mo. LIBOR USD + 0.700%),<br> 4.29%, 12/25/35(b) | 1080806 |
| 8600175 | GSAA Home Equity Trust, Series 2006-5, Class 1A1,<br> (1 mo. LIBOR USD + 0.360%),<br> 3.95%, 03/25/36(b) | 2776855 |
| 365169 | GSAA Trust, Series 2006-7, Class AF2,<br> 5.99%, 03/25/46(b) | 150781 |
| 3566000 | GSAMP Trust, Series 2007-HS1, Class M5,<br> (1 mo. LIBOR USD + 3.375%),<br> 6.96%, 02/25/47(b) | 3492501 |
| 3380507 | Home Equity Asset Trust, Series 2007- 1, Class 2A3,<br> (1 mo. LIBOR USD + 0.300%),<br> 3.89%, 05/25/37(b)(e) | 2431566 |
| 2921018 | Home Partners of America Trust, Series 2021-2, Class F,<br> 3.80%, 12/17/26(c) | 2426754 |
| 3746923 | Home Partners of America Trust, Series 2021-3, Class F,<br> 4.24%, 01/17/41(c) | 3028467 |
| 4566377 | HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP,<br> 4.50%, 12/25/36 | 1499989 |
| 553680 | Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP,<br> 6.53%, 09/25/37(c) | 505552 |
| 111332 | JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP,<br> 6.63%, 07/25/36 | 33252 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $221928 | JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3,<br> (1 mo. LIBOR USD + 0.180%),<br> 3.77%, 07/25/36(b) | $105213 |
| 1977380 | Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1,<br> 6.63%, 04/15/40(b) | 1955663 |
| 232022 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1,<br> (1 mo. LIBOR USD + 0.090%),<br> 3.68%, 06/25/37(b)(c) | 161151 |
| 1668865 | Lehman XS Trust, Series 2007-20N, Class A1,<br> (1 mo. LIBOR USD + 2.300%),<br> 5.89%, 12/25/37(b) | 1638189 |
| 4889237 | Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A,<br> (1 mo. LIBOR USD + 0.360%),<br> 3.95%, 03/25/46(b) | 3961993 |
| 5037054 | Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3,<br> (1 mo. LIBOR USD + 0.320%),<br> 3.91%, 10/25/36(b) | 1556351 |
| 956772 | Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2,<br> (1 mo. LIBOR USD + 3.250%),<br> 6.84%, 03/25/32(b) | 956845 |
| 3815007 | MASTR Second Lien Trust, Series 2006-1, Class A,<br> (1 mo. LIBOR USD + 0.320%),<br> 3.91%, 03/25/36(b) | 322068 |
| 2076307 | MERIT Securities Corp., Series 13, Class M2, STEP,<br> 7.88%, 12/28/33 | 1614934 |
| 7155613 | Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D,<br> (1 mo. LIBOR USD + 0.500%),<br> 4.09%, 10/25/37(b) | 1209558 |
| 988042 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4,<br> (1 mo. LIBOR USD + 0.480%),<br> 4.07%, 06/25/36(b) | 525996 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $6109919 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1,<br> (1 mo. LIBOR USD + 0.130%),<br> 3.72%, 11/25/36(b) | $2787137 |
| 2116716 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1,<br> (1 mo. LIBOR USD + 1.900%),<br> 5.49%, 02/25/47(b)(c) | 1970494 |
| 3566990 | Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1,<br> (1 mo. LIBOR USD + 0.540%),<br> 4.13%, 02/25/36(b) | 3517751 |
| 4170270 | Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP,<br> 6.51%, 10/25/36 | 993917 |
| 396261 | Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1,<br> (1 mo. LIBOR USD + 0.300%),<br> 3.89%, 03/25/36(b) | 386978 |
| 8000000 | Nationstar Home Equity Loan Trust, Series 2007-A, Class M3,<br> (1 mo. LIBOR USD + 0.300%),<br> 3.89%, 03/25/37(b) | 6689013 |
| 5700456 | New Century Home Equity Loan Trust, Series 2005-C, Class M2,<br> (1 mo. LIBOR USD + 0.675%),<br> 4.26%, 12/25/35(b) | 4252390 |
| 6500000 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F,<br> 4.44%, 02/17/39(c) | 5480201 |
| 5000000 | New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1,<br> 4.00%, 09/04/39(c) | 3979038 |
| 5000000 | New Residential Mortgage Loan Trust, Series 2022-SFR2, Class F,<br> 4.00%, 09/04/39(c) | 3730407 |
| 616543 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1,<br> (1 mo. LIBOR USD + 0.400%),<br> 3.99%, 10/25/36(b)(c) | 686188 |
| 1268702 | Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2,<br> 7.48%, 08/15/27 | 1064617 |
| 9780056 | Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4,<br> 7.40%, 07/15/30(b) | 2643718 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $8572117 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2,<br>5.92%, 06/15/31(b)(e) | $993447 |
| 5947218 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3,<br>6.61%, 06/15/31(b)(e) | 771658 |
| 6795981 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4,<br>7.41%, 06/15/31(b)(e) | 987840 |
| 176456 | Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4,<br>7.09%, 06/15/32(b) | 176319 |
| 5000000 | Pagaya AI Technology in Housing Trust, Series 2022-1, Class D,<br>4.25%, 08/25/25(c) | 4418741 |
| 2955985 | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP,<br>3.62%, 07/25/35 | 2123551 |
| 2894924 | PRET LLC, Series 2021-NPL6, Class A1, STEP,<br>2.49%, 07/25/51(c) | 2674251 |
| 2000000 | PRET LLC, Series 2021-NPL6, Class A2, STEP,<br>5.07%, 07/25/51(c) | 1823097 |
| 6277217 | PRET LLC, Series 2021-RN4, Class A1,<br>2.49%, 10/25/51(b)(c) | 5976315 |
| 1000000 | Progress Residential Trust, Series 2019-SFR3, Class F,<br>3.87%, 09/17/36(c) | 933010 |
| 3000000 | Progress Residential Trust, Series 2019-SFR4, Class F,<br>3.68%, 10/17/36(c) | 2825502 |
| 750000 | Progress Residential Trust, Series 2020-SFR1, Class G,<br>4.03%, 04/17/37(c) | 673053 |
| 3000000 | Progress Residential Trust, Series 2021-SFR10, Class F,<br>4.61%, 12/17/40(c) | 2400869 |
| 2500000 | Progress Residential Trust, Series 2021-SFR11, Class F,<br>4.42%, 01/17/39(c) | 1943853 |
| 3500000 | Progress Residential Trust, Series 2021-SFR8, Class F,<br>3.18%, 10/17/38(c) | 2824158 |
| 2400000 | Progress Residential Trust, Series 2021-SFR9, Class F,<br>4.05%, 11/17/40(c) | 1840232 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $4000000 | Progress Residential Trust, Series 2022-SFR1, Class F,<br>4.88%, 02/17/41(c) | $3117175 |
| 4000000 | Progress Residential Trust, Series 2022-SFR1, Class G,<br>5.52%, 02/17/41(c) | 3118870 |
| 1548000 | Progress Residential Trust, Series 2022-SFR3, Class E2,<br>5.60%, 04/17/39(c) | 1359423 |
| 4751000 | Progress Residential Trust, Series 2022-SFR4, Class E1,<br>6.12%, 05/17/41(c) | 4240390 |
| 5000000 | Progress Residential Trust, Series 2022-SFR5, Class E1,<br>6.62%, 06/17/39(c) | 4545512 |
| 6000000 | Progress Residential Trust, Series 2022-SFR6, Class D,<br>6.04%, 07/20/39(c) | 5572593 |
| 5000000 | Progress Residential Trust, Series 2022-SFR7, Class E1,<br>6.75%, 10/27/39(c) | 4612765 |
| 3825000 | Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4,<br>(1 mo. LIBOR USD + 0.870%),<br>4.46%, 11/25/35(b) | 3055705 |
| 2000000 | Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2,<br>(1 mo. LIBOR USD + 0.290%),<br>4.02%, 06/25/36(b) | 1859863 |
| 4185433 | Saxon Asset Securities Trust, Series 2006-2, Class M3,<br>(1 mo. LIBOR USD + 0.320%),<br>3.91%, 09/25/36(b) | 3183058 |
| 8490637 | Saxon Asset Securities Trust, Series 2007-1, Class M1,<br>(1 mo. LIBOR USD + 0.290%),<br>3.88%, 01/25/47(b) | 7178702 |
| 2542146 | Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B,<br> (1 mo. LIBOR USD + 0.270%),<br>3.86%, 02/25/37(b) | 1643875 |
| 11667382 | Soundview Home Loan Trust, Series 2006-OPT5, Class M1,<br>(1 mo. LIBOR USD + 0.375%),<br>3.96%, 07/25/36(b) | 9056840 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $4250434 | Structured Asset Investment Loan Trust, Series 2005-9, Class M2,<br> (1 mo. LIBOR USD + 0.675%),<br>4.26%, 11/25/35(b) | $3647038 |
| 4363389 | Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3,<br> (1 mo. LIBOR USD + 0.750%),<br>4.34%, 07/25/35(b) | 3534957 |
| 2351276 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1,<br> (1 mo. LIBOR USD + 0.660%),<br>4.25%, 02/25/37(b) | 5115918 |
| 1700000 | Tricon American Homes Trust, Series 2017-SFR2, Class F,<br>5.10%, 01/17/36(c) | 1639595 |
| 1520000 | Tricon American Homes Trust, Series 2020-SFR1, Class F,<br>4.88%, 07/17/38(c) | 1334008 |
| 1500000 | Tricon Residential Trust, Series 2021-SFR1, Class F,<br>3.69%, 07/17/38(c) | 1262881 |
| 968000 | Tricon Residential Trust, Series 2021-SFR1, Class G,<br>4.13%, 07/17/38(c) | 790975 |
| 1600000 | Tricon Residential Trust, Series 2022-SFR1, Class E2,<br>5.74%, 04/17/39(c) | 1441594 |
| 4000000 | Tricon Residential Trust, Series 2022-SFR2, Class E,<br>7.51%, 07/17/40(c) | 3703766 |
| 5533815 | VOLT CVI LLC, Series 2021-NP12, Class A1, STEP,<br>2.73%, 12/26/51(c) | 5063181 |
| 8475666 | Yale Mortgage Loan Trust, Series 2007-1, Class A,<br>(1 mo. LIBOR USD + 0.400%),<br>3.99%, 06/25/37(b)(c) | 2845745 |
|  |  | 339789490 |
| Total Asset-Backed Securities<br>(Cost $438,070,431) | Total Asset-Backed Securities<br>(Cost $438,070,431) | 371873623 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.0%** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 21.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 21.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 21.5%** |
| $3800000 | 1Texas Capital Bank CLN,<br>0.03%, 02/01/26 | $3683070 |
| 301331 | Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1,<br>2.99%, 07/25/35(b) | 293585 |
| 1491291 | Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1,<br>4.71%, 03/25/37(b) | 1075939 |
| 30709 | Ajax Mortgage Loan Trust, Series 2017-D, Class B,<br>2.39%, 12/25/57(a)(b)(c) | 24567 |
| 21846 | Ajax Mortgage Loan Trust, Series 2018-A, Class B,<br>2.75%, 04/25/58(c)(f) | 22868 |
| 61436 | Ajax Mortgage Loan Trust, Series 2018-B, Class B,<br>6.04%, 02/26/57(c)(f) | 46824 |
| 14423 | Ajax Mortgage Loan Trust, Series 2018-D, Class B,<br>2.73%, 08/25/58(b)(c) | 9858 |
| 10634 | Ajax Mortgage Loan Trust, Series 2018-E, Class C,<br>1.00%, 06/25/58(b)(c) | 10281 |
| 160547 | Ajax Mortgage Loan Trust, Series 2018-F, Class C,<br>1.90%, 11/25/58(c)(f) | 103607 |
| 4135704 | Ajax Mortgage Loan Trust, Series 2019-E, Class A, STEP,<br>3.00%, 09/25/59(c) | 4076329 |
| 3512199 | Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP,<br>4.88%, 09/25/59(c) | 3314286 |
| 7368714 | Ajax Mortgage Loan Trust, Series 2019-E, Class C,<br>2.59%, 09/25/59(c)(f) | 6651396 |
| 9717797 | Ajax Mortgage Loan Trust, Series 2019-G, Class A, STEP,<br>3.00%, 09/25/59(c) | 9113087 |
| 2927374 | Ajax Mortgage Loan Trust, Series 2019-G, Class B, STEP,<br>4.25%, 09/25/59(c) | 2442800 |
| 7431604 | Ajax Mortgage Loan Trust, Series 2019-G, Class C,<br>1.03%, 09/25/59(c)(f) | 3815053 |
| 19063735 | Ajax Mortgage Loan Trust, Series 2020-A, Class A, STEP,<br>2.38%, 12/25/59(c) | 18472401 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $4328402 | Ajax Mortgage Loan Trust, Series 2020-A, Class B, STEP,<br>3.50%, 12/25/59(c) | $4136048 |
| 10215303 | Ajax Mortgage Loan Trust, Series 2020-A, Class C,<br>1.88%, 12/25/59(c)(f) | 6222865 |
| 1230360 | Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP,<br>3.72%, 01/25/61(c) | 1130687 |
| 3108869 | Ajax Mortgage Loan Trust, Series 2021-C, Class C,<br>1.41%, 01/25/61(c)(f) | 2953743 |
| 11399492 | Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP,<br>2.00%, 03/25/60(c) | 10320096 |
| 2042300 | Ajax Mortgage Loan Trust, Series 2021-D, Class B,<br>4.00%, 03/25/60(b)(c) | 1712405 |
| 3017364 | Ajax Mortgage Loan Trust, Series 2021-D, Class C,<br>1.30%, 03/25/60(a)(b)(c) | 1822488 |
| 4041340 | Ajax Mortgage Loan Trust, Series 2021-E, Class B2,<br>3.96%, 12/25/60(b)(c) | 3057403 |
| 4000000 | Ajax Mortgage Loan Trust, Series 2021-E, Class M1,<br>2.94%, 12/25/60(b)(c) | 3006947 |
| 1080800 | Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP,<br>3.75%, 06/25/61(c) | 931348 |
| 2015939 | Ajax Mortgage Loan Trust, Series 2021-F, Class C,<br>0.56%, 06/25/61(c)(f) | 1271365 |
| 10316982 | Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP,<br>3.50%, 10/25/61(c) | 10006054 |
| 532000 | Ajax Mortgage Loan Trust, Series 2022-A, Class A2,<br>3.00%, 10/25/61(b)(c) | 436733 |
| 283800 | Ajax Mortgage Loan Trust, Series 2022-A, Class A3,<br>3.00%, 10/25/61(b)(c) | 229586 |
| 2128000 | Ajax Mortgage Loan Trust, Series 2022-A, Class B,<br>3.00%, 10/25/61(a)(c) | 1281907 |
| 1057403 | Ajax Mortgage Loan Trust, Series 2022-A, Class C,<br>3.00%, 10/25/61(a)(c) | 1046935 |
| 310300 | Ajax Mortgage Loan Trust, Series 2022-A, Class M1,<br>3.00%, 10/25/61(c) | 224960 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1392000 | Ajax Mortgage Loan Trust, Series 2022-A, Class M2,<br>3.00%, 10/25/61(a)(c) | $1020754 |
| 88700 | Ajax Mortgage Loan Trust, Series 2022-A, Class M3,<br>3.00%, 10/25/61(a)(c) | 62374 |
| 12843586 | Ajax Mortgage Loan Trust, Series 2022-B, Class A1, STEP,<br>3.50%, 03/27/62(c) | 12192798 |
| 403400 | Ajax Mortgage Loan Trust, Series 2022-B, Class A2,<br>3.00%, 03/27/62(b)(c) | 329945 |
| 345800 | Ajax Mortgage Loan Trust, Series 2022-B, Class A3,<br>3.00%, 03/27/62(b)(c) | 278195 |
| 1921100 | Ajax Mortgage Loan Trust, Series 2022-B, Class B,<br>3.00%, 03/27/62(a)(c) | 1150931 |
| 1087535 | Ajax Mortgage Loan Trust, Series 2022-B, Class C,<br>3.00%, 03/27/62(a)(c) | 977368 |
| 259300 | Ajax Mortgage Loan Trust, Series 2022-B, Class M1,<br>3.00%, 03/27/62(a)(c) | 207647 |
| 1287100 | Ajax Mortgage Loan Trust, Series 2022-B, Class M2,<br>3.00%, 03/27/62(a)(c) | 995958 |
| 1285070 | American Home Mortgage Assets Trust, Series 2006-2, Class 1A1,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%),<br>2.33%, 09/25/46(b) | 1114658 |
| 974725 | American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP,<br>6.75%, 06/25/37 | 796392 |
| 3324000 | Angel Oak Mortgage Trust, Series 2020-R1, Class B2,<br>4.61%, 04/25/53(b)(c) | 2872249 |
| 1000000 | Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1,<br>5.02%, 03/25/49(b)(c) | 941015 |
| 13762316 | APS Resecuritization Trust, Series 2016-1, Class 1MZ,<br>3.10%, 07/31/57(b)(c) | 5042656 |
| 2899509 | ARI Investments LLC,<br>4.55%, 01/30/25(a)(e) | 2783528 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1228670 | Banc of America Alternative Loan Trust, Series 2006-9, Class A2,<br> (1 mo. LIBOR USD + 0.400%),<br>3.99%, 01/25/37(b) | $937869 |
| 76488 | Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1,<br>4.04%, 09/20/35(b) | 65084 |
| 337625 | Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2,<br>3.23%, 02/20/36(b) | 301773 |
| 268972 | Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1,<br>3.46%, 06/20/36(b) | 240708 |
| 1178807 | Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP,<br>6.59%, 01/25/37 | 999548 |
| 3233185 | Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2,<br>3.13%, 03/27/36(c)(b) | 2735111 |
| 313528 | Banc of America Mortgage Trust, Series 2005-I, Class 2A5,<br>3.85%, 10/25/35(b) | 287528 |
| 10753781 | Barclays Mortgage Trust, Series 2021-NPL1, Class A, STEP,<br>2.00%, 11/25/51(c) | 10123569 |
| 1177500 | Barclays Mortgage Trust, Series 2021-NPL1, Class B, STEP,<br>4.63%, 11/25/51(c) | 1114457 |
| 2656993 | Barclays Mortgage Trust, Series 2021-NPL1, Class C,<br>0.44%, 11/25/51(c)(f) | 2328280 |
| 7824500 | Barclays Mortgage Trust, Series 2022-RPL1, Class A, STEP,<br>4.25%, 02/25/28(a)(c) | 7310783 |
| 1187900 | Barclays Mortgage Trust, Series 2022-RPL1, Class B, STEP,<br>4.25%, 02/25/28(a)(c) | 1046584 |
| 2138200 | Barclays Mortgage Trust, Series 2022-RPL1, Class C,<br>0.23%, 02/25/28(a)(c)(f) | 1221383 |
| 99900 | Barclays Mortgage Trust, Series 2022-RPL1, Class SA,<br>0.37%, 02/25/28(a)(c)(f) | 43476 |
| 1852538 | BCAP LLC Trust, Series 2012-RR3, Class 1A5,<br>5.67%, 12/26/37(b)(c) | 1471333 |
| 606615 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1,<br>3.84%, 02/25/36(b) | 538010 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $43572 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1,<br>4.39%, 08/25/35(b) | $38534 |
| 237970 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1,<br>3.24%, 05/25/47(b) | 210549 |
| 956279 | Bear Stearns ALT-A Trust, Series 2006-2, Class 11A1,<br>(1 mo. LIBOR USD + 0.440%),<br>4.03%, 04/25/36(b) | 1382397 |
| 2591159 | Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1,<br>(1 mo. LIBOR USD + 0.320%),<br>3.91%, 11/25/36(b) | 2056029 |
| 2945505 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1,<br>(1 mo. LIBOR USD + 0.350%),<br>3.94%, 03/25/36(b) | 292217 |
| 2945505 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3,<br>(1 mo. LIBOR USD + 0.350%),<br>3.94%, 03/25/36(b) | 292217 |
| 716361 | Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1,<br>(1 mo. LIBOR USD + 0.280%),<br>3.87%, 08/25/36(b) | 690815 |
| 209258 | Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A,<br>(1 mo. LIBOR USD + 0.300%),<br>3.89%, 11/25/36(b) | 203118 |
| 2501000 | BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1,<br>2.29%, 03/25/60(b)(c) | 2099858 |
| 3100000 | CFMT LLC, Series 2021-HB7, Class M3,<br>3.85%, 10/27/31(b)(c) | 2781697 |
| 2790573 | Chase Mortgage Finance Corp., Series 2016-SH1, Class M4,<br>3.75%, 04/25/45(b)(c) | 2300069 |
| 3608400 | Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1,<br>6.00%, 12/25/37 | 1595001 |
| 11093666 | ChaseFlex Trust, Series 2007-1, Class 2A7,<br>6.00%, 02/25/37 | 4691598 |
| 1430381 | CHNGE Mortgage Trust, Series 2022-1, Class A1,<br>3.01%, 01/25/67(b)(c) | 1266734 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $2009437 | Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1,<br>6.25%, 12/25/37 | $1644359 |
| 2181382 | Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1,<br>6.50%, 06/25/38 | 1636079 |
| 75913 | Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A,<br>3.46%, 06/25/36(b) | 69229 |
| 2861738 | Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1,<br>5.75%, 04/25/47(c) | 1766701 |
| 4119154 | Citigroup Mortgage Loan Trust, Series 2022-A, Class A1, STEP,<br>6.17%, 09/25/62(c) | 3993957 |
| 169043 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1,<br>3.34%, 05/25/35(b) | 158134 |
| 2354000 | COLT Mortgage Loan Trust, Series 2022-1, Class B1,<br>4.15%, 12/27/66(b)(c) | 1564695 |
| 2000873 | COLT Mortgage Loan Trust, Series 2022-7, Class A3,<br>6.25%, 04/25/67(b)(c) | 1899485 |
| 336132 | Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1,<br>6.00%, 02/25/35 | 244773 |
| 636685 | Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1,<br>(1 mo. LIBOR USD + 0.600%),<br>4.19%, 08/25/35(b) | 561864 |
| 2996374 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6,<br>(1 mo. LIBOR USD + 0.500%),<br>4.09%, 11/25/35(b) | 1520574 |
| 5572638 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7,<br>(1 mo. LIBOR USD + 5.500%),<br>1.91%, 11/25/35(b)(e) | 434131 |
| 107597 | Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1,<br>3.25%, 12/25/35(b) | 93822 |
| 54541 | Countrywide Alternative Loan Trust, Series 2005-69, Class A1,<br>(12 mo. Federal Reserve Cumulative Average USD + 1.000%),<br>2.37%, 12/25/35(b) | 47407 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $867466 | Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3,<br> (1 mo. LIBOR USD + 0.450%),<br>4.04%, 05/25/35(b) | $751595 |
| 575909 | Countrywide Alternative Loan Trust, Series 2005-J14, Class A3,<br>5.50%, 12/25/35 | 375906 |
| 2571306 | Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10,<br>(1 mo. LIBOR USD + 0.350%),<br>3.94%, 05/25/36(b) | 1121849 |
| 1584145 | Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1,<br>6.50%, 06/25/36 | 782785 |
| 3062797 | Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9,<br>6.00%, 07/25/36 | 1479965 |
| 999467 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13,<br>(1 mo. LIBOR USD + 0.350%),<br>3.94%, 08/25/36(b) | 479597 |
| 999467 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14,<br>(1 mo. LIBOR USD + 7.150%),<br>3.56%, 08/25/36(b) | 160958 |
| 1030310 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15,<br>5.75%, 08/25/36 | 576506 |
| 1045082 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4,<br>(1 mo. LIBOR USD + 0.400%),<br>3.99%, 03/25/36(b) | 361184 |
| 1857709 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5,<br>(1 mo. LIBOR USD + 7.100%),<br>3.51%, 03/25/36(b)(e) | 238968 |
| 2935552 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6,<br>5.50%, 03/25/36 | 1291309 |
| 1141480 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10,<br>6.00%, 01/25/37 | 654836 |
| 826445 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4,<br>5.75%, 01/25/37 | 469661 |
| 1022746 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2,<br>6.00%, 02/25/37 | 566838 |
| 2338590 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5,<br>6.00%, 02/25/37 | 1296121 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $4457895 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7,<br> (1 mo. LIBOR USD + 0.340%),<br>3.93%, 02/25/37(b) | $1886266 |
| 2228947 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8,<br> (1 mo. LIBOR USD + 6.600%),<br>3.01%, 02/25/37(b)(e) | 362379 |
| 117374 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10,<br>5.50%, 05/25/36 | 95305 |
| 333001 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2,<br> (1 mo. LIBOR USD + 0.400%),<br>3.99%, 05/25/36(b) | 261148 |
| 2403926 | Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1,<br>6.50%, 05/25/36 | 1204828 |
| 1850682 | Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1,<br>(1 mo. LIBOR USD + 1.500%),<br>4.63%, 11/20/46(b) | 1326509 |
| 3736413 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1,<br>(12 mo. Federal Reserve Cumulative Average USD + 1.730%),<br>3.10%, 11/25/46(b) | 2859338 |
| 1168033 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1,<br>(1 mo. LIBOR USD + 0.380%),<br>3.97%, 11/25/46(b) | 1030815 |
| 2725713 | Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1,<br>(1 mo. LIBOR USD + 0.190%),<br>3.68%, 03/20/47(b) | 2156395 |
| 584727 | Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1,<br>(1 mo. LIBOR USD + 0.420%),<br>4.01%, 05/25/36(b) | 481744 |
| 2189461 | Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1,<br>(1 mo. LIBOR USD + 0.360%),<br>3.95%, 04/25/46(b) | 1928398 |
| 1812418 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22,<br>5.75%, 06/25/37 | 865048 |
| 1825548 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5,<br>6.00%, 06/25/37 | 898284 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $889889 | Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34,<br>6.00%, 08/25/37 | $456926 |
| 4132509 | Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16,<br>6.50%, 09/25/37 | 1727275 |
| 3491243 | Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3,<br>6.50%, 11/25/37 | 1727457 |
| 823472 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8,<br>6.00%, 05/25/37 | 418198 |
| 172344 | Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP,<br>3.97%, 11/25/36 | 260990 |
| 6153631 | Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1,<br>(12 mo. Federal Reserve Cumulative Average USD + 0.840%),<br>2.21%, 03/25/47(b) | 5077712 |
| 146867 | Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2,<br> (1 mo. LIBOR USD + 0.360%),<br>3.95%, 04/25/47(b) | 35115 |
| 1182518 | Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A,<br>(1 mo. LIBOR USD + 0.480%),<br>4.07%, 08/25/47(b) | 945173 |
| 980595 | Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1,<br>6.25%, 05/25/36 | 582831 |
| 1374305 | Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3,<br>6.00%, 08/25/37 | 709876 |
| 907148 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3,<br>2.45%, 01/25/36(b) | 770787 |
| 4528550 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J2, Class 3A9,<br> (1 mo. LIBOR USD + 1.400%),<br>4.99%, 08/25/35(b) | 3147936 |
| 154164 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4,<br>4.50%, 09/25/35 | 131947 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $9716683 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1,<br> (12 mo. Federal Reserve Cumulative Average USD + 0.960%),<br>2.33%, 04/25/46(b) | $3046895 |
| 2044094 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1,<br> (1 mo. LIBOR USD + 0.400%),<br>3.99%, 04/25/46(b) | 1871281 |
| 1379751 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1,<br>6.25%, 02/25/38 | 714290 |
| 1381471 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1, <br> 3.29%, 03/25/37(b) | 1189358 |
| 1420076 | Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1,<br>6.00%, 11/25/36 | 1139648 |
| 2507745 | Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A,<br>5.84%, 04/25/37(b) | 653107 |
| 7024542 | Credit Suisse Mortgage Capital Certificates Trust, Series 2009-12R, Class 3A1,<br>6.50%, 10/27/37(c) | 2760542 |
| 2945808 | Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3,<br>2.83%, 04/27/37(b)(c) | 2734166 |
| 5528893 | Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4,<br>(1 mo. LIBOR USD + 0.150%),<br>3.23%, 10/27/36(b)(c) | 3749698 |
| 2400000 | Credit Suisse Mortgage Capital Certificates Trust, Series 2020-SPT1, Class B2,<br>3.39%, 04/25/65(b)(c) | 1855678 |
| 2244775 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class A2,<br>3.50%, 09/27/66(b)(c) | 2012188 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $3879303 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class B2,<br>0.43%, 09/27/66(c)(f) | $3334677 |
| 3276575 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class PT2,<br>3.18%, 07/26/60(a)(b)(c) | 1048504 |
| 3289850 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021-NQM2, Class B1,<br>3.44%, 02/25/66(b)(c) | 2253517 |
| 4482501 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021-RPL9, Class A1,<br>2.44%, 02/25/61(b)(c) | 4070532 |
| 6091877 | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1,<br>(1 mo. LIBOR USD + 1.350%),<br>4.94%, 11/25/35(b) | 1530038 |
| 1626000 | Deephaven Residential Mortgage Trust, Series 2021-1, Class B1,<br>3.10%, 05/25/65(b)(c) | 1337029 |
| 3314000 | Deephaven Residential Mortgage Trust, Series 2022-1, Class B1,<br>4.30%, 01/25/67(b)(c) | 2255140 |
| 2000000 | GCAT Trust, Series 2020-NQM2, Class B1,<br>4.85%, 04/25/65(b)(c) | 1650835 |
| 3437000 | GCAT Trust, Series 2021-NQM7, Class B1,<br>4.50%, 08/25/66(b)(c) | 2411297 |
| 3944533 | GCAT Trust, Series 2022-NQM4, Class A2, STEP,<br>5.73%, 08/25/67(c) | 3704044 |
| 415277 | GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1,<br>3.17%, 11/19/35(b) | 356250 |
| 3378923 | GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF,<br>(1 mo. LIBOR USD + 0.400%),<br>3.99%, 06/25/34(b)(c) | 2884600 |
| 3092161 | GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF,<br>(1 mo. LIBOR USD + 0.350%),<br>3.94%, 01/25/35(b)(c) | 2757641 |
| 4096340 | GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF,<br>(1 mo. LIBOR USD + 0.350%),<br>3.94%, 09/25/35(b)(c) | 3498427 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $1168529 | GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1,<br> (1 mo. LIBOR USD + 0.350%),<br>3.94%, 01/25/36(b)(c) | $968405 |
| 227024 | GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1,<br>3.65%, 01/25/35(b) | 210972 |
| 2556738 | GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2,<br>6.50%, 08/25/36 | 936299 |
| 38010 | GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1,<br>6.00%, 08/25/21 | 36740 |
| 111475 | GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1,<br>3.03%, 01/25/36(b) | 106332 |
| 506705 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1,<br>6.00%, 07/25/37 | 349297 |
| 9166452 | GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1,<br>2.37%, 06/25/47(b) | 5788731 |
| 1573491 | HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2,<br>(1 mo. LIBOR USD + 0.250%),<br>3.73%, 07/19/47(b) | 1377244 |
| 239544 | HomeBanc Mortgage Trust, Series 2006-1, Class 2A1,<br>2.64%, 04/25/37(b) | 208996 |
| 3690000 | Homeward Opportunities Fund I Trust, Series 2020-2, Class B1,<br>5.45%, 05/25/65(b)(c) | 3500717 |
| 2951317 | Homeward Opportunities Fund Trust, Series 2022-1, Class A2, STEP,<br>5.08%, 07/25/67(c) | 2765357 |
| 16491754 | IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP,<br>0.03%, 07/25/47(b) | 99589 |
| 1517600 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2,<br>(1 mo. LIBOR USD + 0.540%),<br>4.13%, 06/25/37(b) | 1657986 |
| 2857118 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2,<br>(1 mo. LIBOR USD + 0.240%),<br>3.83%, 08/25/37(b) | 2445678 |
| 872435 | JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1,<br>2.05%, 10/25/37(b) | 588038 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $6236576 | JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10,<br>6.25%, 08/25/37 | $2029057 |
| 34004 | JP Morgan Mortgage Trust, Series 2017-5, Class A1B,<br>3.18%, 10/26/48(b)(c) | 32457 |
| 101007156 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X,<br>0.50%, 12/25/51(b)(c) | 2361366 |
| 5941548 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X,<br>0.50%, 12/25/51(b)(c) | 158995 |
| 106948704 | JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1,<br>0.19%, 12/25/51(b)(c) | 1009211 |
| 1307888 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B4,<br>3.19%, 12/25/51(b)(c) | 839016 |
| 457788 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B5,<br>3.19%, 12/25/51(b)(c) | 257523 |
| 1564638 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B6,<br>2.93%, 12/25/51(b)(c) | 551681 |
| 34022557 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X,<br>0.50%, 02/25/52(b)(c) | 923185 |
| 21084108 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X,<br>0.50%, 02/25/52(b)(c) | 520172 |
| 7872776 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X,<br>0.50%, 02/25/52(b)(c) | 358414 |
| 3704735 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X,<br>0.50%, 02/25/52(b)(c) | 100526 |
| 66684273 | JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1,<br>0.27%, 02/25/52(b)(c) | 935714 |
| 3857580 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B1,<br>3.27%, 02/25/52(b)(c) | 2897186 |
| 905318 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B2,<br>3.27%, 02/25/52(b)(c) | 633033 |
| 1259501 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B3,<br>3.27%, 02/25/52(b)(c) | 835188 |
| 669197 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B4,<br>3.27%, 02/25/52(b)(c) | 428661 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $275475 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B5,<br>3.27%, 02/25/52(b)(c) | $151953 |
| 905498 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B6,<br>3.14%, 02/25/52(b)(c) | 307732 |
| 1587528 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class B,<br>8.79%, 02/25/59(a)(c)(f) | 196060 |
| 2332208 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class M,<br>4.25%, 02/25/59(b)(c) | 1816980 |
| 5080553 | Loan Revolving Advance Investment Trust, Series 2021-2, Class A1X,<br>(1 mo. LIBOR USD + 2.750%),<br>6.09%, 06/30/23(b)(c) | 5030978 |
| 4559001 | MASTR Asset Securitization Trust, Series 2007-1, Class 1A4,<br>6.50%, 11/25/37 | 1177565 |
| 2441382 | MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3,<br>7.50%, 05/25/35(c) | 1812301 |
| 1027869 | MASTR Resecuritization Trust, Series 2008-3, Class A1,<br>3.56%, 08/25/37(b)(c) | 675092 |
| 5204341 | MCM Trust, Series 2021-VFN1,<br>3.00%, 08/25/28(a)(e) | 5093750 |
| 2798206 | MCM Trust, Series 2021-VFN1, Class CERT,<br>3.00%, 08/25/28(a)(e) | 1869174 |
| 1835883 | Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2,<br>(1 mo. LIBOR USD + 0.420%),<br>4.01%, 04/25/37(b) | 1515833 |
| 660677 | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1,<br>2.81%, 05/25/36(b) | 486712 |
| 395069 | Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1,<br>6.25%, 10/25/36 | 196439 |
| 2989632 | Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP,<br>2.82%, 05/26/37(c) | 2822921 |
| 2564340 | Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B,<br>(1 mo. LIBOR USD + 0.160%),<br>3.40%, 12/26/46(b)(c) | 2297836 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $761461 | MortgageIT Trust, Series 2004-1, Class B1,<br> (1 mo. LIBOR USD + 1.800%),<br>5.39%, 11/25/34(b) | $689238 |
| 1389000 | New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2,<br>4.52%, 01/26/60(b)(c) | 1106864 |
| 3169833 | NYMT Loan Trust, Series 2020-SP2, Class A1,<br>2.94%, 10/25/60(b)(c) | 3033538 |
| 2783528 | Prime Mortgage Trust, Series 2006-DR1, Class 2A1,<br>5.50%, 05/25/35(c) | 2338128 |
| 1332007 | Prime Mortgage Trust, Series 2006-DR1, Class 2A2,<br>6.00%, 05/25/35(c) | 1061630 |
| 3504129 | PRPM LLC, Series 2020-4, Class A1, STEP,<br>2.95%, 10/25/25(c) | 3351205 |
| 6179357 | RCO VI Mortgage LLC, Series 2022-1, Class A1, STEP,<br>3.00%, 01/25/27(c) | 5765590 |
| 464881 | Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1,<br>(1 mo. LIBOR USD + 0.420%),<br>4.01%, 07/25/36(b)(c) | 442360 |
| 5261321 | Residential Accredit Loans, Inc., Series 2005-QA10, Class A21,<br>4.12%, 09/25/35(b) | 2277724 |
| 1442537 | Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4,<br>4.60%, 12/25/35(b) | 1340569 |
| 584293 | Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1,<br>(1 mo. LIBOR USD + 0.380%),<br>3.97%, 05/25/46(b) | 528113 |
| 490887 | Residential Accredit Loans, Inc., Series 2006-QS15, Class A1,<br>6.50%, 10/25/36 | 406843 |
| 3075546 | Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5,<br>(1 mo. LIBOR USD + 0.550%),<br>4.14%, 01/25/37(b) | 2320203 |
| 640093 | Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5,<br>(1 mo. LIBOR USD + 0.250%),<br>3.84%, 07/25/36(b) | 106974 |
| 2054502 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1,<br>4.14%, 09/25/35(b) | 1359061 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $6291538 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1,<br>4.83%, 08/25/36(b) | $4378395 |
| 87824 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1,<br>5.14%, 09/25/36(b) | 57503 |
| 2150000 | Residential Mortgage Loan Trust, Series 2020-1, Class B2,<br>4.67%, 01/26/60(b)(c) | 1587156 |
| 3750000 | Residential Mortgage Loan Trust, Series 2020-2, Class B2,<br>5.40%, 05/25/60(b)(c) | 3570455 |
| 2814000 | Residential Mortgage Loan Trust, Series 2021-1R, Class B1,<br>3.42%, 01/25/65(b)(c) | 2263456 |
| 3500000 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M4,<br>4.70%, 11/25/31(b)(c) | 3005904 |
| 4278765 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M6,<br>6.00%, 11/25/31(a)(b)(c) | 3357975 |
| 10688781 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B,<br>12.95%, 07/25/56(c)(f) | 1618548 |
| 17539655 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO,<br>0.88%, 07/25/56(b)(c)(e) | 1705521 |
| 4715545 | Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX,<br>4.29%, 11/25/57(b) | 1775794 |
| 2632106 | Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX,<br>1.01%, 08/25/57(b)(c) | 913012 |
| 4500055 | Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1,<br>4.75%, 04/26/60(b)(c) | 4215537 |
| 100000 | SG Residential Mortgage Trust, Series 2019-3, Class B1,<br>4.08%, 09/25/59(b)(c) | 83667 |
| 175000 | SG Residential Mortgage Trust, Series 2020-2, Class B1,<br>4.25%, 05/25/65(b)(c) | 134973 |
| 257000 | SG Residential Mortgage Trust, Series 2020-2, Class M1,<br>3.19%, 05/25/65(b)(c) | 201712 |
| 5713683 | SG Residential Mortgage Trust, Series 2022-2, Class A2,<br>5.35%, 09/25/67(b)(c) | 5351840 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $2425000 | Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2,<br>4.68%, 01/28/50(b)(c) | $2006567 |
| 1064198 | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1,<br>3.35%, 05/25/35(b) | 829843 |
| 1736198 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A,<br>3.28%, 04/25/36(b) | 1072491 |
| 2960370 | Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1,<br>(1 mo. LIBOR USD + 0.440%),<br>4.03%, 05/25/46(b) | 885654 |
| 1168551 | Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B,<br>(1 mo. LIBOR USD + 0.180%),<br>3.77%, 09/25/47(b) | 1049183 |
| 2465829 | Structured Asset Securities Corp., Series 2005-RF3, Class 1A,<br> (1 mo. LIBOR USD + 0.350%),<br>3.94%, 06/25/35(b)(c) | 2276356 |
| 13286637 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2,<br>6.00%, 10/25/36(c) | 7176427 |
| 457904 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3,<br>2.28%, 04/25/37(b) | 277825 |
| 155349 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1,<br>2.41%, 04/25/37(b) | 89166 |
| 120710 | Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1,<br>(12 mo. LIBOR USD + 1.250%),<br>6.73%, 06/25/47(b) | 114279 |
| 4000000 | TRK Trust, Series 2022-INV1, Class B1,<br>4.07%, 02/25/57(b)(c) | 2725189 |
| 5290989 | TVC Holdings Plc, Series 2021-1, Class A,<br>2.38%, 02/01/51(a)(e) | 5096809 |
| 1322747 | TVC Holdings Plc, Series 2021-1, Class CERT,<br>0.08%, 02/01/51(a)(e)(f) | 1293382 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $3343000 | Verus Securitization Trust, Series 2019-INV3, Class M1,<br>3.28%, 11/25/59(b)(c) | $3065421 |
| 3162000 | Verus Securitization Trust, Series 2021-1, Class B1,<br>2.98%, 01/25/66(b)(c) | 2012267 |
| 5000000 | Verus Securitization Trust, Series 2022-1, Class B1,<br>4.01%, 01/25/67(b)(c) | 3433762 |
| 3300000 | Vista Point Securitization Trust, Series 2020-2, Class B2,<br>5.16%, 04/25/65(b)(c) | 2842807 |
| 26283163 | Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7,<br>2.98%, 02/25/38(b)(c) | 7261720 |
| 760539 | WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2,<br>3.37%, 07/25/37(b) | 635209 |
| 5898166 | WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 2A,<br>(12 mo. Federal Reserve Cumulative Average USD + 0.798%),<br>2.17%, 05/25/47(b) | 5005604 |
| 1185233 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 1CB,<br>6.50%, 11/25/35 | 620859 |
| 708952 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 2A6,<br>5.50%, 11/25/35 | 643151 |
| 3858661 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB,<br>6.50%, 02/25/36 | 3003984 |
| 3812868 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5, Class 3A3, STEP,<br>6.72%, 07/25/36 | 946572 |
| 1164754 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6, Class 2A,<br>(12 mo. Federal Reserve Cumulative Average USD + 0.960%),<br>2.33%, 08/25/46(b) | 720198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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)** |
| $| 541665 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1,<br>(1 mo. LIBOR USD + 0.320%),<br>3.91%, 03/25/37(b) | $| 467321 |
|  | 4525366 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2,<br>(1 mo. LIBOR USD + 6.680%),<br>3.09%, 03/25/37(b)(e) |  | 302284 |
|  | 958962 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8,<br>(1 mo. LIBOR USD + 0.540%),<br>4.13%, 03/25/37(b) |  | 835359 |
|  | 862223 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9,<br>(1 mo. LIBOR USD + 0.490%),<br>4.08%, 03/25/37(b) |  | 749571 |
|  | 1217760 | Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2,<br>3.21%, 03/25/38(b) |  | 1114824 |
|  | 13610000 | Western Alliance CLN,<br>5.63%, 12/28/24 |  | 13590428 |
|  | 4096102 | Western Mortgage Reference Notes, Series 2021-CL2, Class M1,<br>(SOFR 30A + 3.150%),<br>6.15%, 07/25/59(b)(c) |  | 3833258 |
|  | 4120270 | Western Mortgage Reference Notes, Series 2021-CL2, Class M2,<br>(SOFR 30A + 3.700%),<br>6.70%, 07/25/59(b)(c) |  | 3822599 |
|  |  |  |  | 498304617 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5%** |
|  | 880698 | Bayview Commercial Asset Trust, Series 2005-4A, Class M2,<br>(1 mo. LIBOR USD + 0.705%),<br>4.29%, 01/25/36(b)(c) |  | 787159 |
|  | 751314 | Bayview Commercial Asset Trust, Series 2005-4A, Class M3,<br>(1 mo. LIBOR USD + 0.750%),<br>4.34%, 01/25/36(b)(c) |  | 670393 |
|  | 1066618 | Bayview Commercial Asset Trust, Series 2006-2A, Class B1,<br>(1 mo. LIBOR USD + 1.305%),<br>4.89%, 07/25/36(b)(c) |  | 966031 |
|  | 6005365 | Bayview Commercial Asset Trust, Series 2007-4A, Class A1,<br>(1 mo. LIBOR USD + 0.450%),<br>4.04%, 09/25/37(b)(c) |  | 5396130 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| $6592017 | Bayview Commercial Asset Trust, Series 2007-5A, Class A4,<br>(1 mo. LIBOR USD + 1.500%),<br>5.09%, 10/25/37(b)(c) | $4326234 |
| 9069400 | Bayview Commercial Asset Trust, Series 2007-6A, Class A4A,<br>(1 mo. LIBOR USD + 1.500%),<br>5.09%, 12/25/37(b)(c) | 7948367 |
| 4250000 | BX Commercial Mortgage Trust, Series 2019-XL, Class J,<br>(1 mo. LIBOR USD + 2.650%),<br>6.06%, 10/15/36(b)(c) | 4061174 |
| 1254893 | CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP,<br>6.26%, 07/25/39(c) | 1066393 |
| 3000000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2,<br>(1 mo. LIBOR USD + 0.600%),<br>4.19%, 06/25/37(b)(c) | 2472659 |
| 3600000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2,<br>(1 mo. LIBOR USD + 2.000%),<br>5.59%, 10/25/37(b)(c) | 2946393 |
| 1783261 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4,<br>5.32%, 10/26/48(b)(c) | 1480785 |
| 659304 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5,<br>6.36%, 10/26/48(b)(c) | 540885 |
| 1234752 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2,<br>4.01%, 03/25/49(b)(c) | 1037555 |
| 1501253 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3,<br>4.12%, 03/25/49(b)(c) | 1233648 |
| 1766680 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4,<br>4.61%, 03/25/49(b)(c) | 1452324 |
| 1181747 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5,<br>5.70%, 03/25/49(b)(c) | 975575 |
| 347871 | Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5,<br>4.93%, 07/25/49(b)(c) | 297691 |
| 1986051 | Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5,<br>3.97%, 05/25/51(b)(c) | 1467822 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value | Value |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| $| 1241259 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5,<br>4.01%, 08/25/51(b)(c) | $| 885644 |
|  | 1241259 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6,<br>4.92%, 08/25/51(b)(c) |  | 897711 |
|  | 3135064 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7,<br>6.54%, 08/25/51(b)(c) |  | 2434287 |
|  | 4646505 | Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5,<br>4.33%, 10/25/51(b)(c) |  | 3455266 |
|  | 1969995 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5,<br>5.68%, 12/26/51(b)(c) |  | 1486193 |
|  | 4101559 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6,<br>6.66%, 12/26/51(b)(c) |  | 3053885 |
|  | 4785335 | Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4,<br>5.20%, 02/25/52(b)(c) |  | 3849179 |
|  | 2322897 | Velocity Commercial Capital Loan Trust, Series 2022-4, Class M2,<br>6.97%, 08/25/52(b)(c) |  | 2173245 |
|  | 1987080 | Velocity Commercial Capital Loan Trust, Series 2022-4, Class M3,<br>7.54%, 08/25/52(b)(c) |  | 1833771 |
|  |  |  |  | 59196399 |
| Total Non-Agency Mortgage-Backed Securities<br>(Cost $638,268,076) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $638,268,076) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $638,268,076) |  | 557501016 |
| **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.0%** | **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.0%** | **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.0%** | **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.0%** | **U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 1.0%** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0%** |
|  | 5000000 | Freddie Mac STACR REMIC Trust, Series 2020-DNA5, Class B1,<br>(SOFR 30A + 4.800%),<br>7.80%, 10/25/50(b)(c) |  | 4954219 |
|  | 3000000 | Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B1,<br>(SOFR 30A + 3.000%),<br>6.00%, 12/25/50(b)(c) |  | 2752549 |
|  | 3076000 | Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B1,<br>(SOFR 30A + 2.650%),<br>5.65%, 01/25/51(b)(c) |  | 2616083 |
|  | 2947369 | Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class B2,<br>(SOFR 30A + 5.500%),<br>8.50%, 01/25/34(b)(c) |  | 2206885 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| $| 1465036 | Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B2,<br>(SOFR 30A + 5.000%),<br>8.00%, 08/25/33(b)(c) | $1047284 |
|  | 1360072 | Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class B2,<br>(1 mo. LIBOR USD + 10.000%),<br>13.59%, 07/25/29(b) | 1324883 |
|  | 3000000 | Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1,<br>(1 mo. LIBOR USD + 3.150%),<br>6.74%, 07/25/30(b) | 2882801 |
|  | 29416 | Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-SPI2, Class M2,<br>3.84%, 05/25/48(b)(c) | 27810 |
|  | 4000000 | Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA5, Class B1,<br>(SOFR 30A + 4.000%),<br>7.00%, 11/25/50(b)(c) | 3615632 |
|  | 2000000 | Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class B1,<br>(SOFR 30A + 3.400%),<br>6.40%, 08/25/33(b)(c) | 1724538 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $25,530,435) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $25,530,435) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities<br>(Cost $25,530,435) | 23152684 |
| **U.S. GOVERNMENT SECURITIES — 22.6%** | **U.S. GOVERNMENT SECURITIES — 22.6%** | **U.S. GOVERNMENT SECURITIES — 22.6%** |  |
| **U.S. Treasury Bonds — 19.0%** | **U.S. Treasury Bonds — 19.0%** | **U.S. Treasury Bonds — 19.0%** |  |
|  | 41315000 | 3.63%, 08/15/43 | 36507289 |
|  | 42400000 | 3.63%, 02/15/44 | 37290469 |
|  | 48055000 | 3.38%, 05/15/44 | 40490092 |
|  | 47350000 | 3.13%, 08/15/44 | 38190734 |
|  | 47550000 | 3.00%, 02/15/47 | 37245023 |
|  | 52750000 | 2.75%, 08/15/47 | 39407959 |
|  | 45400000 | 3.00%, 08/15/48 | 35892602 |
|  | 46350000 | 3.38%, 11/15/48 | 39426469 |
|  | 47000000 | 3.00%, 02/15/49 | 37339297 |
|  | 47300000 | 2.88%, 05/15/49 | 36672281 |
|  | 59560000 | 1.25%, 05/15/50 | 30517520 |
|  | 57000000 | 1.63%, 11/15/50 | 32418750 |
|  |  |  | 441398485 |
| **U.S. Treasury Notes — 3.6%** | **U.S. Treasury Notes — 3.6%** | **U.S. Treasury Notes — 3.6%** |  |
|  | 44000000 | 1.50%, 02/29/24 | 42231407 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value |
| **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** |  |
| $| 43000000 | 2.50%, 05/15/24 | $41617617 |
|  |  |  | 83849024 |
| Total U.S. Government Securities<br>(Cost $790,084,510) | Total U.S. Government Securities<br>(Cost $790,084,510) | Total U.S. Government Securities<br>(Cost $790,084,510) | 525247509 |
| **CASH SWEEP — 2.7%** | **CASH SWEEP — 2.7%** | **CASH SWEEP — 2.7%** |  |
| **UNITED STATES — 2.7%** | **UNITED STATES — 2.7%** | **UNITED STATES — 2.7%** |  |
|  | 63804260 | Citibank - US Dollars on Deposit in Custody Account, 0.20%(g) | 63804260 |
| Total Cash Sweep<br>(Cost $63,804,260) | Total Cash Sweep<br>(Cost $63,804,260) | Total Cash Sweep<br>(Cost $63,804,260) | 63804260 |
| **TOTAL INVESTMENTS — 97.8%**<br>(Cost $2,847,267,689) | **TOTAL INVESTMENTS — 97.8%**<br>(Cost $2,847,267,689) | **TOTAL INVESTMENTS — 97.8%**<br>(Cost $2,847,267,689) | $2270055012 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 2.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 2.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 2.2%** | 51958085 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2322013097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value
 hierarchy. The aggregate value of fair valued securities is $46,511,337 which is 2.00% of net assets and the cost is $50,465,673.

