N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07912

Old Westbury Funds, Inc.

(Exact name of registrant as specified in charter)

760 Moore Rd.

King of Prussia, PA 19406

(Address of principal executive offices) (Zip code)

Andrew J. McNally

PNC Global Investment Servicing (U.S.) Inc.

760 Moore Rd.

King of Prussia, PA 19406

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: January 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

OLD WESTBURY FUNDS, INC.
U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS	January 31, 2009
	(Unaudited)

Shares			Value
COMMON STOCKS — 91.9%
Banks — 1.1%
	259,500	Hudson City Bancorp, Inc.	$	3,010,200
Consumer Discretionary — 16.8%
	153,600	Kohl’s Corp.(b)		5,638,656
	453,300	Lowe’s Cos., Inc.		8,281,791
	730,000	Mattel, Inc.		10,358,700
	763,600	Staples, Inc.		12,171,784
	529,200	Walt Disney Co. (The)		10,943,856
				47,394,787
Consumer Staples — 13.4%
	240,250	PepsiCo, Inc.		12,067,758
	239,000	Procter & Gamble Co.		13,025,500
	265,000	Wal-Mart Stores, Inc.		12,486,800
				37,580,058
Diversified Financials — 5.4%
	213,100	American Express Co.		3,565,163
	446,700	Bank of New York Mellon Corp. (The)		11,498,058
				15,063,221
Energy — 8.0%
	281,700	Cameron International Corp.(b)		6,524,172
	490,400	Chesapeake Energy Corp.		7,753,224
	755,900	Weatherford International Ltd.(b)		8,337,577
				22,614,973
Health Care — 19.6%
	171,200	Celgene Corp.(b)		9,065,040
	171,900	Genzyme Corp.(b)		11,847,348
	187,600	Johnson & Johnson		10,822,644
	233,600	Teva Pharmaceutical Industries Ltd. ADR		9,682,720
	382,200	Thermo Fisher Scientific, Inc.(b)		13,732,446
				55,150,198
Information Technology — 18.7%
	425,000	Applied Materials, Inc.		3,982,250
	747,200	Cisco Systems, Inc.(b)		11,185,584
	1,021,600	Corning, Inc.		10,328,376
	1,195,000	EMC Corp.(b)		13,192,800
	317,900	Intel Corp.		4,100,910
	180,200	Research In Motion Ltd.(b)		9,983,080
				52,773,000
Materials — 2.2%
	677,400	International Paper Co.		6,177,888

Shares			Value
Utilities — 6.7%
	127,200	FPL Group, Inc.	$	6,557,160
	320,500	PG&E Corp.		12,393,735
				18,950,895
Total Common Stocks (Cost $358,505,660)				258,715,220
INVESTMENT COMPANY — 10.2%
	28,630,361	SEI Daily Income Trust Government II Fund, Class A		28,630,361
Total Investment Company (Cost $28,630,361)				28,630,361
TOTAL INVESTMENTS — 102.1% (Cost $387,136,021)(a)				287,345,581
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%				(5,896,625	)
NET ASSETS — 100.0%			$	281,448,956

(a)	Aggregate book cost is $387,136,021 and net unrealized depreciation of investments is as follows:
Unrealized appreciation		$	757,492
Unrealized depreciation			(100,547,932	)
Net unrealized depreciation		$	(99,790,440	)
(b)	Non-income producing security.
	ADR - American Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	1.1	%
Consumer Discretionary	16.8	%
Consumer Staples	13.4	%
Diversified Financials	5.4	%
Energy	8.0	%
Health Care	19.6	%
Information Technology	18.7	%
Materials	2.2	%
Utilities	6.7	%
Other*	8.1	%

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

1

OLD WESTBURY FUNDS, INC.
NON-U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS	January 31, 2009
	(Unaudited)

Shares			Value
COMMON STOCKS — 74.6%
FINLAND — 2.5%
	3,108,146	Nokia Oyj	$	38,164,838
FRANCE — 1.6%
	1,076,815	France Telecom SA		24,210,793
GERMANY — 5.5%
	1,944,236	Deutsche Telekom AG		23,723,856
	1,308,717	Fresenius Medical Care AG & Co.		58,648,538
				82,372,394
HONG KONG — 3.3%
	9,653,236	Hutchison Whampoa Ltd.		49,795,846
ITALY — 3.6%
	2,566,775	ENI SpA		54,687,054
JAPAN — 24.8%
	3,719,692	Bridgestone Corp.		48,030,753
	9,204,049	Mitsubishi UFJ Financial Group, Inc.		52,252,073
	860,100	Nippon Telegraph & Telephone Corp.		42,126,565
	4,068,872	Nomura Holdings, Inc.		26,858,586
	9,122	NTT Data Corp.		29,619,718
	1,623,078	Seven & I Holdings Co. Ltd.		43,993,933
	605,800	Shin-Etsu Chemical Co. Ltd.		28,727,200
	2,880,360	Sumitomo Corp.		26,644,172
	572,856	Takeda Pharmaceutical Co. Ltd.		27,101,219
	1,496,205	Toyota Motor Corp.		48,715,975
				374,070,194
NETHERLANDS — 6.5%
	1,530,127	Heineken NV		45,158,740
	3,972,831	Koninklijke KPN NV		53,156,917
				98,315,657
SPAIN — 5.8%
	1,325,886	Inditex SA		50,725,949
	2,112,227	Telefonica SA		37,673,426
				88,399,375
SWITZERLAND — 11.7%
	457,554	Credit Suisse Group AG		11,771,197
	389,377	Roche Holding AG		54,853,181
	517,877	Synthes, Inc.		62,641,730
	260,326	Zurich Financial Services AG		47,132,046
				176,398,154
UNITED KINGDOM — 9.3%
	7,244,159	BP Plc		51,913,451
	5,376,777	Prudential Plc		25,986,243
	8,964,915	RSA Insurance Group Plc		17,110,298
	3,060,137	Shire Plc		44,835,050
				139,845,042
Total Common Stocks (Cost $1,441,515,686)				1,126,259,347

Shares			Value
EXCHANGE TRADED FUNDS — 6.9%
	1,382,535	iShares MSCI EAFE Index Fund	$	53,504,104
	6,048,542	iShares MSCI Japan Index Fund		50,989,209
Total Exchange Traded Funds (Cost $162,315,814)				104,493,313
INVESTMENT COMPANY — 7.8%
	117,788,100	Federated Treasury Obligations Fund		117,788,100
Total Investment Company (Cost $117,788,100)				117,788,100
Principal Amount
U.S. GOVERNMENT AGENCIES — 3.3%
Federal Home Loan Bank — 3.3%
$	50,000,000	0.20%, 03/03/09		49,991,944
Total U.S. Government Agencies (Cost $49,991,944)				49,991,944
TOTAL INVESTMENTS — 92.6% (Cost $1,771,611,544)(a)				1,398,532,704
OTHER ASSETS IN EXCESS OF LIABILITIES — 7.4%				111,421,749
NET ASSETS — 100.0%			$	1,509,954,453

(a)	Aggregate book cost is $1,771,611,544 and net unrealized depreciation of investments is as follows:
Unrealized appreciation		$	8,391,604
Unrealized depreciation			(381,470,444	)
Net unrealized depreciation		$	(373,078,840	)

2

OLD WESTBURY FUNDS, INC.
NON-U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Portfolio diversification by Sector (Unaudited)
Sector	Percentage of Net Assets
Banks	3.5	%
Consumer Discretionary	9.8	%
Consumer Staples	5.9	%
Diversified Financials	2.5	%
Energy	7.0	%
Health Care	16.4	%
Industrials	5.1	%
Information Technology	4.5	%
Insurance	6.0	%
Materials	1.9	%
Telecommunication Services	12.0	%
Other*	25.4	%

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

3

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS	January 31, 2009
	(Unaudited)

Shares			Value
COMMON STOCKS — 33.4%
AUSTRALIA — 0.3%
	35,479	ABB Grain Ltd.	$	149,914
	139,228	Adelaide Brighton Ltd.		150,392
	10,745	AED Oil Ltd.(b)		6,623
	17,131	Aevum Ltd.		8,708
	6,479	AJ Lucas Group Ltd.		16,097
	26,976	Alesco Corp. Ltd.		36,509
	23,073	Amalgamated Holdings Ltd.		66,706
	33,000	Andean Resources Ltd.(b)		27,678
	21,310	Ansell Ltd.		138,247
	10,300	Anvil Mining Ltd.(b)		10,919
	81,978	APA Group		157,308
	60,776	APN News & Media Ltd.		77,620
	40,999	Aquila Resources Ltd.(b)		66,169
	15,851	Aristocrat Leisure Ltd.		37,769
	78,207	Arrow Energy Ltd.(b)		105,846
	47,908	Asciano Group		33,941
	23,632	Atlas Iron Ltd.(b)		17,869
	21,213	Ausdrill Ltd.		12,131
	28,945	Austal Ltd.		33,657
	237,688	Austar United Communications Ltd.(b)		111,760
	103,629	Austereo Group Ltd.		77,698
	69,351	Australian Agricultural Co. Ltd.		79,318
	71,607	Australian Infrastructure Fund		79,624
	63,310	Australian Pharmaceutical Industries Ltd.		21,119
	24,637	Australian Vintage Ltd.(b)		5,636
	86,302	Australian Wealth Management Ltd.		49,901
	77,977	Australian Worldwide Exploration Ltd.(b)		131,299
	20,928	Automotive Holdings Group		7,314
	22,100	AVJennings Ltd.		4,353
	26,760	Avoca Resources Ltd.(b)		27,970
	64,352	AWB Ltd.		90,774
	39,396	Babcock & Brown Communities Ltd.		4,381
	34,686	Babcock & Brown Wind Partners		18,954
	24,976	Bank of Queensland Ltd.		117,436
	154,068	Beach Petroleum Ltd.		75,869
	42,185	Bendigo Mining Ltd.(b)		4,423
	8,129	Billabong International Ltd.		38,222
	5,000	Boom Logistics Ltd.		1,874
	17,534	Bradken Ltd.		27,296
	18,680	Brickworks Ltd.		124,628
	26,490	Cabcharge Australia Ltd.		103,179
	35,782	Caltex Australia Ltd.		199,394
	10,030	Campbell Brothers Ltd.		98,974
	8,040	Cardno Ltd.		14,049
	6,466	CBH Resources Ltd. - In Specie(b)		0
	17,013	Cellestis Ltd.(b)		16,215
	35,761	Centamin Egypt Ltd.(b)		19,655
	56,191	Centennial Coal Co. Ltd.		101,042

Shares			Value
AUSTRALIA (continued)
	15,402	Challenger Financial Services Group Ltd.	$	11,842
	33,103	Charter Hall Group		5,153
	106,453	Citigold Corp. Ltd.(b)		15,219
	51,145	Clough Ltd.		9,424
	18,947	Coal of Africa Ltd.(b)		9,872
	54,002	Cockatoo Coal Ltd.(b)		10,637
	6,058	Coffey International Ltd.		5,350
	261,794	ConnectEast Group		76,518
	29,640	Consolidated Media Holdings Ltd.		36,348
	20,084	Corporate Express Australia Ltd.		48,493
	38,303	Count Financial Ltd.		18,740
	19,940	Crane Group Ltd.		102,880
	265,907	CSR Ltd.		240,765
	4,990	Cudeco Ltd.(b)		6,849
	71,561	David Jones Ltd.		105,490
	1,787	Devine Ltd.		602
	8,637	Dominion Mining Ltd.		19,757
	66,049	Downer EDI Ltd.		149,405
	114,242	DUET Group		153,890
	91,748	Eastern Star Gas Ltd.(b)		26,817
	53,494	Emeco Holdings Ltd.		5,778
	26,752	Energy Developments Ltd.		37,396
	99,173	Energy World Corp. Ltd.(b)		13,863
	188,707	Envestra Ltd.		35,971
	9,540	Fantastic Holdings Ltd.		10,911
	33,955	Felix Resources Ltd.		148,868
	45,558	FKP Property Group		13,026
	10,188	Fleetwood Corp. Ltd.		23,499
	7,174	Flight Centre Ltd.		28,763
	186,551	Futuris Corp. Ltd.		67,565
	10,669	G.U.D. Holdings Ltd.		40,946
	18,000	Geodynamics Ltd.(b)		12,695
	23,000	Gindalbie Metals Ltd.(b)		8,330
	47,000	Goodman Fielder Ltd.		45,841
	10,532	GrainCorp Ltd.(b)		34,932
	29,996	GRD Ltd.		7,052
	63,776	Great Southern Ltd.		6,078
	146,835	Gunns Ltd.		88,168
	62,688	GWA International Ltd.		95,199
	21,178	Harvey Norman Holdings Ltd.		28,662
	23,057	Hastie Group Ltd.		17,068
	40,441	Healthscope Ltd.		111,008
	48,438	Hills Industries Ltd.		72,019
	139,803	IBA Health Group Ltd.(b)		66,179
	16,525	iiNET Ltd.		12,652
	73,259	Iluka Resources Ltd.(b)		197,833
	15,127	Independence Group NL		23,933
	85,840	Indophil Resources NL(b)		13,636
	16,339	Invocare Ltd.		51,909
	16,163	IOOF Holdings Ltd.		36,253
	19,221	Iress Market Technology Ltd.		64,118
	21,000	Jabiru Metals Ltd.(b)		1,534
	21,040	JB Hi-Fi Ltd.		124,999

4

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	25,802	Kagara Ltd.(b)	$	7,296
	13,107	Karoon Gas Australia Ltd.(b)		24,985
	10,666	Kingsgate Consolidated Ltd.(b)		25,482
	46,543	Linc Energy Ltd.(b)		37,706
	59,113	Lynas Corp. Ltd.(b)		10,893
	73,012	Macmahon Holdings Ltd.		15,077
	4,608	Macquarie Communications Infrastructure Group		2,752
	28,838	Macquarie Media Group Ltd.		15,667
	7,488	McMillan Shakespeare Ltd.		9,183
	10,027	Melbourne IT Ltd.		11,213
	20,418	Mermaid Marine Australia Ltd.		13,557
	100,000	Metals X Ltd.(b)		4,638
	41,895	Minara Resources Ltd.		9,849
	19,000	Mincor Resources NL		7,666
	41,969	Mineral Deposits Ltd.(b)		17,334
	14,861	Mineral Resources Ltd.		20,774
	5,500	Mitchell Communications Group Ltd.		1,363
	13,431	Monadelphous Group Ltd.		54,277
	78,058	Mount Gibson Iron Ltd.(b)		20,087
	20,000	Murchison Metals Ltd.(b)		6,608
	42,798	Navitas Ltd.		59,827
	128,661	New Hope Corp. Ltd.		277,955
	34,000	Nexus Energy Ltd.(b)		10,802
	14,479	Novogen Ltd.(b)		6,900
	13,754	Oakton Ltd.		4,719
	131,065	Pacific Brands Ltd.		35,394
	110,950	Paladin Energy Ltd.(b)		218,543
	196,628	PanAust Ltd.(b)		16,867
	24,808	Panoramic Resources Ltd.		13,241
	138,189	PaperlinX Ltd.		38,634
	37,523	Peet Ltd.		35,763
	20,327	Perilya Ltd.		1,937
	5,089	Perpetual Ltd.		99,335
	28,698	Pharmaxis Ltd.(b)		24,617
	500	Photon Group Ltd.		388
	26,465	Platinum Asset Mangement Ltd.		52,802
	34,118	Platinum Australia Ltd.(b)		12,790
	78,985	PMP Ltd.		20,828
	8,373	Premier Investments Ltd.		19,951
	29,031	Primary Health Care Ltd.		88,542
	16,671	Prime Media Group Ltd.		11,122
	26,263	Prime Retirement & Aged Care Property Trust (The)		1,752
	11,247	Programmed Maintenance Services Ltd.		17,151
	22,066	Ramsay Health Care Ltd.		141,610
	1,399	REA Group Ltd.(b)		3,111
	6,205	Redflex Holdings Ltd.		13,011
	8,531	Reece Australia Ltd.		85,375
	1,933	Reject Shop Ltd. (The)		12,405
	18,010	Resolute Mining Ltd.(b)		4,864
	12,309	Reverse Corp. Ltd.		7,665
	47,760	Ridley Corp. Ltd.		23,367
	30,700	Riversdale Mining Ltd.(b)		42,720

Shares			Value
AUSTRALIA (continued)
	90,607	Roc Oil Co. Ltd.(b)	$	29,074
	15,120	SAI Global Ltd.		24,595
	29,246	Salmat Ltd.		58,536
	4,084	Seek Ltd.		7,785
	7,225	Select Harvests Ltd.		13,772
	9,440	Servcorp Ltd.		13,196
	10,846	Service Stream Ltd.		3,101
	21,008	Seven Network Ltd.		79,958
	159,647	Sigma Pharmaceuticals Ltd.		121,728
	21,714	Silex Systems Ltd.(b)		49,532
	16,760	Sino Gold Mining Ltd.(b)		52,821
	11,118	Skilled Group Ltd.		8,830
	7,500	SMS Management & Technology Ltd.		7,958
	84,711	SP AusNet		55,709
	128,274	Spark Infrastructure Group		109,625
	28,294	Specialty Fashion Group Ltd.		4,045
	34,670	Spotless Group Ltd.		56,175
	23,116	Straits Resources Ltd.		15,569
	29,180	STW Communications Group Ltd.		12,237
	218,698	Sundance Resources Ltd.(b)		13,479
	47,414	Sunland Group Ltd.		15,365
	14,971	Super Cheap Auto Group Ltd.		21,879
	6,000	Talent2 International Ltd.		2,478
	27,977	Tap Oil Ltd.(b)		14,755
	11,196	Tassal Group Ltd.		14,299
	50,836	Technology One Ltd.		23,257
	63,187	Ten Network Holdings Ltd.		41,354
	163,262	Thakral Holdings Group		47,719
	65,834	Timbercorp Ltd.		5,438
	54,809	Tower Australia Group Ltd.		81,492
	35,123	Transfield Services Infrastructure Fund.		25,442
	33,905	Transfield Services Ltd.		42,009
	20,446	Transpacific Industries Group Ltd.		35,077
	19,829	Trinity Group		2,268
	22,118	United Group Ltd.		112,711
	25,693	UXC Ltd.		7,020
	21,214	Village Roadshow Ltd.		13,277
	25,284	Village Roadshow Ltd., Preferred Shares		12,129
	46,000	Virgin Blue Holdings Ltd.		9,061
	13,169	Washington H. Soul Pattinson & Co. Ltd.		72,129
	6,418	Watpac Ltd.		3,629
	21,681	West Australian Newspapers Holdings Ltd.		56,482
	19,960	Western Areas NL(b)		47,687
	13,358	White Energy Co. Ltd.(b)		16,636
	37,396	WHK Group Ltd.		19,484
	12,401	Windimurra Vanadium Ltd.(b)		1,694
	13,791	Wotif.com Holdings Ltd.		28,041
				8,638,127

5

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
AUSTRIA — 0.1%
	959	Agrana Beteiligungs AG	$	55,501
	9,244	Andritz AG		275,778
	1,748	A-TEC Industries AG(b)		13,764
	9,199	Austrian Airlines AG(b)		49,469
	5,738	BWIN Interactive Entertainment AG(b)		145,469
	2,439	BWT AG		35,445
	2,439	Christ Water Technology AG(b)		5,715
	1,891	Constantia Packaging AG		50,725
	3,121	Flughafen Wien AG		125,278
	1,518	Frauenthal Holding AG		11,176
	7,181	Intercell AG(b)		236,115
	197	Lenzing AG		38,338
	1,270	Mayr Melnhof Karton AG		84,736
	849	Oberbank AG		47,504
	7,603	Oesterreichische Post AG		237,919
	1,756	Palfinger AG		20,123
	8,522	Raiffeisen International Bank-Holding AG		174,584
	5,405	RHI AG(b)		86,507
	779	Rosenbauer International AG		22,332
	526	S&T System Integration & Technology Distribution AG(b)		7,408
	2,106	Schoeller-Bleckmann Oilfield Equipment AG		57,328
	35,169	Telekom Austria AG		495,332
	10,994	Uniqa Versicherungen AG		244,934
	6,046	Vienna Insurance Group		190,435
	9,375	Voestalpine AG		182,696
	4,708	Warimpex Finanz- Und Beteiligungs AG		7,475
	4,743	Wienerberger AG		61,093
	5,173	Zumtobel AG		43,318
				3,006,497
BELGIUM — 0.2%
	5,614	Ackermans & Van Haaren NV		246,193
	27,644	Agfa Gevaert NV(b)		97,337
	50	Banque Nationale de Belgique		139,563
	2,225	Barco NV		43,217
	4,312	Bekaert SA		251,318
	1,909	Cofinimmo		231,741
	997	Compagnie d’Entreprises CFE		31,071
	765	Compagnie Immobiliere de Belgique SA		14,497
	4,983	Compagnie Maritime Belge SA		101,445
	3,050	Deceuninck NV		10,505
	6,374	Delhaize Group		411,326
	674	D’ieteren SA		76,089
	4,178	Elia System Operator SA NV		140,370
	4,729	Euronav NV		72,236
	1,908	EVS Broadcast Equipment SA		58,754
	3,075	Exmar NV		35,435
	993	Intervest Offices		24,920
	3,840	Ion Beam Applications		30,975

Shares			Value
BELGIUM (continued)
	829	Kinepolis	$	16,017
	5,034	Melexis NV		30,358
	1,606	Mobistar SA		118,156
	4,938	Omega Pharma SA		153,955
	3,216	Option NV(b)		7,412
	1,694	Recticel SA		8,893
	740	Roularta Media Group NV		11,275
	1,670	Sipef SA		42,765
	8,384	Solvay SA		594,709
	10,644	Telenet Group Holding NV(b)		168,721
	6,295	Tessenderlo Chemie NV		191,024
	16,355	UCB SA		510,433
	3,856	Umicore		72,132
	1,150	Van De Velde		36,590
	445	VPK Packaging Group		9,196
	1,348	Warehouses De Pauw SCA		57,820
	460	Wereldhave Belgium NV		31,210
				4,077,658
BERMUDA — 0.2%
	35,000	Allied World Assurance Co. Holdings Ltd.		1,319,500
	75,000	Argo Group International Holdings Ltd.(b)		2,333,250
	6,800	BW Gas Ltd.(b)		22,093
	49,074	Catlin Group Ltd.		246,778
	11,158	Helen of Troy Ltd.(b)		116,824
	94,783	Hiscox Ltd.		432,680
	12,361	Signet Jewelers Ltd.		87,373
				4,558,498
BRAZIL — 0.2%
	7,300	AES Tiete SA		42,069
	7,700	AES Tiete SA Preference Shares		53,336
	47,500	All America Latina Logistica SA		180,172
	4,700	Anhanguera Educacional Participacoes SA		24,716
	5,700	Centrais Eletricas de Santa Catarina SA - Class B, Preference Shares		83,510
	16,800	Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		216,228
	9,800	Cia de Saneamento Basico do Estado de Sao Paulo		106,026
	5,200	Cia de Saneamento de Minas Gerais		42,922
	4,000	Cia de Saneamento do Parana, Preference Shares(c)		2,776
	14,400	Cia de Tecidos do Norte de Minas - Coteminas, Preference Shares(b)		24,207
	2,700	Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		49,450
	12,000	Cia Energetica de Sao Paulo-Class B, Preference Shares		64,655

6

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
BRAZIL (continued)
	750	Cia Energetica do Ceara - Class A, Preference Shares	$	6,886
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		261,104
	61,911	Confab Industrial SA, Preference Shares		100,872
	6,800	Cosan SA Industria e Comercio(b)		30,776
	19,500	Cyrela Brazil Realty SA		78,168
	4,100	Diagnosticos da America SA		39,763
	7,800	Duratex SA, Preference Shares		52,549
	7,480	Eletropaulo Metropolitana de Sao Paulo SA - Class A, Preference Shares		83,828
	95,900	Empresa Brasileira de Aeronautica SA		359,212
	21,000	Eternit SA		49,422
	9,000	Gafisa SA		45,388
	5,100	Global Village Telecom Holding SA(b)		54,583
	15,000	Gol-Linhas Aereas Inteligentes SA, Preference Shares		66,272
	7,200	Grendene SA		36,279
	65,200	JBS SA		134,897
	193,000	Klabin SA, Preference Shares		291,164
	8,700	Light SA		88,725
	16,600	Lojas Americanas SA		38,638
	20,600	Lojas Americanas SA, Preference Shares		56,739
	5,600	Lojas Renner SA		34,155
	15,033	Magnesita Refratarios SA(b)		46,654
	41,800	Marcopolo SA, Preference Shares		54,052
	7,000	Medial Saude SA		21,392
	3,200	Natura Cosmeticos SA		27,448
	22,319	NET Servicos de Comunicacao SA, Preference Shares(b)		141,514
	35,729	Paranapanema SA, Preference Shares(b)		52,361
	8,800	PDG Realty SA Empreen-dimentos e Participacoes		46,845
	31,305	Perdigao SA		431,793
	20,000	Plascar Participacoes Industriais SA(b)		10,862
	8,200	Porto Seguro SA		48,422
	21,000	Rossi Residencial SA		40,642
	147,000	Sadia SA, Preference Shares		210,362
	8,200	Sao Carlos Empreendimentos e Participacoes SA		35,663
	5,800	Sao Martinho SA(b)		30,375
	4,200	Saraiva SA Livreiros Editores, Preference Shares		25,345
	37,626	Suzano Papel e Celulose SA(b)		189,752
	6,600	Tam SA, Preference Shares		49,159
	6,138	Telemig Celular Participacoes SA, Preference Shares		98,155
	19,544	Ultrapar Participacoes SA, Preference Shares		449,428

Shares			Value
BRAZIL (continued)
	124,872	Uniao de Industrias Petroquimicas SA - Class B, Preference Shares	$	37,139
	13,800	Universo Online SA, Preference Shares		44,969
	19,298	Votorantim Celulose e Papel SA, Preference Shares(b)		113,209
	58,200	Weg SA		292,254
				5,297,282
CANADA — 0.8%
	3,000	Aastra Technologies Ltd.(b)		30,557
	3,600	Absolute Software Corp.(b)		9,571
	2,900	Aecon Group, Inc.		24,241
	15,795	AGF Management Ltd. - Class B.		103,561
	1,200	Akita Drilling Ltd. - Class A		6,576
	21,300	Alamos Gold, Inc.(b)		136,876
	3,533	Alberta Clipper Energy, Inc.(b)		965
	4,600	Alimentation Couche-Tard, Inc. - Class B		53,268
	12,600	Allen-Vanguard Corp.(b)		2,004
	2,600	Altius Minerals Corp.(b)		10,008
	3,200	Amerigo Resources Ltd.		887
	6,500	Anderson Energy Ltd.(b)		5,937
	35,500	Antrim Energy, Inc.(b)		12,883
	6,500	Aquiline Resources, Inc.(b)		14,312
	9,400	Astral Media, Inc.		199,920
	5,286	Atrium Innovations, Inc.(b)		63,367
	21,420	ATS Automation Tooling Systems, Inc.(b)		78,955
	8,300	Augusta Resource Corp.(b)		4,332
	22,800	Aurizon Mines Ltd.(b)		80,323
	2,200	Aurora Energy Resources, Inc.(b)		3,857
	2,608	Baffinland Iron Mines Corp.(b)		372
	11,900	Baja Mining Corp.(b)		1,892
	9,400	Ballard Power Systems, Inc.(b)		11,728
	6,400	Bioms Medical Corp.(b)		12,474
	700	BioteQ Environmental Technologies, Inc.(b)		285
	25,100	Biovail Corp.		274,897
	14,500	Birchcliff Energy Ltd.(b)		54,985
	5,600	Boardwalk Real Estate Investment Trust		122,070
	5,500	Boralex, Inc. - Class A(b)		35,433
	2,200	Breaker Energy Ltd.(b)		5,849
	68,500	Breakwater Resources Ltd.(b)		6,424
	20,026	CAE, Inc.		117,257
	5,400	Calfrac Well Services Ltd.		35,670
	9,100	Calloway Real Estate Investment Trust		87,494
	2,600	Calvalley Petroleum, Inc. - Class A(b)		2,905
	6,100	Canaccord Capital, Inc.		23,131
	4,100	Canada Bread Co. Ltd.		153,802
	4,100	Canadian Apartment Properties REIT		45,840

7

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
CANADA (continued)
	23,800	Canadian Hydro Developers, Inc.(b)	$	65,796
	3,700	Canadian Real Estate Investment Trust		60,860
	16,700	Canadian Superior Energy, Inc.(b)		16,070
	6,200	Canadian Tire Corp. Ltd. - Class A		206,793
	11,400	Canadian Western Bank		110,909
	6,800	Canam Group, Inc.		40,869
	16,700	Canfor Corp.(b)		98,736
	5,300	Cangene Corp.(b)		23,080
	11,900	Cardiome Pharma Corp.(b)		64,340
	13,100	Cascades, Inc.		34,399
	63,827	Catalyst Paper Corp.(b)		17,697
	5,900	CCL Industries - Class B		105,466
	38,800	Celestica, Inc.(b)		169,913
	4,600	Celtic Exploration Ltd.(b)		49,254
	6,800	CGI Group, Inc. - Class A(b)		55,065
	44,600	Chariot Resources Ltd.(b)		5,274
	9,800	Chartwell Seniors Housing Real Estate Investment Trust		44,355
	2,900	Churchill Corp. (The) - Class A(b)		20,244
	3,443	Coalcorp Mining, Inc.(b)		618
	4,400	Cogeco Cable, Inc.		123,864
	10,000	COM DEV International Ltd.(b)		25,525
	1,600	Comaplex Minerals Corp.(b)		4,319
	3,800	Cominar Real Estate Investment Trust		49,644
	7,200	Compton Petroleum Corp.(b)		6,106
	43,200	Connacher Oil & Gas Ltd.(b)		31,706
	1,300	Constellation Software, Inc.		26,769
	3,100	Corby Distilleries Ltd. - Class A		37,364
	14,800	Corridor Resources, Inc.(b)		27,759
	13,000	Corus Entertainment, Inc. - Class B		138,667
	5,000	Cott Corp.(b)		3,751
	8,800	Crew Energy, Inc.(b)		25,117
	34,300	Crystallex International Corp.(b)		8,531
	2,800	Dalsa Corp.		13,381
	25,004	Denison Mines Corp.(b)		31,605
	6,600	Descartes Systems Group, Inc. (The)(b)		17,869
	5,600	Dorel Industries, Inc. - Class B		100,834
	6,200	Dundee Precious Metals, Inc.(b)		9,354
	1,700	Dundee Real Estate Investment Trust		16,484
	13,900	DundeeWealth, Inc.		60,418
	112,600	Eastern Platinum Ltd.(b)		33,516
	53,600	Eldorado Gold Corp.(b)		419,621
	4,700	Emera, Inc.		83,364
	3,900	Empire Co. Ltd. - Class A		165,032
	16,700	Ensign Energy Services, Inc.		141,363
	101,100	Equinox Minerals Ltd.(b)		124,494

Shares			Value
CANADA (continued)
	1,500	Equitable Group, Inc.	$	13,492
	37,400	European Goldfields Ltd.(b)		96,073
	6,500	Evertz Technologies Ltd.		74,210
	209	Exfo Electro Optical Engineering, Inc.(b)		736
	1,200	Extendicare Real Estate Investment Trust		5,431
	11,200	Fairborne Energy Ltd.(b)		38,270
	13,400	Finning International, Inc.		137,579
	10,000	First Quantum Minerals Ltd.		177,859
	3,500	FirstService Corp.(b)		39,189
	150,000	FirstService Corp. Voting Shares(b)		1,662,000
	7,000	Flint Energy Services Ltd.(b)		27,115
	17,241	FNX Mining Co., Inc.(b)		47,382
	10,500	Fortis, Inc.		208,587
	5,500	Forzani Group Ltd. (The) - Class A		42,654
	9,900	Fronteer Development Group, Inc.(b)		21,798
	7,600	Frontera Copper Corp.(b)		3,471
	13,800	Galleon Energy, Inc. - Class A(b)		36,237
	1,700	Gennum Corp.		6,724
	8,900	Gildan Activewear, Inc.(b)		95,369
	1,800	Gluskin Sheff & Associates, Inc.		15,046
	9,200	Great Basin Gold Ltd.(b)		12,379
	11,000	Great Canadian Gaming Corp.(b)		37,676
	3,800	Greystar Resources Ltd.(b)		9,390
	25,300	Groupe Aeroplan, Inc.		184,450
	7,400	Guyana Goldfields, Inc.(b)		17,863
	7,700	Hanfeng Evergreen, Inc.(b)		43,264
	12,300	Harry Winston Diamond Corp.		48,949
	3,500	Heroux-Devtek, Inc.(b)		14,271
	39,000	High River Gold Mines Ltd.(b)		4,135
	8,516	Highpine Oil & Gas Ltd.(b)		31,668
	5,300	Home Capital Group, Inc.		80,175
	58,100	IAMGOLD Corp.		397,994
	3,000	Imax Corp.(b)		14,141
	5,600	Imperial Metals Corp.(b)		10,732
	2,800	Indigo Books & Music, Inc.(b)		26,305
	10,200	Industrial Alliance Insurance and Financial Services, Inc.		164,115
	2,700	ING Canada, Inc.		72,661
	11,200	Inmet Mining Corp.		189,612
	7,300	Intermap Technologies Corp.(b)		9,823
	6,300	International Forest Products Ltd. - Class A(b)		8,477
	6,300	Intertape Polymer Group, Inc.(b)		4,316
	8,200	Iteration Energy Ltd.(b)		6,353
	25,600	Ivanhoe Energy, Inc.(b)		14,614
	20,100	Jean Coutu Group PJC, Inc. (The) Class A		135,885
	10,400	Jinshan Gold Mines, Inc.(b)		4,834

8

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
CANADA (continued)
	5,300	Kaboose, Inc.(b)	$	1,967
	13,600	Kingsway Financial Services, Inc.		66,544
	6,900	Kirkland Lake Gold, Inc.(b)		30,667
	4,100	Laramide Resources(b)		5,951
	3,900	Laurentian Bank of Canada		92,455
	2,400	Le Chateau, Inc.		16,245
	12,400	Leon’s Furniture Ltd.		92,526
	17,400	Linamar Corp.		58,887
	9,000	Lions Gate Entertainment Corp.(b)(c)(d)		50,868
	6,700	MacDonald Dettwiler & Associates Ltd.(b)		112,500
	12,400	Magna International, Inc. - Class A		347,149
	4,100	Major Drilling Group International		45,572
	800	Manitoba Telecom Services, Inc.		23,369
	12,700	Maple Leaf Foods, Inc.		112,889
	1,900	Marsulex, Inc.		12,674
	11,900	Martinrea International, Inc.(b)		26,687
	4,300	Maxim Power Corp.(b)		9,854
	21,500	MDS, Inc.(b)		168,318
	11,200	Mega Uranium Ltd.(b)		9,682
	9,200	Methanex Corp.		71,124
	4,600	Metro, Inc. - Class A		147,050
	5,300	Morguard Real Estate Investment Trust		38,683
	1,900	Mosaid Technologies, Inc.		13,000
	13,900	Neo Material Technologies, Inc.(b)		12,469
	2,100	Niko Resources Ltd.		86,380
	14,700	Norbord, Inc.		7,792
	8,400	North American Palladium Ltd.(b)		13,700
	2,300	Northern Property Real Estate Investment Trust		30,667
	28,200	Northgate Minerals Corp.(b)		33,806
	13,200	Nova Chemicals Corp.		24,435
	12,649	NuVista Energy Ltd.(b)		72,722
	8,500	Onex Corp.		117,770
	11,100	Open Text Corp.(b)		392,223
	12,500	PAN American Silver Corp.(b)		228,236
	6,000	Paramount Resources Ltd. - Class A(b)		34,642
	1,700	Parkbridge Lifestyles Communities, Inc.(b)		4,020
	11,600	Pason Systems, Inc.		114,747
	22,300	Patheon, Inc.(b)		39,099
	15,900	Petaquilla Minerals Ltd.(b)		5,446
	1,400	Petrobank Energy & Resources Ltd.(b)		22,149
	4,100	Petrolifera Petroleum Ltd.(b)		4,714
	13,500	Points International Ltd.(b)		5,394
	12,300	Polymet Mining Corp.(b)		9,328
	4,825	Precision Drilling Trust		23,980
Shares			Value
CANADA (continued)
	10,100	Progress Energy Resources Corp.(b)	$	86,483
	17,300	QLT, Inc.(b)		38,938
	10,200	Quadra Mining Ltd.(b)		28,115
	6,700	Quebecor, Inc. - Class B		89,607
	23,200	Quest Capital Corp.		21,757
	20,600	Questerre Energy Corp.(b)		25,199
	9,400	Reitmans (Canada) Ltd. - Class A		81,869
	1,600	Resverlogix Corp.(b)		3,340
	2,400	Richelieu Hardware Ltd.		35,719
	5,898	Riocan Real Estate Investment Trust		69,934
	10,500	Ritchie Bros. Auctioneers, Inc.(e)		195,229
	162,100	Ritchie Bros. Auctioneers, Inc.(e)		2,976,156
	20,200	RONA, Inc.(b)		199,323
	4,800	Rubicon Minerals Corp.(b)		6,224
	11,600	Russel Metals, Inc.		176,046
	5,700	Samuel Manu-Tech, Inc.		31,841
	10,200	Savanna Energy Services Corp.		60,223
	21,900	SEMAFO, Inc.(b)		33,933
	11,200	ShawCor Ltd. - Class A		133,350
	41,800	Sherritt International Corp.		91,014
	3,139	Shore Gold, Inc.(b)		845
	5,500	Sierra Wireless, Inc.(b)		31,397
	9,000	Silver Standard Resources, Inc.(b)		181,872
	3,100	Silver Wheaton Corp.(b)		20,275
	26,400	Silvercorp Metals, Inc.		59,205
	5,300	Sino-Forest Corp.(b)		39,764
	2,500	Softchoice Corp.		5,301
	9,100	Stantec, Inc.(b)		198,066
	36,400	Starfield Resources, Inc.(b)		6,976
	1,200	Stella-Jones, Inc.		15,902
	5,200	Storm Exploration, Inc.(b)		50,463
	9,200	SunOpta, Inc.(b)		21,682
	2,100	SXC Health Solutions Corp.(b)		38,806
	7,200	Tanzanian Royalty Exploration Corp.(b)		27,596
	17,500	Taseko Mines Ltd.(b)		14,557
	3,900	Teal Exploration & Mining, Inc.(b)		9,287
	7,400	Theratechnologies, Inc.(b)		8,388
	20,200	Thompson Creek Metals Co., Inc.(b)		77,752
	7,300	Timminco Ltd.(b)		20,598
	2,500	TMX Group, Inc.		65,382
	11,300	Toromont Industries Ltd.		195,176
	9,800	Torstar Corp. - Class B		65,933
	7,700	TransAlta Corp.		140,405
	1,400	Transat A.T., Inc. - Class A		10,424
	11,800	Transcontinental, Inc. - Class A		87,375
	5,600	Transglobe Energy Corp.(b)		16,669
	1,200	Transition Therapeutics, Inc.(b)		5,813
	21,200	Trican Well Service Ltd.		117,389

9

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
CANADA (continued)
	14,000	Trinidad Drilling Ltd.	$	35,507
	17,300	TriStar Oil & Gas Ltd.(b)		152,367
	5,700	TVA Group, Inc. - Class B		26,495
	23,500	Uex Corp.(b)		15,906
	4,200	Uni-Select, Inc.		96,416
	82,985	Uranium One, Inc.(b)		125,197
	8,800	Ur-Energy, Inc.(b)		5,382
	7,300	Vector Aerospace Corp.(b)		24,408
	4,700	Vernenex Energy, Inc.(b)		30,663
	1,260	Vero Energy, Inc.(b)		4,131
	43,900	Viterra, Inc.(b)		331,152
	2,100	Vitran Corp., Inc.(b)		9,624
	8,300	West Energy Ltd.(b)		12,522
	5,500	West Fraser Timber Co. Ltd.		134,557
	5,300	Western Canadian Coal Corp.(b)		2,334
	4,900	Western Financial Group, Inc.		6,593
	6,300	Westjet Airlines Ltd.(b)		65,813
	2,085	Westport Innovations, Inc.(b)		11,052
	1,100	Wi-Lan, Inc.(b)		1,462
	5,700	Winpak Ltd.		32,538
	4,300	Xtreme Coil Drilling Corp.(b)		6,031
	97,900	Yamana Gold, Inc.		793,579
	1,100	ZCL Composites, Inc.		4,351
				19,728,465
CHILE — 0.1%
	2,975	Banco de Credito e Inversiones		59,264
	164,971	Banmedica SA		129,677
	49,991	Cementos Bio-Bio SA		60,767
	7,089	Cia Cervecerias Unidas SA		43,188
	12,790	Cia de Consumidores de Gas de Santiago SA		33,167
	43,948	Cia Sudamericana de Vapores SA		29,916
	49,225,119	CorpBanca SA		211,341
	17,867	Cristalerias de Chile SA		154,925
	5,305	Empresa Nacional de Telecomunicaciones SA		59,028
	792,236	Empresas Iansa SA		14,766
	37,174	Farmacias Ahumada SA		49,284
	200,535	Industrias Forestales SA		30,877
	1,454,475	Madeco SA(b)		98,042
	179,728	Vina Concha y Toro SA		302,625
	7,792,205	Vina San Pedro SA		45,465
				1,322,332
CHINA — 0.1%
	168,000	Air China Ltd. - H Shares		45,498
	4,000	Ajisen China Holdings Ltd.		1,388
	182,000	Aluminum Corp. of China Ltd. - H Shares		84,496
	86,000	Angang Steel Co. Ltd. - H Shares		85,620
	10,000	Anhui Conch Cement Co. Ltd. - H Shares(b)		48,941
Shares			Value
CHINA (continued)
	48,000	Anhui Expressway Co. Ltd. - H Shares	$	17,147
	192,000	AviChina Industry & Technology Co. - H Shares(b)		30,703
	30,000	Baoye Group Co. Ltd. - H Shares		6,074
	92,000	Beijing Capital Land Ltd. - H Shares		10,441
	18,500	Beijing Enterprises Holdings Ltd.		73,482
	192,000	Beijing North Star Co. Ltd.		29,713
	113,400	BYD Co. Ltd. - H Shares		214,684
	202,500	China COSCO Holdings Co. Ltd. - H Shares		124,567
	242,000	China Eastern Airlines Corp. Ltd. - H Shares(b)		34,330
	54,000	China Oilfield Services Ltd. - H Shares		43,385
	72,000	China Railway Group Ltd. - H Shares(b)		41,412
	202,000	China Rare Earth Holdings Ltd.		18,496
	626,400	China Resources Microelectronics Ltd.(b)		9,290
	54,000	China Shineway Pharmaceutical Group Ltd.		30,502
	280,000	China Shipping Container Lines Co. Ltd. - H Shares		45,498
	58,000	China Shipping Development Co. Ltd. - H Shares		57,893
	188,000	China Southern Airlines Co. Ltd. - H Shares(b)		30,791
	152,000	China Wireless Technologies Ltd.(b)		6,371
	156,000	China Yurun Food Group Ltd.		185,086
	335,000	Country Garden Holdings Co.		70,419
	182,000	Dalian Port PDA Co. Ltd. - H Shares		48,585
	20,000	Delong Holdings Ltd.		8,545
	126,000	Dongfeng Motor Group Co. Ltd. - H Shares		44,848
	36,000	Fosun International		11,978
	148,000	Golden Eagle Retail Group Ltd.		79,017
	37,500	Great Wall Motor Co. Ltd. - H Shares		13,154
	94,000	Guangshen Railway Co. Ltd. - H Shares		30,306
	118,000	Harbin Power Equipment Co. Ltd. - H Shares		84,457
	140,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares		17,332
	88,000	Jiangxi Copper Co. Ltd. - H Shares		61,736
	148,500	KWG Property Holding Ltd.		34,280
	88,000	Li Ning Co. Ltd.		124,381
	29,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares		30,143

10

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
CHINA (continued)
	132,000	Maanshan Iron & Steel - H Shares	$	44,089
	94,000	PICC Property & Casualty Co. Ltd - H Shares(b)		43,277
	160,000	Qingling Motors Co. - H Shares		15,682
	2,806,000	Semiconductor Manufacturing International Corp.(b)		99,513
	78,000	Shanghai Forte Land Co. - H Shares(b)		11,668
	172,000	Shenzhen Expressway Co. Ltd. - H Shares		64,770
	283,500	Sino-Ocean Land Holdings Ltd.		144,414
	252,000	Sinopec Shanghai Petrochemical Co. Ltd.		59,472
	142,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)		14,833
	356,000	Sinotrans Ltd. - H Shares		57,847
	6,800	Tencent Holdings Ltd.		42,444
	62,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		10,234
	42,000	Tingyi Cayman Islands Holding Corp.		48,802
	147,000	Travelsky Technology Ltd. - H Shares		58,009
	110,000	Weiqiao Textile Co. Ltd. - H Shares		33,053
	126,000	Xinao Gas Holdings Ltd.		113,744
	30,000	Yanzhou Coal Mining Co. Ltd. - H Shares		20,079
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)		6,809
				2,823,728
CYPRUS — 0.0%
	25,000	Prosafe Production Public Ltd.(b)		39,528
DENMARK — 0.1%
	371	ALK-Abello A/S		32,818
	1,700	Alm Brand A/S(b)		23,506
	1,600	Amagerbanken A/S		8,794
	2,400	Auriga Industries - Class B		42,048
	2,250	Bang & Olufsen A/S - Class B		30,918
	9,000	Capinordic A/S(b)		3,865
	1,293	D/S Norden		41,198
	4,908	D/S Torm A/S		53,110
	2,200	Dalhoff Larsen & Horneman A/S - Class B		9,825
	950	DFDS A/S		63,639
	250	DiBa Bank A/S		2,362
	2,350	East Asiatic Co. Ltd. A/S		77,299
	2,200	Fionia Bank A/S		12,848
	1,439	FLSmidth & Co. A/S		39,733
	34,789	GN Store Nord A/S(b)		74,694
	6,600	Greentech Energy Systems(b)		21,766
	90	H+H International A/S - Class B		4,715
	1,200	IC Companys A/S		9,688
Shares			Value
DENMARK (continued)
	8,021	Jyske Bank A/S(b)	$	183,238
	3,003	NeuroSearch A/S(b)		90,267
	2,452	NKT Holding A/S		51,383
	1,300	Nordjyske Bank A/S		18,980
	250	Norresundby Bank A/S		5,153
	200	Parken Sport & Entertainment A/S(b)		16,489
	145	PER Aarsleff A/S - Class B		11,681
	980	Ringkjoebing Landbobank A/S		63,040
	657	Rockwool International AS - Class B		45,140
	1,125	Royal UNIBREW A/S		25,121
	350	Sanistal A/S - Class B		6,192
	3,100	Schouw & Co.		44,994
	930	SimCorp A/S		93,449
	2,600	Sjaelso Gruppen		9,736
	262	Solar Holdings A/S - Class B		8,978
	5,820	Spar Nord Bank A/S		47,684
	325	Sparbank		3,461
	100	Sparekassen Faaborg A/S		13,312
	10,886	Sydbank A/S		145,847
	650	Thrane & Thrane A/S		18,422
	4,000	TK Development(b)		14,978
	500	Vestjysk Bank A/S		5,582
				1,475,953
FINLAND — 0.2%
	4,824	Ahlstrom Oyj		45,398
	11,568	Alma Media		78,501
	22,250	Amer Sports Oyj - Class A		160,107
	2,068	Atria Plc		28,915
	1,400	Bank of Aland Plc - Class B		35,851
	2,910	Cargotec Corp. - Class B		28,280
	16,468	Comptel Plc		14,760
	4,700	Cramo Oyj		31,654
	10,700	Elektrobit Corp.		6,028
	21,202	Elisa Oyj		336,350
	12,200	Finnair Oyj		81,228
	5,400	Finnlines Oyj		50,473
	9,150	Fiskars Oyj Abp - Class A		83,415
	11,650	F-Secure Oyj		30,579
	3,265	Glaston Oyj Abp		4,390
	2,100	HKScan Oyj		12,987
	14,150	Huhtamaki Oyj		104,538
	12,591	Kemira Oyj		82,219
	5,290	Kesko Oyj - Class B		130,386
	10,257	Kone Oyj - Class B		215,775
	12,000	Konecranes Oyj		184,838
	5,400	Lassila & Tikanoja Oyj		82,278
	1,850	Lemminkainen Oyj		35,531
	36,207	M-real Oyj - Class B		25,961
	26,503	Neste Oil Oyj		384,815
	1,850	Olvi Oyj - Class A		37,426
	12,741	Oriola-KD Oyj - Class B		24,144
	9,402	Orion Oyj - Class A		163,720
	16,563	Orion Oyj - Class B		285,872

11

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
FINLAND (continued)
	4,348	Outotec Oyj	$	61,795
	2,400	PKC Group Oyj		11,124
	23,845	Pohjola Bank Plc		279,664
	1,080	Ponsse Oyj		6,914
	7,300	Poyry Oyj		75,242
	20,000	Raisio Plc - V Shares		39,436
	11,839	Ramirent Oyj		46,840
	6,800	Rapala VMC Oyj		32,998
	8,933	Ruukki Group Oyj		13,268
	6,833	Sanoma Oyj		80,228
	2,988	Stockman Oyj Abp - Class A		46,292
	5,315	Stockman Oyj Abp - Class B		74,858
	138,165	Stora Enso Oyj - Class R		845,608
	14,073	Tietoenator Oyj		159,828
	123,488	UPM-Kymmene Oyj		1,170,038
	17,900	Uponor Oyj		183,352
	1,200	Vacon Plc		25,121
	1,000	Vaisala Oyj - Class A		28,271
	4,587	Wartsila Oyj		123,336
	16,870	YIT Oyj		105,625
				6,196,257
FRANCE — 0.5%
	1,941	Aeroports de Paris		104,542
	778	Affine SA		11,147
	29,742	Air France-KLM		285,992
	902	Ales Groupe		10,591
	3,474	Alten Ltd.(b)		53,377
	19,560	Altran Technologies SA(b)		63,613
	62	ANF SA		2,181
	3,839	April Group		124,016
	11,936	Arkema		169,180
	1,781	Assystem		11,265
	12,503	Atos Origin SA		297,843
	1,591	Audika		32,797
	7,010	Beneteau SA		50,622
	1,514	BioMerieux		118,172
	300	Boiron SA		8,374
	629	Bonduelle SCA		42,684
	1,679	Bongrain SA		93,150
	9,779	Bourbon SA		253,550
	10,949	Bull SA(b)		18,365
	17,208	Canal Plus		101,374
	21,146	Cap Gemini		732,384
	2,116	Carbone Lorraine		52,967
	4,445	CBo Territoria		10,757
	489	Cegedim SA		19,879
	1,047	Cegid Group		10,269
	1,339	Ciments Francais SA		102,833
	3,425	Club Mediterranee SA(b)		48,897
	21,458	Compagnie Generale Des Etablissements Michelin - Class B		844,022
	1,082	Damartex SA		17,317
	2,630	Dassault Systemes SA		99,710
	1,095	Delachaux SA		56,474
Shares			Value
FRANCE (continued)
	23,887	Derichebourg	$	52,881
	1,466	EDF Energies Nouvelles SA		57,203
	845	Electricite de Strasbourg		88,827
	332	Entrepose Contracting		17,004
	205	Eramet		32,712
	463	Esso Ste Anonyme Francaise		46,039
	19,106	Etablissements Maurel Et Prom		180,294
	1,280	Etam Developpement SA		11,390
	1,894	Euler Hermes SA		67,902
	88	Euro Disney SCA(b)		14
	2,797	Euro Disney SCA Non-Registered Shares(b)		11,317
	4,300	Eutelsat Communications		92,083
	1,226	Exel Industries SA - Class A		36,732
	1,883	Faurecia(b)		24,447
	2,688	Fimalac		99,809
	839	Fleury Michon SA		30,616
	1,123	Fonciere Des Regions		68,788
	202	Gaumont SA		11,734
	4,983	Gemalto NV(b)		122,564
	6,915	GFI Informatique		22,932
	1,410	GL Events		18,577
	899	Groupe Crit		10,014
	40,879	Groupe Eurotunnel SA(b)		210,935
	3,507	Groupe Steria SCA		36,906
	251	Guerbet		33,905
	1,184	Guyenne et Gascogne SA		98,539
	3,678	Haulotte Group		18,743
	49,971	Havas SA		101,092
	1,347	ICADE		108,655
	661	Iliad SA		55,097
	1,426	Imerys SA		57,039
	236	Infogrames Entertainment SA(b)		1,209
	8,729	Ingenico		145,239
	3,723	IPSOS		79,393
	5,221	JC Decaux SA		72,164
	837	Kaufman & Broad SA		6,431
	4,955	Klepierre		118,576
	17,466	Lagardere SCA		667,770
	863	Laurent-Perrier		48,619
	2,721	Legrand SA		45,971
	669	LISI		22,083
	8,469	M6-Metropole Television		137,660
	629	Maisons France Confort		11,597
	3,415	Manitou BF SA		27,547
	873	Manutan (Societe)		33,422
	143,061	Natixis		224,389
	1,909	Neopost SA		154,148
	4,914	Nexans SA		283,542
	4,029	Nexity		63,194
	463	Norbert Dentressangle		15,342
	8,000	NRJ Group		61,244
	6,698	Orpea(b)		234,384
	8,223	PagesJaunes Groupe		72,669
	16,190	Peugeot SA		275,807

12

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
FRANCE (continued)
	1,266	Pierre & Vacances	$	70,269
	2,331	Plastic-Omnium SA		19,818
	6,196	Publicis Groupe		145,814
	485	Radiall		27,945
	4,762	Rallye SA		95,361
	4,254	Remy Cointreau SA		113,538
	15,170	Rexel SA		93,039
	11,164	Rhodia SA		50,044
	1,356	Rodriguez Group(b)		6,169
	1,604	Rubis		89,831
	28,189	Safran SA		353,351
	3,336	Saft Groupe SA		81,925
	38,461	SCOR SE		783,491
	4	SCOR SE Non-Registered Shares(b)(c)(d)		10
	3,999	SEB SA		94,853
	3,326	Sechilienne-Sidec		123,968
	4,545	Societe BIC SA		244,414
	3,095	Societe Immobiliere de Location pour l’Industrie et le Commerce		271,057
	10,048	Societe Television Francaise 1		108,584
	7,467	SOITEC(b)		24,973
	815	Somfy SA		113,013
	811	Sopra Group SA		32,087
	923	Sperian Protection		41,948
	573	Spir Communication		15,165
	1,360	Stallergenes		66,571
	857	Ste Industrielle d’Aviation Latecoere SA(b)		5,289
	1,316	STEF-TFE		45,916
	62	Sucriere de Pithiviers-Le-Vieil		37,708
	1,305	Synergie SA		14,370
	3,109	Technip SA		96,851
	10,380	Teleperformance		285,347
	3,877	Theolia SA(b)		12,956
	2,088	Trigano SA(b)		12,913
	2,958	UBISOFT Entertainment(b)		41,927
	886	Union Financiere de France BQE SA		24,617
	10,605	Valeo SA		118,677
	2,030	Vallourec		199,839
	7,341	Viel et Compagnie		19,739
	897	Vilmorin & Cie		99,691
	1,248	Virbac SA		85,409
	494	VM Materiaux SA		21,499
	3,111	Wendel		121,491
	7,124	Zodiac SA		258,504
				13,045,515
GERMANY — 0.4%
	9,283	Aareal Bank AG		46,712
	2,064	Adlink Internet Media AG(b)		7,928
	4,077	ADVA AG Optical Networking(b)		5,220
	11,559	Aixtron AG		59,792

	Shares			Value
GERMANY (continued)
	5,653	Alstria Office AG REIT	$	36,769
	16,200	Arcandor AG(b)		41,485
	6,102	Baader Bank AG		15,079
	1,916	Balda AG(b)		1,202
	1,247	Bauer AG		36,068
	3,334	Bechtle AG		53,787
	1,174	Bertrandt AG		26,907
	8,045	Bilfinger Berger AG		342,294
	1,034	Biotest AG		55,605
	780	Boewe Systec AG		5,633
	5,141	Carl Zeiss Meditec AG		61,217
	11,944	Celesio AG		256,158
	2,684	CENTROTEC Sustainable AG(b)		31,960
	1,017	Cewe Color Holding AG		17,097
	8,271	Comdirect Bank AG		64,812
	32,384	Conergy AG(b)		32,757
	934	CTS Eventim AG		30,256
	4,009	Curanum AG		16,323
	6,258	DAB Bank AG		17,868
	4,836	Demag Cranes AG		109,908
	31,241	Deutsche Lufthansa AG		380,007
	3,054	Deutsche Wohnen AG(b)		44,617
	11,195	Deutz AG		24,224
	7,612	Douglas Holdings AG		292,196
	1,775	Duerr AG		22,068
	4,400	DVB Bank SE		147,040
	1,987	ElringKlinger AG		17,707
	6,000	EM.Sport Media AG(b)		20,742
	1,290	Escada AG(b)		5,219
	10,166	Evotec AG(b)		9,762
	632	Evotec AG ADR(b)		1,138
	3,542	Fielmann AG		224,127
	4,513	Fraport AG Frankfurt Airport Services Worldwide		169,596
	14,237	Freenet AG(b)		66,353
	1,320	Fuchs Petrolub AG		53,239
	17,179	GEA Group AG		198,623
	1,413	Generali Deutschland Holding AG		112,333
	6,592	Gerresheimer AG		135,046
	2,507	Gerry Weber International AG		57,779
	2,948	GFK AG		60,243
	4,502	Gildemeister AG		33,952
	3,263	GPC Biotech AG(b)		3,760
	1,715	Grammer AG		13,900
	1,935	Grenkeleasing AG		52,103
	10,573	Hannover Rueckversicherung AG		325,173
	1,410	Hawesko Holding AG		32,496
	3,412	HeidelbergCement AG		132,590
	13,031	Heidelberger Druckmaschinen AG		50,889
	4,903	Hochtief AG		168,872
	1,384	Indus Holding AG		18,784
	50,415	Infineon Technologies AG(b)		45,186
	834	Interseroh SE		38,432

13

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Shares		Value
GERMANY (continued)
	13,749	IVG Immobilien AG	$	83,444
	9,419	Jenoptik AG(b)		60,300
	3,193	Kizoo AG		20,360
	4,454	Kloeckner & Co. SE		64,442
	9,805	Kontron AG		82,858
	4,116	Krones AG		143,768
	210	KSB AG		85,782
	7,388	KUKA AG		92,231
	1,410	KWS Saat AG		175,517
	15,840	Lanxess AG		232,425
	5,406	Leoni AG		63,058
	564	Loewe AG		5,055
	211	Manz Automation AG(b)		7,997
	4,500	Medigene AG(b)		24,660
	4,552	Medion AG		34,329
	13,558	MLP AG		147,730
	2,700	Morphosys AG(b)		56,696
	7,780	MTU Aero Engines Holding AG		217,957
	120	Muehlbauer Holding AG & Co. KGaA		2,712
	6,932	MVV Energie AG		289,791
	1,551	Nemetschek AG		16,423
	7,876	Norddeutsche Affinerie AG		238,092
	5,755	Nordex AG(b)		66,244
	1,199	Pfeiffer Vacuum Technology AG		60,763
	6,248	Pfleiderer AG		38,720
	21,557	Premiere AG(b)		81,150
	262	Puma AG		47,401
	8,596	QSC AG(b)		12,107
	932	Rational AG		79,356
	1,266	REpower Systems AG(b)		188,033
	6,855	Rheinmetall AG		218,374
	13,298	Rhoen Klinikum AG		272,427
	470	Roth & Rau AG(b)		7,829
	5,331	Salzgitter AG		389,615
	475	Sartorius AG		6,611
	1,302	Schlott Gruppe AG		15,170
	14,249	SGL Carbon AG(b)		308,329
	5,128	Singulus Technologies(b)		17,925
	1,556	Sixt AG		19,226
	5,314	Software AG		324,823
	1,799	Solar Millennium AG(b)		24,071
	3,789	Solarworld AG		80,485
	1,149	Solon SE(b)		14,079
	11,473	Stada Arzneimittel AG		281,166
	904	STINAG Stuttgart Invest AG		19,214
	2,302	Stratec Biomedical Systems		35,664
	15,178	Suedzucker AG		240,396
	12,138	Symrise AG		113,452
	4,152	Takkt AG		40,403
	3,693	Tognum AG		41,043
	22,117	TUI AG		186,477
	3,376	United Internet AG		24,682
	4,313	Versatel AG(b)		60,746
	2,439	Vivacon AG		7,682

	Shares		Value
GERMANY (continued)
	1,861	Vossloh AG	$	187,837
	695	Wacker Chemie AG		49,913
	2,959	Wacker Construction Equipment AG		21,065
	6,438	Wincor Nixdorf AG		306,893
	12,563	Wirecard AG(b)		71,098
				10,437,129
GREECE — 0.1%
	44,703	Agriculture Bank of Greece		69,830
	137,716	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organizations		107,562
	139	Alfa-Beta Vassilopoulos SA		4,820
	22,971	Alpha Bank AE		193,530
	25,077	Anek Lines SA		23,760
	11,258	Aspis Bank SA		11,676
	1,098	Astir Palace Hotel SA(b)		4,105
	8,200	Athens Medical Center SA		12,389
	5,750	Athens Water Supply & Sewage Co. SA (The)		42,554
	6,962	Attica Bank		19,878
	3,755	Bank of Greece		190,007
	9,752	Coca-Cola Hellenic Bottling Co. SA		134,104
	10,995	Diagnostic & Therapeutic Center of Athens Hygeia SA		24,214
	34,029	EFG Eurobank Ergasias SA		214,367
	28,277	Ellaktor SA		142,650
	3,298	Euromedica SA		20,691
	17,920	Forthnet SA(b)		17,208
	9,621	Fourlis Holdings SA		65,782
	2,870	Frigoglass SA		11,759
	13,023	GEK Terna Holding Real Estate Construction SA		54,693
	11,932	Geniki Bank(b)		20,625
	9,780	Halcor SA		8,766
	2,570	Hellenic Duty Free Shops SA		15,137
	8,524	Hellenic Petroleum SA		61,555
	3,975	Hellenic Telecommunications Organization SA		60,566
	6,140	Heracles General Cement Co.		44,654
	5,583	Iaso SA		29,595
	20,300	Intracom Holdings SA(b)		17,415
	6,280	J&P-Avax SA		16,645
	10,171	Lambrakis Press SA		26,827
	146,665	Marfin Investment Group SA(b)		544,588
	5,160	Metka SA		41,227
	10,180	Michaniki SA		16,032
	12,165	Motor Oil (Hellas) Corinth Refineries SA		119,312
	20,179	Mytilineos Holdings SA		101,798
	7,509	Nireus Aquaculture SA		5,480
	56,507	Piraeus Bank SA		376,226
	1,217	Piraeus Port Authority		15,271
	3,901	Proton Bank SA		3,347

14

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Shares		Value
GREECE (continued)
	7,741	Public Power Corp. SA	$	130,237
	2,180	S&B Industrial Minerals SA		18,255
	5,750	Sarantis SA		30,185
	8,223	Sidenor Steel Products Manufacturing Co. SA		27,796
	28,837	Technical Olympic SA(b)		7,385
	3,630	Teletypos SA Mega Channel		19,428
	1,382	Thessaloniki Port Authority SA		16,527
	11,938	Titan Cement Co. SA		218,580
	15,612	TT Hellenic Postbank SA		93,151
	27,740	Viohalco		137,100
				3,589,289
HONG KONG — 0.2%
	128,000	Agile Property Holdings Ltd.		50,347
	96,000	Alco Holdings Ltd.		15,723
	30,000	Allied Group Ltd.		51,843
	358,000	Allied Properties HK Ltd.		32,318
	92,000	AMVIG Holdings Ltd.		50,780
	142,000	Asia Financial Holdings Ltd.		38,456
	34,000	Asia Satellite Telecommunications Holdings Ltd.		31,789
	1,227,725	Asia Standard International Group Ltd.		10,291
	36,000	Associated International Hotels Ltd.(b)		62,211
	340,000	Brilliance China Automotive Holdings Ltd.(b)		20,389
	64,000	Cafe de Coral Holdings Ltd.		123,803
	269,051	Champion Technology Holdings Ltd.		8,570
	378,560	Chaoda Modern Agriculture Holdings Ltd.		242,146
	70,000	Chen Hsong Holdings Ltd.		12,458
	36,000	Chevalier International Holdings Ltd.		16,806
	150,000	Chia Tai Enterprises International Ltd.(b)		1,702
	225,000	China Aerospace International Holdings Ltd.(b)		13,057
	68,000	China Agri-Industries Holdings Ltd.(b)		30,693
	130,000	China Electronics Corp. Holdings Co. Ltd.(b)		8,718
	245,000	China Everbright International Ltd.		48,025
	174,000	China Foods Ltd.		59,015
	228,000	China Gas Holdings Ltd.		32,638
	63,000	China Green Holdings Ltd.		41,192
	97,000	China Insurance International Holdings Co. Ltd.		125,093
	56,000	China Merchants Holdings International Co. Ltd.		101,106
	106,000	China Metal International Holdings, Inc.		10,936
	190,000	China Pharmaceutical Group Ltd.		58,561

	Shares		Value
HONG KONG (continued)
	346,000	China Power International Development Ltd.	$	65,592
	56,000	China Resources Enterprise		82,185
	34,800	China Resources Gas Group Ltd.(b)		11,668
	18,000	China Resources Land Ltd.		21,240
	58,000	China Resources Power Holdings Co. Ltd.		108,457
	210,000	China Seven Star Shopping Ltd.(b)		1,273
	480,000	China Solar Energy Holdings Ltd.(b)		3,095
	136,000	China State Construction International Holdings Ltd.		21,397
	312,000	China Travel International Investment Hong Kong Ltd.		48,283
	51,000	Chong Hing Bank Ltd.		59,588
	52,000	Chow Sang Sang Holdings International Ltd.		27,495
	350,000	Citic 21CN Co. Ltd.(b)		5,868
	52,000	Citic Pacific Ltd.		61,896
	581,000	Citic Resources Holdings Ltd.(b)		62,189
	48,000	Clear Media Ltd.(b)		9,285
	600,000	CNPC (Hong Kong) Ltd.		171,777
	286,000	Coastal Greenland Ltd.(b)		11,434
	94,000	Comba Telecom Systems Holdings Ltd.		22,911
	120,000	Cosco International Holdings Ltd.		27,701
	44,000	Cross-Harbour Holdings Ltd.		35,748
	55,600	Dah Sing Banking Group Ltd.		39,652
	17,200	Dah Sing Financial Holdings Ltd.		42,721
	192,000	Daphne International Holdings Ltd.		28,970
	420,000	Denway Motors Ltd.		127,285
	33,550	Dickson Concepts International Ltd.		8,653
	121,000	Digital China Holdings Ltd.		34,330
	110,000	Dynasty Fine Wines Group Ltd.		16,172
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)		14,319
	162,000	Emperor International Holdings Ltd.		13,789
	297,962	Enerchina Holdings Ltd.(b)		3,843
	84,000	eSun Holdings Ltd.(b)		13,541
	110,000	Extrawell Pharmaceutical Holdings Ltd.(b)(c)		27,946
	224,116	Far East Consortium International Ltd.		26,879
	162,000	First Pacific Co.		58,706
	54,000	Fong’s Industries Co. Ltd.		9,053
	118,000	Fountain SET Holdings Ltd.		4,870
	39,000	FU JI Food and Catering Services Holdings Ltd.		18,006
	98,000	Fubon Bank Hong Kong Ltd.		27,046

15

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Shares		Value
HONG KONG (continued)
	490,000	Geely Automobile Holdings Ltd.	$	36,651
	170,000	Giordano International Ltd.		40,778
	184,000	Global Bio-Chem Technology Group Co. Ltd.		26,814
	116,000	Glorious Sun Enterprises Ltd.		28,423
	320,000	Golden Resorts Group Ltd.(c)		4,127
	52,000	Goldin Properties Holdings Ltd.(b)		28,165
	220,000	GOME Electrical Appliances Holdings Ltd.		31,776
	44,000	Grande Holdings Ltd. (The)		5,674
	43,000	Great Eagle Holdings Ltd.		53,291
	534,000	Guangdong Investment Ltd.		205,908
	352,000	Guangzhou Investment Co. Ltd.		34,954
	180,000	GZI Transportation Ltd.		51,533
	40,000	Harbour Centre Development Ltd.		31,467
	16,000	Hengan International Group Co. Ltd.		53,648
	66,000	Hi Sun Technology (China) Ltd.(b)		6,043
	396,724	HKC Holdings Ltd.		22,511
	159,600	HKR International Ltd.		35,401
	56,000	Hong Kong Ferry (Holdings) Co. Ltd.		30,043
	62,500	Hongkong & Shanghai Hotels (The)		46,265
	191,700	Hongkong Chinese Ltd.		17,305
	116,000	Hopson Development Holdings Ltd.		68,215
	8,000	Hua Han Bio-Pharmaceutical Holdings Ltd.(b)		490
	59,631	Hung Hing Printing Group Ltd.		8,152
	924,000	Hutchison Harbour Ring Ltd.		69,113
	156,000	Hutchison Telecommunications International Ltd.		39,431
	135,000	I-CABLE Communications Ltd.		10,098
	40,000	Industrial and Commercial Bank of China Asia Ltd.		37,708
	23,000	Integrated Distribution Services Group Ltd.		24,915
	33,000	Jinhui Holdings Ltd.		4,000
	25,500	Johnson Electric Holdings Ltd.		5,426
	263,579	K Wah International Holdings Ltd.		35,351
	63,500	Kingboard Chemical Holdings Ltd.		104,165
	176,000	Kingboard Laminates Holdings Ltd.		44,714
	190,000	Kingdee International Software Group Co. Ltd.		17,152
	234,666	Kingway Brewery Holdings Ltd.(b)		21,184
	100,000	Kowloon Development Co. Ltd.		43,073
	1,072,000	Lai Sun Development Co. Ltd.(b)		16,037

	Shares		Value
HONG KONG (continued)
	69,600	Lee & Man Paper Manufacturing Ltd.	$	32,582
	61,500	Lifestyle International Holdings Ltd.		50,442
	46,000	Liu Chong Hing Investment Ltd.		18,864
	61,000	Lonking Holdings Ltd.		28,556
	62,000	Lung Kee (Bermuda) Holdings Ltd.		18,390
	900,000	Media China Corp. Ltd.(b)		4,527
	12,000	Melco International Development		3,497
	98,000	Midland Holdings Ltd.		29,460
	440,000	Mingyuan Medicare Development Co. Ltd.		20,995
	108,000	Minmetals Resources Ltd.		15,181
	67,000	Miramar Hotel & Investment Co. Ltd.		46,658
	6,771,148	Nan Hai Corp. Ltd.(b)		34,929
	280,000	Natural Beauty Bio-Technology Ltd.		41,165
	145,000	Neo-China Group Holdings Ltd.(c)(d)		92,562
	383,600	New World China Land Ltd.		97,455
	162,000	Next Media Ltd.		18,385
	170,000	Nine Dragons Paper Holdings Ltd.		48,232
	242,000	Oriental Press Group Ltd.		21,222
	305,668	Pacific Andes International Holdings Ltd.		24,440
	275,000	Pacific Century Premium Developments Ltd.(b)		54,970
	111,240	Paliburg Holdings Ltd.(c)		15,493
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		9,285
	200,000	Pico Far East Holdings Ltd.		12,122
	80,000	Public Financial Holdings Ltd.		28,887
	130,774	PYI Corp. Ltd.(b)		5,818
	48,400	Qin Jia Yuan Media Services Co. Ltd.		8,988
	122,200	Regal Hotels International Holdings Ltd.(c)		28,997
	56,000	Road King Infrastructure Ltd.		19,932
	88,000	SA SA International Holdings Ltd.		23,832
	26,000	SEA Holdings Ltd.		7,745
	47,000	Shanghai Industrial Holdings Ltd.		121,224
	8,000	Shaw Brothers (Hong Kong)(c)		13,412
	1,177,500	Shenzhen International Holdings Ltd.		50,111
	28,000	Shenzhen Investment Ltd.		4,875
	89,000	Shenzhou International Group Holdings Ltd.		16,298
	538,000	Shougang Concord International Enterprises Co. Ltd.		56,199
	34,000	Shui On Construction & Materials Ltd.		23,502

16

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Shares		Value
HONG KONG (continued)
	228,000	Shun Tak Holdings Ltd.	$	84,093
	200,000	Silver Grant International Ltd.		18,828
	76,000	Sinofert Holdings Ltd.		43,713
	2,330,000	Sino-I Technology Ltd.(b)		11,719
	272,250	Sinolink Worldwide Holdings Ltd.		18,257
	118,000	Sinopec Kantons Holdings Ltd.		14,457
	158,000	Skyfame Realty Holdings Ltd.(b)		6,928
	436,000	Skyworth Digital Holdings Ltd.		27,832
	43,500	SmarTone Telecommunications Holding Ltd.		33,491
	195,486	SRE Group Ltd.		13,613
	306,000	Stone Group Holdings Ltd.(b)		11,247
	1,900,000	Superb Summit International Timber Co. Ltd.(b)		11,516
	82,000	TAI Cheung Holdings Ltd.		28,552
	69,000	Tan Chong International Ltd.		9,966
	29,000	TCL Multimedia Technology Holdings Ltd.(b)		4,151
	123,500	Techtronic Industries Co.		41,091
	16,000	Television Broadcasts Ltd.		57,362
	132,000	Texwinca Holdings Ltd.		57,197
	82,800	Tian An China Investment Co. Ltd.		20,502
	106,000	Tianjin Development Holdings Ltd.		34,995
	420,000	Titan Petrochemicals Group Ltd.(b)		5,958
	193,000	Towngas China Co. Ltd.(b)		35,841
	228,000	TPV Technology Ltd.		51,750
	50,000	Truly International Holdings Ltd.		24,696
	45,000	Varitronix International Ltd.		11,374
	136,000	Vitasoy International Holdings Ltd.		56,124
	102,000	VST Holdings Ltd.(b)		5,656
	17,000	VTech Holdings Ltd.		65,442
	70,000	Wai Kee Holdings Ltd.		6,500
	29,000	Wing On Co. International Ltd.		29,545
	1,800,000	Wonson International Holdings(b)		4,410
	148,000	Xinyu Hengdeli Holdings Ltd.		20,041
	80,000	Xiwang Sugar Holdings Co. Ltd.		9,182
	30,000	Yip’s Chemical Holdings Ltd.		7,815
				6,046,606
HUNGARY — 0.0%
	1,508	Danubius Hotel & Spa Plc(b)		28,882
	737	Egis Plc		37,112
	344	EMASZ Rt		34,348
	13,405	FHB Mortgage Bank Plc(b)		36,635
	15,083	Fotex Holding SE Co. Ltd.(b)		20,254
	16,926	Magyar Telekom Telecommunications Plc		41,814

	Shares		Value
HUNGARY (continued)
	410	Richter Gedeon Nyrt	$	46,850
				245,895
INDIA — 0.1%
	4,494	ABB Ltd. India		44,604
	4,645	ACC Ltd.		48,122
	6,720	Adani Enterprises Ltd.		38,941
	5,140	Aditya Birla Nuvo Ltd.		49,318
	36,030	Allahabad Bank		36,082
	47,586	Ambuja Cements Ltd.		68,974
	5,152	Apollo Hospitals Enterprise Ltd.		42,687
	143,696	Ashok Leyland Ltd.		41,451
	2,238	Asian Paints Ltd.		36,113
	8,091	Bajaj Holdings and Investment Ltd.		37,956
	2,470	Bharat Electronics Ltd.		41,532
	460	Bosch Ltd.		28,946
	9,629	Cummins India Ltd.		33,095
	24,391	Dabur India Ltd.		43,887
	1,618	Divi’s Laboratories Ltd.		29,288
	17,128	Dr. Reddys Laboratories Ltd.		157,614
	27,090	Essar Oil Ltd.(b)		40,956
	28,059	Federal Bank Ltd.		80,566
	3,815	Financial Technologies India Ltd.		37,428
	1,716	GlaxoSmithKline Pharmaceuticals Ltd.		40,906
	6,344	Glenmark Pharmaceuticals Ltd.(b)		17,813
	8,000	Great Eastern Shipping Co. Ltd. (The)		27,995
	23,975	HCL Technologies Ltd.		56,946
	35,408	IDBI Bank Ltd.		41,399
	46,270	Idea Cellular Ltd.(b)		44,490
	28,310	India Cements Ltd.		59,076
	50,141	Indian Hotels Co. Ltd.		41,391
	111,116	Infrastructure Development Finance Co. Ltd.		131,507
	17,620	IVRCL Infrastructures & Projects Ltd.		39,508
	3,000	Jain Irrigation Systems Ltd.		20,745
	33,934	Jaiprakash Associates Ltd.		52,935
	8,489	Jindal Saw Ltd.		33,240
	5,609	Jindal Steel & Power Ltd.		118,508
	20,746	Kotak Mahindra Bank Ltd.		120,431
	9,389	LIC Housing Finance		43,036
	25,541	Mahindra & Mahindra Ltd.		157,933
	58,496	Mangalore Refinery & Petrochemicals Ltd.		44,219
	17,942	MAX India Ltd.(b)		42,212
	4,497	Oracle Financial Sevices Software Ltd.(b)		55,969
	6,000	Oriental Bank of Commerce		17,793
	10,000	Patni Computer Systems Ltd.		25,031
	62,654	Petronet LNG Ltd.		47,490
	31,082	PTC India Ltd.		42,890
	13,300	Punj Lloyd Ltd.		25,767

17

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Shares		Value
INDIA (continued)
	9,495	Ranbaxy Laboratories Ltd.	$	41,929
	18,967	Reliance Capital Ltd.		163,342
	7,121	Reliance Infrastructure Ltd.		84,919
	39,466	Reliance Natural Resources Ltd. - L Shares(b)		41,541
	27,680	Sesa Goa Ltd.		48,106
	9,905	Shriram Transport Finance Co. Ltd.		38,127
	8,559	Siemens India Ltd.		36,132
	11,914	Sterling Biotech Ltd.		38,779
	30,834	Syndicate Bank		38,763
	13,597	Tata Chemicals Ltd.		42,602
	5,219	Tata Communications Ltd.		48,373
	7,309	Tata Tea Ltd.		90,600
	22,281	United Phosphorus Ltd.		42,825
	2,204	United Spirits Ltd.		26,756
	36,274	Zee Entertainment Enterprises Ltd.		81,891
				3,151,475
INDONESIA — 0.0%
	770,000	Aneka Tambang Tbk PT		75,105
	268,000	Bank Danamon Indonesia Tbk PT		53,576
	3,011,250	Bank Pan Indonesia Tbk PT(b)		140,243
	857,000	Berlian Laju Tanker Tbk PT		35,771
	468,300	Bhakti Investama Tbk PT		6,625
	479,000	Ciputra Surya Tbk PT(b)		8,755
	363,000	Citra Marga Nusaphala Persada Tbk PT		28,708
	864,000	Energi Mega Persada Tbk PT(b)		5,163
	1,307,500	Global Mediacom Tbk PT(b)		18,383
	108,000	Gudang Garam Tbk PT		51,248
	1,339,000	Holcim Indonesia Tbk PT(b)		68,244
	856,000	Indofood Sukses Makmur Tbk PT		73,715
	2,159,500	Kalbe Farma Tbk PT		88,240
	8,307,500	Kawasan Industri Jababeka Tbk PT(b)		36,500
	2,167,500	Lippo Karawaci Tbk PT(b)		158,087
	1,284,300	Matahari Putra Prima Tbk PT		63,199
	382,500	Medco Energi Internasional Tbk PT(b)		57,140
	2,072,500	Panin Life Tbk PT(b)		13,659
	1,254,500	Ramayana Lestari Sentosa Tbk PT		50,709
	125,500	Sinar Mas Agro Resources & Technology Tbk PT		18,527
	896,000	Summarecon Agung Tbk PT		12,598
	285,000	Timah Tbk PT		27,298
	95,000	United Tractors Tbk PT		42,157
				1,133,650
IRELAND — 0.1%
	42,220	AER Lingus(b)		54,599
	31,654	C&C Group Plc		31,694
	19,916	DCC Plc		295,804

	Shares		Value
IRELAND (continued)
	48,401	Dragon Oil Plc(b)	$	109,691
	72,107	Experian Plc		451,687
	6,927	FBD Holdings Plc		70,954
	52,678	Fyffes Plc		16,525
	52,546	Glanbia Plc		178,459
	40,953	Grafton Group Plc(b)		82,849
	40,817	Greencore Group Plc		42,855
	90,866	Independent News & Media Plc		31,413
	6,355	Irish Continental Group Plc(b)		141,501
	55,438	Irish Life & Permanemt Plc		117,121
	126,231	Kenmare Resources Plc(b)		15,080
	8,335	Kerry Group Plc - Class A		156,346
	6,121	Kingspan Group Plc(e)		20,769
	12,424	Kingspan Group Plc(e)		42,696
	32,800	McInerney Holdings Plc		5,040
	9,316	Paddy Power Plc		130,017
	13,296	Readymix Plc		3,745
	6,856	Smurfit Kappa Group Plc		15,626
	48,645	United Drug Plc		144,501
				2,158,972
ISRAEL — 0.1%
	14,254	Alvarion Ltd.(b)		49,591
	11,336	AudioCodes Ltd.(b)		19,639
	6,387	Azorim-Investment Development & Construction Co. Ltd.		11,074
	6,797	Blue Square-Israel Ltd..		48,481
	26,704	Clal Industries & Investments		58,060
	13,567	Delek Automotive Systems Ltd.		76,669
	10,104	Direct Insurance Financial Investments Ltd.		11,179
	5,168	Elbit Imaging Ltd.		69,609
	686	Electra (Israel) Ltd.		39,474
	4,847	Elron Electronic Industries Ltd.(b)		7,566
	1,541	FMS Enterprises Migun Ltd.		23,800
	14,655	Frutarom		110,183
	1,608	Harel Insurance Investments & Finances Ltd.		36,403
	3,086	Hot Telecommunication System(b)		19,805
	51,102	Housing & Construction Holdings Ltd.(b)		40,178
	49,433	Israel Discount Bank Ltd. - Class A		38,635
	5,109	Israel Petrochemical Enterprises Ltd.(b)		8,158
	5,206	Ituran Location & Control Ltd.		44,232
	2,244	Koor Industries Ltd.(b)		22,346
	46,936	Migdal Insurance & Financial Holding Ltd.		38,667
	3,382	Nice Systems Ltd.(b)		66,045
	159,876	Oil Refineries Ltd.		38,771
	6,100	Ormat Industries Ltd.		45,713
	106	Paz Oil Co. Ltd.		9,602
	5,150	RADVision Ltd.(b)		24,649

18

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Shares		Value
ISRAEL (continued)
	7,800	Retalix Ltd.(b)	$	45,267
	6,910	Scailex Corp. Ltd.		50,000
	30,677	Shufersal Ltd.		97,910
	8,297	Union Bank of Israel(b)		15,359
				1,167,065
ITALY — 0.3%
	43,100	A2A SpA		75,052
	12,923	ACEA SpA		155,537
	4,493	AcegasAps SpA		26,290
	4,777	Actelios SpA		17,860
	18,355	Aedes SpA(b)		9,988
	36,073	Alleanza Assicurazioni SpA		245,487
	20,522	Amplifon SpA		22,479
	11,153	Ansaldo STS SpA		135,448
	19,817	Arnoldo Mondadori Editore SpA		86,080
	11,747	Astaldi SpA		53,508
	18,427	Autogrill SpA		108,473
	23,598	Azimut Holding SpA		121,463
	116,351	Banca Carige SpA		269,645
	47,864	Banca Finnat Euramerica SpA		30,642
	4,279	Banca Generali SpA		15,067
	13,083	Banca Intermobiliare SpA		44,810
	18,260	Banca Italease SpA(b)		44,819
	14,252	Banca Popolare dell’Etruria e del Lazio		73,266
	71,859	Banca Popolare di Milano		368,261
	16,395	Banca Profilo SpA		9,446
	10,603	Banco di Desio e della Brianza SpA		62,042
	13,502	Benetton Group SpA		98,714
	2,727	Biesse SpA		14,595
	868	Bonifica Ferraresi e Imprese Agricole SpA		31,341
	6,562	Brembo SpA		28,567
	27,188	Bulgari SpA		113,050
	9,965	Buzzi Unicem SpA		124,976
	10,024	Caltagirone Editore SpA		26,439
	5,674	Caltagirone SpA		19,016
	7,938	Carraro SpA		27,442
	15,854	Cementir Holding SpA		44,456
	89,347	CIR-Compagnie Industriali Riunite SpA		89,689
	14,047	Credito Artigiano SpA		35,971
	3,443	Credito Bergamasco SpA		95,177
	11,534	Credito Emiliano SpA		51,393
	4,901	Danieli & Co. SpA		45,056
	28,798	Davide Campari-Milano SpA		163,715
	11,715	De’Longhi SpA		19,785
	2,171	DiaSorin SpA		39,472
	1,000	Digital Multimedia Technologies SpA(b)		11,498
	9,537	ERG SpA		114,113
	198	ErgyCapital SpA(b)		99
	4,260	Esprinet SpA		20,918

	Shares		Value
ITALY (continued)
	3,761	Fastweb(b)	$	93,663
	2,543	Fiera Milano SpA(b)		13,594
	562	Finmeccanica SpA		8,829
	1,637	Fondiaria-Sai SpA		25,655
	83,770	Gemina SpA(b)		41,134
	14,079	Geox SpA		78,416
	12,205	Gewiss SpA		41,334
	2,618	GranitiFiandre SpA		10,056
	34,089	Gruppo Editoriale L’Espresso SpA		41,880
	76,999	Hera SpA		140,489
	26,489	Immobiliare Grande Distribuzione		36,969
	45,336	IMMSI SpA		40,053
	52,361	Impregilo SpA(b)		133,683
	6,730	Indesit Co. SpA		25,571
	3,035	Industria Macchine Automatiche SpA		48,575
	43,925	Intek SpA		17,435
	6,000	Interpump Group SpA		24,584
	67,845	Iride SpA		72,926
	14,703	Italcementi SpA		138,274
	1,246	Italmobiliare SpA		43,857
	11,320	Juventus Football Club SpA(b)		11,595
	19,815	KME Group		14,461
	5,152	Lottomatica SpA		95,255
	1,779	Mariella Burani SpA		20,728
	5,000	MARR SpA		33,930
	64,962	Mediaset SpA		317,320
	14,794	Mediolanum SpA		57,395
	14,814	Meliorbanca SpA		60,555
	44,262	Milano Assicurazioni SpA		120,713
	5,000	Panariagroup Industrie Ceramiche SpA		13,764
	266,741	Parmalat SpA		431,698
	4,609	Permasteelisa SpA		54,764
	19,927	Piaggio & C SpA		27,479
	36,614	Piccolo Credito Valtellinese Scarl		337,538
	473,684	Pirelli & C SpA		136,160
	45,883	Premafin Finanziaria SpA		81,601
	5,185	Prysmian SpA		65,725
	521	Realty Vailog SpA(b)		1,101
	21,864	Recordati SpA		110,578
	18,894	Risanamento SpA(b)		9,241
	1,433	Sabaf SpA		22,293
	1,068	SAES Getters SpA		8,335
	21,727	Saipem SpA		333,273
	31,091	Saras SpA		102,507
	2,000	SAVE SpA		8,860
	11,160	Societa Cattolica di Assicurazioni SCRL		342,941
	9,046	Societa Iniziative Autostradali e Servizi SpA		50,384
	41,186	Societa Partecipazioni Finanziarie SpA(b)		9,598

19

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
ITALY (continued)
	3,079	Socotherm SpA(b)	$	4,199
	10,367	Sogefi SpA		16,659
	12,888	SOL SpA		46,989
	45,647	Sorin SpA(b)		27,557
	333,382	Telecom Italia Media SpA(b)		34,234
	67,888	Terna Rete Elettrica Nazionale SpA		206,660
	60,560	Tiscali SpA(b)		30,125
	2,530	Tod’s SpA		86,557
	4,797	Trevi Finanziaria SpA		39,985
	106,614	Unipol Gruppo Finanziario SpA		159,714
	5,718	Vianini Lavori SpA		30,383
	7,140	Vittoria Assicurazioni SpA		37,459
				7,868,435
JAPAN — 2.4%
	100,000	77 Bank Ltd. (The)		508,710
	22,000	Achilles Corp.		30,122
	16,000	ADEKA Corp.		107,397
	3,000	Advan Co. Ltd.		11,120
	10	Advance Residence Investment Corp.		33,395
	1,500	Aeon Delight Co. Ltd.		32,810
	2,448	Aeon Fantasy Co. Ltd.		21,963
	3,000	Ahresty Corp.		10,319
	6,400	Ai Holdings Corp.		20,161
	12,000	Aica Kogyo Co. Ltd.		118,751
	1,100	Aichi Bank Ltd. (The)		84,366
	13,200	Aichi Corp.		55,542
	20,000	Aichi Machine Industry Co. Ltd.		36,511
	19,000	Aichi Steel Corp.		54,778
	9,000	Aida Engineering Ltd.		26,749
	2,600	Aiphone Co. Ltd.		47,262
	7,000	Air Water, Inc.		57,272
	9,000	Airport Facilities Co. Ltd.		52,296
	7,300	Aisan Industry Co. Ltd.		32,910
	15,000	Akebono Brake Industry Co. Ltd.		61,613
	35,000	Akita Bank Ltd. (The)		148,828
	1,900	Alfresa Holdings Corp.		81,004
	11,900	Allied Telesis Holdings KK(b)		4,901
	4,000	Aloka Co. Ltd.		33,172
	1,900	Alpha Systems, Inc.		42,723
	5,800	Alpine Electronics, Inc.		41,514
	32,800	Alps Electric Co. Ltd.		140,934
	3,000	Alps Logistics Co. Ltd.		31,725
	77,000	Amada Co. Ltd.		372,850
	11,000	Amano Corp.		82,284
	14,000	Ando Corp.		25,090
	8,000	Anest Iwata Corp.		23,421
	24,000	Anritsu Corp.		53,164
	3,200	AOC Holdings, Inc.		17,347
	2,100	AOI Electronic Co. Ltd.		14,610
	4,600	AOKI Holdings, Inc.		51,768
	30,000	Aomori Bank Ltd. (The)		129,237
	10,900	Aoyama Trading Co. Ltd.		161,252

Shares			Value
JAPAN (continued)
	58,000	Aozora Bank Ltd.	$	65,854
	4,700	Ariake Japan Co. Ltd.		85,017
	2,700	Arisawa Manufacturing Co. Ltd.		9,618
	2,000	Art Corp.		25,246
	3,190	As One Corp.		69,244
	15,000	Asahi Diamond Industrial Co. Ltd.		76,474
	12,000	Asahi Organic Chemicals Industry Co. Ltd.		38,070
	4,350	Asahi Pretec Corp.		47,744
	20,000	Asahi TEC Corp.(b)		6,679
	1,900	Asatsu-DK, Inc.		38,070
	7,000	Asics Corp.		52,596
	4,000	ASKA Pharmaceutical Co. Ltd.		36,422
	7,000	Asunaro Aoki Construction Co. Ltd.		29,688
	41,000	Atsugi Co. Ltd.		62,982
	6,300	Autobacs Seven Co. Ltd.		169,360
	3,600	Avex Group Holdings, Inc.		37,268
	24,000	Awa Bank Ltd. (The)		157,622
	18,000	Bando Chemical Industries Ltd.		42,678
	900	Bank of Ikeda Ltd. (The)(b)		41,276
	2,600	Bank of Iwate Ltd. (The)		164,969
	26,000	Bank of Nagoya Ltd. (The)		155,418
	2,600	Bank of Okinawa Ltd. (The)		95,798
	24,000	Bank of Saga Ltd. (The)		85,757
	5,000	Bank of the Ryukyus Ltd.		46,975
	5,900	Belluna Co. Ltd.		16,879
	11,000	Best Denki Co. Ltd.		35,632
	4,000	Bookoff Corp.		40,073
	19,100	Brother Industries Ltd.		126,079
	8,000	Bunka Shutter Co. Ltd.		33,395
	3,600	CAC Corp.		25,928
	16,000	Calsonic Kansei Corp.		17,098
	4,500	Canon Electronics, Inc.		53,448
	7,000	Canon Finetech, Inc.		76,284
	6,200	Canon Marketing Japan, Inc.		92,550
	19,200	Casio Computer Co. Ltd.		153,241
	3,500	Cawachi Ltd.		60,544
	13,000	Central Finance Co. Ltd.(b)		20,838
	35,000	Central Glass Co. Ltd.		129,348
	7,800	Century Leasing System, Inc.		69,721
	8,500	Chiba Kogyo Bank Ltd. (The)(b)		109,000
	7,500	Chiyoda Co. Ltd.		129,404
	3,000	Chiyoda Corp.		15,261
	3,400	Chofu Seisakusho Co. Ltd.		75,884
	20,000	Chori Co. Ltd.(b)		24,489
	5,500	Chudenko Corp.		96,549
	14,000	Chuetsu Pulp & Paper Co. Ltd.		33,506
	17,000	Chugai Ro Co. Ltd.		47,687
	8,000	Chugoku Marine Paints Ltd.		48,177
	34,000	Chukyo Bank Ltd. (The)		123,760
	9,000	Chuo Spring Co. Ltd.		26,348
	2,400	Circle K Sunkus Co. Ltd.		42,077
	14,600	Citizen Holdings Co. Ltd.		60,132

20

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	13,000	CKD Corp.	$	48,622
	5,000	Cleanup Corp.		22,541
	7,000	CMK Corp.		22,753
	7,000	Coca-Cola Central Japan Co. Ltd.		105,894
	3,600	Coca-Cola West Holdings Co.		74,497
	2,090	Cocokara Fine Holdings, Inc.(b)		27,011
	9,000	Colowide Co. Ltd.		53,999
	8,000	Commuture Corp.		52,274
	12,000	COMSYS Holdings Corp.		102,989
	4,400	Corona Corp.		45,158
	6,600	Cosel Co. Ltd.		57,893
	116,000	Cosmo Oil Co. Ltd.		315,067
	18	Creed Corp.		54
	13,758	CSK Holdings Corp.		58,043
	6,500	Culture Convenience Club Co. Ltd.		61,357
	23,000	Dai Nippon Toryo Co. Ltd.		22,530
	43,000	Daicel Chemical Industries Ltd.		191,462
	9,000	Dai-Dan Co. Ltd.		42,278
	7,000	Daido Metal Co. Ltd.		24,623
	37,000	Daido Steel Co. Ltd.		103,790
	7,000	Daidoh Ltd.		52,674
	4,100	Daiei, Inc. (The)(b)		18,712
	17,000	Daifuku Co. Ltd.		87,427
	18,000	Daihen Corp.		71,331
	10,000	Daiichi Jitsugyo Co. Ltd.		30,389
	23,000	Daiken Corp.		47,365
	2,500	Daikoku Denki Co. Ltd.		40,213
	23,000	Daikyo, Inc.		15,105
	5,000	Daimei Telecom Engineering Corp.		42,689
	16,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		43,279
	25,000	Dainippon Screen Manufacturing Co. Ltd.		44,804
	13,000	Daio Paper Corp.		136,317
	28,000	Daisan Bank Ltd. (The)		95,375
	4,910	Daiseki Co. Ltd.		76,081
	46,000	Daishi Bank Ltd. (The)		198,163
	13,000	Daiso Co. Ltd.		31,402
	2,600	Daisyo Corp.		42,921
	8,000	Daiwa Industries Ltd.		26,805
	23,000	Daiwa Seiko, Inc.		33,795
	15,000	Daiwabo Co. Ltd.		51,261
	16,260	DCM Japan Holdings Co. Ltd.		96,472
	48,000	Denki Kagaku Kogyo KK		102,054
	17,000	Denki Kogyo Co. Ltd.		101,809
	4,000	Denyo Co. Ltd.		30,634
	11,000	Descente Ltd.		44,815
	49,000	DIC Corp.		80,180
	1,100	Disco Corp.		27,244
	1,000	Don Quijote Co. Ltd.		15,985
	3,150	Doshisha Co. Ltd.		42,112

Shares			Value
JAPAN (continued)
	6,274	Doutor Nichires Holdings Co. Ltd.	$	105,946
	3,400	DTS Corp.		28,158
	3,100	Dydo Drinco, Inc.		89,893
	400	eAccess Ltd.		274,726
	8,000	Eagle Industry Co. Ltd.		24,400
	76,000	Ebara Corp.		141,281
	8,700	EDION Corp.		41,062
	21,000	Ehime Bank Ltd. (The)		68,960
	32,000	Eighteenth Bank Ltd. (The)		112,562
	4,000	Eiken Chemical Co. Ltd.		30,233
	2,700	Eizo Nanao Corp.		49,471
	4,300	Enplas Corp.		45,712
	8,000	Epson Toyocom Corp.		14,783
	4,000	ESPEC Corp.		22,308
	900	Exedy Corp.		10,419
	8,000	Ezaki Glico Co. Ltd.		74,715
	11,900	Fancl Corp.		155,514
	22,000	FDK Corp.(b)		41,142
	4,000	Foster Electric Co. Ltd.		26,048
	2,900	FP Corp.		138,164
	33,000	France Bed Holdings Co. Ltd.		50,693
	5,300	Fuji Co. Ltd.		102,242
	118,000	Fuji Electric Holdings Co. Ltd.		143,174
	17,000	Fuji Fire & Marine Insurance Co. Ltd. (The)		19,491
	50,000	Fuji Heavy Industries Ltd.		147,493
	19,000	Fuji Kyuko Co. Ltd.		84,811
	14,900	Fuji Oil Co. Ltd.		185,431
	3,800	FUJI SOFT, Inc.		68,822
	3,600	Fujicco Co. Ltd.		43,961
	5,000	Fujikura Kasei Co. Ltd.		24,712
	65,000	Fujikura Ltd.		181,611
	13,000	Fujita Kanko, Inc.		52,096
	15,000	Fujitec Co. Ltd.		51,762
	5,400	Fujitsu Business Systems Ltd.		80,548
	3,700	Fujitsu Frontech Ltd.		32,537
	18,000	Fujitsu General Ltd.		33,862
	23,000	Fujiya Co. Ltd.(b)		30,467
	6,000	Fukuda Corp.		10,419
	34,000	Fukui Bank Ltd. (The)		123,003
	32,000	Fukushima Bank Ltd. (The)		18,879
	24,000	Fukuyama Transporting Co. Ltd.		110,603
	200	Funai Electric Co. Ltd.		4,831
	58,000	Furukawa Co. Ltd.		52,296
	2,000	Furusato Industries Ltd.		19,881
	18,000	Fuso Pharmaceutical Industries Ltd.		54,901
	6,300	Futaba Corp.		86,959
	1,800	Fuyo General Lease Co. Ltd.		28,693
	15,000	Gakken Co. Ltd.		22,875
	6,900	Gecoss Corp.		33,181
	2,300	Glory Ltd.		39,761
	27,000	Godo Steel Ltd.		79,045
	21	Green Hospital Supply, Inc.(b)		12,296

21

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	64,000	GS Yuasa Corp.	$	349,797
	610	Gulliver International Co. Ltd.		10,104
	8,000	Gun-Ei Chemical Industry Co. Ltd.		17,810
	62,000	Gunma Bank Ltd. (The)		365,092
	27,000	Gunze Ltd.		95,575
	2,900	H.I.S. Co. Ltd.		56,622
	21,000	H2O Retailing Corp.		153,348
	3,030	Hakuhodo Dy Holdings, Inc.		136,600
	2,900	Hakuto Co. Ltd.		21,209
	3,100	Hamamatsu Photonics KK		52,866
	44,000	Hanwa Co. Ltd.		132,242
	2,000	Happinet Corp.		30,434
	800	Heiwa Corp.		7,525
	9,000	Heiwado Co. Ltd.		142,361
	7,000	Hibiya Engineering Ltd.		53,687
	29,000	Higashi-Nippon Bank Ltd. (The)		84,900
	30,000	Higo Bank Ltd. (The)		177,993
	3,700	Hikari Tsushin, Inc.		66,475
	55,000	Hino Motors Ltd.		98,570
	28,000	Hiroshima Bank Ltd. (The)		120,933
	32,000	Hitachi Cable Ltd.		58,774
	8,500	Hitachi Chemical Co. Ltd.		93,293
	5,600	Hitachi High-Technologies Corp.		85,027
	5,700	Hitachi Information Systems Ltd.		111,227
	8,600	Hitachi Koki Co. Ltd.		82,329
	13,000	Hitachi Kokusai Electric, Inc.		75,828
	8,500	Hitachi Maxell Ltd.		70,585
	8,000	Hitachi Medical Corp.		79,969
	31,000	Hitachi Plant Technologies Ltd.(b)		114,566
	5,400	Hitachi Software Engineering Co. Ltd.		77,482
	4,000	Hitachi Systems & Services Ltd.		42,656
	4,500	Hitachi Tool Engineering Ltd.		27,901
	13,000	Hitachi Transport System Ltd.		163,088
	94,500	Hitachi Zosen Corp.(b)		90,466
	12,000	Hodogaya Chemical Co. Ltd.		21,907
	1,800	Hogy Medical Co. Ltd.		108,198
	6,000	Hokkaido Coca-Cola Bottling Co. Ltd.		29,320
	44,000	Hokkoku Bank Ltd. (The)		159,670
	49,000	Hokuetsu Bank Ltd. (The)		98,180
	28,000	Hokuetsu Paper Mills Ltd.		140,257
	12,000	Hokuriku Electric Industry Co. Ltd.		19,636
	4,400	Hokuto Corp.		116,814
	4,300	Horiba Ltd.		68,831
	15,700	Hosiden Corp.		185,775
	4,000	Hosokawa Micron Corp.		14,471
	5,300	House Foods Corp.		88,732
	35,000	Hyakugo Bank Ltd. (The)		190,516
	37,000	Hyakujushi Bank Ltd. (The)		195,225

Shares			Value
JAPAN (continued)
	3,500	IBJ Leasing Co. Ltd.	$	47,960
	1,000	Ichikoh Industries Ltd.		1,325
	10,000	Ichiyoshi Securities Co. Ltd.		58,218
	1,900	Icom, Inc.		41,390
	5,000	Idec Corp.		46,919
	4,700	Idemitsu Kosan Co. Ltd.		310,770
	156,000	IHI Corp.		184,071
	13,000	Iino Kaiun Kaisha Ltd.		82,774
	2,800	Imasen Electric Industrial		14,961
	3,100	Inaba Denki Sangyo Co. Ltd.		74,537
	1,600	Inaba Seisakusho Co. Ltd.		17,650
	12,000	Inabata & Co. Ltd.		40,608
	8,000	Inageya Co. Ltd.		79,167
	9,500	Ines Corp.		49,808
	3,000	Information Services International-Dentsu Ltd.		18,567
	1,451	Invoice, Inc.		6,332
	4,000	Ise Chemical Corp.		15,851
	41,000	Iseki & Co. Ltd.(b)		125,051
	56,000	Ishihara Sangyo Kaisha Ltd.(b)		44,882
	11,610	IT Holdings Corp.(b)		175,891
	2,500	Ito En Ltd.		34,953
	12,800	Itochu Enex Co. Ltd.		91,902
	2,100	Itochu Techno-Science Corp.		47,337
	2,300	Itochu-Shokuhin Co. Ltd.		88,329
	32,000	Itoham Foods, Inc.		108,644
	6,000	Itoki Corp.		18,768
	10,000	Iwasaki Electric Co. Ltd.		18,256
	40,000	IWATANI Corp.		97,957
	3,000	Izumi Co. Ltd.		43,981
	11,000	Izumiya Co. Ltd.		69,427
	87,000	J. Front Retailing Co. Ltd.		318,617
	2,200	Jalux, Inc.		32,889
	4,000	Jamco Corp.		17,588
	3,500	Japan Airport Terminal Co. Ltd.		39,817
	3,000	Japan Aviation Electronics Industry Ltd.		11,721
	3,300	Japan Cash Machine Co. Ltd.		33,501
	4,500	Japan Digital Laboratory Co. Ltd.		47,587
	3,800	Japan General Estate Co. Ltd. (The)		5,287
	10	Japan Hotel and Resort, Inc.		11,599
	1,800	Japan Petroleum Exploration Co.		84,555
	26,000	Japan Pulp & Paper Co. Ltd.		83,063
	21,000	Japan Radio Co. Ltd.		29,688
	14	Japan Rental Housing Investments, Inc.		11,532
	7,000	Japan Transcity Corp.		22,675
	8,000	Japan Vilene Co. Ltd.		38,292
	12,000	Japan Wool Textile Co. Ltd. (The)		79,746
	15,000	Jeol Ltd.		40,908
	33,000	JFE Shoji Holdings, Inc.		100,651
	21,000	J-Oil Mills, Inc.		73,635

22

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	5,400	Joint Corp.	$	7,454
	10,000	Joshin Denki Co. Ltd.		79,924
	5,200	JSP Corp.		30,794
	30,000	JTEKT Corp.		188,679
	23,000	Juki Corp.		21,762
	46,000	Juroku Bank Ltd. (The)		213,013
	135,000	JVC KENWOOD Holdings, Inc.(b)		54,099
	2,000	Kabuki-Za Co. Ltd.		90,833
	3,200	Kadokawa Group Holdings, Inc.		57,563
	4,800	Kaga Electronics Co. Ltd.		51,721
	16,000	Kagawa Bank Ltd. (The)		91,902
	2,800	Kagome Co. Ltd.		43,854
	27,000	Kagoshima Bank Ltd. (The)		209,484
	34	Kakaku.Com, Inc.		133,222
	19,000	Kaken Pharmaceutical Co. Ltd.		209,384
	5,000	Kameda Seika Co. Ltd.		77,420
	7,000	Kamei Corp.		34,363
	22,000	Kamigumi Co. Ltd.		176,078
	14,000	Kanagawa Chuo Kotsu Co. Ltd.		79,947
	15,000	Kandenko Co. Ltd.		111,872
	54,000	Kaneka Corp.		292,136
	71,000	Kanematsu Corp.(b)		71,921
	27,000	Kansai Paint Co. Ltd.		138,253
	12,000	Kanto Auto Works Ltd.		113,675
	10,000	Kanto Denka Kogyo Co. Ltd.		40,630
	7,000	Kanto Natural Gas Development Ltd.		44,181
	10,700	Kanto Tsukuba Bank Ltd. (The)		34,065
	8,000	Kasumi Co. Ltd.		38,381
	4,000	Katakura Industries Co. Ltd.		37,179
	5,000	Kato Sangyo Co. Ltd.		76,807
	30,000	Kayaba Industry Co. Ltd.		44,749
	12,000	Keihin Co. Ltd. (The)		15,629
	9,300	Keihin Corp.		79,195
	18,000	Keisei Electric Railway Co. Ltd.		98,380
	18,000	Keiyo Bank Ltd. (The)		89,765
	7,900	Keiyo Co. Ltd.		51,532
	56	Kenedix, Inc.(b)		8,322
	2,000	Kentucky Fried Chicken Japan Ltd.		35,087
	2,900	KEY Coffee, Inc.		47,647
	10,700	Kikkoman Corp.		104,338
	21,000	Kinden Corp.		186,542
	2,900	Kintetsu World Express, Inc.		54,265
	2,600	Kisoji Co. Ltd.		51,748
	7,000	Kissei Pharmaceutical Co. Ltd.		181,555
	1,800	Kita-Nippon Bank Ltd. (The)		58,708
	14,000	Kitz Corp.		43,636
	82,000	Kiyo Holdings, Inc.		112,272
	7,300	Koa Corp.		38,842
	9,000	Koatsu Gas Kogyo Co. Ltd.		39,973
	1,300	Kobayashi Pharmaceutical Co. Ltd.		49,346
	7,300	Koei Co. Ltd.		70,696

Shares			Value
JAPAN (continued)
	3,000	Kohnan Shoji Co. Ltd.	$	33,695
	15,000	Koito Manufacturing Co. Ltd.		78,477
	5,600	Kojima Co. Ltd.		15,646
	15,800	Kokuyo Co. Ltd.		110,627
	8,000	Komatsu Seiren Co. Ltd.		34,196
	2,600	Komeri Co. Ltd.		48,159
	10,900	Komori Corp.		103,740
	3,410	Konaka Co. Ltd.		9,376
	1,500	Kose Corp.		33,127
	14,000	Krosaki Harima Corp.		28,986
	6,240	K’s Holdings Corp.		97,175
	15,000	Kumagai Gumi Co. Ltd.		7,180
	47,000	Kurabo Industries Ltd.		75,338
	34,000	KUREHA Corp.		165,771
	17,000	Kurimoto Ltd.(b)		10,976
	4,700	Kuroda Electric Co. Ltd.		36,361
	16,000	Kyodo Printing Co. Ltd.		37,224
	6,300	Kyokuto Kaihatsu Kogyo Co. Ltd.		23,142
	18,000	Kyokuyo Co. Ltd.		39,873
	2,400	Kyoritsu Maintenance Co. Ltd.		45,497
	12,000	Kyowa Exeo Corp.		116,079
	14,000	Kyudenko Corp.		110,491
	19	LaSalle Japan REIT, Inc.		14,488
	7,000	Leopalace21 Corp.		60,077
	8,500	Life Corp.		155,363
	1,400	Lintec Corp.		17,813
	2,000	Mabuchi Motor Co. Ltd.		76,362
	2,500	Macnica, Inc.		33,728
	30,000	Maeda Corp.		104,525
	14,000	Maeda Road Construction Co. Ltd.		132,465
	2,200	Maezawa Kasei Industries Co. Ltd.		21,673
	2,600	Maezawa Kyuso Industries Co. Ltd.		41,155
	18,000	Makino Milling Machine Co. Ltd.		41,676
	3,300	Mandom Corp.		82,835
	2,900	Mars Engineering Corp.		92,809
	4,900	Marubun Corp.		15,709
	17,000	Marudai Food Co. Ltd.		47,120
	27,000	Maruetsu, Inc. (The)(b)		157,489
	69,910	Maruha Nichiro Holdings, Inc.		112,840
	47,600	Marui Group Co. Ltd.		251,684
	3,100	Maruichi Steel Tube Ltd.		74,192
	14,000	Marusan Securities Co. Ltd.		74,336
	1,900	Maruwa Co. Ltd.		20,008
	17,000	Maruzen Co. Ltd.(b)		12,111
	11,000	Maruzen Showa Unyu Co. Ltd.		34,775
	8,000	Matsuya Co. Ltd.		125,564
	2,800	Matsuya Foods Co. Ltd.		40,269
	8,000	Max Co. Ltd.		79,256
	2,800	MEC Co. Ltd.		8,104
	3,500	Megachips Corp.		60,388
	41,000	Meidensha Corp.		113,185

23

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	13,000	Meiji Seika Kaisha Ltd.	$	53,832
	800	Meitec Corp.		12,619
	5,000	Meito Sangyo Co. Ltd.		81,483
	4,800	Meiwa Estate Co. Ltd.		23,189
	31,000	Mercian Corp.		57,628
	26,000	Michinoku Bank Ltd. (The)		54,700
	10,000	Mikuni Coca-Cola Bottling Co. Ltd.		88,384
	1,680	Milbon Co. Ltd.		42,919
	2,700	Mimasu Semiconductor Industry Co. Ltd.		28,552
	55,000	Minato Bank Ltd. (The)		86,937
	13,000	Minebea Co. Ltd.		40,374
	2,200	Ministop Co. Ltd.		40,138
	1,500	Miraca Holdings, Inc.		32,326
	4,000	Misawa Homes Co. Ltd.(b)		8,861
	3,200	MISUMI Group, Inc.		36,796
	13,000	Mito Securities Co. Ltd.		36,033
	8,000	Mitsuba Corp.		22,797
	33,000	Mitsubishi Cable Industries Ltd.		29,755
	44,000	Mitsubishi Gas Chemical Co. Inc.		177,793
	18,000	Mitsubishi Logistics Corp.		185,540
	69,000	Mitsubishi Paper Mills Ltd.		118,284
	6,000	Mitsubishi Pencil Co. Ltd.		67,056
	65,000	Mitsubishi Rayon Co. Ltd.		159,181
	18,000	Mitsubishi Steel Manufacturing Co. Ltd.		41,877
	16,000	Mitsuboshi Belting Co. Ltd.		79,435
	14,000	Mitsui Engineering & Shipbuilding Co. Ltd.		21,818
	4,000	Mitsui High-Tec, Inc.		22,129
	8,000	Mitsui Home Co. Ltd.		45,417
	18,000	Mitsui Matsushima Co. Ltd.		22,642
	57,000	Mitsui Mining & Smelting Co. Ltd.		104,692
	30,000	Mitsui Mining Co. Ltd.		38,404
	21,000	Mitsui Sugar Co. Ltd.		70,129
	25,000	Mitsui-Soko Co. Ltd.		102,967
	6,000	Mitsumura Printing Co. Ltd.		20,771
	14,000	Mitsuuroko Co. Ltd.		90,855
	6,100	Miura Co. Ltd.		142,255
	27,000	Miyazaki Bank Ltd. (The)		99,182
	14,000	Miyoshi Oil & Fat Co. Ltd.		19,013
	23,000	Mizuno Corp.		108,555
	14,000	Mochida Pharmaceutical Co. Ltd.		168,153
	4,700	Modec, Inc.		92,917
	85	Monex Group, Inc.		26,474
	14,500	Mori Seiki Co. Ltd.		115,890
	43,000	Morinaga & Co. Ltd.		94,774
	31,000	Morinaga Milk Industry Co. Ltd.		107,664
	8,000	Morita Holdings Corp.		32,682
	8,000	MOS Food Services, Inc.		123,604
	4,200	Moshi Moshi Hotline, Inc.		93,739
	2,000	Musashino Bank Ltd. (The)		69,683