(b) Floating rate security. Rate shown is the rate in effect as of October 31, 2022.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold
 in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $784,353,255,
 which is 33.78% 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).

(d) Perpetual security with no stated maturity date.

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

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

(g) The rate shown represents the current yield as of October 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Credit Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Payment/<br>Expiration Date | Notional<br>Amount<br>(000) | Value | Upfront<br>Premium<br>Paid<br>(Received) | Unrealized<br>Depreciation |
| **Total Return Swaps** |  |  |  |  |  |  |
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,301.18 and paying a (SOFR RATE + 0.770%) at expiration date | Barclays Bank Plc | 01/04/2023 | $100000 | $(16620836) | $– | $(16620836) |
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,264.19 and paying a (SOFR RATE + 0.680%) at expiration date | Barclays Bank Plc | 03/02/2023 | 70000 | (10517726) |  | (10517726) |
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,066.33 and paying a (SOFR RATE + 0.750%) at expiration date | Barclays Bank Plc | 10/13/2023 | 20000 | (1142695) |  | (1142695) |
| **Total Total Return Swaps** |  |  |  |  |  | $(28281257) |

---

The following abbreviations are used in the report:

CDI — Chess Depositary Interests

CLO — Collateralized Loan Obligation

ETF — Exchange-Traded Fund

LIBOR — London Interbank Offered Rate

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

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

SPDR — Standard & Poor's Depositary Receipt

STEP — Step Coupon Bond

USD — U.S. Dollar

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** |  |
| California — 0.3% | California — 0.3% |  |
| $4500000 | University of California University & College Improvements Revenue Bonds, Series BG,<br> 1.61%, 05/15/30 | $3483368 |
| New Jersey — 0.1% | New Jersey — 0.1% |  |
| 1750000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br> 1.48%, 01/01/28 | 1455211 |
| Pennsylvania — 0.3% | Pennsylvania — 0.3% |  |
| 5000000 | Pennsylvania State University Refunding Revenue Bonds, Series D,<br> 1.65%, 09/01/25 | 4572152 |
| Total Municipal Bonds<br> (Cost $11,250,000) | Total Municipal Bonds<br> (Cost $11,250,000) | 9510731 |
| **CORPORATE BONDS — 29.9%** | **CORPORATE BONDS — 29.9%** |  |
| **Banks — 6.0%** | **Banks — 6.0%** |  |
| 1500000 | ANZ New Zealand Int'l Ltd.,<br> 1.25%, 06/22/26(a) | 1290436 |
| 4000000 | Banco Santander SA,<br> (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.450%),<br> 0.70%, 06/30/24(b) | 3840428 |
| 5470000 | Bank of America Corp.,<br> (SOFR RATE + 0.960%),<br> 1.73%, 07/22/27(b) | 4681957 |
| 5000000 | Bank of America Corp. MTN,<br> (SOFR RATE + 1.330%),<br> 3.38%, 04/02/26(b) | 4693519 |
| 5020000 | Bank of Montreal MTN,<br> 2.15%, 03/08/24 | 4812040 |
| 3675000 | Bank of New York Mellon Corp. (The) MTN,<br> 1.60%, 04/24/25 | 3363965 |
| 2695000 | Bank of New York Mellon Corp. (The) MTN,<br> (SOFR RATE + 1.418%),<br> 4.29%, 06/13/33(b) | 2409973 |
| 5000000 | BNP Paribas SA,<br> (SOFR RATE + 1.004%),<br> 1.32%, 01/13/27(a)(b) | 4207836 |
| 5000000 | BPCE SA,<br> 1.00%, 01/20/26(a) | 4290813 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |  |
| $| 5560000 | Canadian Imperial Bank of Commerce,<br> 3.10%, 04/02/24 | $5386962 |
|  | 6295000 | Citigroup, Inc.,<br> (3 mo. LIBOR USD + 1.390%),<br> 3.67%, 07/24/28(b) | 5644802 |
|  | 3561000 | Credit Suisse AG, 3.70%, 02/21/25 | 3256179 |
|  | 2000000 | Danske Bank A/S,<br> (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.550%),<br> 0.98%, 09/10/25(a)(b) | 1794018 |
|  | 4570000 | HSBC Holdings Plc,<br> (SOFR RATE + 1.285%),<br> 2.21%, 08/17/29(b) | 3459980 |
|  | 7136000 | JPMorgan Chase & Co.,<br> (SOFR RATE + 1.015%),<br> 2.07%, 06/01/29(b) | 5765318 |
|  | 3369000 | JPMorgan Chase & Co.,<br> (3 mo. LIBOR USD + 1.260%),<br> 4.20%, 07/23/29(b) | 3044680 |
|  | 4000000 | Macquarie Group Ltd.,<br> (SOFR RATE + 0.694%),<br> 1.20%, 10/14/25(a)(b) | 3621701 |
|  | 5000000 | 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(b) | 4221724 |
|  | 5000000 | Mizuho Financial Group, Inc.,<br> (3 mo. LIBOR USD + 1.000%),<br> 3.92%, 09/11/24(b) | 4903351 |
|  | 2875000 | Morgan Stanley,<br> (SOFR RATE + 0.879%),<br> 1.59%, 05/04/27(b) | 2459723 |
|  | 2555000 | Morgan Stanley GMTN,<br> (SOFR RATE + 0.858%),<br> 1.51%, 07/20/27(b) | 2161991 |
|  | 5000000 | Synchrony Bank,<br> 5.40%, 08/22/25 | 4831496 |
|  |  |  | 84142892 |
| **Communication Services — 1.8%** | **Communication Services — 1.8%** | **Communication Services — 1.8%** |  |
|  | 9735000 | Amazon.com, Inc.,<br> 3.60%, 04/13/32 | 8707717 |
|  | 5720000 | Comcast Corp.,<br> 4.15%, 10/15/28 | 5369678 |
|  | 3093000 | Discovery Communications LLC,<br> 3.80%, 03/13/24 | 3003986 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Communication Services (continued)** | **Communication Services (continued)** | **Communication Services (continued)** |  |
| $| 3176000 | Omnicom Group, Inc.,<br> 2.45%, 04/30/30 | $2522066 |
| | 6000000 | Warnermedia Holdings, Inc.,<br> 3.76%, 03/15/27(a) | 5336022 |
| |  |  | 24939469 |
| **Consumer Discretionary — 4.1%** | **Consumer Discretionary — 4.1%** | **Consumer Discretionary — 4.1%** |  |
| | 2500000 | Brown University in Providence in the State of Rhode Island and Providence Plant, Series A,<br> 1.91%, 09/01/30 | 2011930 |
| | 1000000 | Church & Dwight Co., Inc.,<br> 5.60%, 11/15/32 | 998150 |
| | 6000000 | Colgate-Palmolive Co.,<br> 3.25%, 08/15/32 | 5268583 |
| | 2630000 | DR Horton, Inc.,<br> 1.40%, 10/15/27 | 2113180 |
| | 5465000 | Equifax, Inc.,<br> 2.60%, 12/01/24 | 5158570 |
| | 2616000 | General Motors Financial Co.,<br> Inc., 4.35%, 04/09/25 | 2507928 |
| | 5210000 | Hasbro, Inc.,<br> 3.50%, 09/15/27 | 4675912 |
| | 5000000 | Lowe's Cos, Inc.,<br> 3.10%, 05/03/27 | 4562938 |
| | 4206000 | McDonald's Corp. MTN,<br> 3.50%, 07/01/27 | 3915665 |
| | 5500000 | Ross Stores, Inc.,<br> 0.88%, 04/15/26 | 4717307 |
| | 3535000 | Southwest Airlines Co.,<br> 5.25%, 05/04/25 | 3513597 |
| | 3693000 | Southwest Airlines Co.,<br> 5.13%, 06/15/27 | 3602323 |
| | 5135000 | Target Corp.,<br> 4.50%, 09/15/32 | 4837953 |
| | 4995000 | Toyota Motor Credit Corp. MTN,<br> 1.45%, 01/13/25 | 4625346 |
| | 4985000 | Verisk Analytics, Inc.,<br> 4.00%, 06/15/25 | 4801402 |
| |  |  | 57310784 |
| **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** |  |
| | 5000000 | Bunge Ltd. Finance Corp.,<br> 1.63%, 08/17/25 | 4473680 |
| | 4950000 | General Mills, Inc.,<br> 4.00%, 04/17/25 | 4810381 |
| | 4500000 | Nestle Holdings, Inc.,<br> 4.13%, 10/01/27(a) | 4329362 |
| |  |  | 13613423 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Diversified Financials — 3.7%** | **Diversified Financials — 3.7%** |  |
| $5000000 | American Express Co.,<br> 3.95%, 08/01/25 | $4802246 |
| 2000000 | American Tower Corp. REIT,<br> 2.40%, 03/15/25 | 1849070 |
| 5000000 | Andrew W Mellon Foundation (The), Series 2020,<br> 0.95%, 08/01/27 | 4206007 |
| 3000000 | Aon Corp./Aon Global Holdings Plc,<br> 2.85%, 05/28/27 | 2662078 |
| 5000000 | Athene Global Funding,<br> 1.73%, 10/02/26(a) | 4220296 |
| 5000000 | Capital One Financial Corp.,<br> (SOFR RATE + 0.690%),<br> 1.34%, 12/06/24(b) | 4735294 |
| 3000000 | Capital One Financial Corp.,<br> (SOFR RATE + 1.337%),<br> 2.36%, 07/29/32(b) | 2063350 |
| 2490000 | Charles Schwab Corp. (The),<br> 2.45%, 03/03/27 | 2219388 |
| 2570000 | Charles Schwab Corp. (The),<br> 2.00%, 03/20/28 | 2190734 |
| 5000000 | Diageo Capital Plc,<br> 5.20%, 10/24/25 | 5014651 |
| 1800000 | Mastercard, Inc.,<br> 3.50%, 02/26/28 | 1674931 |
| 5105000 | Moody's Corp.,<br> 4.25%, 08/08/32 | 4591500 |
| 5000000 | Morgan Stanley Domestic Holdings, Inc.,<br> 4.50%, 06/20/28 | 4666160 |
| 6070000 | Public Storage REIT,<br> 1.85%, 05/01/28 | 5034450 |
| 2525000 | Visa, Inc.,<br> 1.90%, 04/15/27 | 2228585 |
|  |  | 52158740 |
| **Energy — 2.4%** | **Energy — 2.4%** |  |
| 6235000 | BP Capital Markets America, Inc.,<br> 3.94%, 09/21/28 | 5786521 |
| 6253000 | Chevron USA, Inc.,<br> 0.69%, 08/12/25 | 5592097 |
| 5567000 | Energy Transfer LP,<br> 4.95%, 06/15/28 | 5183551 |
| 8525000 | Pioneer Natural Resources Co.,<br> 1.13%, 01/15/26 | 7425477 |
| 5370000 | Sabine Pass Liquefaction LLC,<br> 5.88%, 06/30/26 | 5339795 |
| 3555000 | Valero Energy Corp.,<br> 1.20%, 03/15/24 | 3351621 |
|  |  | 32679062 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Health Care — 2.7%** | **Health Care — 2.7%** |  |
| $4000000 | AbbVie, Inc.,<br> 2.60%, 11/21/24 | $3799801 |
| 3235000 | Cigna Corp.,<br> 1.25%, 03/15/26 | 2823026 |
| 2000000 | Elevance Health, Inc.,<br> 5.50%, 10/15/32 | 1990195 |
| 5000000 | GSK Consumer Healthcare Capital US LLC,<br> 3.38%, 03/24/27(a) | 4520766 |
| 5000000 | HCA, Inc.,<br> 5.00%, 03/15/24 | 4956097 |
| 5000000 | Kaiser Foundation Hospitals,<br> 3.15%, 05/01/27 | 4589983 |
| 6320000 | Merck & Co., Inc.,<br> 1.45%, 06/24/30 | 4900655 |
| 5000000 | Stryker Corp.,<br> 1.15%, 06/15/25 | 4504109 |
| 2550000 | Thermo Fisher Scientific, Inc.,<br> 1.22%, 10/18/24 | 2372362 |
| 2620000 | UnitedHealth Group, Inc.,<br> 3.70%, 05/15/27 | 2474789 |
|  |  | 36931783 |
| **Industrials — 2.0%** | **Industrials — 2.0%** |  |
| 2245000 | Caterpillar Financial Services Corp. MTN,<br> 3.40%, 05/13/25 | 2166660 |
| 5000000 | Eaton Corp.,<br> 4.15%, 03/15/33 | 4435926 |
| 4175000 | General Dynamics Corp.,<br> 3.63%, 04/01/30 | 3792717 |
| 5000000 | John Deere Capital Corp. MTN,<br> 3.40%, 06/06/25 | 4820889 |
| 3500000 | Magna International, Inc.,<br> 3.63%, 06/15/24 | 3413623 |
| 2522000 | Precision Castparts Corp.,<br> 3.25%, 06/15/25 | 2420626 |
| 2591000 | Union Pacific Corp.,<br> 3.95%, 09/10/28 | 2437109 |
| 5000000 | Waste Connections, Inc.,<br> 4.20%, 01/15/33 | 4517090 |
|  |  | 28004640 |
| **Information Technology — 1.7%** | **Information Technology — 1.7%** |  |
| 4165000 | Adobe, Inc.,<br> 3.25%, 02/01/25 | 4026414 |
| 5000000 | Apple, Inc.,<br> 3.35%, 08/08/32 | 4404443 |
| 3000000 | Broadcom, Inc.,<br> 3.15%, 11/15/25 | 2792611 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |  |
| $| 4871000 | Hewlett Packard Enterprise Co.,<br> 4.90%, 10/15/25 | $4780254 |
|  | 7545000 | PayPal Holdings, Inc.,<br> 2.85%, 10/01/29 | 6411433 |
|  | 1564000 | Roper Technologies, Inc.,<br> 2.95%, 09/15/29 | 1306561 |
|  |  |  | 23721716 |
| **Materials — 1.9%** | **Materials — 1.9%** | **Materials — 1.9%** |  |
|  | 5200000 | Air Products and Chemicals, Inc.,<br> 1.50%, 10/15/25 | 4715279 |
|  | 4730000 | DuPont de Nemours, Inc.,<br> 4.49%, 11/15/25 | 4624043 |
|  | 10000000 | Georgia-Pacific LLC,<br> 1.75%, 09/30/25(a) | 9033324 |
|  | 5250000 | Nucor Corp.,<br> 2.00%, 06/01/25 | 4825334 |
|  | 3996000 | Sherwin-Williams Co. (The),<br> 3.45%, 08/01/25 | 3808060 |
|  |  |  | 27006040 |
| **Telecommunication Services — 0.4%** | **Telecommunication Services — 0.4%** | **Telecommunication Services — 0.4%** |  |
|  | 6000000 | T-Mobile USA, Inc.,<br> 3.88%, 04/15/30 | 5295678 |
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |  |
|  | 2000000 | Dominion Energy, Inc., Series B,<br> 3.60%, 03/15/27 | 1851364 |
|  | 1690000 | Duke Energy Corp.,<br> 2.65%, 09/01/26 | 1527785 |
|  | 5000000 | Eversource Energy, Series N,<br> 3.80%, 12/01/23 | 4917309 |
|  | 5000000 | National Rural Utilities Cooperative Finance Corp.,<br> 5.45%, 10/30/25 | 5019335 |
|  | 5000000 | Public Service Co. of Colorado, Series<br> 35, 1.90%, 01/15/31 | 3904980 |
|  | 4114628 | SCE Recovery Funding LLC, Series A-1,<br> 0.86%, 11/15/31 | 3383631 |
|  | 5000000 | Southern Co. Gas Capital Corp.,<br> 2.45%, 10/01/23 | 4868240 |
|  | 5000000 | Xcel Energy, Inc.,<br> 3.30%, 06/01/25 | 4742804 |
|  |  |  | 30215448 |
| Total Corporate Bonds<br> (Cost $465,163,414) | Total Corporate Bonds<br> (Cost $465,163,414) | Total Corporate Bonds<br> (Cost $465,163,414) | 416019675 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **ASSET-BACKED SECURITIES — 7.9%** | **ASSET-BACKED SECURITIES — 7.9%** |  |
| **CAYMAN ISLANDS — 4.0%** | **CAYMAN ISLANDS — 4.0%** |  |
| **Collateralized Loan Obligations — 4.0%** | **Collateralized Loan Obligations — 4.0%** |  |
| $3500000 | AGL CLO 10 Ltd., Series 2021-10A, Class B,<br> (3 mo. LIBOR USD + 1.500%),<br> 5.58%, 04/15/34(a)(b) | $3237601 |
| 5000000 | Aimco CLO 14 Ltd., Series 2021-14A, Class A,<br> (3 mo. LIBOR USD + 0.990%),<br> 5.23%, 04/20/34(a)(b) | 4781111 |
| 4500000 | Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR,<br> (3 mo. LIBOR USD + 1.700%),<br> 5.78%, 10/15/34(a)(b) | 4177539 |
| 4500000 | CIFC Funding Ltd., Series 2019-5A, Class A2RS,<br> (3 mo. LIBOR USD + 1.750%),<br> 5.83%, 01/15/35(a)(b) | 4201426 |
| 1500000 | Flatiron CLO 17 Ltd., Series 2017-1A, Class BR,<br> (3 mo. LIBOR USD + 1.450%),<br> 4.36%, 05/15/30(a)(b) | 1436971 |
| 2000000 | Flatiron CLO 19 Ltd., Series 2019-1A, Class BR,<br> (3 mo. LIBOR USD + 1.550%),<br> 4.47%, 11/16/34(a)(b) | 1871083 |
| 3500000 | Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR,<br> (3 mo. Term SOFR + 1.950%),<br> 5.91%, 04/20/35(a)(b) | 3271506 |
| 4700000 | Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2,<br> (3 mo. LIBOR USD + 1.750%),<br> 5.83%, 04/15/34(a)(b) | 4413169 |
| 5000000 | Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class A2,<br> (3 mo. Term SOFR + 2.000%),<br> 5.86%, 07/15/35(a)(b) | 4698045 |
| 1500000 | LCM XXIV Ltd., Series 24A, Class BR,<br> (3 mo. LIBOR USD + 1.400%),<br> 5.64%, 03/20/30(a)(b) | 1420528 |
| 1750000 | OCP CLO Ltd., Series 2019-17A, Class BR,<br> (3 mo. LIBOR USD + 1.600%),<br> 5.84%, 07/20/32(a)(b) | 1642818 |
| 4500000 | Octagon 55 Ltd., Series 2021-1A, Class B,<br> (3 mo. LIBOR USD + 1.650%),<br> 5.89%, 07/20/34(a)(b) | 4192983 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |  |
| $| 4500000 | Palmer Square CLO Ltd., Series 2022- 1A, Class B,<br> (3 mo. Term SOFR + 1.800%),<br> 5.76%, 04/20/35(a)(b) | $4185523 |
|  | 4000000 | Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2,<br> (3 mo. LIBOR USD + 1.400%),<br> 5.64%, 07/20/29(a)(b) | 3871702 |
|  | 5000000 | Rad CLO 1 Ltd., Series 2018-1A, Class BR,<br> (3 mo. LIBOR USD + 1.400%),<br> 5.48%, 07/15/31(a)(b) | 4736698 |
|  | 3000000 | Regatta XXI Funding Ltd., Series 2021-3A, Class B,<br> (3 mo. LIBOR USD + 1.700%),<br> 5.94%, 10/20/34(a)(b) | 2797534 |
|  |  |  | 54936237 |
| **UNITED STATES — 3.9%** | **UNITED STATES — 3.9%** | **UNITED STATES — 3.9%** |  |
| **Collateralized Loan Obligations — 0.4%** | **Collateralized Loan Obligations — 0.4%** | **Collateralized Loan Obligations — 0.4%** |  |
|  | 5750000 | GoldenTree Loan Management US CLO 10 Ltd., Series 2021-10A, Class B,<br> (3 mo. LIBOR USD + 1.600%),<br> 5.84%, 07/20/34(a)(b) | 5352395 |
| **Other Asset-Backed Securities — 3.5%** | **Other Asset-Backed Securities — 3.5%** | **Other Asset-Backed Securities — 3.5%** |  |
|  | 2100000 | BMW Vehicle Lease Trust, Series 2021-1, Class A4,<br> 0.37%, 07/25/24 | 2035922 |
|  | 2750000 | Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3,<br> 0.77%, 09/15/26 | 2569348 |
|  | 5000000 | Carmax Auto Owner Trust, Series 2022-4, Class A3,<br> 5.34%, 08/16/27 | 4998827 |
|  | 1500000 | CarMax Auto Owner Trust, Series 2021-1, Class B,<br> 0.74%, 10/15/26 | 1349226 |
|  | 350000 | CarMax Auto Owner Trust, Series 2021-2, Class A3,<br> 0.52%, 02/17/26 | 334757 |
|  | 1000000 | CarMax Auto Owner Trust, Series 2022-2, Class A3,<br> 3.49%, 02/16/27 | 971129 |
|  | 1500000 | CNH Equipment Trust, Series 2021- C, Class A4,<br> 1.16%, 10/16/28 | 1310885 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |
| $2000000 | Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A,<br> 0.96%, 02/15/30(a) | $1900414 |
| 1138276 | Enterprise Fleet Financing LLC, Series 2020-2, Class A2,<br> 0.61%, 07/20/26(a) | 1104869 |
| 1502499 | Enterprise Fleet Financing LLC, Series 2021-3, Class A2,<br> 0.77%, 08/20/27(a) | 1428931 |
| 4000000 | Ford Credit Auto Owner Trust, Series 2020-2, Class A,<br> 1.06%, 04/15/33(a) | 3508671 |
| 1000000 | HPEFS Equipment Trust, Series 2021- 2A, Class B,<br> 0.61%, 09/20/28(a) | 951999 |
| 1250000 | Hyundai Auto Lease Securitization Trust, Series 2020-B, Class B,<br> 0.81%, 10/15/24(a) | 1229152 |
| 1672490 | Navient Private Education Refi Loan Trust, Series 2021-BA, Class A,<br> 0.94%, 07/15/69(a) | 1402088 |
| 2663388 | Navient Private Education Refi Loan Trust, Series 2021-CA, Class A,<br> 1.06%, 10/15/69(a) | 2270852 |
| 5000000 | PFS Financing Corp., Series 2020-A, Class A,<br> 1.27%, 06/15/25(a) | 4858141 |
| 2000000 | PFS Financing Corp., Series 2021-A, Class A,<br> 0.71%, 04/15/26(a) | 1866368 |
| 810351 | Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX,<br> 3.34%, 08/25/47(a) | 784316 |
| 683908 | Sofi Professional Loan Program Trust, Series 2021-A, Class AFX,<br> 1.03%, 08/17/43(a) | 572382 |
| 1800000 | Synchrony Card Funding LLC, Series 2022-A1, Class A,<br> 3.37%, 04/15/28 | 1732577 |
| 2000000 | Tesla Auto Lease Trust, Series 2021-B, Class A3,<br> 0.60%, 09/22/25(a) | 1870829 |
| 1153595 | Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3,<br> 0.44%, 10/15/24 | 1133008 |
| 4189104 | Verizon Owner Trust, Series 2020-B, Class A,<br> 0.47%, 02/20/25 | 4119837 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount |  | Value | Value |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** |  |  |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |  |  |
| 2500000 | Verizon Owner Trust, Series 2020-C, Class B,<br> 0.67%, 04/21/25 | $| 2369614 |
| 15689 | World Omni Auto Receivables Trust, Series 2019-A, Class A3,<br> 3.04%, 05/15/24 |  | 15679 |
| 2510243 | World Omni Auto Receivables Trust, Series 2020-C, Class A3,<br> 0.48%, 11/17/25 |  | 2434457 |
|  |  |  | 49124278 |
|  |  |  | 54476673 |
| Total Asset-Backed Securities<br> (Cost $116,303,242) | Total Asset-Backed Securities<br> (Cost $116,303,242) |  | 109412910 |
| **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%** |
| 524989 | JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A,<br> 3.00%, 01/27/38(a) |  | 470222 |
| Total Non-Agency Mortgage-Backed Securities<br> (Cost $531,993) | Total Non-Agency Mortgage-Backed Securities<br> (Cost $531,993) |  | 470222 |
| **U.S. GOVERNMENT SECURITIES — 60.2%** | **U.S. GOVERNMENT SECURITIES — 60.2%** |  |  |
| **U.S. Treasury Bonds — 4.1%** | **U.S. Treasury Bonds — 4.1%** |  |  |
| 16000000 | 3.38%, 08/15/42 |  | 13752500 |
| 55377000 | 2.88%, 05/15/52 |  | 42752775 |
|  |  |  | 56505275 |
| **U.S. Treasury Inflation Indexed Bonds — 2.9%** | **U.S. Treasury Inflation Indexed Bonds — 2.9%** |  |  |
| 41849480 | 0.63%, 01/15/24(c) |  | 41155939 |
| **U.S. Treasury Notes — 53.2%** | **U.S. Treasury Notes — 53.2%** |  |  |
| 24428000 | 2.25%, 01/31/24 |  | 23717107 |
| 70000000 | 0.25%, 06/15/24 |  | 65233984 |
| 28369000 | 2.38%, 08/15/24 |  | 27273026 |
| 24486000 | 2.00%, 02/15/25 |  | 23162226 |
| 80139000 | 2.00%, 08/15/25 |  | 74961269 |
| 56783000 | 2.25%, 11/15/25 |  | 53231845 |
| 59079000 | 1.63%, 02/15/26 |  | 54018053 |
| 9395000 | 0.75%, 03/31/26 |  | 8309804 |
| 27912000 | 2.00%, 11/15/26 |  | 25483874 |
| 30000000 | 1.50%, 01/31/27 |  | 26725781 |
| 35253000 | 0.50%, 04/30/27 |  | 29825966 |
| 26258000 | 2.38%, 05/15/27 |  | 24170694 |
| 45746000 | 2.75%, 07/31/27 |  | 42749280 |
| 69879000 | 1.00%, 07/31/28 |  | 58327128 |
| 3249000 | 2.63%, 02/15/29 |  | 2958113 |
| 37468000 | 2.38%, 03/31/29 |  | 33560204 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** | **U.S. Treasury Notes (continued)** |  |
| $| 25961000 | 2.88%, 04/30/29 | $23969305 |
|  | 35999000 | 1.50%, 02/15/30 | 30140725 |
|  | 143210000 | 1.38%, 11/15/31 | 114131656 |
|  |  |  | 741950040 |
| **Total U.S. Government Securities**<br> (Cost $916,931,691) | **Total U.S. Government Securities**<br> (Cost $916,931,691) | **Total U.S. Government Securities**<br> (Cost $916,931,691) | 839611254 |
| Shares | Shares |  |  |
| **INVESTMENT COMPANY — 0.6%** | **INVESTMENT COMPANY — 0.6%** | **INVESTMENT COMPANY — 0.6%** |  |
|  | 8825321 | SEI Daily Income Trust Government II Fund - Class A,<br> 2.89%(d) | 8825321 |
| Total Investment Company<br> (Cost $8,825,321) | Total Investment Company<br> (Cost $8,825,321) | Total Investment Company<br> (Cost $8,825,321) | 8825321 |
| **TOTAL INVESTMENTS — 99.3%**<br> (Cost $1,519,005,661) | **TOTAL INVESTMENTS — 99.3%**<br> (Cost $1,519,005,661) | **TOTAL INVESTMENTS — 99.3%**<br> (Cost $1,519,005,661) |  |
|  |  |  | $1383850113 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%** | 9687354 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $1393537467 |

---

---

| | |
|:---|:---|
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. |
|  | The security has been determined to be liquid in accordance with procedures adopted by the Fund's Board of Directors. |
| (b) | Floating rate security. Rate shown is the rate in effect as of October 31, 2022. |
| (c) | Inflation protected security. |
| (d) | The rate shown represents the current yield as of October 31, 2022. |

---

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

GMTN — Global Medium Term Note

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 93.6%** | **MUNICIPAL BONDS — 93.6%** |  |
| **Alabama — 0.5%** | **Alabama — 0.5%** |  |
| $3660000 | City of Huntsville School Capital Improvements Warrants Refunding GO, Series C, <br> 5.00%, 09/01/26 | $3769680 |
| 1500000 | City of Huntsville Warrants Refunding GO, Series A, <br> 5.00%, 08/01/26(a) | 1542988 |
| 13000000 | Water Works Board of the City of Birmingham Water Utility Improvements Revenue Bonds, Series B, <br> 5.00%, 01/01/45(a) | 13471393 |
|  |  | 18784061 |
| **Arizona — 0.7%** | **Arizona — 0.7%** |  |
| 1715000 | Arizona Board of Regents Advance Refunding COP, Series A, <br> 5.00%, 06/01/24 | 1756902 |
| 2390000 | Arizona School Facilities Board Advance Refunding COP, Series A, <br> 5.00%, 09/01/23 | 2425420 |
| 1250000 | Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A, <br> 5.00%, 10/01/26 | 1289240 |
| 8950000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, <br> 5.00%, 01/01/30 | 9626037 |
| 5000000 | Town of Gilbert Public Improvements GO, <br> 5.00%, 07/15/23 | 5064065 |
| 5250000 | Town of Gilbert Public Improvements GO, <br> 5.00%, 07/15/25 | 5487332 |
|  |  | 25648996 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| 7250000 | State of Arkansas Public Improvements GO, <br> 5.00%, 10/01/26 | 7480316 |
| **California — 6.4%** | **California — 6.4%** |  |
| 5000000 | Bay Area Toll Authority Refunding Revenue Bonds, Series B2, <br> 1.82%, 04/01/47(b) | 5000000 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $5000000 | City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, <br> 5.00%, 05/15/28 | $5188788 |
| 8250000 | City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, <br> 5.00%, 05/15/30 | 8549094 |
| 11000000 | City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, <br> 5.00%, 05/15/31 | 11356038 |
| 1500000 | County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A, <br> 5.00%, 10/01/23 | 1523482 |
| 2000000 | County of Santa Clara Current Refunding GO, Series D, <br> 5.00%, 08/01/24 | 2061812 |
| 2000000 | County of Santa Clara Current Refunding GO, Series D, <br> 5.00%, 08/01/26 | 2129313 |
| 5000000 | Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/24 | 5150141 |
| 3500000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H, <br> 5.00%, 08/15/36 | 3728601 |
| 3500000 | Sacramento Municipal Utility District Refunding Revenue Bonds, Sub- Series B, <br> 5.00%, 08/15/49(b) | 3619054 |
| 6850000 | San Bernardino Community College District Advance Refunding GO, <br> 1.61%, 08/01/27 | 5843896 |
| 3800000 | San Diego County Water Authority Refunding Revenue Bonds, Sub- Series S1, <br> 5.00%, 05/01/28 | 4117928 |
| 2340000 | San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, <br> 5.00%, 05/01/31 | 2420986 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $4380000 | State of California Advance Refunding GO, <br> 5.00%, 08/01/25 | $4583380 |
| 4475000 | State of California Advance Refunding GO, <br> 5.00%, 11/01/25 | 4700515 |
| 4415000 | State of California Current Refunding GO, <br> 5.00%, 10/01/25 | 4631640 |
| 10000000 | State of California Current Refunding GO, <br> 5.00%, 10/01/37 | 10785036 |
| 3250000 | State of California Current Refunding GO, <br> 5.00%, 08/01/26 | 3448320 |
| 9500000 | State of California Current Refunding GO, <br> 5.00%, 04/01/27 | 10151215 |
| 15000000 | State of California Current Refunding GO, (AGM), <br> 5.25%, 08/01/32 | 16894461 |
| 1620000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX, <br> 5.00%, 12/01/22 | 1622642 |
| 3735000 | State of California GO, <br> 5.00%, 10/01/24 | 3859975 |
| 15000000 | State of California Public Improvements GO, <br> 5.00%, 09/01/23 | 15229724 |
| 15000000 | State of California Public Improvements GO, <br> 5.00%, 09/01/24 | 15481449 |
| 11250000 | State of California Public Improvements GO, <br> 5.00%, 09/01/25 | 11787174 |
| 8500000 | State of California Public Improvements GO, <br> 5.00%, 09/01/26 | 9029117 |
| 5000000 | State of California Public Improvements GO, <br> 5.00%, 09/01/31 | 5569565 |
| 3000000 | State of California Public Improvements GO, <br> 5.00%, 03/01/26 | 3116901 |
| 5715000 | State of California Public Improvements GO, <br> 5.00%, 10/01/27 | 6026945 |
| 8000000 | State of California Refunding GO, <br> 5.00%, 10/01/25 | 8248132 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **California (continued)** | **California (continued)** | **California (continued)** |  |
| $| 7230000 | State of California School Improvements GO, <br> 5.00%, 11/01/28 | $7775901 |
|  | 5000000 | State of California Water Utility Improvements GO, <br> 5.00%, 04/01/27 | 5342745 |
|  | 5000000 | State of California Water Utility Improvements GO, <br> 5.00%, 04/01/28 | 5409081 |
|  | 7265000 | State of California Water Utility Improvements GO, <br> 5.00%, 04/01/29 | 7949705 |
|  | 3500000 | State of California Water Utility Improvements GO, <br> 5.00%, 04/01/30 | 3863400 |
|  | 6360000 | University of California Refunding Revenue Bonds, Series AJ, <br> 4.60%, 05/15/31 | 6138931 |
|  | 10000000 | University of California University & College Improvements Revenue Bonds, Series BK, <br> 5.00%, 05/15/32 | 11336005 |
|  |  |  | 243671092 |
| **Colorado — 1.4%** | **Colorado — 1.4%** | **Colorado — 1.4%** |  |
|  | 2375000 | Adams & Arapahoe Joint School District 28J Aurora Current Refunding GO, (State Aid Withholding), <br> 5.00%, 12/01/23 | 2419872 |
|  | 3225000 | Adams & Arapahoe Joint School District 28J Aurora Current Refunding GO, (State Aid Withholding), <br> 5.00%, 12/01/24 | 3338386 |
|  | 3000000 | Adams & Weld Counties School District No 27J Brighton Improvements GO, (State Aid Withholding), <br> 5.00%, 12/01/22 | 3004523 |
|  | 3000000 | Adams & Weld Counties School District No 27J Brighton Improvements GO, (State Aid Withholding), <br> 5.00%, 12/01/23 | 3057643 |
|  | 5850000 | City & County of Denver CO Airport System Revenue Airport & Marina Improvements Refunding Revenue Bonds, Series A, <br> 5.00%, 12/01/28 | 6032723 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |  |
| $| 5000000 | City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, <br> 5.00%, 11/15/23 | $5084658 |
|  | 3300000 | City & County of Denver CO Airport System Revenue Refunding Revenue Bonds, Series A2, <br> 5.00%, 11/15/25 | 3447817 |
|  | 10000000 | City & County of Denver CO Airport System Revenue, Series A, <br> 5.00%, 12/01/32 | 10165718 |
|  | 4000000 | City & County of Denver Co. Airport System Refunding Revenue Bonds, Series D, <br> 5.00%, 11/15/31(b) | 4001472 |
|  | 6175000 | City & County of Denver Co. Airport System Revenue Refunding Revenue Bonds, Series A, <br> 5.00%, 11/15/36 | 6124951 |
|  | 2060000 | Colorado Higher Education Refunding COP, Series A, <br> 5.00%, 11/01/24 | 2124482 |
|  | 2000000 | Denver City & County School District No 1 Refunding GO, (State Aid Withholding), <br> 5.00%, 12/01/24 | 2069092 |
|  | 4275000 | Regional Transportation District Sales Tax Revenue Advance Refunding Revenue Bonds, Series A, <br> 1.18%, 11/01/27 | 3580468 |
|  |  |  | 54451805 |
| **Connecticut — 1.5%** | **Connecticut — 1.5%** | **Connecticut — 1.5%** |  |
|  | 5000000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, <br> 5.00%, 07/01/40(b) | 5395756 |
|  | 11200000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, <br> 5.00%, 07/01/27 | 12055858 |
|  | 1000000 | Metropolitan District Refunding Notes GO, <br> 5.00%, 03/01/25 | 1022279 |
|  | 5860000 | Metropolitan District Refunding Notes GO, Series C, (AGM), <br> 5.00%, 11/01/25 | 6143343 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |  |
| $| 2350000 | State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A, <br> 5.00%, 03/01/29 | $2435503 |
|  | 2000000 | State of Connecticut Current Refunding GO, Series D, <br> 5.00%, 09/15/24 | 2064358 |
|  | 1445000 | State of Connecticut Current Refunding GO, Series D, <br> 5.00%, 09/15/25 | 1510441 |
|  | 1000000 | State of Connecticut Current Refunding GO, Series D, <br> 5.00%, 09/15/26 | 1058343 |
|  | 1000000 | State of Connecticut Current Refunding GO, Series D, <br> 5.00%, 09/15/27 | 1071450 |
|  | 1000000 | State of Connecticut Current Refunding GO, Series D, <br> 5.00%, 09/15/28 | 1081453 |
|  | 6000000 | State of Connecticut GO, Series A, <br> 4.00%, 01/15/29 | 6069046 |
|  | 2000000 | State of Connecticut Special Tax Revenue Bonds, Series A, <br> 5.00%, 08/01/30 | 2074210 |
|  | 6775000 | State of Connecticut Special Tax Revenue Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/30 | 7387831 |
|  | 2500000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/31 | 2727513 |
|  | 1900000 | State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, <br> 5.00%, 09/01/24 | 1956537 |
|  | 5000000 | State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, <br> 5.00%, 09/01/27 | 5143813 |
|  |  |  | 59197734 |
| **Delaware — 2.1%** | **Delaware — 2.1%** | **Delaware — 2.1%** |  |
|  | 10000000 | Delaware State Health Facilities Authority Current Refundin Revenue Bonds, <br> 5.00%, 10/01/45 | 10082371 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** |  |
| $| 5000000 | Delaware Transportation Authority Current Refunding Revenue Bonds, <br> 5.00%, 07/01/32 | $5479516 |
|  | 6740000 | Delaware Transportation Authority Public Improvements Revenue Bonds, <br> 5.00%, 07/01/26 | 7133485 |
|  | 6780000 | Delaware Transportation Authority Public Improvements Revenue Bonds, <br> 5.00%, 07/01/27 | 7270763 |
|  | 2240000 | Delaware Transportation Authority Public Improvements Revenue Bonds, <br> 5.00%, 07/01/35 | 2455076 |
|  | 5825000 | Delaware Transportation Authority Public Improvements Revenue Bonds, <br> 5.00%, 07/01/26 | 6165066 |
|  | 10000000 | State of Delaware Current Refunding GO, <br> 5.00%, 02/01/28 | 10826550 |
|  | 7705000 | State of Delaware Current Refunding GO, Series A, <br> 5.00%, 10/01/27 | 8306995 |
|  | 10800000 | State of Delaware Public Facilities GO, <br> 5.00%, 02/01/25 | 11212929 |
|  | 9650000 | State of Delaware Public Facilities GO, <br> 5.00%, 02/01/26 | 10169964 |
|  | 2885000 | State of Delaware Public Improvements GO, <br> 5.00%, 03/01/24 | 2952527 |
|  |  |  | 82055242 |
| **District of Columbia — 2.4%** | **District of Columbia — 2.4%** | **District of Columbia — 2.4%** |  |
|  | 1000000 | District of Columbia Public Improvements GO, Series A, <br> 5.00%, 06/01/25 | 1043063 |
|  | 4145000 | District of Columbia Public Improvements Revenue Bonds, Series A,<br>5.00%, 03/01/25 | 4303366 |
|  | 8800000 | District of Columbia Public Improvements Revenue Bonds, Series A,<br>5.00%, 03/01/26 | 9265425 |
|  | 3500000 | District of Columbia Public Improvements Revenue Bonds, Series B,<br>5.00%, 10/01/27 | 3761937 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |  |
| $| 11735000 | District of Columbia Refunding Revenue Bonds, Series C, <br> 5.00%, 10/01/23 | $11927209 |
|  | 5000000 | District of Columbia Transit Improvements Revenue Bonds, Series A,<br>5.00%, 07/01/34 | 5499134 |
|  | 2750000 | District of Columbia Transit Improvements Revenue Bonds, Series A,<br>5.00%, 07/01/35 | 3011714 |
|  | 4500000 | District of Columbia Transit Improvements Revenue Bonds, Series A,<br>5.00%, 07/01/36 | 4910056 |
|  | 10000000 | District of Columbia Transit Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/47 | 10429971 |
|  | 7185000 | District of Columbia Transit Improvements Revenue Bonds, Series B, <br> 3.81%, 07/01/30 | 6680656 |
|  | 6000000 | District of Columbia Transit Improvements Revenue Bonds, Series B, <br> 3.86%, 07/01/31 | 5514883 |
|  | 10000000 | District of Columbia Water & Sewer Authority Revenue Bonds, Series A, <br> 5.00%, 10/01/52 | 10272629 |
|  | 5000000 | Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 10/01/26 | 5164958 |
|  | 9000000 | Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 10/01/27 | 9330325 |
|  |  |  | 91115326 |
| **Florida — 2.1%** | **Florida — 2.1%** | **Florida — 2.1%** |  |
|  | 5000000 | Orange County Health Facilities Authority Current Refunding Revenue Bonds, Series C, <br> 5.00%, 11/15/52(b) | 5229986 |
|  | 3475000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 06/01/24 | 3570712 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Florida (continued)** | **Florida (continued)** |  |
| $5000000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 07/01/24 | $5140300 |
| 5000000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 06/01/27 | 5356322 |
| 10000000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 07/01/29 | 10972319 |
| 10000000 | State of Florida Current Refunding GO, Series A, <br> 5.00%, 07/01/30 | 11075151 |
| 1750000 | State of Florida Current Refunding GO, Series F, <br> 5.00%, 06/01/28 | 1845852 |
| 2545000 | State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, <br> 5.00%, 07/01/25 | 2654546 |
| 2670000 | State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, <br> 5.00%, 07/01/26 | 2823984 |
| 2805000 | State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, <br> 5.00%, 07/01/27 | 3005531 |
| 2945000 | State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, <br> 5.00%, 07/01/28 | 3193661 |
| 3885000 | State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/23 | 3930127 |
| 4080000 | State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/24 | 4192481 |
| 4720000 | State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/27 | 5040606 |
| 4960000 | State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/28 | 5357538 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |  |
| $| 5205000 | State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/29 | $5681861 |
|  |  |  | 79070977 |
| **Georgia — 4.0%** | **Georgia — 4.0%** | **Georgia — 4.0%** |  |
|  | 1950000 | Brookhaven Development Authority Revenue Bonds, Series A, <br> 5.00%, 07/01/23 | 1971750 |
|  | 15000000 | Brookhaven Development Authority Revenue Bonds, Series A, <br> 4.00%, 07/01/49 | 12710847 |
|  | 9280000 | City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, <br> 5.00%, 07/01/34 | 9372995 |
|  | 12890000 | City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, <br> 5.00%, 07/01/35 | 12964968 |
|  | 2000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/24 | 2054810 |
|  | 5000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/25 | 5198364 |
|  | 4225000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/26 | 4434411 |
|  | 11445000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/27 | 12126125 |
|  | 5000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/28 | 5350241 |
|  | 1400000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/24 | 1430149 |
|  | 2000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/25 | 2051119 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Georgia (continued)** | **Georgia (continued)** |  |
| $2000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/26 | $2062326 |
| 3000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/27 | 3105510 |
| 3000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/28 | 3107446 |
| 1000000 | City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, <br> 5.00%, 07/01/29 | 1076804 |
| 8000000 | City of Columbus Public Facilities GO, <br> 5.00%, 01/01/24 | 8164885 |
| 10065000 | City of Columbus Public Facilities GO, <br> 5.00%, 01/01/25 | 10434240 |
| 5060000 | City of Columbus Public Facilities GO, <br> 5.00%, 01/01/26 | 5318462 |
| 1100000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/23 | 1113358 |
| 1500000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/25 | 1566905 |
| 1250000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/26 | 1323419 |
| 1500000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/27 | 1608576 |
| 1050000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/28 | 1136966 |
| 1425000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/29 | 1555553 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |  |
| $| 2250000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/30 | $2477552 |
|  | 4255000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/31 | 4712409 |
|  | 2000000 | Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 07/01/38 | 2122797 |
|  | 3190000 | Georgia State Road & Tollway Authority Highway Improvements Revenue Bonds, <br> 5.00%, 06/01/29 | 3477386 |
|  | 1975000 | Lowndes County Board of Education School Improvements GO, (State Aid Withholding), <br> 5.00%, 02/01/23 | 1984083 |
|  | 1100000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 08/01/26 | 1155224 |
|  | 1555000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 08/01/26 | 1633067 |
|  | 3265000 | State of Georgia Advance Refunding GO, Series C-1, <br> 5.00%, 01/01/24 | 3332670 |
|  | 1950000 | State of Georgia Public Improvements GO, Series A-2, <br> 5.00%, 02/01/25 | 1992237 |
|  | 5610000 | State of Georgia School Improvements GO, Series A, Group 2, <br> 5.00%, 08/01/31 | 6219257 |
|  | 2230000 | State of Georgia School Improvements GO, Series A-1, <br> 5.00%, 02/01/25 | 2315754 |
|  | 10000000 | State of Georgia University and College Improvements GO, Series A-1, <br> 5.00%, 02/01/24 | 10221312 |
|  |  |  | 152883977 |
| **Hawaii — 3.7%** | **Hawaii — 3.7%** | **Hawaii — 3.7%** |  |
|  | 7775000 | City & County of Honolulu GO, Series E,<br>5.00%, 03/01/30 | 8539053 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Hawaii (continued)** | **Hawaii (continued)** |  |
| $10000000 | City & County of Honolulu HI Refunding GO, Series A, <br> 5.00%, 09/01/25 | $10460922 |
| 4940000 | City & County of Honolulu HI Transit Improvements GO, Series E, <br> 5.00%, 09/01/29(b) | 4988060 |
| 3000000 | City & County of Honolulu Public Improvements Refunding GO, Series D,<br>5.00%, 08/01/23 | 3040510 |
| 10000000 | City & County of Honolulu Transit Improvements GO, Series E, <br> 5.00%, 03/01/29 | 10878654 |
| 11500000 | State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/31 | 11795603 |
| 11965000 | State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/32 | 12225077 |
| 2500000 | State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/35 | 2478376 |
| 2000000 | State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, <br> 1.71%, 07/01/26 | 1780420 |
| 2250000 | State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, <br> 1.81%, 07/01/27 | 1943729 |
| 10000000 | State of Hawaii Airports System Revenue Refunding Revenue Bonds, Series D, <br> 5.00%, 07/01/33 | 10496669 |
| 4165000 | State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/27 | 4311483 |
| 7330000 | State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/28 | 7629932 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Hawaii (continued)** | **Hawaii (continued)** | **Hawaii (continued)** |  |
| $| 3915000 | State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/29 | $4095513 |
|  | 3750000 | State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/30 | 3936053 |
|  | 10420000 | State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, <br> 4.00%, 07/01/31 | 10130678 |
|  | 3000000 | State of Hawaii Public Facilities GO, Series GK, <br> 4.93%, 10/01/28 | 2981094 |
|  | 9000000 | State of Hawaii Public Facilities GO, Series GK, <br> 5.06%, 10/01/29 | 8987536 |
|  | 5000000 | State of Hawaii Public Facilities GO, Series GK, <br> 5.13%, 10/01/30 | 4992622 |
|  | 4360000 | State of Hawaii Public Facilities GO, Series GK, <br> 5.15%, 10/01/31 | 4324509 |
|  | 2000000 | State of Hawaii Public Facilities GO, Series GK, <br> 5.20%, 10/01/32 | 1972643 |
|  | 5420000 | State of Hawaii Public Improvements GO, Series EH, <br> 5.00%, 08/01/33(a) | 5490775 |
|  | 2515000 | State of Hawaii Public Improvements GO, Series FK, <br> 5.00%, 05/01/29 | 2684921 |
|  |  |  | 140164832 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |  |
|  | 3250000 | Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A, <br> 5.00%, 12/01/24 | 3349048 |
|  | 2000000 | Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D, <br> 5.00%, 12/01/22 | 2002670 |
|  |  |  | 5351718 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| $7025000 | Indiana Finance Authority Health Care Facilities Revenue Bonds, <br> 0.70%, 12/01/46(b) | $6374521 |
| 1000000 | Purdue University Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/25 | 1042264 |
| 1135000 | Purdue University Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/28 | 1222940 |
| 1250000 | Purdue University Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/29 | 1360638 |
| 2125000 | Purdue University Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/30 | 2332417 |
| 1250000 | Purdue University Current Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/31 | 1377512 |
|  |  | 13710292 |
| **Iowa — 0.7%** | **Iowa — 0.7%** |  |
| 1130000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, <br> 5.00%, 08/01/24 | 1164145 |
| 2250000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, <br> 5.00%, 08/01/25 | 2351459 |
| 2075000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, <br> 5.00%, 08/01/26 | 2197108 |
| 1960000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, <br> 5.00%, 08/01/27 | 2099629 |
| 1375000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, <br> 5.00%, 08/01/28 | 1487288 |
| 3185000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, <br> 5.00%, 08/01/31 | 3526133 |
| 1750000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, <br> 5.00%, 08/01/27 | 1874668 |
| 3000000 | State of Iowa Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 06/01/28 | 3153971 |
| 4535000 | State of Iowa Board of Regents Current Refunding Revenue Bonds, ,Series A, <br> 5.00%, 09/01/27 | 4823490 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |  |
| $| 4325000 | State of Iowa Board of Regents Current Refunding Revenue Bonds, Series A, <br> 5.00%, 09/01/26 | $4552780 |
|  |  |  | 27230671 |
| **Maryland — 8.4%** | **Maryland — 8.4%** | **Maryland — 8.4%** |  |
|  | 5735000 | County of Anne Arundel School Improvements GO, <br> 5.00%, 04/01/27 | 5962387 |
|  | 2810000 | County of Anne Arundel School Improvements GO, <br> 5.00%, 04/01/28 | 2919549 |
|  | 1200000 | County of Baltimore 78th Issue Refunding GO, <br> 5.00%, 02/01/29 | 1261473 |
|  | 3835000 | County of Baltimore 81st Issue Refunding GO, <br> 5.00%, 03/01/23 | 3858586 |
|  | 8765000 | County of Baltimore Public Improvements COP, <br> 5.00%, 03/01/25 | 9052070 |
|  | 9205000 | County of Baltimore Public Improvements COP, <br> 5.00%, 03/01/26 | 9623776 |
|  | 9665000 | County of Baltimore Public Improvements COP, <br> 5.00%, 03/01/27 | 10220292 |
|  | 6600000 | County of Baltimore Public Improvements COP, <br> 5.00%, 03/01/28 | 7052981 |
|  | 8130000 | County of Baltimore Refunding GO, <br> 5.00%, 03/01/27 | 8691397 |
|  | 2730000 | County of Baltimore Refunding GO, <br> 5.00%, 03/01/23 | 2746790 |
|  | 1160000 | County of Frederick Crossover Refunding GO, Series A, <br> 5.00%, 02/01/25 | 1203840 |
|  | 4500000 | County of Montgomery Advance Refunding GO, Series B, <br> 5.00%, 06/01/23 | 4548193 |
|  | 2000000 | County of Montgomery Public Improvements GO, Series A, <br> 5.00%, 12/01/27 | 2067830 |
|  | 3500000 | County of Montgomery Refunding GO, Series A, <br> 5.00%, 11/01/23 | 3562358 |
|  | 3185000 | County of Prince George's Public School Improvement GO, Series A, <br> 5.00%, 09/15/25 | 3338144 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Maryland (continued)** | **Maryland (continued)** |  |
| $3110000 | County of Prince George's Public School Improvements GO, Series A, <br> 5.00%, 07/01/24 | $3199816 |
| 10000000 | County of Prince George's School Improvements GO, Series A, <br> 5.00%, 07/01/30 | 11096519 |
| 18500000 | County of Prince George's School Improvements GO, Series A, <br> 5.00%, 07/01/31 | 20664235 |
| 9255000 | State of Maryland Advance Refunding GO, Series B, <br> 5.00%, 08/01/25 | 9677297 |
| 4190000 | State of Maryland Current Refunding GO, Series B, <br> 5.00%, 08/01/27 | 4503724 |
| 6000000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds, <br> 5.00%, 02/01/25 | 6027295 |
| 10000000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds, <br> 5.00%, 11/01/26 | 10322083 |
| 20000000 | State of Maryland Public Facilities GO, Series A, <br> 5.00%, 03/15/23 | 20139742 |
| 10000000 | State of Maryland Public Facilities GO, Series A, <br> 5.00%, 03/01/30 | 11071378 |
| 8035000 | State of Maryland Public Improvements GO, Series A, <br> 5.00%, 08/01/24(a) | 8142904 |
| 5000000 | State of Maryland Refunding GO, Series 2-C,<br> 5.00%, 08/01/23 | 5069004 |
| 5000000 | State of Maryland School Improvements GO, 1st Series, <br> 5.00%, 06/01/23 | 5054414 |
| 11000000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 06/01/27 | 11798417 |
| 22900000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 06/01/28 | 24870765 |
| 14675000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 06/01/29 | 16123891 |
| 15000000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 06/01/30 | 16643828 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |  |
| $| 4855000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 03/15/31 | $5358723 |
|  | 15000000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 06/01/31 | 16759451 |
|  | 8400000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 06/01/32 | 9429631 |
|  | 19225000 | State of Maryland School Improvements GO, Series A, <br> 5.00%, 06/01/36 | 21227726 |
|  | 1675000 | University System of Maryland Current Refunding Revenue Bonds, Series A, <br> 5.00%, 04/01/24 | 1716549 |
|  | 5000000 | Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series, (County GTY), <br> 5.00%, 06/01/25 | 5217839 |
|  |  |  | 320224897 |
| **Massachusetts — 5.1%** | **Massachusetts — 5.1%** | **Massachusetts — 5.1%** |  |
|  | 3670000 | City of Cambridge School Improvements GO, <br> 5.00%, 02/15/25 | 3814253 |
|  | 13025000 | Commonwealth of Massachusetts Advance Refunding GO, Series B, <br> 5.00%, 07/01/31 | 13646316 |
|  | 9330000 | Commonwealth of Massachusetts Advance Refunding GO, Series C, <br> 5.00%, 10/01/26 | 9890585 |
|  | 7750000 | Commonwealth of Massachusetts Cash Flow Management Revenue Bonds, Series A, <br> 3.68%, 01/15/27 | 7399136 |
|  | 10000000 | Commonwealth of Massachusetts Current Refunding GO, Series A, <br> 5.00%, 10/01/29 | 10950355 |
|  | 10000000 | Commonwealth of Massachusetts Current Refunding GO, Series A, <br> 5.00%, 10/01/30 | 11017617 |
|  | 10000000 | Commonwealth of Massachusetts Current Refunding GO, Series A, <br> 5.00%, 10/01/31 | 11046829 |
|  | 15000000 | Commonwealth of Massachusetts Current Refunding GO, Series A, <br> 5.00%, 09/01/27 | 16084989 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | <br> Value |
| **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| $10000000 | Commonwealth of Massachusetts Public Improvements GO, Series C, <br> 5.00%, 10/01/32 | $11094522 |
| 2000000 | Commonwealth of Massachusetts Public Improvements GO, Series C, <br> 5.00%, 07/01/32 | 2064847 |
| 11000000 | Commonwealth of Massachusetts Transit Improvements GO, Series A, <br> 5.00%, 02/01/32 | 12169435 |
| 7700000 | Commonwealth of Massachusetts Transit Improvements GO, Series A, <br> 5.00%, 02/01/30 | 8440634 |
| 7380000 | Commonwealth of Massachusetts Transit Improvements GO, Series A, <br> 5.00%, 02/01/31 | 8129365 |
| 5000000 | Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 06/01/27 | 5274360 |
| 1000000 | Massachusetts Bay Transportation Authority Sales Tax Revenue Advance Refunding Revenue Bonds, Senior Series B, <br> 5.00%, 07/01/33 | 1031270 |
| 7280000 | Massachusetts Clean Water Trust Advance Green Revenue Bond, Series 2020, <br> 5.00%, 02/01/36 | 7467739 |
| 8000000 | Massachusetts Clean Water Trust Advance Green Revenue Bond, Sub Series 2017A, <br> 5.00%, 02/01/33 | 8027658 |
| 5035000 | Massachusetts Clean Water Trust Revenue Bond, Series 23B, <br> 5.00%, 02/01/32 | 5577331 |
| 10000000 | Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 10/15/27 | 10782051 |
| 5000000 | Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 07/15/33 | 5255463 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | <br> Value |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| $| 4050000 | Massachusetts Development Finance Agency Current Refunding Revenue Bonds, Series A, <br> 5.00%, 10/15/26 | $4309438 |
|  | 13800000 | Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, <br> 5.00%, 11/15/32 | 15651430 |
|  | 5000000 | Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/33 | 5125483 |
|  |  |  | 194251106 |
| **Michigan — 0.4%** | **Michigan — 0.4%** | **Michigan — 0.4%** |  |
|  | 1000000 | Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program), <br> 5.00%, 04/15/24 | 1023453 |
|  | 1000000 | Michigan State University Refunding Revenue Bonds, Series A, <br> 5.00%, 08/15/31 | 1031941 |
|  | 3500000 | State of Michigan Trunk Line Revenue Highway Improvements Revenue Bonds, <br> 5.00%, 11/15/31 | 3854176 |
|  | 5000000 | University of Michigan Current Refunding Revenue Bonds, Series D, <br> 5.00%, 04/01/30 | 5519143 |
|  | 3000000 | University of Michigan University & College Improvements Revenue Bonds, Series A, <br> 5.00%, 04/01/26 | 3166301 |
|  |  |  | 14595014 |
| **Minnesota — 2.1%** | **Minnesota — 2.1%** | **Minnesota — 2.1%** |  |
|  | 1515000 | Cambridge-Isanti Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program), <br> 5.00%, 02/01/24 | 1546288 |
|  | 2000000 | City of Rochester Advance Refunding GO, Series B, <br> 5.00%, 12/01/24 | 2070317 |
|  | 10000000 | Metropolitan Council Transit Improvements GO, Series B, <br> 5.00%, 12/01/23 | 10194282 |
|  | 1815000 | Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 03/01/27 | 1911580 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |  |
| $| 2535000 | Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), <br> 5.00%, 02/01/23 | $2546026 |
|  | 2805000 | Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), <br> 5.00%, 02/01/24 | 2863274 |
|  | 2200000 | Sartell-St Stephen Independent School District No 748 GO, Series A, (School District Credit Program), <br> 5.00%, 02/01/25 | 2280724 |
|  | 7500000 | State of Minnesota Highway Improvements GO, Series B, <br> 5.00%, 08/01/25 | 7840207 |
|  | 2870000 | State of Minnesota Highway Improvements GO, Series B, <br> 5.00%, 10/01/23 | 2917008 |
|  | 2910000 | State of Minnesota Public Improvements COP, <br> 5.00%, 06/01/26 | 2982455 |
|  | 10000000 | State of Minnesota School Improvements GO, Series A, <br> 5.00%, 09/01/25 | 10466441 |
|  | 3640000 | State of Minnesota School Improvements GO, Series A, <br> 5.00%, 08/01/29 | 4004427 |
|  | 7570000 | State of Minnesota School Improvements GO, Series A, <br> 5.00%, 08/01/29 | 8327887 |
|  | 10000000 | State of Minnesota School Improvements GO, Series A, <br> 5.00%, 09/01/29 | 11011292 |
|  | 7360000 | State of Minnesota School Improvements GO, Series A, Group 2, <br> 5.00%, 08/01/38 | 7986545 |
|  | 1000000 | Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program), <br> 5.00%, 02/01/24 | 1020652 |
|  |  |  | 79969405 |
| **Mississippi — 0.3%** | **Mississippi — 0.3%** | **Mississippi — 0.3%** |  |
|  | 2310000 | Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A, <br> 5.00%, 01/01/25 | 2383010 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **Mississippi (continued)** | **Mississippi (continued)** | **Mississippi (continued)** |  |
| $| 10000000 | State of Mississippi Public Improvements GO, Series B, <br> 5.00%, 12/01/31(a) | $10190002 |
|  |  |  | 12573012 |
| **Nebraska — 0.3%** | **Nebraska — 0.3%** | **Nebraska — 0.3%** |  |
|  | 2345000 | Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, <br> 5.00%, 12/01/27 | 2525622 |
|  | 2715000 | Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, <br> 5.00%, 12/01/30 | 3006434 |
|  | 2850000 | Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, <br> 5.00%, 12/01/31 | 3169252 |
|  | 2995000 | Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, <br> 5.00%, 12/01/32 | 3348670 |
|  |  |  | 12049978 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |  |
|  | 3990000 | State of New Hampshire Public Improvements GO, Series B, <br> 5.00%, 12/01/22 | 3996048 |
| **New Jersey — 4.4%** | **New Jersey — 4.4%** | **New Jersey — 4.4%** |  |
|  | 1000000 | Monmouth County Improvement Authority Cash Flow Management Revenue Bonds, Series B, (County GTY), <br> 5.00%, 12/01/23 | 1019214 |
|  | 1000000 | Monmouth County Improvement Authority Cash Flow Management Revenue Bonds, Series B, (County GTY), <br> 5.00%, 12/01/24 | 1035567 |
|  | 1650000 | New Jersey Economic Development Authority Revenue Bonds, Series A, <br> 5.00%, 11/01/24 | 1689133 |
|  | 1000000 | New Jersey Economic Development Authority Revenue Bonds, Series A, <br> 5.00%, 11/01/25 | 1029617 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | <br> Value |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| $1100000 | New Jersey Economic Development Authority Revenue Bonds, Series A, <br> 5.00%, 11/01/26 | $1140679 |
| 1300000 | New Jersey Economic Development Authority Revenue Bonds, Series A, <br> 5.00%, 11/01/27 | 1351972 |
| 1600000 | New Jersey Economic Development Authority Revenue Bonds, Series A, <br> 5.00%, 11/01/28 | 1664950 |
| 1775000 | New Jersey Economic Development Authority Revenue Bonds, Series A, <br> 5.00%, 11/01/29 | 1843451 |
| 5095000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, <br> 5.00%, 03/01/31 | 5704142 |
| 10000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br>5.00%, 03/01/27 | 10707217 |
| 10000000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,<br>5.00%, 03/01/32 | 11252699 |
| 1500000 | New Jersey Health Care Facilities Financing Authority Revenue Bonds, <br> 5.00%, 07/01/23 | 1513277 |
| 12500000 | New Jersey Health Care Facilities Financing Authority Revenue Bonds, <br> 5.00%, 07/01/24 | 12818045 |
| 7500000 | New Jersey Health Care Facilities Financing Authority Revenue Bonds, <br> 5.00%, 07/01/25 | 7797546 |
| 1000000 | New Jersey Health Care Facilities Financing Authority Revenue Bonds, <br> 5.00%, 07/01/26 | 1045714 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| $1000000 | New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/23 | $1011154 |
| 4455000 | New Jersey Infrastructure Bank Green Purpose Revenue Bonds, <br> 5.00%, 09/01/26 | 4730670 |
| 10300000 | New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds, Series A, <br> 5.00%, 06/15/23 | 10385546 |
| 3210000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, <br> 5.00%, 06/15/31 | 3324796 |
| 7250000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, <br> 5.00%, 06/15/32 | 7460293 |
| 5000000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, <br> 5.00%, 06/15/33 | 5120925 |
| 1770000 | New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A, <br> 5.25%, 12/15/22 | 1773394 |
| 9000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,<br>1.28%, 01/01/27 | 7695780 |
| 1000000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 01/01/27 | 1060283 |
| 5500000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, <br> 1.81%, 01/01/30 | 4348950 |
| 2380000 | New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, <br> 5.00%, 01/01/25 | 2458741 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** - **(Continued)** | ***October 31, 2022***  |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br> Amount | Principal<br> Amount |  | Value |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |  |
| $| 2775000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, <br> 5.00%, 01/01/27 | $2942285 |
|  | 2145000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, <br> 5.00%, 01/01/29 | 2196831 |
|  | 2500000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A, <br> 5.00%, 01/01/29 | 2632162 |
|  | 3750000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, <br> 5.00%, 01/01/42 | 3890561 |
|  | 12000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, <br> 5.00%, 01/01/46 | 12276545 |
|  | 3250000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, <br> 5.00%, 01/01/32 | 3330756 |
|  | 3000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, <br> 5.00%, 01/01/33 | 3070899 |
|  | 4000000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds,Series A, <br> 5.00%, 01/01/34 | 4171376 |
|  | 2000000 | Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S, <br> 1.66%, 05/01/28 | 1666529 |
|  | 20000000 | State of New Jersey COVID-19 GO, Series A, <br> 5.00%, 06/01/24 | 20473146 |
|  |  |  | 167634845 |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** | **New Mexico — 0.3%** |  |
|  | 1000000 | Hobbs School District No 16 School Improvements GO, Series A, (State Aid Withholding), <br> 5.00%, 09/15/28 | 1029242 |
|  | 10000000 | New Mexico Finance Authority Public Improvements Revenue Bonds, Series A,<br>5.00%, 06/15/30 | 11007593 |
|  |  |  | 12036835 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York — 15.0%** | **New York — 15.0%** |  |
| $10000000 | City of New York Current Refunding GO, Series B-1, <br> 5.00%, 08/01/23 | $10135778 |
| 10000000 | City of New York Current Refunding GO, Series B-1, <br> 5.00%, 08/01/24 | 10302172 |
| 5000000 | City of New York Current Refunding GO, Series B-1, <br> 5.00%, 08/01/25 | 5217432 |
| 5000000 | City of New York Current Refunding GO, Series B-1, <br> 5.00%, 08/01/26 | 5287005 |
| 5000000 | City of New York Current Refunding GO, Series B-1, <br> 5.00%, 08/01/28 | 5405609 |
| 15000000 | City of New York Current Refunding GO, Series E, <br> 5.00%, 08/01/23 | 15203667 |
| 9400000 | City of New York Current Refunding GO, Series E, <br> 5.00%, 08/01/24 | 9684042 |
| 1400000 | City of New York Public Improvements GO, Series I, Subseries I-A, <br> 5.00%, 04/01/28(c) | 1508072 |
| 20000000 | City of New York Public Improvements GO, Sub-Series D-3, <br> 5.00%, 08/01/38(c) | 20197508 |
| 2135000 | City of New York Public Improvements GO, Sub-Series F-1, <br> 5.00%, 03/01/24 | 2147481 |
| 5000000 | City of New York Refunding GO, Series I, <br> 5.00%, 08/01/25 | 5062694 |
| 9450000 | City of New York Refunding GO, Series J, Sub-Series J11, <br> 5.00%, 08/01/25(c) | 9860946 |
| 2055000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, <br> 5.25%, 11/15/31 | 2149055 |
| 2685000 | Metropolitan Transportation Authority Current Pre-refunded Revenue Bonds, Series F, <br> 5.00%, 11/15/30(a) | 2686603 |
| 335000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F, <br> 5.00%, 11/15/30 | 335200 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $3545000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA, <br> 5.00%, 06/15/24 | $3648808 |
| 6200000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series BB-2, <br> 5.00%, 06/15/25 | 6323163 |
| 1000000 | New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series DD-2, <br> 5.00%, 06/15/25 | 1019865 |
| 1000000 | New York City Municipal Water Finance Authority Water Utility Improvements Revenue Bonds, Series DD-2, <br> 5.00%, 06/15/24 | 1002155 |
| 2045000 | New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding), <br> 5.00%, 07/15/24(a) | 2100941 |
| 10000000 | New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), <br> 5.00%, 07/15/30 | 10979084 |