Shares			Value
JAPAN (continued)
	7,000	Nabtesco Corp.	$	43,324
	33,000	Nachi-Fujikoshi Corp.		55,468
	16,000	Nagano Bank Ltd. (The)		43,457
	18,000	Nagase & Co. Ltd.		161,095
	7,000	Nagatanien Co. Ltd.		63,661
	18,000	Nagoya Railroad Co. Ltd.		55,502
	9,000	Nakamuraya Co. Ltd.		48,289
	21,000	Nakayama Steel Works Ltd.		49,558
	4,200	Namco Bandai Holdings, Inc.		42,591
	13,000	Nankai Electric Railway Co. Ltd.		60,778
	17,000	Nanto Bank Ltd. (The)		93,104
	1,600	NEC Capital Solutions Ltd.		13,019
	5,700	NEC Electronics Corp.(b)		39,973
	3,900	NEC Fielding Ltd.		46,669
	2,600	NEC Mobiling Ltd.		41,966
	5,300	NEC Networks & System Integration Corp.		57,522
	12,000	NEC Tokin Corp.(b)		22,842
	43	NET One Systems Co. Ltd.		76,058
	5,000	Neturen Co. Ltd.		33,116
	5,000	New Japan Radio Co. Ltd.		9,072
	32,000	NGK Spark Plug Co. Ltd.		248,634
	22,000	NHK Spring Co. Ltd.		80,570
	26,000	Nice Holdings, Inc.		46,597
	9,000	Nichia Steel Works Ltd.		22,141
	21,000	Nichias Corp.		56,570
	11,500	Nichicon Corp.		76,167
	2,900	Nichiha Corp.		18,852
	4,000	Nichii Gakkan Co.		63,138
	3,100	Nidec Copal Corp.		18,910
	4,000	Nidec Sankyo Corp.		15,139
	2,800	Nidec Tosok Corp.		23,158
	10,000	Nifco, Inc.		90,388
	3,900	Nihon Dempa Kogyo Co. Ltd.		50,402
	2,200	Nihon Eslead Corp.		11,632
	8,000	Nihon Kohden Corp.		151,211
	10,000	Nihon Nohyaku Co. Ltd.		67,568
	11,000	Nihon Parkerizing Co. Ltd.		94,039
	8,000	Nihon Unisys Ltd.		65,364
	15,000	Nihon Yamamura Glass Co. Ltd.		35,064
	8,000	Nikkiso Co. Ltd.		47,732
	14,000	Nippo Corp.		109,712
	28,000	Nippon Beet Sugar Manufacturing Co. Ltd.		74,180
	21,000	Nippon Carbon Co. Ltd.		49,324
	3,000	Nippon Ceramic Co. Ltd.		27,283
	16,000	Nippon Chemical Industrial Co. Ltd.		35,977
	27,000	Nippon Chemi-Con Corp.		59,209
	7,000	Nippon Chemiphar Co. Ltd.		21,974
	13,000	Nippon Denko Co. Ltd.		61,357
	8,000	Nippon Densetsu Kogyo Co. Ltd.		96,800
	22,000	Nippon Flour Mills Co. Ltd.		109,957

24

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	8,000	Nippon Gas Co. Ltd.	$	120,488
	3,400	Nippon Kanzai Co. Ltd.		56,922
	15,000	Nippon Kasei Chemical Co. Ltd.		24,545
	19,000	Nippon Kayaku Co. Ltd.		87,349
	13,000	Nippon Koei Co. Ltd.		35,454
	10,000	Nippon Konpo Unyu Soko Co. Ltd.		103,634
	26,000	Nippon Koshuha Steel Co. Ltd.		24,601
	22,000	Nippon Light Metal Co. Ltd.		18,122
	30,000	Nippon Metal Industry Co. Ltd.		37,402
	23,000	Nippon Paint Co. Ltd.		96,265
	247	Nippon Parking Development Co. Ltd.		9,183
	18,000	Nippon Road Co. Ltd. (The)		40,875
	10,000	Nippon Seiki Co. Ltd.		63,004
	13,000	Nippon Shinyaku Co. Ltd.		150,353
	14,000	Nippon Shokubai Co. Ltd.		94,440
	14,000	Nippon Signal Co. Ltd. (The)		86,648
	31,000	Nippon Soda Co. Ltd.		118,361
	39,200	Nippon Suisan Kaisha Ltd.		98,616
	18,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		44,482
	16,000	Nippon Thompson Co. Ltd.		66,077
	11,000	Nippon Valqua Industries Ltd.		22,530
	20,000	Nippon Yakin Kogyo Co. Ltd.		52,096
	10,000	Nipro Corp.		150,609
	41,000	Nishimatsu Construction Co. Ltd.		41,988
	11,400	Nishimatsuya Chain Co. Ltd.		112,940
	112,000	Nishi-Nippon City Bank Ltd. (The)		279,268
	16,000	Nishi-Nippon Railroad Co. Ltd.		65,542
	15,000	Nissan Shatai Co. Ltd.		96,510
	28,000	Nissay Dowa General Insurance Co. Ltd.		151,166
	6,800	Nissei Corp.		50,337
	7,900	Nissen Holdings Co. Ltd.		47,663
	1,300	Nissha Printing Co. Ltd.		33,428
	1,300	Nisshin Fudosan Co. Ltd.		2,836
	10,000	Nisshin Oillio Group Ltd. (The)		48,645
	158,000	Nisshin Steel Co. Ltd.		269,093
	28,000	Nisshinbo Industries, Inc.		208,827
	17,000	Nissin Corp.		40,118
	6,500	Nissin Kogyo Co. Ltd.		52,891
	5,000	Nitta Corp.		65,398
	10,000	Nittetsu Mining Co. Ltd.		35,955
	55,000	Nitto Boseki Co. Ltd.		93,672
	7,900	Nitto Kogyo Corp.		63,492
	4,400	Nitto Kohki Co. Ltd.		73,223
	6,000	Nitto Seiko Co. Ltd.		15,896
	34,000	NOF Corp.		152,524
	23,700	NOK Corp.		169,107
	10,000	Nomura Co. Ltd.		26,938
	28,000	Noritake Co. Ltd.		89,765
	2,200	Noritsu Koki Co. Ltd.		15,379

Shares			Value
JAPAN (continued)
	9,000	Noritz Corp.	$	126,131
	10,600	NSD Co. Ltd.		83,068
	29,000	NSK Ltd.		95,230
	29,000	NTN Corp.		78,767
	320	Obic Co. Ltd.		50,582
	14,000	Ogaki Kyoritsu Bank Ltd. (The)		69,038
	4,838	Oiles Corp.		57,516
	19,000	Oita Bank Ltd. (The)		120,554
	13,000	Okamoto Industries, Inc.		46,307
	17,000	Okamura Corp.		96,510
	19,000	Okasan Securities Group, Inc.		77,832
	31,000	Oki Electric Industry Co. Ltd.(b)		18,979
	2,860	Okinawa Electric Power Co., Inc. (The)		199,613
	29,000	Okumura Corp.		125,575
	7,000	Okura Industrial Co. Ltd.		15,584
	7,000	Okuwa Co. Ltd.		98,803
	3,700	Olympic Corp.		25,495
	8,800	OMC Card, Inc.(b)		16,163
	7,000	ONO Sokki Co. Ltd.		24,545
	4,000	Onoken Co. Ltd.		34,241
	1,000	Onward Holdings Co. Ltd.		6,835
	10,000	Organo Corp.		63,004
	5,000	Origin Electric Co. Ltd.		12,857
	5,500	Osaka Steel Co. Ltd.		79,652
	6,000	Osaki Electric Co. Ltd.		43,146
	6,200	OSG Corp.		38,235
	800	Otsuka Corp.		35,888
	4,600	Oyo Corp.		51,205
	10,000	Pacific Industrial Co. Ltd.		28,719
	2,000	Pacific Metals Co. Ltd.		9,395
	1,900	Pack Corp. (The)		23,667
	17,000	PanaHome Corp.		101,430
	5,600	Paramount Bed Co. Ltd.		71,188
	13,000	Parco Co. Ltd.		119,530
	4,600	Paris Miki, Inc.		39,684
	13,000	Park24 Co. Ltd.		87,260
	27	Pasona Group, Inc.		12,773
	51,500	Penta-Ocean Construction Co. Ltd.(b)		66,500
	2,900	Pigeon Corp.		73,117
	2,400	Piolax, Inc.		39,646
	23,000	Press Kogyo Co. Ltd.		30,211
	38,000	Prima Meat Packers Ltd.(b)		63,873
	3,800	QP Corp.		49,406
	9,500	Raito Kogyo Co. Ltd.		17,660
	10,000	Rasa Industries Ltd.		14,360
	8,000	Rengo Co. Ltd.		54,856
	8,000	Renown, Inc.(b)		11,577
	10,000	Resort Solution Co. Ltd.		21,818
	6,192	Resorttrust, Inc.		63,826
	27,000	Rhythm Watch Co. Ltd.		25,547
	3,400	Ricoh Leasing Co. Ltd.		50,261
	5,000	Right On Co. Ltd.		60,388
	17,000	Riken Corp.		35,387

25

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,000	Riken Technos Corp.	$	15,428
	2,600	Riken Vitamin Co. Ltd.		74,960
	3,700	Ringer Hut Co. Ltd.		46,500
	1,600	Rinnai Corp.		63,227
	2,400	Rock Field Co. Ltd.		32,299
	18,000	Rohto Pharmaceutical Co. Ltd.		223,009
	4,600	Roland Corp.		50,130
	2,200	Roland DG Corp.		26,669
	2,500	Round One Corp.		22,124
	6,000	Royal Holdings Co. Ltd.		62,381
	28,000	Ryobi Ltd.		51,116
	7,000	Ryoden Trading Co. Ltd.		38,804
	1,100	Ryohin Keikaku Co. Ltd.		45,918
	7,200	Ryosan Co. Ltd.		160,695
	3,300	Ryoshoku Ltd.		77,325
	6,700	Ryoyo Electro Corp.		54,817
	5,000	S Foods, Inc.		42,077
	119,000	S Science Co. Ltd.(b)		3,974
	4,000	Sagami Chain Co. Ltd.		39,183
	16,000	Sagami Railway Co. Ltd.		70,351
	65,000	Saibu Gas Co. Ltd.		174,375
	5,000	Saizeriya Co. Ltd.		64,730
	23,000	Sakai Chemical Industry Co. Ltd.		63,238
	11,000	Sakata INX Corp.		38,816
	9,300	Sakata Seed Corp.		135,615
	14,000	San-Ai Oil Co. Ltd.		62,336
	32,000	Sanden Corp.		62,336
	1,900	Sanei-International Co. Ltd.		14,784
	33,000	San-In Godo Bank Ltd. (The)		256,036
	9,000	Sankei Building Co. Ltd. (The)		44,482
	11,000	Sanken Electric Co. Ltd.		41,020
	15,000	Sanki Engineering Co. Ltd.		99,349
	10,000	Sankyo Seiko Co. Ltd.		19,703
	60,000	Sankyo-Tateyama Holdings, Inc.		45,417
	15,000	Sankyu, Inc.		47,754
	6,000	Sanoh Industrial Co. Ltd.		24,378
	9,400	Sanrio Co. Ltd.		93,440
	6,000	Sanshin Electronics Co. Ltd.		45,884
	2,800	Santen Pharmaceutical Co. Ltd.		90,232
	11,000	Sanwa Holdings Corp.		38,081
	20,000	Sanyo Chemical Industries Ltd.		113,096
	9,000	Sanyo Denki Co. Ltd.		21,840
	21,000	Sanyo Shokai Ltd.		81,817
	19,000	Sanyo Special Steel Co. Ltd.		50,971
	63,000	Sapporo Hokuyo Holdings, Inc.		227,918
	10,000	Sapporo Holdings Ltd.		47,086
	18,000	Sasebo Heavy Industries Co. Ltd.		31,858
	5,300	Sato Corp.		54,513
	3,000	Satori Electric Co. Ltd.		10,987
	11,000	SAXA Holdings, Inc.		13,469
	23	SBI Holdings, Inc.		2,837
	1,600	Secom Joshinetsu Co. Ltd.		29,049
	2,500	Secom Techno Service Co. Ltd.		66,233
Shares			Value
JAPAN (continued)
	28,600	Sega Sammy Holdings, Inc.	$	364,524
	5,600	Seikagaku Corp.		62,025
	17,000	Seiko Holdings Corp.		36,901
	28,000	Seino Holdings Corp.		138,387
	10,000	Seiren Co. Ltd.		44,860
	9,000	Sekisui Jushi Corp.		67,123
	19,000	Sekisui Plastics Co. Ltd.		58,162
	16,000	Senko Co. Ltd.		59,309
	9,000	Senshukai Co. Ltd.		61,914
	5,000	Shibaura Mechatronics Corp.		16,586
	13,000	Shibusawa Warehouse Co. Ltd. (The)		64,251
	5,100	Shibuya Kogyo Co. Ltd.		44,622
	36,000	Shiga Bank Ltd. (The)		216,797
	18,000	Shikibo Ltd.		21,640
	35,000	Shikoku Bank Ltd. (The)		184,672
	8,000	Shikoku Chemicals Corp.		29,476
	5,100	Shikoku Coca-Cola Bottling Co. Ltd.		44,849
	2,000	Shima Seiki Manufacturing Ltd.		41,142
	7,200	Shimachu Co. Ltd.		155,325
	12,000	Shimadzu Corp.		73,869
	1,200	Shimizu Bank Ltd. (The)		55,435
	13,000	Shindengen Electric Manufacturing Co. Ltd.		25,035
	12,000	Shin-Etsu Polymer Co. Ltd.		56,637
	3,800	Shinkawa Ltd.		48,729
	9,000	Shin-Keisei Electric Railway Co. Ltd.		34,563
	12,100	Shinki Co. Ltd.(b)		8,486
	22,000	Shinko Electric Co. Ltd.		66,856
	6,500	Shinko Electric Industries Co. Ltd.		56,003
	5,000	Shinko Plantech Co. Ltd.		39,072
	82,000	Shinko Securities Co. Ltd.		167,952
	4,000	Shinko Shoji Co. Ltd.		32,415
	8,000	Shin-Kobe Electric Machinery Co. Ltd.		45,506
	20,000	Shinmaywa Industries Ltd.		49,869
	27,000	Shinwa Kaiun Kaisha Ltd.		65,520
	15,000	Shiroki Corp.		32,560
	10,000	Shizuoka Gas Co. Ltd.		59,999
	4,900	SHO-BOND Holdings Co. Ltd.		103,525
	18,000	Shochiku Co. Ltd.		123,627
	5,000	Showa Aircraft Industry Co. Ltd.		21,094
	6,000	Showa Corp.		23,977
	185,000	Showa Denko KK		251,238
	32,000	Showa Sangyo Co. Ltd.		99,738
	11,000	Sinanen Co. Ltd.		51,795
	12,000	Sintokogio Ltd.		75,739
	231	SKY Perfect JSAT Holdings, Inc.		97,841
	9,000	SMK Corp.		20,437
	33,000	Snow Brand Milk Products Co. Ltd.		116,447
	8,000	Sodick Co. Ltd.		11,666

26

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	7,800	Sohgo Security Services Co. Ltd.	$	74,757
	98,200	Sojitz Corp.		154,129
	4,100	Sorun Corp.		20,309
	2,500	SRA Holdings, Inc.		16,530
	16,000	SSP Co. Ltd.		97,779
	5,000	ST Corp.		61,223
	1,000	St. Marc Holdings Co. Ltd.		32,114
	6,400	Stanley Electric Co. Ltd.		62,835
	11,000	Star Micronics Co. Ltd.		103,590
	13,000	Starzen Co. Ltd.		33,139
	2,000	Stella Chemifa Corp.		41,187
	3,300	Sumida Corp.		18,514
	12,000	Suminoe Textile Co. Ltd.		14,426
	5,600	Sumiseki Holdings, Inc.(b)		5,112
	2,700	Sumisho Computer Systems Corp.		39,492
	20,000	Sumitomo Bakelite Co. Ltd.		80,147
	19,000	Sumitomo Forestry Co. Ltd.		137,686
	65,000	Sumitomo Light Metal Industries Ltd.		61,502
	9,200	Sumitomo Mitsui Construction Co. Ltd.(b)		6,554
	73,000	Sumitomo Osaka Cement Co. Ltd.		148,706
	7,000	Sumitomo Precision Products Co. Ltd.		28,986
	780	Sumitomo Real Estate Sales Co. Ltd.		22,531
	9,000	Sumitomo Rubber Industries, Inc.		57,004
	18,000	Sumitomo Warehouse Co. Ltd. (The)		80,147
	2,300	Sundrug Co. Ltd.		53,125
	11,000	Suruga Bank Ltd.		97,957
	10,900	Suzuken Co. Ltd.		283,314
	31,000	SWCC Showa Holdings Co. Ltd.		23,120
	1,400	Sysmex Corp.		42,934
	6,800	T. Hasegawa Co. Ltd.		86,670
	13,000	T. RAD Co. Ltd.		18,668
	5,000	Tachibana Eletech Co. Ltd.		44,359
	6,300	Tachi-S Co. Ltd.		33,171
	23,000	Tadano Ltd.		96,777
	8,000	Taihei Dengyo Kaisha Ltd.		96,354
	14,000	Taihei Kogyo Co. Ltd.		34,753
	170,000	Taiheiyo Cement Corp.		238,437
	3,800	Taiho Kogyo Co. Ltd.		16,412
	7,000	Taikisha Ltd.		107,530
	115,000	Taisei Corp.		258,585
	7,000	Taiyo Yuden Co. Ltd.		40,129
	7,000	Takagi Securities Co. Ltd.		6,078
	6,600	Takamatsu Construction Group Co. Ltd		113,728
	2,700	Takano Co. Ltd.		21,099
	23,000	Takara Standard Co. Ltd.		147,214
	16,000	Takasago International Corp.		101,698
Shares			Value
JAPAN (continued)
	16,000	Takasago Thermal Engineering Co. Ltd.	$	122,892
	3,000	Takashimaya Co. Ltd.		20,504
	6,300	Takata Corp.		47,898
	11,000	Takiron Co. Ltd.		33,673
	16,000	Takuma Co. Ltd.		23,154
	12,000	Tamura Corp.		27,784
	13,000	TCM Corp.		18,233
	27,000	Teac Corp.(b)		10,219
	4,300	Tecmo Ltd.		35,564
	800	Teikoku Electric Manufacturing Co. Ltd.		10,419
	4,000	Teikoku Piston Ring Co. Ltd.		15,584
	8,000	Teikoku Tsushin Kogyo Co. Ltd.		16,831
	29,000	Tekken Corp.(b)		28,730
	5,800	Tenma Corp.		66,306
	14,400	THK Co. Ltd.		185,781
	5,600	TKC Corp.		124,673
	35,000	Toa Corp.(b)		49,480
	44,000	Toagosei Co. Ltd.		115,590
	13,000	Tobu Store Co. Ltd.		50,504
	16,400	TOC Co. Ltd.		73,388
	3,000	Tocalo Co. Ltd.		28,486
	21,000	Tochigi Bank Ltd. (The)		125,530
	29,000	Toda Corp.		100,395
	21,000	Toei Co. Ltd.		92,102
	16,000	Toenec Corp.		95,464
	33,000	Toho Bank Ltd. (The)		145,467
	9,000	Toho Real Estate Co. Ltd.		48,289
	23,000	Toho Zinc Co. Ltd.		54,021
	13,000	Tohoku Bank Ltd. (The)		21,996
	13,000	Tokai Corp.		57,739
	9,900	Tokai Rika Co. Ltd.		76,590
	4,100	Tokai Rubber Industries, Inc.		30,898
	30,000	Tokai Tokyo Securities Co. Ltd.		74,136
	17,000	Toko, Inc.(b)		22,708
	13,000	Tokushima Bank Ltd. (The)		67,724
	13,840	Tokushu Tokai Holdings Co. Ltd.		36,666
	35,000	Tokuyama Corp.		212,334
	5,000	Tokyo Dome Corp.		15,139
	15	Tokyo Electron Device Ltd.		19,452
	6,000	Tokyo Energy & Systems, Inc.		47,086
	14,000	Tokyo Kikai Seisakusho Ltd.		25,090
	9,000	Tokyo Leasing Co. Ltd.		70,028
	7,600	Tokyo Ohka Kogyo Co. Ltd.		122,585
	11,000	Tokyo Rakutenchi Co. Ltd.		45,305
	21,000	Tokyo Rope Manufacturing Co. Ltd.		48,389
	22,900	Tokyo Steel Manufacturing Co. Ltd.		227,126
	14,000	Tokyo Style Co. Ltd.		106,440
	46,000	Tokyo Tatemono Co. Ltd.		157,711
	3,700	Tokyo Tomin Bank Ltd. (The)		62,315
	34,000	Tokyotokeiba Co. Ltd.		48,823

27

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,300	Tokyu Community Corp.	$	42,219
	3,900	Tokyu Livable, Inc.		17,105
	12,000	Toli Corp.		20,037
	18,000	Tomato Bank Ltd.		46,084
	1,600	Tomen Electronics Corp.		19,200
	15,000	Tomoku Co. Ltd.		28,385
	8,436	Tomy Co. Ltd.		45,356
	17,000	Tonami Holdings Co. Ltd.		43,335
	12,000	Topcon Corp.		50,092
	2,100	Toppan Forms Co. Ltd.		23,259
	11,000	Topre Corp.		75,427
	38,000	Topy Industries Ltd.		63,450
	65,000	Tori Holdings Co. Ltd.(b)		2,171
	4,000	Torii Pharmaceutical Co. Ltd.		69,015
	5,000	Torishima Pump Manufacturing Co. Ltd.		43,969
	17,000	Toshiba Plant Systems & Services Corp.		191,507
	13,000	Toshiba TEC Corp.		39,216
	11,000	Tosho Printing Co. Ltd.		28,040
	80,000	Toson Corp.		170,980
	7,000	Totetsu Kogyo Co. Ltd.		47,064
	12,000	TOTO Ltd.		64,785
	17,000	Tottori Bank Ltd. (The)		51,661
	4,500	Touei Housing Corp.(b)		6,863
	36,000	Towa Bank Ltd. (The)(b)		28,051
	2,000	Towa Pharmaceutical Co. Ltd.		102,187
	16,000	Towa Real Estate Development Co. Ltd.		9,440
	36,000	Toyo Construction Co. Ltd.(b)		15,228
	7,200	Toyo Corp.		70,129
	7,000	Toyo Electric Manufacturing Co. Ltd.		31,792
	13,000	Toyo Engineering Corp.		43,124
	35,000	Toyo Ink Manufacturing Co. Ltd.		92,726
	19,000	Toyo Kanetsu K K		33,417
	13,000	Toyo Kohan Co. Ltd.		55,279
	14,000	Toyo Securities Co. Ltd.		23,844
	37,000	Toyo Tire & Rubber Co. Ltd.		54,778
	48,000	Toyobo Co. Ltd.		69,995
	9,600	Toyoda Gosei Co. Ltd.		109,855
	5,300	Toyota Auto Body Co. Ltd.		71,563
	7,200	Toyota Boshoku Corp.		58,587
	4,600	transcosmos, inc.		26,678
	4,800	Trusco Nakayama Corp.		55,515
	37,000	Tsubakimoto Chain Co.		91,846
	18,000	Tsugami Corp.		31,257
	10,000	Tsukishima Kikai Co. Ltd.		58,886
	7,800	Tsumura & Co.		258,741
	1,300	Tsuruha Holdings, Inc.		47,610
	5,000	Tsurumi Manufacturing Co. Ltd.		28,942
	4,000	Tsutsumi Jewelry Co. Ltd.		88,562
	31	TV Asahi Corp.		39,304
	15,000	Ube Material Industries Ltd.		30,723
	9,000	Uchida Yoko Co. Ltd.		32,760
Shares			Value
JAPAN (continued)
	2,400	Ulvac, Inc.	$	40,421
	1,300	Unicharm Petcare Corp.		43,558
	13,000	Uniden Corp.		18,523
	3,300	Unimat Life Corp.		28,579
	2,500	Union Tool Co.		49,285
	94,000	Unitika Ltd.		65,921
	28,000	UNY Co. Ltd.		236,567
	4,000	U-Shin Ltd.		13,313
	5,500	Ushio, Inc.		70,529
	1,040	USS Co. Ltd.		44,918
	7,200	Valor Co. Ltd.		62,034
	2,800	Vital-net, Inc.		17,205
	9,000	Wacoal Holdings Corp.		118,016
	2,000	Warabeya Nichiyo Co. Ltd.		32,326
	5,500	WATAMI Co. Ltd.		145,712
	7,000	Wood One Co. Ltd.		22,597
	1,500	Yachiyo Bank Ltd. (The)		56,771
	24,000	Yamagata Bank Ltd. (The)		145,867
	18,000	Yamaguchi Financial Group, Inc.		202,371
	35,300	Yamaha Corp.		314,747
	17,000	Yamanashi Chuo Bank Ltd. (The)		100,295
	3,000	Yamatake Corp.		55,368
	3,300	Yamato Kogyo Co. Ltd.		81,733
	10,000	Yamazen Corp.		35,287
	2,500	Yaoko Co. Ltd.		83,069
	11,000	Yaskawa Electric Corp.		40,775
	5,000	Yasuda Warehouse Co. Ltd. (The)		45,361
	4,000	Yellow Hat Ltd.		13,447
	30,000	Yodogawa Steel Works Ltd.		142,595
	47,900	Yokogawa Electric Corp.		221,278
	8,000	Yokohama Reito Co. Ltd.		54,856
	30,000	Yokohama Rubber Co. Ltd. (The)		107,197
	3,700	Yokowo Co. Ltd.		18,493
	5,000	Yomeishu Seizo Co. Ltd.		45,305
	14,000	Yomiuri Land Co. Ltd.		43,012
	7,000	Yondenko Corp.		37,090
	4,500	Yonekyu Corp.		49,791
	3,700	Yorozu Corp.		28,789
	6,000	Yoshimoto Kogyo Co. Ltd.		71,598
	27	Yoshinoya Holdings Co. Ltd.		33,662
	31,000	Yuasa Trading Co. Ltd.		33,127
	9,000	Yuraku Real Estate Co. Ltd.		10,519
	15,000	Yurtec Corp.		88,996
	2,640	Yushin Precision Equipment Co. Ltd.		23,951
	3,000	Yushiro Chemical Industry Co. Ltd.		31,024
	6,400	Zenrin Co. Ltd.		67,181
	14,300	Zensho Co. Ltd.		84,366
	20,000	Zeon Corp.		65,008
	5,000	ZERIA Pharmaceutical Co. Ltd.		55,769

28

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
JAPAN (continued)
	4,200	Zuken, Inc.	$	25,200
				62,006,727
LIECHTENSTEIN — 0.0%
	597	Verwalt & Privat-Bank AG		60,117
LUXEMBOURG — 0.0%
	2,150	Elcoteq SE(b)		3,414
	260	Orco Property Group		2,816
	1,700	Oriflame Cosmetics SA		40,337
	200,767	Regus Plc		138,201
				184,768
MALAYSIA — 0.1%
	61,000	Aeon Co. (Malaysia) Berhad		67,637
	145,700	Affin Holdings Berhad		54,524
	148,600	Alliance Financial Group Berhad		77,853
	45,800	Amway (Malaysia) Holdings Berhad		88,870
	48,100	Asiatic Development Berhad		52,000
	85,200	Bandar Raya Developements Berhad		25,271
	22,000	Batu Kawan Berhad		52,446
	436,600	Berjaya Corp. Berhad		62,328
	66,100	Boustead Holdings Berhad		57,900
	75,100	Carlsberg Brewery-Malaysia Berhad		74,944
	34,000	Chemical Co. of Malaysia Berhad		20,546
	224,500	DRB-Hicom Berhad		46,985
	79,400	EON Capital Berhad		76,154
	18,500	Fraser & Neave Holdings Berhad		45,897
	248,600	Gamuda Berhad		130,933
	76,900	Guinness Anchor Berhad		109,781
	102,700	GuocoLand Malaysia Berhad		20,070
	51,500	Hong Leong Industries Berhad		45,683
	30,500	Hume Industries-Malaysia Berhad		24,772
	213,100	IGB Corp. Berhad		85,653
	277,100	IJM Corp. Berhad		259,625
	34,000	IJM Land Holdings Berhad(b)		6,786
	97,200	IJM Plantations Berhad		55,774
	54,900	KFC Holdings Malaysia Berhad		113,376
	113,900	KLCC Property Holdings Berhad		91,562
	58,700	Kulim Malaysia Berhad		79,731
	18,200	Lafarge Malayan Cement Berhad		15,942
	97,400	Lingkaran Trans Kota Holdings		49,679
	112,000	Lion Industries Corp. Berhad		20,180
	50,000	Malaysia Airports Holdings Berhad		28,690
	64,800	Malaysian Bulk Carriers Berhad		45,805
	247,500	Malaysian Resources Corp. Berhad		54,886
	10,000	MEASAT Global Berhad(b)		2,855
Shares			Value
MALAYSIA (continued)
	112,000	Media Prima Berhad	$	29,805
	46,000	MNRB Holdings Berhad		38,254
	450,000	Mulpha International Berhad(b)		50,520
	29,100	Naim Cendera Holdings Berhad		10,890
	58,700	NCB Holdings Berhad		38,727
	55,500	Oriental Holdings Berhad		76,308
	199,300	OSK Holdings Berhad		54,417
	58,300	Padiberas Nasional Berhad		20,524
	48,600	Parkson Holdings Berhad		43,918
	17,000	Pelikan International Corp. Berhad		5,325
	106,300	POS Malaysia Berhad		59,522
	86,870	Puncak Niaga Holdings Berhad		62,609
	143,700	Ranhill Berhad		32,664
	260,900	Scomi Group Berhad		23,866
	75,100	Shangri-La Hotels (Malaysia) Berhad		35,390
	28,400	Shell Refining Co. Federation of Malaya Berhad		68,097
	90,800	SP Setia Berhad		83,060
	91,200	Star Publications Malaysia Berhad		78,876
	41,790	Subur Tiasa Holdings Berhad(b)		18,535
	62,400	Sunrise Berhad(b)		22,659
	59,800	Sunway City Berhad(b)		26,523
	51,600	Ta Ann Holdings Berhad		40,050
	325,600	TA Enterprise Berhad		55,508
	210,800	TAN Chong Motor Holdings Berhad		73,042
	170,200	Time dotCom Berhad(b)		12,974
	60,480	Top Glove Corp. Berhad		75,108
	99,300	Uchi Technologies Berhad		25,049
	80,250	UEM Land Holdings Berhad(b)		16,795
	38,700	United Plantations Berhad		107,276
	105,000	Wah Seong Corp. Berhad		29,106
	95,600	Zelan Berhad		23,320
				3,383,855
MEXICO — 0.2%
	91,300	Alfa SAB de CV - Series A		155,627
	22,000	Alsea SAB de CV(b)		7,733
	66,100	Axtel SAB de CV - CPO Shares(b)		27,374
	27,400	Banco Compartamos SA de CV		50,634
	154,500	Carso Infraestructura y Construccion SAB de CV(b)		63,446
	10,500	Cia Minera Autlan SAB de CV - Series B		19,952
	386,400	Consorcio ARA SAB de CV - Series *		96,820
	158,600	Corp. GEO SAB de CV - Series B(b)		174,967
	107,708	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		71,144

29

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
MEXICO (continued)
	27,800	Corp. Moctezuma SAB de CV - Series *	$	34,326
	14,500	Desarrolladora Homex SAB de CV(b)		46,263
	241,200	Embotelladoras Arca SAB de CV		429,776
	160,250	Empresas ICA Sociedad Controladora SAB de CV(b)		256,537
	90,117	Gruma SAB de CV - Series B(b)		39,014
	17,200	Grupo Aeroportuario del Centro Norte SAB de CV		18,676
	88,000	Grupo Aeroportuario del Pacifico SAB de CV - Series B		165,069
	163,500	Grupo Aeroportuario del Sureste SAB de CV - Series B		477,960
	120,492	Grupo Cementos de Chihuahua SAB de CV		241,281
	109,000	Grupo Continental SAB de CV - Series *		166,907
	167,400	Grupo Financiero Banorte SAB de CV - Series O		221,028
	57,500	Grupo Industrial Maseca SAB de CV - Series B		34,819
	32,600	Grupo Industrial Saltillo SAB de CV(b)		5,423
	22,817	Grupo Iusacell SA de CV(b)		38,083
	4,500	Grupo Mexicano de Desarrollo SAB de CV(b)		3,320
	23,500	Grupo Simec SAB de CV - Series B(b)		36,802
	101,300	Impulsora del Desarrollo y El Empleo En America Latina SAB de CV(b)		47,874
	138,400	Industrias CH SAB de CV - Series B(b)		388,209
	5,700	Industrias Penoles SAB de CV		51,179
	75,700	Mexichem SAB de CV - Series *		55,324
	95,600	Organizacion Soriana SAB de CV - Series B(b)		150,647
	13,100	Promotora y Operadora de Infraestructura SAB de CV(b)		14,589
	25,500	Qualitas Compania de Seguros SA de CV(b)		6,123
	784,800	TV Azteca SA de CV		273,120
	106,000	Urbi Desarrollos Urbanos SAB de CV(b)		108,824
	121,015	Vitro SAB de CV - Series A		38,409
				4,017,279
MONACO — 0.0%
	56	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		37,357
NETHERLANDS — 0.2%
	21,296	Aalberts Industries NV		121,612
	936	Accell Group		19,529
	8,272	Arcadis NV		90,662
Shares			Value
NETHERLANDS (continued)
	11,552	ASM International NV(b)	$	84,309
	2,963	ASML Holding NV		49,357
	2,250	Beter BED Holding NV		23,047
	4,451	Brunel International		52,710
	12,618	Crucell NV(b)		223,922
	3,083	Crucell NV - ADR(b)		56,018
	3,048	Draka Holding		24,274
	1,590	Eriks Group NV - CVA		51,201
	3,556	Exact Holding NV		64,381
	5,164	Fugro NV - CVA		140,372
	903	Gamma Holding NV		7,111
	2,624	Grontmij - CVA		53,756
	4,045	Heijmans NV - CVA		30,246
	16,275	Imtech NV		252,353
	2,666	Innoconcepts		10,230
	40,332	James Hardie Industries NV		100,458
	5,700	Jetix Europe NV(b)		80,281
	1,128	KAS Bank NV - CVA		13,360
	419	Kendrion NV		4,410
	24,153	Koninklijke BAM Groep NV		206,921
	5,351	Koninklijke Boskalis Westminster NV - CVA		108,560
	31,985	Koninklijke DSM NV		769,924
	6,156	Koninklijke Vopak NV		232,049
	2,805	Macintosh Retail Group NV		28,373
	5,819	Nutreco Holding NV		193,045
	18,340	OCE NV		47,434
	13,584	OPG Groep NV - CVA		156,536
	3,476	Ordina NV		12,239
	29,050	Qiagen NV(b)		496,559
	18,908	Randstad Holding NV		376,582
	21,866	SBM Offshore NV		265,272
	6,716	Sligro Food Group NV		144,121
	1,412	Smit International NV		65,899
	17,304	SNS Reaal		76,172
	9,011	Super De Boer(b)		29,306
	5,233	Telegraaf Media Groep NV		94,139
	5,058	Ten Cate NV		91,315
	4,932	TKH Group NV		47,109
	20,405	TNT NV		356,756
	2,829	Unit 4 Agresso NV		28,797
	11,612	USG People NV		128,994
	6,286	Van der Moolen Holding NV(b)		17,063
	6,766	Wavin NV		21,658
	15,337	Wolters Kluwer NV		276,887
				5,825,309
NEW ZEALAND — 0.0%
	53,283	Air New Zealand Ltd.		24,354
	955	Allied Medical Ltd.(b)(c)(d)		0
	58,492	Auckland International Airport Ltd.		54,063
	39,712	Fisher & Paykel Appliances Holdings Ltd.		25,210
	72,955	Fisher & Paykel Healthcare Corp. Ltd.		125,229

30

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
NEW ZEALAND (continued)
	17,741	Freightways Ltd.	$	26,579
	72,534	Infratil Ltd.		65,200
	14,506	Mainfreight Ltd.		30,793
	58,320	New Zealand Oil & Gas Ltd.		37,911
	31,497	New Zealand Refining Co. Ltd. (The)		103,172
	18,514	Nuplex Industries Ltd.		27,079
	33,654	PGG Wrightson Ltd.		21,877
	23,220	Port of Tauranga Ltd.		68,985
	76,230	Ryman Healthcare Ltd.		53,812
	15,128	Sanford Ltd.		41,179
	54,830	Sky City Entertainment Group Ltd.		86,321
	18,902	Sky Network Television Ltd.		40,029
	16,969	Steel & Tube Holdings Ltd.		25,422
	41,878	Tower Ltd.		35,092
	10,955	TrustPower Ltd.		41,504
	17,838	Vector Ltd.		20,020
	34,146	Warehouse Group Ltd. (The)		63,642
				1,017,473
NORWAY — 0.1%
	31,000	Acta Holding ASA		8,505
	7,600	Aktiv Kapital ASA		43,896
	10,000	Atea ASA(b)		23,537
	10,800	Austevoll Seafood ASA		20,117
	5,520	Blom ASA(b)		14,028
	4,500	Bonheur ASA		82,522
	29,500	BW Offshore Ltd.(b)		20,446
	3,200	Camillo Eitzen & Co. ASA		6,700
	8,800	Cermaq ASA		33,546
	5,000	Copeinca ASA(b)		8,267
	136,848	DNO International ASA(b)		86,945
	5,000	DOF ASA		24,475
	13,800	EDB Business Partner ASA		23,912
	19,000	Eitzen Chemical ASA(b)		31,825
	5,500	Ekornes ASA		50,629
	4,800	Electromagnetic Geoservices AS(b)		2,495
	3,400	Farstad Shipping ASA		39,276
	6,500	Ganger Rolf ASA		122,015
	3,080	Kongsberg Gruppen ASA		132,977
	527,000	Marine Harvest(b)		114,145
	1,634	Norse Energy Corp. ASA(b)		906
	27,700	Norske Skogindustrier ASA(b)		54,397
	4,652	Norwegian Air Shuttle AS(b)		26,802
	3,050	Odfjell ASA - Class A		17,176
	5,000	Rieber & Son ASA		29,962
	14,000	Roxar ASA(b)		7,581
	9,400	Schibsted ASA		89,583
	12,274	Sevan Marine ASA(b)		10,545
	3,800	Solstad Offshore ASA		41,839
	9,593	Songa Offshore ASA(b)		16,899
	7,714	SpareBank 1 SMN		30,631
	18,200	Storebrand ASA		46,516
	17,000	Tandberg ASA		210,861

Shares			Value
NORWAY (continued)
	20,800	TGS Nopec Geophysical Co. ASA(b)	$	119,387
	24,200	Tomra Systems ASA		81,419
	15,000	Veidekke ASA		60,213
	3,250	Wilh Wilhelmsen ASA - Class A		37,308
				1,772,283
PHILIPPINES — 0.0%
	1,120,000	Aboitiz Equity Ventures, Inc.		134,769
	5,289	China Banking Corp.		41,312
	80,000	Filinvest Development Corp.		1,723
	2,159,375	Filinvest Land, Inc.		19,146
	88,100	First Philippine Holdings Corp.(b)		36,267
	155,000	Jollibee Foods Corp.		129,248
	3,091,696	Megaworld Corp.		37,855
	35,000	Metropolitan Bank & Trust		16,994
	66,200	Philippine National Bank(b)		19,565
	7,400	Philippine Stock Exchange, Inc.		20,777
	150,900	Robinsons Land Corp.		14,813
	26,700	Security Bank Corp.		13,246
	273,815	Universal Robina Corp.		41,040
	1,823,000	Vista Land & Lifescapes, Inc.		38,099
				564,854
POLAND — 0.1%
	7,596	Agora SA		29,200
	14,296	Alchemia SA(b)		30,700
	7,270	Apator SA		20,036
	1,272	Bank BPH SA(b)		12,778
	6,112	Budimex SA(b)		97,385
	19,846	Cersanit-Krasnystaw SA(b)		51,848
	3,727	Ciech SA		25,679
	112,000	Echo Investment SA(b)		62,379
	526	Elektrobudowa SA		21,141
	32,056	Eurocash SA		78,225
	21,032	Fabryka Kotlow Rafako SA(b)		20,710
	6,186	Farmacol SA(b)		44,221
	4,055	Firma Oponiarska Debica SA		41,327
	4,706	Grupa Kety SA		81,062
	6,694	Grupa Lotos SA(b)		14,990
	45,450	Impexmetal SA		17,876
	4,255	Koelner SA(b)		9,992
	350	LPP SA(b)		108,620
	5,176	Mondi Swiecie SA(b)		58,399
	8,958	Mostostal Zabrze SA(b)		7,715
	1,856	Mostostal-Warszawa SA(b)		25,512
	18,682	Multimedia Polska SA		38,348
	90,939	Netia SA(b)		67,618
	3,805	NG2 SA(b)		41,510
	10,774	Orbis SA		77,018
	1,308	PBG SA(b)		76,604
	16,684	Pfleiderer Grajewo SA		28,739
	98,710	Polimex Mostostal SA		69,996
	3,298	Polska Grupa Farmaceutyczna SA(b)		17,800

31

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
POLAND (continued)
	20,836	Polski Koncern Miesny Duda SA(b)	$	6,460
	301	Przedsiebiorstwo Eksportu I Importu Kopex SA(b)		865
	2,288	Sygnity SA(b)		13,334
	363,944	Synthos SA(b)		39,704
	7,830	Vistula & Wolczanka SA(b)		5,507
	1,517	Zaklady Azotowe Pulawy SA		17,556
	2,268	Zaklady Tluszczowe Kruszwica		27,034
				1,387,888
PORTUGAL — 0.1%
	8,360	Altri SGPS SA		21,226
	56,599	Banco BPI SA		107,979
	471,470	Banco Comercial Portugues SA - Class A(b)		482,934
	14,988	Banco Espirito Santo SA		99,791
	18,343	Banif SA		26,070
	24,134	BRISA		159,758
	19,118	Cimpor Cimentos de Portugal SGPS SA		89,102
	7,786	Corticeira Amorim SA		8,972
	18,043	Finibanco Holding SGPS SA		46,204
	8,032	Impresa SGPS(b)		7,919
	17,091	Jeronimo Martins SGPS SA		87,205
	19,947	Mota Engil SGPS SA		62,292
	40,877	Portucel Empresa Produtora de Pasta e Papel SA		77,304
	1,736	Portugal Telecom SGPS SA		14,003
	10,664	REN - Redes Energeticas Nacionais SA		40,962
	19,000	SAG GEST-Solucoes Automovel Globais SGPS SA		26,274
	13,909	Semapa - Sociedade de Investimento e Gestao		113,265
	14,400	Sonae Industria SGPS SA		29,832
	163,952	Sonae SGPS SA		101,393
	26,370	SONAECOM - SGPS SA(b)		37,816
	37,560	Teixeira Duarte - Engenharia Construcoes SA - Class C		26,595
	13,939	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		75,316
				1,742,212
SINGAPORE — 0.1%
	163,000	Allgreen Properties Ltd.		50,749
	7,400	Bonvests Holdings Ltd.		2,843
	6,000	Bukit Sembawang Estates Ltd.		15,143
	11,000	Cerebos Pacific Ltd.(b)		23,536
	148,000	Chartered Semiconductor Manufacturing Ltd.(b)		23,039
	177,000	Chuan Hup Holdings Ltd.		21,105
	76,000	Cosco Corp. Singapore Ltd.		39,772
	15,550	Creative Technology Ltd.(b)		42,748
	34,000	CSE Global Ltd.		8,671
	40,000	Ezra Holdings Ltd.		17,356

Shares			Value
SINGAPORE (continued)
	27,000	Goodpack Ltd.	$	13,951
	38,000	Guocoland Ltd.		26,934
	99,000	Hi-P International Ltd.		21,314
	29,000	Ho Bee Investment Ltd.		6,820
	63,000	Hong Leong Asia Ltd.		24,205
	24,000	Hotel Plaza Ltd.		17,965
	50,600	Hotel Properties Ltd.		35,530
	56,000	Hwa Hong Corp. Ltd.		12,427
	49,000	Hyflux Ltd.		57,452
	73,000	Jaya Holdings Ltd.		13,056
	92,950	Jurong Technologies Industrial Corp. Ltd.		1,539
	257,000	K1 Ventures Ltd.		23,834
	73,000	Keppel Land Ltd.		67,700
	25,000	Keppel Telecommunications & Transportation Ltd.		12,089
	86,400	Kim Eng Holdings Ltd.		57,234
	32,000	KS Energy Services Ltd.		15,898
	85,000	Metro Holdings Ltd.		17,455
	66,000	MobileOne Ltd.		70,827
	94,000	Neptune Orient Lines Ltd.		70,363
	32,000	NSL Ltd.		18,018
	69,000	Olam International Ltd.		56,677
	29,000	Orchard Parade Holdings Ltd.		12,583
	69,600	OSIM International Ltd.(b)		2,997
	112,320	Parkway Holdings Ltd.		86,308
	45,000	Petra Foods Ltd.		12,520
	140,000	Raffles Education Corp. Ltd.		48,688
	43,000	SBS Transit Ltd.		49,848
	12,142	SC Global Developments Ltd.		3,901
	61,000	Singapore Food Industries Ltd.		37,579
	41,000	Singapore Land Ltd.		89,898
	6,000	Singapore Petroleum Co. Ltd.		9,738
	191,000	Singapore Post Ltd.		97,423
	95,000	SMRT Corp. Ltd.		100,060
	30,000	Tat Hong Holdings Ltd.		12,023
	18,000	United Engineers Ltd.		13,474
	109,000	United Industrial Corp. Ltd.		88,812
	94,000	UOB-Kay Hian Holdings Ltd.		57,909
	179,000	UOL Group Ltd.		232,406
	35,000	Venture Corp. Ltd.		94,826
	20,000	WBL Corp. Ltd.		52,332
	84,000	Wing Tai Holdings Ltd.		38,672
	86,000	Yanlord Land Group Ltd.		54,120
				2,082,367
SOUTH AFRICA — 0.2%
	8,486	Adcorp Holdings Ltd.		19,038
	32,497	Aeci Ltd.		162,334
	72,642	Afgri Ltd.		35,013
	115,872	African Bank Investments Ltd.		298,548
	43,741	African Oxygen Ltd.		101,559
	23,723	African Rainbow Minerals Ltd.		278,889
	21,133	Allied Technologies Ltd.		104,552
	18,232	Argent Industrial Ltd.		17,415

32

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
SOUTH AFRICA (continued)
	17,514	Aspen Pharmacare Holdings Ltd.(b)	$	72,664
	10,760	Astral Foods Ltd.		95,926
	26,468	Aveng Ltd.		68,455
	89,783	AVI Ltd.		171,430
	26,384	Avuza Ltd.(b)		46,009
	6,892	Bell Equipment Ltd.		8,940
	57,968	Caxton and CTP Publishers and Printers Ltd.		65,308
	2,787	Ceramic Industries Ltd.		20,478
	66,781	Cipla Medpro South Africa Ltd.(b)		17,010
	7,765	City Lodge Hotels Ltd.		55,152
	37,778	DataTec Ltd.(b)		56,625
	14,595	Discovery Holdings Ltd.		36,418
	12,341	Distell Group Ltd.		68,914
	17,471	Distribution and Warehousing Network Ltd.(b)		11,981
	57,380	DRDGOLD Ltd.		40,474
	10,599	Exxaro Resources Ltd.		71,065
	52,648	Foschini Ltd.		236,226
	35,515	Gold Reef Resorts Ltd.		58,278
	76,830	Grindrod Ltd.		100,558
	15,617	Group Five Ltd.		49,417
	4,521	Highveld Steel and Vanadium Corp. Ltd.		22,854
	4,019	Hudaco Industries Ltd.		24,411
	13,781	Hulamin Ltd.		17,484
	37,047	Iliad Africa Ltd.(b)		29,035
	52,630	Illovo Sugar Ltd.		123,022
	27,888	Imperial Holdings Ltd.		140,567
	39,249	Investec Ltd.		144,576
	31,492	JD Group Ltd.		112,918
	3,200	JSE Ltd.		12,461
	18,111	Lewis Group Ltd.		76,294
	9,141	Massmart Holdings Ltd.		73,101
	73,716	Medi-Clinic Corp. Ltd.		157,434
	206,251	Merafe Resources Ltd.(b)		14,346
	30,264	Metair Investments Ltd.		16,514
	39,498	Metorex Ltd.(b)		8,436
	160,419	Metropolitan Holdings Ltd.		191,733
	29,939	Mondi Ltd.		94,766
	25,000	Mr. Price Group Ltd.		63,679
	17,037	Murray & Roberts Holdings Ltd.		72,104
	36,329	Mvelaphanda Group Ltd.		15,482
	138,512	Nampak Ltd.		177,762
	88,050	Netcare Ltd.(b)		76,858
	60,117	New Clicks Holdings Ltd.		97,177
	14,819	Northam Platinum Ltd.		25,406
	8,920	Omnia Holdings Ltd.		43,606
	54,939	Peregrine Holdings Ltd.		38,806
	13,539	Pick’n Pay Stores Ltd.		44,699
	26,767	Pretoria Portland Cement Co. Ltd.		77,620
	12,814	PSG Group Ltd.		18,077
	9,205	Raubex Group Ltd.		15,330

Shares			Value
SOUTH AFRICA (continued)
	32,901	Reunert Ltd.	$	152,458
	109,299	SA Corporate Real Estate Fund		28,697
	10,734	Santam Ltd.		82,023
	86,362	Sappi Ltd.		282,585
	29,818	Sentula Mining Ltd.(c)		14,109
	109,170	Simmer & Jack Mines Ltd.(b)		22,460
	38,542	Spar Group Ltd. (The)		205,406
	221,810	Steinhoff International Holdings Ltd.		260,761
	19,861	Sun International Ltd.		171,710
	58,372	Super Group Ltd.(b)		8,864
	4,050	Tiger Brands Ltd.		55,940
	3,000	Tiger Wheels Ltd.(b)(c)		2,148
	13,161	Tongaat Hulett Ltd.		85,742
	24,146	Trencor Ltd.		47,310
	22,078	Truworths International Ltd.		76,243
	14,868	Wesizwe(b)		1,690
	9,523	Wilson Bayly Holmes-Ovcon Ltd.		90,663
	191,832	Woolworths Holdings Ltd.		252,769
				6,236,812
SOUTH KOREA — 0.2%
	3,031	Bukwang Pharmaceutical Co. Ltd.		43,940
	23,540	Busan Bank(b)		108,008
	5,275	Cheil Industries, Inc.		127,898
	460	Cheil Worldwide, Inc.		60,017
	438	CJ CheilJedang Corp.		49,210
	2,890	CJ Corp.		70,176
	4,980	Daeduck Electronics Co.(b)		11,858
	17,260	Daegu Bank(b)		88,452
	10,000	Daekyo Co. Ltd.		30,806
	4,180	Daelim Industrial Co. Ltd.(b)		143,161
	2,900	Daewoo Motor Sales Corp.(b)		12,907
	11,810	Daishin Securities Co. Ltd.		141,247
	638	Dong-A Pharmaceutical Co. Ltd.(b)		40,804
	2,386	Dongbu HiTek Co. Ltd.(b)		5,811
	1,740	Dongbu Insurance Co. Ltd.		18,414
	4,172	Dongkuk Steel Mill Co. Ltd.		75,148
	8,200	Doosan Construction & Engineering Co. Ltd.(b)		33,879
	396	Doosan Corp.(b)		30,426
	4,080	Doosan Infracore Co. Ltd.(b)		40,220
	1,215	Glovis Co. Ltd.(b)		42,978
	1,021	GS Engineering & Construction Corp.(b)		44,404
	8,230	GS Holdings Corp.(b)		159,577
	8,870	Halla Climate Control(b)		45,006
	720	Hanil Cement Co. Ltd.(b)		32,670
	3,232	Hanjin Heavy Industries & Construction Co. Ltd.(b)		72,038
	1,420	Hanjin Heavy Industries & Construction Holdings Co. Ltd.(b)		13,020

33

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	2,010	Hanjin Transportation Co. Ltd.(b)	$	51,722
	8,200	Hankook Tire Co. Ltd.		79,052
	960	Hankuk Glass Industries, Inc.(b)		13,082
	873	Hanmi Pharm Co. Ltd.(b)		68,658
	4,500	Hansol Paper Co.(b)		28,606
	9,345	Hanwha Chemical Corp.(b)		49,787
	3,129	Honam Petrochemical Corp.(b)		133,815
	5,940	Hotel Shilla Co. Ltd.		55,542
	3,380	Hyosung Corp.(b)		120,049
	15,220	Hyundai Autonet Co. Ltd.(b)		31,773
	1,660	Hyundai Department Store Co. Ltd.(b)		76,888
	5,130	Hyundai Development Co.(b)		137,583
	790	Hyundai Elevator Co. Ltd.(b)		32,754
	1,359	Hyundai H&S Co. Ltd.(b)		60,779
	6,580	Hyundai Hysco		30,716
	8,560	Hyundai Marine & Fire Insurance Co. Ltd.		76,938
	19,241	Hyundai Securities Co.		151,323
	11,790	Industrial Bank of Korea(b)		74,777
	5,640	Kangwon Land, Inc.(b)		52,328
	789	KCC Corp.		163,565
	28,380	KIA Motors Corp.(b)		161,895
	2,054	KISWIRE Ltd.(b)		43,848
	6,510	Korea Investment Holdings Co. Ltd.		133,541
	2,220	Korea Kumho Petrochemical Co.(b)		34,436
	428	Korea Line Corp.(b)		20,320
	970	Korea Zinc Co. Ltd.(b)		63,279
	5,400	Korean Airlines Co. Ltd.(b)		138,562
	9,331	Korean Reinsurance Co.		63,983
	7,730	KP Chemical Corp.(b)		27,427
	3,940	Kumho Industrial Co. Ltd.(b)		39,983
	4,400	LG Dacom Corp.		59,003
	3,130	LG Fashion Corp.(b)		41,292
	4,149	LG International Corp.		55,035
	1,050	LG Life Sciences Ltd.(b)		30,596
	6,570	LG Telecom Ltd.(b)		44,337
	6,640	LIG Insurance Co. Ltd.		55,109
	80	Lotte Chilsung Beverage Co. Ltd.(b)		50,449
	100	Lotte Confectionary Co. Ltd.(b)		88,069
	6,810	Lotte Midopa Co. Ltd.(b)		38,256
	917	LS Corp.(b)		49,851
	2,270	LS Industrial Systems Co. Ltd.(b)		78,239
	21,654	Macquarie Korea Infrastructure Fund		79,577
	8,990	Meritz Fire & Marine Insurance Co. Ltd.		23,426
	1,170	Mirae Asset Securities Co. Ltd.		63,605
	90	Namyang Dairy Products Co. Ltd.(b)		30,400
	900	NCSoft Corp.		41,229

Shares			Value
SOUTH KOREA (continued)
	317	Nong Shim Co. Ltd.	$	46,070
	310	Orion Corp.(b)		31,795
	638	Pacific Corp.(b)		43,193
	2,786	Poongsan Corp.(b)		20,497
	523	Poongsan Holdings Corp.(b)		4,360
	641	S1 Corp. Korea		22,047
	480	Samchully Co. Ltd.(b)		41,751
	3,140	Samsung Electro-Mechanics Co. Ltd.		78,295
	960	Samsung Engineering Co. Ltd.		38,202
	2,470	Samsung Fine Chemicals Co. Ltd.		76,986
	1,009	Samyang Corp.(b)		20,369
	3,540	Seah Besteel Corp.(b)		39,259
	890	Sindo Ricoh Co. Ltd.(b)		33,998
	1,200	SK Chemicals Co. Ltd.		29,574
	370	SK Gas Co. Ltd.		13,678
	4,930	SK Networks Co. Ltd.(b)		32,698
	26,950	SK Securities Co. Ltd.		29,204
	4,200	SKC Co. Ltd.(b)		40,490
	3,995	Ssangyong Cement Industrial Co. Ltd.(b)		17,548
	10,290	Ssangyong Motor Co.(b)		9,883
	860	STX Corp. Co. Ltd(b)		12,592
	5,270	STX Pan Ocean Co. Ltd(b)		38,963
	4,200	STX Shipbuilding Co. Ltd.(b)		43,991
	2,230	Sungshin Cement Co. Ltd.(b)		6,247
	70	Taekwang Industrial Co. Ltd.		46,224
	18,720	Taeyoung Engineering & Construction(b)		61,943
	4,070	Taihan Electric Wire Co. Ltd.(b)		46,612
	9,558	Tong Yang Securities, Inc.		52,376
	1,220	Union Steel		12,513
	4,740	Woongjin Coway Co. Ltd.(b)		87,956
	2,750	Woongjin Holdings Co. Ltd.(b)		23,023
	5,710	Woori Investment & Securities Co. Ltd.		70,361
	1,006	Yuhan Corp.(b)		146,569
				5,906,826
SPAIN — 0.3%
	8,280	Abengoa SA		129,764
	641	Acciona SA		72,635
	20,761	Acerinox SA		272,202
	924	Adolfo Dominguez		7,868
	3,200	Amper SA		20,118
	12,564	Antena 3 de Television SA		59,200
	14,572	Avanzit SA(b)		16,419
	340	Banco de Andalucia SA		13,173
	130,578	Banco de Sabadell SA		655,390
	16,788	Banco de Valencia SA		167,663
	13,503	Banco Espanol de Credito SA		123,445
	22,078	Banco Guipuzcoano SA		147,562
	28,489	Banco Pastor SA		169,619
	40,869	Bankinter SA		354,787
	920	Baron de Ley(b)		36,375