| 5000000 | New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), <br> 5.00%, 07/15/31 | 5518689 |
| 10000000 | New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), <br> 5.00%, 07/15/32 | 10999136 |
| 9175000 | New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Sub-Series S, (State Aid Withholding), <br> 5.00%, 07/15/33 | 9886191 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1850000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding), <br> 5.00%, 07/15/25 | $1926322 |
| 1350000 | New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C, <br> 5.00%, 11/01/23 | 1373519 |
| 3585000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, <br> 5.00%, 11/01/26 | 3793587 |
| 3000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, <br> 5.00%, 11/01/27 | 3213635 |
| 7465000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, <br> 5.00%, 11/01/28 | 8042333 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, <br> 5.00%, 11/01/29 | 5437750 |
| 10000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, <br> 5.00%, 11/01/30 | 10951461 |
| 8450000 | New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series F-1, <br> 5.00%, 02/01/40 | 8772150 |
| 9500000 | New York City Transitional Finance Authority Future Tax Secured Revenue Current Refunding Revenue Bonds, <br> 5.00%, 11/01/22 | 9500000 |
| 9000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, <br> 5.00%, 02/01/31 | 9424017 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $4210000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series D1, <br> 5.00%, 02/01/29 | $4292800 |
| 14000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, <br> 5.00%, 11/01/28 | 13953008 |
| 15000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, <br> 5.05%, 11/01/29 | 14925223 |
| 15000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, <br> 5.15%, 11/01/30 | 14912742 |
| 10000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, <br> 5.25%, 11/01/31 | 9927122 |
| 14000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, <br> 5.35%, 11/01/32 | 13915527 |
| 9100000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 03/15/23 | 9162909 |
| 2000000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, <br> 5.00%, 03/15/31 | 2072257 |
| 5000000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, <br> 5.00%, 02/15/28 | 5169705 |
| 4660000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A, <br> 5.00%, 02/15/26(a) | 4768073 |
| 12000000 | New York State Dormitory Authority School Improvement Revenue Bonds, Group 2, Series A, <br> 5.00%, 03/15/29 | 12914255 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $5200000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A, <br> 5.00%, 03/15/25(a) | $5323121 |
| 6290000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A, <br> 5.00%, 03/15/27 | 6725368 |
| 10000000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series C,<br> 5.00%, 03/15/27 | 10692159 |
| 5000000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, <br> 5.00%, 03/15/25 | 5183643 |
| 5000000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, <br> 5.00%, 03/15/26 | 5250992 |
| 5000000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, <br> 5.00%, 03/15/28 | 5373088 |
| 4000000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, <br> 5.00%, 03/15/29 | 4341337 |
| 4500000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, <br> 5.00%, 03/15/30 | 4925384 |
| 1750000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, <br> 5.00%, 03/15/26(a) | 1791435 |
| 7500000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, <br> 5.00%, 06/15/29 | 8234636 |
| 5000000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bondss, <br> 5.00%, 06/15/29 | 5128073 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $40000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 03/15/25 | $41535 |
| 2000000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 03/15/24 | 2047575 |
| 2105000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 03/15/27(a) | 2217576 |
| 5835000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 03/15/25 | 6050660 |
| 11970000 | New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 09/15/28 | 12918593 |
| 10000000 | New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, <br> 5.00%, 03/15/30 | 10918173 |
| 10000000 | New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, <br> 5.00%, 03/15/31 | 10976160 |
| 10000000 | New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, <br> 5.00%, 03/15/32 | 11010891 |
| 1000000 | New York State Urban Development Corp. Current Refunding Revenue Bonds, Series A, <br> 5.00%, 03/15/28 | 1041390 |
| 9000000 | New York State Urban Development Corp. Economic Improvements Revenue Bonds, <br> 5.00%, 03/15/28 | 9662433 |
| 10000000 | New York State Urban Development Corp. Economic Improvements Revenue Bonds, <br> 5.00%, 03/15/32 | 10821811 |
| 5715000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, <br> 5.00%, 12/01/27 | 5819921 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $5880000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, <br> 5.00%, 12/01/28 | $5987322 |
| 5255000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, <br> 5.00%, 07/15/27 | 5445576 |
| 5750000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, <br> 5.00%, 07/15/29 | 6002524 |
| 10000000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, <br> 2.20%, 11/01/41(b) | 10000000 |
| 3500000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, <br> 5.00%, 05/15/27 | 3739735 |
| 7000000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds,<br> 5.00%, 05/15/31 | 7721048 |
| 5040000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, <br> 5.00%, 06/15/25 | 5095792 |
| 5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, <br> 5.00%, 06/15/27 | 5210623 |
| 10000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, <br> 5.00%, 06/15/28 | 10556472 |
| 10000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, <br> 5.00%, 06/15/29 | 10648423 |
| 6500000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, <br> 5.00%, 06/15/30 | 7044138 |
| 10210000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, <br> 5.00%, 06/15/31 | 11174283 |
| 10000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, <br> 5.00%, 06/15/32 | 11004950 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |  |
| $| 1600000 | Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, <br> 5.00%, 12/15/24 | $1603318 |
|  |  |  | 572839849 |
| **North Carolina — 2.2%** | **North Carolina — 2.2%** | **North Carolina — 2.2%** |  |
|  | 2500000 | Charlotte-Mecklenburg Hospital Authority Current Refunding Revenue Bonds, Series A, <br> 5.00%, 01/15/30 | 2712953 |
|  | 5310000 | Charlotte-Mecklenburg Hospital Authority Current Refunding Revenue Bonds, Series A, <br> 5.00%, 01/15/31 | 5796592 |
|  | 5000000 | City of Charlotte NC Water & Sewer System Revenue Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/30 | 5551826 |
|  | 5000000 | City of Charlotte NC Water & Sewer System Revenue Refunding Revenue Bonds, Series A, <br> 5.00%, 07/01/31 | 5580957 |
|  | 7720000 | County of Wake School Improvements GO, Series A, <br> 5.00%, 02/01/28 | 8358097 |
|  | 8580000 | County of Wake School Improvements GO, Series A, <br> 5.00%, 02/01/29 | 9401448 |
|  | 8600000 | County of Wake School Improvements GO, Series A, <br> 5.00%, 02/01/30 | 9525898 |
|  | 10000000 | State of North Carolina Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 05/01/23 | 10091961 |
|  | 1000000 | State of North Carolina Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 05/01/24 | 1026058 |
|  | 3250000 | State of North Carolina Highway Improvementa Revenue Bonds, <br> 5.00%, 03/01/24 | 3321800 |
|  | 3250000 | State of North Carolina Highway Improvements Revenue Bonds, <br> 5.00%, 03/01/25 | 3367510 |
|  | 2750000 | State of North Carolina Highway Improvements Revenue Bonds, <br> 5.00%, 03/01/28 | 2952550 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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 | $2081133 |
|  | 3250000 | State of North Carolina Highway Improvements Revenue Bonds, Series A, <br> 5.00%, 05/01/27 | 3470979 |
|  | 3000000 | State of North Carolina Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 05/01/31 | 3313154 |
|  | 7600000 | State of North Carolina Highway Improvements Revenue Bonds, Series B, <br> 5.00%, 05/01/28 | 8210278 |
|  |  |  | 84763194 |
| **Ohio — 2.3%** | **Ohio — 2.3%** | **Ohio — 2.3%** |  |
|  | 1000000 | Central Ohio Solid Waste Authority Advance Refunding GO, <br> 5.00%, 12/01/24 | 1035567 |
|  | 2225000 | City of Columbus Advance Refunding GO, Series 2017-1, <br> 5.00%, 04/01/24 | 2281124 |
|  | 2000000 | City of Columbus Refunding GO, Series 5, <br> 5.00%, 08/15/23 | 2028938 |
|  | 1100000 | County of Cuyahoga Refunding Revenue Bonds, <br> 5.00%, 12/01/22 | 1101722 |
|  | 1000000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A, <br> 5.00%, 12/01/26 | 1033730 |
|  | 1515000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A, <br> 5.00%, 12/01/27 | 1565484 |
|  | 1000000 | Greater Cleveland Regional Transit Authority Sales Tax Revenue Capital Improvements Advance Refunding Revenue Bonds, <br> 5.00%, 12/01/23 | 1018145 |
|  | 1030000 | Hamilton City School District Advance Refunding GO, (School District Credit Program), <br> 5.00%, 12/01/22 | 1031434 |
|  | 3000000 | Ohio Water Development Authority Revenue Bonds, <br> 5.00%, 06/01/26 | 3171586 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Ohio (continued)** | **Ohio (continued)** |  |
| $3300000 | Ohio Water Development Authority Water Pollution Control Loan Fund Pollution Control Revenue Bonds, Series B, <br> 5.00%, 06/01/24 | $3390892 |
| 10000000 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bond, Series 2015-A, <br> 5.00%, 12/01/24 | 10355668 |
| 10285000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, <br> 5.00%, 06/01/28 | 11117963 |
| 14000000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, <br> 5.00%, 06/01/29 | 15267953 |
| 3575000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series B, <br> 5.00%, 06/01/26 | 3779473 |
| 10000000 | State of Ohio Advance Refunding GO, Series A, <br> 5.00%, 12/15/24 | 10351473 |
| 1690000 | State of Ohio Department of Administration Telecommunications Improvements COP, <br> 5.00%, 09/01/24 | 1740288 |
| 1445000 | State of Ohio Department of Administration Telecommunications Improvements COP, <br> 5.00%, 09/01/24 | 1487998 |
| 2000000 | State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A, <br> 5.00%, 06/01/25 | 2081091 |
| 1415000 | State of Ohio Public Improvements Revenue Bonds, Series A, <br> 5.00%, 02/01/24 | 1444397 |
| 5000000 | State of Ohio School Improvements GO, Series B, <br> 5.00%, 06/15/23 | 5058430 |
| 5445000 | State of Ohio University and College Improvements GO, Series A, <br> 5.00%, 05/01/28 | 5656604 |
|  |  | 85999960 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |  |
| $5675000 | Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds, <br> 3.68%, 07/01/29 | $5218010 |
| 2000000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, <br> 5.00%, 01/01/26 | 2091738 |
| 2000000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series A, <br> 5.00%, 01/01/28 | 2138541 |
| 5000000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, <br> 5.00%, 01/01/26 | 5229346 |
| 2985000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, <br> 5.00%, 01/01/28 | 3191772 |
|  |  | 17869407 |
| **Oregon — 0.8%** | **Oregon — 0.8%** |  |
| 5000000 | City of Portland Sewer System Revenue Sewer Improvements Revenue Bonds, Series A, <br> 5.00%, 03/01/30 | 5474412 |
| 5000000 | Port of Portland Airport & Marina Improvements Revenue Bonds, Series 28, <br> 5.00%, 07/01/32 | 5088476 |
| 5000000 | Port of Portland Airport & Marina Improvements Revenue Bonds, Series 28, <br> 5.00%, 07/01/33 | 5071075 |
| 3290000 | State of Oregon Advance Refunding GO, Series M, <br> 5.00%, 11/01/23 | 3348941 |
| 10350000 | State of Oregon Facilities Improvements GO, Series A, <br> 5.00%, 05/01/25 | 10774913 |
|  |  | 29757817 |
| **Pennsylvania — 2.0%** | **Pennsylvania — 2.0%** |  |
| 10000000 | Commonwealth of Pennsylvania Advance Refunding GO, <br> 5.00%, 07/15/26 | 10575037 |
| 8245000 | General Authority of Southcentral Pennsylvania Pre-refunded Refunding Revenue Bonds, Series A, <br> 5.00%, 06/01/44(a) | 8468240 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| $| 7870000 | Pennsylvania Higher Educational Facilities Authority Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 10/01/23 | $7998903 |
|  | 3500000 | Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, <br> 5.00%, 06/15/23 | 3539176 |
|  | 1700000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, <br> 5.00%, 07/01/25 | 1766125 |
|  | 7000000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, <br> 5.00%, 07/01/26 | 7351868 |
|  | 5890000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, <br> 5.00%, 07/01/27 | 6256128 |
|  | 6275000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, <br> 5.00%, 07/01/28 | 6727838 |
|  | 8500000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, <br> 5.00%, 07/01/29 | 9184122 |
|  | 6500000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, <br> 5.00%, 07/01/30 | 7061684 |
|  | 6000000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, <br> 5.00%, 07/01/31 | 6532868 |
|  |  |  | 75461989 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |  |
|  | 6950000 | Rhode Island Commerce Corp. Grant Anticipation Current Refunding Revenue, Series A, <br> 5.00%, 06/15/23 | 7014116 |
|  | 1045000 | State of Rhode Island Advance Refunding COP, Series D, <br> 5.00%, 04/01/25 | 1082838 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |  |
| $| 1010000 | State of Rhode Island University & College Improvements COP, Series A, <br> 5.00%, 06/01/25 | $1048922 |
|  |  |  | 9145876 |
| **South Carolina — 0.4%** | **South Carolina — 0.4%** | **South Carolina — 0.4%** |  |
|  | 4010000 | Darlington County School District School Improvement GO, (South Carolina School District Enhancement), <br> 5.00%, 03/01/27 | 4273551 |
|  | 2950000 | Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), <br> 5.00%, 03/01/27 | 3143884 |
|  | 3150000 | Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), <br> 5.00%, 03/01/28 | 3397915 |
|  | 3310000 | Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), <br> 5.00%, 03/01/29 | 3606730 |
|  |  |  | 14422080 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |  |
|  | 2125000 | South Dakota Conservancy District Water Utility Improvements Revenue Bonds, <br> 5.00%, 08/01/29 | 2335054 |
|  | 2455000 | South Dakota Conservancy District Water Utility Improvements Revenue Bonds, Series B, <br> 5.00%, 08/01/29 | 2522857 |
|  |  |  | 4857911 |
| **Tennessee — 0.1%** | **Tennessee — 0.1%** | **Tennessee — 0.1%** |  |
|  | 1000000 | County of Montgomery Advance Refunding School Improvements GO, <br> 5.00%, 04/01/26 | 1051469 |
|  | 2165000 | Tennessee State School Bond Authority Pre-refunded Advance Refunding Revenue Bonds, Series B, (State Aid Intercept Program), <br> 5.00%, 11/01/30(a) | 2268421 |
|  |  |  | 3319890 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas — 10.4%** | **Texas — 10.4%** | **Texas — 10.4%** |
| $1000000 | Alamo Community College District University & College Improvements GO, <br> 5.00%, 02/15/24 | $1021768 |
| 2000000 | Alamo Community College District University & College Improvements GO, <br> 5.00%, 02/15/26 | 2101927 |
| 2500000 | Alamo Community College District University & College Improvements GO, <br> 5.00%, 02/15/27 | 2661767 |
| 2000000 | Alamo Community College District University & College Improvements GO, <br> 5.00%, 02/15/28 | 2154269 |
| 3000000 | Alamo Community College District University & College Improvements GO, <br> 5.00%, 02/15/30 | 3291548 |
| 1335000 | Allen Independent School District School Improvements GO, (PSF-GTD), <br> 5.00%, 02/15/23 | 1341912 |
| 1720000 | Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), <br> 5.00%, 02/15/26 | 1809300 |
| 1315000 | Austin Community College District Refunding GO, <br> 5.00%, 08/01/27 | 1389532 |
| 7000000 | Board of Regents of the University of Texas System Advance Refunding Revenue Bonds, Series C, <br> 5.00%, 08/15/26 | 7413220 |
| 5000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, <br> 5.00%, 08/15/32 | 5574818 |
| 1065000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, <br> 5.00%, 08/15/29 | 1090387 |
| 5000000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, <br> 5.00%, 08/15/31 | 5548355 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $4000000 | Board of Regents of the University of Texas System University and College Improvements Revenue, Series D, <br> 5.00%, 08/15/23 | $4058188 |
| 1075000 | Bonham Independent School District Improvements GO, (PSF-GTD), <br> 5.00%, 08/01/27 | 1136706 |
| 1700000 | City of Austin Public Improvements GO, <br> 5.00%, 11/01/22 | 1700000 |
| 1465000 | City of Austin Public Improvements GO, <br> 5.00%, 09/01/26 | 1509383 |
| 2000000 | City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 11/15/25 | 2050099 |
| 5000000 | City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 11/15/28 | 5155468 |
| 1250000 | City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, <br> 5.00%, 11/15/32 | 1281718 |
| 1000000 | City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, <br> 5.00%, 11/15/27 | 1069281 |
| 2185000 | City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, <br> 5.00%, 11/15/30 | 2404453 |
| 1000000 | City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, <br> 5.00%, 11/15/35 | 1087704 |
| 4000000 | City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, <br> 5.00%, 11/15/26 | 4231590 |
| 5000000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, <br> 5.00%, 11/15/29 | 5276766 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $4020000 | City of College Station Improvements Advance Refunding GO, <br> 5.00%, 02/15/25 | $4163617 |
| 2075000 | City of Denton Public Improvements GO, <br> 5.00%, 02/15/23 | 2085563 |
| 1715000 | City of Denton Public Improvements GO, <br> 5.00%, 02/15/24 | 1752550 |
| 1290000 | City of Denton Public Improvements GO, <br> 5.00%, 02/15/28 | 1352463 |
| 5000000 | City of El Paso TX Water & Sewer Revenue Water Utility Improvements Revenue Bonds, <br> 5.00%, 03/01/30 | 5457532 |
| 1250000 | City of El Paso Water & Sewer Refunding Revenue Bonds, <br> 5.00%, 03/01/26(a) | 1278765 |
| 5145000 | City of Fort Worth Water & Sewer System Improvements Refunding Revenue Bonds, <br> 5.00%, 02/15/25 | 5334556 |
| 1000000 | City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, <br> 5.00%, 07/01/24 | 1014582 |
| 1000000 | City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, <br> 5.00%, 07/01/27 | 1030893 |
| 1000000 | City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series A, <br> 5.00%, 07/01/29 | 1030856 |
| 2460000 | City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, <br> 5.00%, 07/01/27 | 2597746 |
| 3000000 | City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series B, <br> 5.00%, 07/01/28 | 3192755 |
| 5500000 | City of Houston TX Airport System Revenue Refunding Revenue Bonds, Sub-Series C, <br> 1.05%, 07/01/23 | 5356907 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $2360000 | City of McKinney Waterworks & Sewer System Revenue Sewer Improvements Refunding Revenue Bonds, <br> 5.00%, 03/15/26 | $2475400 |
| 1180000 | City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds, <br> 5.00%, 05/01/26 | 1245297 |
| 1195000 | Connally Independent School District Refunding GO, (PSF-GTD), <br> 5.00%, 08/15/25 | 1245060 |
| 10000000 | Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), <br> 5.00%, 02/15/28 | 10791436 |
| 2130000 | County of Bexar Advance Refunding GO, <br> 5.00%, 06/15/26 | 2219182 |
| 7500000 | County of Bexar Advance Refunding GO, <br> 5.00%, 06/15/29(a) | 7938539 |
| 1500000 | County of Denton Advance Refunding GO, <br> 5.00%, 07/15/24 | 1541238 |
| 1485000 | County of Harris Current Refunding GO, Series A, <br> 5.00%, 10/01/24 | 1533292 |
| 1850000 | County of Williamson Limited Tax Advance Refunding GO, <br> 5.00%, 02/15/24 | 1890741 |
| 1000000 | County of Williamson Public Improvements GO,<br> 5.00%, 02/15/25 | 1037290 |
| 5500000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/35 | 5957467 |
| 7715000 | Denton Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/26(a) | 7975262 |
| 2500000 | Denton Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/29 | 2613134 |
| 1085000 | Denver City Independent School District School Building GO, Series A, (PSF-GTD),<br> 5.00%, 02/15/25 | 1123036 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $2780000 | Eagle Mountain & Saginaw Independent School District Current Refunding GO, (PSF-GTD), <br> 5.00%, 08/15/24 | $2865737 |
| 1835000 | Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD), <br> 5.00%, 08/15/27 | 1936714 |
| 1500000 | El Paso Independent School District Refunding GO, (PSF-GTD), <br> 5.00%, 08/15/25 | 1546261 |
| 3000000 | Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD), <br> 5.00%, 08/15/23 | 3041298 |
| 1400000 | Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD), <br> 5.00%, 08/15/24 | 1440963 |
| 2000000 | Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD), <br> 5.00%, 08/15/25 | 2089201 |
| 1395000 | Frenship Independent School District Refunding GO, (PSF-GTD), <br> 5.00%, 02/15/26(a) | 1425224 |
| 1285000 | Goose Creek Consolidated Independent School District Current Refunding GO, Series A, (PSF-GTD),<br> 5.00%, 02/15/25 | 1332630 |
| 8000000 | Grand Parkway Transportation Corp. Highway Improvements Revenue Bonds, Series A, <br> 5.50%, 04/01/53(a) | 8161675 |
| 1990000 | Harlandale Independent School District Current Refunding GO, Series A, (PSF-GTD), <br> 5.00%, 02/15/24 | 2032055 |
| 5000000 | Harris County Flood Control District Refunding Revenue Bonds, Series A, <br> 5.00%, 10/01/23 | 5079631 |
| 2455000 | Irving Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/24 | 2510625 |
| 10000000 | Lone Star College System Advance Refunding GO,<br> 5.00%, 02/15/29 | 10465193 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $1860000 | Longview Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/23 | $1869898 |
| 1050000 | Longview Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/23 | 1055587 |
| 3410000 | Manor Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 08/01/24 | 3506008 |
| 1060000 | Mesquite Independent School District Advance Refunding GO, Series A, (PSF-GTD),<br> 5.00%, 08/15/24 | 1090643 |
| 1435000 | Mesquite Independent School District Advance Refunding GO, Series B, (PSF-GTD),<br> 5.00%, 08/15/23 | 1455426 |
| 1170000 | Mesquite Independent School District Current Refunding GO, Series A, (PSF-GTD), <br> 5.00%, 08/15/25 | 1220914 |
| 1765000 | North Texas Municipal Water District Water System Revenue Current Refunding Revenue Bonds,<br> 5.00%, 09/01/26 | 1872256 |
| 3000000 | Northwest Independent School District Refunding GO, Series B, (PSF-GTD), <br> 5.00%, 02/15/23 | 3015532 |
| 2525000 | Northwest Independent School District Refunding GO, Series B, (PSF-GTD),<br> 5.00%, 02/15/25 | 2616899 |
| 1145000 | Palestine Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/23 | 1150532 |
| 1220000 | Palestine Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 02/15/28 | 1274438 |
| 19045000 | Permanent University Fund - Texas A&M University System Refunding Revenue Bonds, <br> 5.50%, 07/01/28 | 20271904 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $10000000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, <br> 5.00%, 07/01/26 | $10583805 |
| 6000000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, <br> 5.00%, 07/01/27 | 6426264 |
| 6500000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, <br> 5.00%, 07/01/30 | 7161966 |
| 4425000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, <br> 5.00%, 07/01/31 | 4904166 |
| 3500000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, <br> 5.00%, 07/01/32 | 3897242 |
| 1525000 | Plano Independent School District School Improvement GO, (PSF-GTD), <br> 5.00%, 02/15/23 | 1533115 |
| 1050000 | Point Isabel Independent School District Current Refunding GO, (PSF-GTD), <br> 5.00%, 02/01/25 | 1087835 |
| 1995000 | Port Arthur Independent School District Advance Refunding GO, Series B, (PSF-GTD), <br> 5.00%, 02/15/25 | 2068947 |
| 1000000 | Prosper Independent School District School Building School Improvement GO, (PSF-GTD), <br> 5.00%, 02/15/25 | 1037290 |
| 1020000 | Roma Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/23 | 1033166 |
| 1075000 | Roma Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/24 | 1105511 |
| 1000000 | Roma Independent School District Current Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/25 | 1042162 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $1330000 | San Antonio Independent School District School Improvements GO, (PSF-GTD),<br> 5.00%, 08/15/23 | $1348932 |
| 1000000 | Socorro Independent School District Current Refunding GO, Series B, (PSF-GTD),<br> 5.00%, 08/15/25 | 1035056 |
| 7180000 | Spring Independent School District Advance Refunding GO, Series A,<br> 5.00%, 08/15/28 | 7562998 |
| 2500000 | State of Texas Current Refunding GO, Series B,<br> 5.00%, 08/01/24 | 2575543 |
| 5000000 | State of Texas Current Refunding GO, Series B,<br> 5.00%, 08/01/25 | 5220108 |
| 2300000 | State of Texas Highway Improvements GO,<br> 5.00%, 04/01/27 | 2423693 |
| 3720000 | State of Texas Highway Improvements GO,<br> 5.00%, 04/01/44(a) | 3800358 |
| 5000000 | State of Texas Public Finance Authority Advance Refunding GO,<br> 5.00%, 10/01/26 | 5304191 |
| 5000000 | State of Texas Public Finance Authority Advance Refunding GO,<br> 2.18%, 10/01/27 | 4435057 |
| 3200000 | State of Texas Transportation Commission Advance Refunding GO, Series A,<br> 5.00%, 10/01/25 | 3348846 |
| 5000000 | State of Texas Transportation Commission Advance Refunding GO, Series A,<br> 5.00%, 10/01/28 | 5226908 |
| 6500000 | State of Texas Transportation Commission Highway Improvement GO, <br> 5.00%, 04/01/25 | 6753721 |
| 1000000 | State of Texas, Water Financial Assistance Refunding GO, Subseries B-2, <br> 5.00%, 08/01/28 | 1028326 |
| 1000000 | Sulphur Springs Independent School District Advance Refunding GO, (PSF-GTD),<br> 5.00%, 08/15/26 | 1057206 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $3000000 | Texas A&M University University & College Improvements Revenue Bonds, <br> 5.00%, 05/15/30 | $3287743 |
| 1000000 | Texas State University System University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/24 | 1024058 |
| 5785000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds,<br> 5.00%, 10/01/24 | 5975303 |
| 4250000 | Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A,<br> 5.00%, 10/01/26 | 4500555 |
| 1100000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/27 | 1176369 |
| 1250000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/28 | 1352080 |
| 2300000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/30 | 2529277 |
| 1750000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/31 | 1934665 |
| 5000000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/24 | 5146786 |
| 6665000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/25 | 6960188 |
| 5000000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/26 | 5285199 |
| 1500000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/27 | 1604140 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $4050000 | Texas Water Development Board Water Utility Improvements Revenue Bonds,<br> 5.00%, 08/01/29 | $4427314 |
| 1000000 | Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds,<br> 5.00%, 08/01/24 | 1029185 |
| 1000000 | Trinity River Authority Central Regional Wastewater System Revenue Sewer Improvements Revenue Bonds, Series RE,<br> 5.00%, 08/01/25 | 1044557 |
| 1050000 | Trinity River Authority Central Regional Wastewater System Revenue Sewer Improvements Revenue Bonds, Series RE,<br> 5.00%, 08/01/30 | 1147224 |
| 1000000 | Trinity River Authority Central Regional Wastewater System Revenue Sewer Improvements Revenue Bonds, Series RE,<br> 5.00%, 08/01/32 | 1105244 |
| 1680000 | United Independent School District GO, (PSF-GTD),<br> 5.00%, 08/15/23 | 1702996 |
| 2085000 | United Independent School District GO, (PSF-GTD),<br> 5.00%, 08/15/25 | 2180823 |
| 2000000 | University of Houston University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/34 | 2150820 |
| 3750000 | University of Houston University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/35 | 4013663 |
| 5500000 | University of Houston University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 02/15/38 | 5839875 |
| 1210000 | Wichita Falls Independent School District School Improvements GO, Series A, (PSF-GTD),<br> 5.00%, 02/01/23 | 1215384 |
|  |  | 395558422 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| $10000000 | City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/33 | $10116095 |
| 2500000 | City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/28 | 2570539 |
| 10000000 | State of Utah Highway Improvements GO,<br> 5.00%, 07/01/26 | 10619315 |
| 2300000 | University of Utah Revenue Bonds, Series B,<br> 5.00%, 08/01/30 | 2527640 |
| 1800000 | University of Utah Revenue Bonds, Series B,<br> 5.00%, 08/01/31 | 1985675 |
| 1300000 | University of Utah Revenue Bonds, Series B,<br> 5.00%, 08/01/32 | 1440184 |
|  |  | 29259448 |
| **Virginia — 4.3%** | **Virginia — 4.3%** |  |
| 7800000 | City of Harrisonburg GO, Series A, (State Aid Withholding),<br> 5.00%, 07/15/27 | 8316156 |
| 7615000 | City of Harrisonburg GO, Series A, (State Aid Withholding),<br> 5.00%, 07/15/29 | 8292124 |
| 7430000 | Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding), <br> 5.00%, 06/01/28 | 7746214 |
| 5000000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding),<br> 5.00%, 10/01/27 | 5353669 |
| 7965000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding),<br> 5.00%, 10/01/29 | 8515675 |
| 7530000 | County of Loudoun Public Facilities GO, Series A, (State Aid Withholding),<br> 5.00%, 12/01/26 | 8023273 |
| 6880000 | Hampton Roads Sanitation District Refunding Revenue Bonds, Sub-Series B, <br> 2.10%, 08/01/46(b) | 6880000 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| $3000000 | Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A, <br> 5.00%, 07/01/35 | $3250165 |
| 15000000 | Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 15738209 |
| 1170000 | Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A,<br> 5.00%, 10/01/24 | 1207388 |
| 5725000 | Virginia College Building Authority University & College Improvements Revenue Bonds, <br> 5.00%, 02/01/27 | 6101828 |
| 5000000 | Virginia College Building Authority University & College Improvements Revenue Bonds, <br> 5.00%, 02/01/28 | 5380791 |
| 6540000 | Virginia College Building Authority University & College Improvements Revenue Bonds, <br> 5.00%, 02/01/29 | 7108388 |
| 3375000 | Virginia College Building Authority University & College Improvements Revenue Bonds, <br> 5.00%, 02/01/31 | 3712633 |
| 2000000 | Virginia College Building Authority University & College Improvements Revenue Bonds, <br> 5.00%, 02/01/32 | 2209316 |
| 5000000 | Virginia College Building Authority University & College Improvements Revenue Bonds, <br> 5.00%, 02/01/38 | 5383401 |
| 10000000 | Virginia College Building Authority University & College Improvements Revenue Bonds, <br> 5.00%, 02/01/39 | 10714454 |
| 5375000 | Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A, <br> 5.00%, 05/15/28 | 5765395 |
| 5000000 | Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds,<br> 5.00%, 05/15/27 | 5279401 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| $| 8000000 | Virginia Public Building Authority Public Facilities Revenue Bonds, Series A, Group 1, <br> 5.00%, 08/01/24 | $8232108 |
|  | 4450000 | Virginia Public School Authority Advance Refunding Revenue Bonds, <br> 5.00%, 08/01/24 | 4584467 |
|  | 9000000 | Virginia Public School Authority Current Refunding Revenue Bonds, Series B, <br> 5.00%, 08/01/23 | 9123538 |
|  | 2280000 | Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), <br> 5.00%, 02/01/27 | 2425424 |
|  | 3325000 | Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding),<br> 5.00%, 02/01/28 | 3579883 |
|  | 3410000 | Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding),<br> 5.00%, 02/01/29 | 3712361 |
|  | 4230000 | Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding),<br> 5.00%, 02/01/30 | 4651084 |
|  | 2000000 | Virginia Resources Authority Advance Refunding Revenue, <br> 5.00%, 11/01/26 | 2127899 |
|  |  |  | 163415244 |
| **Washington — 5.5%** | **Washington — 5.5%** | **Washington — 5.5%** |  |
|  | 5000000 | Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, <br> 5.00%, 11/01/24 | 5166294 |
|  | 5000000 | Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, <br> 5.00%, 11/01/25 | 5243218 |
|  | 10000000 | Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, <br> 5.00%, 11/01/30 | 11075875 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| $10000000 | Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, <br> 5.00%, 11/01/31 | $11115511 |
| 1050000 | Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY), <br> 5.00%, 12/01/26 | 1109691 |
| 1600000 | Clark County Public Utility District No 1 Refunding Revenue Bonds,<br> 5.00%, 01/01/27 | 1670948 |
| 1035000 | County of King Refunding GO, <br> 5.00%, 07/01/25 | 1071912 |
| 5395000 | County of King Refunding GO,<br> 5.00%, 07/01/26 | 5580338 |
| 9000000 | County of King School District No 411 Issaquah School Improvement GO, (School Board GTY), <br> 5.00%, 12/01/32 | 9593542 |
| 10000000 | County of King Sewer Improvements GO, Series A,<br> 5.00%, 01/01/30 | 11001220 |
| 8000000 | County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B,<br> 5.00%, 07/01/29 | 8654642 |
| 10000000 | Energy Northwest Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/27 | 10569641 |
| 5000000 | Port of Seattle Airport & Marina Improvements Refunding Revenue Bonds, Series C,<br> 5.00%, 08/01/29 | 5205714 |
| 6885000 | Port of Seattle Current Refunding Revenue Bonds,<br> 5.00%, 09/01/25 | 7117503 |
| 5000000 | Port of Seattle Refunding GO,<br> 5.00%, 06/01/24 | 5137715 |
| 1120000 | Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY),<br> 5.00%, 12/01/23 | 1140921 |
| 5000000 | Snohomish County School District No 201 Refunding GO, (School Board GTY),<br> 5.00%, 12/01/25 | 5130710 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| $2410000 | State of Washington Current Refunding GO, Series R-2020C,<br> 5.00%, 07/01/25 | $2514987 |
| 10000000 | State of Washington Current Refunding GO, Series R-2022C, Group 1, <br> 5.00%, 07/01/23 | 10122097 |
| 10000000 | State of Washington Current Refunding GO, Series R-2022C, Group 1, <br> 5.00%, 07/01/24 | 10290436 |
| 10000000 | State of Washington Current Refunding GO, Series R-2022C, Group 1, <br> 5.00%, 07/01/25 | 10435632 |
| 10000000 | State of Washington Current Refunding GO, Series R-2022C, Group 1,<br> 4.00%, 07/01/26 | 10230982 |
| 10000000 | State of Washington Current Refunding GO, Series R-2022D, Group 1, <br> 5.00%, 07/01/23 | 10122097 |
| 10000000 | State of Washington Current Refunding GO, Series R-2022D, Group 1, <br> 5.00%, 07/01/24 | 10290436 |
| 10000000 | State of Washington Current Refunding GO, Series R-2022D, Group 1,<br> 5.00%, 07/01/25 | 10435632 |
| 6650000 | State of Washington Highway Improvements GO, Series D,<br> 5.00%, 02/01/43 | 6840529 |
| 5475000 | State of Washington Public Improvements GO, Series C,<br> 5.00%, 02/01/30 | 5662664 |
| 2760000 | State of Washington Public Improvements GO, Series D,<br> 5.00%, 02/01/24 | 2821082 |
| 8975000 | State of Washington School Improvements GO, Series C,<br> 5.00%, 02/01/44 | 9367470 |
| 4435000 | Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY), <br> 5.00%, 12/01/24 | 4579176 |
|  |  | 209298615 |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount |  | Value |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |
| $4700000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, <br> 5.00%, 06/01/29(a) | $4812647 |
| 1000000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, Series 1, <br> 5.00%, 06/01/23 | 1010305 |
| 1000000 | State of Wisconsin Current Refunding GO, Series 4, <br> 5.00%, 05/01/28 | 1085482 |
| 1500000 | State of Wisconsin Current Refunding GO, Series 4, <br> 5.00%, 05/01/29 | 1645617 |
| 2000000 | State of Wisconsin Current Refunding GO, Series 4,<br> 5.00%, 05/01/30 | 2216155 |
| 2500000 | State of Wisconsin Current Refunding GO, Series 4,<br> 5.00%, 05/01/31 | 2789989 |
| 2330000 | State of Wisconsin Current Refunding GO, Series 4,<br> 5.00%, 05/01/32 | 2614424 |
| 10000000 | State of Wisconsin Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/29 | 10655337 |
| 1200000 | State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B, <br> 5.00%, 05/01/27 | 1260734 |
| 1900000 | State of Wisconsin Refunding Bonds GO, Series 3,<br> 5.00%, 11/01/25(a) | 1900000 |
| 1000000 | State of Wisconsin Refunding GO, Series 1,<br> 5.00%, 05/01/24 | 1009147 |
| 8000000 | State of Wisconsin University & College Improvements GO, Series A,<br> 5.00%, 05/01/32 | 8832634 |
| 6000000 | Wisconsin Department of Transportation Advance Refunding Revenue Bonds, Series 1,<br> 1.01%, 07/01/26 | 5241093 |
| 7250000 | Wisconsin Health & Educational Facilities Authority Advance Refunding Revenue Bonds, <br> 5.00%, 08/15/54(b) | 7518420 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount | Principal<br>Amount |  | Value | Value |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| $| 2250000 | Wisconsin Health & Educational Facilities Authority Refunding Revenue Bonds, Series A, <br> 5.13%, 04/15/31(a) | $| 2269552 |
|  |  |  |  | 54861536 |
| Total Municipal Bonds<br> (Cost $3,791,089,103) | Total Municipal Bonds<br> (Cost $3,791,089,103) | Total Municipal Bonds<br> (Cost $3,791,089,103) |  | 3568979417 |
| **CORPORATE BONDS — 0.7%** | **CORPORATE BONDS — 0.7%** | **CORPORATE BONDS — 0.7%** |  |  |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |  |  |
|  | 1675000 | Andrew W Mellon Foundation (The), Series 2020, <br> 0.95%, 08/01/27 |  | 1409012 |
|  | 3000000 | BayCare Health System, Inc., Series 2020, <br> 2.61%, 11/15/22 |  | 2997259 |
|  | 5000000 | Baylor Scott & White Holdings, Series 2021, <br> 0.83%, 11/15/25 |  | 4355722 |
|  | 8000000 | Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, <br> 1.91%, 09/01/30 |  | 6438177 |
|  | 5000000 | Leland Stanford Junior University, <br> 1.29%, 06/01/27 |  | 4269359 |
|  | 10000000 | Yale University, Series 2020, <br> 0.87%, 04/15/25 |  | 9102351 |
| Total Corporate Bonds<br> (Cost $32,711,711) | Total Corporate Bonds<br> (Cost $32,711,711) | Total Corporate Bonds<br> (Cost $32,711,711) |  | 28571880 |
| **U.S. GOVERNMENT SECURITIES — 4.5%** | **U.S. GOVERNMENT SECURITIES — 4.5%** | **U.S. GOVERNMENT SECURITIES — 4.5%** | **U.S. GOVERNMENT SECURITIES — 4.5%** | **U.S. GOVERNMENT SECURITIES — 4.5%** |
| **U.S. Treasury Bills — 3.4%** | **U.S. Treasury Bills — 3.4%** | **U.S. Treasury Bills — 3.4%** |  |  |
|  | 130000000 | 3.01%, 11/29/22(d) |  | 129638527 |
| **U.S. Treasury Notes — 1.1%** | **U.S. Treasury Notes — 1.1%** | **U.S. Treasury Notes — 1.1%** |  |  |
|  | 50000000 | 1.88%, 02/15/32 |  | 41531250 |
| Total U.S. Government Securities<br> (Cost $171,222,709) | Total U.S. Government Securities<br> (Cost $171,222,709) | Total U.S. Government Securities<br> (Cost $171,222,709) |  | 171169777 |