34

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
SPAIN (continued)
	1,174	Bolsas y Mercados Espanoles	$	25,569
	5,014	Campofrio Food SA		55,083
	1,581	Cementos Portland Valderrivas SA		46,154
	15,388	Cintra Concesiones de Infraestructuras de Transporte SA		76,643
	276	Construcciones y Auxiliar de Ferrocarriles SA		75,625
	2,521	Corp. Dermoestetica(b)		9,877
	7,290	Duro Felguera SA		42,470
	18,256	Ebro Puleva SA		225,801
	7,151	Elecnor SA		61,804
	11,989	Enagas.		208,769
	167,957	Ercros SA(b)		38,709
	17,487	FAES FARMA SA		75,903
	6,615	Fomento de Construcciones y Contratas SA		173,207
	6,773	Gamesa Corp. Tecnologica SA		114,298
	2,974	General de Alquiler de Maquinaria(b)		19,877
	19,858	Gestevision Telecinco SA		171,372
	6,792	Grifols SA		119,837
	10,408	Grupo Catalana Occidente SA		159,250
	14,650	Grupo Empresarial Ence SA		42,955
	14,772	Grupo Ferrovial SA		393,789
	97,314	Iberia Lineas Aereas de Espana		225,526
	1,200	Iberpapel Gestion SA		14,904
	6,761	Indra Sistemas SA		136,344
	107,992	La Seda de Barcelona SA - Class B(b)		48,395
	1,816	Laboratorios Almirall SA		15,207
	2,218	Mecalux SA		30,841
	1,142	Miquel y Costas		17,839
	44,377	Natraceutical SA(b)		27,274
	10,073	NH Hoteles SA		41,788
	9,697	Obrascon Huarte Lain SA		113,358
	4,743	Papeles y Cartones de Europa SA		21,012
	697	Pescanova SA		25,836
	2,939	Promotora de Informaciones SA		7,601
	5,465	Prosegur Cia de Seguridad SA		168,006
	7,247	Red Electrica Corp. SA		298,784
	15,019	Sacyr Vallehermoso SA		128,843
	18,736	Service Point Solutions SA		16,073
	11,627	Sociedad Nacional Inds. Aplicaciones Celulosa Espanola (Sniace)(b)		13,101
	10,804	Sol Melia SA		54,642
	12,812	SOS Cuetara SA		155,842
	13,232	Tavex Algodonera SA(b)		8,132
	3,082	Tecnicas Reunidas SA		80,305
	5,000	Telecomunicaciones y Energia(b)		23,495
	22,221	Tubacex SA		57,757
	6,501	Tubos Reunidos SA		16,315

Shares			Value
SPAIN (continued)
	1,465	Unipapel SA	$	17,632
	1,457	Vertice Trescientos Sesenta Grados(b)		1,194
	4,040	Vidrala SA		80,075
	10,207	Viscofan SA		192,114
	6,850	Vocento SA		30,522
	4,804	Zardoya Otis SA		86,053
	38,050	Zeltia SA		180,260
				6,718,282
SWEDEN — 0.1%
	4,500	AarhusKarlshamn AB		64,280
	4,550	Active Biotech AB(b)		16,371
	2,200	AddTech AB - Class B		20,512
	2,000	AF AB - Class B		24,863
	4,250	Axfood AB		80,776
	5,000	Axis Communications AB		30,033
	1,600	B&B Tools AB - Class B		9,525
	4,600	BE Group AB		9,678
	2,900	Beijer Alma AB		21,059
	5,200	Bilia AB - Class A		10,878
	3,700	Biovitrum AB(b)		22,335
	4,900	Cardo AB		73,215
	2,600	Catena AB		20,046
	4,550	Clas Ohlson AB - Class B		37,120
	7,100	Concordia Maritime AB - Class B		11,457
	11,500	D Carnegie AB(c)(d)		24,469
	37,120	Electrolux AB - Series B		268,447
	19,800	Elekta AB - Class B		225,437
	3,250	Enea AB(b)		8,858
	6,400	Eniro AB		8,262
	1,262	Getinge AB - Class B		16,858
	10,800	Gunnebo AB		22,463
	8,900	Hakon Invest AB		92,024
	5,800	Haldex AB		20,799
	2,640	Hexagon AB - Class B		8,868
	829	Hexpol AB(b)		1,576
	8,000	HIQ International AB(b)		20,082
	5,500	Hoganas AB - Class B		47,500
	10,841	Holmen AB - Class B		222,243
	5,952	Husqvarna AB - Class A		23,977
	20,600	Husqvarna AB - Class B		86,185
	3,900	Industrial & Financial Systems - Class B		19,207
	2,800	Indutrade AB		27,111
	10,200	Intrum Justitia AB		83,519
	27,734	JM AB		142,221
	8,298	KappAhl Holding AB		27,872
	11,100	Lindab International AB		62,627
	18,952	Lundin Petroleum AB(b)		93,789
	29,033	Meda AB - Class A		193,478
	775	Mekonomen AB		7,596
	8,700	Micronic Laser Systems AB(b)		7,228
	11,250	Munters AB		51,101
	5,000	NCC AB - Class B		30,481

35

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
SWEDEN (continued)
	11,000	Nibe Industrier AB - Class B	$	66,073
	21,900	Nobia AB		45,288
	4,200	Nolato AB - Class B		17,572
	21,562	PA Resources AB(b)		39,692
	32,900	Peab AB		103,037
	10,400	Q-Med AB		38,538
	15,072	Ratos AB - Class B		195,027
	9,796	Rezidor Hotel Group AB		17,213
	4,400	RNB Retail and Brands AB(b)		2,104
	14,000	SAS AB(b)		74,136
	2,500	Skanditek Industriforvaltning AB		3,362
	5,200	SkiStar AB		48,328
	6,500	Sweco AB - Class B		29,758
	18,600	Trelleborg AB - Class B		98,050
				3,074,604
SWITZERLAND — 0.6%
	432	Acino Holding AG		78,959
	4,060	Actelion Ltd.(b)		221,219
	10,000	Addax Petroleum Corp.		159,837
	20,053	Adecco SA		675,291
	275	Affichage Holding AG		28,688
	261	AFG Arbonia-Forster Holding		26,665
	778	Allreal Holding AG		75,996
	934	Also Holding AG		23,191
	12,716	Aryzta AG(b)(e)		316,675
	4,679	Aryzta AG(b)(e)		116,985
	5,613	Ascom Holding AG(b)		38,278
	176	Bachem Holding AG - Class B		11,494
	10,088	Baloise Holding AG		628,380
	1,453	Bank Coop AG		93,326
	6,000	Bank Sarasin & Compagnie AG - Class B		144,581
	234	Banque Cantonale de Geneve		43,173
	527	Banque Cantonale Vaudoise		148,004
	6	Banque Privee Edmond de Rothschild SA		134,494
	306	Barry Callebaut AG(b)		137,184
	1,515	Basilea Pharmaceutica(b)		188,738
	398	Basler Kantonalbank		39,426
	58	Belimo Holding AG		37,003
	27	Bell Holding AG		33,753
	966	Bellevue Group AG		30,815
	1,259	Berner Kantonalbank AG		243,572
	821	BKW FMB Energie AG		70,428
	1,600	Bobst Group AG		43,176
	1,432	Bucher Industries AG		141,978
	323	Burckhardt Compression Holding AG		34,948
	40	Centralschweizerische Kraftwerke AG(b)		13,794
	2,250	Charles Voegele Holding AG - Class A(b)		61,104
	5,122	Ciba Holding AG		216,291
	47,951	Clariant AG(b)		238,949

Shares			Value
SWITZERLAND (continued)
	250	Coltene Holding AG	$	9,484
	31,118	Compagnie Financiere Richemont SA - Class A		456,079
	35	Conzzeta Holding AG		45,263
	402	Cytos Biotechnology AG(b)		8,526
	1,600	Daetwyler Holding AG(b)		60,695
	597	Dufry Group		9,728
	7,538	EFG International AG		91,634
	34	Elektrizitaets-Gesellschaft Laufenburg AG(b)		32,801
	809	Emmi AG		77,420
	1,783	EMS-Chemie Holding AG		127,665
	3,730	Energiedienst Holding AG(b)		144,711
	973	Flughafen Zuerich AG		217,895
	331	Forbo Holding AG(b)		53,649
	944	Galenica AG		296,043
	3,239	Geberit AG		314,433
	880	Georg Fischer AG(b)		145,440
	519	Givaudan SA		352,369
	96	Gurit Holding AG		31,058
	732	Helvetia Holdings AG		154,932
	39,904	Holcim Ltd.		1,614,875
	109	Jelmoli Holding AG		212,380
	7,910	Julius Baer Holding AG		235,820
	483	Kaba Holding AG - Class B		99,940
	714	Kardex AG(b)		17,852
	200	Komax Holding AG		9,475
	10,619	Kudelski SA		99,150
	4,281	Kuehne & Nagel International AG		236,213
	684	Kuoni Reisen Holding		195,193
	3	Lindt & Spruengli AG		57,858
	9,109	Logitech International SA(b)		88,506
	3,739	Lonza Group AG		342,019
	800	Luzerner Kantonalbank AG		171,049
	418	Meyer Burger Technology AG(b)		31,893
	4,780	Micronas Semiconductor Holding(b)		14,218
	5,846	Mobilezone Holding AG		33,214
	760	Mobimo Holding AG(b)		88,259
	1,745	Nobel Biocare Holding AG		26,945
	554	OC Oerlikon Corp AG(b)		19,057
	333	Orell Fuessli Holding AG		39,762
	475	Partners Group Holding AG		31,656
	4,670	Petroplus Holdings AG(b)		92,200
	124	Phoenix Mecano AG		36,241
	347	Precious Woods Holding AG(b)		10,620
	390	PubliGroupe SA		25,890
	915	Rieter Holding AG		103,262
	203	Romande Energie Holding SA		345,655
	2,057	Schindler Holding AG		89,913
	1,453	Schulthess Group		47,352
	200	Schweiter Technologies AG		63,454
	151	Schweizerishe National-Versicherungs-Gesellsschaft		77,980

36

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	231	SGS SA	$	244,961
	436	Siegfried Holding AG		33,830
	267	Sika AG		210,626
	120	Societa Elettrica Sopracenerina SA		26,899
	4,019	Sonova Holding AG		194,037
	461	St. Galler Kantonalbank		151,428
	381	Straumann Holding AG		58,502
	2,077	Sulzer AG		103,859
	2,650	Swatch Group AG(e)		296,780
	4,263	Swatch Group AG(e)		95,191
	32,384	Swiss Reinsurance		863,834
	38,012	Swisslog Holding AG(b)		13,436
	1,620	Swissquote Group Holding SA		60,755
	424	Tamedia AG		17,181
	2,779	Tecan Group AG		91,763
	10,048	Temenos Group AG(b)		88,361
	300	Valartis Group AG		3,259
	4,161	Valiant Holding AG		723,574
	541	Valora Holding AG		78,265
	35	Vaudoise Assurances Holding SA		4,526
	3,263	Vontobel Holding AG		55,560
	609	VZ Holding AG		18,639
	390	Walter Meier AG - Class A		22,108
	531	Ypsomed Holding AG(b)		37,539
	60	Zehnder Group AG		44,745
	20	Zuger Kantonalbank AG		68,971
				15,292,750
TAIWAN — 0.1%
	24,180	Ability Enterprise Co. Ltd.		15,262
	70,000	Accton Technology Corp.(b)		14,922
	39,790	Altek Corp.		31,334
	44,000	Ambassador Hotel (The)		37,073
	40,168	AmTran Technology Co. Ltd.		12,139
	76,265	Arima Photovoltaic & Optical Corp.(b)(c)		5,586
	27,000	Avermedia Technologies, Inc.		17,524
	59,280	Bank of Kaohsiung		11,402
	21,030	Basso Industry Corp.		9,141
	259,350	BES Engineering Corp.		45,712
	138,000	Cathay No. 1 REIT		38,211
	189,000	Cathay Real Estate Development Co. Ltd.		38,095
	121,000	Cheng Loong Corp.		22,696
	26,597	Cheng Uei Precision Industry Co. Ltd.		25,736
	106,720	Chia Hsin Cement Corp(b)		36,222
	53,017	Chicony Electronics Co. Ltd.		47,749
	98,440	China Life Insurance Co. Ltd.(b)		33,265
	217,505	China Manmade Fibers		24,802
	37,471	China Metal Products		17,460
	55,000	China Motor Corp.		13,329

Shares			Value
TAIWAN (continued)
	181,260	China Petrochemical Development Corp.(b)	$	32,272
	30,114	China Steel Chemical Corp.		45,277
	59,000	Chin-Poon Industrial Co.		16,600
	23,000	Chroma Ate, Inc.		12,086
	90,389	Chun Yuan Steel		25,512
	51,000	Chung Hsin Electric & Machinery Manufacturing Corp.		19,436
	66,000	Chung Hung Steel Corp.		22,106
	55,000	Chung HWA Pulp Corp.		13,509
	343,000	CMC Magnetics Corp.(b)		46,874
	24,150	Compal Communications, Inc.		15,459
	111,000	Compeq Manufacturing Co.		13,451
	81,689	Continental Engineering Corp.		19,457
	30,425	Cosmos Bank Taiwan(b)		1,703
	77,838	CTCI Corp.		48,319
	32,136	CyberTAN Technology, Inc.		21,241
	16,000	Depo Auto Parts Ind. Co. Ltd.		17,983
	56,397	D-Link Corp.		31,063
	160,739	Eastern Media International		15,697
	32,000	Elan Microelectronics Corp.		22,913
	24,570	Elite Semiconductor Memory Technology, Inc.		14,521
	166,789	Elitegroup Computer Systems		27,809
	29,080	Entie Commercial Bank(b)		8,563
	90,933	Eternal Chemical Co. Ltd.		39,257
	99,000	Evergreen International Storage & Transport Corp.		45,539
	20,264	Everlight Electronics Co. Ltd.		26,546
	255,014	Far Eastern International Bank(b)		38,114
	45,320	Feng Hsin Iron & Steel Co.		48,575
	42,599	Feng TAY Enterprise Co. Ltd.		19,215
	7,345	Formosa International Hotels Corp.		62,653
	27,300	Giant Manufacturing Co. Ltd.		57,709
	94,500	Gigabyte Technology Co. Ltd.		33,059
	183,559	Goldsun Development & Construction Co. Ltd.		47,656
	66,000	Great Taipei Gas Co. Ltd.		22,303
	41,233	Great Wall Enterprise Co.		29,156
	54,866	Greatek Electonics, Inc.		28,587
	12,601	Highwealth Construction Corp.		5,196
	37,743	Hung Poo Real Estate Development Corp.		21,688
	69,000	Hung Sheng Construction Co. Ltd.		13,148
	35,341	Ichia Technologies, Inc.		7,144
	19,792	Johnson Health Tech Co. Ltd.		11,520
	75,730	Kenda Rubber Industrial Co. Ltd.(b)		27,958
	123,456	King Yuan Electronics Co. Ltd.		22,385
	141,185	King’s Town Bank(b)		22,447
	244,343	Kinpo Electronics, Inc.		40,448
	25,000	LEE Chang Yung Chem IND Corp.		16,152

37

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
TAIWAN (continued)
	124,745	Lien Hwa Industrial Corp.	$	41,969
	78,841	Long Bon Development Co. Ltd.		14,084
	18,000	Merida Industry Co. Ltd.		20,847
	17,849	Merry Electronics Co. Ltd.		12,382
	137,347	Micro-Star International Co. Ltd.		65,837
	16,044	Nan Kang Rubber Tire Co. Ltd.		6,329
	48,000	Nien Hsing Textile Co. Ltd.		11,004
	87,360	Opto Technology Corp.		29,261
	62,473	Oriental Union Chemical Corp.		24,366
	36,569	Pan-International Industrial		28,852
	50,542	Phoenix Precision Technology Corp.		10,112
	26,260	Pihsiang Machinery Manufacturing Co. Ltd.		33,815
	179,026	Prince Housing Development Corp.		23,453
	121,000	Prodisc Technology, Inc.(b)(c)(d)		5,368
	240,000	Ritek Corp.(b)		32,869
	20,000	Ruentex Development Co. Ltd.		9,944
	99,000	Ruentex Industries Ltd.		51,582
	142,497	Sampo Corp.(b)		14,213
	94,519	Sanyang Industrial Co. Ltd.		17,447
	37,000	Sheng Yu Steel Co. Ltd.		21,151
	53,000	Shihlin Electric & Engineering Corp.		43,552
	32,000	Shihlin Paper Corp.(b)		17,769
	49,000	Shin Kong No.1 Reit		11,525
	192,425	Shinkong Synthetic Fibers Corp.		22,515
	205,869	Silicon Integrated Systems Corp.(b)		30,585
	52,170	Sincere Navigation Corp.		35,958
	59,879	Sintek Photronic Corp.(b)		6,828
	30,434	Sinyi Realty Co.		21,747
	24,069	Springsoft, Inc.		10,642
	50,399	Sunplus Technology Co. Ltd.		18,757
	38,500	Sunrex Technology Corp.		17,194
	63,290	TA Chen Stainless Pipe Co. Ltd.		23,554
	249,000	TA Chong Bank Co. Ltd.(b)		29,654
	171,595	Taichung Commercial Bank		29,121
	169,000	Tainan Spinning Co. Ltd.		30,190
	65,684	Taiwan Life Insurance Co. Ltd.		30,019
	71,544	Taiwan Navigation Co. Ltd.		80,943
	38,117	Taiwan Secom Co. Ltd.		47,834
	46,359	Taiwan Sogo Shin Kong Security Co. Ltd.		19,738
	79,483	Taiwan Styrene Monomer Corp.		17,772
	72,000	Taiwan TEA Corp.(b)		22,508
	62,764	Test-Rite International Co.		28,591
	152,000	Ton Yi Industrial Corp.		42,992
	33,845	Tong Yang Industry Co. Ltd.		12,042
	36,764	Tsann Kuen Enterprise Co. Ltd.		13,190
	84,135	TSRC Corp.		60,369
	131,000	Union Bank of Taiwan(b)		20,827

Shares			Value
TAIWAN (continued)
	112,783	Universal Scientific Industrial Co. Ltd.	$	24,244
	53,039	UPC Technology Corp.		14,212
	111,000	USI Corp.		37,344
	62,526	Walsin Technology Corp.		11,523
	356,367	Waterland Financial Holdings		53,793
	372,000	Winbond Electronics Corp.(b)		33,448
	132,000	Wintek Corp.		22,755
	117,597	Ya Hsin Industrial Co. Ltd.(b)(c)(d)		0
	274,000	Yageo Corp.		31,163
	247,872	Yieh Phui Enterprise Co. Ltd.		66,419
	253,242	Yuen Foong Yu Paper Manufacturing Co. Ltd.		49,913
	71,000	Yungtay Engineering Co. Ltd.		26,424
	14,169	Zinwell Corp.		14,322
	30,416	Zyxel Communications Corp.		13,357
				3,296,184
THAILAND — 0.1%
	108,700	Amata Corp. Public Co. Ltd.		11,876
	344,900	Asian Property Development Public Co. Ltd.		21,307
	75,000	Bangkok Dusit Medical Services Public Co. Ltd.		36,465
	58,400	Bangkok Expressway Public Co. Ltd.		27,058
	8,600	Bangkok Insurance Public Co. Ltd.		46,732
	1,200,000	Bangkok Land Public Co. Ltd. - NVDR(b)		7,894
	91,200	BEC World Public Co. Ltd.		49,297
	226,800	CalComp Electronics Public Co. Ltd.		10,054
	226,100	Central Plaza Hotel Public Co. Ltd.		20,046
	190,700	CH Karnchang Public Co. Ltd.		20,725
	1,631,600	Charoen Pokphand Foods Public Co. Ltd.		153,991
	79,700	Glow Energy Public Co. Ltd.		52,427
	84,200	Hana Microelectronics Public Co. Ltd.		26,489
	1,785,800	Hemaraj Land and Development Public Co. Ltd.		29,112
	329,224	Home Product Center Public Co. Ltd.		32,014
	63,100	ICC International Public Co. Ltd.		72,638
	664,100	Italian-Thai Development Public Co. Ltd.		49,003
	81,200	Kiatnakin Bank Public Co. Ltd.		26,010
	75,500	Kim Eng Securities Public Co. Ltd.		16,411
	452,800	Land & Houses Public Co. Ltd. - NVDR		41,699
	116,800	Major Cineplex Group Public Co. Ltd.		24,887
	28,700	MBK Public Co. Ltd.		41,451

38

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
THAILAND (continued)
	39,400	Padaeng Industry Public Co. Ltd. - NVDR	$	11,268
	205,100	Precious Shipping Public Co. Ltd.		62,178
	92,700	Regional Container Lines Public Co. Ltd.		17,233
	153,900	Robinson Department Store Public Co. Ltd.		25,969
	115,300	Rojana Industrial Park Public Co. Ltd.		12,729
	36,000	Saha-Union Public Co. Ltd.		15,032
	2,132,000	Sahaviriya Steel Industries Public Co. Ltd.		20,732
	173,600	Siam City Bank Public Co. Ltd.(b)		34,506
	19,300	Siam Makro Public Co. Ltd.		38,639
	177,400	Sino Thai Engineering & Construction Public Co. Ltd.(b)		17,149
	143,800	Thai Plastic & Chemical Public Co. Ltd.		53,465
	18,200	Thai Stanley Electric Public Co. Ltd.		29,149
	84,600	Thai Union Frozen Products Public Co. Ltd.		47,181
	74,700	Thai Union Frozen Products Public Co. Ltd. - NVDR		41,660
	126,700	Thaicom Public Co. Ltd.(b)		13,770
	244,900	Thanachart Capital Public Co. Ltd.		52,181
	141,600	Thoresen Thai Agencies Public Co. Ltd.(e)		70,871
	89,300	Ticon Industrial Connection Public Co. Ltd.		16,090
	77,800	Tisco Financial Group Public Co. Ltd. - NVDR(b)		21,583
	4,947,400	TMB Bank Public Co. Ltd.(b)		79,238
	256,900	Vinythai Public Co. Ltd.		27,626
				1,525,835
TURKEY — 0.0%
	0	Acibadem Saglik Hizmetleri ve Ticaret AS(b)		1
	13,070	Akcansa Cimento AS		17,339
	5,197	Akenerji Elektrik Uretim AS(b)		18,185
	21,553	Aksa Akrilik Kimya Sanayii(b)		19,806
	28,636	Aksigorta AS		47,051
	28,525	Alarko Holding AS		28,642
	38,219	Anadolu Cam Sanayii AS(b)		24,188
	25,952	Anadolu Hayat Emeklilik AS		21,005
	54,192	Anadolu Sigorta		30,670
	37,318	Aygaz AS(b)		43,830
	5,750	Bati Cimento		16,866
	34,153	Bolu Cimento Sanayii AS		22,239
	514	Brisa Bridgestone Sabanci		10,479
	1,034	BSH Ev Aletleri Sanayi ve Ticaret AS		11,830
	16,881	Bursa Cimento		46,845

Shares			Value
TURKEY (continued)
	4,298	Celebi Hava Servisi	$	15,956
	12,995	Cimsa Cimento Sanayi ve Ticaret AS		22,934
	10,444	Deva Holding AS(b)		42,265
	259,431	Dogan Sirketler Grubu Holdings(b)		97,884
	54,726	Dogan Yayin Holding(b)		21,314
	12,000	Dogus Otomotiv Servis ve Ticaret AS		14,167
	45,228	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		22,844
	40,281	Global Yatirim Holding AS(b)		6,128
	21,743	Grundig Elektronik AS(b)		7,542
	45,998	Hurriyet Gazetecilik AS(b)		17,915
	60,066	Ihlas Holding(b)		7,311
	15,750	Izmir Demir Celik Sanayi AS		14,569
	47,545	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		22,568
	428	Kartonsan Karton Sanayi		14,208
	842	Konya Cimento Sanayii AS		19,984
	13,000	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS(b)		9,889
	14,961	Mardin Cimento Sanayii		27,678
	1	Migros Turk TAS		7
	5,026	Otokar Otobus Karoseri Sanayi AS		25,080
	7,882	Pinar SUT Mamulleri Sanayii		12,759
	18,260	TAT Konserve(b)		11,223
	72,944	Tekstil Bankasi AS(b)		19,975
	102,456	Trakya Cam Sanayi AS(b)		54,244
	0	Turk Demir Dokum Fabrikalari(b)		1
	33,902	Turk Ekonomi Bankasi AS(b)		15,061
	12,729	Turk Hava Yollari AO(b)		47,252
	90,933	Turk Sise ve Cam Fabrikalari AS(b)		53,677
	33,758	Ulker Biskuvi Sanayi AS		35,129
	47,025	Vestel Elektonik Sanayi(b)		23,180
	15,401	Yapi Kredi Finansal Kiralama AO		14,246
	9,284	Yapi Kredi Sigorta AS		34,746
	12,270	Zorlu Enerji Elektrik Uretim AS(b)		15,979
				1,106,691
UNITED KINGDOM — 1.5%
	81,162	Aberdeen Asset Management Plc		151,435
	10,107	Admiral Group Plc		131,676
	19,217	AEA Technology Plc(b)		5,152
	145,188	Aegis Group Plc		160,960
	20,918	Aga Rangemaster Group Plc		19,098
	63,284	Aggreko Plc		358,588
	41,385	AMEC Plc		339,157

39

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	97,987	Amlin Plc	$	545,287
	16,793	Anglo Pacific Group Plc		22,450
	56,872	Anite Plc		23,077
	47,570	Antofagasta Plc		289,540
	57,224	Arena Leisure Plc		18,452
	90,812	Aricom Plc(b)		26,321
	13,785	Ark Therapeutics Group Plc(b)		7,142
	101,827	ARM Holdings Plc		135,392
	21,972	Arriva Plc		145,835
	17,777	Ashmore Group Plc		32,782
	87,704	Ashtead Group Plc		50,840
	23,379	Atkins (WS) Plc		189,223
	10,530	Autonomy Corp. Plc(b)		166,944
	10,641	Aveva Group Plc		92,602
	76,299	Avis Europe Plc(b)		3,505
	7,640	Axis-Shield Plc(b)		35,402
	47,470	Babcock International Group Plc		348,093
	59,869	Balfour Beatty Plc		322,319
	2,496	Barr (A.G.) Plc		41,236
	55,776	BBA Aviation Plc		59,814
	74,168	Beazley Group Plc		137,579
	16,589	Bellway Plc		138,474
	12,260	Berkeley Group Holdings Plc(b)		140,626
	11,301	Bloomsbury Publishing Plc		23,338
	7,949	BlueBay Asset Management Plc		9,907
	42,759	Bodycote Plc		75,598
	20,611	Boot (Henry) Plc		17,474
	28,105	Bovis Homes Group Plc		157,216
	8,349	BPP Holdings Plc		38,657
	33,807	Brewin Dolphin Holdings Plc		55,239
	68,641	Brit Insurance Holdings Plc		201,683
	36,120	British Land Co. Plc		236,860
	17,076	Britvic Plc		56,917
	32,163	Brixton Plc		40,085
	27,256	BSS Group Plc		103,982
	20,638	BTG Plc(b)		44,489
	13,790	Bunzl Plc		113,311
	40,561	Burberry Group Plc		148,715
	4,396	Business Post Group Plc		17,647
	179,426	Cable & Wireless Plc		407,975
	3,757	Cairn Energy Plc(b)		99,092
	20,763	Capital & Regional Plc		9,027
	8,149	Care U.K. Plc		37,790
	84,991	Carillion Plc		287,906
	8,224	Carpetright Plc		46,421
	72,501	Carphone Warehouse Group Plc		106,644
	20,799	Centaur Media Plc		9,947
	7,437	Charles Stanley Group Plc		19,238
	5,241	Charles Taylor Consulting Plc		17,165
	34,206	Charter International Plc		190,477
	4,667	Chemring Group Plc		155,558
	15,294	Chesnara Plc		28,037
	8,296	Chime Communications Plc		5,590

Shares			Value
UNITED KINGDOM (continued)
	38,662	Chloride Group Plc	$	75,779
	4,522	Chrysalis Group Plc(b)		3,899
	2,754	Clarkson Plc		17,960
	20,847	Close Brothers Group Plc		149,924
	68,451	Cobham Plc		212,285
	38,584	Collins Stewart Plc		29,915
	55,637	Colt Telecom Group SA(b)		63,495
	27,294	Communisis Plc		16,019
	22,059	Computacenter Plc		36,763
	4,293	Consort Medical Plc		29,489
	45,221	Cookson Group Plc		61,438
	5,973	Corin Group Plc		4,674
	121,107	Costain Group Plc		40,367
	7,117	Cranswick Plc		63,327
	34,340	Croda International Plc		249,324
	9,099	CSR Plc(b)		24,131
	45,221	Daily Mail & General Trust Plc - Class A		172,682
	31,525	Dairy Crest Group Plc		91,371
	17,930	Dana Petroleum Plc(b)		234,765
	39,957	Davis Service Group Plc		143,460
	24,222	De la Rue Plc		328,909
	95,191	Debenhams Plc		43,454
	5,612	Dechra Pharmaceuticals Plc		34,524
	21,260	Delta Plc		30,964
	7,284	Development Securities Plc		29,029
	26,078	Devro Plc		31,367
	6,246	Dignity Plc		55,441
	182,740	Dimension Data Holdings Plc(e)		95,337
	17,115	Diploma Plc		28,523
	17,282	Domino Printing Sciences Plc		49,213
	23,879	Drax Group Plc		192,578
	119,309	DS Smith Plc		140,050
	10,802	easyJet Plc(b)		46,806
	78,464	Electrocomponents Plc		149,812
	107,465	Elementis Plc		72,028
	81,064	Ennstone Plc		1,351
	14,750	Erinaceous Group Plc(b)(c)		353
	13,642	Euromoney Institutional Investor Plc		45,224
	36,731	Evolution Group Plc		48,040
	103,201	F&C Asset Management Plc		109,177
	23,644	Fenner Plc		20,987
	4,749	Fidessa Group Plc		41,981
	11,172	Filtronic Plc(b)		4,452
	18,220	Findel Plc		15,579
	62,952	Firstgroup Plc		248,828
	13,270	Forth Ports Plc		141,346
	312,657	Fortune Oil Plc(b)		24,920
	8,125	French Connection Group Plc		5,240
	414,460	Friends Provident Plc		495,521
	4,872	Fuller Smith & Turner		27,253
	58,668	Future Plc		14,879
	208,753	G4S Plc		580,239
	145,122	Galiform Plc		26,814

40

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	39,778	Galliford Try Plc	$	20,176
	85,424	Game Group Plc		177,647
	5,558	Games Workshop Group Plc(b)		16,311
	3,194	Gem Diamonds Ltd.(b)		10,287
	3,899	Genus Plc		37,773
	84,689	GKN Plc		103,400
	10,109	Go-Ahead Group Plc		144,081
	41,729	Great Portland Estates Plc		138,937
	28,000	Greene King Plc		171,947
	2,569	Greggs Plc		132,538
	26,494	Halfords Group Plc		95,987
	108,988	Halma Plc		289,038
	20,477	Hammerson Plc		120,407
	15,398	Hampson Industries Plc		18,521
	4,000	Hansard Global Plc		8,550
	6,039	Hardy Underwriting Bermuda Ltd.		25,205
	8,216	Hargreaves Lansdown Plc		19,884
	230,596	Hays Plc		251,469
	25,455	Headlam Group Plc		81,433
	16,582	Helical Bar Plc		75,215
	21,037	Helphire Plc		12,347
	148,870	Henderson Group Plc		161,806
	14,452	Heritage Oil Ltd.(b)		43,144
	17,875	Hikma Pharmaceuticals Plc		92,673
	10,970	Hill & Smith Holdings Plc		29,053
	100,708	HMV Group Plc		201,404
	9,757	Holidaybreak Plc		26,724
	61,861	Home Retail Group Plc		184,452
	17,525	Homeserve Plc		248,637
	18,628	Hunting Plc		106,092
	42,351	Huntsworth Plc		21,174
	3,867	Hyder Consulting Plc		7,537
	61,928	ICAP Plc		211,799
	49,932	IG Group Holdings Plc		210,209
	37,129	Imagination Technologies Group Plc(b)		31,477
	26,856	IMI Plc		104,596
	29,260	Informa Plc		101,662
	23,688	Inmarsat Plc		141,004
	91,379	Innovation Group Plc		8,515
	18,120	Intercontinental Hotels Group Plc		137,862
	16,587	Intermediate Capital Group Plc		92,365
	38,919	International Personal Finance Plc		72,193
	196,648	International Power Plc		774,435
	26,823	Interserve Plc		77,452
	28,289	Intertek Group Plc		349,902
	37,110	Invensys Plc(b)		83,358
	72,001	Investec Plc		260,336
	43,218	IP Group Plc(b)		33,821
	34,860	ITE Group Plc		32,332
	488,659	ITV Plc		194,744
	8,493	James Fisher & Sons Plc		44,309

Shares			Value
UNITED KINGDOM (continued)
	31,692	Jardine Lloyd Thompson Group Plc	$	207,364
	15,444	JKX Oil & Gas Plc		45,210
	10,464	John Menzies Plc		12,131
	28,051	Johnson Matthey Plc		395,943
	83,271	Johnston Press Plc		10,475
	13,349	Kazakhmys Plc		43,285
	56,498	KCOM Group Plc		12,691
	10,924	Keller Group Plc		97,440
	34,107	Kesa Electricals Plc		49,922
	8,554	Kier Group Plc		123,716
	556,233	Kingfisher Plc		1,121,268
	9,766	Kofax Plc		19,106
	37,513	Ladbrokes Plc		98,262
	35,733	Laird Plc		45,570
	11,860	Land Securities Group Plc		118,507
	3,223	Lavendon Group Plc		4,939
	121,109	Legal & General Group Plc		108,114
	17,891	Liberty International Plc		96,645
	4,601	Liontrust Asset Management Plc		5,818
	59,629	Logica Plc		56,817
	26,538	London Stock Exchange Group Plc		185,082
	33,575	Lookers Plc		13,259
	16,540	Low and Bonar Plc		7,071
	15,549	Luminar Group Holdings Plc		23,435
	3,333	M.J. Gleeson Group Plc		3,768
	202,284	Man Group Plc		604,618
	2,410	Manganese Bronze Holdings Plc		2,445
	192,909	Marks & Spencer Group Plc		645,788
	33,489	Marshalls Plc		33,972
	78,824	Marston’s Plc		119,086
	29,022	McBride Plc		52,783
	8,244	McKay Securities Plc		14,695
	143,730	Meggitt Plc		287,964
	13,403	Melrose Plc		12,868
	15,063	Melrose Resources Plc		42,130
	73,933	Michael Page International Plc		234,108
	21,967	Micro Focus International Plc		96,458
	21,689	Millennium & Copthorne Hotels Plc		73,707
	25,564	Minerva Plc(b)		6,854
	100,405	Misys Plc		169,515
	64,668	Mitie Group Plc		190,244
	79,394	Mondi Plc		210,842
	73,164	Morgan Crucible Co. Plc		101,787
	6,436	Morgan Sindall Plc		51,252
	18,969	Mothercare Plc		108,241
	16,232	Mouchel Group Plc		90,447
	15,625	MWB Group Holdings Plc(b)		6,906
	46,851	N Brown Group Plc		132,228
	10,913	National Express Group Plc		51,596
	18,906	Nestor Healthcare Group Plc		5,617
	13,897	Next Plc		237,041
	125,910	Northern Foods Plc		97,620

41

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	17,780	Northgate Plc	$	20,162
	77,366	Northumbrian Water Group Plc		263,478
	11,596	Novae Group Plc		53,775
	701,575	Old Mutual Plc		532,759
	65,932	Oxford Biomedica Plc(b)		6,402
	37,301	Pace Plc(b)		28,650
	851	PayPoint Plc		5,522
	25,351	Pennon Group Plc		165,690
	41,793	Persimmon Plc		174,884
	13,138	Petrofac Ltd.		79,109
	6,142	Phoenix IT Group Ltd.		16,712
	56,972	Photo-Me International Plc(b)		8,876
	73,007	Premier Farnell Plc		143,360
	102,090	Premier Foods Plc		46,604
	19,340	Premier Oil Plc(b)		198,153
	19,473	Provident Financial Plc		219,270
	39,282	Psion Plc		28,464
	38,633	PV Crystalox Solar Plc		51,228
	41,130	PZ Cussons Plc		109,972
	44,376	QinetiQ Group Plc		96,625
	53,253	Rank Group Plc(b)		45,725
	8,871	Rathbone Brothers Plc		93,847
	3,513	REA Holdings Plc		15,120
	49,551	Redrow Plc		112,022
	6,250	Renishaw Plc		29,867
	2,330	Rensburg Sheppards Plc		13,490
	41,089	Rentokil Initial Plc		25,307
	28,774	Restaurant Group Plc		45,243
	71,087	Rexam Plc		321,418
	7,755	Ricardo Plc		21,353
	13,819	RM Plc		34,145
	15,157	Robert Wiseman Dairies Plc		72,046
	22,720	ROK Plc		10,042
	20,874	Rotork Plc		209,333
	23,225	RPC Group Plc		47,120
	48,653	RPS Group Plc		95,890
	28,505	RSA Insurance Group Plc		54,404
	122,507	Sage Group Plc (The)		321,518
	31,022	Savills Plc		109,695
	21,956	Schroders Plc		242,138
	10,635	Schroders Plc - Non Voting		98,638
	8,480	Scott Wilson Group Plc		12,289
	11,324	SDL Plc(b)		44,309
	30,852	Segro Plc		71,425
	58,192	Senior Plc		24,878
	20,500	Serco Group Plc		130,494
	12,508	Severfield-Rowen Plc		27,190
	16,574	Severn Trent Plc		262,046
	32,455	Shaftesbury Plc		127,226
	55,216	Shanks Group Plc		78,218
	1,332	Shire Plc		19,516
	29,368	SIG Plc		50,965
	16,362	Smiths Group Plc		203,090
	37,047	Smiths News Plc		30,065
	16,509	Soco International Plc(b)		238,051
	17,628	Southern Cross Healthcare Ltd.		20,182

Shares			Value
UNITED KINGDOM (continued)
	24,624	Spectris Plc	$	171,912
	6,322	Speedy Hire Plc		7,513
	16,818	Spirax-Sarco Engineering Plc		203,388
	170,913	Spirent Communications Plc		94,740
	50,500	Sports Direct International Plc		35,677
	54,276	SSL International Plc		396,428
	7,688	St. Ives Group Plc		7,632
	31,588	St. James’s Place Plc		86,976
	20,664	St. Modwen Properties Plc		34,064
	72,211	Stagecoach Group Plc		127,408
	143,163	Standard Life Plc		455,916
	2,744	STV Group Plc(b)		3,201
	80,206	Tate & Lyle Plc		386,477
	5,162	Ted Baker Plc		25,996
	11,245	Telecom Plus Plc		51,822
	106,670	Thomas Cook Group Plc		294,949
	84,861	Tomkins Plc		144,809
	35,892	Topps Tiles Plc		7,802
	11,051	Town Centre Securities Plc		11,251
	33,611	Trinity Mirror Plc		23,137
	35,484	TT electronics Plc		15,427
	39,411	TUI Travel Plc		127,936
	38,584	Tullett Prebon Plc		85,691
	15,928	Tullow Oil Plc		159,732
	30,000	UK Coal Plc(b)		54,671
	16,341	Ultra Electronics Holdings		275,176
	10,108	Umeco Plc		32,886
	34,288	United Business Media Ltd.		240,375
	14,759	United Utilities Group Plc		115,712
	6,853	UTV Media Plc		6,654
	26,283	Vectura Group Plc(b)		23,996
	23,332	Venture Production Plc		197,972
	22,798	Victrex Plc		142,066
	6,702	Vitec Group Plc (The)		18,259
	36,133	VT Group Plc		311,564
	1,936	Wellstream Holdings Plc		13,383
	6,330	Wembley Plc(b)(c)(d)		917
	43,403	Wetherspoon (J.D.) Plc		215,115
	33,542	WH Smith Plc		163,933
	30,704	Whitbread Plc		365,089
	11,510	White Young Green Plc		7,631
	8,065	William Hill Plc		27,583
	89,000	Willis Group Holdings Ltd.		2,203,640
	14,285	Wilmington Group Plc		25,463
	19,577	Wincanton Plc		43,620
	14,049	Wolfson Microelectronics Plc(b)		14,252
	34,599	Wolseley Plc		86,593
	339,266	Woolworths Group Plc(c)(d)		5,998
	41,464	Workspace Group Plc		12,769
	55,996	WPP Plc		316,886
	8,449	WSP Group Plc		19,560
	10,220	Xaar Plc		6,776
	16,161	Xchanging Plc		51,056
	41,464	Yell Group Plc		26,589

42

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	30,967	Yule Catto & Co. Plc	$	23,897
				38,043,107
UNITED STATES — 22.9%
	9,211	1-800-FLOWERS.COM, Inc. - Class A(b)		23,120
	12,050	1st Source Corp.		214,490
	76,715	3Com Corp.(b)		178,746
	3,800	3D Systems Corp.(b)		22,800
	6,529	4Kids Entertainment, Inc.(b)		10,903
	11,400	99 Cents Only Stores(b)		95,532
	2,900	A.M. Castle & Co.		24,534
	3,500	A.O. Smith Corp.		96,180
	6,122	AAON, Inc.		110,931
	7,600	AAR Corp.(b)		137,864
	7,100	Aaron Rents, Inc.		155,206
	700	Abaxis, Inc.(b)		11,074
	8,900	Abington Bancorp, Inc.		62,745
	11,000	Abiomed, Inc.(b)		148,390
	380,000	ABM Industries, Inc.		5,643,000
	3,800	Abraxas Petroleum Corp.(b)		4,142
	10,020	AC Moore Arts & Crafts, Inc.(b)		16,934
	5,700	Acacia Research-Acacia Technologies(b)		18,012
	8,444	Acadia Pharmaceuticals, Inc.(b)		8,528
	4,100	Acadia Realty Trust		47,847
	1,814	Accelrys, Inc.(b)		6,857
	7,800	ACCO Brands Corp.(b)		14,976
	17,500	Accuride Corp.(b)		6,475
	3,200	ACI Worldwide, Inc.(b)		54,368
	5,946	Actel Corp.(b)		53,633
	9,100	ActivIdentity Corp.(b)		20,293
	45,000	Activision Blizzard, Inc.(b)		394,200
	106,800	Actuant Corp. - Class A		1,760,064
	9,350	Actuate Corp.(b)		33,286
	1,000	Acuity Brands, Inc.		26,870
	58,880	Adaptec, Inc.(b)		164,275
	17,100	ADC Telecommunications, Inc.(b)		86,697
	154,800	Administaff, Inc.		3,264,732
	50,000	Adobe Systems, Inc.(b)		965,500
	12,705	Adolor Corp.(b)		25,410
	11,500	Adtran, Inc.		174,225
	730	Advance America Cash Advance Centers, Inc.		1,029
	222,366	Advance Auto Parts, Inc.		7,278,039
	16,100	Advanced Analogic Technologies, Inc.(b)		48,461
	7,300	Advanced Energy Industries, Inc.(b)		65,554
	1,965	Advanta Corp. - Class A		1,179
	3,000	Advanta Corp. - Class B		2,340
	2,500	Advent Software, Inc.(b)		54,575
	17,260	ADVENTRX Pharmaceuticals, Inc.(b)		1,726
	1,500	Advisory Board Co. (The)(b)		26,250

	Shares				Value
UNITED STATES (continued)
		1,200	AEP Industries, Inc.(b)	$		17,208
		6,900	Aeropostale, Inc.(b)			145,659
		2,800	AFC Enterprises(b)			13,440
		4,000	Agilysys, Inc.			14,280
		672	Agree Realty Corp.			9,240
		2,800	Air Methods Corp.(b)			54,600
		6,380	Airspan Networks, Inc.(b)			1,021
		16,229	Airtran Holdings, Inc.(b)			66,539
		6,300	AK Steel Holding Corp.			50,841
		7,890	Akorn, Inc.(b)			17,595
		1,000	Alamo Group, Inc.			12,550
		7,600	Alaska Air Group, Inc.(b)			200,336
		16,000	Alaska Communications Systems Group, Inc.			133,600
		3,400	Albany International Corp. - Class A			34,034
		17,293	Albany Molecular Research, Inc.(b)			148,201
		40,000	Alberto-Culver Co.			978,400
		2,800	Alexion Pharmaceuticals, Inc.(b)			103,236
		7,000	Alexza Pharmaceuticals, Inc.(b)			20,230
		1,642	Alico, Inc.			45,976
		6,800	Align Technology, Inc.(b)			53,584
		7,629	Alkermes, Inc.(b)			87,505
		8,200	Alleghany Corp.(b)			2,233,926
		16,700	Allergan, Inc.			636,604
		4,400	Allete, Inc.			136,840
		18,000	Alliance Data Systems Corp.(b)			748,620
		16,300	Alliance Imaging, Inc.(b)			144,418
		31,800	Alliance One International, Inc.(b)			76,320
		8,408	Allis-Chalmers Energy, Inc.(b)			30,269
		21,600	Allos Therapeutics, Inc.(b)			169,128
		6,556	Allscripts Healthcare Solutions, Inc.			55,202
		4,200	Alnylam Pharmaceuticals, Inc.(b)			88,578
		5,825	Alon USA Energy, Inc.			68,735
		3,900	Alpha Natural Resources, Inc.(b)			63,648
		12,326	Alphatec Holdings, Inc.(b)			26,747
		2,700	AMAG Pharmaceuticals, Inc.(b)			95,175
		3,470	Ambassadors Group, Inc.			28,697
		4,100	AMCOL International Corp.			59,409
		4,476	Amcore Financial, Inc.			6,222
		4,000	Amedisys, Inc.(b)			164,920
		2,700	Amerco, Inc.(b)			83,025
		5,000	American Axle & Manaufacturing Holdings, Inc.			5,450
		11,806	American Campus Communities, Inc.			252,294
		3,399	American Dental Partners, Inc.(b)			22,807
		3,500	American Ecology Corp.			69,825

43

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
11,600	American Equity Investment Life Holding Co.	$	77,604
6,700	American Greetings Corp. - Class A		29,078
409,531	American Medical Systems Holdings, Inc.(b)		4,381,982
10,500	American Oil & Gas, Inc.(b)		8,610
3,357	American Physicians Capital, Inc.		142,740
3,100	American Science & Engineering, Inc.		241,800
1,800	American Software, Inc. - Class A		7,470
8,500	American States Water Co.		293,845
5,802	American Superconductor Corp.(b)		93,876
5,300	American Vanguard Corp.		75,313
5,200	American Woodmark Corp.		78,260
3,083	AmericanWest Bancorp		2,312
1,824	America’s Car-Mart, Inc.(b)		16,580
8,100	AMERIGROUP Corp.(b)		226,557
1,933	Ameris Bancorp		14,807
6,900	Amerisafe, Inc.(b)		129,237
6,300	Ameristar Casinos, Inc.		56,511
800	Ameron International Corp.		39,880
18,000	Ametek, Inc.		575,280
6,875	AMICAS, Inc.(b)		11,034
29,300	Amkor Technology, Inc.(b)		67,976
5,500	AMN Healthcare Services, Inc.(b)		37,400
3,400	Ampco-Pittsburgh Corp.		62,866
2,100	Amrep Corp.(b)		58,275
7,200	Amsurg Corp.(b)		141,048
9,600	Anadigics, Inc.(b)		19,488
1,800	Analogic Corp.		45,000
8,472	Anaren, Inc.(b)		100,139
4,076	Anchor Bancorp Wisconsin, Inc.		8,234
2,100	Andersons, Inc. (The)		34,419
6,500	Angiodynamics, Inc.(b)		88,400
900	Anika Therapeutics, Inc.(b)		3,672
8,600	Ann Taylor Stores Corp.(b)		42,312
1,769	Ansys, Inc.(b)		43,977
5,300	Apogee Enterprises, Inc.		54,325
5,300	Applied Industrial Technologies, Inc.		83,687
13,950	Applied Micro Circuits Corp.(b)		55,800
229,900	Aptargroup, Inc.		7,085,518
2,600	Arbitron, Inc.		39,052
57	ARCA Biopharma, Inc.(b)		292
4,000	Arch Chemicals, Inc.		89,640
6,057	Arctic Cat, Inc.		25,985
11,300	Arena Pharmaceuticals, Inc.(b)		46,782
3,400	Arena Resources, Inc.(b)		82,824
7,453	Argon ST, Inc.(b)		142,650
4,000	Ariad Pharmaceuticals, Inc.(b)		6,680
14,817	Ariba, Inc.(b)		113,202

Shares			Value
UNITED STATES (continued)
4,700	Arkansas Best Corp.	$	109,933
3,200	Arqule, Inc.(b)		12,640
7,728	Array Biopharma, Inc.(b)		30,912
20,468	Arris Group, Inc.(b)		145,732
15,700	Art Technology Group, Inc.(b)		26,847
3,443	Arthrocare Corp.(b)		23,826
100,000	Arthur J. Gallagher & Co.		2,357,000
10,772	ArvinMeritor, Inc.		18,851
6,700	Asbury Automotive Group, Inc.		23,986
8,200	Ashford Hospitality Trust, Inc.		11,644
27	Ashland, Inc.		217
1,691	Aspect Medical Systems, Inc.(b)		6,426
8,600	Aspen Technology, Inc.(b)		57,620
10,700	Asset Acceptance Capital Corp.(b)		44,833
12,600	Assisted Living Concepts, Inc. - Class A(b)		50,022
1,300	Associated Estates Realty Corp.		9,646
1,320	Asta Funding, Inc.		2,350
2,900	Astec Industries, Inc.(b)		71,253
8,600	Asyst Techologies, Inc.(b)		2,322
10,900	ATC Technology Corp.(b)		142,245
50,000	athenahealth, Inc.(b)		1,804,000
600	Atherogenics, Inc.(b)		21
230,221	Atheros Communications, Inc.(b)		2,764,954
1,200	Atlantic Coast Federal Corp.		5,124
2,700	Atlas Air Worldwide Holdings, Inc.(b)		39,177
2,934	Atlas America, Inc.		37,262
91,800	Atmel Corp.(b)		306,612
3,163	ATMI, Inc.(b)		42,732
3,400	ATP Oil & Gas Corp.(b)		15,198
5,307	Audiovox Corp. - Class A(b)		23,935
64,000	Autodesk, Inc.(b)		1,059,840
4,300	Auxilium Pharmaceuticals, Inc.(b)		131,408
4,900	Avid Technology, Inc.(b)		49,049
5,900	Avista Corp.		112,336
2,500	Avocent Corp.(b)		35,875
87,000	Avon Products, Inc.		1,779,150
9,900	Axcelis Technologies, Inc.(b)		2,822
2,150	Axsys Technologies, Inc.(b)		91,805
4,300	AZZ, Inc.(b)		96,320
2,000	Badger Meter, Inc.		47,180
5,866	Balchem Corp.		130,988
6,200	Baldor Electric Co.		86,862
891	Baldwin & Lyons, Inc. - Class B		14,960
7,732	Bally Technologies, Inc.(b)		156,109
2,600	BancFirst Corp.		92,612
2,200	Bancorp, Inc. (The)(b)		6,798
11,900	BancorpSouth, Inc.		224,910
10,697	Bank Mutual Corp.		94,455
300	Bank of Florida Corp.(b)		927
2,900	Bank of The Ozarks, Inc.		65,801

44

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
740	BankAtlantic Bancorp, Inc. - Class A	$	1,717
5,200	BankFinancial Corp.		50,076
3,086	Bankrate, Inc.(b)		102,949
1,300	BankUnited Financial Corp. - Class A		338
1,900	Banner Corp.		5,985
13,000	Bard (C.R.), Inc.		1,112,410
300,000	Bare Escentuals, Inc.(b)		1,089,000
7,000	Barnes Group, Inc.		79,100
1,106	Barrett Business Sevices, Inc.		10,883
6,550	Basic Energy Services, Inc.(b)		62,880
100	Basin Water, Inc.(b)		90
500	Bassett Furniture Industries, Inc.		1,645
16,100	Beacon Roofing Supply, Inc.(b)		204,953
366	BearingPoint, Inc.(b)		549
900	Beasley Broadcasting Group, Inc. - Class A		1,350
10,900	Bebe Stores, Inc.		61,585
23,000	Beckman Coulter, Inc.		1,143,560
126	Bel Fuse, Inc. - Class A		1,770
1,900	Bel Fuse, Inc. - Class B		28,956
7,226	Belden, Inc.		94,372
5,616	Bell Microproducts, Inc.(b)		5,054
8,550	Benchmark Electronics, Inc.(b)		100,377
3,800	Berkshire Hills Bancorp, Inc.		89,376
5,600	Berry Petroleum Co. - Class A		41,216
3,100	Beverly Hills Bancorp, Inc.(b)		378
4,700	BFC Financial Corp. - Class A(b)		1,034
7,800	BGC Partners, Inc. - Class A		18,798
2,100	Big 5 Sporting Goods Corp.		11,046
7,000	Bill Barrett Corp.(b)		154,770
7,614	BioCryst Pharmaceuticals, Inc.(b)		14,467
208,348	BioMarin Pharmaceutical, Inc.(b)		4,012,782
6,700	BioMed Realty Trust, Inc.		73,968
3,600	BioMimetic Therapeutics, Inc.(b)		29,052
92,000	Bio-Rad Laboratories, Inc. - Class A(b)		5,845,680
3,200	Bio-Reference Labs, Inc.(b)		78,080
19,100	BioScrip, Inc.(b)		32,279
5,700	BJ’s Restaurants, Inc.(b)		63,270
8,300	BJ’s Wholesale Club, Inc.(b)		238,044
2,798	Black Box Corp.		61,080
4,520	Black Hills Corp.		119,780
33,200	Blackbaud, Inc.		369,516
136,900	Blackboard, Inc.(b)		3,478,629
24,990	Blockbuster, Inc. - Class A(b)		31,987
14,717	Blockbuster, Inc. - Class B(b)		12,362
6,400	Blount International, Inc.(b)		53,632
5,400	Blue Coat Systems, Inc.(b)		51,786
500	Blue Nile, Inc.(b)		10,110
8,200	Bluegreen Corp.(b)		14,350

Shares			Value
UNITED STATES (continued)
3,100	Blyth, Inc.	$	10,571
3,850	Bob Evans Farms, Inc.		67,606
1,500	Bolt Technology Corp.(b)		11,625
2,600	Bon-Ton Stores, Inc. (The)		3,549
1,900	Books-A-Million, Inc.		4,446
5,400	Borders Group, Inc.(b)		2,376
36,000	Borland Software Corp.(b)		22,320
900	Boston Beer Co., Inc. - Class A(b)		22,716
4,167	Boston Private Financial Holdings, Inc.		19,627
8,900	Bottomline Technologies, Inc.(b)		59,452
5,872	Bowne & Co., Inc.		16,441
75,200	Brady Corp. - Class A		1,573,184
6,700	Briggs & Stratton Corp.		99,093
16,700	Brigham Exploration Co.(b)		41,750
10,930	Brightpoint, Inc.(b)		51,152
4,000	Bristow Group, Inc.(b)		96,760
6,400	Bronco Drilling Co., Inc.(b)		33,792
6,423	Brookline Bancorp, Inc.		62,110
8,421	Brooks Automation, Inc.(b)		38,484
7,746	Brown Shoe Co., Inc.		36,329
4,584	Bruker Corp.(b)		18,474
3,700	Brush Engineered Materials, Inc.(b)		46,472
9,100	Buckeye Technologies, Inc.(b)		26,572
6,075	Buckle, Inc. (The)		128,486
4,195	Builders FirstSource, Inc.(b)		5,160
3,400	Building Materials Holding Corp.(b)		1,564
8,400	Cabela’s, Inc.(b)		47,124
4,600	Cabot Microelectronics Corp.(b)		104,696
4,800	Cache, Inc.(b)		8,976
3,900	CACI International, Inc. - Class A(b)		176,085
1,200	Cadiz, Inc.(b)		11,136
204,422	Cal Dive International, Inc.(b)		1,296,035
7,200	Calgon Carbon Corp.(b)		90,504
5,700	California Pizza Kitchen, Inc.(b)		59,052
2,400	California Water Service Group		104,400
12,624	Caliper Life Sciences, Inc.(b)		16,285
8,600	Callaway Golf Co.		65,446
4,806	Callidus Software, Inc.(b)		12,592
5,000	Callon Petroleum Co.(b)		10,550
2,800	Cal-Maine Foods, Inc.		75,824
1,700	Cambrex Corp.(b)		5,559
900	Camden National Corp.(c)		20,970
4,061	Candela Corp.(b)		2,193
7,400	Cano Petroleum, Inc.(b)		4,588
2,800	Cantel Medical Corp.(b)		41,972
1,574	Capital Corp. of the West		1,212
4,500	Capital Senior Living Corp.(b)		11,835
600	Capital Southwest Corp.		54,996
6,300	Capitol Bancorp Ltd.		37,863