---

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| **INVESTMENT COMPANY — 3.5%** | **INVESTMENT COMPANY — 3.5%** |  |
| 133359887 | SEI Daily Income Trust Government II Fund - Class A, 2.89%(e) | $133359887 |
| Total Investment Company<br> (Cost $133,359,887) | Total Investment Company<br> (Cost $133,359,887) | 133359887 |
| **TOTAL INVESTMENTS — 102.3%** | **TOTAL INVESTMENTS — 102.3%** |  |
| (Cost $4,128,383,410) | (Cost $4,128,383,410) |  |
|  |  | $3902080961 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)%** | (87722128) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $3814358833 |

---

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

(b) Floating rate security. Rate shown is the rate in effect as of October 31, 2022.

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

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

(e) The rate shown represents the current yield as of October 31, 2022.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **MUNICIPAL BONDS — 91.7%** | **MUNICIPAL BONDS — 91.7%** |  |
| **California — 91.7%** | **California — 91.7%** |  |
| $6000000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Sub-Series S-4,<br> 5.00%, 04/01/43(a) | $6048974 |
| 15000000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Sub-Series S-4,<br> 5.25%, 04/01/48(a) | 15137729 |
| 1550000 | California Educational Facilities Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 10/01/23 | 1575528 |
| 1000000 | California Health Facilities Financing Authority Current Refunding Revenue Bonds,<br> 5.00%, 11/01/23 | 1017619 |
| 1565000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bond, Series A-1,<br> 5.00%, 04/01/33 | 1779171 |
| 2000000 | California Infrastructure & Economic Development Bank Revenue Bond,<br> 5.00%, 10/01/35 | 2148765 |
| 1785000 | California State University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 11/01/24 | 1846817 |
| 5000000 | California State University Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/01/47 | 5080990 |
| 5000000 | Carlsbad Unified School District School Improvements GO, Series B,<br> 6.00%, 05/01/34 | 5187202 |
| 1260000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/26 | 1338068 |
| 1100000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/27 | 1184826 |
| 2375000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/28 | 2592019 |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $4000000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/30 | $4462550 |
| 900000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/32 | 1017575 |
| 1750000 | City & County of San Francisco Current Refunding GO, Series R1,<br> 5.00%, 06/15/34 | 1929163 |
| 3000000 | City & County of San Francisco Public Improvements GO, Series R1,<br> 5.00%, 06/15/29 | 3312601 |
| 2500000 | City & County of San Francisco Refunding Notes COP,<br> 5.00%, 04/01/23 | 2517202 |
| 1000000 | City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds,<br> 5.00%, 05/15/34 | 1089013 |
| 1000000 | City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds,<br> 4.00%, 05/15/35 | 932522 |
| 2000000 | City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A,<br> 5.00%, 05/15/31 | 2064734 |
| 2590000 | City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A,<br> 5.00%, 05/15/32 | 2647653 |
| 6000000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds,<br> 5.00%, 05/15/40 | 6252301 |
| 3000000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C,<br> 5.00%, 05/15/23 | 3029471 |
| 1500000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C,<br> 5.00%, 05/15/24 | 1539791 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $5000000 | City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C,<br> 5.00%, 06/01/23 | $5053548 |
| 5000000 | City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C,<br> 5.00%, 06/01/24 | 5137715 |
| 3000000 | City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C,<br> 5.00%, 06/01/25 | 3132976 |
| 2550000 | City of Los Angeles Wastewater System Revenue Refunding Revenue Bonds, Sub-Series A,<br> 5.00%, 06/01/25 | 2576132 |
| 1800000 | City of Los Angeles Wastewater System Revenue Refunding Revenue Bonds, Sub-Series A,<br> 5.00%, 06/01/27 | 1818238 |
| 1900000 | City of San Francisco Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds,<br> 5.00%, 11/01/28 | 1982078 |
| 2500000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/24 | 2577265 |
| 3250000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/25 | 3407898 |
| 2000000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/26 | 2129313 |
| 1600000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/27 | 1727835 |
| 1955000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/28 | 2139201 |
| 1005000 | County of Santa Clara Current Refunding GO, Series 2008-D,<br> 5.00%, 08/01/29 | 1113301 |
| 900000 | East Bay Municipal Utility District Water System Revenue Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/30 | 1003092 |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1700000 | East Bay Municipal Utility District Water System Revenue Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/31 | $1911515 |
| 1000000 | East Bay Municipal Utility District Water System Revenue Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/32 | 1131278 |
| 1500000 | Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/36 | 1613402 |
| 1000000 | Eastern Municipal Water District Financing Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/37 | 1069049 |
| 1100000 | Los Angeles Community College District Refunding GO, Series A,<br> 5.00%, 08/01/29(a) | 1134565 |
| 1000000 | Los Angeles Community College District University & College Improvements GO, Series 2008-F,<br> 5.00%, 08/01/24(a) | 1014247 |
| 4000000 | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 06/01/29 | 4402377 |
| 2065000 | Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/23 | 2071356 |
| 1125000 | Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/39 | 1179292 |
| 5000000 | Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B,<br> 5.00%, 07/01/24 | 5150141 |
| 600000 | Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B,<br> 5.00%, 01/01/24 | 611954 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1000000 | Los Angeles Department of Water & Power Water System Revenue Current Refunding Revenue Bonds, Series C,<br> 5.00%, 07/01/35 | $1094322 |
| 2170000 | Los Angeles Department of Water & Power Water System Revenue Current Refunding Revenue Bonds, Series C,<br> 5.00%, 07/01/36 | 2358611 |
| 850000 | Miracosta Community College District University & College Improvements GO, Series 2016-C,<br> 5.00%, 08/01/30 | 956582 |
| 800000 | Miracosta Community College District University & College Improvements GO, Series 2016-C,<br> 5.00%, 08/01/34 | 903328 |
| 1000000 | Miracosta Community College District University & College Improvements GO, Series 2016-C,<br> 5.00%, 08/01/35 | 1119636 |
| 1100000 | Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A,<br> 5.00%, 08/01/28 | 1151574 |
| 2000000 | Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A,<br> 5.00%, 11/01/24(a) | 2050936 |
| 3000000 | Orange County Sanitation District Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 02/01/34 | 3068556 |
| 1145000 | Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L,<br> 5.00%, 05/15/24 | 1175720 |
| 1310000 | Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J,<br> 5.00%, 05/15/24(a) | 1322408 |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $6150000 | Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J,<br> 5.25%, 05/15/27(a) | $6216357 |
| 1100000 | Rio Hondo Community College District Current Refunding GO, Series B,<br> 5.00%, 08/01/24 | 1132293 |
| 870000 | Riverside County Transportation Commission Pre-refunded Refunding Revenue Bond, Series A,<br> 5.25%, 06/01/24(a) | 880608 |
| 3000000 | Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series A,<br> 5.00%, 08/15/49(b) | 3026041 |
| 1000000 | Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J,<br> 5.00%, 08/15/27 | 1078629 |
| 1500000 | Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J,<br> 5.00%, 08/15/28 | 1637996 |
| 1000000 | Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J,<br> 5.00%, 08/15/30 | 1114406 |
| 3500000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H,<br> 5.00%, 08/15/36 | 3728601 |
| 4000000 | San Bernardino Community College District Advance Refunding GO,<br> 1.61%, 08/01/27 | 3412494 |
| 870000 | San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/34 | 927358 |
| 1000000 | San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A,<br> 4.00%, 07/01/35 | 927134 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1000000 | San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series A,<br> 4.00%, 07/01/46 | $858227 |
| 1800000 | San Diego County Water Authority Refunding Revenue Bonds, Sub-Series S1,<br> 5.00%, 05/01/28 | 1950598 |
| 650000 | San Diego County Water Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 05/01/32 | 730485 |
| 1000000 | San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series 2016-D1,<br> 5.00%, 08/01/31 | 1122283 |
| 1500000 | San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series B-1,<br> 5.00%, 08/01/24 | 1546876 |
| 2000000 | San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A,<br> 5.00%, 05/01/26 | 2099878 |
| 2000000 | San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/31 | 2069219 |
| 2500000 | San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A,<br> 5.00%, 05/01/32 | 2566281 |
| 3000000 | San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H,<br> 5.00%, 05/01/29 | 3098090 |
| 5000000 | San Francisco City & County Airport Comm-San Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series C,<br> 5.00%, 05/01/46 | 4958218 |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1025000 | San Francisco City & County Airport Comm-San Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series E,<br> 5.00%, 05/01/40 | $1009644 |
| 4225000 | San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series B,<br> 5.00%, 05/01/27 | 4497748 |
| 2620000 | San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series B,<br> 5.00%, 05/01/28 | 2820853 |
| 830000 | San Jose Evergreen Community College District Advance Refunding GO,<br> 5.00%, 09/01/24 | 855444 |
| 1000000 | San Mateo Union High School District Refunding GO,<br> 5.00%, 09/01/27(a) | 1032457 |
| 1000000 | San Ramon Valley Unified School District School Improvements GO,<br> 5.00%, 08/01/24 | 1031078 |
| 1540000 | Santa Clarita Community College District Refunding GO,<br> 5.00%, 08/01/24(a) | 1561596 |
| 4000000 | State of California Current Refunding GO,<br> 5.00%, 11/01/28 | 4356673 |
| 3250000 | State of California Current Refunding GO,<br> 5.00%, 04/01/42 | 3370850 |
| 3900000 | State of California Current Refunding GO,<br> 5.00%, 12/01/28 | 4247198 |
| 3000000 | State of California Current Refunding GO,<br> 5.00%, 08/01/24 | 3092201 |
| 4770000 | State of California Current Refunding GO, Group C,<br> 5.00%, 08/01/27 | 4944781 |
| 2000000 | State of California Department of Water Resources Water Utility Improvements Revenue Bonds, Series BB,<br> 5.00%, 12/01/32 | 2234435 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| $1000000 | State of California Multi Utility Improvements GO,<br> 5.00%, 10/01/25 | $1049069 |
| 2250000 | State of California Public Improvements GO,<br> 5.00%, 09/01/32 | 2525036 |
| 1000000 | State of California Refunding GO,<br> 5.00%, 10/01/25 | 1031017 |
| 5000000 | State of California Refunding GO,<br> 5.00%, 10/01/26 | 5154144 |
| 3000000 | State of California Water Utility Improvements GO,<br> 5.00%, 11/01/29 | 3303601 |
| 10000000 | State of California Water Utility Improvements GO,<br> 5.00%, 04/01/28 | 10818161 |
| 4000000 | State of California Water Utility Improvements GO,<br> 5.00%, 04/01/29 | 4376988 |
| 3500000 | State of California Water Utility Improvements GO,<br> 5.00%, 04/01/30 | 3863400 |
| 1955000 | University of California Advance Refunding Revenue Bonds, Series AY,<br> 5.00%, 05/15/24 | 2008934 |
| 1465000 | University of California Advance Refunding Revenue Bonds, Series S,<br> 5.00%, 05/15/34 | 1622502 |
| 1270000 | University of California Current Pre-refunded Refunding Revenue Bonds, Series AF,<br> 5.00%, 05/15/26(a) | 1282706 |
| 10000000 | University of California Refunding Revenue Bonds, Series AK,<br> 5.00%, 05/15/48(b) | 10098238 |
| 2500000 | University of California University & College Improvements Revenue Bonds, Series BE,<br> 5.00%, 05/15/33 | 2750891 |
| 4215000 | University of California University & College Improvements Revenue Bonds, Series BK,<br> 5.00%, 05/15/32 | 4778126 |
| 1645000 | Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A,<br> 1.32%, 11/01/25 | 1478115 |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
| **California (continued)** | **California (continued)** |  |
| 2295000 | Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A,<br> 1.54%, 11/01/26 | $2001717 |
| 3970000 | Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A,<br> 1.96%, 11/01/28 | 3299343 |
| 1000000 | Western Municipal Water District Facilities Authority Water Utility Improvements Revenue Bonds, Series A,<br> 5.00%, 10/01/37 | 1073805 |
| Total Municipal Bonds<br> (Cost $305,717,202) | Total Municipal Bonds<br> (Cost $305,717,202) | 288674548 |
| **CORPORATE BONDS — 0.5%** | **CORPORATE BONDS — 0.5%** |  |
| **United States — 0.5%** | **United States — 0.5%** |  |
| 2000000 | Stanford Health Care, Series 2020,<br> 3.31%, 08/15/30 | 1719972 |
| Total Corporate Bonds<br> (Cost $2,000,000) | Total Corporate Bonds<br> (Cost $2,000,000) | 1719972 |
| **U.S. GOVERNMENT SECURITIES — 5.9%** | **U.S. GOVERNMENT SECURITIES — 5.9%** |  |
| **U.S. Treasury Bills — 3.9%** | **U.S. Treasury Bills — 3.9%** |  |
| 12500000 | 3.01%, 11/29/22(c) | 12465243 |
| **U.S. Treasury Notes — 2.0%** | **U.S. Treasury Notes — 2.0%** |  |
| 7500000 | 1.88%, 02/15/32 | 6229688 |
| Total U.S. Government Securities<br> (Cost $18,707,040) | Total U.S. Government Securities<br> (Cost $18,707,040) | 18694931 |
| Shares |  |  |
| **INVESTMENT COMPANY — 1.5%** | **INVESTMENT COMPANY — 1.5%** |  |
| 4662063 | SEI Daily Income Trust Government II Fund - Class A, 2.89%(d) | 4662063 |
| Total Investment Company<br> (Cost $4,662,063) | Total Investment Company<br> (Cost $4,662,063) | 4662063 |
| **TOTAL INVESTMENTS — 99.6%**<br> (Cost $331,086,305) | **TOTAL INVESTMENTS — 99.6%**<br> (Cost $331,086,305) | $313751514 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%** | 1135861 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $314887375 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** **- (Continued)** | ***October 31, 2022***  |

---

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

(b) Floating rate security. Rate shown is the rate in effect as of October
 31, 2022.

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

(d) The rate shown represents the current yield as of October 31, 2022.