45

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	5,800	Caraco Pharmaceutical Laboratories Ltd.(b)	$	26,680
	4,300	Caraustar Industries, Inc.(b)		903
	3,950	CARBO Ceramics, Inc.		142,002
	4,300	Cardiac Science Corp.(b)		23,091
	4,975	Cardinal Financial Corp.		27,611
	2,130	Carmike Cinemas, Inc.		4,281
	1,200	Carrizo Oil & Gas, Inc.(b)		16,632
	1,350,435	Carter’s, Inc.(b)(c)		22,943,891
	2,610	Cascade Corp.		59,743
	5,200	Casella Waste Systems, Inc. - Class A(b)		14,352
	8,784	Casey’s General Stores, Inc.		186,660
	4,400	Cash America International, Inc.		80,432
	6,826	Casual Male Retail Group, Inc.(b)		2,594
	5,800	Catalyst Health Solutions, Inc.(b)		127,716
	1,500	Catapult Communications Corp.(b)		10,350
	8,610	Cathay General Bancorp		109,347
	10,350	Cato Corp. (The) - Class A		136,930
	543	Cavco Industries, Inc.(b)		13,293
	2,200	Cbeyond, Inc.(b)		34,628
	22,100	CBIZ, Inc.(b)		179,673
	4,600	CDI Corp.		49,312
	5,000	CEC Entertainment, Inc.(b)		116,700
	9,000	Cedar Shopping Centers, Inc.		55,170
	3,268	Celadon Group, Inc.(b)		25,556
	9,995	Celera Corp.(b)		84,358
	2,852	Celgene Corp.(b)		151,013
	3,600	Cell Genesys, Inc.(b)		864
	6,300	Centene Corp.(b)		111,699
	8,143	Centennial Communications Corp.(b)		66,610
	901	Center Bancorp., Inc.		6,586
	2,700	Center Financial Corp.		12,960
	6,250	Central European Distribution Corp.(b)		75,625
	3,600	Central Garden & Pet Co.(b)		21,744
	4,800	Central Garden & Pet Co. - Class A(b)		28,800
	10,500	Central Pacific Financial Corp.		70,665
	2,400	Central Vermont Public Service Corp.		54,240
	200	Century Aluminum Co.(b)		710
	10,300	Cenveo, Inc.(b)		40,685
	8,600	Cepheid, Inc.(b)		63,984
	5,000	Ceradyne, Inc.(b)		114,100
	22,000	Cerner Corp.(b)		741,840
	15,695	Cerus Corp.(b)		14,753
	4,300	Ceva, Inc.(b)		29,369
	2,358	CH Energy Group, Inc.		119,268
	13,200	Champion Enterprises, Inc.(b)		6,072
	192,424	Charles River Laboratories International, Inc.(b)		4,697,070

Shares			Value
UNITED STATES (continued)
	4,355	Charlotte Russe Holding, Inc.(b)	$	22,428
	24,799	Charming Shoppes, Inc.(b)		26,783
	25,600	Charter Communications, Inc. - Class A(b)		2,304
	61,500	Chattem, Inc.(b)		4,157,400
	7,300	Checkpoint Systems, Inc.(b)		65,335
	8,500	Cheesecake Factory (The)(b)		73,780
	4,400	Chemed Corp.		176,572
	3,637	Chemical Financial Corp.		82,924
	3,700	Cheniere Energy, Inc.(b)		13,024
	1,800	Chesapeake Corp.(b)		28
	800	Chesapeake Utilities Corp.		23,176
	5,200	Children’s Place Retail Stores, Inc. (The)(b)		97,812
	1,100	Chiquita Brands International, Inc.(b)		15,378
	2,580	Chordiant Software, Inc.(b)		6,063
	6,100	Christopher & Banks Corp.		23,668
	2,406	Churchill Down, Inc.		83,031
	8,576	Ciber, Inc.(b)		37,391
	4,085	Ciena Corp.(b)		25,490
	34,800	Cincinnati Bell, Inc.(b)		48,372
	2,600	CIRCOR International, Inc.		57,850
	13,500	Cirrus Logic, Inc.(b)		38,070
	12,700	Citadel Broadcasting Corp.(b)		2,286
	800	Citizens First Bancorp, Inc.		1,000
	5,621	Citizens Republic Bancorp, Inc.(b)		6,464
	10,827	Citizens, Inc.(b)		88,240
	309,946	Citrix Systems, Inc.(b)		6,521,264
	3,726	City Holding Co.		95,795
	7,300	CKE Restaurants, Inc.		60,590
	10,400	CKX, Inc.(b)		34,008
	104,500	Clarcor, Inc.		3,170,530
	2,958	Clayton Williams Energy, Inc.(b)		117,728
	300	Clean Harbors, Inc.(b)		16,053
	6,400	Cleco Corp.		146,240
	5,200	Clifton Savings Bancorp, Inc.		54,288
	4,155	Clinical Data, Inc.(b)		32,326
	40,000	Clorox Co.		2,006,000
	11,400	CNA Surety Corp.(b)		188,670
	4,800	CoBiz Financial, Inc.		22,800
	50,600	Coeur d’Alene Mines Corp.(b)		35,926
	2,600	Cogdell Spencer, Inc. REIT		21,944
	9,100	Cogent Communications Group, Inc.(b)		60,515
	5,800	Cognex Corp.		75,748
	3,900	Cohen & Steers, Inc.		42,120
	5,820	Coherent, Inc.(b)		105,284
	11,354	Cohu, Inc.		113,313
	3,400	Coinstar, Inc.(b)		78,132
	9,000	Coldwater Creek, Inc.(b)		25,380
	11,500	Collective Brands, Inc.(b)		122,705
	6,000	Colonial Properties Trust		44,100

46

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	900	Columbia Bancorp	$	1,404
	2,231	Columbia Banking System, Inc.		19,856
	4,600	Columbia Sportswear Co.		132,112
	4,600	Columbus McKinnon Corp.(b)		58,512
	20,400	Comfort Systems USA, Inc.		208,692
	4,500	Commercial Vehicle Group, Inc.(b)		4,500
	3,700	Community Bank System, Inc.		66,415
	5,474	Community Trust Bancorp, Inc.		153,108
	11,100	Compass Diversified Holdings		119,991
	3,500	Complete Production Services, Inc.(b)		22,435
	4,867	CompuCredit Corp.(b)		15,574
	1,700	Computer Programs & Systems, Inc.		42,721
	150,000	comScore, Inc.(b)		1,891,500
	93,300	Comstock Resources, Inc.(b)		3,557,529
	2,600	COMSYS IT Partners, Inc.(b)		5,200
	2,700	Comtech Telecommunications Corp.(b)		104,760
	4,898	Conceptus, Inc.(b)		70,335
	148,300	Concur Technologies, Inc.(b)		3,661,527
	2,600	Conexant Systems, Inc.(b)		1,716
	5,889	Conmed Corp.(b)		92,163
	400	Connecticut Water Service, Inc.		9,256
	4,801	Conn’s, Inc.(b)		58,380
	1,116	Consolidated - Tomoka Land Co.		32,420
	10,216	Consolidated Communications Holdings, Inc.		115,032
	1,900	Consolidated Graphics, Inc.(b)		30,609
	125,000	Constant Contact, Inc.(b)		1,908,750
	60,000	Constellation Brands, Inc. - Class A(b)		871,200
	2,100	Contango Oil & Gas Co.(b)		93,660
	12,858	Continental Airlines, Inc. - Class B(b)		173,197
	8,500	Cooper Tire & Rubber Co.		39,695
	2,300	Core-Mark Holding Co., Inc.(b)		42,182
	10,900	Corinthian Colleges, Inc.(b)		203,612
	5,300	Cornell Cos., Inc.(b)		80,878
	6,500	Corrections Corp. of America(b)		89,570
	4,350	Corvel Corp.(b)		76,734
	92,000	CoStar Group, Inc.(b)		2,725,040
	1,100	Cousins Properties, Inc.		10,571
	6,500	Cox Radio, Inc. - Class A(b)		32,825
	1,030	CPEX Pharmaceuticals, Inc.(b)		7,158
	2,900	CRA International, Inc.(b)		60,929
	1,800	Cracker Barrel Old Country Store, Inc.		31,626
	6,646	Cross Country Healthcare, Inc.(b)		49,779
	11,400	Crown Media Holdings, Inc. - Class A(b)		18,810
	8,900	CryoLife, Inc.(b)		73,336

Shares			Value
UNITED STATES (continued)
	8,929	CSG Systems International, Inc.(b)	$	129,470
	1,500	CSS Industries, Inc.		22,755
	7,000	CTS Corp.		35,980
	3,100	Cubic Corp.		84,196
	8,700	Cubist Pharmaceuticals, Inc.(b)		186,267
	166,000	Cummins, Inc.		3,980,680
	3,999	Cumulus Media, Inc. - Class A(b)		6,878
	7,400	CuraGen Corp.(b)		4,292
	1,380	Curis, Inc.(b)		1,283
	6,000	Curtiss-Wright Corp.		193,800
	1,000	Cutera, Inc.(b)		6,710
	9,300	CV Therapeutics, Inc.(b)		145,545
	12,001	CVB Financial Corp.		107,889
	14,874	Cybersource Corp.(b)		177,447
	7,042	Cymer, Inc.(b)		143,657
	1,300	Cynosure, Inc. - Class A(b)		10,166
	8,000	Cypress Bioscience, Inc.(b)		68,000
	400	Cytokinetics, Inc.(b)		848
	8,174	Daktronics, Inc.		70,542
	8,200	Darling International, Inc.(b)		37,638
	7,538	Datascope Corp.		399,778
	1,800	Dawson Geophysical Co.(b)		28,674
	2,300	DealerTrack Holdings, Inc.(b)		26,197
	15	Deerfield Capital Corp.		36
	500,400	Del Monte Foods Co.		3,332,664
	3,806	dELiA*s, Inc.(b)		7,574
	7,050	Delphi Financial Group, Inc. - Class A		106,948
	2,110	Delta Financial Corp.(b)(d)		0
	10,300	Delta Petroleum Corp.(b)		44,702
	2,500	Deltic Timber Corp.		98,925
	4,600	Deluxe Corp.		53,038
	9,488	Dendreon Corp.(b)		31,975
	4,283	Depomed, Inc.(b)		9,251
	12,000	DeVry, Inc.		642,960
	4,800	DexCom, Inc.(b)		15,504
	4,000	DG FastChannel, Inc.(b)		57,960
	3,300	Diamond Foods, Inc.		84,744
	7,900	DiamondRock Hospitality Co.		32,390
	12,600	Digi International, Inc.(b)		95,760
	2,171	Digimarc Corp.(b)		20,711
	35	Digital Angel Corp.(b)		22
	3	Digital Realty Trust, Inc.		96
	7,343	Digital River, Inc.(b)		181,886
	5,600	Dime Community Bancshares		56,280
	3,100	DineEquity, Inc.		27,404
	3,800	Diodes, Inc.(b)		24,624
	61,500	Dionex Corp.(b)		3,114,360
	2,400	Discovery Laboratories, Inc.(b)		2,712
	7,800	Ditech Networks, Inc.(b)		7,488
	2,723	Dixie Group, Inc.(b)		4,221
	4,643	Dollar Thrifty Automotive Group(b)		5,386
	73,084	Dollar Tree, Inc.(b)		3,121,418

47

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	6,900	Domino’s Pizza, Inc.(b)	$	46,161
	7,172	Donegal Group, Inc. - Class A		100,551
	9,638	Dot Hill Systems Corp.(b)		4,771
	2,800	Dover Downs Gaming & Entertainment, Inc.		8,932
	5,900	Dover Motorsports, Inc.		9,145
	12,400	Dress Barn, Inc.(b)		106,888
	316,763	Dresser-Rand Group, Inc.(b)		6,170,543
	4,500	Drew Industries, Inc.(b)		38,790
	8,200	Dril-Quip, Inc.(b)		200,900
	21,829	drugstore.com(b)		21,611
	14,000	DSP Group, Inc.(b)		91,140
	1,400	DSW, Inc. - Class A(b)		13,972
	6,348	DTS, Inc.(b)		86,333
	3,845	Ducommun, Inc.		72,824
	375,000	Dun & Bradstreet Corp.		28,500,000
	23,700	Durect Corp.(b)		67,071
	12,300	Dyax Corp.(b)		41,328
	8,330	Dycom Industries, Inc.(b)		56,727
	3,400	Dynamex, Inc.(b)		37,672
	1,700	Dynamic Materials Corp.		20,638
	7,800	Eagle Materials, Inc.		141,024
	11,472	Earthlink, Inc.(b)		86,384
	3,700	EastGroup Properties, Inc.		112,406
	13,000	Eaton Corp.		572,260
	3,300	Ebix, Inc.(b)		67,518
	7,525	Echelon Corp.(b)		55,685
	3,201	Eclipsys Corp.(b)		28,041
	49,000	Ecolab, Inc.		1,664,040
	1,480	EDCI Holdings, Inc.(b)		5,935
	1,800	Edge Petroleum Corp.(b)		324
	14,100	Education Realty Trust, Inc.		65,565
	600	Einstein Noah Restaurant Group, Inc.(b)		4,152
	6,600	El Paso Electric Co.(b)		109,164
	7,638	Electro Rent Corp.		80,963
	6,100	Electro Scientific Industries, Inc.(b)		38,552
	45,000	Electronic Arts, Inc.(b)		694,800
	6,655	Electronics For Imaging, Inc.(b)		59,163
	7,800	Elixir Gaming Technologies, Inc.(b)		1,014
	6,696	Elizabeth Arden, Inc.(b)		39,038
	11,400	EMCOR Group, Inc.(b)		234,726
	11,472	Emcore Corp.(b)		15,143
	900	Emeritus Corp.(b)		7,443
	800	Emisphere Technologies, Inc.(b)		456
	3,900	Emmis Communications Corp. - Class A(b)		1,131
	4,700	Empire District Electric Co. (The)		83,472
	300	Employers Holdings, Inc.		4,062
	4,900	EMS Technologies, Inc.(b)		117,600
	11,500	Emulex Corp.(b)		65,665
	127,400	Encore Acquisition Co.(b)		3,462,732

Shares			Value
UNITED STATES (continued)
	7,138	Encore Capital Group, Inc.(b)	$	37,546
	11,587	Encore Wire Corp.		191,301
	17,000	Endeavor International Corp.(b)		11,730
	12,700	Ener1, Inc.(b)		57,023
	5,863	Energy Conversion Devices, Inc.(b)		147,572
	7,454	Energy Partners Ltd.(b)		8,647
	8,600	EnerSys(b)		78,346
	5,948	ENGlobal Corp.(b)		18,439
	5,200	Ennis, Inc.		58,188
	3,501	EnPro Industries, Inc.(b)		64,068
	20,629	Entegris, Inc.(b)		28,674
	2,500	Entercom Communications Corp. - Class A		2,925
	3,088	Enterprise Financial Services Corp.		32,424
	5,000	Entertainment Properties Trust		113,250
	5,384	Entorian Technologies, Inc.(b)		1,265
	9,100	Entravision Communications Corp. - Class A(b)		7,644
	12,700	Entrust, Inc.(b)		19,050
	9,400	Enzo Biochem, Inc.(b)		45,966
	4,900	Enzon Pharmaceuticals, Inc.(b)		31,899
	9,358	Epicor Software Corp.(b)		33,127
	14,895	EPIQ Systems, Inc.(b)		263,939
	1,466	EPIX Pharmaceuticals, Inc.(b)		1,041
	100	Equinix, Inc.(b)		5,335
	3,800	Equity Lifestyle Properties, Inc.		143,374
	8,400	eResearch Technology, Inc.(b)		48,636
	4,229	ESCO Technologies, Inc.(b)		149,876
	47,000	Estee Lauder Cos., Inc. (The) - Class A		1,233,750
	5,529	Esterline Technologies Corp.(b)		199,542
	3,700	Ethan Allen Interiors, Inc.		42,143
	256,100	Euronet Worldwide, Inc.(b)		2,573,805
	259,177	ev3, Inc.(b)		1,402,148
	10,701	Evergreen Energy, Inc.(b)		6,207
	16,000	Evergreen Solar, Inc.(b)		35,360
	3,900	Exactech, Inc.(b)		49,686
	24,000	Exar Corp.(b)		162,480
	5,800	EXCO Resources, Inc.(b)		58,812
	14,780	Exelixis, Inc.(b)		72,865
	4,713	Exponent, Inc.(b)		115,563
	730	ExpressJet Holdings, Inc.(b)		1,153
	9,100	Extra Space Storage, Inc.		73,801
	41,931	Extreme Networks(b)		74,218
	1,240	Facet Biotech Corp.(b)		7,539
	130,400	Factset Research Systems, Inc.		5,189,920
	2,100	Fairpoint Communications, Inc.		5,733
	8,500	FalconStor Software, Inc.(b)		27,115
	8,006	Farmer Bros. Co.		163,002
	143,300	FARO Technologies, Inc.(b)		2,152,366
	3,995	FBL Financial Group, Inc. - Class A		41,188

48

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	100	Federal Agricultural Mortgage Corp. - Class A	$	275
	4,392	Federal Agricultural Mortgage Corp. - Class C		14,581
	7,400	Federal Signal Corp.		49,950
	5,400	FEI Co.(b)		98,280
	7,700	FelCor Lodging Trust, Inc.		11,165
	5,500	Ferro Corp.		21,780
	5,300	FiberTower Corp.(b)		768
	5,286	Financial Federal Corp.		114,812
	30,500	Finisar Corp.(b)		15,555
	8,591	Finish Line (The) - Class A		40,807
	10,276	First Acceptance Corp.(b)		28,876
	100,000	First Advantage Corp. - Class A(b)		1,274,000
	5,200	First Bancorp		74,828
	2,700	First Busey Corp.		23,625
	11,286	First Cash Financial Services, Inc.(b)		189,831
	400	First Citizens BancShares, Inc. - Class A		55,944
	10,800	First Commonwealth Financial Corp.		103,572
	3,860	First Community Bancshares, Inc.		66,431
	13,100	First Financial Bancorp		106,372
	2,400	First Financial Bankshares, Inc.		106,536
	4,458	First Financial Corp.		147,783
	4,269	First Financial Holdings, Inc.		64,633
	4,300	First Industrial Realty Trust, Inc.		23,392
	3,192	First Merchants Corp.		50,051
	200,000	First Mercury Finanacial Corp.(b)		2,210,000
	7,570	First Midwest Bancorp, Inc.		75,700
	14,700	First Niagara Financial Group, Inc.		191,982
	2,958	First Place Financial Corp.		8,489
	4,900	First Potomac Realty Trust		40,572
	2,300	First Regional Bancorp(b)		7,360
	2,286	First State Bancorp		2,240
	3,100	FirstFed Financial Corp.(b)		2,635
	7,600	FirstMerit Corp.		122,892
	4,300	Fisher Communications, Inc.		65,575
	9,900	Five Star Quality Care, Inc.(b)		18,909
	3,800	Flagstar Bancorp, Inc.(b)		2,280
	4,800	Flanders Corp.(b)		19,584
	9,800	Fleetwood Enterprises, Inc.(b)		794
	2,800	Flotek Industries, Inc.(b)		8,092
	6,200	Flow International Corp.(b)		9,610
	10,800	Flowers Foods, Inc.		232,092
	5,205	Flushing Financial Corp.		41,224
	145,068	FMC Corp.		6,472,934
	13,581	FNB Corp.		107,426
	6,862	Formfactor, Inc.(b)		106,773
	4,500	Forrester Research, Inc.(b)		93,960
	37,000	Fortune Brands, Inc.		1,184,000
	79,200	Forward Air Corp.		1,604,592

Shares			Value
UNITED STATES (continued)
	2,197	FPIC Insurance Group, Inc.(b)	$	85,529
	3,100	Franklin Bank Corp.(b)		46
	3,700	Franklin Electric Co., Inc.		96,163
	5,100	Fred’s, Inc. - Class A		52,326
	1,000	FreightCar America, Inc.		19,150
	11,387	Frontier Airlines Holdings, Inc.(b)		2,847
	7,100	Frontier Financial Corp.		12,567
	4,700	Fuel Systems Solutions, Inc.(b)		122,858
	11,300	FuelCell Energy, Inc.(b)		43,618
	11,970	Furmanite Corp.(b)		44,528
	6,800	Furniture Brands International, Inc.		13,940
	6,000	FX Energy, Inc.(b)		17,280
	2,360	FX Real Estate and Entertainment, Inc.(b)		165
	2,510	G&K Services, Inc. - Class A		46,310
	800	GAMCO Investors, Inc. - Class A		24,992
	7,700	Gardner Denver, Inc.(b)		167,629
	5,000	Gaylord Entertainment Co.(b)		53,000
	500	GenCorp, Inc.(b)		1,450
	1,400	General Cable Corp.(b)		23,044
	11,363	General Communication, Inc. - Class A(b)		74,655
	9,100	General Moly, Inc.(b)		8,190
	3,800	Genesco, Inc.(b)		58,520
	5,800	Genesee & Wyoming, Inc. - Class A(b)		157,586
	9,000	Genomic Health, Inc.(b)		192,600
	82,000	Gen-Probe, Inc.(b)		3,691,640
	1,800	GenTek, Inc.(b)		24,570
	13,824	Gentiva Health Services, Inc.(b)		349,471
	6,500	Geo Group, Inc. (The)(b)		96,200
	6,500	GeoEye, Inc.(b)		112,125
	2,500	GeoMet, Inc.(b)		3,125
	1,400	Gerber Scientific, Inc.(b)		4,396
	34,400	Gerdau Ameristeel Corp.		202,543
	18,191	Geron Corp.(b)		142,617
	1,800	Gevity HR, Inc.		3,618
	14,800	Gibraltar Industries, Inc.		151,404
	3,200	G-III Apparel Group Ltd.(b)		17,600
	4,600	Glacier Bancorp, Inc.		70,610
	5,800	Glatfelter		50,518
	5,600	Glimcher Realty Trust		10,360
	758,000	Global Payments, Inc.		26,310,180
	4,500	GMX Resources, Inc.(b)		102,015
	27,600	Golden Star Resources Ltd.(b)		42,089
	62,100	Goodrich Petroleum Corp.(b)		1,794,690
	4,793	Gorman-Rupp Co. (The)		122,701
	17,000	GrafTech International Ltd.(b)		136,170
	750	Graham Corp.		7,470
	5,600	Granite Construction, Inc.		197,232
	26,500	Graphic Packaging Holding Co.(b)		23,055
	8,600	Gray Television, Inc.		2,838

49

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	100	Gray Television, Inc. - Class A	$	108
	6,500	Great Atlantic & Pacific Tea Co.(b)		46,280
	1,800	Great Southern Bancorp, Inc.		19,080
	15,220	Great Wolf Resorts, Inc.(b)		29,375
	83,200	Greatbatch, Inc.(b)		1,938,560
	1,412	Green Bankshares, Inc.		13,965
	4,698	Green Mountain Coffee Roasters, Inc.(b)		179,745
	8,000	Greenbrier Cos., Inc.		44,400
	2,500	Greenhill & Co., Inc.		162,550
	10,670	Griffon Corp.(b)		106,166
	5,300	Group 1 Automotive, Inc.		52,841
	5,100	GSI Commerce, Inc.(b)		43,707
	19,152	Guaranty Bancorp(b)		29,111
	3,446	Gulf Island Fabrication, Inc.		43,385
	3,400	Gulfmark Offshore, Inc.(b)		81,396
	6,232	Gulfport Energy Corp.(b)		23,869
	5,200	Gymboree Corp.(b)		127,400
	2,500	Haemonetics Corp.(b)		147,875
	232,288	Hain Celestial Group, Inc.(b)		3,535,423
	5,804	Hallmark Financial Services(b)		44,923
	10,200	Halozyme Therapeutics, Inc.(b)		58,854
	4,278	Hancock Holding Co.		117,089
	4,768	Hanmi Financial Corp.		9,107
	3,500	Hardinge, Inc.		15,225
	4,623	Harleysville Group, Inc.		131,478
	12,314	Harleysville National Corp.		114,643
	10,900	Harmonic, Inc.(b)		56,135
	11,100	Harris Interactive, Inc.(b)		5,550
	4,661	Harris Stratex Networks, Inc. - Class A(b)		32,161
	18,200	Hartmarx Corp.(b)		500
	13,098	Harvest Natural Resources, Inc.(b)		52,392
	2,600	Haverty Furniture Cos., Inc.		20,852
	6,230	Hawaiian Electric Industries, Inc.		135,066
	15,300	Hawaiian Holdings, Inc.(b)		62,271
	100	Haynes International, Inc.(b)		1,827
	10,800	HB Fuller Co.		150,876
	187,000	HCC Insurance Holdings, Inc.		4,377,670
	5,800	Headwaters, Inc.(b)		26,274
	279,300	Healthcare Realty Trust, Inc. REIT		4,611,243
	4,050	Healthcare Services Group, Inc.		62,046
	7,208	HealthTronics, Inc.(b)		13,263
	163,400	Healthways, Inc.(b)		2,258,188
	16,533	Heartland Express, Inc.		222,534
	3,200	Heartland Payment Systems, Inc.		29,024
	20,100	Hecla Mining Co.(b)		53,265
	1,300	Heico Corp.		51,389
	3,300	Heico Corp. - Class A		95,997
	3,600	Heidrick & Struggles International, Inc.		54,720

Shares			Value
UNITED STATES (continued)
	148,180	Henry Schein, Inc.(b)	$	5,546,377
	114	Hercules Technology Growth Capital, Inc.		744
	4,505	Heritage Commerce Corp.		32,481
	4,500	Herman Miller, Inc.		49,455
	6,300	Hersha Hospitality Trust		15,309
	50,000	Hershey Co. (The)		1,864,000
	3,150	Hibbett Sports, Inc.(b)		42,872
	3,000	Highwoods Properties, Inc.		67,680
	6,400	Hill International, Inc.(b)		35,200
	6,800	Hilltop Holdings, Inc.(b)		68,000
	600	Hi-Tech Pharmacal Co., Inc.(b)		3,216
	87,400	Hittite Microwave Corp.(b)		2,239,188
	34,000	HJ Heinz Co.		1,241,000
	4,000	HMS Holdings Corp.(b)		123,800
	101,000	Hologic, Inc.(b)		1,190,790
	7,236	Home Bancshares, Inc.		148,989
	2,215	Home Federal Bancorp, Inc.		19,913
	11,700	Home Solutions of America, Inc.(b)		1,287
	1,100	Hooker Furniture Corp.		8,888
	3,200	Horace Mann Educators Corp.		29,920
	2,125	Horizon Financial Corp.		5,206
	3,500	Hornbeck Offshore Services, Inc.(b)		62,090
	10,500	Hot Topic, Inc.(b)		89,670
	1,800	HRPT Properties Trust		5,724
	8,950	HUB Group, Inc. - Class A(b)		203,165
	5,000	Hudson Highland Group, Inc.(b)		12,300
	1,900	Hughes Communications, Inc.(b)		22,933
	5,000	Human Genome Sciences, Inc.(b)		9,050
	2,200	Hurco Cos., Inc.(b)		31,196
	1,500	Huron Consulting Group, Inc.(b)		74,970
	12,900	Hutchinson Technology, Inc.(b)		40,893
	26,200	Hypercom Corp.(b)		39,824
	4,000	i2 Technologies, Inc.(b)		24,960
	4,944	Ibasis, Inc.(b)		4,548
	1,500	IBERIABANK Corp.		63,585
	3,500	ICO, Inc.(b)		9,275
	9,298	Iconix Brand Group, Inc.(b)		76,894
	4,800	ICU Medical, Inc.(b)		146,448
	5,900	Idacorp, Inc.		171,749
	19,600	Idenix Pharmaceuticals, Inc.(b)		113,876
	7,000	Idera Pharmaceuticals, Inc.(b)		49,000
	274,000	IDEX Corp.		6,195,140
	1,400	IDT Corp.(b)		511
	9,500	IDT Corp. - Class B(b)		3,325
	5,900	I-Flow Corp.(b)		24,249
	19,100	iGate Corp.(b)		78,119
	20,000	IHS, Inc. - Class A(b)		876,000
	3,997	II-VI, Inc.(b)		75,264

50

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009 (Unaudited)

Shares			Value
UNITED STATES (continued)
	15,000	Illumina, Inc.(b)	$	410,400
	5,200	Imation Corp.		50,648
	1,700	Immersion Corp.(b)		8,823
	117,600	Immucor, Inc.(b)		3,258,696
	9,578	Immunogen, Inc.(b)		39,940
	5,780	Immunomedics, Inc.(b)		6,994
	2,000	Imperial Sugar Co.		22,720
	8,264	Incyte Corp.(b)		24,214
	29,800	Independent Bank Corp./MA		552,492
	3,098	Independent Bank Corp./MI		4,926
	9,600	Indevus Pharmaceuticals, Inc.(b)		51,072
	3,520	Infinity Property & Casuality Corp.		135,168
	7,030	InfoGROUP, Inc.		25,941
	8,400	Informatica Corp.(b)		107,184
	7,900	Infospace, Inc.(b)		63,279
	1,712	Ingles Markets, Inc. - Class A		24,413
	5,400	Inland Real Estate Corp.		53,298
	3,400	Innovative Solutions & Support, Inc.		10,574
	5,800	Insight Enterprises, Inc.(b)		30,044
	10,019	Insituform Technologies, Inc. - Class A(b)		187,956
	10,355	Inspire Pharmaceuticals, Inc.(b)		39,349
	9,000	Insteel Industries, Inc.		69,300
	2,517	Integra Bank Corp.		4,052
	127,759	Integra LifeScience Holdings Corp.(b)		3,544,035
	6,572	Integral Systems, Inc.(b)		71,832
	3,084	Integrated Electrical Services, Inc.(b)		25,505
	6,153	Integrated Silicon Solutions, Inc.(b)		10,460
	5,653	Inter Parfums, Inc.		34,144
	170,000	Interactive Data Corp.		3,877,700
	3,000	Interactive Intelligence, Inc.(b)		20,610
	8,502	InterDigital, Inc.(b)		274,870
	6,890	Interface, Inc. - Class A		28,111
	5,000	Interline Brands, Inc.(b)		40,000
	7,300	Intermec, Inc.(b)		90,666
	6,500	InterMune, Inc.(b)		74,360
	5,000	Internap Network Services Corp.(b)		13,450
	600	International Assets Holding Corp.(b)		4,050
	5,940	International Bancshares Corp.		108,227
	37,000	International Flavors & Fragrances, Inc.		1,058,940
	4,200	International Royalty Corp.		6,610
	8,400	Internet Capital Group, Inc.(b)		36,204
	5,100	Interstate Hotels & Resorts, Inc.(b)		2,550
	1,500	Intervest Bancshares Corp. - Class A		5,625
	9,699	Interwoven, Inc.(b)		152,953
	5,200	Intevac, Inc.(b)		22,776

Shares			Value
UNITED STATES (continued)
	1,449	Introgen Therapeutics, Inc.(b)	$	32
	8,000	Intuitive Surgical, Inc.(b)		825,840
	3,800	Invacare Corp.		72,428
	3,800	inVentiv Health, Inc.(b)		36,252
	5,873	Inverness Medical Innovations, Inc.(b)		143,712
	8,100	Investment Technology Group, Inc.(b)		175,608
	6,528	Investors Bancorp, Inc.(b)		69,719
	11,563	ION Geophysical Corp.(b)		17,344
	7,200	Iowa Telecommunications Services, Inc.		92,520
	3,100	IRIS International, Inc.(b)		30,876
	7,900	iRobot Corp.(b)		60,040
	104,000	Iron Mountain, Inc.(b)		2,127,840
	3,600	Irwin Financial Corp.(b)		8,604
	10,035	Isis Pharmaceuticals, Inc.(b)		141,795
	5,400	Isle of Capri Casinos, Inc.(b)		15,282
	1,000	ITC Holdings Corp.		41,980
	22,500	ITT Corp.		1,018,800
	5,800	Ixia(b)		30,856
	16,032	IXYS Corp.		109,819
	3,500	J & J Snack Foods Corp.		122,185
	4,400	j2 Global Communications, Inc.(b)		86,152
	100,000	Jack Henry & Associates, Inc.		1,780,000
	6,086	Jack in the Box, Inc.(b)		137,483
	3,900	Jackson Hewitt Tax Service, Inc.		51,636
	5,793	Jakks Pacific, Inc.(b)		106,244
	500	James River Coal Co.(b)		6,780
	1,095	Jarden Corp.(b)		11,421
	8,000	Javelin Pharmaceuticals, Inc.(b)		9,040
	203,000	JC Penney Co., Inc.		3,400,250
	3,900	JDA Software Group, Inc.(b)		43,680
	10,100	JetBlue Airways Corp.(b)		56,863
	6,500	Jo-Ann Stores, Inc.(b)		83,005
	200	John B. Sanfilippo & Son, Inc.(b)		1,100
	6,325	Jos. A. Bank Clothiers, Inc.(b)		173,684
	17,800	Jupitermedia Corp.(b)		9,078
	100,000	K12, Inc.(b)		1,597,000
	4,500	Kadant, Inc.(b)		45,180
	1,900	Kaiser Aluminum Corp.		47,196
	4,647	Kaman Corp.		88,711
	7,100	Kansas City Southern(b)		128,936
	130,000	Kaydon Corp.		3,536,000
	9,900	Kearny Financial Corp.		106,821
	1,100	Keithley Instruments, Inc.		3,817
	3,800	Kelly Services, Inc. - Class A		34,428
	19,377	Kemet Corp.(b)		4,069
	2,700	Kendle International, Inc.(b)		51,570
	5,700	Kenexa Corp.(b)		38,703
	203,800	Kennametal, Inc.		3,268,952
	4,100	Kenneth Cole Productions, Inc. - Class A		26,199

51

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009 (Unaudited)

Shares			Value
UNITED STATES (continued)
	3,949	Kensey Nash Corp.(b)	$	81,626
	4,061	Keryx Biopharmaceuticals, Inc.(b)		786
	4,600	Keynote Systems, Inc.(b)		40,250
	1,200	K-Fed Bancorp		9,600
	9,125	Kforce, Inc.(b)		57,031
	6,000	Kimball International, Inc. - Class B		41,340
	5,900	Kindred Healthcare, Inc.(b)		80,063
	5,000	Kirby Corp.(b)		119,900
	5,100	Kite Realty Group Trust		23,613
	11,200	Knight Capital Group, Inc. - Class A(b)		201,936
	11,950	Knight Transportation, Inc.		159,413
	3,800	Knoll, Inc.		25,916
	3,500	Knology, Inc.(b)		16,450
	6,000	Knot, Inc. (The)(b)		41,280
	20,958	Kopin Corp.(b)		33,114
	6,100	Korn/Ferry International(b)		57,340
	36,600	Kratos Defense & Security Solutions, Inc.(b)		43,188
	11,800	Krispy Kreme Doughnuts, Inc.(b)		16,402
	6,100	Kronos Worldwide, Inc.		86,925
	3,800	K-Swiss, Inc. - Class A		40,736
	9,437	Kulicke & Soffa Industries, Inc.(b)		14,439
	5,100	KV Pharmaceutical Co. - Class A(b)		3,315
	300	KV Pharmaceutical Co. - Class B(b)		420
	10,076	L-1 Indentity Solutions, Inc.(b)		73,051
	3,500	LaBarge, Inc.(b)		38,745
	27,000	Laboratory Corp. of America Holdings(b)		1,598,400
	10,700	Laclede Group, Inc. (The)		485,673
	3,233	Ladish Co., Inc.(b)		36,759
	2,963	Lakeland Financial Corp.		61,038
	169,100	Lancaster Colony Corp.		6,156,931
	156,129	Lance, Inc.		2,939,909
	1,500	LandAmerica Financial Group, Inc.		85
	2,900	Landauer, Inc.		198,882
	5,974	Landec Corp.(b)		32,857
	700	Landry’s Restaurants, Inc.		4,522
	93,000	Landstar System, Inc.		3,335,910
	4,700	LaSalle Hotel Properties		39,151
	26,276	Lattice Semiconductor Corp.(b)		40,465
	29,300	Lawson Software, Inc.(b)		123,646
	3,270	Layne Christensen Co.(b)		51,601
	18,700	La-Z-Boy, Inc.		18,139
	2,543	LCA-Vision, Inc.		6,408
	8,400	Leapfrog Enterprises, Inc.(b)		16,884
	700	Learning Tree International, Inc.(b)		6,146
	6,900	LECG Corp.(b)		22,563
	3,700	Lee Enterprises, Inc.		1,147

Shares			Value
UNITED STATES (continued)
	2,800	Lennox International, Inc.	$	78,708
	206,000	Lenovo Group Ltd.		39,052
	14,300	Lexicon Pharmaceuticals, Inc.(b)		17,017
	7,500	Lexington Realty Trust		33,225
	6,300	LHC Group, Inc.(b)		167,643
	2,600	Libbey, Inc.		3,224
	1,799	Life Partners Holdings, Inc.		68,362
	40,000	Life Technologies Corp.(b)		1,018,400
	3,600	Life Time Fitness, Inc.(b)		53,316
	1,700	Lifeway Foods, Inc.(b)		12,580
	5,430	Lin TV Corp. - Class A(b)		3,801
	12,664	Lincoln Educational Services Corp.(b)		185,148
	25,957	Lincoln Electric Holdings, Inc.		1,068,650
	1,400	Lindsay Corp.		36,400
	7,831	Lionbridge Technologies(b)		14,096
	9,300	Liquidity Services, Inc.(b)		66,309
	500	Lithia Motors, Inc. - Class A		1,530
	3,900	Littelfuse, Inc.(b)		59,670
	10,400	Live Nation, Inc.(b)		54,392
	6,300	LKQ Corp.(b)		72,765
	5,500	LMI Aerospace, Inc.(b)		62,095
	2,889	LodgeNet Interactive Corp.(b)		2,745
	12,200	Lodgian, Inc.(b)		22,570
	2,500	LoJack Corp.(b)		9,500
	4,124	Loral Space & Communications, Inc.(b)		54,478
	14,100	Louisiana-Pacific Corp.		29,328
	3,500	LSB Industries, Inc.(b)		25,830
	10,598	LSI Industries, Inc.		48,221
	12,979	LTX-Credence Corp.(b)		3,764
	12,972	Luby’s, Inc.(b)		58,893
	1,600	Lufkin Industries, Inc.		55,920
	129,995	Luminex Corp.(b)		2,647,998
	4,000	M&F Worldwide Corp.(b)		42,400
	5,100	M/I Homes, Inc.		45,084
	1,365	Macatawa Bank Corp.		3,699
	2,200	Macrovision Solutions Corp.(b)		28,842
	2,600	Magellan Health Services, Inc.(b)		94,172
	5,840	Magma Design Automation, Inc.(b)		6,716
	3,400	Maguire Properties, Inc.(b)		7,072
	2,600	Maidenform Brands, Inc.(b)		23,270
	9,256	MainSource Financial Group, Inc.		90,431
	5,100	Manhattan Associates, Inc.(b)		78,234
	3,100	Mannatech, Inc.		8,339
	2,700	MannKind Corp.(b)		9,585
	2,600	Mantech International Corp - Class A(b)		139,438
	5,529	Marchex, Inc. - Class B		27,700
	7,700	Marcus Corp.		79,541
	7,700	Marine Products Corp.		28,798
	3,400	MarineMax, Inc.(b)		5,984

52

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009 (Unaudited)

Shares			Value
UNITED STATES (continued)
	10,300	Mariner Energy, Inc.(b)	$	101,970
	5,700	MarketAxess Holdings, Inc.(b)		44,004
	2,545	Marlin Business Services Corp.(b)		10,104
	46,000	Martek Biosciences Corp.		1,216,700
	10,800	Marten Transport Ltd.(b)		190,728
	4,400	Marvel Entertainment, Inc.(b)		121,044
	40,000	Masimo Corp.(b)		1,110,800
	3,800	Massey Energy Co.		57,684
	10,400	MasTec, Inc.(b)		110,552
	1,273	Mastech Holdings, Inc.(b)		2,381
	3,200	Material Sciences Corp.(b)		4,480
	4,100	Matrix Service Co.(b)		21,689
	103,593	Matthews International Corp. - Class A		4,033,911
	15,915	Mattson Technology, Inc.(b)		15,597
	800	Maui Land & Pineapple Co., Inc.(b)		7,384
	2,900	MAXIMUS, Inc.		107,764
	4,300	Maxwell Technologies, Inc.(b)		20,124
	13,389	Maxygen, Inc.(b)		114,610
	5,386	MB Financial, Inc.		88,007
	2,056	MBT Financial Corp.		5,407
	289,400	McCormick & Co., Inc.		9,272,376
	2,857	McCormick & Schmick’s Seafood Restaurants, Inc.(b)		10,085
	8,000	MCG Capital Corp.		5,440
	4,700	Mcgrath Rentcorp		98,559
	6,700	McMoRan Exploration Co.(b)		44,823
	4,211	MDRNA, Inc.(b)		1,137
	18,096	Medarex, Inc.(b)		108,033
	135,000	MedAssets, Inc.(b)		1,965,600
	7,932	Medcath Corp.(b)		49,892
	2,700	Media General, Inc. - Class A		5,265
	8,687	Mediacom Communications Corp. - Class A(b)		46,910
	5,600	Medical Action Industries, Inc.(b)		48,160
	7,500	Medicines Co. (The)(b)		96,000
	3,400	Medicis Pharmaceutical Corp. - Class A		47,362
	1,400	Medis Technologies Ltd.(b)		700
	5,900	Medivation, Inc.(b)		110,625
	7,300	Men’s Wearhouse, Inc.		85,045
	15,900	Mentor Graphics Corp.(b)		74,094
	72,951	Meridian Bioscience, Inc.		1,550,938
	44,200	Meridian Resource Corp.(b)		13,702
	13,500	Merit Medical Systems, Inc.(b)		207,765
	6,700	Mesa Air Group, Inc.(b)		1,005
	1,600	Metalico, Inc.(b)		3,920
	5,414	Methode Electronics, Inc.		25,013
	83,000	Mettler-Toledo International, Inc.(b)		5,526,140
	2,600	MGE Energy, Inc.		83,330
	300	MGP Ingredients, Inc.		166
	2,200	Michael Baker Corp.(b)		76,912

Shares			Value
UNITED STATES (continued)
	5,950	Micrel, Inc.	$	45,220
	3,400	Micros Systems, Inc.(b)		48,960
	100	MicroStrategy, Inc. - Class A(b)		3,870
	19,200	Microtune, Inc.(b)		32,832
	3,600	Microvision, Inc.(b)		5,760
	1,000	Micrus Endovascular Corp.(b)		11,280
	1,600	Mid-America Apartment Communities, Inc.		47,264
	1,000	Midas, Inc.(b)		8,750
	1,087	Middleby Corp.(b)		25,175
	900	Middlesex Water Co.		14,895
	13,000	Midway Games, Inc.(b)		3,250
	3,580	Midwest Banc Holdings, Inc.		4,189
	1,415	Miller Industries, Inc.(b)		7,754
	26,000	Millipore Corp.(b)		1,434,160
	4,400	Mine Safety Appliances Co.		86,328
	2,300	Minerals Technologies, Inc.		86,963
	1,900	Minrad International, Inc.(b)		228
	371,742	MIPS Technologies, Inc.(b)		624,527
	1,600	Mission West Properties		11,152
	10,081	MKS Instruments, Inc.(b)		141,638
	7,400	Mobile Mini, Inc.(b)		93,536
	3,800	Modine Manufacturing Co.		10,412
	5,200	Molina Healthcare, Inc.(b)		91,208
	5,500	Monaco Coach Corp.		3,190
	4,400	Monarch Casino & Resort, Inc.(b)		45,056
	3,200	MoneyGram International, Inc.(b)		4,960
	400	Monmouth REIT - Class A		2,388
	336	Monogram Biosciences, Inc.(b)		924
	4,411	Monolithic Power Systems, Inc.(b)		53,594
	10,746	Monro Muffler, Inc.		260,805
	5,600	Moog, Inc. - Class A.(b)		167,776
	2,000	Morgans Hotel Group Co.(b)		7,300
	50,000	Morningstar, Inc.(b)		1,733,500
	3,600	Morton’s Restaurant Group, Inc.(b)		6,480
	4,900	MoSys, Inc.(b)		10,192
	3,218	Movado Group, Inc.		24,714
	47,700	Move, Inc.(b)		80,613
	677	Movie Gallery, Inc.(b)(c)(d)		1
	19,900	MPS Group, Inc.(b)		120,395
	28,404	MRV Communications, Inc.(b)		14,486
	150,000	MSCI, Inc. - Class A(b)		2,604,000
	5,300	MTR Gaming Group, Inc.(b)		7,950
	2,900	MTS Systems Corp.		75,951
	5,200	Mueller Industries, Inc.		104,624
	13,353	Mueller Water Products, Inc. - Class A		90,400
	12,993	Multimedia Games, Inc.(b)		22,218
	3,900	MWI Veterinary Supply, Inc.(b)		81,627
	6,700	Myers Industries, Inc.		42,009
	6,700	Myriad Genetics, Inc.(b)		499,619
	9,600	Nabi Biopharmaceuticals(b)		39,648

53

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	785	NACCO Industries, Inc. - Class A	$	25,112
	3,500	Nanometrics, Inc.(b)		4,620
	6,800	Nara Bancorp, Inc.		40,188
	1,900	Nash Finch Co.		81,757
	2,200	NATCO Group, Inc. - Class A(b)		37,686
	16,020	National Beverage Corp.(b)		139,534
	4,400	National Financial Partners Corp.		11,308
	1,600	National Healthcare Corp.		72,800
	245,000	National Instruments Corp.		5,260,150
	104,300	National Interstate Corp.		1,656,284
	10,386	National Penn Bancshares, Inc.		100,536
	8,072	National Retail Properties, Inc.		116,479
	6,000	Natural Gas Services Group, Inc.(b)		51,300
	6,943	Natus Medical, Inc.(b)		53,739
	3,500	Nautilus, Inc.(b)		4,865
	8,500	Navigant Consulting, Inc.(b)		121,805
	127,124	Navigators Group, Inc.(b)		6,526,546
	6,000	NBT Bancorp, Inc.		137,040
	8,800	NBTY, Inc.(b)		166,056
	4,300	NCI Building Systems, Inc.(b)		49,837
	1,700	NCI, Inc. - Class A(b)		51,000
	4,700	Nelnet, Inc. - Class A		64,954
	4,583	Neogen Corp.(b)		119,937
	1,882	Neopharm, Inc.(b)		113
	438,000	NetApp, Inc.(b)		6,495,540
	600	NetFlix, Inc.(b)		21,684
	5,229	Netgear, Inc.(b)		58,146
	4,700	Netlogic Microsystems, Inc.(b)		99,687
	16,000	Netscout Systems, Inc.(b)		227,520
	180,000	NetSuite, Inc.(b)		1,260,000
	9,600	Network Equipment Technologies, Inc.(b)		30,048
	9,600	Neurogen Corp.(b)		1,248
	150,000	NeuStar, Inc. - Class A(b)		2,043,000
	7,200	New Jersey Resources Corp.		288,648
	15,700	NewAlliance Bancshares, Inc.		172,543
	1,100	NewMarket Corp.		34,650
	18,777	Newpark Resources, Inc.(b)		79,051
	8,760	Newport Corp.(b)		46,866
	11,402	NexCen Brands, Inc.(b)		684
	6,800	Nextwave Wireless, Inc.(b)		1,428
	219,533	NIC, Inc.		1,172,306
	5,400	Nicor, Inc.		184,734
	18,200	NL Industries, Inc.		210,392
	2,440	NN, Inc.		4,148
	2,800	Noble International Ltd.		924
	6,600	Nordson Corp.		199,386
	23,000	Northern Trust Corp.		1,322,960
	9,052	Northwest Bancorp, Inc.		168,005
	2,700	Northwest Natural Gas Co.		115,938
	2,200	Northwest Pipe Co.(b)		77,572
	3,065	NorthWestern Corp.		74,204
Shares			Value
UNITED STATES (continued)
	7,300	Novatel Wireless, Inc.(b)	$	40,442
	9,700	Novavax, Inc.(b)		15,423
	5,439	Noven Pharmaceuticals, Inc.(b)		54,009
	5,006	NPS Pharmaceuticals, Inc.(b)		31,237
	6,500	Nu Skin Enterprises, Inc. - Class A		61,685
	6,050	NutriSystem, Inc.		77,984
	53,850	NuVasive, Inc.(b)		2,010,759
	3,000	NxStage Medical, Inc.(b)		10,290
	135,000	Oceaneering International, Inc.(b)		4,652,100
	2,207	OceanFirst Financial Corp.		28,294
	3,900	O’Charleys, Inc.		9,750
	14,700	Ocwen Financial Corp.(b)		130,830
	11,900	Odyssey HealthCare, Inc.(b)		118,048
	1,700	Odyssey Marine Exploration, Inc.(b)		6,715
	8,400	Odyssey Re Holdings Corp.		395,220
	9,400	Oil States International, Inc.(b)		172,114
	6,400	Old Dominion Freight Line, Inc.(b)		160,512
	8,900	Old National Bancorp		113,297
	4,800	Old Second Bancorp, Inc.		42,912
	9,900	Olin Corp.		139,095
	1,000	Olympic Steel, Inc.		15,870
	3,800	OM Group, Inc.(b)		73,644
	5,200	Omega Healthcare Investors, Inc.		76,076
	6,100	Omega Protein Corp.(b)		23,302
	5,500	Omnicell, Inc.(b)		42,955
	151,960	Omniture, Inc.(b)		1,381,316
	6,300	Omnivision Technologies, Inc.(b)		42,147
	9,400	Omnova Solutions, Inc.(b)		8,554
	4,600	On Assignment, Inc.(b)		21,298
	48,525	ON Semiconductor Corp.(b)		202,349
	600	One Liberty Properties, Inc.		3,690
	7,300	Online Resources Corp.(b)		23,068
	3,100	Onyx Pharmacueticals, Inc.(b)		94,333
	13,916	Openwave Systems, Inc.(b)		10,159
	4,300	Oplink Communications, Inc.(b)		30,401
	3,900	Opnet Technologies, Inc.(b)		31,980
	16,565	OraSure Technologies, Inc.(b)		47,707
	6,500	Orbital Sciences Corp.(b)		109,005
	3,042	O’Reilly Automotive, Inc.(b)		88,431
	200	Ormat Technologies, Inc.		6,198
	13,200	Orthovita, Inc.(b)		38,148
	3,400	OSI Pharmaceuticals, Inc.(b)		121,040
	4,500	OSI Systems, Inc.(b)		65,835
	3,961	Otter Tail Corp.		80,289
	2,400	Overstock.com, Inc.(b)		26,352
	1,700	Owens & Minor, Inc.		67,609
	2,929	Oxford Industries, Inc.		19,507
	800	OYO Geospace Corp.(b)		11,960

54

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,600	P.F. Chang’s China Bistro, Inc.(b)	$	63,828
	5,786	Pacific Capital Bancorp		61,389
	3,070	PacWest Bancorp		51,914
	4,500	PAETEC Holding Corp.(b)		6,075
	14,600	Pain Therapeutics, Inc.(b)		96,944
	11,344	Palm Harbor Homes, Inc.(b)		40,158
	19,600	Palm, Inc.(b)		150,332
	1,994	Palomar Medical Technologies, Inc.(b)		17,647
	3,030	Panacos Pharmaceuticals, Inc.(b)		213
	4,600	Panera Bread Co. - Class A(b)		216,108
	5,800	Pantry, Inc. (The)(b)		96,454
	2,400	Papa John’s International, Inc.(b)		45,624
	6,500	Parallel Petroleum Corp.(b)		15,730
	9,000	Parexel International Corp.(b)		89,010
	10,100	Park Electrochemical Corp.		177,255
	1,900	Park National Corp.		103,075
	18,237	Parker Drilling Co.(b)		38,662
	3,500	Parkervision, Inc.(b)		6,265
	1,313	Park-Ohio Holdings Corp.(b)		4,832
	2,300	Parkway Properties, Inc.		34,316
	647	Patriot Capital Funding, Inc.		1,812
	65,000	Patterson Cos., Inc.(b)		1,195,350
	6,897	PC Connection, Inc.(b)		33,726
	1,400	PC Mall, Inc.(b)		5,558
	4,814	PC-Tel, Inc.		31,098
	13,980	PDF Solutions, Inc.(b)		20,830
	1,616	PDI, Inc.(b)		7,466
	6,200	PDL BioPharma, Inc.		39,804
	11,000	Peabody Energy Corp.		275,000
	900	Peapack Gladstone Financial Corp.(c)		19,800
	4,942	Peet’s Coffee & Tea, Inc.(b)		100,421
	17,900	Pegasystems, Inc.		242,903
	1,700	Penford Corp.		14,722
	4,600	Penn Virginia Corp.		94,760
	4,600	Pennsylvania Real Estate Investment Trust		20,378
	15,400	Penske Auto Group, Inc.		114,268
	1,400	Penwest Pharmaceuticals Co.(b)		2,478
	871	Peoples Bancorp, Inc.		8,771
	4,900	PEP Boys - Manny Moe & Jack		14,161
	3,700	Perficient, Inc.(b)		14,467
	9,090	Pericom Semiconductor Corp.(b)		56,085
	3,700	Perini Corp.(b)		77,145
	8,800	Perot Systems Corp. - Class A(b)		114,312
	2,916	Perry Ellis International, Inc.(b)		11,197
	7,800	PetMed Express, Inc.(b)		112,632
	7,440	PetroHawk Energy Corp.(b)		146,642
	3,643	Petroleum Development Corp.(b)		62,842
Shares			Value
UNITED STATES (continued)
	23,900	Petroquest Energy, Inc.(b)	$	151,287
	2,700	PFF Bancorp, Inc.(b)		62
	9,400	PharmaNet Development Group, Inc.(b)		12,314
	2,159	PharMerica Corp.(b)		35,494
	8,500	PHH Corp.(b)		93,925
	5,900	PHI, Inc. - Non Voting(b)		70,918
	200	PHI, Inc. - Voting(b)		3,150
	14,400	Phoenix Cos., Inc. (The)		25,200
	8,617	Phoenix Technologies Ltd.(b)		22,232
	10,872	Photronics, Inc.(b)		17,286
	3,500	Pico Holdings, Inc.(b)		88,970
	5,400	Piedmont Natural Gas Co.		139,914
	43,700	Pier 1 Imports, Inc.(b)		15,295
	3,100	Pike Electric Corp.(b)		34,875
	5,300	Pilgrim’s Pride Corp.(c)		3,763
	7,400	Pinnacle Airlines Corp.(b)		14,800
	8,300	Pinnacle Entertainment, Inc.(b)		56,274
	5,000	Pinnacle Financial Partners, Inc.(b)		118,150
	37,000	Pioneer Natural Resources Co.		541,680
	600	Piper Jaffray Cos.(b)		17,226
	117,000	Plains Exploration & Production Co.(b)		2,471,040
	6,400	Plantronics, Inc.		64,960
	14,000	Playboy Enterprises, Inc. - Class B(b)		24,220
	10,800	Plexus Corp.(b)		156,168
	43,300	Plug Power, Inc.(b)		38,970
	2,300	PLX Technology, Inc.(b)		3,795
	7,384	PMA Capital Corp. - Class A(b)		40,686
	31,200	PMC - Sierra, Inc.(b)		151,944
	4,900	PNM Resources, Inc.		49,196
	3,176	Polaris Industries, Inc.		67,554
	20,500	PolyOne Corp.(b)		42,025
	2,900	Portfolio Recovery Associates, Inc.(b)		68,411
	1,000	Portland General Electric Co.		19,450
	5,400	Post Properties, Inc.		70,686
	5,501	Powell Industries, Inc.(b)		131,364
	4,573	Power-One, Inc.(b)		4,664
	21,118	Powerwave Technologies, Inc.(b)		9,503
	9,517	Pozen, Inc.(b)		68,332
	900	Preferred Bank Los Angeles		5,013
	5,700	Premiere Global Services, Inc.(b)		55,233
	1,700	Pre-Paid Legal Services, Inc.(b)		57,154
	5,520	Presidential Life Corp.		53,378
	18,104	Presstek, Inc.(b)		39,105
	2,200	Prestige Brands Holdings, Inc.(b)		13,970
	5,900	Pricesmart, Inc.		96,170
	9,048	Princeton Review, Inc.(b)		44,426
	200	PrivateBancorp, Inc.		2,916
	4,300	ProAssurance Corp.(b)		203,218

55

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,886	Progenics Pharmaceuticals, Inc.(b)	$	28,329
	4,900	Progress Software Corp.(b)		83,594
	663	Progressive Gaming International Corp.(b)		41
	6,400	Prosperity Bancshares, Inc.		173,120
	8,450	Protection One, Inc.(b)		24,082
	5,726	Providence Service Corp. (The)(b)		12,311
	6,331	Provident Bankshares Corp.		40,645
	700	Provident Financial Holdings, Inc.		3,150
	8,600	Provident Financial Services, Inc.		93,998
	20,617	Provident New York Bancorp		195,862
	3,000	PS Business Parks, Inc.		128,700
	9,332	PSS World Medical, Inc.(b)		148,192
	3,800	Psychiatric Solutions, Inc.(b)		98,800
	2,357	QAD, Inc.		6,034
	3,090	QC Holdings, Inc.		13,132
	3,600	Quaker Chemical Corp.		41,076
	2,100	Quality Systems, Inc.		78,288
	4,900	Quanex Building Products Corp.		41,601
	31,262	Quanta Services, Inc.(b)		668,382
	71,700	Quantum Corp.(b)		36,567
	11,000	Quest Resource Corp.(b)		4,290
	17,800	Quest Software, Inc.(b)		221,966
	22,500	Questcor Pharmaceuticals, Inc.(b)		145,125
	9,364	Quidel Corp.(b)		115,177
	15,800	Quiksilver, Inc.(b)		33,180
	5,800	Rackable Systems, Inc.(b)		22,794
	5,400	Radiant Systems, Inc.(b)		18,684
	1,200	Radio One, Inc. - Class A(b)		744
	1,430	Radio One, Inc. - Class D(b)		486
	6,000	Radisys Corp.(b)		28,380
	90,000	Ralcorp Holdings, Inc.(b)		5,329,800
	2,500	Rambus, Inc.(b)		22,650
	2,800	Ramco-Gershenson Properties		13,776
	5,887	Raven Industries, Inc.		128,395
	152,200	RBC Bearings, Inc.(b)		2,782,216
	6,539	RC2 Corp.(b)		37,992
	700	RCN Corp.(b)		2,576
	18,353	RealNetworks, Inc.(b)		51,755
	4,398	Red Robin Gourmet Burgers, Inc.(b)		53,568
	1,575	Reddy Ice Holdings, Inc.		2,552
	5,000	Regal-Beloit Corp.		169,800
	12,490	Regeneron Pharmaceuticals, Inc.(b)		218,325
	5,600	Regis Corp.		63,000
	4,700	RehabCare Group, Inc.(b)		65,565
	5,900	Renaissance Learning, Inc.		42,657
	5,222	Renasant Corp.		63,238
	10,524	Rent-A-Center, Inc.(b)		156,281
	14,700	Rentech, Inc.(b)		10,143
Shares			Value
UNITED STATES (continued)
	9,400	Republic Airways Holdings, Inc.(b)	$	76,986
	5,599	Res-Care, Inc.(b)		75,866
	47,000	Resmed, Inc.(b)		1,875,300
	3,000	Resource America, Inc. - Class A		12,240
	4,300	Resources Connection, Inc.(b)		62,221
	8,100	Retail Ventures, Inc.(b)		19,359
	5,087	Revlon, Inc. - Class A(b)		30,064
	56,149	RF Micro Devices, Inc.(b)		60,641
	6,300	Rigel Pharmaceuticals, Inc.(b)		44,037
	10,500	RightNow Technologies, Inc.(b)		61,320
	2,900	Rimage Corp.(b)		38,019
	4,800	RLI Corp.		271,152
	6,200	Robbins & Myers, Inc.		107,198
	5,500	Rock-Tenn Co. - Class A		171,435
	1,726	Rockville Financial, Inc.		19,711
	3,000	Rofin-Sinar Technologies, Inc.(b)		50,670
	3,300	Rogers Corp.(b)		80,850
	8,850	Rollins, Inc.		138,060
	30,000	Roper Industries, Inc.		1,234,200
	4,000	Royal Gold, Inc.		192,320
	17,550	RPC, Inc.		130,572
	12,859	RTI Biologics, Inc.(b)		31,505
	4,343	RTI International Metals, Inc.(b)		57,805
	4,500	Ruby Tuesday, Inc.(b)		5,580
	8,600	Ruddick Corp.		206,830
	7,900	Rudolph Technologies, Inc.(b)		22,199
	6,900	Rush Enterprises, Inc. - Class A(b)		62,790
	4,300	Russ Berrie & Co., Inc.(b)		7,353
	3,100	S & T Bancorp, Inc.		78,833
	19,536	S1 Corp.(b)		130,305
	16,300	Safeguard Scientifics, Inc.(b)		9,780
	8,000	Safety Insurance Group, Inc.		280,160
	1,300	Saga Communications, Inc. - Class A(b)		5,746
	3,400	Saia, Inc.(b)		36,346
	4,505	Salem Communications Corp. - Class A(b)		4,415
	32,000	Salesforce.com, Inc.(b)		851,520
	5,304	Salix Pharmaceuticals Ltd.(b)		42,432
	14,700	Sally Beauty Holdings, Inc.(b)		69,531
	3,501	Sanders Morris Harris Group, Inc.		14,564
	2,300	Sanderson Farms, Inc.		83,214
	5,999	Sandy Spring Bancorp, Inc.		84,706
	8,200	Sangamo Biosciences, Inc.(b)		34,030
	6,000	Santarus, Inc.(b)		10,140
	12,700	Sapient Corp.(b)		54,102
	4,800	Sauer-Danfoss, Inc.		36,192
	2,200	Saul Centers, Inc.		71,940
	11,100	Savient Pharmaceuticals, Inc.(b)		61,494

56

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	4,100	SBA Communications Corp. - Class A(b)	$	81,590
	2,900	Scansource, Inc.(b)		54,288
	213,280	Schawk, Inc.		1,736,099
	400	Schnitzer Steel Industries, Inc. - Class A		15,708
	6,500	Scholastic Corp.		70,850
	2,600	School Specialty, Inc.(b)		42,900
	6,001	Schulman (A.), Inc.		90,915
	7,776	Schweitzer-Mauduit International, Inc.		166,406
	615	Sciclone Pharmaceuticals, Inc.(b)		510
	300	SeaBright Insurance Holdings, Inc.(b)		3,111
	7,800	Seachange International, Inc.(b)		46,176
	3,200	Seacoast Banking Corp. of Florida		14,688
	7,616	Seattle Genetics, Inc.(b)		76,845
	458,784	SEI Investments Co.		5,812,793
	4,500	Select Comfort Corp.(b)		1,395
	8,400	Selective Insurance Group		128,940
	7,400	Semitool, Inc.(b)		20,498
	6,800	Semtech Corp.(b)		79,900
	2,060	Senomyx, Inc.(b)		7,313
	291,300	Sensient Technologies Corp.		6,262,950
	9,200	Sequenom, Inc.(b)		203,872
	129	SeraCare Life Sciences, Inc.(b)		138
	145,000	Service Corp. International		659,750
	4,200	Shenandoah Telecommunications Co.		102,396
	100,000	Sherwin-Williams Co. (The)		4,775,000
	4,200	Shiloh Industries, Inc.		9,660
	3,300	Shoe Carnival, Inc.(b)		25,905
	800	Sierra Bancorp		9,800
	3,185	Sigma Designs, Inc.(b)		32,551
	5,325	Signature Bank(b)		136,799
	6,400	Silgan Holdings, Inc.		293,376
	30,458	Silicon Image, Inc.(b)		111,781
	2,000	Silicon Laboratories, Inc.(b)		46,060
	23,420	Silicon Storage Technology, Inc.(b)		48,011
	5,036	Simmons First National Corp. - Class A		124,087
	7,850	Simpson Manufacturing Co., Inc.		157,550
	7,253	Sinclair Broadcast Group, Inc. - Class A		13,418
	15,400	SIRVA, Inc.(b)(c)(d)		5
	6,700	Six Flags, Inc.(b)		2,010
	2,800	SJW Corp.		75,292
	4,600	Skechers U.S.A., Inc. - Class A(b)		45,816
	1,600	Skyline Corp.		32,128
	9,380	Skywest, Inc.		146,797
	29,400	Skyworks Solutions, Inc.(b)		127,008
Shares			Value
UNITED STATES (continued)
	4,700	Smith & Wesson Holding Corp.(b)	$	11,092
	23,804	Smith International, Inc.		540,351
	2,000	Smith Micro Software, Inc.(b)		10,600
	900	Smithtown Bancorp, Inc.		12,402
	2,900	Somanetics Corp.(b)		42,456
	1,900	Somaxon Pharmaceuticals, Inc.(b)		4,655
	5,900	Sonic Automotive, Inc. - Class A		11,977
	4,200	Sonic Corp.(b)		40,908
	13,200	Sonic Innovations, Inc.(b)		11,880
	9,100	Sonic Solutions, Inc.(b)		11,921
	32,229	SonicWALL, Inc.(b)		113,446
	89,300	SonoSite, Inc.(b)		1,695,807
	20,756	Sonus Networks, Inc.(b)		27,398
	5,300	Sotheby’s		46,057
	6,142	Source Interlink Cos., Inc.(b)		676
	6,600	SourceForge, Inc.(b)		6,600
	4,400	South Jersey Industries, Inc.		164,120
	4,790	Southside Bancshares, Inc.		91,106
	5,300	Southwest Bancorp, Inc.		55,544
	4,200	Southwest Gas Corp.		108,192
	6,015	Southwest Water Co.		26,947
	2,600	Sovran Self Storage, Inc.		67,600
	2,800	Spanish Broadcasting System, Inc. - Class A(b)		476
	4,275	Spartan Motors, Inc.		18,554
	7,600	Spartan Stores, Inc.		141,208
	6,300	Spartech Corp.		19,971
	5,400	Spectranetics Corp.(b)		16,200
	5,870	Speedway Motorsports, Inc.		84,763
	13,801	Spherion Corp.(b)		19,735
	1,830	SPSS, Inc.(b)		46,994
	7,000	SRA International, Inc. - Class A(b)		114,310
	54,000	St. Jude Medical, Inc.(b)		1,963,980
	7,100	St. Mary Land & Exploration Co.		137,385
	5,100	Stage Stores, Inc.		36,465
	4,586	Stamps.com, Inc.(b)		37,513
	2,800	Standard Microsystems Corp.(b)		38,780
	3,963	Standard Parking Corp.(b)		75,852
	5,414	Standard Register Co. (The)		39,360
	4,600	Standex International Corp.		70,610
	1,200	Star Scientific, Inc.(b)		3,960
	5,550	State Auto Financial Corp.		122,655
	1,281	State Bancorp, Inc.		7,686
	1,900	Steak N Shake Co. (The)(b)		10,868
	13,700	STEC, Inc.(b)		61,376
	5,400	Stein Mart, Inc.(b)		6,318
	2,000	Steinway Musical Instruments(b)		23,120
	3,500	Stepan Co.		128,415
	5,205	Stereotaxis, Inc.(b)		13,273
	6,300	Sterling Bancorp		69,426

57

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	14,896	Sterling Bancshares, Inc.	$	82,822
	1,200	Sterling Construction Co., Inc.(b)		21,504
	6,389	Sterling Financial Corp.		11,820
	7,350	Steven Madden Ltd.(b)		127,743
	765,100	Stewart Enterprises, Inc. - Class A		2,616,642
	2,529	Stewart Information Services Corp.		37,530
	4,650	Stifel Financial Corp.(b)		162,936
	17,000	Stillwater Mining Co.(b)		70,550
	7,196	Stone Energy Corp.(b)		61,742
	4,200	Stratasys, Inc.(b)		44,982
	6,500	Strategic Hotels & Resorts, Inc.		8,905
	3,800	Sturm Ruger & Co., Inc.(b)		25,118
	3,204	Suffolk Bancorp		97,754
	10,800	Sulphco, Inc.(b)		6,156
	5,276	Sun Bancorp, Inc.(b)		29,862
	2,900	Sun Communities, Inc.		34,800
	6,500	Sun Healthcare Group, Inc.(b)		73,645
	1,500	Sun Hydraulics Corp.		23,100
	9,100	Sunrise Senior Living, Inc.(b)		10,920
	6,897	Sunstone Hotel Investors, Inc.		29,726
	10,591	SuperGen, Inc.(b)		24,465
	1,500	Superior Bancorp(b)		4,110
	167,900	Superior Energy Services, Inc.(b)		2,615,882
	3,700	Superior Industries International, Inc.		37,999
	6,300	Superior Well Services, Inc.(b)		57,897
	2,775	Supertex, Inc.(b)		62,965
	9,100	SupportSoft, Inc.(b)		17,199
	7,113	SureWest Communications		72,624
	51,533	SurModics, Inc.(b)		1,021,899
	12,379	Susquehanna Bancshares, Inc.		136,169
	5,700	SVB Financial Group(b)		118,389
	5,686	Swift Energy Co.(b)		87,110
	3,400	SWS Group, Inc.		49,810
	2,152	SY Bancorp, Inc.		49,023
	38,111	Sycamore Networks, Inc.(b)		89,561
	9,442	SYKES Enterprises, Inc.(b)		157,776
	11,111	Symmetricom, Inc.(b)		41,222
	3,500	Symmetry Medical, Inc.(b)		23,975
	3,100	Syms Corp.(b)(c)		17,918
	11,700	Symyx Technologies, Inc.(b)		56,160
	6,495	Synaptics, Inc.(b)		153,087
	12,400	Syniverse Holdings, Inc.(b)		168,144
	4,000	SYNNEX Corp.(b)		61,400
	6,100	Synovis Life Technologies, Inc.(b)		99,369
	9,600	Syntax-Brillian Corp.(b)		38
	3,900	Syntel, Inc.		84,045
	800	Syntroleum Corp.(b)		656
	17,800	Systemax, Inc.		180,314
	27,000	T. Rowe Price Group, Inc.		744,660
	1,800	T-3 Energy Services, Inc.(b)		22,950
Shares			Value
UNITED STATES (continued)
	10,100	Take-Two Interactive Software, Inc.(b)	$	70,902
	7,800	Talbots, Inc.		15,834
	100,000	Taleo Corp. - Class A(b)		843,000
	3,300	Tanger Factory Outlet Centers		99,990
	4,920	Taser International, Inc.(b)		24,944
	5,900	Taubman Centers, Inc.		117,115
	1,401	Taylor Capital Group, Inc.		8,952
	1,738	Team, Inc.(b)		34,326
	7,600	Tech Data Corp.(b)		137,636
	40,000	Techne Corp.		2,398,800
	8,700	Technitrol, Inc.		19,140
	900	Techwell, Inc.(b)		5,085
	3,800	Tecumseh Products Co. - Class A(b)		31,160
	700	Tecumseh Products Co. - Class B(b)		5,740
	1,910	Tejon Ranch Co.(b)		41,734
	12,500	Tekelec(b)		155,250
	4,600	Teledyne Technologies, Inc.(b)		128,202
	75,000	Teleflex, Inc.		3,988,500
	9,737	TeleTech Holdings, Inc.(b)		78,772
	4,500	Tempur-Pedic International, Inc.(b)		31,500
	2,800	Tennant Co.		37,912
	8,800	Tenneco, Inc.(b)		16,192
	11,500	Terremark Worldwide, Inc.(b)		40,365
	3,200	TerreStar Corp.(b)		1,600
	8,455	Tetra Tech, Inc.(b)		196,410
	11,300	Tetra Technologies, Inc.(b)		58,647
	9,600	Texas Capital Bancshares, Inc.(b)		108,384
	3,300	Texas Industries, Inc.		74,943
	8,300	Texas Roadhouse, Inc. - Class A(b)		63,329
	1,800	Theravance, Inc.(b)		23,724
	5,500	TheStreet.com, Inc.		15,015
	7,400	thinkorswim Group, Inc.(b)		55,648
	8,300	Thomas Properties Group, Inc.		16,600
	7,006	Thor Industries, Inc.		74,123
	9,800	Thoratec Corp.(b)		283,906
	5,250	THQ, Inc.(b)		20,738
	20,702	TIBCO Software, Inc.(b)		110,756
	2,500	TierOne Corp.		4,025
	7,900	Timberland Co. - Class A(b)		86,821
	4,000	Titan International, Inc.		31,040
	9,900	Tivo, Inc.(b)		71,181
	3,750	TNS, Inc.(b)		31,012
	3,410	Tompkins Financial Corp.		171,012
	4,106	Tootsie Roll Industries, Inc.		98,010
	3,200	Toro Co.		94,752
	2,000	Tower Group, Inc.		50,140
	5,500	Tractor Supply Co.(b)		185,405
	8,685	TradeStation Group, Inc.(b)		47,854
	11,900	Transmeridian Exploration, Inc.(b)		202

58

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,100	Travelzoo, Inc.(b)	$	4,411
	9,000	TRC Cos., Inc.(b)		26,190
	7,600	Tredegar Corp.		125,400
	5,100	TreeHouse Foods, Inc.(b)		134,589
	2,400	Trex Co., Inc.(b)		35,496
	1,975	Triad Guaranty, Inc.(b)		889
	5,700	Trico Bancshares		114,798
	3,100	Trico Marine Services, Inc.(b)		19,282
	9,880	Trident Microsystems, Inc.(b)		16,796
	181,210	Trimble Navigation Ltd.(b)		2,685,532
	4,503	Trimeris, Inc.		4,593
	28,756	TriQuint Semiconductor, Inc.(b)		58,087
	2,200	Triumph Group, Inc.		99,616
	1,200	Tri-Valley Corp.(b)		1,620
	7,600	True Religion Apparel, Inc.(b)		86,716
	6,100	TrueBlue, Inc.(b)		51,850
	10,059	Trustco Bank Corp.		67,395
	8,775	Trustmark Corp.		178,132
	20,900	TTM Technologies, Inc.(b)		126,027
	5,800	Tuesday Morning Corp.(b)		6,844
	4,000	Tween Brands, Inc.(b)		10,760
	1,400	Twin Disc, Inc.		9,198
	12,600	TXCO Resources, Inc.(b)		20,286
	11,900	Tyler Technologies, Inc.(b)		149,821
	11,900	UCBH Holdings, Inc.		27,727
	3,076	UIL Holdings Corp.		81,299
	2,500	Ultimate Software Group, Inc.(b)		34,425
	4,400	Ultra Clean Holdings(b)		4,928
	170,000	Ultra Petroleum Corp.(b)		6,091,100
	5,008	Ultralife Corp.(b)		40,114
	11,500	Ultratech, Inc.(b)		128,800
	1,624	UMB Financial Corp.		62,914
	8,639	Umpqua Holdings Corp.		84,662
	2,000	Unifirst Corp.		52,480
	4,950	Union Bankshares Corp.		77,368
	3,800	Union Drilling, Inc.(b)		17,404
	4,900	Unisource Energy Corp.		138,376
	7,159	United Bankshares, Inc.		150,267
	4,061	United Community Banks, Inc.		20,914
	6,025	United Community Financial Corp.		3,073
	508	United Financial Bancorp, Inc.		6,965
	3,500	United Fire & Casualty Co.		70,175
	4,949	United Natural Foods, Inc.(b)		76,907
	12,254	United Online, Inc.		74,994
	9,900	United Rentals, Inc.(b)		55,242
	4,514	United Stationers, Inc.(b)		126,437
	100	United Therapeutics Corp.(b)		6,795
	9,230	Universal American Corp.(b)		91,100
	2,386	Universal Corp.		72,964
	5,000	Universal Display Corp.(b)		38,150
	3,108	Universal Electronics, Inc.(b)		35,058
	2,311	Universal Forest Products, Inc.		48,531
	1,700	Universal Health Realty Income Trust		52,020

Shares			Value
UNITED STATES (continued)
	4,800	Universal Insurance Holdings, Inc.	$	17,376
	5,500	Universal Technical Institute, Inc.(b)		96,415
	5,600	Universal Truckload Services, Inc.(b)		69,216
	4,405	Univest Corp. of Pennsylvania		100,874
	3,800	Urstadt Biddle Properties, Inc.		50,540
	9,300	Urstadt Biddle Properties, Inc. - Class A		137,547
	29,010	US Gold Corp.(b)		57,440
	1,400	US Physical Therapy, Inc.(b)		17,080
	3,955	USA Mobility, Inc.(b)		41,804
	700	USANA Health Sciences, Inc.(b)		16,247
	8,400	USEC, Inc.(b)		42,756
	9,600	U-Store-It Trust		36,000
	150,000	UTi Worldwide, Inc.		1,644,000
	31,900	Utstarcom, Inc.(b)		46,893
	19,774	Vaalco Energy, Inc.(b)		148,503
	4,700	Vail Resorts, Inc.(b)		109,604
	16,600	Valeant Pharmaceuticals International(b)		360,220
	7,753	Valuevision Media, Inc. - Class A(b)		1,899
	300	Varian Semiconductor Equipment Associates, Inc.(b)		5,712
	3,500	Varian, Inc.(b)		97,440
	100,000	VCA Antech, Inc.(b)		1,882,000
	7,933	Vector Group Ltd.		115,504
	7,000	Veeco Instruments, Inc.(b)		33,810
	11,975	Verenium Corp.(b)		14,729
	2,600	Viad Corp.		57,798
	5,000	Viasat, Inc.(b)		110,800
	4,000	Vicor Corp.		18,880
	7,272	Vignette Corp.(b)		50,686
	4,862	Virginia Commerce Bancorp(b)		20,275
	10,329	Viropharma, Inc.(b)		123,948
	720	Virtus Investment Partners, Inc.(b)		4,363
	21,672	Visteon Corp.(b)		3,034
	4,240	Vital Images, Inc.(b)		47,954
	18,770	Vivus, Inc.(b)		92,161
	5,000	Vnus Medical Technologies, Inc.(b)		80,050
	105,600	Vocus, Inc.(b)		1,611,456
	4,600	Volcano Corp.(b)		60,122
	1,900	Volcom, Inc.(b)		15,751
	8,000	Volt Information Sciences, Inc.(b)		42,640
	5,500	Volterra Semiconductor Corp.(b)		38,500
	52,000	W.R. Berkley Corp.		1,376,960
	5,300	Wabash National Corp.		14,946
	8,029	Wabtec Corp.		240,308
	257,000	Waddell & Reed Financial, Inc. - Class A		3,628,840

59

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	7,155	Warnaco Group, Inc. (The)(b)	$	161,989
	28,800	Warren Resources, Inc.(b)		51,840
	5,900	Washington Real Estate Investment Trust		140,479
	2,900	Washington Trust Bancorp, Inc.		47,444
	304,300	Waste Connections, Inc.(b)		8,830,786
	151,491	Waters Corp.(b)		5,479,429
	900	Waterstone Financial, Inc.(b)		2,223
	3,000	Watsco, Inc.		99,150
	2,000	Watson Wyatt Worldwide, Inc. - Class A		93,000
	3,800	Watts Water Technologies, Inc. - Class A		84,664
	8,100	Wausau Paper Corp.		77,031
	145,600	WD-40 Co.		3,650,192
	10,000	Web.com Group, Inc.(b)		30,000
	6,500	Websense, Inc.(b)		72,800
	4,744	Weis Markets, Inc.		147,586
	600	Wellman, Inc.(b)		1
	12,000	Wendy’s/Arby’s Group, Inc. - Class A		60,480
	9,800	Werner Enterprises, Inc.		147,000
	3,683	WesBanco, Inc.		76,091
	910	West Bancorp, Inc.		7,371
	2,200	West Coast Bancorp		6,534
	4,400	West Marine, Inc.(b)		22,440
	197,200	West Pharmaceutical Services, Inc.		6,550,984
	3,200	Westamerica Bancorp.		136,736
	6,200	Westell Technologies, Inc. - Class A(b)		1,984
	8,800	Westlake Chemical Corp.		120,296
	800	Westmoreland Coal Co.(b)		7,320
	500	Westwood Holdings Group, Inc.		13,880
	7,400	Wet Seal, Inc. (The) - Class A(b)		19,314
	6,900	WGL Holdings, Inc.		221,490
	103,900	Whiting Petroleum Corp.(b)		3,013,100
	9,300	Whitney Holding Corp.		120,807
	6,501	Wilshire Bancorp, Inc.		44,597
	12,500	Wind River Systems, Inc.(b)		99,625
	7,400	Winn-Dixie Stores, Inc.(b)		101,676
	4,900	Winnebago Industries		27,097
	2,970	Winthrop Realty Trust		30,056
	3,300	Wintrust Financial Corp.		44,121
	157,655	Wisconsin Energy Corp.		7,028,260
	3,150	WMS Industries, Inc.(b)		69,993
	5,500	Wolverine World Wide, Inc.		99,770
	8,400	Woodward Governor Co.		172,788
	3,690	World Acceptance Corp.(b)		70,664
	4,600	World Fuel Services Corp.		155,342
	3,400	World Wrestling Entertainment, Inc. - Class A		33,116
	1,900	WorldSpace, Inc. - Class A(b)		19
	10,300	Worthington Industries, Inc.		103,618
	153,100	Wright Express Corp.(b)		1,785,146

Shares			Value
UNITED STATES (continued)
	5,900	Wright Medical Group, Inc.(b)	$	122,366
	2,800	Xenoport, Inc.(b)		73,136
	3,100	Xerium Technologies, Inc.(b)		1,519
	14,439	X-Rite, Inc.(b)		19,204
	7,000	Zale Corp.(b)		8,680
	5,400	Zenith National Insurance Corp.		151,416
	3,893	Zep, Inc.		42,784
	700	Zhone Technologies, Inc.(b)		97
	15,000	Zimmer Holdings, Inc.(b)		546,000
	10,100	Zoll Medical Corp.(b)		161,701
	2,600	Zoltek Cos., Inc.(b)		18,408
	9,822	Zoran Corp.(b)		58,343
	800	Zumiez, Inc.(b)		5,720
	6,555	Zymogenetics, Inc.(b)		27,859
				590,006,103
Total Common Stocks (Cost $1,144,699,686)				861,298,039
EXCHANGE TRADED FUNDS — 1.4%
	75,000	Midcap SPDR Trust Series 1		6,801,750
	24,000	iShares MSCI Brazil Index Fund		848,400
	742,500	iShares MSCI Japan Index Fund		6,259,275
	1,317,400	iShares MSCI Singapore Index Fund		8,497,230
	122,700	iShares MSCI South Korea Index Fund		3,255,231
	250,000	iShares S&P Smallcap 600 Index Fund		9,695,000
Total Exchange Traded Funds (Cost $42,644,838)				35,356,886

Shares
INVESTMENT COMPANY — 0.3%
	7,706,561	SEI Daily Income Trust Government II Fund, Class A	7,706,561
Total Investment Company (Cost $7,706,561)			7,706,561
RIGHTS/WARRANTS — 0.0%
Consumer Discretionary — 0.0%
	31,200	Golden Resorts Group Ltd., Expire 06/09/10(b)(c)	40
Diversified Financials — 0.0%
	9,600	Allied Properties HK Ltd., Expire 06/06/09(b)(c)	681
Health Care — 0.0%
	4,243	DOV Pharmaceutical, Inc., Expire 12/31/09(b)(c)	1
Industrials — 0.0%
	4,857	China State Construction International Holdings Ltd., Expire 02/27/09(b)	6

60

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
Industrials (continued)
	2,218	Mecalux SA, Expire 02/05/09(b)	$	2,925
				2,931
Materials — 0.0%
	2,762	MIL Resources Ltd., Expire 05/31/12(b)		2
Real Estate — 0.0%
	356,832	Asia Standard International Group, Expire 09/07/09(b)(c)		0
	465,116	Bangkok Land Public Co. Ltd. - NVDR, Expire 05/02/13(b)(c)		532
	26,800	Tian An China Investment Co., Expire 01/02/10(b)		69
	29,766	Ticon Industrial Connection Pcl, Expire 01/31/14(b)(d)		0
				601
Telecommunication Services — 0.0%
	21,795	PYI Corp. Ltd., Expire 09/25/09(b)		34
Utilities — 0.0%
	75,483	Envestra, Expire 06/30/10(d)		0
Total Rights/Warrants (Cost $0)				4,290

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 47.1%
Federal Home Loan Bank — 28.7%
$	42,000,000	0.00%, 02/02/09(f)		42,000,000
	8,000,000	0.13%, 02/04/09(f)		7,999,944
	8,000,000	0.00%, 02/06/09(f)		7,999,938
	25,000,000	0.03%, 02/06/09(f)		24,999,917
	44,000,000	0.00%, 02/09/09(f)		43,998,987
	50,000,000	0.08%, 02/10/09(f)		49,999,111
	3,780,000	0.11%, 02/11/09(f)		3,779,896
	9,220,000	0.14%, 02/12/09(f)		9,219,650
	6,100,000	0.15%, 02/17/09(f)		6,099,619
	4,400,000	0.19%, 02/20/09(f)		4,399,582
	64,000,000	1.13%, 02/24/09(f)		63,956,024
	9,500,000	0.18%, 02/25/09(f)		9,498,936
	100,000,000	0.15%, 02/27/09(f)		99,989,584
	44,000,000	0.20%, 03/02/09(f)		43,993,156
	50,000,000	0.20%, 03/03/09(f)		49,991,944
	50,000,000	0.00%, 03/04/09(f)		49,990,417
	50,000,000	0.20%, 03/04/09(f)		49,991,667
	10,000,000	0.08%, 03/11/09(f)		9,999,178
	62,500,000	0.18%, 04/06/09(f)		62,474,812
	100,000,000	0.24%, 06/18/09(f)		99,899,100
				740,281,462

Principal Amount			Value
Freddie Mac — 18.4%
$	50,000,000	2.40%, 02/20/09(f)		49,940,000
	150,000,000	2.77%, 02/27/09(f)		149,711,458
	50,000,000	2.45%, 03/13/09(f)		49,867,292
	150,000,000	2.82%, 03/13/09(f)		149,541,750
	77,000,000	2.45%, 04/17/09(f)		76,963,579
				476,024,079
Total U.S. Government Agencies (Cost $1,215,969,397)				1,216,305,541
U.S. GOVERNMENT SECURITIES — 17.6%
U.S. Treasury Bills — 17.6%
	153,000,000	0.08%, 03/05/09(f)		152,989,614
	50,000,000	0.08%, 04/02/09(f)		49,986,150
	50,000,000	0.00%, 04/09/09(f)		49,980,200
	50,000,000	0.18%, 04/23/09(f)		49,978,650
	50,000,000	0.23%, 04/30/09(f)		49,972,100
	50,000,000	2.70%, 05/07/09(f)		49,969,600
	50,000,000	0.30%, 05/14/09(f)		49,965,050
Total U.S. Government Securities (Cost $452,848,123)				452,841,364
CASH SWEEP — 0.4%
	11,353,792	Citibank Dollars on Deposit in Custody Account		11,353,792
Total Cash Sweep (Cost $11,353,792)				11,353,792
TOTAL INVESTMENTS — 100.2% (Cost $2,875,222,397)(a)				2,584,866,473
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(4,271,837	)
NET ASSETS — 100.0%			$	2,580,594,636

(a) Aggregate book cost is $2,875,222,397 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	33,898,386
Unrealized depreciation		(324,254,310	)
Net unrealized depreciation	$	(290,355,924	)

(b)	Non-income producing security.
(c)	Illiquid security.
(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $189,483, which is 0.01% of net assets.
(e)	Securities incorporated in the same country but traded on different exchanges.
(f)	The rate represents the annualized yield at time of purchase.

       ADR — American Depositary Receipt
       NVDR — Non Voting Depositary Receipt
       REIT — Real Estate Investment Trust
       SDR – Swedish Depositary Receipt

61

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	1.2	%
Consumer Discretionary	4.4	%
Consumer Staples	2.8	%
Diversified Financials	1.3	%
Energy	2.2	%
Health Care	4.7	%
Industrials	6.6	%
Information Technology	4.9	%
Insurance	1.4	%
Materials	2.3	%
Mutual Fund	0.4	%
Real Estate	0.6	%
Telecommunication Services	0.3	%
Utilities	0.7	%
Other*	66.2	%

* Includes cash and equivalents, exchange traded funds, U.S. government agencies and securities, rights/warrants, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

62

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS	January 31, 2009
	(Unaudited)

Shares			Value
COMMON STOCKS — 24.5%
AUSTRALIA — 0.2%
	284,420	Australian Worldwide Exploration Ltd.(b)	$	478,910
	733,050	Beach Petroleum Ltd.		360,980
	275,600	Harvey Norman Holdings Ltd.		372,998
	974,050	Macmahon Holdings Ltd.		201,147
	752,440	OZ Minerals Ltd.		0
	293,830	Qantas Airways Ltd.		457,415
				1,871,450
AUSTRIA — 0.2%
	82,260	A-TEC Industries AG(b)		647,750
	19,180	Flughafen Wien AG		769,892
	32,520	Semperit AG Holding		666,214
				2,083,856
BELGIUM — 0.2%
	83,400	Anheuser-Busch InBev NV		2,121,814
	5,120	D’ieteren SA		578,008
				2,699,822
BERMUDA — 0.1%
	7,740	Arch Capital Group Ltd.(b)		465,561
	30,000	Helen of Troy Ltd.(b)		314,100
	19,550	IPC Holdings Ltd.		501,653
				1,281,314
BRAZIL — 0.6%
	103,300	B2W Companhia Global Do Varejo		1,106,468
	503,144	BM&FBOVESPA SA		1,450,876
	122,070	EDP - Energias do Brasil SA		1,168,084
	106,200	Petroleo Brasileiro SA - ADR		2,300,292
	145,200	Tam SA - ADR		1,062,864
				7,088,584
CANADA — 1.6%
	45,340	AltaGas Income Trust		613,037
	500,000	Asian Coast Development Ltd.		15,000,000
	34,360	First Quantum Minerals Ltd.		611,125
	74,280	Peyto Energy Trust		599,692
	174,550	Quadra Mining Ltd.(b)		481,125
	72,790	Superior Plus Corp.		722,409
				18,027,388
CHILE — 0.0%
	165,700	Empresa Electrica del Norte Grande SA		142,604
CHINA — 0.3%
	8,060	Aluminum Corp. of China Ltd. - ADR		90,272
	2,334,000	Beijing Capital International Airport Co. Ltd. - H Shares		1,047,467
	1,044,000	China Construction Bank Corp. - H Shares		518,348

Shares			Value
CHINA (continued)
	9,590	China Southern Airlines Co. Ltd. - ADR(b)	$	75,857
	95,500	Livzon Pharmaceutical, Inc. - B Shares		115,646
	216,900	Shandong Chenming Paper Holdings Ltd. - B Shares		92,587
	129,871	Shanghai Friendship Group, Inc. Ltd. - B Shares		98,702
	375,550	Weiqiao Textile Co. Ltd. - H Shares		112,845
	1,324,000	Zhejiang Expressway Co. Ltd. - H Shares		766,645
				2,918,369
CZECH REPUBLIC — 0.0%
	920	Philip Morris CR AS		268,634
EGYPT — 0.4%
	303,064	Egyptian Financial Group-Hermes Holding SAE		799,242
	130,138	Orascom Telecom Holding SAE - GDR		2,647,007
	121,770	Oriental Weavers		525,887
	188,780	Telecom Egypt		502,260
				4,474,396
FINLAND — 0.4%
	145,100	Fortum Oyj		2,838,796
	75,750	Outokumpu Oyj		866,119
	58,940	Outotec Oyj		837,677
				4,542,592
FRANCE — 0.7%
	20,220	Accor SA		802,447
	84,630	Beneteau SA		611,149
	47,700	Groupe Danone		2,458,259
	58,415	Pernod-Ricard SA		3,682,865
				7,554,720
GERMANY — 0.4%
	111,500	E.ON AG		3,603,360
	44,820	KUKA AG		559,525
				4,162,885
GREECE — 0.1%
	125,220	Mytilineos Holdings SA		631,704
HONG KONG — 0.9%
	21,550,000	GOME Electrical Appliances Holdings Ltd.		1,556,308
	154,720	Hopewell Holdings Ltd.		513,788
	4,687,000	Hutchison Telecommunications International Ltd.		1,184,708
	366,500	Mandarin Oriental International Ltd.		293,200
	38,925,000	Pacific Andes Holdings Ltd.		4,770,221
	915,840	Pacific Basin Shipping Ltd.		481,881
	14,258,390	Shenzhen International Holdings Ltd.		606,799

63

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
HONG KONG (continued)
	6,992,090	Sino Union Petroleum & Chemical International Ltd.(b)	$	640,215
	195,480	Transport International Holdings Ltd.		456,794
				10,503,914
INDONESIA — 0.0%
	792,000	Aneka Tambang Tbk PT		77,251
	136,000	Astra Agro Lestari Tbk PT		130,264
	487,500	International Nickel Indonesia Tbk PT		106,025
				313,540
IRELAND — 0.2%
	303,750	Dragon Oil Plc(b)		702,106
	139,100	Elan Corp. Plc - ADR(b)		1,005,693
	45,960	Paddy Power Plc		641,431
				2,349,230
ITALY — 0.4%
	223,320	Arnoldo Mondadori Editore SpA		970,043
	526,680	Gruppo Editoriale L’Espresso SpA		647,046
	628,500	Intesa Sanpaolo SpA		1,989,688
	438,270	Piaggio & C SpA		604,367
				4,211,144
JAPAN — 1.1%
	96,800	Aeon Mall Co. Ltd.		1,352,301
	33,000	Arcs Co. Ltd.		541,827
	101,000	Asahi Diamond Industrial Co. Ltd.		514,922
	24,000	BML, Inc.		557,021
	99,000	Daiei, Inc. (The)(b)		451,828
	16,100	East Japan Railway Co.		1,102,187
	28,000	FUJI SOFT, Inc.		507,107
	1,000	Geo Corp.		700,173
	39,000	Kanto Auto Works Ltd.		369,444
	252,000	Mitsui Mining Co. Ltd.		322,591
	11,400	Nintendo Co. Ltd.		3,591,251
	16,100	Nippon Telegraph & Telephone Corp.		788,557
	73,000	Tomy Co. Ltd.		392,486
	167,000	Toyo Engineering Corp.		553,971
	57,000	Unipres Corp.		378,794
				12,124,460
MALAYSIA — 0.0%
	110,000	Boustead Holdings Berhad		96,355
	158,800	IJM Plantations Berhad		91,120
	94,500	Malaysian Airline System Berhad		74,657
	246,200	Media Prima Berhad		65,517
	40,060	Petronas Dagangan Berhad		81,619
				409,268

Shares			Value
MEXICO — 0.7%
	218,300	America Movil SAB de CV - ADR, Series L	$	6,223,733
	289,190	Axtel SAB de CV - CPO Shares(b)		119,764
	651,500	Grupo Financiero Banorte SAB de CV - Series O		860,214
	76,920	Grupo Simec SAB de CV - Series B(b)		120,461
	68,020	Industrias CH SAB de CV - Series B(b)		190,795
				7,514,967
NETHERLANDS — 0.6%
	584,733	Pan European Hotel Acquisition Co. NV(b)		5,449,702
	41,180	Telegraaf Media Groep NV		740,809
				6,190,511
NORWAY — 0.1%
	44,750	Ganger Rolf ASA		840,024
	187,070	Norsk Hydro ASA		669,902
				1,509,926
OMAN — 0.1%
	121,722	Bank Muscat SAOG - GDR		730,332
PERU — 0.0%
	368,068	Volcan Compania Minera SAA - Class B		114,515
RUSSIA — 0.0%
	24,290	MMC Norilsk Nickel - ADR		99,589
	6,480	Mobile Telesystems OJSC - ADR		138,024
				237,613
SINGAPORE — 0.2%
	1,221,000	China Aviation Oil Singapore Corp. Ltd.		618,750
	3,663,820	Golden Agri-Resources Ltd.		752,374
	62,830	Singapore Airlines Ltd.		463,650
	336,290	Singapore Petroleum Co. Ltd.		545,781
	131,000	Venture Corp. Ltd.		354,922
				2,735,477
SOUTH AFRICA — 0.0%
	80,860	Imperial Holdings Ltd.		407,568
SOUTH KOREA — 0.4%
	20,190	Hyosung Corp.(b)		717,099
	86,640	Hyundai Hysco		404,437
	5,610	Hyundai Mipo Dockyard		652,657
	28,910	Kolon Industries, Inc.(b)		574,177
	6,410	LG Electronics, Inc.		334,532
	97,210	Lotte Midopa Co. Ltd.(b)		546,084
	1,670	POSCO		435,778
	22,600	Samsung Techwin Co. Ltd.		463,598

64

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	2,310	Young Poong Corp.	$	924,268
				5,052,630
SPAIN — 0.3%
	838,900	Iberdrola Renovables SA(b)		3,415,708
SWEDEN — 0.2%
	147,910	JM AB		758,490
	300,220	Rezidor Hotel Group AB		527,536
	75,340	Wihlborgs Fastigheter AB		846,542
				2,132,568
SWITZERLAND — 0.7%
	74,500	Nestle SA		2,580,748
	61,200	Novartis AG		2,536,853
	18,900	Roche Holding AG		2,662,523
				7,780,124
TAIWAN — 0.3%
	100,330	Ability Enterprise Co. Ltd.		63,327
	178,080	Advanced Semiconductor Engineering, Inc.		56,996
	109,590	AU Optronics Corp.		75,208
	206,050	Chi Mei Optoelectronics Corp.		61,961
	746,460	Chunghwa Picture Tubes Ltd.		68,006
	554,040	CMC Magnetics Corp.(b)		75,714
	121,320	Compal Communications, Inc.		77,659
	4,020,775	Compal Electronics, Inc.		2,023,107
	30,520	Dynapack International Technology Corp.		54,429
	46,340	Formosa Chemicals & Fibre Corp.		49,875
	415,530	HannStar Display Corp.		49,734
	79,530	Inventec Appliances Corp.		48,304
	284,930	King Yuan Electronics Co. Ltd.		51,663
	53,670	Powertech Technology, Inc.		71,906
	72,480	Quanta Computer, Inc.		68,191
	90,010	Radiant Opto-Electronics Corp.		63,513
	73,540	Siliconware Precision Industries Co.		56,927
	429,120	Tatung Co. Ltd.(b)		70,525
				3,087,045
THAILAND — 0.1%
	219,100	Bangkok Expressway Public Co. Ltd.		101,514
	257,400	Hana Microelectronics Public Co. Ltd.		80,978
	628,200	Indorama Polymers Public Co. Ltd.		89,473
	344,300	Precious Shipping Public Co. Ltd.		104,378
	1,949,500	Sahaviriya Steel Industries Public Co. Ltd.		18,957
	348,800	Thai Airways International Public Co. Ltd.		69,830
	254,900	Thai Plastic & Chemical Public Co. Ltd.		94,772

Shares			Value
THAILAND (continued)
	220,900	Thoresen Thai Agencies Public Co. Ltd.(c)	$	110,561
				670,463
TURKEY — 0.3%
	321,320	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		162,298
	5,703,756	Trakya Cam Sanayi AS(b)		3,019,789
	81,680	Turk Hava Yollari AO(b)		303,209
				3,485,296
UNITED KINGDOM — 1.7%
	193,390	Balfour Beatty Plc		1,041,162
	236,340	CSR Plc(b)		626,778
	165,480	Daily Mail & General Trust Plc - Class A		631,905
	823,150	Elementis Plc		551,717
	386,010	Filtrona Plc		704,847
	371,850	Game Group Plc		773,295
	229,030	Informa Plc		795,750
	168,670	Kazakhmys Plc		546,923
	276,152	KKR Private Equity Investors LP(b)		646,196
	977,605	Rolls-Royce Group Plc(b)		4,703,565
	413,000	Tesco Plc		2,143,884
	1,389,400	Vodafone Group Plc		2,611,517
	509,800	WPP Plc		2,885,005
				18,662,544
UNITED STATES — 11.0%
	99,200	Adobe Systems, Inc.(b)		1,915,552
	17,300	Advance Auto Parts, Inc.		566,229
	16,920	Alexander & Baldwin, Inc.		372,917
	16,870	Alliance Resource Partners LP		515,547
	20,450	Allstate Corp. (The)		443,151
	108,000	Amazon.com, Inc.(b)		6,352,560
	19,620	American Express Co.		328,243
	6,560	Apache Corp.		492,000
	47,400	Apple, Inc.(b)		4,272,162
	26,730	Applied Industrial Technologies, Inc.		422,067
	18,490	Arkansas Best Corp.		432,481
	87,700	AT&T, Inc.		2,159,174
	37,000	Autodesk, Inc.(b)		612,720
	48,800	Baker Hughes, Inc.		1,626,016
	39,450	Beacon Roofing Supply, Inc.(b)		502,198
	55,400	Bed Bath & Beyond, Inc.(b)		1,286,942
	45,010	Benchmark Electronics, Inc.(b)		528,417
	23,160	Berry Petroleum Co. - Class A		170,458
	22,370	Bucyrus International, Inc.		346,735
	17,870	Casey’s General Stores, Inc.		379,737
	34,770	Cato Corp. (The) - Class A		460,007
	41,510	CDI Corp.		444,987
	29,000	Cephalon, Inc.(b)		2,238,220
	12,320	Chemed Corp.		494,402
	10,360	Chubb Corp.		441,129

65

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	381,400	Cisco Systems, Inc.(b)	$	5,709,558
	121,550	CKX, Inc.(b)		397,468
	59,400	Coca-Cola Co. (The)		2,537,568
	10,920	Comstock Resources, Inc.(b)		416,380
	10,380	ConocoPhillips		493,361
	70,730	Cooper Tire & Rubber Co.		330,309
	27,090	Cracker Barrel Old Country Store, Inc.		475,971
	71,580	Darling International, Inc.(b)		328,552
	34,300	Deere & Co.		1,191,582
	34,270	Delphi Financial Group, Inc. - Class A		519,876
	34,290	DISH Network Corp. - Class A(b)		440,284
	16,990	Dover Corp.		480,477
	13,300	DST Systems, Inc.(b)		422,541
	14,200	ENSCO International, Inc.		388,512
	7,280	Exxon Mobil Corp.		556,774
	14,630	Fisher Communications, Inc.		223,108
	13,520	Fluor Corp.		525,928
	18,500	Genentech, Inc.(b)		1,502,940
	21,750	Genesco, Inc.(b)		334,950
	705,000	GHL Acquisition Corp.(b)		6,521,250
	55,400	Gilead Sciences, Inc.(b)		2,812,658
	7,800	Google, Inc. - Class A(b)		2,640,534
	65,260	Great Atlantic & Pacific Tea Co.(b)		464,651
	17,090	Harleysville Group, Inc.		486,040
	29,380	Harman International Industries, Inc.		472,724
	32,290	Hartford Financial Services Group, Inc.		424,936
	77,100	Hawaiian Holdings, Inc.(b)		313,797
	24,530	Herman Miller, Inc.		269,585
	8,960	Hess Corp.		498,266
	37,870	i2 Technologies, Inc.(b)		236,309
	79,480	iGate Corp.(b)		325,073
	37,790	JDA Software Group, Inc.(b)		423,248
	98,000	Johnson & Johnson		5,653,620
	113,900	JPMorgan Chase & Co.		2,905,589
	277,100	Juniper Networks, Inc.(b)		3,923,736
	31,300	Lincoln National Corp.		473,569
	16,260	Loews Corp.		396,744
	10,320	Lufkin Industries, Inc.		360,684
	38,470	Marcus Corp.		397,395
	29,930	Marshall & Ilsley Corp.		170,900
	29,360	Marten Transport Ltd.(b)		518,498
	16,250	MetLife, Inc.		466,862
	82,200	Microsoft Corp.		1,405,620
	15,800	Monsanto Co.		1,201,748
	13,690	Mosaic Co. (The)		488,322
	70,060	Murphy Oil Corp.		3,095,251
	23,090	NBTY, Inc.(b)		435,708
	55,800	NIKE, Inc. - Class B		2,524,950
	16,760	Noble Corp.		455,034

Shares			Value
UNITED STATES (continued)
	41,870	Nu Skin Enterprises, Inc. - Class A	$	397,346
	1,900	NVR, Inc.(b)		809,571
	9,720	Occidental Petroleum Corp.		530,226
	13,680	Odyssey Re Holdings Corp.		643,644
	17,790	Old Dominion Freight Line, Inc.(b)		446,173
	66,710	Omnivision Technologies, Inc.(b)		446,290
	105,610	ON Semiconductor Corp.(b)		440,394
	12,470	Owens & Minor, Inc.		495,932
	75,590	Penson Worldwide, Inc.(b)		452,028
	28,370	Perini Corp.(b)		591,514
	37,500	Perot Systems Corp. - Class A(b)		487,125
	23,800	Praxair, Inc.		1,481,788
	17,990	Prudential Financial, Inc.		463,242
	85,800	Red Hat, Inc.(b)		1,256,970
	28,600	Robert Half International, Inc.		484,770
	57,600	Rush Enterprises, Inc. - Class A(b)		524,160
	13,620	Ryder System, Inc.		460,084
	601,000	Sapphire Industrials Corp.(b)		5,631,370
	46,500	Schlumberger Ltd.		1,897,665
	20,040	Schnitzer Steel Industries, Inc. - Class A		786,971
	61,300	Smith International, Inc.		1,391,510
	37,070	Southern Copper Corp.		516,756
	29,200	SRA International, Inc. - Class A(b)		476,836
	20,490	State Auto Financial Corp.		452,829
	17,690	Sunoco, Inc.		819,401
	45,500	Take-Two Interactive Software, Inc.(b)		319,410
	69,100	Tempur-Pedic International, Inc.(b)		483,700
	24,540	Terra Industries, Inc.		502,579
	6,590	Terra Nitrogen Co. LP		807,143
	27,590	Texas Instruments, Inc.		412,470
	30,150	Thor Industries, Inc.		318,987
	12,920	Torchmark Corp.		387,600
	12,990	Tractor Supply Co.(b)		437,893
	12,680	Travelers Cos., Inc. (The)		489,955
	36,660	Tredegar Corp.		604,890
	34,270	Unum Group		485,263
	101,830	Vaalco Energy, Inc.(b)		764,743
	26,220	Valero Energy Corp.		632,426
	72,930	Valueclick, Inc.(b)		455,812
	20,540	W.R. Berkley Corp.		543,899
	102,020	Warren Resources, Inc.(b)		183,636
	13,130	Watsco, Inc.		433,946
	12,710	Watson Wyatt Worldwide, Inc. - Class A		591,015
	152,600	WellPoint, Inc.(b)		6,325,270

66

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	10,380	Whiting Petroleum Corp.(b)	$	301,020
				123,709,743
Total Common Stocks (Cost $350,198,499)				275,096,904
PREFERRED STOCKS — 0.1%
UNITED STATES — 0.1%
	5,000	Crown Castle International Corp., Cnv		212,500
	225,000	Fannie Mae(b)		247,500
	250,000	Freddie Mac(b)		267,500
Total Preferred Stocks (Cost $6,953,580)				727,500
RIGHTS/WARRANTS — 0.0%
UNITED STATES — 0.0%
	483,600	Sapphire Industrials Corp., Warrants, Expires 01/17/12(b)		87,048
Total Rights/Warrants (Cost $261,158)				87,048
Contracts
CALL OPTIONS PURCHASED — 0.0%
UNITED STATES — 0.0%
	4,950	Cisco System, Inc., Strike $30.00, Expires 01/16/10		59,400
	10,000	Sara Lee Corp., Strike $15.00, Expires 01/16/10		200,000
	5,000	Texas Instruments, Inc., Strike $35.00, Expires 01/16/10		10,000
Total Call Options Purchased (Cost $5,107,267)				269,400
Principal Amount			Value
BANK LOANS — 4.4%
UNITED STATES — 4.4%
	1,500,000	Accellent, Inc., 2.50%, 11/22/12(d)		1,140,000
	1,198,721	Affiliated Computer Services, Inc., 2.39%, 03/20/13(d)		1,096,456
	17,668	ARAMARK Corp., 2.04%, 01/26/14(d)		15,420
	278,099	ARAMARK Corp., 2.43%, 01/26/14(d)		242,719
	1,000,000	Biomet, Inc., 3.00%, 03/25/15(d)		886,667
	498,718	Cablevision Systems Corp., 2.95%, 03/29/13(d)		448,015

Principal Amount			Value
UNITED STATES (continued)
	750,000	Centennial Cellular Operating Co. LLC, 4.20%, 02/09/11(d)	$	724,219
	2,000,000	Cequel Communications LLC, 2.43%, 11/05/13(d)		1,589,286
	768,600	Chattem, Inc., 6.43%, 01/02/13(d)		684,054
	2,180,433	CommScope, Inc., 2.96%, 12/28/14(d)		1,842,466
	30,409	Community Health Systems, Inc., 3.40%, 07/25/14(d)		25,707
	1,000,000	Community Health Systems, Inc., 4.44%, 07/25/14(d)		845,375
	594,591	Community Health Systems, Inc., 5.97%, 07/25/14(d)		502,652
	250,000	Crown Americas LLC, 1.75%, 11/15/12(d)		220,000
	297,704	CSC Holdings, Inc., 2.95%, 03/29/13(d)		267,437
	212,978	Davita, Inc., 1.97%, 10/05/12(d)		194,799
	279,391	Dex Media, Inc., 7.00%, 10/24/14(d)		129,917
	158,766	DirecTV Holdings LLC/DirecTV Financing Co., 2.90%, 04/13/13(d)		145,384
	513,410	DirecTV Holdings LLC/DirecTV Financing Co., 5.25%, 04/13/13(d)		492,018
	748,741	DJO Finance LLC, 3.41%, 05/20/14(d)		595,249
	196,214	DJO Finance LLC, 3.46%, 05/20/14(d)		155,990
	1,500,000	Dollar General Corp., 3.16%, 07/07/14(d)		1,256,250
	1,750,000	Dresser, Inc., 2.25%, 05/04/14(d)		1,254,531
	1,440,121	Education Management LLC, 1.75%, 06/01/13(d)		1,086,572
	476,315	Education Management LLC, 3.25%, 06/01/13(d)		338,184
	401,432	Envirosolutions, Inc., 12.04%, 07/07/12(d)		230,823
	158,779	Fairchild Semiconductor Corp., 2.96%, 06/26/13(d)		101,618
	158,951	Fresenius Medical Care Holdings, Inc., 6.13%, 03/31/13(d)		142,829
	1,000,000	Fresenius SE, 6.75%, 09/10/14(d)		954,167
	239,726	Georgia-Pacific Corp., 2.08%, 12/20/12(d)		206,389

67

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
	2,000,000	Georgia-Pacific LLC, 2.00%, 12/20/12(d)	$	1,721,876
	1,000,000	Graphic Packaging International, Inc., 4.19%, 05/16/14(d)		853,438
	663,896	HCA, Inc., 2.96%, 11/16/12(d)		564,727
	247,246	HCA, Inc., 3.46%, 11/16/12(d)		210,314
	2,250,000	Huish Detergents, Inc., 2.17%, 04/26/14(d)		1,890,000
	1,250,000	Insight Midwest Holdings LLC, 3.91%, 04/07/14(d)		1,081,875
	462,652	Intelsat Corp., 2.50%, 01/03/14(d)		396,228
	1,000,000	Isle of Capri Casinos, Inc., 1.75%, 11/25/13(d)		663,571
	2,000,000	ISP Chemco, Inc., 1.50%, 06/04/14(d)		1,483,334
	983,108	Itron, Inc., 2.16%, 04/18/14(d)		865,135
	290,854	Jarden Corp., 3.21%, 01/24/12(d)		247,226
	13,088	Jarden Corp., 3.21%, 01/24/12(d)		11,125
	2,237,500	L-1 Identity Solutions, Inc., 7.50%, 08/05/13(d)		2,080,875
	1,246,875	Life Technologies Corp., 5.25%, 09/19/15(d)		1,218,820
	1,000,000	Michael Foods, Inc., 3.33%, 11/21/10(d)		900,000
	1,500,000	Mylan Laboratories, Inc., 3.75%, 10/02/14(d)		1,368,214
	748,088	Nielsen Finance LLC/Nielsen Finance Co., 2.41%, 08/09/13(d)		592,860
	560,910	Nielsen Finance LLC/Nielsen Finance Co., 2.41%, 08/09/13(d)		444,521
	49,220	NRG Energy, Inc., 1.36%, 02/01/13(d)		45,361
	167,709	NRG Energy, Inc., 1.50%, 02/01/13(d)		154,559
	99,889	NRG Energy, Inc., 1.96%, 02/01/13(d)		92,057
	82,291	NRG Energy, Inc., 2.00%, 02/01/13(d)		75,839
	3,245,963	Nuveen Investments, Inc., 4.47%, 11/13/14(d)		1,428,224
	2,000,000	Penn National Gaming, Inc., 1.75%, 10/03/12(d)		1,793,750
	228,435	Penn National Gaming, Inc., 2.22%, 10/03/12(d)		204,877

Principal Amount				Value
UNITED STATES (continued)
	997,468		Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 3.20%, 04/02/14(d)	$	777,748
	500,000		Psychiatric Solutions, Inc., 2.17%, 07/02/12(d)		433,125
	200,000		RBS Global & Renord Corp., 3.63%, 07/22/13(d)		154,000
	2,000,000		Rockwood Specialties Group, Inc., 3.55%, 07/30/12(d)		1,740,000
	171,014		Rockwood Specialties Group, Inc., 3.55%, 07/30/12(d)		148,782
	500,000		Sally Holdings LLC, 4.45%, 11/16/13(d)		414,687
	500,000		Sungard Data Systems, Inc., 1.75%, 02/28/14(d)		450,000
	357,266		Sungard Data Systems, Inc., 3.58%, 02/28/14(d)		276,626
	1,000,000		Texas Competitive Electric Holdings Co. LLC, 3.50%, 10/10/14(d)		695,500
	1,250,000		Tranche A Term Loan, 5.76%, 11/16/12(d)		1,063,281
	150,000		Transdigm, Inc., 5.21%, 06/23/13(d)		129,250
	150,000		Visant Corp., 5.28%, 12/21/11(d)		127,500
	1,096,979		Warner Chilcott Corp., Class B, 2.00%, 01/18/12(d)		973,569
	403,021		Warner Chilcott Corp., Class C, 2.00%, 01/18/12(d)		357,681
	1,000,000		West Corp., 2.38%, 10/24/13(d)		710,000
	1,000,000		Windstream Corp., 1.50%, 07/17/13(d)		902,500
	1,500,000		Wrigley Jr. Co., 6.50%, 07/17/14(d)		1,470,938
Total Bank Loans (Cost $47,765,595)					49,029,186
CORPORATE BONDS — 31.8%
AUSTRIA — 0.6%
	8,000,000	(e)	Oesterreichische Kontrollbank AG, 2.75%, 06/14/11		7,011,004
BERMUDA — 1.0%
	6,000,000	(e)	Celestial Nutrifoods Ltd., Cnv., 15.29%, 06/12/11(f)		3,571,443
	1,000,000		Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16		956,250
	2,000,000		Intelsat Ltd., 7.63%, 04/15/12		1,600,000