The following abbreviations are used in the report:

COP — Certificates of Participation

GO — General Obligation

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **MUNICIPAL BONDS — 93.0%** | **MUNICIPAL BONDS — 93.0%** |  |
| **New York — 93.0%** | **New York — 93.0%** |  |
| $2000000 | Battery Park City Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/01/25 | $2035436 |
| 100000 | Build NYC Resource Corp. Refunding Revenue Bonds, Series A,<br> 5.00%, 06/01/24 | 102708 |
| 225000 | City of New York Advance Refunding GO, Series 2015-A,<br> 5.00%, 08/01/24 | 231799 |
| 2520000 | City of New York Advance Refunding GO, Series A,<br> 5.00%, 08/01/26 | 2664650 |
| 875000 | City of New York Advance Refunding GO, Series C,<br> 5.00%, 08/01/23 | 886881 |
| 1515000 | City of New York Advance Refunding GO, Series C,<br> 5.00%, 08/01/27 | 1564937 |
| 1190000 | City of New York Advance Refunding GO, Series D,<br> 5.00%, 08/01/33 | 1242357 |
| 125000 | City of New York Advance Refunding GO, Series D,<br> 5.00%, 08/01/24 | 128777 |
| 100000 | City of New York Advance Refunding GO, Series E,<br> 5.00%, 08/01/24 | 103022 |
| 4250000 | City of New York Current Refunding GO, Series B-1,<br> 5.00%, 08/01/27 | 4546988 |
| 4250000 | City of New York Current Refunding GO, Series B-1,<br> 5.00%, 08/01/24 | 4378423 |
| 2000000 | City of New York Current Refunding GO, Series B-1,<br> 5.00%, 08/01/26 | 2114802 |
| 2500000 | City of New York Current Refunding GO, Series B-1,<br> 5.00%, 08/01/28 | 2702804 |
| 1250000 | City of New York Current Refunding GO, Series C-1,<br> 5.00%, 08/01/25 | 1304358 |
| 10000000 | City of New York Current Refunding GO, Series C-1,<br> 5.00%, 08/01/26 | 10574009 |
| 5750000 | City of New York Current Refunding GO, Series E,<br> 5.00%, 08/01/24 | 5923749 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $5000000 | City of New York GO, Series A-1,<br> 5.00%, 08/01/32 | $5464820 |
| 1110000 | City of New York Public Improvements GO, Series 2018-1,<br> 5.00%, 08/01/25 | 1158270 |
| 1500000 | City of New York Public Improvements GO, Sub-Series H-A,<br> 5.00%, 01/01/25(a) | 1552166 |
| 2025000 | City of New York Public Improvements GO, Sub-Series I-1,<br> 5.00%, 03/01/25 | 2067611 |
| 325000 | City of New York Refunding GO, Series J,<br> 5.00%, 08/01/24 | 334821 |
| 2860000 | County of Westchester NY Public Improvements GO, Series A,<br> 5.00%, 10/15/29 | 3164713 |
| 125000 | Erie County Industrial Development Agency City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/24 | 128147 |
| 1000000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/23 | 1008900 |
| 1000000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/24 | 1025173 |
| 1000000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/25 | 1040811 |
| 1000000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/26 | 1054998 |
| 1025000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/29 | 1121411 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> 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 | $1668198 |
| 1200000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds,<br> 5.00%, 09/01/35 | 1252425 |
| 7550000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,<br> 4.00%, 09/01/34 | 7274166 |
| 500000 | Long Island Power Authority Electric System General Revenue Bonds,<br> 5.00%, 09/01/25 | 522357 |
| 1600000 | Long Island Power Authority Revenue Bonds, Series A,<br> 5.00%, 09/01/24 | 1647323 |
| 1500000 | Long Island Power Authority Revenue Bonds, Series A,<br> 5.00%, 09/01/25 | 1567071 |
| 1025000 | Long Island Power Authority Revenue Bonds, Series A,<br> 5.00%, 09/01/26 | 1085393 |
| 1000000 | Long Island Power Authority Revenue Bonds, Series A,<br> 5.00%, 09/01/30 | 1101797 |
| 2000000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/26 | 2116347 |
| 1335000 | Metropolitan Transportation Authority Current Pre-refunded Revenue Bonds, Series F,<br> 5.00%, 11/15/30(b) | 1335797 |
| 165000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F,<br> 5.00%, 11/15/30 | 165098 |
| 1500000 | Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Sub-Series A1,<br> 5.00%, 11/15/48(c) | 1517230 |
| 2570000 | Metropolitan Transportation Authority Green Bond Revenue Bonds, Series B-2,<br> 5.00%, 11/15/23 | 2613584 |

---

---

| | | |
|:---|:---|:---|
| Principal <br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $250000 | Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1,<br> 5.00%, 11/15/23 | $253218 |
| 6545000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/35 | 6894841 |
| 2500000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/29 | 2502249 |
| 2500000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1,<br> 5.00%, 11/15/29(a) | 2534211 |
| 8000000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1,<br> 5.00%, 11/01/27(a) | 8000000 |
| 2000000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1,<br> 5.00%, 11/15/33 | 1990558 |
| 375000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, Series B,<br> 5.00%, 11/15/22 | 375219 |
| 600000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds, Series B,<br> 5.00%, 11/15/23 | 607844 |
| 100000 | Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding),<br> 5.00%, 05/01/24 | 102473 |
| 5000000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 11/15/31 | 5583003 |
| 5000000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B,<br> 0.83%, 11/15/26 | 4267330 |
| 6280000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B,<br> 1.46%, 11/15/29 | 4973049 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $300000 | Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 10/01/24 | $309699 |
| 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(c) | 3597734 |
| 2750000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series CC,<br> 5.00%, 06/15/25 | 2870062 |
| 7500000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub-Series EE,<br> 5.00%, 06/15/34 | 8223335 |
| 2000000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2,<br> 5.00%, 06/15/26 | 2068633 |
| 2000000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2,<br> 5.00%, 06/15/27 | 2104497 |
| 1500000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Sub-Series FF-1,<br> 5.00%, 06/15/49 | 1517843 |
| 2000000 | New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series DD-2,<br> 5.00%, 06/15/25 | 2039730 |
| 5000000 | New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series HH,<br> 5.00%, 06/15/28 | 5215736 |
| 1225000 | New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding),<br> 5.00%, 07/15/24(b) | 1258510 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1035000 | New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding),<br> 5.00%, 07/15/26 | $1091193 |
| 2300000 | New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),<br> 5.00%, 07/15/31 | 2538597 |
| 3230000 | New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),<br> 5.00%, 07/15/32 | 3552721 |
| 700000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding),<br> 5.00%, 07/15/26 | 724150 |
| 150000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding),<br> 5.00%, 07/15/25 | 155369 |
| 1960000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding),<br> 5.00%, 07/15/30 | 2096467 |
| 2000000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding),<br> 5.00%, 07/15/25 | 2082510 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/29 | 5437750 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $3585000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/26 | $3793587 |
| 3000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/27 | 3213634 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/29 | 5437750 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,<br> 5.00%, 11/01/30 | 5475731 |
| 4375000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds,<br> 5.00%, 08/01/24 | 4504190 |
| 7750000 | New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series B-1,<br> 5.00%, 08/01/25 | 8082875 |
| 2500000 | New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series F-1,<br> 5.00%, 02/01/40 | 2595311 |
| 5000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series S,<br> 5.00%, 05/01/34 | 5339295 |
| 3000000 | New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Series A-1,<br> 5.00%, 11/01/25 | 3139817 |
| 1885000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 02/15/25 | 1957010 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1525000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E,<br> 5.00%, 03/15/24 | $1562552 |
| 1600000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E,<br> 5.00%, 03/15/25 | 1663236 |
| 1000000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/32 | 1096457 |
| 3500000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/35 | 3737370 |
| 5000000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/50 | 5257520 |
| 1575000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2,<br> 5.00%, 07/01/30 | 1751075 |
| 4285000 | New York State Dormitory Authority Pre-refunded Revenue Bonds, Series A,<br> 5.00%, 02/15/25(b) | 4443899 |
| 3765000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series E,<br> 5.00%, 02/15/26(b) | 3908829 |
| 1455000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series E,<br> 5.00%, 02/15/30 | 1499531 |
| 10335000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B,<br> 5.00%, 03/15/29 | 10725526 |
| 2000000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/24 | 2047354 |
| 5000000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B,<br> 5.00%, 02/15/28 | 5169705 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $3275000 | New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding),<br> 5.00%, 01/15/27 | $3463520 |
| 2025000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 02/15/26(b) | 2071963 |
| 3000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/24(b) | 3036035 |
| 1600000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/26(b) | 1619219 |
| 6500000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 07/01/29(b) | 6778095 |
| 2000000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 12/15/29 | 2004455 |
| 2500000 | New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A,<br> 5.00%, 02/15/28 | 2647579 |
| 1220000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/27 | 1304443 |
| 1280000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/27 | 1360518 |
| 2500000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/25 | 2591822 |
| 1000000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/24 | 1023677 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1025000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/26(b) | $1049269 |
| 2525000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/25 | 2637624 |
| 1750000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A,<br> 5.00%, 07/01/26 | 1854028 |
| 4755000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,<br> 5.00%, 06/15/28 | 5164017 |
| 3660000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,<br> 5.00%, 06/15/29 | 4018502 |
| 2250000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,<br> 5.00%, 06/15/30 | 2492583 |
| 1000000 | New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series B,<br> 5.00%, 02/15/31 | 1112325 |
| 6250000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds,<br> 5.00%, 06/15/28 | 6412081 |
| 275000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A,<br>5.00%, 06/15/24 | 282745 |
| 3445000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B,<br> 5.00%, 06/15/30 | 3751577 |
| 3015000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/23 | 3050048 |
| 5000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/24 | 5140824 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $4000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/25 | $4175659 |
| 2000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/26 | 2118296 |
| 1750000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/27 | 1877949 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/34 | 1065783 |
| 1000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/36 | 1059428 |
| 985000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/24 | 1012742 |
| 605000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,<br> 5.00%, 06/15/24 | 622040 |
| 4240000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B,<br> 5.00%, 06/15/27 | 4550003 |
| 3000000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E,<br> 5.00%, 06/15/23 | 3034874 |
| 550000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E,<br> 5.00%, 06/15/24 | 565491 |
| 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(c) | 4923746 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1000000 | New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency),<br> 1.00%, 11/01/61(c) | $883374 |
| 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(c) | 1302337 |
| 2000000 | New York State Thruway Authority Refunding Revenue Bonds, Series J,<br> 5.00%, 01/01/27 | 2032951 |
| 1000000 | New York State Thruway Authority Refunding Revenue Bonds, Series K,<br> 5.00%, 01/01/25 | 1033719 |
| 375000 | New York State Thruway Authority Refunding Revenue Bonds, Series K,<br> 5.00%, 01/01/24 | 382082 |
| 125000 | New York State Thruway Authority Refunding Revenue Bonds, Series L,<br> 5.00%, 01/01/24 | 127361 |
| 5875000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,<br> 5.00%, 03/15/31 | 6439610 |
| 5000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/25 | 5192 |
| 1500000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/29 | 1586424 |
| 300000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/24 | 307136 |
| 995000 | New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series B,<br> 5.00%, 03/15/25 | 1031775 |
| 1675000 | New York State Urban Development Corp. Civic Convention Center Revenue Bonds, Series A,<br> 5.00%, 03/15/29 | 1815944 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1750000 | New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/30 | $1910680 |
| 5000000 | New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/31 | 5488080 |
| 5000000 | New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds,<br> 5.00%, 03/15/32 | 5505446 |
| 5000000 | New York State Urban Development Corp. Economic Improvements Revenue Bonds,<br> 5.00%, 03/15/28 | 5368018 |
| 5500000 | New York State Urban Development Corp. Economic Improvements Revenue Bonds, Series E,<br> 4.00%, 03/15/38 | 5070910 |
| 2750000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A,<br> 5.00%, 03/15/28 | 2876444 |
| 2000000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E,<br> 5.00%, 03/15/29 | 2011312 |
| 9000000 | Port Authority of New York & New Jersey Cash Flow Management Revenue Bonds, Series AAA,<br> 1.09%, 07/01/23 | 8778145 |
| 150000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189,<br> 5.00%, 05/01/24 | 153754 |
| 2085000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189,<br> 5.00%, 05/01/26 | 2164506 |
| 175000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 83,<br> 5.00%, 12/15/26 | 179622 |
| 1100000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 84,<br> 5.00%, 09/01/34 | 1122902 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1400000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179,<br> 5.00%, 12/01/27 | $1425702 |
| 5000000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179,<br> 5.00%, 12/01/28 | 5091261 |
| 100000 | Port Authority of New York & New Jersey Revenue Bonds, Series 209,<br> 5.00%, 07/15/23 | 101225 |
| 125000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A,<br> 5.00%, 10/15/23 | 127170 |
| 5150000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A,<br> 5.00%, 10/15/30(b) | 5326767 |
| 8195000 | State of New York Current Refunding GO, Series B,<br> 2.55%, 02/15/29 | 7080411 |
| 1000000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/33 | 1006288 |
| 1915000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/34 | 1913228 |
| 1000000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/35 | 979954 |
| 1000000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),<br> 4.00%, 05/01/36 | 952985 |
| 4315000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A,<br> 5.00%, 11/15/25 | 4351647 |
| 1050000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A,<br> 5.00%, 11/15/27 | 1058806 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $1575000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A,<br> 5.00%, 11/15/29 | $1588209 |
| 3000000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A,<br> 5.00%, 11/01/25 | 3138944 |
| 265000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B,<br> 5.00%, 11/15/23 | 269731 |
| 6340000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C,<br> 5.00%, 11/15/29 | 6390814 |
| 1500000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C,<br> 5.00%, 11/15/30 | 1511863 |
| 3000000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds,<br> 5.00%, 05/15/27 | 3205487 |
| 2000000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A,<br> 4.00%, 05/15/40 | 1798368 |
| 3000000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A,<br> 4.00%, 05/15/41 | 2679416 |
| 3000000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A,<br> 4.00%, 05/15/42 | 2657834 |
| 1750000 | Utility Debt Securitization Authority Refunding Revenue Bonds,<br> 5.00%, 06/15/25 | 1769372 |
| 1500000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series A,<br> 5.00%, 06/15/26 | 1540094 |
| 2655000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/26 | 2725966 |
| 2975000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/27 | 3100321 |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **New York (continued)** | **New York (continued)** |  |
| $5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/28 | $5278236 |
| 5000000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/29 | 5324212 |
| 5045000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/30 | 5467335 |
| 5290000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 12/15/31 | 5381627 |
| 4760000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/32 | 5238356 |
| 2250000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/33 | 2488489 |
| 1700000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 06/15/34 | 1879838 |
| 1080000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 12/15/28 | 1099900 |
| 8720000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 12/15/29 | 8878745 |
| 2750000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,<br> 5.00%, 12/15/30 | 2798543 |
| Total Municipal Bonds<br> (Cost $541,438,059) | Total Municipal Bonds<br> (Cost $541,438,059) | 507942940 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;**Portfolio of Investments -** **(Continued)** | ***October 31, 2022***  |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
| **CORPORATE BONDS — 0.8%** | **CORPORATE BONDS — 0.8%** |  |
| **United States — 0.8%** | **United States — 0.8%** |  |
| $5000000 | Andrew W Mellon Foundation (The), Series 2020,<br> 0.95%, 08/01/27 | $4206007 |
| Total Corporate Bonds<br> (Cost $5,000,000) | Total Corporate Bonds<br> (Cost $5,000,000) | 4206007 |
| **U.S. GOVERNMENT SECURITIES — 3.7%** | **U.S. GOVERNMENT SECURITIES — 3.7%** |  |
| **U.S. Treasury Bills — 1.4%** | **U.S. Treasury Bills — 1.4%** |  |
| 8000000 | 3.01%, 11/29/22(d) | 7977755 |
| **U.S. Treasury Notes — 2.3%** | **U.S. Treasury Notes — 2.3%** |  |
| 15000000 | 1.88%, 02/15/32 | 12459375 |
| Total U.S. Government Securities<br> (Cost $20,422,176) | Total U.S. Government Securities<br> (Cost $20,422,176) | 20437130 |
| Shares |  |  |
| **INVESTMENT COMPANY — 1.4%** | **INVESTMENT COMPANY — 1.4%** |  |
| 7452382 | SEI Daily Income Trust Government II Fund - Class A, 2.89%(e) | 7452382 |
| Total Investment Company<br> (Cost $7,452,382) | Total Investment Company<br> (Cost $7,452,382) | 7452382 |
| **TOTAL INVESTMENTS — 98.9%** | **TOTAL INVESTMENTS — 98.9%** |  |
| (Cost $574,312,617) | (Cost $574,312,617) | $540038459 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%** | 6028736 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $546067195 |

---

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

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

(c) Floating rate security. Rate shown is the rate in effect as of October 31, 2022.

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

(e) The rate shown represents the current yield as of October 31, 2022.

The following abbreviations are used in the report:

GO — General Obligation

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Statements of Assets And Liabilities** |  |
| | ***October 31, 2022*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ALL CAP CORE<br>FUND** | **LARGE CAP<br> STRATEGIES<br> FUND** | **SMALL & MID CAP<br> STRATEGIES<br> FUND** | **CREDIT<br>INCOME<br>FUND** |
| **ASSETS:** |  |  |  |  |
| Investments, at fair value - unaffiliated | $2803138056 | $19422198945 | $7382456856 | $2270055012 |
| Foreign currency, at value (Cost $0, $6,290,258, $4,684,031 and $0 respectively) |  | 6289925 | 4678422 |  |
| Cash | 3 | 15527 | 14135938 |  |
| Due from broker for collateral |  |  |  | 27120000 |
| Dividends and interest receivable | 1060386 | 16872327 | 12163315 | 13362444 |
| Receivable for Fund shares sold | 815976 | 3822286 | 4075408 | 1366409 |
| Receivable for investments sold | 6209300 | 47492873 | 32807834 | 44392271 |
| Prepaid expenses | 22482 | 69270 | 36269 | 21738 |
| Total Assets | 2811246203 | 19496761153 | 7450354042 | 2356317874 |
| **LIABILITIES:** |  |  |  |  |
| Payable for Fund shares redeemed | 387824 | 19005454 | 10266173 | 2715616 |
| Payable for investments purchased | 6165668 | 55882588 | 78850816 | 1369809 |
| Unrealized depreciation on swap contracts |  |  |  | 28281257 |
| Unrealized depreciation on unfunded floating rate loan interests |  |  |  | 3988 |
| Deferred foreign capital gains tax liability (Note 8) |  | 20960281 | 363425 |  |
| Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 1465493 | 12090345 | 4560445 | 1036065 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 115006 | 737473 | 353793 | 152995 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 64888 | 447801 | 170594 | 57007 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 432586 | 2985343 | 1137297 | 380048 |
| &nbsp;&nbsp;&nbsp;Custody - unaffiliated |  | 35114 | 164771 | 6296 |
| &nbsp;&nbsp;&nbsp;Custody - affiliated | 47311 | 412672 | 9697 |  |
| &nbsp;&nbsp;&nbsp;Directors | 18118 | 130936 | 51543 | 13005 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 72162 | 469042 | 213064 | 225599 |
| &nbsp;&nbsp;&nbsp;Other | 61762 | 474541 | 228975 | 63092 |
| Total Liabilities | 8830818 | 113631590 | 96370593 | 34304777 |
| **NET ASSETS** | $2802415385 | $19383129563 | $7353983449 | $2322013097 |
| **NET ASSETS consist of:** |  |  |  |  |
| Capital paid-in | $1916850757 | $16668699376 | $7553547369 | $2956346622 |
| Total distributable earnings/(accumulated loss) | 885564628 | 2714430187 | (199563920) | (634333525) |
| **NET ASSETS** | $2802415385 | $19383129563 | $7353983449 | $2322013097 |
| Net Asset Value, maximum offering price and redemption price per share | $20.25 | $14.36 | $13.43 | $7.97 |
| Number of shares authorized | 2500000000 | 3000000000 | 3500000000 | 3500000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 138422057 | 1350190849 | 547629660 | 291324323 |
| **INVESTMENTS, AT COST** | $1975117880 | $16222661250 | $7423342220 | $2847267689 |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Statements of Assets and Liabilities** **- (Continued)** |  |
| | ***October 31, 2022*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FIXED**<br> **INCOME**<br> **FUND** | **MUNICIPAL**<br> **BOND**<br> **FUND** | **CALIFORNIA**<br> **MUNICIPAL**<br> **BOND**<br> **FUND** | **NEW YORK**<br> **MUNICIPAL**<br> **BOND**<br> **FUND** |
| **ASSETS:** |  |  |  |  |
| Investments, at fair value - unaffiliated | $1383850113 | $3902080961 | $313751514 | $540038459 |
| Cash | 1 | 1 | 1 | 1 |
| Dividends and interest receivable | 8076020 | 43945802 | 4451731 | 7148178 |
| Receivable for Fund shares sold | 1018094 | 927190 | 19995 |  |
| Receivable for investments sold | 4689099 |  |  |  |
| Prepaid expenses | 18385 | 25976 | 15007 | 15807 |
| Total Assets | 1397651712 | 3946979930 | 318238248 | 547202445 |
| **LIABILITIES:** |  |  |  |  |
| Payable for Fund shares redeemed | 397548 | 1813979 | 140000 | 837941 |
| Payable for investments purchased | 2985830 | 128819317 | 3029175 |  |
| Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | 304841 | 872588 | 53765 | 105614 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - unaffiliated | 65833 | 178762 | 24591 | 39361 |
| &nbsp;&nbsp;&nbsp;Administration and accounting - affiliated | 33570 | 92320 | 7571 | 13325 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 223799 | 615468 | 50472 | 88833 |
| &nbsp;&nbsp;&nbsp;Custody - affiliated | 16786 | 46159 | 3786 | 6663 |
| &nbsp;&nbsp;&nbsp;Directors | 6845 | 18051 | 1530 | 2708 |
| &nbsp;&nbsp;&nbsp;Legal and audit | 44817 | 86115 | 26549 | 25013 |
| &nbsp;&nbsp;&nbsp;Other | 34376 | 78338 | 13434 | 15792 |
| Total Liabilities | 4114245 | 132621097 | 3350873 | 1135250 |
| **NET ASSETS** | $1393537467 | $3814358833 | $314887375 | $546067195 |
| **NET ASSETS consist of:** |  |  |  |  |
| Capital paid-in | $1588469021 | $4143502952 | $340093829 | $590226177 |
| Total accumulated loss | (194931554) | (329144119) | (25206454) | (44158982) |
| **NET ASSETS** | $1393537467 | $3814358833 | $314887375 | $546067195 |
| Net Asset Value, maximum offering price and redemption price per share | $9.88 | $11.10 | $9.39 | $9.48 |
| Number of shares authorized | 2000000000 | 2000000000 | 2000000000 | 2000000000 |
| **SHARES OF CAPITAL STOCK OUTSTANDING** | 141077096 | 343696505 | 33518174 | 57574332 |
| **INVESTMENTS, AT COST** | $1519005661 | $4128383410 | $331086305 | $574312617 |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Statements of Operations** |  |
|  | ***For the Year Ended October 31, 2022*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ALL CAP CORE<br>FUND** | **LARGE CAP<br>STRATEGIES<br>FUND** | **SMALL & MID<br>CAP<br>STRATEGIES<br>FUND** | **CREDIT<br>INCOME<br>FUND** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest | $30543 | $5699782 | $30456 | $123956490 |
| Dividends - unaffiliated | 34221609 | 307499063 | 143489306 | 22191580 |
| Foreign tax withheld | (297553) | (5663771) | (9623515) |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 33954599 | 307535074 | 133896247 | 146148070 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 21200178 | 178941107 | 71079580 | 16182240 |
| Shareholder servicing fees | 6292362 | 44266527 | 16724607 | 5611724 |
| Administration and accounting fees - unaffiliated | 484281 | 3230701 | 1428171 | 586012 |
| Administration and accounting fees - affiliated | 943854 | 6639979 | 2508691 | 841759 |
| Custodian fees - unaffiliated |  | 307341 | 1818238 | 88838 |
| Custodian fees - affiliated | 564907 | 5057214 | 197648 |  |
| Directors fees and expenses | 77368 | 540127 | 205281 | 67797 |
| Insurance premiums | 25426 | 82819 | 41614 | 23897 |
| Legal and audit fees | 122327 | 842057 | 337237 | 193959 |
| Printing and postage fees | 24372 | 132457 | 62230 | 23295 |
| Registration fees | 58907 | 179945 | 169980 | 139234 |
| Transfer agent fees | 299026 | 2036428 | 779571 | 271578 |
| Miscellaneous expenses | 18641 | 85043 | 48609 | 107390 |
| &nbsp;&nbsp;&nbsp;Total expenses | 30111649 | 242341745 | 95401457 | 24137723 |
| Expenses waived by Advisor |  |  | (3416118) | (287898) |
| &nbsp;&nbsp;&nbsp;Net expenses | 30111649 | 242341745 | 91985339 | 23849825 |
| NET INVESTMENT INCOME | 3842950 | 65193329 | 41910908 | 122298245 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, SWAP AGREEMENTS, WRITTEN OPTIONS AND STRUCTURED OPTIONS, FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:** |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 69036586 | (469299381) | (159210701) | (21461606) |
| &nbsp;&nbsp;&nbsp;Swap agreements |  |  |  | (20000350) |
| &nbsp;&nbsp;&nbsp;Written options and structured options |  | (5521873) |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | 215607 | 2960360 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (43608) | (5173654) | (3218283) |  |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax |  | (5279935) | (188528) |  |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (836039191) | (5740350873) | (2640281244) | (597491771) |
| &nbsp;&nbsp;&nbsp;Swap agreements |  |  |  | (25789672) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (13527) | (446153) | (226101) |  |
| &nbsp;&nbsp;&nbsp;Deferred foreign capital gains taxed on unrealized appreciation/(depreciation) |  | 16384812 | 444552 |  |
| &nbsp;&nbsp;&nbsp;Unfunded loan commitments |  |  |  | (3988) |
| Net realized and change in unrealized gain/(loss) on investments, swap agreements, written options and structured options, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains taxes | (767059740) | (6209471450) | (2799719945) | (664747387) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(763216790) | $(6144278121) | $(2757809037) | $(542449142) |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Statements of Operations** **- (Continued)** |  |
|  | ***For the Year Ended October 31, 2022*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FIXED<br> INCOME<br> FUND** | **MUNICIPAL<br> BOND<br> FUND** | **CALIFORNIA<br> MUNICIPAL<br> BOND<br> FUND** | **NEW YORK<br> MUNICIPAL<br> BOND<br> FUND** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest | $28681435 | $62378125 | $5712488 | $10297957 |
| Dividends - unaffiliated | 68076 | 721038 | 62092 | 73327 |
| &nbsp;&nbsp;&nbsp;Total investment income | 28749511 | 63099163 | 5774580 | 10371284 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | 6048814 | 15055747 | 1493715 | 2671376 |
| Shareholder servicing fees | 3027893 | 8174712 | 663873 | 1210688 |
| Administration and accounting fees - unaffiliated | 260866 | 696903 | 93184 | 148415 |
| Administration and accounting fees - affiliated | 454184 | 1226207 | 99581 | 181603 |
| Custodian fees - affiliated | 227092 | 613103 | 49791 | 90802 |
| Directors fees and expenses | 31113 | 85329 | 6579 | 12950 |
| Insurance premiums | 20294 | 27481 | 16969 | 17695 |
| Legal and audit fees | 67294 | 161895 | 21911 | 28103 |
| Printing and postage fees | 16812 | 29714 | 10868 | 12206 |
| Registration fees | 60334 | 68711 | 37548 | 41739 |
| Transfer agent fees | 151347 | 383644 | 42145 | 67204 |
| Miscellaneous expenses | 13781 | 18229 | 10783 | 11466 |
| &nbsp;&nbsp;&nbsp;Total expenses | 10379824 | 26541675 | 2546947 | 4494247 |
| Expenses waived by Advisor | (1750327) | (3243745) | (654907) | (1043786) |
| &nbsp;&nbsp;&nbsp;Net expenses | 8629497 | 23297930 | 1892040 | 3450461 |
| NET INVESTMENT INCOME | 20120014 | 39801233 | 3882540 | 6920823 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |  |
| Net realized loss on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (42464119) | (107989016) | (8334315) | (10659263) |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (143193271) | (278081431) | (22236919) | (44663540) |
| Net realized and change in unrealized gain/(loss) on investments | (185657390) | (386070447) | (30571234) | (55322803) |
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(165537376) | $(346269214) | $(26688694) | $(48401980) |

---

See Notes to Financial Statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **ALL CAP CORE FUND** | **ALL CAP CORE FUND** |
|  | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2022** | **FOR THE YEAR<br> ENDED<br> OCTOBER 31, 2021** |
| **FROM OPERATIONS:** |  |  |
| Net investment income/(loss) | $3842950 | $(2924135) |
| Net realized gain/(loss) on investments, swap agreements, written and structured options, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains tax | 68992978 | 220255445 |
| Net change in unrealized appreciation/(depreciation) on investments, swap agreements, foreign currency transactions, net of foreign deferred taxes | (836052718) | 905272643 |
| Net increase/(decrease) in net assets resulting from operations | (763216790) | 1122603953 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (204878100) | (79249855) |
| Total distributions to shareholders | (204878100) | (79249855) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 269985875 | 568233362 |
| Reinvestment of distributions | 136677933 | 53810174 |
| Value of capital stock redeemed | (284836201) | (300620640) |
| Net increase in net assets resulting from capital stock transactions | 121827607 | 321422896 |
| Contributions from the Adviser (Note 6) |  |  |
| Net increase/(decrease) in net assets | (846267283) | 1364776994 |
| **NET ASSETS:** |  |  |
| Beginning of year | 3648682668 | 2283905674 |
| End of year | $2802415385 | $3648682668 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 11893350 | 30516643 |
| Shares issued as reinvestment of distributions | 5387384 | 2518024 |
| Shares redeemed | (12454985) | (12630701) |
| Net increase in shares outstanding | 4825749 | 20403966 |

---

See Notes to Financial Statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LARGE CAP STRATEGIES FUND** | **LARGE CAP STRATEGIES FUND** | **SMALL & MID CAP STRATEGIES FUND** | **SMALL & MID CAP STRATEGIES FUND** | **CREDIT INCOME FUND** | **CREDIT INCOME FUND** |
| **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2022** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2021** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2022** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2021** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2022** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2021** |
| $65193329 | $11393668 | $41910908 | $(9042954) | $122298245 | $108292906 |
| (485059236) | 1636175973 | (159657152) | 674452451 | (41461956) | 4132469 |
| (5724412214) | 4493805539 | (2640062793) | 1522039973 | (623285431) | 28617754 |
| (6144278121) | 6141375180 | (2757809037) | 2187449470 | (542449142) | 141043129 |
| (1588764828) | (272974801) | (658940089) | (256159437) | (126255193) | (103968936) |
| (1588764828) | (272974801) | (658940089) | (256159437) | (126255193) | (103968936) |
| 2504443149 | 3340285718 | 1448477615 | 1469920430 | 483715552 | 1083765608 |
| 940700749 | 150793033 | 359439739 | 149738738 | 48891447 | 39200662 |
| (2074561065) | (1226525690) | (784024135) | (569352420) | (492465479) | (148663498) |
| 1370582833 | 2264553061 | 1023893219 | 1050306748 | 40141520 | 974302772 |
| 3103041 |  |  |  |  |  |
| (6359357075) | 8132953440 | (2392855907) | 2981596781 | (628562815) | 1011376965 |
| 25742486638 | 17609533198 | 9746839356 | 6765242575 | 2950575912 | 1939198947 |
| $19383129563 | $25742486638 | $7353983449 | $9746839356 | $2322013097 | $2950575912 |
| 151613435 | 184198653 | 91215022 | 76480118 | 51371449 | 107298194 |
| 51097270 | 8975776 | 20387960 | 8231926 | 5455540 | 3903038 |
| (132587268) | (67417537) | (53157162) | (30034973) | (56181752) | (14731903) |
| 70123437 | 125756892 | 58445820 | 54677071 | 645237 | 96469329 |

---

See Notes to Financial Statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **FIXED INCOME FUND** | **FIXED INCOME FUND** |
|  | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2022** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2021** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $20120014 | $15622972 |
| Net realized gain/(loss) on investments | (42464119) | 7726587 |
| Net change in unrealized appreciation/(depreciation) on investments | (143193271) | (44298763) |
| Net increase/(decrease) in net assets resulting from operations | (165537376) | (20949204) |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Net investment income and net realized gains | (30396014) | (60499108) |
| Total distributions to shareholders | (30396014) | (60499108) |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS):** |  |  |
| Proceeds from sale of capital stock | 269774377 | 284962485 |
| Reinvestment of distributions | 18749556 | 40178581 |
| Value of capital stock redeemed | (267744423) | (344087217) |
| Net increase/(decrease) in net assets resulting from capital stock transactions | 20779510 | (18946151) |
| Net increase/(decrease) in net assets | (175153880) | (100394463) |
| **NET ASSETS:** |  |  |
| Beginning of year | 1568691347 | 1669085810 |
| End of year | $1393537467 | $1568691347 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Shares sold | 25284483 | 24942340 |
| Shares issued as reinvestment of distributions | 1771658 | 3490875 |
| Shares redeemed | (25468003) | (30154113) |
| Net increase/(decrease) in shares outstanding | 1588138 | (1720898) |

---

See Notes to Financial Statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MUNICIPAL BOND FUND** | **MUNICIPAL BOND FUND** | **CALIFORNIA MUNICIPAL BOND FUND** | **CALIFORNIA MUNICIPAL BOND FUND** | **NEW YORK MUNICIPAL BOND FUND** | **NEW YORK MUNICIPAL BOND FUND** |
| **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2022** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2021** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2022** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2021** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2022** | **FOR THE YEAR**<br> **ENDED**<br> **OCTOBER 31, 2021** |
| $39801233 | $38787139 | $3882540 | $3831315 | $6920823 | $5986870 |
| (107989016) | 48932448 | (8334315) | 3021716 | (10659263) | 2550678 |
| (278081431) | (85431146) | (22236919) | (6927094) | (44663540) | (3976825) |
| (346269214) | 2288441 | (26688694) | (74063) | (48401980) | 4560723 |
| (86177456) | (62051485) | (6712164) | (6793047) | (9206887) | (9915106) |
| (86177456) | (62051485) | (6712164) | (6793047) | (9206887) | (9915106) |
| 687577929 | 973951398 | 73626405 | 65517376 | 113857196 | 179396663 |
| 38470492 | 22329496 | 3590400 | 3422001 | 4278078 | 4321762 |
| (713489605) | (903910339) | (75083515) | (116284782) | (141003328) | (134320233) |
| 12558816 | 92370555 | 2133290 | (47345405) | (22868054) | 49398192 |
| (419887854) | 32607511 | (31267568) | (54212515) | (80476921) | 44043809 |
| 4234246687 | 4201639176 | 346154943 | 400367458 | 626544116 | 582500307 |
| $3814358833 | $4234246687 | $314887375 | $346154943 | $546067195 | $626544116 |
| 58523834 | 78706808 | 7470117 | 6238869 | 11416511 | 17211966 |
| 3192059 | 1784997 | 356533 | 324974 | 423572 | 409495 |
| (61492673) | (72615591) | (7649338) | (11093932) | (14332904) | (12753669) |
| 223220 | 7876214 | 177312 | (4530089) | (2492821) | 4867792 |

---

See Notes to Financial Statements.