68

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount				Value
BERMUDA (continued)
	650,000		Intelsat Subsidiary Holding Co. Ltd., 8.50%, 01/15/13(g)	$	609,375
	1,500,000		Intelsat Subsidiary Holding Co. Ltd., 8.88%, 01/15/15(g)		1,372,500
	5,500,000		Pacific Andes Holdings Ltd., Cnv., 4.00%, 04/18/12		2,310,000
	200,000		Petroplus Finance Ltd., 6.75%, 05/01/14(g)		149,000
	1,500,000		Petroplus Finance Ltd., Cnv., 3.38%, 03/26/13		1,080,628
					11,649,196
CANADA — 0.4%
	500,000		Canadian Natural Resources Ltd., 5.90%, 02/01/18		433,750
	1,615,000		Celestica, Inc., 7.63%, 07/01/13		1,388,900
	500,000		Celestica, Inc., 7.88%, 07/01/11		472,500
	350,000		Shaw Communications, Inc., 7.20%, 12/15/11		337,750
	1,650,000		Videotron Ltee, 6.88%, 01/15/14		1,567,500
	100,000		Videotron Ltee, 9.13%, 04/15/18(g)		100,000
					4,300,400
GERMANY — 0.2%
	500,000		Kabel Deutschland GmbH, 10.63%, 07/01/14		482,500
	2,637,000		Kreditanstalt fuer Wiederaufbau, 6.50%, 11/15/11(h)		1,437,215
					1,919,715
HONG KONG — 1.2%
	5,700,000		China Milk Products Group Ltd., Cnv., 13.11%, 01/05/12(f)		4,992,402
	36,000,000	(e)	FU JI Food and Catering Services Holdings Ltd., Cnv., 7.47%, 11/09/09(f)		4,548,547
	29,480,000	(e)	Shanghai Industrial Investment Treasury Co. Ltd., Cnv., 15.86%, 03/16/09(f)		4,119,079
					13,660,028
INDIA — 0.5%
	6,000,000		Ranbaxy Laboratories Ltd., Cnv., 13.30%, 03/18/11(f)		5,513,598

Principal Amount				Value
LUXEMBOURG — 1.3%
	250,000		FMC Finance III SA, 6.88%, 07/15/17	$	241,250
	16,800,000	(e)	Weather Capital Finance SA, Cnv., 4.75%, 02/27/13		14,177,728
					14,418,978
MALAYSIA — 0.8%
	2,500,000		AMCORP Capital Labuan Ltd., Cnv., 1.00%, 02/08/10		2,901,750
	9,000,000	(e)	Berjaya Land Berhad, Cnv., 8.00%, 08/15/11		2,602,318
	3,000,000		Feringghi Capital Ltd., Cnv., 10.30%, 12/22/09(f)		3,222,744
					8,726,812
NETHERLANDS — 0.3%
	5,118,750	(e)	EM.TV Finance BV, Cnv., 5.25%, 05/08/13		3,103,353
NEW ZEALAND — 0.1%
	3,074,000	(e)	European Investment Bank, 6.50%, 09/10/14		1,732,349
SINGAPORE — 0.4%
	5,964,000		Flextronics International Ltd., Cnv., 1.00%, 08/01/10		5,106,675
SOUTH AFRICA — 0.9%
	99,000,000	(e)	Harmony Gold Mining Co., Ltd., Cnv., 4.88%, 05/14/09		9,927,884
SWEDEN — 0.0%
	910,000		Svensk Exportkredit AB, 7.63%, 06/30/14(h)		510,246
TAIWAN — 0.2%
	2,500,000		Compal Electronics, Inc., Cnv., 8.73%, 08/19/10(f)		2,249,963
THAILAND — 0.6%
	10,200,000		Thoresen Thai Agencies Public Co. Ltd., Cnv., 2.50%, 09/24/12		7,137,746
UNITED ARAB EMIRATES — 0.4%
	9,350,000		Dana Gas Sukuk Ltd., Cnv., 7.50%, 10/31/12		4,321,907
UNITED KINGDOM — 0.7%
	400,000		British Sky Broadcasting Group Plc, 6.10%, 02/15/18(g)		338,198
	500,000		British Sky Broadcasting Group Plc, 6.88%, 02/23/09		500,958

69

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
UNITED KINGDOM (continued)
	1,150,000	British Sky Broadcasting Group Plc, 8.20%, 07/15/09	$	1,168,844
	5,000,000	Shire Plc, Cnv., 2.75%, 05/09/14		4,176,720
	1,500,000	Virgin Media Finance Plc, 9.13%, 08/15/16		1,260,000
				7,444,720
UNITED STATES — 22.2%
	2,250,000	AES Corp. (The), 8.00%, 10/15/17		2,115,000
	1,500,000	Airgas, Inc., 7.13%, 10/01/18(g)		1,380,000
	6,045,000	Alexandria Real Estate Equities, Inc., Cnv., 3.70%, 01/15/27(g)		4,382,625
	1,000,000	Allbritton Communications Co., 7.75%, 12/15/12		495,000
	1,150,000	Alliant Techsystems, Inc., 6.75%, 04/01/16		1,104,000
	1,500,000	Allied Waste North America, Inc., 7.88%, 04/15/13		1,503,750
	500,000	Allied Waste North America, Inc., 6.38%, 04/15/11		495,000
	250,000	Allied Waste North America, Inc., 7.38%, 04/15/14		246,250
	600,000	American Tower Corp., 7.13%, 10/15/12		603,000
	950,000	American Tower Corp., 7.00%, 10/15/17(g)		912,000
	1,350,000	Amerigas Partners LP, 7.25%, 05/20/15		1,248,750
	2,450,000	ARAMARK Corp., 8.50%, 02/01/15		2,382,625
	250,000	Ball Corp., 6.63%, 03/15/18		236,250
	1,000,000	Ball Corp., 6.88%, 12/15/12		1,000,000
	2,700,000	Bank of America Corp., 8.13%, 12/29/49(d)		1,401,003
	650,000	Biomet, Inc., 10.00%, 10/15/17		659,750
	1,350,000	Biomet, Inc., 11.63%, 10/15/17		1,255,500
	1,350,000	Cablevision Systems Corp., 8.33%, 04/01/09(d)		1,356,750
	2,000,000	Cablevision Systems Corp., 8.00%, 04/15/12		1,930,000
	500,000	Centennial Communications Corp., 7.19%, 01/01/13(d)		492,500
Principal Amount			Value
UNITED STATES (continued)
	250,000	Centennial Communications Corp., 8.13%, 02/01/14	$	256,250
	2,000,000	Chesapeake Energy Corp., 6.88%, 01/15/16		1,715,000
	200,000	Chesapeake Energy Corp., 6.25%, 01/15/18		161,000
	1,600,000	Chesapeake Energy Corp., 9.50%, 02/15/15		1,568,000
	1,000,000	CHS/Community Health Systems, Inc., 8.88%, 07/15/15		962,500
	875,000	Church & Dwight Co., Inc., 6.00%, 12/15/12		866,250
	1,000,000	Cincinnati Bell, Inc., 8.38%, 01/15/14		895,000
	500,000	Cincinnati Bell, Inc., 7.00%, 02/15/15		445,000
	350,000	Comcast Cable Communications LLC, 6.88%, 06/15/09		353,454
	1,400,000	Comcast Corp., 1.46%, 07/14/09(d)		1,381,373
	800,000	Comcast Corp., 6.30%, 11/15/17		802,362
	900,000	Consol Energy, Inc., 7.88%, 03/01/12		882,000
	950,000	Constellation Brands, Inc., 8.13%, 01/15/12		942,875
	700,000	Constellation Brands, Inc., 7.25%, 09/01/16		668,500
	1,000,000	Constellation Brands, Inc., 7.25%, 05/15/17		960,000
	750,000	Corrections Corp. of America, 7.50%, 05/01/11		750,000
	2,000,000	COX Communications, Inc., 4.63%, 01/15/10		1,984,002
	1,250,000	Crown Americas LLC/Crown Americas Capital Corp., 7.63%, 11/15/13		1,250,000
	2,000,000	Crown Castle International Corp., 9.00%, 01/15/15		1,935,000
	500,000	CSC Holdings, Inc., 7.63%, 07/15/18		460,000
	1,000,000	CSC Holdings, Inc., 8.50%, 04/15/14(g)		982,500
	2,875,000	DaVita, Inc., 7.25%, 03/15/15		2,774,375
	2,225,000	Del Monte Corp., 8.63%, 12/15/12		2,258,375
	1,000,000	DirecTV Holdings LLC/DirecTV Financing Co., 8.38%, 03/15/13		1,005,000

70

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
	250,000	DirecTV Holdings LLC/DirecTV Financing Co., 6.38%, 06/15/15	$	235,000
	200,000	DirecTV Holdings LLC/DirecTV Financing Co., 7.63%, 05/15/16(g)		196,500
	1,100,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		814,000
	750,000	Domtar Corp., 7.88%, 10/15/11		693,750
	750,000	Dynegy Holdings, Inc., 7.75%, 06/01/19		581,250
	13,485,000	Eastman Kodak Co. Cnv., 3.38%, 10/15/33		10,804,856
	1,250,000	Echostar DBS Corp., 6.38%, 10/01/11		1,200,000
	750,000	Echostar DBS Corp., 6.63%, 10/01/14		682,500
	1,450,000	Edison Mission Energy, 7.00%, 05/15/17		1,348,500
	250,000	Edison Mission Energy, 7.50%, 06/15/13		240,000
	1,750,000	Edison Mission Energy, 7.20%, 05/15/19		1,588,125
	1,500,000	El Paso Corp., 7.00%, 06/15/17		1,372,500
	800,000	Embarq Corp., 7.08%, 06/01/16		712,000
	1,000,000	Encore Acquisition Co., 6.00%, 07/15/15		800,000
	2,100,000	Energy Future Holdings Corp., 10.88%, 11/01/17(g)		1,659,000
	1,000,000	EXCO Resources, Inc., 7.25%, 01/15/11		840,000
	250,000	Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17		207,500
	3,000,000	Fresenius US Finance II, Inc., 9.00%, 07/15/15(g)		3,015,000
	750,000	Frontier Communications Corp., 9.25%, 05/15/11		755,625
	1,650,000	Frontier Communications Corp., 6.25%, 01/15/13		1,551,000
	750,000	FTI Consulting, Inc., 7.75%, 10/01/16		708,750
	1,000,000	General Mills, Inc., 5.65%, 02/15/19		1,019,965
	1,360,000	Georgia-Pacific LLC, 8.13%, 05/15/11		1,312,400
	2,750,000	Goodyear Tire & Rubber Co. (The), 6.32%, 12/01/09(d)		2,653,750
Principal Amount			Value
UNITED STATES (continued)
	1,000,000	Graphic Packaging International, Inc., 9.50%, 08/15/13	$	760,000
	900,000	HCA, Inc., 8.75%, 09/01/10		884,250
	200,000	HCA, Inc., 9.13%, 11/15/14		192,000
	700,000	HCA, Inc., 9.25%, 11/15/16		668,500
	1,000,000	HCA, Inc., 6.95%, 05/01/12		887,500
	8,220,000	Health Care REIT, Inc., Cnv., 4.75%, 12/01/26		7,747,350
	1,500,000	Hornbeck Offshore Services, Inc., Series B, 6.13%, 12/01/14		1,071,562
	1,575,000	Inergy LP/Inergy Finance Corp., 8.25%, 03/01/16		1,425,375
	175,000	Inergy LP/Inergy Finance Corp., 6.88%, 12/15/14		151,375
	1,350,000	Intelsat Corp., 9.25%, 08/15/14(g)		1,262,250
	250,000	Ipalco Enterprises, Inc., 7.25%, 04/01/16(g)		231,250
	2,000,000	Iron Mountain, Inc., 7.75%, 01/15/15		1,987,500
	1,200,000	Jarden Corp., 7.50%, 05/01/17		864,000
	24,940,000	King Pharmaceuticals, Inc., Cnv., 1.25%, 04/01/26		17,987,975
	250,000	L-1 Identity Solutions, Inc., Cnv., 3.75%, 05/15/27		150,312
	1,000,000	L-3 Communications Corp., 7.63%, 06/15/12		993,750
	750,000	L-3 Communications Corp., 6.13%, 07/15/13		705,000
	1,500,000	Lamar Media Corp., 6.63%, 08/15/15		1,125,000
	1,000,000	Lamar Media Corp., Series C, 6.63%, 08/15/15		750,000
	4,400,000	Lawson Software, Inc., Cnv., 2.50%, 04/15/12		3,410,000
	5,477,000	Life Technologies Corp., Cnv., 1.50%, 02/15/24		4,566,449
	3,500,000	Life Technologies Corp., Cnv., 3.25%, 06/15/25		3,167,500
	2,000,000	Massey Energy Co., 6.88%, 12/15/13		1,750,000
	2,000,000	Mediacom LLC/Mediacom Capital Corp., 9.50%, 01/15/13		1,760,000
	1,000,000	Mirant Americas Generation LLC, 8.30%, 05/01/11		982,500

71

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
	1,250,000	Mohegan Tribal Gaming Authority, 6.38%, 07/15/09	$	1,209,375
	900,000	Nalco Co., 7.75%, 11/15/11		868,500
	800,000	Nalco Co., 8.88%, 11/15/13		748,000
	9,628,000	NetApp, Inc., Cnv., 1.75%, 06/01/13(g)		7,594,085
	1,500,000	Nielsen Finance LLC/Nielsen Finance Co., 10.00%, 08/01/14		1,327,500
	500,000	Nielsen Finance LLC/Nielsen Finance Co., 11.63%, 02/01/14(g)		458,750
	2,500,000	Nielsen Finance LLC/Nielsen Finance Co., STEP, 12.50%, 08/01/16		1,012,500
	1,900,000	NRG Energy, Inc., 7.38%, 01/15/17		1,781,250
	750,000	Nuveen Investments, Inc., 5.00%, 09/15/10		450,000
	1,400,000	Omnicare, Inc., 6.88%, 12/15/15		1,260,000
	200,000	Owens-Brockway Glass Container, Inc., 6.75%, 12/01/14		188,000
	600,000	Owens-Brockway Glass Container, Inc., 8.25%, 05/15/13		603,000
	750,000	Owens-Illinois, Inc., 7.50%, 05/15/10		757,500
	2,000,000	Pantry, Inc. (The), 7.75%, 02/15/14		1,475,000
	1,500,000	Par Pharmaceutical Cos., Inc., Cnv., 2.88%, 09/30/10		1,275,000
	7,000,000	PDL BioPharma, Inc., Cnv., 2.75%, 08/16/23		6,396,250
	4,000,000	PDL BioPharma, Inc., Cnv., 2.00%, 02/15/12		3,085,000
	1,000,000	Peabody Energy Corp., 7.38%, 11/01/16		975,000
	995,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15		796,000
	1,000,000	Plains Exploration & Production Co., 7.63%, 06/01/18		855,000
	2,000,000	Prudential Financial, Inc., Cnv., 0.37%, 12/15/37(d)(g)		1,920,000
	5,600,000	Prudential Financial, Inc., Cnv., 0.37%, 12/15/37(d)		5,376,000
Principal Amount			Value
UNITED STATES (continued)
	2,000,000	Psychiatric Solutions, Inc., 7.75%, 07/15/15	$	1,640,000
	7,700,000	Qwest Communications International, Inc., Cnv., 3.50%, 11/15/25		6,573,875
	1,250,000	Qwest Communications International, Inc., Unrestricted, 7.25%, 02/15/11		1,181,250
	1,800,000	Qwest Corp., 7.88%, 09/01/11		1,782,000
	200,000	Qwest Corp., 7.50%, 10/01/14		182,000
	1,000,000	Range Resources Corp., 7.50%, 05/15/16		940,000
	400,000	RPM International, Inc., 6.50%, 02/15/18		348,198
	1,000,000	RSC Equipment Rental, Inc., 9.50%, 12/01/14		632,500
	250,000	Sally Holdings LLC, 9.25%, 11/15/14		230,000
	650,000	Scientific Games Corp., 7.88%, 06/15/16(g)		575,250
	2,500,000	Scientific Games Corp., STEP, Cnv., 0.75%, 12/01/24		2,215,625
	200,000	Seneca Gaming Corp., 7.25%, 05/01/12		160,000
	5,250,000	Sepracor, Inc., Cnv., 0.67%, 10/15/24(f)		4,974,375
	2,000,000	Service Corp. International, 7.38%, 10/01/14		1,910,000
	250,000	Service Corp. International, 7.63%, 10/01/18		230,000
	750,000	Sinclair Broadcast Group, Inc., Cnv., 3.00%, 05/15/27		438,750
	1,381,000	Sinclair Television Group, Inc., 8.00%, 03/15/12		980,510
	500,000	SPX Corp., 7.63%, 12/15/14(g)		460,000
	5,000,000	Staples, Inc., 9.75%, 01/15/14		5,317,905
	775,000	Stater Brothers Holdings, 8.13%, 06/15/12		767,250
	725,000	Stater Brothers Holdings, 7.75%, 04/15/15		663,375
	1,050,000	Sungard Data Systems, Inc., 9.13%, 08/15/13		876,750
	700,000	Sungard Data Systems, Inc., 10.25%, 08/15/15		476,000
	1,250,000	Sungard Data Systems, Inc., 10.63%, 05/15/15(g)		1,037,500
	9,000,000	Tech Data Corp., Cnv., 2.75%, 12/15/26		7,233,750

72

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount				Value
UNITED STATES (continued)
	1,000,000		Tennessee Gas Pipeline Co., 8.00%, 02/01/16(g)	$	992,500
	2,000,000		Terex Corp., 8.00%, 11/15/17		1,660,000
	250,000		Terex Corp., 7.38%, 01/15/14		217,500
	200,000		Texas Competitive Electric Holdings Co. LLC, 10.50%, 11/01/15(g)		148,000
	1,750,000		Time Warner Telecom Holdings, Inc., 9.25%, 02/15/14		1,601,250
	1,200,000		Time Warner, Inc., 2.41%, 11/13/09(d)		1,172,405
	800,000		Time Warner, Inc., 5.88%, 11/15/16		756,036
	1,500,000		TransDigm, Inc., 7.75%, 07/15/14		1,350,000
	500,000		TW Telecom, Inc., Cnv., 2.38%, 04/01/26		333,125
	350,000		Vail Resorts, Inc., 6.75%, 02/15/14		276,500
	1,450,000		Vanguard Health Holdings Co. II LLC,, 9.00%, 10/01/14		1,290,500
	350,000		Ventas Realty LP/Ventas Capital Corp., REIT, 6.75%, 06/01/10		341,250
	1,000,000		Viacom, Inc., 2.27%, 06/16/09(d)		986,259
	1,000,000		Virgin Media, Inc., Cnv., 6.50%, 11/15/16(g)		451,250
	979,000		Visant Corp., 7.63%, 10/01/12		881,100
	500,000		Visant Holding Corp., 8.75%, 12/01/13		440,000
	750,000		Warner Chilcott Corp., 8.75%, 02/01/15		701,250
	500,000		Waste Management Inc., 6.88%, 05/15/09		504,225
	800,000		Waste Services, Inc., 9.50%, 04/15/14		616,000
	5,448,000		Watson Pharmaceuticals, Inc., Cnv., 1.75%, 03/15/23		5,202,840
	900,000		Wells Fargo Capital XIII, 7.70%, 03/23/13(d)		645,287
	1,000,000		West Corp., 9.50%, 10/15/14		680,000
	900,000		Williams Cos., Inc., 7.13%, 09/01/11		882,000
	1,000,000		Williams Partners LP/Williams Partners Finance Corp., 7.25%, 02/01/17		890,000
Principal Amount				Value
UNITED STATES (continued)
	250,000		Windstream Corp., 8.63%, 08/01/16	$	246,250
	1,500,000		Windstream Corp., 7.00%, 03/15/19		1,327,500
	250,000		Wyeth, Cnv., 0.97%, 01/15/24(d)		249,675
					249,013,213
Total Corporate Bonds (Cost $379,368,230)					357,747,787
GOVERNMENT BONDS — 9.0%
ARGENTINA — 0.3%
	12,828,000		Republic of Argentina, 1.68%, 08/03/12(d)		3,707,292
AUSTRALIA — 0.8%
	2,000,000	(e)	Australian Government Index Linked, 4.00%, 08/20/10		2,029,114
	710,000	(e)	New South Wales Treasury Corp., 6.00%, 05/01/12		479,269
	3,340,000	(e)	New South Wales Treasury Corp., 5.50%, 03/01/17		2,226,282
	1,400,000	(e)	Queensland Treasury Corp., 6.00%, 07/14/09		901,917
	685,000	(e)	Queensland Treasury Corp., 6.00%, 08/14/13		467,076
	1,370,000	(e)	Queensland Treasury Corp., 6.00%, 09/14/17		945,539
	3,190,000	(e)	Queensland Treasury Corp., 7.13%, 09/18/17(g)		1,972,079
					9,021,276
BRAZIL — 0.4%
	2,200,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		1,601,703
	2,400,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		1,760,673
	3,900,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		1,454,698
					4,817,074
CANADA — 0.1%
	1,526,000		Province of Ontario, 6.25%, 06/16/15(h)		832,131
EGYPT — 0.8%
	13,500,000	(e)	Egypt Treasury Bill, 6.18%, 03/10/09(f)		2,399,030

73

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount				Value
EGYPT (continued)
	27,000,000	(e)	Egypt Treasury Bill, 8.11%, 03/31/09(f)	$	4,766,532
	6,450,000	(e)	Egypt Treasury Bill, 10.67%, 06/09/09(f)		1,114,107
	350,000	(e)	Egypt Treasury Bill, 10.67%, 06/23/09(f)		60,197
					8,339,866
FRANCE — 0.7%
	4,360,000	(e)	France Government Bond OAT, 4.25%, 10/25/17		5,829,134
	1,050,000	(e)	French Treasury Note, 3.50%, 07/12/09		1,357,835
					7,186,969
INDONESIA — 1.2%
	280,000		Indonesia Government International Bond, 6.88%, 01/17/18(g)		218,400
	265,000		Indonesia Government International Bond, 6.88%, 01/17/18		209,350
	561,000		Indonesia Government International Bond, 8.50%, 10/12/35(g)		431,970
	1,070,000		Indonesia Government International Bond, 8.50%, 10/12/35		839,950
	260,000		Indonesia Government International Bond, 6.63%, 02/17/37(g)		169,000
	660,000		Indonesia Government International Bond, 7.75%, 01/17/38		461,382
	700,000		Indonesia Government International Bond, 7.75%, 01/17/38(g)		483,000
	36,020,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/13		2,930,297
	3,590,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/18		261,823
	19,800,000,000	(e)	Indonesia Treasury Bond, 12.80%, 06/15/21		1,808,292
	1,160,000,000	(e)	Indonesia Treasury Bond, 12.90%, 06/15/22		106,414
	1,590,000,000	(e)	Indonesia Treasury Bond, 10.25%, 07/15/22		121,726
	42,380,000,000	(e)	Indonesia Treasury Bond, 9.50%, 07/15/23		3,034,386
	25,525,000,000	(e)	Indonesia Treasury Bond, 10.00%, 02/15/28		1,849,813
					12,925,803
Principal Amount				Value
MALAYSIA — 0.6%
	23,820,000	(e)	Malaysia Government Bond, 3.81%, 02/15/17	$	6,905,027
MEXICO — 1.2%
	24,000,000	(e)	Mexican Bonos, 8.00%, 12/19/13		1,707,628
	20,000,000	(e)	Mexican Bonos, 8.00%, 12/17/15		1,416,286
	36,000,000	(e)	Mexican Bonos, 7.25%, 12/15/16		2,436,207
	23,900,000	(e)	Mexican Bonos, 7.75%, 12/14/17		1,667,492
	73,500,000	(e)	Mexican Bonos, 10.00%, 12/05/24		6,065,222
					13,292,835
NETHERLANDS — 0.5%
	4,485,000	(e)	Netherlands Government Bond, 4.50%, 07/15/17		5,999,257
NORWAY — 0.1%
	7,800,000	(e)	Norway Government Bond, 5.50%, 05/15/09		1,133,808
POLAND — 0.5%
	4,450,000	(e)	Poland Government Bond, 6.00%, 05/24/09		1,280,734
	16,700,000	(e)	Poland Government Bond, 5.75%, 09/23/22		4,710,821
					5,991,555
SOUTH KOREA — 1.6%
	1,800,000,000	(e)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,319,522
	4,250,000,000	(e)	Korea Treasury Bond, 5.25%, 09/10/12		3,230,635
	14,100,000,000	(e)	Korea Treasury Bond, 5.50%, 09/10/17		10,695,406
	4,266,000,000	(e)	Korea Treasury Bond, 5.25%, 03/10/27		3,152,223
					18,397,786
VENEZUELA — 0.2%
	1,710,000		Venezuela Government International Bond, 5.38%, 08/07/10		1,359,450
	990,000		Venezuela Government International Bond, 10.75%, 09/19/13		668,250
					2,027,700
Total Government Bonds (Cost $123,785,560)					100,578,379

74

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 15.7%
Fannie Mae — 0.5%
	5,817,000	4.13%, 05/15/10	$	6,013,766
Federal Farm Credit Bank — 0.4%
	3,000,000	4.75%, 03/15/10		3,119,325
	1,535,000	4.75%, 05/07/10		1,602,376
Federal Home Loan Bank — 14.8%
	41,206,000	0.01%, 02/02/09(i)		41,206,000
	18,000,000	0.04%, 02/02/09(i)		18,000,000
	5,200,000	0.09%, 02/03/09(i)		5,199,987
	9,800,000	0.02%, 02/06/09(i)		9,799,974
	6,000,000	0.10%, 02/09/09(i)		5,999,883
	7,560,000	0.03%, 02/18/09(i)		7,559,664
	26,000,000	0.18%, 02/25/09(i)		25,997,029
	3,150,000	2.30%, 04/14/09		3,161,497
	27,500,000	3.00%, 04/15/09		27,640,717
	6,000,000	2.38%, 04/21/09		6,025,014
	8,500,000	4.25%, 05/15/09		8,591,698
	1,575,000	3.00%, 06/24/09		1,590,679
	345,000	5.38%, 07/17/09		352,595
	2,000,000	5.13%, 08/05/09		2,045,346
	855,000	5.25%, 08/05/09		874,927
	2,100,000	2.75%, 03/12/10		2,136,788
Total U.S. Government Agencies (Cost $176,712,333)				176,917,265
MUNICIPAL BONDS — 0.8%
Colorado — 0.1%
	800,000	Regional Transportation District COP, Transit Vehicles Project, Series A, (AMBAC) 5.00%, 12/01/21		808,480
Florida — 0.4%
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (MBIA) 5.00%, 07/01/20		1,041,860
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (MBIA) 5.00%, 07/01/21		1,018,750
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (MBIA) 5.00%, 07/01/22		998,990
	1,340,000	Jacksonville Electric Authority Water & Sewer System Revenue Bonds, Series B, OID, (MBIA) 4.75%, 10/01/40		1,138,946
				4,198,546
Principal Amount			Value
Illinois — 0.2%
	875,000	Chicago Water Refunding Second Lien Revenue Bonds, (FSA) 5.00%, 11/01/19	$	961,266
	1,000,000	Illinois Finance Authority Refunding Revenue Bonds, (FSA) 5.00%, 01/01/20		1,024,370
				1,985,636
Nebraska — 0.0%
	650,000	Public Power Generation Whelan Energy Center Revenue Bonds, (AGC-ICC, AMBAC) 5.00%, 01/01/19		710,723
Tennessee — 0.1%
	450,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Refunding Revenue Bonds, Series A, (GO of University) 5.00%, 10/01/18		528,260
	400,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Refunding Revenue Bonds, Series B, (GO of University) 5.00%, 10/01/18		469,564
				997,824
Texas — 0.0%
	375,000	Dickinson Independent School District Schoolhouse GO, OID, (PSF-GTD) 4.75%, 02/15/33		352,973
Total Municipal Bonds (Cost $9,037,513)				9,054,182
STRUCTURED SECURITIES — 0.5%
UNITED STATES — 0.5%
	7,400	Natixis Financial Products, Inc. S&P 500 Index Linked Note, 04/28/09(g)		6,032,428
Total Structured Securities (Cost $10,027,000)				6,032,428

75

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Shares			Value
CASH SWEEP — 10.5%
UNITED STATES — 10.5%
	118,216,106	Citibank Dollars on Deposit in Custody Account	$	118,216,106
Total Cash Sweep (Cost $118,216,106)				118,216,106
TOTAL INVESTMENTS — 97.3% (Cost $1,227,432,841)(a)			$	1,093,756,185
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.7%				29,980,519
NET ASSETS — 100.0%			$	1,123,736,704
FUTURES CONTRACTS: LONG POSITION
Contracts			Unrealized Appreciation/ (Depreciation)
	150	German Euro-Bund, March 2009	$	(55,743	)
	110	United Kingdom Gilts, March 2009		124,228
			$	68,485

Cash collateral has been pledged for open futures contracts.

At January 31, 2009, the Global Opportunities Fund held investments in restricted and illiquid securities amounting to $16,716,308 or 1.49% of net assets, which were valued under methods approved by the Board of Trustees, as follows:

Acquisition Cost		Issuer	Acquisition Date	01/31/09 Carrying Value Per Unit
$	20,000,000	Asian Coast Development Ltd.	07/28/08	$	30.00
	8,858,462	GOME Electrical Appliances Holdings, Ltd.	11/29/07		0.07
	543,220	OZ Minerals, Ltd.	01/30/08		—
	140,000	Seneca Gaming Corp. 10/20/08			80.00

	Units		Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 36.5, expiring 12/21/12 (Underlying notional amount at value $41,500,000)		41,500,000	$	(556,100	)
	Units		Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 40.5, expiring 12/21/12 (Underlying notional amount at value $12,375,000)		12,375,000	$	211,613
Equity swap with BNP Paribas receiving dividends on the stocks in the STOXX50E Index over the notional amount, expiring 12/18/15 (Underlying notional amount at value Euro 13,900,000)		1,000,000		(8,101,407	)
Interest rate swap with JPMorgan Chase Bank paying a fixed rate of 8.06% and receiving a floating rate based on MXN-TIIE-Banxico, expiring 01/22/19 (Underlying notional amount at value MXN 1,800,000)		23,640,000		0
Interest rate swap with JPMorgan Chase Bank paying a fixed rate of 8.32% and receiving a floating rate based on MXN-TIIE-Banxico, expiring 01/09/29 (Underlying notional amount at value MXN 2,690,000)		35,460,000		0
			$	(8,445,894	)

(a) Aggregate book cost is $1,227,432,841 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	23,403,084
Unrealized depreciation		(157,079,740	)
Net unrealized depreciation	$	(133,676,656	)

(b)	Non-income producing security.
(c)	Securities incorporated in the same country but traded on different exchanges.
(d)	Variable rate security. Rate shown is the rate as of January 31, 2009.
(e)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(f)	Zero coupon bond. The rate represents the yield at time of purchase.
(g)	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 Trustees.
(h)	Principal amount denoted in New Zealand Dollars.
(i)	The rate represents the annualized yield at time of purchase.

76

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

ADR — American Depositary Receipt

AGC-ICC — Ace Guaranty Corp. Insured Custody Certificates

AMBAC — Insured by AMBAC Indemnity Corp.

Cnv. — Convertible

COP — Certificates of Participation

FSA — Insured by Financial Security Assurance, Inc.

GDR — Global Depositary Receipt

GO — General Obligations

MBIA — Insured by MBIA

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

Portfolio diversification by Sector (Unaudited)
Sector	Percentage of Net Assets
Banks	1.4	%
Consumer Discretionary	11.5	%
Consumer Staples	4.1	%
Diversified Financials	6.3	%
Energy	4.5	%
Government Bonds	8.9	%
Health Care	9.2	%
Industrials	5.6	%
Information Technology	6.2	%
Insurance	1.4	%
Materials	3.4	%
Municipal Bonds	0.8	%
Real Estate	1.4	%
Telecommunication Services	4.8	%
U.S. Government Agencies	15.7	%
Utilities	1.6	%
Other*	13.2	%

*Includes cash and equivalents, exchange traded funds, investment companies, written options, swap agreements, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

77

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED INVESTMENTS	January 31, 2009
	(Unaudited)

Shares			Value
COMMON STOCKS — 45.3%
CANADA — 1.4%
Materials — 1.4%
	1,011,300	Kinross Gold Corp.	$	17,879,784
CHINA — 2.9%
Industrials — 2.0%
	2,700,000	Suntech Power Holdings Co. Ltd. - ADR(b)		25,407,000
Utilities — 0.9%
	11,677,500	Xinao Gas Holdings Ltd.		10,541,638
				35,948,638
GREECE — 2.6%
Energy — 2.6%
	2,194,200	StealthGas, Inc.		10,729,638
	1,099,808	Tsakos Energy Navigation Ltd.		21,182,302
				31,911,940
NORWAY — 1.8%
Energy — 1.8%
	4,600,000	Aker Solutions ASA		21,720,045
PERU — 7.7%
Materials — 7.7%
	5,100,000	Cia de Minas Buenaventura SA - ADR		96,084,000
SINGAPORE — 2.2%
Industrials — 2.2%
	10,400,000	Keppel Corp. Ltd.		27,901,430
UNITED STATES — 26.7%
Energy — 21.2%
	1,000,000	Alpha Natural Resources, Inc.(b)		16,320,000
	3,000,000	ATP Oil & Gas Corp.(b)		13,410,000
	2,769,000	Brazil Ethanol, Inc.(b)(c)		0
	2,682,300	Goodrich Petroleum Corp.(b)		77,518,470
	482,000	Occidental Petroleum Corp.		26,293,100
	2,100,000	Penn Virginia Corp.		43,260,000
	4,400,000	PetroHawk Energy Corp.(b)		86,724,000
	2,770,250	Rancher Energy Corp.(b)		58,175
				263,583,745
Materials — 5.5%
	2,578,327	Caraustar Industries, Inc.(b)		541,449
	900,000	Monsanto Co.		68,454,000
				68,995,449
				332,579,194
Total Common Stocks (Cost $985,941,577)				564,025,031
Shares			Value
PREFERRED STOCKS — 0.0%
Industrials — 0.0%
	46,434	World Waste Technologies, Inc. - Series B, Cnv.(b)	$	37,389
Total Preferred Stocks (Cost $4,500,000)				37,389
Number of Coins
COLLECTIBLE COINS — 4.3%
UNITED STATES — 4.3%
	746	Various Collectible Coins		53,077,023
Total Collectible Coins (Cost $53,868,952)				53,077,023
Shares
RIGHTS/WARRANTS — 0.0%
Energy — 0.0%
	6,666,666	Rancher Energy Corp. Warrants, Expires 12/21/11(b)		1
Industrials — 0.0%
	450,000	World Waste Technologies, Inc. Warrants, Expires 04/27/10(b)		0
Total Rights/Warrants (Cost $1)				1
Principal Amount
U.S. GOVERNMENT AGENCIES — 18.9%
Federal Home Loan Bank — 18.9%
$	4,900,000	0.09%, 02/03/09(d)		4,899,988
	2,850,000	0.15%, 02/03/09(d)		2,849,988
	3,500,000	0.15%, 02/04/09(d)		3,499,971
	84,000,000	0.80%, 02/04/09(d)		83,996,267
	150,000	0.18%, 02/05/09(d)		149,998
	5,300,000	0.07%, 02/06/09(d)		5,299,959
	5,200,000	0.11%, 02/11/09(d)		5,199,857
	3,000,000	0.15%, 02/11/09(d)		2,999,887
	2,000,000	0.21%, 02/11/09(d)		1,999,896
	1,700,000	0.07%, 02/12/09(d)		1,699,967
	19,000,000	0.18%, 02/19/09(d)		18,998,385
	31,000,000	0.20%, 02/24/09(d)		30,996,211
	5,000,000	0.17%, 02/25/09(d)		4,999,457
	34,000,000	0.18%, 02/25/09(d)		33,996,090
	34,000,000	0.20%, 03/04/09(d)		33,994,333
Total U.S. Government Agencies (Cost $235,580,253)				235,580,254

78

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 23.5%
U.S. Treasury Notes — 23.5%
$	60,000,000	2.00%, 04/15/12(e)	$	63,006,081
	20,000,000	2.38%, 01/15/17(e)		21,475,377
	220,000,000	1.38%, 07/15/18(e)		208,592,807
Total U.S. Government Securities (Cost $287,203,721)				293,074,265
Shares
CASH SWEEP — 0.6%
	7,896,800	Citibank Dollars on Deposit in Custody Account		7,896,800
Total Cash Sweep (Cost $7,896,800)				7,896,800
TOTAL INVESTMENTS — 92.6% (Cost $1,574,991,304)(a)				1,153,690,763
OTHER ASSETS IN EXCESS OF LIABILITIES — 7.4%				92,761,785
NET ASSETS — 100.0%			$	1,246,452,548

At January 31, 2009, the Real Return Fund held investments in restricted and illiquid securities amounting to $53,676,648 or 4.3% of net assets, which were valued under methods approved by the Board of Trustees, as follows:

Acquisition Cost		Issuer	Acquisition Date	01/31/09 Carrying Value Per Unit
$	19,527,013	Brazil Ethanol, Inc.	03/15/07	$	—
	21,239,828	Carauster Industries, Inc.	08/10/06		0.21
	53,868,952	Collectible Coins	12/14/06		71,148.82
	3,003,839	Rancher Energy Corp.	12/21/06		0.02
	0	Rancher Energy Corp., Warrants	03/20/07		—
FUTURES CONTRACTS: LONG POSITION
Contracts				Unrealized Appreciation/ (Depreciation)
	700	Gold 100 OZ, April 2009		$	1,306,123
	700	Gold 100 OZ, June 2009			5,443,242
	450	Natural Gas, March 2009			(7,468,502	)
	400	Natural Gas, August 2009			(2,359,540	)
	300	Natural Gas, September 2009			(1,928,130	)
		Net unrealized appreciation		$	(5,006,807	)

(a) Aggregate book cost is $1,574,991,304 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	48,564,583
Unrealized depreciation		(469,865,124	)
Net unrealized depreciation	$	(421,300,541	)

(b)	Non-income producing security.
(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 Trustees.
(d)	The rate represents the annualized yield at time of purchase.
(e)	Inflation protected security. Principal amount reflects original security face amount.
ADR — American Depositary Receipt
Cnv.  — Convertible

	Units			Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 02/04/09 (Underlying notional amount at value $2,055,300)		37,200		$	(190,655	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 02/04/09 (Underlying notional amount at value $3,026,592)		(37,200	)		1,435,157
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 03/04/09 (Underlying notional amount at value $1,989,000)		36,000			(513,110	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 03/04/09 (Underlying notional amount at value $2,928,960)		(36,000	)		1,714,663
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 04/03/09 (Underlying notional amount at value $2,055,300)		37,200			(528,913	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 04/03/09 (Underlying notional amount at value $3,026,592)		(37,200	)		1,767,472

79

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Units			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 05/05/09 (Underlying notional amount at value $1,989,000)		36,000		$	(510,536	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 05/05/09 (Underlying notional amount at value $2,928,960)		(36,000	)		1,706,060
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 06/04/09 (Underlying notional amount at value $2,055,300)		37,200			(391,777	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 06/04/09 (Underlying notional amount at value $3,026,592)		(37,200	)		1,624,221
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 07/03/09 (Underlying notional amount at value $2,055,300)		37,200			(390,894	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 07/03/09 (Underlying notional amount at value $3,026,592)		(37,200	)		1,620,562
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 08/05/09 (Underlying notional amount at value $1,989,000)		36,000			(377,332	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 08/05/09 (Underlying notional amount at value $2,928,960)		(36,000	)		1,564,335
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 09/03/09 (Underlying notional amount at value $2,055,300)		37,200			(35,156	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 09/03/09 (Underlying notional amount at value $3,026,592)		(37,200	)		1,259,062
	Units			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 10/05/09 (Underlying notional amount at value $1,989,000)		36,000		$	(33,931	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 10/05/09 (Underlying notional amount at value $2,928,960)		(36,000	)		1,215,176
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 11/04/09 (Underlying notional amount at value $2,055,300)		37,200			(34,972	)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 11/04/09 (Underlying notional amount at value $3,026,592)		(37,200	)		1,252,465
Commodity Index Swap Agreement with Cargill, Inc. based on the MISO Cinergy Hub Monthly Off-Peak Electricity Futures, expiring 03/27/09 (Underlying notional amount at value $9,062,506)		232,000			(2,653,287	)
Commodity Index Swap Agreement with Cargill, Inc. based on the MISO Cinergy Hub Monthly Off-Peak Electricity Futures, expiring 03/27/09 (Underlying notional amount at value $9,781,700)		(232,000	)		3,369,810
Commodity Index Swap Agreement with Cargill, Inc. based on the MISO Cinergy Hub Monthly Off-Peak Electricity Futures, expiring 06/26/09 (Underlying notional amount at value $9,125,006)		233,600			(1,912,301	)
Commodity Index Swap Agreement with Cargill, Inc. based on the MISO Cinergy Hub Monthly Off-Peak Electricity Futures, expiring 06/26/09 (Underlying notional amount at value $9,849,160)		(233,600	)		2,629,114
Commodity Index Swap Agreement with Cargill, Inc. based on the MISO Cinergy Hub Monthly Off-Peak Electricity Futures, expiring 09/25/09 (Underlying notional amount at value $9,250,006)		236,800			(2,280,330	)

80

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Units			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the MISO Cinergy Hub Monthly Off-Peak Electricity Futures, expiring 09/25/09 (Underlying notional amount at value $9,984,080)		(236,800	)	$	3,002,203
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 01/31/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,059,305
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 01/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,117,768
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 02/28/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,195,789
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 02/28/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,116,351
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 03/31/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,218,946
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 03/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,114,737
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 04/30/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,301,337
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 04/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,113,127

	Units			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 05/31/09 (Underlying notional amount at value $8,471,250)		(45,000	)	$	5,292,467
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 05/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,111,416
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 06/30/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,283,728
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 06/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,109,713
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 07/31/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,255,643
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 07/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,107,907
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 08/31/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,250,213
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 08/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,106,052
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 09/30/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,245,478
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 09/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,104,211

81

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Units			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 10/31/09 (Underlying notional amount at value $8,471,250)		(45,000	)	$	5,202,650
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 10/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,102,262
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 11/30/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,198,753
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 11/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,100,332
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 12/31/09 (Underlying notional amount at value $8,471,250)		(450,000	)		5,195,227
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 12/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,098,290
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Cotton Index, expiring 11/20/09 (Underlying notional amount at value $23,776,400)		634			(6,041,300	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Cotton Index, expiring 11/20/09 (Underlying notional amount at value $31,383,000)		(634	)		13,488,968
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 01/31/09 (Underlying notional amount at value $2,844,912)		45,000			823,031
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 01/31/10 (Underlying notional amount at value $621,500)		10,000			92,284

	Units		Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 02/28/09 (Underlying notional amount at value $2,844,986)		45,000	$	631,057
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 02/28/10 (Underlying notional amount at value $621,500)		10,000		92,167
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 03/31/09 (Underlying notional amount at value $2,844,986)		45,000		540,456
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 03/31/10 (Underlying notional amount at value $621,500)		10,000		92,033
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 04/30/09 (Underlying notional amount at value $2,820,806)		45,000		412,146
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 04/30/10 (Underlying notional amount at value $621,500)		10,000		91,901
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 05/31/09 (Underlying notional amount at value $2,820,960)		45,000		411,303
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 05/31/10 (Underlying notional amount at value $621,500)		10,000		91,759
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 06/30/09 (Underlying notional amount at value $2,821,332)		45,000		410,254
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 06/30/10 (Underlying notional amount at value $621,500)		10,000		91,619

82

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Units		Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 07/31/09 (Underlying notional amount at value $4,003,292)		50,000	$	(452,074	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 07/31/10 (Underlying notional amount at value $621,500)		10,000		91,470
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 08/31/09 (Underlying notional amount at value $4,003,376)		50,000		(451,677	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 08/31/10 (Underlying notional amount at value $621,500)		10,000		91,316
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 09/30/09 (Underlying notional amount at value $4,003,292)		50,000		(451,172	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 09/30/10 (Underlying notional amount at value $621,500)		10,000		91,164
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 10/31/09 (Underlying notional amount at value $2,261,250)		30,000		(134,257	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 10/31/10 (Underlying notional amount at value $621,500)		10,000		91,004

	Units		Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 11/30/09 (Underlying notional amount at value $2,261,250)		30,000	$	(134,157	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 11/30/10 (Underlying notional amount at value $621,500)		10,000		90,844
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 12/31/09 (Underlying notional amount at value $2,261,250)		30,000		(134,066	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 12/31/10 (Underlying notional amount at value $621,500)		10,000		90,676
			$	100,325,557

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Collectible Coins	4.3	%
Energy	25.6	%
Industrials	4.2	%
Materials	14.6	%
U.S. Government and Agency Securities	42.4	%
Utilities	0.9	%
Other*	8.0	%

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

83

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS	January 31, 2009
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 10.7%
Banks — 3.6%
$	1,000,000	Bank of Scotland Plc, 5.00%, 11/21/11(b)	$	977,444
	6,000,000	ING Bank NV, 2.63%, 02/09/12(b)		5,982,120
				6,959,564
Consumer Staples — 1.1%
	1,000,000	Procter & Gamble Co., 4.60%, 01/15/14		1,058,532
	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13		1,029,212
				2,087,744
Diversified Financials — 5.9%
	2,700,000	American Express Credit Corp., Series C, 7.30%, 08/20/13		2,762,132
	2,000,000	Eksportfinans A/S, 5.00%, 02/14/12		2,112,140
	4,030,000	General Electric Capital Corp., MTN, 5.25%, 10/19/12		4,006,300
	2,000,000	Sallie Mae, Inc., 7.30%, 08/01/12		2,358,484
				11,239,056
Industrials — 0.1%
	224,147	3M Employee Stock Ownership Plan Trust, 5.62%, 07/15/09(b)		228,766
Total Corporate Bonds (Cost $20,248,367)				20,515,130
MUNICIPAL BONDS — 15.0%
Arkansas — 0.2%
	300,000	University of Arkansas Fayetteville Campus Various Facility Revenue Bonds, (FSA, GO of Board) 5.50%, 12/01/16		336,345
California — 1.1%
	1,765,000	Tobacco Securitization Authority of Southern California Tobacco Settlement, Asset Backed Senior Lien Revenue Bonds, Series A, OID, 5.50%, 06/01/36		2,005,428
Georgia — 0.4%
	700,000	Gwinnett County Development Authority Public Schools Project COP, (MBIA) 5.25%, 01/01/25		815,101

	Principal Amount			Value
Illinois — 4.5%
$	1,930,000	Chicago Board of Education Albany Park Academy Project GO, Series F, (MBIA) 5.50%, 12/01/18	$	2,324,357
	5,175,000	Chicago Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/01/33		6,227,750
				8,552,107
Maine — 0.4%
	350,000	State of Maine GO, 3.94%, 05/15/11		361,126
	465,000	State of Maine GO, 4.34%, 05/15/13		484,735
				845,861
Missouri — 1.2%
	2,000,000	Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.25%, 03/01/21		2,297,080
New Jersey — 2.4%
	4,060,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37		4,664,575
New York — 2.1%
	1,000,000	New York City Industrial Development Agency Polytechnic University Project, Civic Facility Revenue Bonds, OID, 6.13%, 11/01/30		1,101,400
	1,790,000	New York State Dormitory Authority State Personal Income Tax Refunding Revenue Bonds, 4.81%, 12/15/11		1,840,496
	500,000	New York State Dormitory Authority University of Rochester Revenue Bonds, Series A, 5.13%, 07/01/39		589,820
	500,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		526,350
				4,058,066
Ohio — 1.2%
	1,040,000	City of Cleveland Refunding GO, (MBIA) 5.50%, 12/01/18		1,200,347

84

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Ohio (continued)
$	1,000,000	Ohio State Third Frontier Research and Development GO, Taxable, Series A, (MBIA) 5.25%, 05/01/11	$	1,057,980
				2,258,327
Texas — 0.6%
	1,000,000	Houston Area Water Corp. Northeast Water Purification Project Revenue Bonds, OID, (FGIC) 5.25%, 03/01/23		1,112,270
Virginia — 0.6%
	1,000,000	Fairfax County Water Authority Water Revenue Bonds, 5.00%, 04/01/21		1,162,830
Wisconsin — 0.3%
	500,000	South Milwaukee School District Refunding GO, (FGIC) 5.20%, 04/01/22		560,140
Total Municipal Bonds (Cost $27,248,695)				28,668,130
U.S. GOVERNMENT AGENCIES — 50.8%
Fannie Mae — 0.2%
	400,000	5.00%, 08/02/12		436,390
	10,419	7.50%, 08/01/25		11,098
				447,488
Federal Farm Credit Bank — 2.2%
	125,000	4.75%, 01/19/10		129,398
	100,000	5.15%, 12/06/10		106,549
	3,500,000	2.00%, 01/17/12		3,488,881
	400,000	4.50%, 10/17/12		431,067
				4,155,895
Federal Home Loan Bank — 37.2%
	50,000	4.00%, 02/12/10		51,458
	30,000	7.38%, 02/12/10		31,903
	25,000	3.38%, 05/14/10		25,675
	215,000	4.50%, 09/10/10		225,314
	2,431,455	4.75%, 10/25/10		2,477,044
	60,000	4.25%, 11/02/10		62,766
	50,000	4.25%, 11/15/10		52,354
	630,000	6.63%, 11/15/10		686,144
	730,000	4.75%, 12/10/10		772,836
	1,240,000	4.88%, 12/10/10		1,314,177
	1,360,000	4.00%, 02/15/11		1,424,229
	2,135,000	5.88%, 02/15/11		2,311,639
	500,000	2.88%, 03/11/11		511,942

Principal Amount			Value
Federal Home Loan Bank (continued)
$	6,020,000	4.88%, 03/11/11	$	6,418,458
	10,775,000	5.25%, 06/10/11		11,629,425
	235,000	5.38%, 06/10/11		254,309
	320,000	4.38%, 08/15/11		339,601
	75,000	5.75%, 08/15/11		82,136
	2,855,000	5.00%, 10/13/11		3,080,776
	50,000	4.25%, 11/15/11		53,004
	490,000	4.88%, 11/15/11		527,552
	15,000	5.63%, 11/15/11		16,453
	6,270,000	4.75%, 12/09/11		6,735,736
	2,370,000	5.00%, 03/09/12		2,571,414
	175,000	4.38%, 06/08/12		185,431
	455,000	4.88%, 06/08/12		493,967
	1,400,000	5.38%, 06/08/12		1,542,380
	335,000	4.63%, 08/15/12		361,920
	990,000	4.50%, 09/14/12		1,063,919
	585,000	5.00%, 09/14/12		638,129
	5,265,000	4.88%, 12/14/12		5,760,789
	2,031,797	5.27%, 12/28/12		2,110,419
	50,000	3.50%, 03/08/13		52,177
	645,000	3.88%, 03/08/13		682,483
	915,000	5.00%, 03/08/13		1,008,154
	1,800,000	3.75%, 06/14/13		1,893,982
	1,440,000	4.25%, 06/14/13		1,544,803
	2,795,000	5.38%, 06/14/13		3,127,776
	500,000	4.38%, 09/13/13		538,902
	1,000,000	5.25%, 09/13/13		1,114,715
	185,000	5.50%, 12/11/13		208,721
	3,305,000	3.13%, 12/13/13		3,327,970
	500,000	4.00%, 12/13/13		530,127
	2,800,000	4.88%, 12/13/13		3,003,098
	250,000	4.88%, 06/13/14		274,991
				71,121,198
Freddie Mac — 0.3%
	190,000	4.50%, 12/16/10		200,137
	355,000	5.00%, 08/15/12		386,744
				586,881
Ginnie Mae — 0.1%
	109,009	8.50%, 10/15/17		116,393
	492	9.00%, 02/15/20		526
				116,919
Overseas Private Investment Corp. — 7.3%
	1,000,000	4.59%, 12/09/11(c)		1,025,000
	11,561,975	5.14%, 12/15/23		12,944,902
				13,969,902

85

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Private Export Funding Corp. — 1.0%
$	300,000	6.07%, 04/30/11	$	328,376
	400,000	5.66%, 09/15/11(b)		437,155
	425,000	4.90%, 12/15/11		458,379
	310,000	5.69%, 05/15/12		343,845
	350,000	4.97%, 08/15/13		381,273
				1,949,028
Tennessee Valley Authority — 2.5%
	714,000	5.63%, 01/18/11		767,614
	632,000	6.79%, 05/23/12		715,603
	2,095,000	6.00%, 03/15/13		2,348,355
	110,000	4.75%, 08/01/13		118,311
	725,000	6.25%, 12/15/17		843,104
				4,792,987
Total U.S. Government Agencies (Cost $91,475,348)				97,140,298
U.S. GOVERNMENT SECURITIES — 22.1%
U.S. Treasury Notes — 22.1%
	275,000	2.38%, 04/15/11(d)		295,966
	700,000	4.50%, 02/15/16		797,289
	36,216,000	4.63%, 11/15/16		41,127,795
Total U.S. Government Securities (Cost $38,138,802)				42,221,050

Shares
INVESTMENT COMPANY — 0.6%
	1,141,354	SEI Daily Income Trust Government II Fund, Class A		1,141,354
Total Investment Company (Cost $1,141,354)				1,141,354
TOTAL INVESTMENTS — 99.2% (Cost $178,252,566)(a)				189,685,962
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%				1,562,696
NET ASSETS — 100.0%			$	191,248,658

(a) Aggregate book cost is $178,252,566 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	11,812,298
Unrealized depreciation		(378,902	)
Net unrealized appreciation	$	11,433,396

(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 Trustees.
(c)	Zero coupon bond. The rate represents the yield at time of purchase.
(d)	Inflation protected security. Principal amount reflects original security face amount.
COP — Certificates of Participation
FGIC — Insured by Financial Guaranty Insurance Corp.
FSA — Insured by Financial Security Assurance, Inc.
GO — General Obligations
MBIA — Insured by MBIA
MTN — Medium Term Note
OID — Original Issue Discount
Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
U.S. Government & Agency Securities	72.9	%
Municipal Bonds	15.0
Corporate Bonds	10.7
Other*	1.4

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

86

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS	January 31, 2009
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 94.9%
Alabama — 0.7%
$	110,000	Alabama State Public School & College Authority Revenue Bonds, Series C, (FSA) 5.00%, 05/01/13	$	119,004
	400,000	Alabama Water Pollution Control Authority Revenue Bonds, (AMBAC) 5.50%, 08/15/14		417,704
	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26		1,256,930
				1,793,638
Arizona — 0.8%
	350,000	Arizona State Board of Regents Revenue Bonds, Series C, OID, 5.88%, 07/01/24		384,594
	800,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A, 5.00%, 07/01/14		915,808
	500,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, Senior Lien, 5.50%, 07/01/24		543,180
	250,000	University of Arizona Refunding COP, Series C, (AMBAC) 5.00%, 06/01/18		269,042
				2,112,624
California — 1.1%
	1,155,000	City of Alameda GO, (MBIA) 5.00%, 08/01/33		1,089,650
	350,000	Golden State Tobacco Securitization Corp. Revenue Bonds, Series B, OID, 5.63%, 06/01/38		401,835
	170,000	Los Angeles Unified School District GO, Series E, (FSA) 5.00%, 07/01/16		193,885
	150,000	Placer County Water Agency Refunding COP, OID, (MBIA) 4.50%, 07/01/16		158,523
	275,000	Pomona Public Financing Authority Revenue Bonds, Water Facilities Project, Series AY, (AMBAC) 5.00%, 05/01/18		285,513

Principal Amount			Value
California (continued)
$	620,000	Santa Clara Valley Water District Refunding COP, Series A, 5.00%, 02/01/15	$	707,978
				2,837,384
Colorado — 0.2%
	485,000	City of Longmont Sales & Use Tax Revenue Bonds, OID, 5.63%, 11/15/10		526,555
Connecticut — 0.3%
	500,000	Connecticut Housing Finance Authority Revenue Bonds, Housing Mortgage Financing Program, Sub-Series F-2, (GO of Authority) 6.00%, 11/15/38		510,740
	170,000	State of Connecticut GO, Series C, 4.50%, 11/01/12		188,224
				698,964
Florida — 7.6%
	150,000	City of Port Orange Water & Sewer Refunding Revenue Bonds, (AMBAC) 5.00%, 10/01/16		159,830
	1,800,000	County of Miami-Dade Refunding Revenue Bond, Series B, (FSA), 5.25%, 10/01/16		2,075,202
	170,000	Florida Department of Transportation Revenue Bonds, Series A, 5.00%, 07/01/29		165,330
	1,005,000	Florida State Board of Education GO, Series E, OID, (FSA) 5.00%, 06/01/26		1,013,804
	10,000,000	Florida State Board of Education Refunding GO, Series A, (MBIA-RE FGIC) 5.00%, 06/01/17		11,375,600
	1,065,000	Hillsborough County Community Investment Tax Revenue Bond, (AMBAC) 5.00%, 11/01/16		1,203,280
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/18		483,998
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/19		2,122,480
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		522,455