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $27.31 | $20.18 | $18.84 | $17.08 | $16.50 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | 0.03 | (0.02) | 0.02 | 0.09 | 0.07 |
| Net realized and unrealized gain/(loss) | (5.55) | 7.85 | 3.02 | 2.44 | 0.84 |
| Total from investment operations | (5.52) | 7.83 | 3.04 | 2.53 | 0.91 |
| **Distributions:** |  |  |  |  |  |
| Net investment income |  | (0.01) | (0.08) | (0.08) | (0.09) |
| Net realized gains | (1.54) | (0.69) | (1.62) | (0.69) | (0.24) |
| Total distributions | (1.54) | (0.70) | (1.70) | (0.77) | (0.33) |
| Net asset value, end of year | $20.25 | $27.31 | $20.18 | $18.84 | $17.08 |
| Total return | (21.3)% | 39.8% | 17.3% | 15.7% | 5.6% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $2802415 | $3648683 | $2283906 | $1766287 | $1839663 |
| Ratio of expenses to average net assets before expense waivers<sup>(b)</sup> | 0.96% | 0.96% | 0.97% | 0.98% | 0.98% |
| Ratio of expenses to average net assets after expense waivers | 0.96% | 0.96% | 0.97% | 0.98% | 0.98% |
| Ratio of net investment income/(loss) to average net assets | 0.12% | (0.10)% | 0.10% | 0.51% | 0.42% |
| Portfolio turnover rate | 54% | 30% | 43% | 31% | 38% |

---

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

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

See Notes to Financial Statements.

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $20.11 | $15.26 | $14.99 | $13.87 | $14.85 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.05 | 0.01 | 0.07 | 0.13 | 0.13 |
| Net realized and unrealized gain/(loss) | (4.56) | 5.08 | 0.94 | 1.58 | (0.26) |
| Total from investment operations | (4.51) | 5.09 | 1.01 | 1.71 | (0.13) |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.00)(b) | (0.05) | (0.12) | (0.14) | (0.10) |
| Net realized gains | (1.24) | (0.19) | (0.62) | (0.45) | (0.75) |
| Total distributions | (1.24) | (0.24) | (0.74) | (0.59) | (0.85) |
| Net asset value, end of year | $14.36 | $20.11 | $15.26 | $14.99 | $13.87 |
| Total return | (23.8)% | 33.6% | 7.0% | 12.9% | (1.1)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $19383130 | $25742487 | $17609533 | $17001879 | $16499149 |
| Ratio of expenses to average net assets before expense waivers<sup>(c)(d)</sup> | 1.09% | 1.09% | 1.10% | 1.10% | 1.11% |
| Ratio of expenses to average net assets after expense waivers | 1.09% | 1.09% | 1.10% | 1.10% | 1.11% |
| Ratio of net investment income to average net assets | 0.29% | 0.05% | 0.48% | 0.93% | 0.86% |
| Portfolio turnover rate | 52% | 43% | 76% | 73% | 38% |

---

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

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

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

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

See Notes to Financial Statements.

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $19.92 | $15.57 | $15.39 | $15.85 | $17.49 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | 0.08 | (0.02) | 0.03 | 0.09 | 0.08 |
| Net realized and unrealized gain/(loss) | (5.22) | 4.97 | 0.88 | 1.10 | (0.47) |
| Total from investment operations | (5.14) | 4.95 | 0.91 | 1.19 | 0.39 |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.02) | (0.03) | (0.09) | (0.09) | (0.11) |
| Net realized gains | (1.33) | (0.57) | (0.64) | (1.56) | (1.14) |
| Total distributions | (1.35) | (0.60) | (0.73) | (1.65) | (1.25) |
| Net asset value, end of year | $13.43 | $19.92 | $15.57 | $15.39 | $15.85 |
| Total return | (27.4)% | 32.1% | 5.9% | 9.4% | (2.6)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $7353983 | $9746839 | $6765243 | $6278441 | $6222492 |
| Ratio of expenses to average net assets before expense waivers<sup>(b)</sup> | 1.14% | 1.14% | 1.15% | 1.15% | 1.15% |
| Ratio of expenses to average net assets after expense waivers | 1.10% | 1.10% | 1.11% | 1.11% | 1.11% |
| Ratio of net investment income/(loss) to average net assets | 0.50% | (0.10)% | 0.17% | 0.58% | 0.48% |
| Portfolio turnover rate | 81% | 46% | 65% | 52% | 62% |

---

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

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

See Notes to Financial Statements.

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | |
|  | **2022** | **2021** | **PERIOD<br> FROM<br> OCTOBER 1,<br> 2020(a) TO<br> OCTOBER**<br>**31, 2020** |
| Net asset value, beginning of period | $10.15 | $9.99 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income<sup>(b)</sup> | 0.40 | 0.43 | 0.05 |
| Net realized and unrealized gain/(loss) | (2.17) | 0.15 | (0.06) |
| Total from investment operations | (1.77) | 0.58 | (0.01) |
| **Distributions:** |  |  |  |
| Net investment income | (0.41) | (0.42) |  |
| Total distributions | (0.41) | (0.42) |  |
| Net asset value, end of period | $7.97 | $10.15 | $9.99 |
| Total return | (17.8)% | 5.9% | (0.1)%(c) |
| **Annualized ratios/supplemental data:** |  |  |  |
| Net assets at end of period (000's) | $2322013 | $2950576 | $1939199 |
| Ratio of expenses to average net assets before expense waivers<sup>(d)</sup> | 0.86% | 0.87% | 0.94 %(e) |
| Ratio of expenses to average net assets after expense waivers | 0.85% | 0.85% | 0.85 %(e) |
| Ratio of net investment income to average net assets | 4.36% | 4.23% | 5.33 %(e) |
| Portfolio turnover rate | 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;**Old Westbury Funds, Inc.** |
| &nbsp;&nbsp;&nbsp;**Fixed Income Fund** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $11.25 | $11.82 | $11.43 | $10.75 | $11.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.14 | 0.11 | 0.16 | 0.21 | 0.19 |
| Net realized and unrealized gain/(loss) | (1.30) | (0.25) | 0.43 | 0.69 | (0.35) |
| Total from investment operations | (1.16) | (0.14) | 0.59 | 0.90 | (0.16) |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.19) | (0.19) | (0.20) | (0.22) | (0.20) |
| Net realized gains | (0.02) | (0.24) |  |  |  |
| Total distributions | (0.21) | (0.43) | (0.20) | (0.22) | (0.20) |
| Net asset value, end of year | $9.88 | $11.25 | $11.82 | $11.43 | $10.75 |
| Total return | (10.4)% | (1.2)% | 5.2% | 8.4% | (1.5)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $1393537 | $1568691 | $1669086 | $1492818 | $865030 |
| Ratio of expenses to average net assets before expense waivers | 0.69% | 0.68% | 0.68% | 0.70% | 0.72% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.62% |
| Ratio of net investment income to average net assets | 1.33% | 0.97% | 1.39% | 1.93% | 1.70% |
| Portfolio turnover rate | 56% | 58% | 87% | 34% | 49% |

---

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

See Notes to Financial Statements.

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $12.33 | $12.52 | $12.26 | $11.63 | $11.95 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.12 | 0.15 | 0.18 | 0.17 |
| Net realized and unrealized gain/(loss) | (1.09) | (0.12) | 0.26 | 0.62 | (0.33) |
| Total from investment operations | (0.98) | 0.00 | 0.41 | 0.80 | (0.16) |
| **Distributions:** |  |  |  |  |  |
| Net investment income | (0.11) | (0.12) | (0.15) | (0.17) | (0.16) |
| Net realized gains | (0.14) | (0.07) |  |  |  |
| Total distributions | (0.25) | (0.19) | (0.15) | (0.17) | (0.16) |
| Net asset value, end of year | $11.10 | $12.33 | $12.52 | $12.26 | $11.63 |
| Total return | (8.1)% | (0.1)% | 3.4% | 6.9% | (1.4)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $3814359 | $4234247 | $4201639 | $3658844 | $2297532 |
| Ratio of expenses to average net assets before expense waivers | 0.65% | 0.65% | 0.65% | 0.66% | 0.67% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 0.97% | 0.93% | 1.21% | 1.46% | 1.41% |
| Portfolio turnover rate | 55% | 58% | 40% | 26% | 51% |

---

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

See Notes to Financial Statements.

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | |
|  | **2022** | **2021** | **2020** | **PERIOD**<br>**FROM**<br>**DECEMBER**<br>**4, 2018(a) TO**<br>**OCTOBER**<br>**31, 2019** |
| Net asset value, beginning of period | $10.38 | $10.57 | $10.37 | $10.00 |
| **Investment operations:** |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.12 | 0.11 | 0.12 | 0.12 |
| Net realized and unrealized gain/(loss) | (0.91) | (0.11) | 0.22 | 0.36 |
| Total from investment operations | (0.79) | 0.00 | 0.34 | 0.48 |
| **Distributions:** |  |  |  |  |
| Net investment income | (0.11) | (0.11) | (0.12) | (0.11) |
| Net realized gains | (0.09) | (0.08) | (0.02) |  |
| Total distributions | (0.20) | (0.19) | (0.14) | (0.11) |
| Net asset value, end of period | $9.39 | $10.38 | $10.57 | $10.37 |
| Total return | (7.7)% | (0.1)% | 3.3% | 4.8 %(c) |
| **Annualized ratios/supplemental data:** |  |  |  |  |
| Net assets at end of period (000's) | $314887 | $346155 | $400367 | $339560 |
| Ratio of expenses to average net assets before expense waivers | 0.77% | 0.76% | 0.76% | 0.78 %(d) |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57 %(d) |
| Ratio of net investment income to average net assets | 1.17% | 1.03% | 1.13% | 1.32 %(d) |
| Portfolio turnover rate | 60% | 25% | 26% | 41 %(c) |

---

(a) Commencement of Investment Operations.

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

(c) Not Annualized.

(d) Annualized.

See Notes to Financial Statements.

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | **YEAR ENDED OCTOBER 31,** | |
|  | **2022** | **2021** | **2020** | **PERIOD**<br>**FROM**<br>**DECEMBER**<br>**4, 2018(a) TO**<br>**OCTOBER**<br>**31, 2019** |
| Net asset value, beginning of period | $10.43 | $10.55 | $10.42 | $10.00 |
| **Investment operations:** |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.11 | 0.11 | 0.12 | 0.13 |
| Net realized and unrealized gain/(loss) | (0.91) | (0.05) | 0.16 | 0.40 |
| Total from investment operations | (0.80) | 0.06 | 0.28 | 0.53 |
| **Distributions:** |  |  |  |  |
| Net investment income | (0.11) | (0.11) | (0.12) | (0.11) |
| Net realized gains | (0.04) | (0.07) | (0.03) |  |
| Total distributions | (0.15) | (0.18) | (0.15) | (0.11) |
| Net asset value, end of period | $9.48 | $10.43 | $10.55 | $10.42 |
| Total return | (7.7)% | 0.6% | 2.7% | 5.4 %(c) |
| **Annualized ratios/supplemental data:** |  |  |  |  |
| Net assets at end of period (000's) | $546067 | $626544 | $582500 | $498852 |
| Ratio of expenses to average net assets before expense waivers | 0.74% | 0.74% | 0.75% | 0.77 %(d) |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57 %(d) |
| Ratio of net investment income to average net assets | 1.14% | 1.01% | 1.13% | 1.42 %(d) |
| Portfolio turnover rate | 45% | 23% | 37% | 29 %(c) |

---

(a) Commencement of Investment Operations.

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

(c) Not Annualized.

(d) Annualized.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** |  |
|  | ***October 31, 2022***  |

---

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

Old Westbury Funds, Inc. (the "Corporation") was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Corporation's Board of Directors (the "Board") are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of October 31, 2022, the Corporation consisted of eight separate investment portfolios (each series individually referred to as a "Fund" and collectively as the "Funds") shown below:

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| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>Investment Objective</u>** |
| Old Westbury All Cap Core Fund ("All Cap Core Fund")<br> Old Westbury Large Cap Strategies Fund ("Large Cap Strategies Fund")<br> Old Westbury Small & Mid Cap Strategies Fund ("Small & Mid Cap Strategies Fund")<br> Old Westbury Credit Income Fund ("Credit Income Fund")<br> Old Westbury Fixed Income Fund ("Fixed Income Fund")<br> Old Westbury Municipal Bond Fund ("Municipal Bond Fund")<br>Old Westbury California Municipal Bond Fund ("California Municipal Bond Fund")<br> Old Westbury New York Municipal Bond Fund ("New York Municipal Bond Fund") | Long-term capital appreciation.<br> Long-term capital appreciation.<br> Long-term capital appreciation.<br>Income and capital appreciation.<br> Total return (consisting of current income and capital appreciation).<br> Total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).<br> Total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation).<br> Total return (consisting of current income that is exempt from regular federal and New York income tax and capital appreciation). |

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The Corporation has authorized a total of 20.5 billion shares of common stock (par value $0.001 per share).

Under the Corporation's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties for the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with vendors and others that provide for general indemnifications. The Corporation's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation. However, based on experience, the Corporation expects the risk of loss to be remote.

**2.** **Significant Accounting Policies:** 

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

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("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.

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.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

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

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

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

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

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

Securities and other investments for which market quotations are not readily available are valued pursuant to policies and procedures established by the Board. The Board has designated BIM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to BIM the responsibility for making fair value determinations with respect to the Funds' portfolio holdings. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds' Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund's share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security's or other investment's fair value.

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

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing service vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, 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 124 days during the year ended October 31, 2022. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

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exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of October 31, 2022, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds' predetermined Level.

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. BIM, as the valuation designee, is responsible for (i) periodically assessing any material risks associated with the determination of the fair value of a fund's investments; (ii) establishing and applying fair value methodologies; (iii) testing the appropriateness of fair value methodologies; and (iv) overseeing and evaluating third-party pricing services. BIM has established a pricing committee (the "Pricing Committee") to fulfill certain functions under the valuation policies and procedures. Investments for which a market quotation is not readily available are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment's fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of the portfolio manager and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy.

The significant unobservable inputs used in fair value measurement of the Funds' Level 3 investments may include, where applicable: (i) an estimation of a normalized earnings level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third parties; and (iv) the value associated with the latest round of financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.

The Funds' Pricing Committee employs various methods for calibrating the valuation approach related to investments categorized within Level 3 in the fair value hierarchy. These methods may include regular due diligence of the Funds' pricing vendors including back testing of trigger related fair value prices, a regular review of key inputs and assumptions, reviews of missing and stale prices and price variance analysis, including investigation of unusual or unexpected pricing changes and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reviewed by the Funds' Board.

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

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

For the year ended October 31, 2022, there were no in-kind payments received by the Funds with respect to PIK securities.

D. ***Foreign Currency Transactions.*** The books and records of the Funds are maintained in U.S. dollars. Investments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates as of the date of the Statements of Assets and Liabilities. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and change in unrealized gain/(loss) on investments, swap agreements, written options and structured options, and foreign currency transactions 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.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

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E. ***Securities Sold.*** The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund's obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker to the extent required under applicable law and rules. Short sales by a Fund involve certain risks and special considerations.

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund's investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund's NAV or greater losses for a Fund. The Funds had no short sales outstanding at October 31, 2022.

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 is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked- to-market daily, and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations. As of October 31, 2022, the Credit Income Fund had the following unfunded floating rate loan interests:

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|:---|:---|:---|:---|:---|:---|
|  | **Borrower** | **Par** | **Commitment<br> Amount** | **Value** | **Unrealized<br> Depreciation** |
| Credit Income | Vaca Morada | $1595366 | $1595366 | $1591378 | $(3988) |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

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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, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund and Small & Mid Cap Strategies Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

L. ***Expenses.*** Expenses that are directly related to one of the Funds are charged directly to that Fund on an accrual basis. Other operating expenses of the Corporation are prorated to each Fund on an accrual basis utilizing relative net assets or another reasonable basis.

**3.** **Principal Risks:** 

A. ***Market and Credit Risk.***

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

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these or similar events and market conditions in the future. However, it is possible that these or similar events and market conditions could have a significant and adverse effect on the NAV and/or risk profile of a Fund.

In March 2022, the Board of Governors of the Federal Reserve System (the "Fed") began a series of interest rate increases in response to sustained high levels of inflation. In addition, in May 2022, the Fed announced it would begin to reduce the size of its balance sheet, known as quantitative tightening. These changes followed years of low-interest rate policy in response to the COVID-19 pandemic and the 2008 financial crisis, during which the Fed kept the federal funds rate at a range of 0–2.5% and promised unlimited and open-ended quantitative easing, including purchases of corporate and municipal government bonds. The Fed's policy in response to market conditions, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower a Fund's performance or impair a Fund's ability to achieve its investment objective.

In response to political and military actions undertaken by Russia, the U.S., European Union, and other jurisdictions have imposed economic sanctions against certain Russian individuals, entities and sectors. These sanctions and the threat of further sanctions have resulted and may further result in the decline of the value and liquidity of Russian securities in which a fund may invest, a weakening of the ruble or other adverse consequences to the Russian economy. Sanctions could impact a fund's performance, ability to invest in accordance with its investment program, to determine the overall value of its net assets, and to sell holdings as needed to meet shareholder redemptions.

B. ***Concentration Risk.***

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

C. ***LIBOR Risk.***

Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). At the end of 2021, certain LIBOR tenures were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 30, 2023. In addition, in connection with supervisory guidance from U.S. regulators, some U.S. regulated entities will cease to enter into most new LIBOR contracts after January 1, 2022. The future publication and strike utilization of LIBOR, and the nature of any replacement rate, is uncertain. Therefore, the potential effect of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to June 30, 2023.

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

D. ***Shareholder Concentration Risk.***

As of October 31, 2022, the following Funds had omnibus accounts which each owned more than 5% of a Fund's outstanding shares as shown below:

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| | | |
|:---|:---|:---|
|  | **# of Omnibus Accounts** | **% of Fund** |
| All Cap Core Fund | 1 | 99.22% |
| Large Cap Strategies Fund | 1 | 98.46% |
| Small & Mid Cap Strategies Fund | 1 | 98.09% |
| Credit Income Fund | 1 | 99.00% |
| Fixed Income Fund | 1 | 99.17% |
| Municipal Bond Fund | 1 | 99.38% |
| California Municipal Bond Fund | 1 | 99.89% |
| New York Municipal Bond Fund | 1 | 100.00% |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

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**4.** **Fair Value Measurements:** 

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

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

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

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

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

The summary of inputs used to value the Funds' investments as of October 31, 2022 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |
| Equity Securities | $2,615,670,688(b) | $— | $— | $2615670688 |
| Exchange-Traded Funds | 95737541 |  |  | 95737541 |
| Investment Company | 91729827 |  |  | 91729827 |
| **Total** | $2803138056 | $— | $— | $2803138056 |
| **Large Cap Strategies Fund** |  |  |  |  |
| Equity Securities | $17,489,890,713(b) | $35,333,598(b) | $— | $17525224311 |
| Exchange-Traded Funds | 1391356959 |  |  | 1391356959 |
| U.S. Government Agencies |  | 99912456 |  | 99912456 |
| Investment Company | 399446099 |  |  | 399446099 |
| Cash Sweep | 6259120 |  |  | 6259120 |
| **Total** | $19286952891 | $135246054 | $— | $19422198945 |
| **Small & Mid Cap Strategies Fund** |  |  |  |  |
| Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $198806689 | $— | $— | $198806689 |
| &nbsp;&nbsp;&nbsp;Austria | 16778599 |  |  | 16778599 |
| &nbsp;&nbsp;&nbsp;Belgium | 18296010 |  |  | 18296010 |
| &nbsp;&nbsp;&nbsp;Bermuda | 20437050 |  |  | 20437050 |
| &nbsp;&nbsp;&nbsp;Brazil | 47688557 |  |  | 47688557 |
| &nbsp;&nbsp;&nbsp;Canada | 285665697 |  |  | 285665697 |
| &nbsp;&nbsp;&nbsp;Chile | 3494071 |  |  | 3494071 |
| &nbsp;&nbsp;&nbsp;China | 175843030 | 26792890 |  | 202635920 |
| &nbsp;&nbsp;&nbsp;Costa Rica | 2372553 |  |  | 2372553 |
| &nbsp;&nbsp;&nbsp;Cyprus | 24567 |  |  | 24567 |
| &nbsp;&nbsp;&nbsp;Denmark | 115241961 |  |  | 115241961 |
| &nbsp;&nbsp;&nbsp;Finland | 32351237 |  |  | 32351237 |
| &nbsp;&nbsp;&nbsp;France | 92519958 |  |  | 92519958 |
| &nbsp;&nbsp;&nbsp;Georgia | 1993669 |  |  | 1993669 |
| &nbsp;&nbsp;&nbsp;Germany | 109891031 |  |  | 109891031 |
| &nbsp;&nbsp;&nbsp;Greece | 12491451 |  |  | 12491451 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 42483731 |  |  | 42483731 |
| &nbsp;&nbsp;&nbsp;Iceland | 4357450 |  |  | 4357450 |
| &nbsp;&nbsp;&nbsp;India | 51004714 |  |  | 51004714 |
| &nbsp;&nbsp;&nbsp;Indonesia | 3925423 |  |  | 3925423 |
| &nbsp;&nbsp;&nbsp;Ireland | 8768735 |  |  | 8768735 |
| &nbsp;&nbsp;&nbsp;Israel | 207075585 |  |  | 207075585 |
| &nbsp;&nbsp;&nbsp;Italy | 54298694 |  |  | 54298694 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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;Japan | $539196446 | $— | $— | $539196446 |
| &nbsp;&nbsp;&nbsp;Jersey Channel Islands | 20447308 |  |  | 20447308 |
| &nbsp;&nbsp;&nbsp;Netherlands | 75897885 |  |  | 75897885 |
| &nbsp;&nbsp;&nbsp;New Zealand | 16848815 |  |  | 16848815 |
| &nbsp;&nbsp;&nbsp;Norway | 51181494 |  |  | 51181494 |
| &nbsp;&nbsp;&nbsp;Peru | 5077304 |  |  | 5077304 |
| &nbsp;&nbsp;&nbsp;Poland | 15164541 |  |  | 15164541 |
| &nbsp;&nbsp;&nbsp;Portugal | 10171473 |  |  | 10171473 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Singapore | 36594233 |  | 4086 | 36598319 |
| &nbsp;&nbsp;&nbsp;South Africa | 14079917 |  |  | 14079917 |
| &nbsp;&nbsp;&nbsp;South Korea | 58245320 |  |  | 58245320 |
| &nbsp;&nbsp;&nbsp;Spain | 34397106 |  |  | 34397106 |
| &nbsp;&nbsp;&nbsp;Sweden | 71155333 |  |  | 71155333 |
| &nbsp;&nbsp;&nbsp;Switzerland | 130611779 |  |  | 130611779 |
| &nbsp;&nbsp;&nbsp;Taiwan | 45471762 |  |  | 45471762 |
| &nbsp;&nbsp;&nbsp;Thailand | 16058442 | 18293428 |  | 34351870 |
| &nbsp;&nbsp;&nbsp;Turkey | 47800441 |  |  | 47800441 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 327638889 |  | 0 | 327638889 |
| &nbsp;&nbsp;&nbsp;United States | 2951570938 |  | 0 | 2951570938 |
| &nbsp;&nbsp;&nbsp;Uruguay | 12585714 |  |  | 12585714 |
| &nbsp;&nbsp;&nbsp;Vietnam | 646600 |  |  | 646600 |
| &nbsp;&nbsp;&nbsp;Total Equity Securities | $5986652202 | $45086318 | $4086 | $6031742606 |
| Master Limited Partnerships | 4,133,102(b) |  |  | 4133102 |
| Rights/Warrants Thailand | 300769 |  |  | 300769 |
| &nbsp;&nbsp;&nbsp;United States |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Total Rights/Warrants | $300769 | $— | $— | $300769 |
| Exchange-Traded Funds | 930523052 |  |  | 930523052 |
| Investment Company | 24028933 |  |  | 24028933 |
| Cash Sweep | 391728394 |  |  | 391728394 |
| **Total** | $7337366452 | $45086318 | $4086 | $7382456856 |
| **Credit Income Fund** |  |  |  |  |
| Preferred Stocks | $4,560,205(b) | $— | $— | $4560205 |
| Exchange-Traded Funds | 459136553 |  |  | 459136553 |
| Bank Loans |  |  | 7,559,000(b) | 7559000 |
| Corporate Bonds |  | 257,220,162(b) |  | 257220162 |
| Asset-Backed Securities |  | 371,873,623(b) |  | 371873623 |
| Non-Agency Mortgage-Backed Securities |  | 518,548,679(b) | 38,952,337(b) | 557501016 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 23,152,684(b) |  | 23152684 |
| U.S. Government Securities |  | 525247509 |  | 525247509 |
| Cash Sweep | 63804260 |  |  | 63804260 |
| Other financial instruments - Liabilities Interest Rate Risk |  | (28281257)(b) |  | (28281257) |
| **Total** | $527501018 | $1667761400 | $46511337 | $2241773755 |
| **Fixed Income Fund** |  |  |  |  |
| Municipal Bonds | $— | $9,510,731(b) | $— | $9510731 |
| Corporate Bonds |  | 416,019,675(b) |  | 416019675 |
| Asset-Backed Securities |  | 109,412,910(b) |  | 109412910 |
| Non-Agency Mortgage-Backed Securities |  | 470,222(b) |  | 470222 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs(a)** | **Total** |
| U.S. Government Securities | $— | $839611254 | $— | $839611254 |
| Investment Company | 8825321 |  |  | 8825321 |
| **Total** | $8825321 | $1375024792 | $— | $1383850113 |
| **Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $3,568,979,417(b) | $— | $3568979417 |
| Corporate Bonds |  | 28,571,880(b) |  | 28571880 |
| U.S. Government Securities |  | 171169777 |  | 171169777 |
| Investment Company | 133359887 |  |  | 133359887 |
| **Total** | $133359887 | $3768721074 | $— | $3902080961 |
| **California Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $288,674,548(b) | $— | $288674548 |
| Corporate Bonds |  | 1,719,972(b) |  | 1719972 |
| U.S. Government Securities |  | 18694931 |  | 18694931 |
| Investment Company | 4662063 |  |  | 4662063 |
| **Total** | $4662063 | $309089451 | $— | $313751514 |
| **New York Municipal Bond Fund** |  |  |  |  |
| Municipal Bonds | $— | $507,942,940(b) | $— | $507942940 |
| Corporate Bonds |  | 4,206,007(b) |  | 4206007 |
| U.S. Government Securities |  | 20437130 |  | 20437130 |
| Investment Company | 7452382 |  |  | 7452382 |
| **Total** | $7452382 | $532586077 | $— | $540038459 |

---

(a) The Small & Mid Cap Strategies Fund held certain investments categorized as Level 3 that had a fair value less than 1% of NAV for the year ended October 31, 2022. In addition, with the exception of the Credit Income Fund, there were no significant purchases and sales during the period. As of October 31, 2022, the fair value of Level 3 assets as a percentage of NAV was 0.00% and 2.00% for the Small & Mid Cap Strategies Fund and the Credit Income Fund, respectively. The Funds' instrument types classified as Level 3 investments are valued using recent transaction price or broker quotes.

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

During the year ended October 31, 2022, the Funds recognized no material transfers to/from Level 1 or Level 2. The Fund's policy is to recognize transfers to/from Level 1, Level 2 and Level 3 at the end of the year utilizing fair value at the beginning of the period.

The following is a rollforward of Level 3 investments:

---

| | |
|:---|:---|
|  | **Credit Income<br> Fund** |
| Balance as of 10/31/2021 (value) | $77502801 |
| Net accrued discounts (premiums) | 286533 |
| Realized gain | 2242058 |
| Unrealized loss | (3665993) |
| Purchases | 36849580 |
| Sales (paydowns) | (32894425) |
| Transfer out | (33809217) |
| Balance as of 10/31/2022 (value) | $46511337 |
| Net change in unrealized depreciation on investments still held at October 31, 2022 | $(3946922) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

---

**5.** **Derivative Instruments:** 

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts, as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges are viewed as presenting lower credit risk than bilateral counterparties. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments' payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

The Funds' maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the year ended October 31, 2022.

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

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

As of October 31, 2022, 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>Credit Income Fund</u>** | | | | | |
| **<u>Counterparty</u>** |<br>**Gross Amounts<br> of<br> Liabilities<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> Pledged (b)** |<br>**Cash Collateral<br> Pledged (b)** |<br>**Net<br> Amount of<br> Derivative<br> Liabilities (c)** |
| Barclays Bank Plc | $28281257 | $— | $— | $(27120000) | $1161257 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

---

(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 October 31, 2022</u>** | **<u>Fair Values of Derivative Instruments as of October 31, 2022</u>** | **<u>Fair Values of Derivative Instruments as of October 31, 2022</u>** | **<u>Fair Values of Derivative Instruments as of October 31, 2022</u>** |
|  | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
|  | Statements of Assets |  | Statements of Assets |  |
|  | and Liabilities |  | and Liabilities |  |
| Credit Income Fund | Location | Value | Location | Value |
| Interest Rate Risk | Unrealized appreciation on swap agreements | $— | Unrealized depreciation on swap agreements | $28281257 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2022 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u>** | **<u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2022 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u>** | **<u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2022 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u>** | **<u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2022 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u>** | **<u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2022 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u>** | **<u>The Effect of Derivative Instruments on the Statements of Operations <br> For the Year Ended October 31, 2022 <br> Net Realized Gain/(Loss) from Derivatives Recognized in Income</u>** |
| **Large Cap Strategies Fund** | Purchased<br> Options<br> and<br> Structured<br> Options<br> (Investments) | Written<br> Options<br> and<br> Structured<br> Options | Futures<br> Contracts | Swap<br> Agreements | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Equity Risk | $(3226283) | $(5521873) | $— | $— | $— | $(8748156) |
| Forward Foreign Currency Exchange Risk | $— | $— | $— | $— | $215607 | $215607 |
| **Small & Mid 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 |
| Equity Risk | $4386650 | $— | $— | $— | $— | $4386650 |
| Forward Foreign Currency Exchange Risk | $— | $— | $— | $— | $2960360 | $2960360 |
| **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 | $— | $— | $— | $(20000350) | $— | $(20000350) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Net Change in Unrealized Appreciation/(Depreciation)</u>**<br> **<u>on Derivatives Recognized in Income</u>** | **<u>Net Change in Unrealized Appreciation/(Depreciation)</u>**<br> **<u>on Derivatives Recognized in Income</u>** | **<u>Net Change in Unrealized Appreciation/(Depreciation)</u>**<br> **<u>on Derivatives Recognized in Income</u>** | **<u>Net Change in Unrealized Appreciation/(Depreciation)</u>**<br> **<u>on Derivatives Recognized in Income</u>** | **<u>Net Change in Unrealized Appreciation/(Depreciation)</u>**<br> **<u>on Derivatives Recognized in Income</u>** | **<u>Net Change in Unrealized Appreciation/(Depreciation)</u>**<br> **<u>on Derivatives Recognized in Income</u>** |
| **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 | $— | $— | $— | $(25789672) | $— | $(25789672) |

---

For the year ended October 31, 2022, the quarterly average volume of derivative activities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Strategies<br> Fund** | **Small & Mid Cap<br> Strategies Fund** | **Credit Income Fund** |
| Structured Options (Notional Amounts in U.S. Dollars) | $750000000 | $— | $— |
| Purchased Options (Notional Amounts in U.S. Dollars) | 9812686 | 2748101 |  |
| Forward Foreign Currency Contracts Purchased (U.S. Dollar Amounts) | 112500000 | 62500000 |  |
| Forward Foreign Currency Contracts Sold (U.S. Dollar Amounts) | 112446098 | 62171060 |  |
| Total Return Swaps (Notional Amounts in U.S. Dollars) |  |  | 262500000 |

---

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

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

B. ***Forward Foreign Currency Exchange Contracts.*** The Funds (except Municipal Bond Fund, California Municipal Bond and New York Municipal Bond) may enter into forward foreign currency contracts ("Forward") to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

---

rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption "Swap Agreements".

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

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

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

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

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

The Credit Income Fund may invest in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These 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;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** **- (Continued)** |  |
|  | ***October 31, 2022***  |

---

**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% |
| Credit Income Fund | 0.65% | 0.60% | 0.55% | 0.58% |
| Fixed Income Fund | 0.45% | 0.40% | 0.35% | 0.40% |
| Municipal Bond Fund | 0.45% | 0.40% | 0.35% | 0.37% |
| California Municipal Bond Fund | 0.45% | 0.40% | 0.35% | 0.45% |
| New York Municipal Bond Fund | 0.45% | 0.40% | 0.35% | 0.44% |

---

---

| | |
|:---|:---|
|  | **Average net assets** |
| Small & Mid Cap Strategies Fund | 0.85% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First $1.25 billion of<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"), Artisan Partners Limited Partnership ("Artisan"), Baillie Gifford Overseas Limited ("Baillie Gifford"), Champlain Investment Partners, LLC ("Champlain"), and Polunin Capital Partners Limited ("Polunin") as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Artisan, Baillie Gifford, Champlain, and Polunin are paid for their services directly by BIM.

BIM has retained Baillie Gifford and Sands Capital Management, LLC ("Sands") as sub-advisers to each manage a segment of the Large Cap Strategies Fund. Baillie Gifford and Sands are paid for their services directly by BIM.

BIM has retained BlackRock Financial Management, Inc. ("BlackRock") and Muzinich & Co., Inc. ("Muzinich") as sub-advisers to each manage a segment of the Credit Income Fund. BlackRock and Muzinich are paid for their services directly by BIM.

B. ***Administration, Fund Accounting, Transfer Agent and Underwriting Fees.*** The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the "Administrative Agreement") with Bessemer, pursuant to which Bessemer and Bessemer Trust Company ("BTCO"), an affiliate of BIM, provide certain non- advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. The Bank of New York Mellon ("BNY Mellon") and BNY Mellon Investment Servicing (US) Inc. act as administrator and fund accounting agent and transfer agent, respectively, for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain Officers of the Funds are also employees of BNY Mellon.

The Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds.

C. ***Distribution and Shareholder Servicing Fees.*** The Funds have adopted a shareholder servicing plan (the "Shareholder Servicing Plan") with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. Bessemer, however, does not have the ability to recapture fees currently being waived at a later date.

D. ***Custody Fees.*** The All Cap Core Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian. The Large Cap Strategies Fund and the Small & Mid Cap Strategies Fund each has retained BTCO to serve as their co-custodian. Pursuant to the Funds' Custody

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements -** **(Continued)** |  |
|  | ***October 31, 2022***  |

---

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

E. ***Fee Waivers.*** BIM may voluntarily waive a portion of its advisory fee to limit the Funds' total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2024 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Strategies Fund at 1.10%, the Small & Mid Cap Strategies Fund at 1.10%, the Credit Income Fund at 0.85%, the Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57% and the New York Municipal Bond Fund at 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the year ended October 31, 2022, BIM waived $3,416,118 for the Small & Mid Cap Strategies Fund, $287,898 for the Credit Income Fund, $1,750,327 for the Fixed Income Fund, $3,243,745 for the Municipal Bond Fund, $654,907 for the California Municipal Bond Fund, and $1,043,786 for the New York Municipal Bond Fund. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. ***Board of Directors' Fees.*** Each Director who is not an "interested person" of the Corporation (as that term is defined under the 1940 Act) (each, an "Independent Director") receives from the Funds a total annual retainer of $240,000, plus $30,000 for serving as Board's Chairperson and $15,000 as the Audit Committee Chairperson.

Each Independent Director is reimbursed for all out-of-pocket expense relating to attendance at meetings of the board and any Board committee. Directors who are not independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

G. ***Other Transactions.*** From time to time, the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on valuations obtained in accordance with the valuation procedures followed by the Funds, as described in Note 2, applied on a consistent basis. For the year ended October 31, 2022, there were no such transactions.

During the year ended October 31, 2022, Bessemer contributed $3,103,041 to the Large Cap Strategies Fund related to a financial benefit that Bessemer received from an unaffiliated third party arising from the Large Cap Strategies Fund's investment in an unaffiliated money market fund, which is recorded as Contributions from the Adviser on the Statements of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;7. Securities Transactions:

Investment transactions for the year ended October 31, 2022, excluding short-term debt investments and U.S. Government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| All Cap Core Fund | $1645480184 | $1730229607 |
| Large Cap Strategies Fund | 11098183071 | 11245673652 |
| Small & Mid Cap Strategies Fund | 6842534849 | 6482564480 |
| Credit Income Fund | 559503621 | 442253540 |
| Fixed Income Fund | 202409896 | 257742415 |
| Municipal Bond Fund | 2123140053 | 1936150820 |
| California Municipal Bond Fund | 181611129 | 178352005 |
| New York Municipal Bond Fund | 251300540 | 250443598 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements -** **(Continued)** |  |
|  | ***October 31, 2022***  |

---

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Credit Income Fund | $226281968 | $106869584 |
| Fixed Income Fund | 643386180 | 570704101 |
| Municipal Bond Fund | 129490234 | 131330720 |
| California Municipal Bond Fund | 12832910 | 6904981 |
| New York Municipal Bond Fund | 21234766 | 9206641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;8. Federal Income Taxes:

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

As of October 31, 2022, 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 | $1981941833 | $881921126 | $(60724903) | $821196223 |
| Large Cap Strategies Fund | 16330762609 | 4749359927 | (1657923591) | 3091436336 |
| Small & Mid Cap Strategies Fund | 7512896585 | 1079438790 | (1209878519) | (130439729) |
| Credit Income Fund | 2847103212 | 15996606 | (593044806) | (577048200) |
| Fixed Income Fund | 1534567930 | 115421 | (150833238) | (150717817) |
| Municipal Bond Fund | 4129245858 | 6351 | (227171248) | (227164897) |
| California Municipal Bond Fund | 331086305 |  | (17334791) | (17334791) |
| New York Municipal Bond Fund | 574312617 | 18533 | (34292691) | (34274158) |

---

Permanent differences as of October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable <br> Earnings <br> /(Accumulated Loss)** | **Increase/ <br> (Decrease) <br> Paid-in-Capital** |
| All Cap Core Fund | $(8597374) | $8597374 |
| Large Cap Strategies Fund | (8187333) | 8187333 |
| Small & Mid Cap Strategies Fund | (3586490) | 3586490 |
| Credit Income Fund | 88323 | (88323) |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements -** **(Continued)** |  |
|  | ***October 31, 2022***  |

---

The tax character of distributions from the Funds during the year ended October 31, 2022 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 | $— | $119066918 | $153341719 | $126255193 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains | 204878100 | 1469697910 | 505598370 |  |
| Total Taxable Distributions | 204878100 | 1588764828 | 658940089 | 126255193 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  |  |  |  |
| Total Distributions Paid | $204878100 | $1588764828 | $658940089 | $126255193 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fixed Income <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 | $26935157 | $4426209 | $533854 | $623256 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains | 3460857 | 48930415 | 3020754 | 2549795 |
| Total Taxable Distributions | 30396014 | 53356624 | 3554608 | 3173051 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  | 32820832 | 3157556 | 6033836 |
| Total Distributions Paid | $30396014 | $86177456 | $6712164 | $9206887 |

---

The tax character of distributions from the Funds during the year ended October 31, 2021 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 | $4211963 | $56977378 | $11767194 | $103968936 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains | 75037892 | 215997423 | 244392243 |  |
| Total Taxable Distributions | 79249855 | 272974801 | 256159437 | 103968936 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  |  |  |  |
| Total Distributions Paid | $79249855 | $272974801 | $256159437 | $103968936 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fixed Income <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 | $31873485 | $7449778 | $1277911 | $2468325 |
| &nbsp;&nbsp;&nbsp;Net Long Term Capital Gains | 28625623 | 17587348 | 2207796 | 1974234 |
| Total Taxable Distributions | 60499108 | 25037126 | 3485707 | 4442559 |
| &nbsp;&nbsp;&nbsp;Tax Exempt Distributions |  | 37014359 | 3307340 | 5472547 |
| Total Distributions Paid | $60499108 | $62051485 | $6793047 | $9915106 |

---

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, 2022, 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, 2022. 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)** |  |
|  | ***October 31, 2022***  |

---

As of October 31, 2022, the components of distributable earnings/(accumulated loss) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **All Cap Core <br> Fund** | **Large Cap <br> Strategies Fund** | **Small & Mid Cap <br> Strategies Fund** | **Credit Income <br> Fund** |
| Undistributed Tax Exempt Income | $— | $— | $— | $— |
| Undistributed Ordinary Income | 1011670 | 97692154 |  | 7300694 |
| Undistributed Long-Term Capital Gains | 63370914 |  | 31635069 |  |
| Accumulated Earnings | 64382584 | 97692154 | 31635069 | 7300694 |
| Capital Loss Carryforwards |  | (440142640) | (100098253) | (36300781) |
| Unrealized Appreciation/(Depreciation) | 821182044 | 3056880673 | (131100736) | (605333438) |
| Total Distributable Earnings/(Accumulated Loss) | $885564628 | $2714430187 | $(199563920) | $(634333525) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fixed Fund** | **Municipal Bond <br> Fund** | **California <br> Municipal Bond <br> Fund** | **New York <br> Municipal Bond <br> Fund** |
| Undistributed Tax Exempt Income | $— | $5192883 | $462875 | $775213 |
| Undistributed Ordinary Income | 2607774 |  |  |  |
| Accumulated Earnings | 2607774 | 5192883 | 462875 | 775213 |
| Capital Loss Carryforwards | (46821511) | (107172105) | (8334538) | (10660037) |
| Unrealized Appreciation/(Depreciation) | (150717817) | (227164897) | (17334791) | (34274158) |
| Total Accumulated Loss | $(194931554) | $(329144119) | $(25206454) | $(44158982) |

---

As of October 31, 2022, the capital loss carryforwards of the below Funds is available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. This capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character.

---

| | | |
|:---|:---|:---|
|  | **Short-Term <br> Capital Loss <br> Carryforward** | **Long-Term <br> Capital Loss <br> Carryforward** |
| Large Cap Strategies Fund | $440142640 | $— |
| Small & Mid Cap Strategies Fund | 100098253 |  |
| Credit Income Fund | 23698686 | 12602095 |
| Fixed Income Fund | 18686215 | 28135296 |
| Municipal Bond Fund | 60963693 | 46208412 |
| California Municipal Bond Fund | 5136055 | 3198483 |
| New York Municipal Bond Fund | 4182601 | 6477436 |

---

The capital loss carryforward will reduce the applicable Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

Under current tax law, ordinary losses incurred after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Funds had no late year loss deferrals in the current year.

&nbsp;&nbsp;&nbsp;&nbsp;9. Commitments.

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

As of October 31, 2022, the Credit Income Fund had no outstanding bridge loan commitments. In connection with these commitments, the Credit Income Fund would earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which would be included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

&nbsp;&nbsp;&nbsp;&nbsp;10. 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;**Notes to Financial Statements -** **(Continued)** |  |
|  | ***October 31, 2022***  |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. Additional Tax Information (Unaudited)

***Qualified Dividend Income (Unaudited)***

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2022, as Qualified Dividend Income ("QDI") as defined in the Code as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 100.00% |
| Large Cap Strategies Fund | 100.00% |
| Small & Mid Cap Strategies Fund | 48.09% |
| Credit Income Fund | 2.12% |

---

***Qualified Interest Income (Unaudited)***

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2022, as Qualified Interest Income as defined in the Code as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 2.77% |
| Large Cap Strategies Fund | 1.45% |
| Small & Mid Cap Strategies Fund | 0.30% |
| Credit Income Fund | 67.74% |
| Fixed Income Fund | 83.56% |
| Municipal Bond Fund | 9.47% |
| California Municipal Bond Fund | 12.21% |
| New York Municipal Bond Fund | 7.91% |

---

***Qualified Short Term Gain (Unaudited)***

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2022, as Qualified Short-Term Gain as defined in the Code as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 0.00% |
| Large Cap Strategies Fund | 100.00% |
| Small & Mid Cap Strategies Fund | 100.00% |
| Credit Income Fund | 0.00% |
| Fixed Income Fund | 0.00% |
| Municipal Bond Fund | 0.00% |
| California Municipal Bond Fund | 0.00% |
| New York Municipal Bond Fund | 0.00% |

---

***Dividends Received Deduction (Unaudited)***

For the fiscal year ended October 31, 2022, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:

---

| | |
|:---|:---|
| All Cap Core Fund | 100.00% |
| Large Cap Strategies Fund | 100.00% |
| Small & Mid Cap Strategies Fund | 10.17% |
| Credit Income Fund | 0.25% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements -** **(Continued)** |  |
|  | ***October 31, 2022***  |

---

***Long Term Capital Gain Dividends (Unaudited)***

The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2022 as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | $204878100 |
| Large Cap Strategies Fund | 1469697910 |
| Small & Mid Cap Strategies Fund | 505598370 |
| Fixed Income Fund | 3460857 |
| Municipal Bond Fund | 48930415 |
| California Municipal Bond Fund | 3020754 |
| New York Municipal Bond Fund | 2549795 |

---

***U.S. Government Income (Unaudited)***

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2022 which were derived from U.S. Treasury securities were as follows:

---

| | |
|:---|:---|
| All Cap Core Fund | 0.30% |
| Large Cap Strategies Fund | 0.11% |
| Credit Income Fund | 9.63% |
| Fixed Income Fund | 41.61% |
| Municipal Bond Fund | 4.08% |
| California Municipal Bond Fund | 3.35% |
| New York Municipal Bond Fund | 1.63% |

---

***Tax Exempt Distributions (Unaudited)***

The distributions designated as tax exempt dividends paid for the fiscal year ended October 31, 2022 were as follows:

---

| | |
|:---|:---|
| Municipal Bond Fund | $32820832 |
| California Municipal Bond Fund | 3157556 |
| New York Municipal Bond Fund | 6033836 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** |  |
|  | ***October 31, 2022***  |

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**To the Shareholders and the Board of Directors of Old Westbury Funds, Inc. <br> Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Old Westbury Funds, Inc. (the "Corporation") (comprising All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, Credit Income Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund (collectively referred to as the "Funds")), including the portfolios of investments, as of October 31, 2022, and the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the Corporation at October 31, 2022, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| **Funds comprising <br> the Corporation** | **Statement of <br> operations** | **Statement of changes <br> in net assets** | **Financial <br> highlights** |
| All Cap Core Fund <br> Large Cap Strategies Fund <br> Small & Mid Cap Strategies Fund <br> Fixed Income Fund <br> Municipal Bond Fund | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the five years in the period ended October 31, 2022 |
| Credit Income Fund | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 and the period from October 1, 2020 (commencement of operations) through October 31, 2020 |
| California Municipal Bond Fund <br> New York Municipal Bond Fund | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the three years in the period ended October 31, 2022 and the period from December 4, 2018 (commencement of operations) through October 31, 2019 |

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**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodians, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](x1_c105080x177x1.jpg)

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

New York, New York<br> December 27, 2022

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Directors and Officers of Old Westbury Funds, Inc. (Unaudited)** |  |
|  | ***October 31, 2022***  |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)** <br> **Held with the** <br> **Corporation** | **Term of** <br> **Office and** <br> **Length of** <br> **Time Served** <br> **as a Director** <br> **of the** <br> **Corporation** | **Principal Occupation(s)** <br> **During Past 5 Years** | **Number of** <br> **Portfolios** <br> **in Fund** <br> **Complex** <br> **Overseen by** <br> **Director** | **Other** <br> **Director-** <br> **ships<sup>1</sup>** <br> **Held by** <br> **Director** <br> **During** <br> **Past 5** <br> **Years** |
| **Interested Director** |  |  |  |  |  |
| George H. Wilcox<sup>2</sup> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 57 | Director | Indefinite term; 4 Years | President of Bessemer (2013- Present). | 8 | 0 |
| **Independent Directors** |  |  |  |  |  |
| Alexander Ellis III <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 73 | Chairman & Director | Indefinite term; 9 Years | General Partner, Rockport Capital Partners (2000-Present); Partner, New Energy Development Co. (2020-Present); Partner, Abnaki Group, LLC (2017-Present). | 8 | 1<sup>3</sup> |
| Patricia L. Francy <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 77 | Director | Indefinite term; 18 Years | Director, corporate, and foundation boards. | 8 | 1<sup>4</sup> |
| J. David Officer <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 74 | Director | Indefinite term; 11 Years | Independent Director. | 8 | 2<sup>5</sup> |
| R. Keith Walton <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 58 | Director | Indefinite term; 6 Years | Managing Director, Lafayette Square Holding (October 2020-Present); Senior Adviser & Venture Partner, Plexo LLC (March 2017-October 2020); Senior Adviser, Vatic Labs LLC (May 2018-July 2019); Executive Vice President and Chief Legal Officer, Zero Mass Water LLC (July 2017-July 2018); and Vice President, Strategy, Arizona State University (2013-July 2017). | 8 | 6<sup>6</sup> |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Directors and Officers of Old Westbury Funds, Inc. (Unaudited) -** **(Continued)** |  |
|  | ***October 31, 2022***  |

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<sup>1</sup> Directorships held during the last five years in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

<sup>2</sup> Directors who are or may be deemed "interested persons" (as defined under the 1940 Act) of the Corporation, BIM (as defined below) or Bessemer (as defined below) are referred to as Interested Directors. Mr. Wilcox is deemed an Interested Director by virtue of his position as President of Bessemer Trust Company, N.A. Mr. Wilcox also serves as Director of Bessemer Trust Company (Cayman) Ltd. and Bessemer Investor Services.

<sup>3</sup> Mr. Ellis has served as Director of Clean Diesel Technologies Inc.

<sup>4</sup> Ms. Francy has served as Director of Siebert Financial Corp.

<sup>5</sup> Mr. Officer serves, or has served, as Director of the following entities: DWS Trackers (formerly DBX ETF Trust) (40); and Ilex Partners (Asia) LLC.

<sup>6</sup> Mr. Walton serves, or has served, as Director of the following entities: Blue Crest Capital Management, LLC Funds; Global Infrastructure Partners; Systematica Investments Limited; Zweig Fund Inc.; Zweig Total Return Fund Inc.; and Virtus Closed-End Funds.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** | &nbsp;&nbsp;**Old Westbury Funds, Inc.** |
| &nbsp;&nbsp;&nbsp;**Directors and Officers of Old Westbury Funds, Inc. (Unaudited) -** **(Continued)** | &nbsp;&nbsp;&nbsp;**Directors and Officers of Old Westbury Funds, Inc. (Unaudited) -** **(Continued)** |
|  | ***October 31, 2022***  |

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

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with the<br> Corporation** | **Term of Office;<br> Term Served in<br> Office** | **Principal Occupation(s) During Past 5 Years** |
| David W. Rossmiller<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 64 | President & Chief<br> Executive Officer | Indefinite; <br> 10 Years | Managing Director and Head of Fixed Income, Bessemer Trust Company, N.A. (Since 2010). |
| Nicola R. Knight<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 59 | Chief Legal Officer;<br> Assistant Secretary | Indefinite; Chief Legal Officer 2 Years; Assistant Secretary 13 Years | Principal and Associate General Counsel of Bessemer Trust Company, N.A. (Since 2007). |
| Matthew A. Rizzi<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 49 | Vice President & Treasurer | Indefinite; <br> 8 Years | Principal and Head of Fund Accounting, Bessemer Trust Company, N.A. (Since 2018); Principal and Head of Trust Accounting and Fees, Bessemer Trust Company, N.A. (2015-2017). |
| Ritu Gupta<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 42 | Chief Compliance Officer; | Indefinite; <br> 1 Year | Principal and Director of Investment Management Compliance, Bessemer Trust Company, N.A. (Since March 2021); Vice President, Brown Brothers Harriman & Co. (2005-2021). |
| Hardik B. Patel<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 40 | Vice President &<br> Assistant Treasurer | Indefinite; <br> 2 Years | Senior Vice President and Accounting Manager, Bessemer Trust Company, N.A. (Since 2021); Vice President and Accounting Manager, Bessemer Trust Company, N.A. (2017-2020); Associate Vice President and Accounting Manager, Bessemer Trust Company, N.A. (2015-2017). |
| David Schwart<br> 801 Brickell Avenue<br> Suite 2000<br> Miami, FL 33131-2900<br> Age: 52 | Vice President & Anti-<br> Money Laundering<br> Compliance Officer | Indefinite; <br> 7 Years | Senior Vice President and Senior Bank Compliance Manager, Bessemer Trust Company, N.A. (Since 2019); Vice President and Associate Director of Bank Compliance, Bessemer Trust Company, N.A. (2013-2019). |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** | &nbsp;&nbsp;**Old Westbury Funds, Inc.** |
| &nbsp;&nbsp;&nbsp;**Directors and Officers of Old Westbury Funds, Inc. (Unaudited) -** **(Continued)** | &nbsp;&nbsp;&nbsp;**Directors and Officers of Old Westbury Funds, Inc. (Unaudited) -** **(Continued)** |
|  | ***October 31, 2022***  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with the<br> Corporation** | **Term of Office;<br> Term Served in<br> Office** | **Principal Occupation(s) During Past 5 Years** |
| Jordan Hedge<br> 103 Bellevue Parkway<br> Wilmington, DE<br> 19809<br> Age: 41 | Vice President and<br> Assistant Treasurer | Indefinite; Since February 2, 2022 | Vice President and Lead Manager of Fund Accounting and Administration Client Services, The Bank of New York Mellon ("BNY Mellon") (Since 2004). |
| Jack Jafolla<br> 103 Bellevue Parkway<br> Wilmington, DE<br> 19809<br> Age: 52 | Assistant Treasurer | Indefinite; <br> 15 Years | Vice President and Lead Manager of NAV Operations, BNY Mellon (Since 2008). |
| Lisa M. King<br> 103 Bellevue Parkway<br> Wilmington, DE<br> 19809<br> Age: 54 | Secretary | Indefinite; <br> 5 Years | Vice President and Group Manager, BNY Mellon Regulatory Administration (Since 2017); Vice President and Counsel, BNY Mellon (2016-2017); Counsel, Stradley, Ronon, Stevens & Young LLP (2007-2016). |
| William H. Wallace, III<br> 103 Bellevue Parkway<br> Wilmington, DE<br> 19809<br> Age: 52 | Assistant Secretary | Indefinite; <br> 5 Years | Secretary of the Corporation (2015-2016); Vice President and Manager, BNY Mellon Regulatory Administration (Since 2010). |

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Additional Information (Unaudited)** | &nbsp;&nbsp;&nbsp;**Additional Information (Unaudited)** |
|  | ***October 31, 2022***  |

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**Information on Proxy Voting:**

The Funds' proxy voting guidelines, used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the U.S. Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**Information on Form N-PORT**

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. The Funds' Forms N-PORT is available on the SEC's website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling (800) 607-2200.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Liquidity Risk Management Program (Unaudited)** | &nbsp;&nbsp;&nbsp;**Liquidity Risk Management Program (Unaudited)** |
|  | ***October 31, 2022***  |

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

The Board has appointed the Adviser's Liquidity Risk Committee to be the program administrator for the Program (the "Program Administrator"). On July 19, 2022, the Board of Directors reviewed the annual report (the "Report") concerning the operation of the Program based on a Fund-by-Fund analysis as of April 30, 2022. The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund's HLIM. There were no material changes to the Program during the Program Reporting Period.

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)** | &nbsp;&nbsp;&nbsp;**Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)** |
|  | ***October 31, 2022***  |

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At a meeting held on July 19, 2022, the Board of Directors (the "Board" or the "Directors") of Old Westbury Funds, Inc. (the "Corporation"), including the Directors who are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) of any party to the agreements defined below ("Independent Directors"), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the "Agreements"): (1) an investment advisory agreement between Bessemer Investment Management LLC ("BIM" or the "Adviser") and the Corporation on behalf of Old Westbury All Cap Core Fund ("All Cap Core Fund"), Old Westbury Large Cap Strategies Fund ("Large Cap Strategies Fund"), Old Westbury Small & Mid Cap Strategies Fund ("Small & Mid Cap Strategies Fund"), Old Westbury Credit Income Fund ("Credit Income Fund"), Old Westbury Fixed Income Fund ("Fixed Income Fund"), Old Westbury Municipal Bond Fund ("Municipal Bond Fund"), Old Westbury California Municipal Bond Fund ("California Municipal Bond Fund"), and Old Westbury New York Municipal Bond Fund ("New York Municipal Bond Fund") (each, a "Fund" and, collectively, the "Funds"), (2) a sub-advisory agreement among BIM, Artisan Partners Limited Partnership ("Artisan") and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC ("Champlain") and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. ("BlackRock") and the Corporation on behalf of the Credit Income Fund, (5) a sub-advisory agreement among BIM, Sands Capital Management, LLC ("Sands") and the Corporation on behalf of the Large Cap Strategies Fund, (6) a sub-advisory agreement among BIM, Muzinich & Co, Inc. ("Muzinich") and the Corporation on behalf of the Credit Income Fund, (7) a sub-advisory agreement among BIM, Baillie Gifford Overseas Limited ("Baillie Gifford") and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (8) a sub-advisory agreement among BIM, Baillie Gifford and the Corporation on behalf of the Large Cap Strategies Fund, (9) a sub-advisory agreement among BIM, Polunin Capital Partners Limited ("Polunin") and the Corporation on behalf of the Small & Mid Cap Strategies Fund, and (10) a sub-advisory agreement among BIM, Acadian Asset Management LLC ("Acadian") and the Corporation on behalf of the Small & Mid Cap Strategies Fund (Polunin, Artisan, Champlain, BlackRock, Sands, Muzinich, Baillie Gifford and Acadian together, the "Sub-Advisers"). At both the meeting of the Board held on July 19, 2022 and the meeting of the Board held on April 27, 2022, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee rates charged and services provided by affiliated service providers. The Independent Directors also met with Counsel to the Independent Directors on July 1, 2022 during which time they conducted an in-depth review of all 15(c) Materials and requested certain supplemental information from the Adviser and Sub-Advisers. Throughout this process, the Directors met on a number of occasions telephonically with Counsel to the Independent Directors to review the materials provided by the Adviser and each of the Sub-Advisers.

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

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

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) -** **(Continued)** | &nbsp;&nbsp;&nbsp;**Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) -** **(Continued)** |
|  | ***October 31, 2022***  |

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to the Corporation's Valuation Policies, and the new role of the Adviser as valuation designee on a going forward basis, as well as its role in selecting and monitoring pricing service providers and, foreign fair value service providers.

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Old Westbury Funds, Inc.** |  |
| &nbsp;&nbsp;&nbsp;**Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) -** **(Continued)** | &nbsp;&nbsp;&nbsp;**Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) -** **(Continued)** |
|  | ***October 31, 2022***  |

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

 

The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to All Cap Core Fund, Fixed Income Fund, California Municipal Bond Fund, New York Municipal Bond Fund, Municipal Bond Fund and Credit Income Fund, and at $1.25 billion and $2.5 billion for the Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser's profitability analysis. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees charged by third-party service providers based on the combined size of the Funds.

*(5)* *Ancillary benefits and other factors.*

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

*Conclusion*

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

**Investment Adviser:**

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

**Distributor:**

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

**Custodians**:

Bessemer Trust Company<br> 100 Woodbridge Center Drive<br> Woodbridge, NJ 07095

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

**Administrator**:

The Bank of New York Mellon<br> 103 Bellevue Parkway<br> Wilmington, DE 19809

**Transfer Agent:**

BNY Mellon Investment Servicing (US) Inc.<br> 103 Bellevue Parkway<br> Wilmington, DE 19809

**Independent Registered Public Accounting Firm:**

Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risks, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds' prospectus which contains facts concerning the Funds' objectives and policies, management fees, expenses and other information.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Furthermore, Bessemer Investment Management LLC and its affiliates, as agents for their clients, and any of its officers or employees may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report.

------

**October 31, 2022**

**Cusip 680414307**

**Cusip 680414109**

**Cusip 680414604**

**Cusip 680414851**

**Cusip 680414406**

**Cusip 680414505**

**Cusip 680414877**

**Cusip 680414869**

**(OWF_A21-AR2022)**

**(10/22)**

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

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

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered
by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided
by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $666,490 in 2022
and $642,455 in 2021.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services
by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements
and are not reported under paragraph (a) of this Item were $9,670 in 2022 and $9,300 in 2021. Fees for both 2022 and 2021 relate
to the review of financial statement data incorporated in the Funds' periodic N-1A filings.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered
by the principal accountant for tax compliance, tax advice, and tax planning were $247,617 in 2022 and $307,523 in 2021. Fees for
both 2022 and 2021 relate to the review of federal income and excise tax returns, review of capital gains distribution calculations
and certain global tax compliance services.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided
by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $48,255 in 2022 and
$46,400 in 2021. Fees for both 2022 and 2021 relate to the review of holdings for the Funds' affiliated custodian under Rule
17f-2.

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

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

---

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

---

(b) 0%

(c) 0%

(d) 0%

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the
registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of
the registrant were $323,872 in 2022 and $380,953 in 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley
Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements
included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction
and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because
of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental
basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction.
The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled
by a foreign governmental entity is not required to submit such documentation.

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose: (1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an

authority in the foreign jurisdiction, issued an audit report for the registrant; (2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; (3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; (4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and (5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

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

Not applicable.

**Item 6. Investments.**

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 11. Controls and Procedures.**

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

---

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

Not applicable.

**Item 13. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](c105080_ex99codeeth.htm)

(a)(2) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](c105080_ex99cert.htm)

(a)(2)(1) Not applicable

(a)(2)(2) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&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.](c105080_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)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David W. Rossmiller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David W. Rossmiller, President and Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |

---

Date <u><u>January 6, 2023</u></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)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David W. Rossmiller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David W. Rossmiller, President and Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |

---

Date <u><u>January 6, 2023</u></u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Matthew A. Rizzi |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew A. Rizzi, Treasurer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer) |

---

Date <u><u>January 6, 2023</u></u>

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

## Ex-99.Code

**EX-99.CODE OF ETHICS**

**OLD WESTBURY FUNDS, INC.**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> PRINCIPAL FINANCIAL OFFICERS**

**<u>COVERED OFFICERS/PURPOSE OF THE CODE</u>**

This special code of ethics (the "Code") of Funds applies to the Funds' Covered Officers each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and
 ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

• full, fair,
 accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by the Funds;

• compliance with applicable laws
 and governmental rules and regulations;

• the prompt
 internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

• accountability for adherence
 to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.<sup>1</sup>

**<u>COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>**

**<u>OVERVIEW</u>**

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds.

<sup>1</sup> Item 2 of Form N-CSR requires a registered investment management company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so. The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

Each Covered Officer is an employee of the Funds' Administrator ("Service Provider"). The Funds' and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Each Covered Officer recognizes that, as an officer of the Funds, he has a duty to act in the best interests of the Funds and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Service Provider are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Funds, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

\* \* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by the Funds whereby the Covered Officer would benefit personally
 to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause the Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than for the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use material non-public knowledge of portfolio transactions made or contemplated for
 the Funds to trade personally or cause others to trade personally in contemplation of
 the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 engage in personal, business or professional relationships or dealings that would impair
 his or her independence of judgment or adversely affect the performance of his or her
 duties in the best interests of the Funds and its shareholders.

There are some conflict of interest situations that may be discussed with the Funds' Chief Legal Officer, if material. Examples of these include:<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director
 on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of
 any non-nominal gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 receipt of any entertainment from any person or company with which the Funds has current
 or prospective business dealings unless such entertainment is business-related, reasonable
 in cost, appropriate as to time and place, and not so frequent as to raise any question
 of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 ownership interest in, or any consulting or employment relationship with, any of the
 Funds' service providers, other than its investment adviser, subadviser, principal
 underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 direct or indirect financial interest in commissions, transaction charges or spreads
 paid by the Funds for effecting portfolio transactions or for selling or redeeming shares
 other than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

**<u>Disclosure & Compliance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally
 applicable to the Funds.

• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the Funds to others, whether within or outside the Funds, including to the Funds'
 Directors and auditors, and to governmental regulators and self-regulatory organizations.

• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the Funds and the Funds' adviser or
 subadviser with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the Funds files with, or submits to, the SEC
 and in other public communications made by the Funds.

• It
 is the responsibility of each Covered Officer to promote compliance with the standards
 and restrictions imposed by applicable laws, rules and regulations.

• Each
 Covered Officer should, consistent with his or her responsibilities, exercise appropriate
 supervision over and assist relevant Funds service providers in developing financial
 information and other disclosure that complies with relevant law and presents information
 in a clear, comprehensible and complete manner.

• Each
 Covered Officer is responsible for the accuracy of the records and reports that he or
 she is responsible for maintaining. The Covered Officer must not create false or misleading
 documents or accounting, financial or electronic records for any purpose, and must not
 direct any other person to do so. If a Covered Officer becomes aware that information
 filed with the SEC or made available to the public contains any false or misleading information
 or omits to disclose necessary information, he or she shall promptly report it to Chief
 Legal Officer for a determination as to what, if any, corrective action is necessary
 or appropriate.

• No
 disbursement of the Funds' assets shall be made without adequate supporting documentation

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

---

| | |
|:---|:---|
|  | or for any purpose other than as described in the Funds' documents or contracts. |
| • | The Funds will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board. |

---

**<u>Reporting and Accountability</u>**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or
 thereafter as applicable, upon becoming a Covered Officer), affirm in writing (form attached)
 to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to
 the Board that he has complied with the requirements of the Code (form attached);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any employee
 or Covered Officer or their affiliated persons for reports of potential violations that
 are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief
 Legal Officer promptly if he knows of any violation of this Code. Failure to do so is
 itself a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any change in his affiliations from
 the prior year.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>3</sup> sought by the Principal Executive Officer will be considered by the Audit Committee (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds' Chief Legal
 Officer will take all appropriate action to investigate any potential violations reported
 to him;

• if, after such investigation,
 the Funds' Chief Legal Officer believes that no violation has occurred, the Funds'
 Chief Legal Officer is not required to take any further action;

• any matter that the Funds'
 Chief Legal Officer believes is a violation will be reported to the Committee;

• if the Committee concurs that
 a violation has occurred, it will inform and make a recommendation to the Board, which
 will consider appropriate action, which may include review of, and appropriate modifications
 to, applicable policies and procedures; notification to appropriate personnel of the
 Service Provider or its board; or a recommendation to dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as
 appropriate; and

• any changes to or waivers of
 this Code will, to the extent required, be disclosed as provided by SEC rules.

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

**<u>Other Policies and Procedures</u>**

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's, subadvisers', principal underwriter's and service providers' codes of ethics under Rule 17j-1 of the 1940 Act and the investment adviser's policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**<u>Amendments</u>**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent Directors.

**<u>Confidentiality</u>**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise permitted by law or this Code, such matters shall not be disclosed to anyone other than the Committee, the Board and its counsel, the investment adviser and the respective Service Providers.

**<u>Internal Use</u>**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

**SCHEDULE A**

**Code of Ethics For Principal Executive and**<br> **Principal Financial Officers**

**<u>Positions Covered by this Code of Ethics</u>**

Principal Executive Officer and President

Principal Financial Officer and Treasurer

**Schedule B**

**Initial Acknowledgement**

**Code of Ethics For Principal Executive and**

**Principal Financial Officers**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to Chief Legal Officer, as defined in the Code.

I also understand that, consistent with applicable law, the Company has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

---

| |
|:---|
| Covered Officer Name and Title |
| *(please print)* |
| Signature |
| Date |

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Please <u>return this completed form to within one week from the date of your receipt of a request to complete and return it. Thank you!</u>

**Schedule C**

**Annual Acknowledgement**

**Code of Ethics For Principal Executive and**

**Principal Financial Officers**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me.

I also understand that, consistent with applicable law, the Company has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

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| |
|:---|
| Covered Officer Name and Title |
| *(please print)* |
| Signature |
| Date |

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Please <u>return this completed form to within one week from the date of your receipt of a request to complete and return it. Thank you!</u>

## Ex-99.Cert

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;

(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;

(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

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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

(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;January 6, 2023 | /s/ David W. Rossmiller |
|  |  | David W. Rossmiller, President and Chief |
|  |  | Executive Officer |
|  |  | (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;

(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;

(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

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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

(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;January 6, 2023 | /s/ Matthew A. Rizzi |
|  |  | Matthew A. Rizzi, Treasurer |
|  |  | (Principal Financial Officer) |

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## 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;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

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results
 of operations of Old Westbury Funds, Inc.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;January 6, 2023 | /s/ David W. Rossmiller |
|  |  | David W. Rossmiller, President and Chief |
|  |  | Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;January 6, 2023 | /s/ Matthew A. Rizzi |
|  |  | Matthew A. Rizzi, Treasurer |
|  |  | (Principal Financial Officer) |

---