87

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Florida (continued)
$	900,000	Seminole County School Board COP, Series A, (AMBAC) 5.00%, 07/01/18	$	987,264
				20,109,243
Georgia — 0.4%
	100,000	City of Atlanta Refunding GO, Series A, (MBIA-RE FGIC) 5.00%, 12/01/21		107,212
	400,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (MBIA) 5.25%, 01/01/17		470,320
	525,000	Gwinnett County Development Authority Refunding COP, Public Schools Project, (MBIA) 5.00%, 01/01/15		602,878
				1,180,410
Illinois — 3.0%
	500,000	Chicago Board of Education GO, Series B, (FSA) 5.00%, 12/01/18		561,845
	900,000	Chicago Transit Authority Revenue Bonds, (AMBAC) 5.00%, 06/01/21		922,185
	225,000	City of Chicago Neighborhoods Alive 21 Program GO, Series A, OID, (FGIC) 5.88%, 01/01/19		243,115
	100,000	City of Rockford GO, Series A, OID, (FSA) 5.38%, 12/15/13		106,903
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (MBIA) 5.00%, 12/01/25		1,019,230
	150,000	Cook County School District No. 100 Berwyn South Refunding GO, Series D, (FSA) 5.00%, 12/01/12		168,312
	575,000	County of Cook Refunding GO, Series A, OID, (MBIA-RE FGIC) 5.00%, 11/15/22		581,934
	85,000	Du Page County Community Unit School District No. 202 Lisle Pre-Refunded GO, OID, (FSA) 5.55%, 12/30/17		92,670

Principal Amount			Value
Illinois (continued)
$	65,000	Du Page County Community Unit School District No. 202 Lisle Un-Refunded GO, OID, (FSA) 5.55%, 12/30/17	$	68,628
	260,000	Freeport Sewer System Improvements Refunding GO, OID, (AMBAC) 5.55%, 12/01/14		284,788
	500,000	State of Illinois GO, First Series, 5.50%, 08/01/15		525,665
	400,000	State of Illinois Sales Tax Revenue Bonds, Series Z, 5.00%, 06/15/12		408,868
	2,058,000	Village of Bolingbrook Refunding Special Tax, OID, (MBIA) 4.30%, 03/01/21		2,062,116
	250,000	Will County School District No. 122 Refunding GO, Series B, OID, (MBIA-RE FGIC) 5.20%, 11/01/16		267,770
	600,000	Will County School District No. 161 Summit Hill Refunding GO, (MBIA-RE FGIC) 5.00%, 01/01/17		650,310
				7,964,339
Indiana — 6.2%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/15/16		675,555
	1,490,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 07/15/25		1,523,957
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 07/15/16		1,117,022
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 01/15/17		684,814
	650,000	Decatur Township Marion County Multi-School Building Corp., First Mortgage Revenue Bonds, Series B, (FSA, State Aid Withholding) 5.00%, 07/15/18		720,447

88

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	315,000	East Allen Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 07/10/14	$	335,318
	490,000	East Noble Facilities School Building Corp. Refunding Revenue Bonds, (MBIA, State Aid Withholding) 5.00%, 07/15/16		570,953
	510,000	Evansville Vanderburgh Public Leasing Corp. Refunding Revenue Bonds, (AMBAC) 5.25%, 07/15/17		566,069
	460,000	Franklin Community Multi-School Building Corp., First Mortgage Revenue Bonds, (FSA, State Aid Withholding) 5.13%, 07/15/12		503,645
	75,000	Franklin Township School Building Corp., Marion County First Mortgage Revenue Bonds, 5.75%, 07/15/10		80,139
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/15/22		1,124,666
	1,505,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (MBIA) 5.00%, 07/15/23		1,560,534
	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (MBIA, State Aid Withholding) 5.38%, 07/15/16		198,646
	250,000	Indiana Bond Bank, Special Program Revenue Bonds, Series A, (AMBAC) 6.25%, 02/01/11		266,508
	125,000	Indianapolis-Marion County Public Library GO, Series A, 4.60%, 07/01/18		129,198
	145,000	Lebanon Middle School Building Corp., First Mortgage Revenue Bonds, (FSA, State Aid Withholding) 5.05%, 07/15/11		155,347
	700,000	Mount Vernon of Hancock County Multi-School Building Corp., First Mortgage Revenue Bonds, Series A, (State Aid Withholding) 5.25%, 01/15/14		761,425

Principal Amount			Value
Indiana (continued)
$	85,000	Noblesville Elementary/ Intermediate Schools Building Corp., First Mortgage Revenue Bonds, (FSA) 5.30%, 07/15/09	$	86,851
	205,000	Noblesville Elementary/ Intermediate Schools Building Corp., First Mortgage Revenue Bonds, (FSA) 5.50%, 07/15/12		220,955
	435,000	Noblesville Redevelopment Authority, Lease Rental Revenue Bonds, (AMBAC) 5.00%, 07/15/16		472,471
	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC) 5.00%, 01/15/16		179,317
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (MBIA, State Aid Withholding) 5.00%, 07/15/18		544,340
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (MBIA, State Aid Withholding) 5.00%, 01/15/16		822,922
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (MBIA, State Aid Withholding) 5.00%, 07/15/16		851,027
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (MBIA, State Aid Withholding) 5.00%, 07/15/17		659,102
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (MBIA-RE FGIC) 5.00%, 01/15/19		212,710
	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/10/16		890,804

89

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (MBIA, State Aid Withholding) 5.00%, 01/15/15	$	201,226
	150,000	Westfield Multi-School Building Corp., First Mortgage Revenue Bonds, Series A, (FSA, State Aid Withholding) 5.00%, 07/15/23		152,385
	135,000	Westfield-Washington Elementary Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 4.75%, 01/15/11		144,115
				16,412,468
Iowa — 0.1%
	250,000	City of Iowa City Parking Facilities Revenue Bonds, (MBIA) 5.88%, 07/01/15		253,850
Kentucky — 0.4%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (FGIC) 5.00%, 11/01/15		1,150,170
Louisiana — 0.8%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC) 5.00%, 06/01/16		2,069,260
Maine — 0.5%
	850,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, (AMBAC) 5.00%, 07/01/16		975,536
	400,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21		426,204
				1,401,740
Michigan — 2.4%
	130,000	Central Montcalm Public Schools GO, OID, (MBIA, Q-SBLF) 5.35%, 05/01/11		131,546

Principal Amount			Value
Michigan (continued)
$	1,350,000	Central Montcalm Public Schools Refunding GO, (MBIA, Q-SBLF) 5.00%, 05/01/23	$	1,380,388
	345,000	Clintondale Community Schools Refunding GO, (MBIA, Q-SBLF) 5.00%, 05/01/20		364,455
	250,000	Detroit Water Supply System Revenue Bonds, Senior Lien, Series A, (FGIC) 5.00%, 07/01/13		271,982
	240,000	Dundee Community School District School Building & Site GO, (Q-SBLF) 5.38%, 05/01/14		254,246
	250,000	Dundee Community School District School Building & Site GO, OID, (Q-SBLF) 5.38%, 05/01/19		264,840
	325,000	East Lansing School District School Building & Site GO, OID, (Q-SBLF) 5.35%, 05/01/16		344,191
	150,000	Galesburg-Augusta Community Schools GO, (Q-SBLF) 5.38%, 05/01/14		158,904
	150,000	Jackson Public Schools School Building & Site Refunding GO, (FSA, Q-SBLF) 5.00%, 05/01/15		168,782
	685,000	Oakland University Refunding Revenue Bonds, (AMBAC) 5.25%, 05/15/18		738,533
	245,000	Portage Public Schools School Building & Site GO, (FSA) 5.00%, 05/01/14		266,744
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		800,016
	265,000	Stockbridge Community Schools Refunding GO, (FSA, Q-SBLF) 5.00%, 05/01/21		279,045
	150,000	Van Buren County GO, OID, (AMBAC) 5.00%, 05/01/15		155,537
	375,000	Warren Transportation Fund GO, OID, 5.00%, 06/01/16		387,428
	400,000	Zeeland Public Schools GO, (Q-SBLF) 5.00%, 05/01/20		413,332
				6,379,969

90

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Minnesota — 0.9%
$	950,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16	$	1,118,616
	1,000,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/17		1,179,360
				2,297,976
Mississippi — 1.5%
	1,500,000	State of Mississippi GO, Series A, 5.00%, 10/01/18		1,747,140
	2,000,000	State of Mississippi GO, Series D, (MBIA) 5.00%, 11/01/16		2,342,200
				4,089,340
Missouri — 0.7%
	1,505,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,730,043
	100,000	North Kansas City School District No. 74 Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/18		115,331
				1,845,374
Nevada — 1.5%
	1,000,000	Clark County Improvement District No. 112 Special Assessment, 5.00%, 08/01/34		894,090
	500,000	Clark County School District GO, Series C, 5.00%, 06/15/18		551,500
	2,000,000	Clark County School District Refunding GO, Series B, (FGIC) 5.00%, 06/15/22		2,009,660
	500,000	Washoe County GO, OID, (MBIA) 5.00%, 06/01/17		499,980
				3,955,230
New Jersey — 4.7%
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,655,205

Principal Amount			Value
New Jersey (continued)
$	1,200,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16	$	1,413,996
	5,145,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/18		5,799,393
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (MBIA) 5.50%, 12/15/15		1,599,730
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14		128,402
	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37		1,378,692
	385,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42		443,890
				12,419,308
New York — 10.3%
	2,000,000	City of New York Refunding GO, Series A1, 5.00%, 08/01/15		2,231,860
	4,250,000	City of New York Refunding GO, Series G, (MBIA) 5.00%, 08/01/18		4,590,340
	1,500,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series CC, 5.00%, 06/15/29		1,479,180
	2,500,000	New York City Municipal Water Finance Authority Revenue Bonds, Series A, 5.50%, 06/15/21		2,811,150
	1,150,000	New York City Municipal Water Finance Authority Revenue Bonds, Series A, OID, 5.75%, 06/15/40		1,212,905
	1,000,000	New York Power Authority Refunding Revenue Bonds, Series C, (MBIA) 5.00%, 11/15/15		1,151,630
	550,000	New York State Dormitory Authority Mental Health Services Facilities Improvement Revenue Bonds, Series C, (MBIA-RE FGIC) 5.00%, 02/15/16		592,944

91

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
New York (continued)
$	1,450,000	New York State Dormitory Authority State University Lease Revenue Bonds, 4.75%, 07/01/17	$	1,611,110
	1,100,000	New York State Dormitory Authority Upstate Community Colleges Revenue Bonds, 6.00%, 07/01/31(b)		1,124,651
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		461,896
	2,210,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, (AMBAC) 5.00%, 04/01/18		2,376,722
	790,000	New York State Thruway Authority Revenue Bonds, Series A, 5.00%, 03/15/18		909,029
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		555,765
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21		1,064,320
	250,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.50%, 01/01/24		258,478
	4,800,000	New York State Urban Development Corp. Revenue Bonds, Series B1, OID, 5.00%, 03/15/28		4,807,296
				27,239,276
North Carolina — 1.2%
	250,000	City of Winston-Salem COP, Series A, 5.00%, 06/01/15		289,835
	300,000	County of Brunswick GO, (MBIA-RE FGIC) 5.00%, 05/01/15		322,326
	600,000	County of Harnett COP, Series A, (FSA) 5.00%, 12/01/14		694,560
	1,635,000	Dare County COP, (MBIA-RE FGIC) 5.00%, 06/01/17		1,794,380
				3,101,101

Principal Amount			Value
Ohio — 3.4%
$	1,135,000	Cincinnati City School District Refunding GO, (MBIA-RE FGIC) 5.00%, 12/01/17	$	1,326,100
	865,000	County of Greene Refunding Revenue Bonds, Series A, (MBIA) 5.25%, 12/01/21		977,251
	300,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, (MBIA) 5.00%, 12/01/19		322,500
	100,000	Licking Heights Local School District Refunding GO, Series A, (MBIA) 5.00%, 12/01/18		109,032
	2,365,000	Ohio State Building Authority Facilities Refunding Revenue Bonds, Series B, (MBIA-RE FGIC) 5.00%, 10/01/18		2,752,505
	400,000	Ohio State Department of Administrative Services COP, Series A, (MBIA) 5.00%, 09/01/16		447,416
	1,000,000	Ohio State University Revenue Bonds, Series A, 4.00%, 12/01/17		1,101,450
	2,000,000	State of Ohio GO, Series B, 5.00%, 05/01/23		2,088,040
				9,124,294
Pennsylvania — 1.1%
	115,000	New Castle Area School District GO, OID, (MBIA, State Aid Withholding) 4.40%, 03/01/11		122,372
	1,455,000	Pennsylvania Higher Educational Facilities Authority Temple University Refunding Revenue Bonds, (MBIA) 5.00%, 04/01/17		1,602,726
	1,000,000	University of Pittsburgh of the Commonwealth Systems of Higher Education Revenue Bonds, University Capital Project, (GO of University) 5.50%, 09/15/37(b)		1,107,850
				2,832,948
Puerto Rico — 0.1%
	190,000	Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds, Series W, OID, 5.50%, 07/01/15		188,877

92

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Texas — 36.1%
$	1,255,000	Alamo Community College District GO, Series A, (MBIA) 5.50%, 08/15/15	$	1,492,195
	4,405,000	Aldine Independent School District GO, (PSF-GTD) 5.00%, 02/15/25		4,566,884
	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/20		1,363,358
	110,000	Alief Independent School District GO, (PSF-GTD) 5.00%, 02/15/13		118,637
	4,365,000	Austin Independent School District Refunding GO, (MBIA) 5.00%, 08/01/18		5,022,194
	1,000,000	Brownsville Independent School District GO, (PSF-GTD) 5.50%, 08/15/18		1,110,040
	1,995,000	Brownwood Independent School District Refunding GO, (MBIA-RE FGIC) 5.25%, 02/15/25		1,963,140
	1,805,000	Brownwood Independent School District Refunding GO, (MBIA-RE FGIC) 5.25%, 02/15/26		1,753,539
	100,000	City of Austin Revenue Bonds, (MBIA) 5.25%, 05/15/25		102,517
	750,000	City of Dallas GO, OID, 5.00%, 02/15/25		770,835
	515,000	City of Denton GO, (MBIA) 5.00%, 02/15/14		585,941
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (MBIA) 4.50%, 03/01/14		997,880
	4,000,000	City of Houston Refunding GO, Series A, (MBIA) 5.25%, 03/01/14		4,580,680
	3,000,000	City of Houston Refunding GO, Series A, (MBIA) 5.38%, 03/01/15		3,430,170
	255,000	City of Laredo GO, OID, (FGIC) 5.38%, 08/15/20		282,267
	1,280,000	City of Richardson Refunding GO, (MBIA) 5.25%, 02/15/20		1,409,587
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,871,599

Principal Amount			Value
Texas (continued)
$	1,500,000	Clint Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 08/15/28	$	1,519,725
	190,000	Coppell Independent School District School Building GO, (MBIA) 5.00%, 08/15/15		220,442
	315,000	Coppell Independent School District School Building GO, (MBIA) 5.00%, 08/15/16		366,868
	500,000	County of Hidalgo GO, (MBIA) 4.50%, 08/15/19		519,740
	100,000	Dallas Area Rapid Transit Senior Lien Sales Tax Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		115,056
	245,000	Deer Park Independent School District GO, (FSA) 5.00%, 02/15/17		285,244
	700,000	Edinburg Consolidated Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 02/15/18		810,628
	245,000	El Paso County Refunding GO, (MBIA) 5.00%, 02/15/16		281,708
	1,000,000	El Paso Independent School District GO, (PSF-GTD) 5.00%, 08/15/12		1,116,250
	3,000,000	Fort Worth Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/17		3,480,630
	500,000	Friendswood Independent School District GO, (PSF-GTD) 5.00%, 02/15/23		531,345
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (FSA) 5.00%, 03/01/21		1,157,021
	350,000	Frisco Independent School District School Building GO, Series B, (MBIA) 5.50%, 07/15/13		403,648
	275,000	Giddings Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/17		321,252
	150,000	Giddings Independent School District School Building GO, Series A, OID, (PSF-GTD) 4.50%, 02/15/23		151,408

93

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	700,000	Grapevine Refunding GO, Series A, (MBIA) 5.00%, 08/15/17	$	781,200
	1,000,000	Grapevine Refunding GO, Series A, (MBIA) 5.00%, 08/15/19		1,089,980
	370,000	Gregory-Portland Independent School District GO, OID, (PSF-GTD) 5.50%, 08/15/19		396,577
	1,000,000	Harlandale Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/35		989,830
	500,000	Harlandale Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18		569,485
	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/18		419,119
	2,990,000	Houston Community College System Revenue Bonds, Senior Lien, (FSA) 5.25%, 04/15/21		3,241,519
	1,300,000	Magnolia Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 08/15/17		1,524,289
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/16		639,598
	220,000	McKinney GO, OID, (FGIC) 5.20%, 08/05/14		225,507
	440,000	Midland College District GO, (MBIA-RE FGIC) 5.00%, 02/15/24		451,502
	1,890,000	Monahans-Wickett-Pyote Independent School District GO, (PSF-GTD) 5.00%, 02/15/25		1,946,379
	1,000,000	North East Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/21		1,072,620
	1,000,000	North East Independent School District Refunding GO, (PSF-GTD) 5.25%, 02/01/22		1,131,120
	700,000	Northwest Independent School District GO, (PSF-GTD) 4.50%, 02/15/18		764,715
	300,000	Plano Independent School District GO, (PSF-GTD) 4.50%, 02/15/19		322,998

Principal Amount			Value
Texas (continued)
$	1,205,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25	$	1,245,211
	2,040,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/28		2,065,541
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18		602,228
	375,000	San Antonio Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/16		432,382
	295,000	San Felipe-Del Rio Consolidated Independent School District GO, OID, (PSF-GTD) 5.38%, 08/15/16		315,629
	450,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/13		492,125
	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/14		1,107,641
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/13		1,725,585
	4,140,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/18		4,632,908
	6,565,000	Southwest Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/19		7,282,686
	2,000,000	Spring Branch Independent School District GO, (PSF-GTD) 5.25%, 02/01/38		2,019,480
	2,705,000	Spring Independent School District GO, (PSF-GTD) 5.00%, 02/15/15		3,123,923
	635,000	State of Texas Public Finance Authority Park & Wildlife GO, OID, 5.90%, 10/01/17		657,631
	2,340,000	State of Texas Water Financial Assistance GO, Series A, 5.00%, 08/01/27		2,371,777

94

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Principal Amount		Value
Texas (continued)
$	1,570,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17	$	1,834,027
	250,000	Texas Tech University Refunding Revenue Bonds, (AMBAC) 5.00%, 02/15/16		290,065
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,527,640
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,882,814
	1,095,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		1,274,722
	400,000	Ysleta Independent School District GO, (PSF-GTD) 5.00%, 08/15/25		411,204
	280,000	Ysleta Independent School District Public Facility Corp. Lease Revenue Bonds, (AMBAC) 5.50%, 11/15/10		290,959
				95,855,044
Utah — 0.0%
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC) 5.00%, 11/01/15		145,538
Virginia — 0.7%
	225,000	City of Norfolk Water Revenue Bonds, 5.00%, 11/01/16		255,042
	150,000	Virginia College Building Authority, Educational Facilities 21st Century College & Equipment Revenue Bonds, 5.00%, 02/01/16		172,456
	1,280,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,481,651
				1,909,149
Washington — 6.8%
	100,000	CDP-King County III Lease Refunding Revenue Bonds, King Street Center Project, (MBIA) 5.00%, 06/01/17		116,313

	Principal Amount		Value
Washington (continued)
$	1,500,000	City of Seattle Water & Wastewater Authority Refunding Revenue Bonds, 5.00%, 02/01/22	$	1,605,330
	100,000	Clark County Public Utility District No. 1 Generating System Refunding Revenue Bonds, (MBIA-RE FGIC) 5.00%, 01/01/13		111,983
	4,500,000	Energy Northwest Revenue Bonds, Series D, 5.00%, 07/01/21		4,801,905
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board Guaranty) 5.00%, 12/01/20		1,671,105
	200,000	Pierce County School District No. 320 Sumner Refunding GO, (MBIA-RE FGIC, School Board Guaranty) 5.00%, 12/01/16		222,150
	250,000	Snohomish County School District No. 6 Mukilteo GO, OID, (School Board Guaranty) 5.35%, 12/01/15		270,470
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC) 5.00%, 04/01/16		2,318,700
	4,000,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC) 5.00%, 07/01/17		4,548,040
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15		2,336,807
				18,002,803
West Virginia — 0.1%
	275,000	West Virginia University Revenue Bonds, Series A, (MBIA) 5.50%, 04/01/17		325,069
Wisconsin — 1.3%
	135,000	Cedarburg School District Refunding GO, Series B, (FSA) 5.00%, 03/01/13		145,828
	145,000	Cedarburg School District Refunding GO, Series B, (FSA) 5.00%, 03/01/14		156,630
	775,000	County of Outagamie Refunding GO, 5.50%, 04/01/14		858,855

95

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	January 31, 2009
	(Unaudited)

	Principal Amount		Value
Wisconsin (continued)
$	150,000	Door County GO, Series A, OID, (FGIC) 5.25%, 09/01/20	$	163,161
	500,000	Fond Du Lac Promissory Notes GO, OID, (FGIC) 4.40%, 05/01/11		521,110
	100,000	Fond Du Lac Refunding GO, (MBIA-RE FGIC) 4.75%, 03/01/15		110,962
	130,000	Menomonee Falls Water Systems Mortgage Refunding Revenue Bonds, OID, (FSA) 4.60%, 12/01/10		137,250
	520,000	Osceola School District School Building GO, Series A, OID, (MBIA-RE FGIC) 5.13%, 05/01/17		544,378
	220,000	Two Rivers Public School District Refunding GO, (FSA) 5.75%, 03/01/12		232,441
	505,000	Verona Area School District GO, Series A, (MBIA) 5.50%, 10/01/12		516,893
				3,387,508
Total Municipal Bonds (Cost $238,966,284)				251,609,449
	Shares
INVESTMENT COMPANY — 3.7%
	9,756,322	SEI Daily Income Trust Government II Fund, Class A		9,756,322
Total Investment Company (Cost $9,756,322)				9,756,322
TOTAL INVESTMENTS — 98.6% (Cost $248,722,606)(a)				261,365,771
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%				3,729,050
NET ASSETS — 100.0%			$	265,094,821

(a) Aggregate book cost is $248,722,606 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	13,413,732
Unrealized depreciation		(770,567	)
Net unrealized appreciation	$	12,643,165

(b) Variable rate security. Rate shown is the rate as of January 31, 2009.

AMBAC — Insured by AMBAC Indemnity Corp.

COP — Certificates of Participation

FGIC — Insured by Financial Guaranty Insurance Corp.

FSA — Insured by Financial Security Assurance, Inc.

GO — General Obligations

MBIA — Insured by MBIA

MBIA-RE FGIC — MBIA re-insure FGIC

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

XLCA — XL Capital Insurance

Portfolio diversification by State (Unaudited)
	Percentage of Net Assets
Alabama	0.7	%
Arizona	0.8
California	1.1
Colorado	0.2
Connecticut	0.3
Florida	7.6
Georgia	0.4
Illinois	3.0
Indiana	6.2
Iowa	0.1
Kentucky	0.4
Louisiana	0.8
Maine	0.5
Michigan	2.4
Minnesota	0.9
Mississippi	1.5
Missouri	0.7
Nevada	1.5
New Jersey	4.7
New York	10.3
North Carolina	1.2
Ohio	3.4
Pennsylvania	1.1
Puerto Rico	0.1
Texas	36.1
Utah	0.0	**
Virginia	0.7
Washington	6.8
West Virginia	0.1
Wisconsin	1.3
Other*	5.1

*	Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.
**	Represents less than 0.1% of net assets.

96

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS
	January 31, 2009 (Unaudited)

1. Organization:

Old Westbury Funds, Inc. (the “Corporation”), was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Corporation’s Articles of Incorporation permit the Corporation’s Board of Directors (the “Board”) to create an unlimited number of series, each with one or more separate classes of shares. At Janu-ary 31, 2009, the Corporation consisted of seven separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

Fund Name	Investment Objective
Old Westbury U.S. Large Cap Fund (“U.S. Large Cap Fund”)	Above-average long-term capital appreciation.
Old Westbury Non-U.S. Large Cap Fund (“Non-U.S. Large Cap Fund”)	Long-term growth of capital.
Old Westbury Global Small & Mid Cap Fund (“Global Small & Mid Cap Fund”)	Long-term capital appreciation.
Old Westbury Global Opportunities Fund (“Global Opportunities Fund”)	Long-term capital appreciation.
Old Westbury Real Return Fund (“Real Return Fund”)	Real return over inflation.
Old Westbury Fixed Income Fund (“Fixed Income Fund”)	Total return (consisting of current income and capital appreciation).
Old Westbury Municipal Bond Fund (“Municipal Bond Fund”)	Dividend income exempt from regular federal income tax.

The Corporation has authorized a total of 20 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. Investment in Subsidiary:

The Real Return Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in OWF Real Return Fund Ltd., a wholly-owned subsidiary of the Real Return Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary has the same investment goal as the Real Return Fund Fund. The Subsidiary pursues its investment goal by investing in commodities, commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Real Return Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Real Return Fund. The portion of the Real Return Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial. To the extent of the Real Return Fund’s investment in the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. As of January 31, 2009, the Real Return Fund held $301,092,627 in the Subsidiary, representing 24.16% of the Real Return Fund’s net assets.

3. 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. The preparation of financial statements 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.

A. Valuation of Investments. 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”). If there has been no sale on such day, the security is valued at the mean of the closing bid and asked prices. If no bid or asked prices are quoted, or if

97

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

events or circumstances that could materially affect the value of such Funds’ securities have occurred, then the security is valued at a fair value determined in accordance with procedures approved by the Board. Securities traded on more than one national securities exchange are valued at the last sale price on the exchange representing the principal market for such securities. Investments in open-end investment companies are valued at net asset value.

Securities traded in the over-the-counter market are valued at the mean of the current bid and asked prices from such sources as the Board deems appropriate to reflect their fair value.

U.S. government obligations and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost. Debt instruments having a greater remaining maturity will be valued at the highest bid price obtained from a dealer maintaining an active market in that security or on the basis of prices obtained from a pricing service approved as reliable by the Board.

All other investment assets, including restricted and not readily marketable securities, are valued under procedures established by and under the general supervision and responsibility of the Board designed to reflect, in good faith, the fair value of such securities. Fair value methods used by the Board include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influenced the market in which the securities are purchased and sold.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, and which occurs after the close of the London markets, the Non-U.S. Large Cap Fund, Global Small & Mid Cap Fund and Global Opportunities Fund may use a systematic fair valuation model provided by an independent third party vendor to value its non-U.S. securities. When the Non-U.S. Large Cap Fund, Global Small & Mid Cap Fund and Global Opportunities Fund use fair value pricing, the value assigned to the Non-U.S. Large Cap Fund’s, Global Small & Mid Cap Fund’s, and Global Opportunities Fund’s non-U.S. securities may not be the quoted or published prices of the investment on their primary markets or exchanges.

B. Futures Contracts. The Funds may invest in futures contracts, which 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 the broker 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 security. The Funds recognize a gain or loss equal to the variation margin. The Statements of Operations reflect gains and losses as realized for closed futures contracts and as unrealized for open futures contracts. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying securities, while permitting the equivalent of an investment in a portfolio of the underlying securities. The potential risk to the Funds is that the change in value of the underlying securities may not correlate to the change in value of the contracts.

C. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. Investment securities 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. 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 Non-U.S. Large Cap Fund, Global Small & Mid Cap Fund, Global Opportunities Fund and Real Return Fund 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 unrealized gain or loss from investments and foreign currencies.

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.

D. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) may enter into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings. In addition, the Global Opportunities Fund and Real Return Fund may use Forwards 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. The Forward is marked-to-market daily and the change in market value is recorded by

98

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

the Fund 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 the Forward is closed or settled, the Fund records a realized gain or loss equal to the fluctuation in rates during the period the Forward was open. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

99

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

As of January 31, 2009, the Global Opportunities Fund had the following open forward foreign currency exchange contracts:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	4,333,950	Swiss Franc	4,964,237	02/02/09	$	53,895
U.S. Dollar	1,182,069	Euro	805,993	02/04/09		150,154
Euro	3,250,000	U.S. Dollar	4,185,611	02/09/09		(24,919	)
U.S. Dollar	7,746,395	South African Rand	76,821,000	02/09/09		240,337
Japanese Yen	2,122,230,000	U.S. Dollar	21,673,543	02/10/09		1,954,430
U.S. Dollar	11,619,107	New Turkish Lira	18,547,000	02/10/09		372,203
Canadian Dollar	1,004,310	U.S. Dollar	851,327	02/12/09		(32,423	)
Czech Koruna	8,403,866	Romanian Leu	1,280,960	02/12/09		5,780
Czech Koruna	10,527,449	Romanian Leu	1,598,119	02/12/09		9,178
Czech Koruna	10,531,628	Romanian Leu	1,596,064	02/12/09		9,979
Czech Koruna	10,543,809	Romanian Leu	1,599,146	02/12/09		9,624
Vietnamese Dong	3,333,392,862	New Zealand Dollar	281,849	02/12/09		45,273
U.S. Dollar	10,000,000	Euro	7,955,386	02/13/09		(184,015	)
Czech Koruna	14,695,200	Romanian Leu	2,220,456	02/17/09		17,035
Japanese Yen	244,329,000	U.S. Dollar	2,300,000	02/17/09		420,569
Japanese Yen	320,604,000	U.S. Dollar	2,953,052	02/17/09		616,828
Singapore Dollar	2,828,520	U.S. Dollar	1,869,107	02/17/09		4,134
Singapore Dollar	34,681,200	U.S. Dollar	22,917,597	02/17/09		50,693
Swiss Franc	1,103,390	U.S. Dollar	1,020,571	02/17/09		(69,062	)
U.S. Dollar	6,676,013	Singapore Dollar	10,000,000	02/17/09		53,321
U.S. Dollar	2,805,550	South African Rand	28,611,000	02/17/09		15,909
U.S. Dollar	68,945,580	United Kingdom Pound	45,925,449	02/17/09		2,408,478
United Kingdom Pound	5,000,000	U.S. Dollar	6,902,400	02/17/09		341,634
U.S. Dollar	1,834,162	Euro	1,269,712	02/19/09		208,889
Vietnamese Dong	4,454,642,124	New Zealand Dollar	376,161	02/20/09		60,893
Euro	239,655	U.S. Dollar	312,834	02/23/09		(6,085	)
Euro	794,645	U.S. Dollar	1,058,110	02/23/09		(40,995	)
Euro	1,551,450	U.S. Dollar	2,071,263	02/23/09		(85,468	)
Japanese Yen	79,520,604	Euro	517,150	02/23/09		223,608
Japanese Yen	79,662,303	Euro	517,150	02/23/09		150,833
Japanese Yen	158,746,433	Euro	1,034,300	02/23/09		443,932
Japanese Yen	159,439,414	Euro	1,034,300	02/23/09		451,649
U.S. Dollar	751,486	Euro	517,150	02/23/09		89,554
U.S. Dollar	752,663	Euro	517,150	02/23/09		90,731
U.S. Dollar	1,502,166	Euro	1,034,300	02/23/09		178,302
U.S. Dollar	1,503,872	Euro	1,034,300	02/23/09		180,009
Euro	1,034,300	U.S. Dollar	1,380,780	02/25/09		(56,954	)
Japanese Yen	79,651,443	Euro	517,150	02/25/09		225,113
Japanese Yen	79,664,372	Euro	517,150	02/25/09		225,257
Japanese Yen	159,241,345	Euro	1,034,300	02/25/09		449,540
U.S. Dollar	1,511,629	Euro	1,034,300	02/25/09		187,803
U.S. Dollar	980,000	South Korean Won	930,020,000	02/25/09		305,771
Euro	1,034,300	U.S. Dollar	1,377,357	02/26/09		(53,549	)
Japanese Yen	158,627,488	Euro	1,034,300	02/26/09		442,753
Kazakhstani Tenge	90,440,000	U.S. Dollar	700,000	02/26/09		11,020
U.S. Dollar	1,510,854	Euro	1,034,300	02/26/09		187,046
Czech Koruna	10,279,679	Romanian Leu	1,586,615	02/27/09		3,683
Euro	1,034,300	U.S. Dollar	1,380,723	02/27/09		(56,935	)
Euro	1,034,300	U.S. Dollar	1,381,504	02/27/09		(57,715	)
Euro	2,068,600	U.S. Dollar	2,735,982	02/27/09		(88,405	)
Japanese Yen	80,159,801	Euro	517,150	02/27/09		230,822

100

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Japanese Yen	80,202,208	Euro	517,150	02/27/09	$	231,295
Japanese Yen	80,613,342	Euro	517,150	02/27/09		235,873
Japanese Yen	80,616,445	Euro	517,150	02/27/09		235,908
Japanese Yen	80,641,785	Euro	517,150	02/27/09		236,190
Japanese Yen	160,673,334	Euro	1,034,300	02/27/09		465,584
Japanese Yen	160,783,486	Euro	1,034,300	02/27/09		466,811
Kazakhstani Tenge	45,062,500	U.S. Dollar	350,000	02/27/09		3,723
Kazakhstani Tenge	90,452,457	U.S. Dollar	702,271	02/27/09		7,745
Kazakhstani Tenge	113,608,000	U.S. Dollar	880,000	02/27/09		11,778
Kazakhstani Tenge	270,408,600	U.S. Dollar	2,100,000	02/27/09		22,600
Polish Zloty	10,787,400	Euro	3,000,000	02/27/09		(749,965	)
Swedish Krona	84,036,600	Euro	9,000,000	02/27/09		(1,479,108	)
U.S. Dollar	764,141	Euro	517,150	02/27/09		102,246
U.S. Dollar	771,148	Euro	517,150	02/27/09		109,254
U.S. Dollar	1,519,335	Euro	1,034,300	02/27/09		195,546
U.S. Dollar	1,523,064	Euro	1,034,300	02/27/09		199,275
U.S. Dollar	1,531,328	Euro	1,034,300	02/27/09		207,539
U.S. Dollar	980,000	South Korean Won	928,363,800	02/27/09		306,964
Kazakhstani Tenge	279,776,333	Mexican Peso	24,475,678	03/03/09		492,029
U.S. Dollar	18,033,587	Euro	14,300,000	03/03/09		(267,826	)
U.S. Dollar	263,592	South Korean Won	248,356,000	03/04/09		83,533
Japanese Yen	79,536,636	Euro	517,150	03/09/09		224,164
U.S. Dollar	778,880	Euro	517,150	03/09/09		117,073
Japanese Yen	59,457,459	Euro	387,863	03/10/09		165,972
U.S. Dollar	790,265	Euro	517,150	03/17/09		128,527
U.S. Dollar	5,000,000	Euro	3,864,212	03/19/09		55,541
U.S. Dollar	5,000,000	Euro	3,450,775	03/19/09		584,555
U.S. Dollar	15,000,000	Euro	10,464,776	03/19/09		1,609,777
Vietnamese Dong	6,292,694,000	Australian Dollar	451,987	03/23/09		64,810
Canadian Dollar	2,348,922	U.S. Dollar	1,925,859	03/26/09		(10,799	)
Swiss Franc	2,023,667	South Korean Won	1,960,000,000	03/27/09		324,801
U.S. Dollar	2,000,000	South African Rand	19,832,000	03/30/09		86,792
Kazakhstani Tenge	44,996,633	Mexican Peso	3,953,593	04/01/09		68,176
Swiss Franc	793,287	South Korean Won	766,923,500	04/01/09		128,359
U.S. Dollar	1,875,314	Mexican Peso	20,934,125	04/01/09		437,096
Japanese Yen	80,049,649	Euro	517,150	04/06/09		230,720
Japanese Yen	80,131,358	Euro	517,150	04/06/09		231,631
Japanese Yen	180,181,447	Euro	1,163,587	04/06/09		519,898
Swiss Franc	1,016,749	South Korean Won	980,000,000	04/06/09		166,628
U.S. Dollar	11,079,804	Mexican Peso	122,321,040	04/07/09		2,684,054
U.S. Dollar	2,234,703	United Kingdom Pound	1,150,000	04/07/09		569,374
Euro	163,034	Singapore Dollar	315,244	04/14/09		(220	)
Euro	1,998,980	Singapore Dollar	3,896,412	04/14/09		(23,335	)
Euro	2,239,229	Singapore Dollar	4,318,935	04/14/09		4,172
Euro	2,981,190	Singapore Dollar	5,750,000	04/14/09		5,554
Japanese Yen	228,222,788	Euro	1,467,081	04/14/09		667,908
Malaysian Ringgit	22,100,000	United Kingdom Pound	3,649,334	04/14/09		831,839
Singapore Dollar	1,626,105	Euro	772,148	04/14/09		89,170
Singapore Dollar	3,100,646	Euro	1,467,081	04/14/09		176,739
Singapore Dollar	4,552,315	Euro	2,162,014	04/14/09		249,160
Singapore Dollar	5,750,000	Euro	2,709,708	04/14/09		341,727
Singapore Dollar	2,017,201	United Kingdom Pound	771,178	04/14/09		219,175

101

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	1,197,880	Euro	772,148	04/14/09	$	210,145
U.S. Dollar	2,263,310	Euro	1,467,081	04/14/09		386,614
United Kingdom Pound	771,178	Singapore Dollar	1,686,952	04/14/09		(464	)
U.S. Dollar	10,000,000	Euro	7,568,991	04/16/09		317,876
U.S. Dollar	10,000,001	Euro	7,621,080	04/16/09		251,246
Euro	772,148	Singapore Dollar	1,499,280	04/17/09		(5,219	)
Kazakhstani Tenge	259,167,457	U.S. Dollar	2,060,728	04/17/09		(128,697	)
Singapore Dollar	1,607,967	Euro	772,148	04/17/09		77,200
Swedish Krona	28,478,956	Euro	3,021,704	04/17/09		(463,025	)
Euro	772,148	Singapore Dollar	1,499,280	04/20/09		(5,260	)
Euro	1,544,296	Singapore Dollar	2,999,208	04/20/09		(10,950	)
Japanese Yen	360,208,250	Euro	2,303,755	04/20/09		1,070,115
Singapore Dollar	1,617,032	Euro	772,148	04/20/09		83,246
Singapore Dollar	3,232,212	Euro	1,544,296	04/20/09		165,263
Malaysian Ringgit	3,752,692	Euro	770,020	04/21/09		53,652
Euro	385,010	Singapore Dollar	763,744	04/24/09		(13,360	)
Singapore Dollar	806,365	Euro	385,010	04/24/09		41,587
Euro	385,010	Singapore Dollar	744,093	04/27/09		(365	)
Kazakhstani Tenge	287,977,622	U.S. Dollar	2,284,948	04/27/09		(155,212	)
Malaysian Ringgit	3,465,966	United Kingdom Pound	576,792	04/27/09		124,033
Singapore Dollar	803,708	Euro	385,010	04/27/09		39,849
Malaysian Ringgit	1,162,274	United Kingdom Pound	192,264	04/30/09		43,272
U.S. Dollar	15,000,000	Singapore Dollar	22,630,500	05/04/09		11,095
Euro	250,256	Singapore Dollar	483,490	05/06/09		(149	)
Singapore Dollar	511,298	Euro	250,256	05/06/09		18,568
Japanese Yen	519,990,250	U.S. Dollar	5,800,420	05/07/09		1,356
Malaysian Ringgit	1,158,717	United Kingdom Pound	192,264	05/07/09		42,306
United Kingdom Pound	2,032,043	U.S. Dollar	2,906,549	05/07/09		36,048
Peruvian New Sol	1,800,229	U.S. Dollar	666,011	05/15/09		(109,308	)
Peruvian New Sol	2,251,951	U.S. Dollar	832,514	05/19/09		(136,398	)
Costa Rican Colon	209,952,000	U.S. Dollar	400,000	05/22/09		(54,823	)
Costa Rican Colon	944,784,000	U.S. Dollar	1,800,000	05/22/09		(246,705	)
Malaysian Ringgit	11,250,000	Euro	2,278,619	05/27/09		200,308
Vietnamese Dong	1,763,453,000	Australian Dollar	123,819	05/29/09		13,694
Vietnamese Dong	1,534,368,000	Australian Dollar	107,780	06/02/09		14,025
Japanese Yen	110,000,000	U.S. Dollar	1,190,154	06/05/09		38,216
Malaysian Ringgit	1,928,282	Euro	393,206	06/09/09		31,043
Malaysian Ringgit	1,929,757	Euro	393,206	06/09/09		31,452
Malaysian Ringgit	1,948,788	Euro	393,206	06/09/09		36,722
Malaysian Ringgit	14,867,819	Euro	2,975,528	06/09/09		311,297
Malaysian Ringgit	4,891,974	Euro	983,015	06/10/09		97,362
U.S. Dollar	2,268,831	Euro	1,471,809	06/10/09		386,376
Malaysian Ringgit	831,309	Euro	166,585	06/12/09		17,142
Malaysian Ringgit	1,085,100	Euro	218,484	06/15/09		21,054
Malaysian Ringgit	2,143,944	Euro	433,120	06/16/09		39,767
Vietnamese Dong	6,496,087,000	Australian Dollar	455,860	06/22/09		59,851
Malaysian Ringgit	24,538,076	Euro	4,856,236	07/07/09		586,154
Euro	480,121	Singapore Dollar	949,631	07/13/09		(15,147	)
Singapore Dollar	992,482	Euro	480,121	07/13/09		43,540
U.S. Dollar	742,147	Euro	480,121	07/13/09		128,080
U.S. Dollar	742,315	Euro	480,121	07/13/09		128,248
Euro	480,121	Singapore Dollar	946,698	07/14/09		(13,207	)

102

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Malaysian Ringgit	1,839,603	Euro	369,324	07/14/09	$	37,270
New Taiwanese Dollar	3,397,790	Euro	73,865	07/14/09		6,361
New Taiwanese Dollar	21,990,550	Euro	480,121	07/14/09		38,529
Singapore Dollar	993,980	Euro	480,121	07/14/09		44,536
U.S. Dollar	570,753	Euro	369,324	07/14/09		98,394
U.S. Dollar	915,363	Euro	590,919	07/14/09		159,588
Euro	147,730	Singapore Dollar	291,457	07/15/09		(4,174	)
Euro	332,392	Singapore Dollar	657,272	07/15/09		(10,382	)
Malaysian Ringgit	370,064	Euro	73,865	07/15/09		8,049
Malaysian Ringgit	1,222,475	Euro	243,754	07/15/09		26,912
Malaysian Ringgit	2,952,822	Euro	590,919	07/15/09		62,262
New Taiwanese Dollar	1,717,338	Euro	36,932	07/15/09		3,730
New Taiwanese Dollar	14,708,618	Euro	317,619	07/15/09		30,279
New Taiwanese Dollar	18,680,469	Euro	406,257	07/15/09		34,785
Singapore Dollar	308,509	Euro	147,730	07/15/09		15,473
Singapore Dollar	693,802	Euro	332,392	07/15/09		34,586
U.S. Dollar	520,011	Euro	332,392	07/15/09		94,887
U.S. Dollar	981,425	Euro	627,851	07/15/09		178,415
Malaysian Ringgit	1,182,076	Euro	236,368	07/16/09		25,171
New Taiwanese Dollar	4,787,929	Euro	103,411	07/16/09		9,835
Euro	240,061	Singapore Dollar	473,283	07/17/09		(6,565	)
Malaysian Ringgit	1,201,073	Euro	240,061	07/17/09		25,715
New Taiwanese Dollar	11,131,268	Euro	240,061	07/17/09		23,329
Singapore Dollar	498,799	Euro	240,061	07/17/09		23,472
U.S. Dollar	753,694	Euro	480,121	07/17/09		139,629
U.S. Dollar	575,130	Euro	369,324	07/22/09		102,773
Euro	240,061	Singapore Dollar	474,553	07/24/09		(7,420	)
Malaysian Ringgit	836,149	Euro	166,196	07/24/09		19,109
New Taiwanese Dollar	12,093,193	Euro	262,220	07/24/09		23,610
Singapore Dollar	499,365	Euro	240,061	07/24/09		23,862
U.S. Dollar	1,328,788	Euro	849,446	07/24/09		242,369
U.S. Dollar	1,312,938	Mexican Peso	13,903,361	07/31/09		376,599
Indonesian Rupiah	50,188,174,499	New Zealand Dollar	7,451,513	08/04/09		461,185
U.S. Dollar	769,046	Mexican Peso	8,151,120	08/04/09		220,400
Russian Ruble	29,358,047	New Zealand Dollar	1,749,586	08/12/09		(170,182	)
Russian Ruble	14,292,762	New Zealand Dollar	854,013	08/14/09		(84,222	)
Vietnamese Dong	9,777,690,661	New Zealand Dollar	806,840	08/14/09		109,727
Chinese Yuan	2,574,000	Euro	268,125	09/18/09		24,682
Chinese Yuan	6,409,000	Euro	670,240	09/23/09		57,736
Chinese Yuan	9,626,900	Euro	1,005,350	09/23/09		88,530
Chinese Yuan	7,155,000	Euro	737,287	09/24/09		78,411
Russian Ruble	19,936,834	Australian Dollar	948,558	09/24/09		(123,371	)
Russian Ruble	28,785,750	Australian Dollar	1,369,404	09/24/09		(178,023	)
Russian Ruble	26,840,111	Australian Dollar	1,290,113	09/28/09		(175,245	)
Vietnamese Dong	4,665,281,624	Australian Dollar	378,842	10/07/09		4,864
Chinese Yuan	1,540,249	Australian Dollar	332,789	10/13/09		16,100
Chinese Yuan	6,301,191	Euro	668,632	10/15/09		42,898
Japanese Yen	220,290,291	Euro	1,688,825	10/15/09		309,264
Chinese Yuan	6,331,922	Euro	677,186	10/16/09		36,267
Chinese Yuan	2,595,971	Australian Dollar	551,242	10/19/09		23,632
Chinese Yuan	8,487,104	Euro	911,379	10/19/09		43,601
Chinese Yuan	5,244,000	U.S. Dollar	757,530	10/21/09		(10,202	)

103

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Russian Ruble	15,779,000	U.S. Dollar	471,719	10/27/09	$	(102,122	)
Japanese Yen	140,412,200	Euro	1,160,000	11/18/09		91,690
Japanese Yen	124,961,400	U.S. Dollar	1,314,000	11/18/09		88,654
Chinese Yuan	6,308,000	Euro	684,897	12/04/09		19,653
Chinese Yuan	5,006,000	U.S. Dollar	684,815	12/04/09		26,365
Chinese Yuan	2,872,600	U.S. Dollar	407,461	12/14/09		347
Chinese Yuan	5,761,499	U.S. Dollar	814,922	12/14/09		3,008
Chinese Yuan	5,763,917	U.S. Dollar	817,577	12/15/09		638
Chinese Yuan	5,783,784	U.S. Dollar	817,577	12/15/09		3,459
Chinese Yuan	6,294,886	U.S. Dollar	894,478	12/16/09		(952	)
Malaysian Ringgit	3,177,632	U.S. Dollar	894,478	12/16/09		(12,959	)
Chinese Yuan	1,972,859	U.S. Dollar	279,047	12/17/09		970
Malaysian Ringgit	998,987	U.S. Dollar	279,047	12/17/09		(1,912	)
Chinese Yuan	5,933,563	U.S. Dollar	837,140	12/18/09		4,978
Indian Rupee	11,219,513	New Zealand Dollar	407,538	12/18/09		21,799
Indonesian Rupiah	2,828,719,176	New Zealand Dollar	407,538	12/18/09		25,873
Chinese Yuan	1,612,872	U.S. Dollar	230,082	12/21/09		(1,224	)
Malaysian Ringgit	613,226	U.S. Dollar	172,561	12/21/09		(2,437	)
Malaysian Ringgit	1,195,436	U.S. Dollar	334,856	12/21/09		(3,212	)
Chinese Yuan	1,897,016	U.S. Dollar	272,560	12/22/09		(3,403	)
Malaysian Ringgit	976,522	U.S. Dollar	279,150	12/22/09		(8,236	)
Mexican Peso	20,471,235	U.S. Dollar	1,445,964	12/22/09		(94,066	)
Malaysian Ringgit	776,196	U.S. Dollar	223,237	12/23/09		(7,897	)
Mexican Peso	8,501,666	U.S. Dollar	602,485	12/23/09		(41,120	)
Mexican Peso	13,631,490	U.S. Dollar	963,976	12/24/09		(64,010	)
Malaysian Ringgit	878,193	U.S. Dollar	251,142	12/28/09		(7,494	)
Mexican Peso	3,652,904	U.S. Dollar	246,236	01/20/10		(5,941	)
Mexican Peso	54,329,397	U.S. Dollar	3,693,533	01/21/10		(120,132	)
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	651,726	01/28/10		(639	)
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	198,694	01/29/10		(1,326	)
Chilean Unidad de Fomento	400,710,000	U.S. Dollar	635,836	01/29/10		(2,022	)
Chilean Unidad de Fomento	546,720,000	U.S. Dollar	874,262	01/29/10		(9,500	)
U.S. Dollar	1,629,458	Singapore Dollar	2,452,000	01/29/10		3,140
U.S. Dollar	1,631,009	Singapore Dollar	2,454,000	01/29/10		3,364
U.S. Dollar	2,453,841	Singapore Dollar	3,684,000	01/29/10		10,384
U.S. Dollar	4,087,503	Singapore Dollar	6,125,000	01/29/10		25,023
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	317,920	02/02/10		(3,631	)
U.S. Dollar	717,387	New Zealand Dollar	1,419,051	02/02/10		9,161
U.S. Dollar	654,025	Singapore Dollar	983,000	02/02/10		2,039
U.S. Dollar	1,635,090	Singapore Dollar	2,457,000	02/02/10		5,455
Chilean Unidad de Fomento	372,860,000	U.S. Dollar	596,099	02/03/10		(6,336	)
Chinese Yuan	2,696,000	U.S. Dollar	381,735	02/03/10		(135	)
Chinese Yuan	16,160,000	U.S. Dollar	2,291,646	02/03/10		(4,314	)
Mexican Peso	36,790,500	U.S. Dollar	2,452,165	02/03/10		(33,647	)
U.S. Dollar	2,043,838	Singapore Dollar	3,078,000	02/03/10		2,318

104

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date		Unrealized Appreciation/ (Depreciation)
Mexican Peso	24,720,000	U.S. Dollar	1,634,650		02/04/10	$	(9,618	)
Mexican Peso	30,950,000	U.S. Dollar	2,043,714		02/04/10		(9,136	)
						$	28,683,619

E. Swap Agreements. The Global Small & Mid Cap Fund, Global Opportunities Fund, Real Return Fund and Fixed Income Fund may enter into swap agreements, which are agreements to exchange the return generated by one security, currency, commodity or index 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. To the extent the total return of the index exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent it is less, the Fund will make a payment to the counterparty. Swap agreements are marked-to-market daily based on dealer-supplied valuations, and changes in value are recorded as unrealized appreciation/depreciation. Gains or losses are realized upon the termination of the swap agreement. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements.” See Note 3 section M for collateral on swap agreements.

The primary difference in risks associated with OTC contracts and exchange-traded contracts is credit and liquidity risks. OTC contracts contain credit risk for unrealized gains from various counterparties for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored.

When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense. The interest income is included in investment income on the Statement of Operations, and the interest expense is included in the Fund’s overall expense ratio.

F. 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.

As a writer of call options, the Fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the Fund would incur a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the Fund would realize a loss, if the price of the financial instrument increases between those dates.

As a writer of put options, the Fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the Fund would incur a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the Fund would realize a loss, if the price of the financial instrument decreases between those dates.

G. Collectibles. The Real Return Fund may invest in Collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have accurate market valuations available. The values of the collectible coins held by the Real Return Fund are appraised on a quarterly basis by an independent professional coin appraiser who uses market auction data to determine each coin’s current value. Between these quarterly appraisals, each coin is valued weekly via information in the Coin Dealer Newsletter based on the price movement of a basket of like coins identified by the Advisor. The Real Return Fund does not currently intend to invest more than 5% of its total assets in Collectibles. As of Janu-ary 31, 2009, the Real Return Fund held $53,077,023, or 4.25% of net assets, in Collectibles.

H. Inflation-Protected Securities. The Global Small & Mid Cap Fund, Global Opportunities Fund, Real Return Fund, Fixed Income Fund and Municipal Bond Fund may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide against the negative effects of inflation.

105

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

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.

I. 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 the 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, the 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.

J. Loan Participations and Assignments. The Global Opportunities Fund, Real Return 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 LIBOR, the CD 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 NRSRO. Loans that are rated lower than investment grade 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 Global Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Global Opportunities Fund’s investments in loans are expected in most instances to be in the form of assignments.

K. Structured Notes. The Global Opportunities Fund may purchase structured notes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate, such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, such as indexes reflecting bonds. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies. Investing in structured notes is subject to certain risks, including credit risk and the normal risks of price changes in response to changes in interest rates. Because structured notes typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. Further, in the case of certain structured notes, a decline or increase in the value of the underlying instruments may cause the interest rate to be reduced to zero, and any further declines or increases in the underlying instruments may then reduce the principal amount payable on maturity. The percentage by which the value of the structured note decreases may be far greater than the percentage by which the value of the underlying instruments decreases. These securities may be less liquid than other types of securities, and may be more volatile than their underlying instruments. In addition, structured notes typically are sold in private placement transactions and may have a limited trading market Structured notes are valued daily via broker quotes and reviewed quarterly by the Fund’s Pricing Committee.

L. Credit Enhancement. Certain obligations held by the Funds have credit enchancement 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 (i.e., AMBAC and MBIA).

M. Letter of Credit. The Real Return Fund has $100,000,000 in the form of an irrevocable standby letter of credit (“Letter of Credit”) issued by Banco Santander S.A. (“BSSA”) as collateral for its swap agreements. The Letter of Credit expires on April 18, 2009.

106

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

N. 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 Fund. The Funds intends to limit the purchase of restricted securities which have not been determined by the Adviser to be liquid, together with other securities considered to be illiquid, including repurchase agreements providing for settlement in more than seven days after notice, to not more than 15% of its net assets.

R. Adoption of Financial Accounting Standards Board (“FASB”) Statement on Financial Accounting Standard No. 157, “Fair Value Measurements” (“FAS 157”)

This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. The Funds have adopted FAS157 as of November 1, 2008. The three levels of fair value hierarchy under FAS157 are as follows:

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

•        Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 Fund’s net assets as of January 31, 2009 is as follows:

107

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

Funds	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Investments in Securities
Assets:
U.S. Large Cap Fund	$	287,345,581		$	—		$	—	$	287,345,581
Non U.S. Large Cap Fund		1,348,540,760			49,991,944			—		1,398,532,704
Global Small & Mid Cap Growth Fund		914,917,813			1,669,810,044			138,616		2,584,866,473
Global Opportunities Fund		377,840,650			699,359,227			16,556,308		1,093,756,185
Real Return Fund		571,921,832			581,768,931					1,153,690,763
Fixed Income Fund		1,141,354			188,544,608			—		189,685,962
Municipal Bond Fund		9,756,322			251,609,449			—		261,365,771
Other*
Assets:
Global Opportunities Fund		124,228			50,106,620			—		50,230,848
Real Return Fund		6,749,365			117,977,454			—		124,726,819
Other*
Liabilities:
Global Opportunities Fund		(55,743	)		(29,868,895	)		—		(29,924,638	)
Real Return Fund		(11,756,172	)		(17,651,897	)		—		(29,408,069	)

*Other financial instruments are derivative instruments not reflected in the Portfolios of Investments, such as futures, forwards and swaps which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

Funds	Balance as of 11/1/08 (market value)		Realized gain (loss)			Change in Unrealized (depreciation)			Net purchases (sales)			Balance as of 1/31/09 (market value)
Global Small & Mid Cap Growth Fund	$	324,592	$	—		$	(185,976	)	$	—		$	138,616
Global Opportunities Fund		24,436,875		(1,122,570	)		(6,680,470	)		(77,527	)		16,556,308

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”) and is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Management is currently evaluating the implications of FAS 161. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.

4. Affiliated Issuers:

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with affiliated companies are as follows:

	Value, Beginning of Period		Purchases		Sales Proceeds		Value, End of Period
Consolidated Subsidiary:
OWF Real Return Fund Ltd.	$	—	$	337,912,442	$	40,106,000	$	301,092,627

108

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	January 31, 2009 (Unaudited)

5. Federal Income Taxes:

At October 31, 2008, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire in the following years:

	2014		2015		2016
Non-U.S. Large Cap Fund	$	—	$	—	$	187,357,824
Global Opportunities Fund		—		—		123,869,796
Municipal Bond Fund		22,373		101,465		1,723,839

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.

109

Item 2. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, (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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.

SIGNATURES

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

(Registrant) Old Westbury Funds, Inc.

By (Signature and Title)*	/s/ Marc D. Stern
	Marc D. Stern, President
	(principal executive officer)

Date    March 27, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Marc D. Stern
	Marc D. Stern, President
	(principal executive officer)

Date    March 27, 2009

By (Signature and Title)*	/s/ Peter C. Artemiou
	Peter C. Artemiou, Treasurer
	(principal financial officer)

Date    March 27, 2009

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

EX-99.CERT

Exhibit 99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a))

I, Marc D. Stern, certify that:
1.	I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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:
	(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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(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:	March 27, 2009	/s/ Marc D. Stern
		Marc D. Stern, President
		(principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a))

I, Peter C. Artemiou, certify that:

1.	I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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:
	(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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(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:	March 27, 2009	/s/ Peter C. Artemiou
		Peter C. Artemiou, Treasurer
		(principal financial officer)